Business News Northeast - Latest Business Northeast News & Updates

27 May

ICICI Prudential Life launches innovative ULIP, ICICI Pru Platinum

Business BureauBusiness

ICICI Prudential Life Insurance has introduced its first unit-linked insurance plan (ULIP) with fund value-based distributor payouts, named ICICI Pru Platinum. This groundbreaking product aligns distributor commissions with customer assets under management (AUM), encouraging long-term investment strategies.ICICI Pru Platinum stands out with its offer of unlimited free switches between asset classes, exempt from any costs or tax implications. This feature enables policyholders to freely diversify their investments among 21 available funds, which include 13 equity, four debt, and four balanced funds, along with four distinct portfolio strategies. Amit Palta, Chief Distribution Officer at ICICI Prudential Life Insurance, emphasized the product’s…

27 May

NSE hits historic USD 5 trillion market cap milestone, Nifty 50 skyrockets

Business BureauBusiness

Breaking records and setting new standards, the National Stock Exchange (NSE) of India has achieved an unprecedented milestone, with the market capitalization of listed companies surpassing USD 5 trillion on May 23, 2024. This remarkable feat coincides with the Nifty 50 Index soaring to an all-time high of 22,993.60, signaling a resounding vote of confidence in India's corporate landscape. The journey to this pinnacle has been nothing short of extraordinary. From USD 2 trillion in July 2017 to USD 3 trillion by May 2021, and then USD 4 trillion by December 2023, the ascent has been swift and steadfast, reflecting…

26 May

Israel’s Labour Shortage: Over 2,200 Telangana workers Answer The Call, 900 Selected

Business CorrespondentBusiness

In response to Israel's urgent need for skilled labor amid the ongoing war with Palestine's militant organization Hamas, Telangana workers have come forward to fill the gap. Following a 4-day recruitment camp in Hyderabad, 2,209 workers volunteered for construction jobs in Israel. Among them, 905 workers have been chosen to join Israel's foreign labor force. Organised by the Telangana state government in partnership with the National Skill Development Corporation International (NSDCI), the recruitment drive focuses to address Israel's pressing demand for skilled workers. The recruited workers, comprising ceramic tilers, plasterers, carpenters and iron benders, are drawn by the lucrative pay…

25 May

ICICI Prudential Life acquired a 99.17% claim settlement ratio in FY2024

Business BureauBusiness

ICICI Prudential Life achieved a claim settlement ratio of 99.17% in FY2024, a record in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days. For the fiscal year ended 2024, the Company paid out a total of Rs. 1,867 crore as death claims. The Company’s claim settlement ratio for Q1-FY2024 was 97.94%, for Q2-FY2024 it stood at 98.14% and in Q3-FY2024 it was 98.52%. This showcases the consistency in settling claims. Mr. Amish Banker, Chief Operations Officer, said "life insurance provides financial security to the family, therefore, we ensure all genuine…

24 May

Morris Garages unveils the Smart and Sustainable MG Comet EV Drive in Siliguri

Business BureauBusiness

MG (Morris Garages) is amplifying its green mobility initiative with the debut of the MG Comet EV in Siliguri. This strategic move reinforces MG's century-old commitment to innovation and sustainability, as it rolls out its latest electric vehicle offering aimed at transforming the landscape of urban transportation. Priced competitively starting at INR 6.98 Lakh, the MG Comet EV lineup presents a range of variants tailored to diverse consumer preferences. With options like the Exclusive, Excite, and Executive models, MG is equipping drivers with cutting-edge features including i-SMART infotainment with over 55 connected features and AC fast charging capabilities in select…

24 May

MayaaVerse: MAI Labs’ AI-powered platform set to redefine creator economy

Business BureauBusiness

MAI Labs announces the launch of MayaaVerse, an immersive tech platform embedded with AI. Designed to revolutionize human interaction and creativity in digital spaces, MayaaVerse promises unparalleled virtual immersion. According to a report by McKinsey, the immersive tech sector is projected to generate up to $5 trillion by 2030 across various applications. MAI Labs, backed by global investors with over $17.5 million in funding and an upcoming $50 million raise, is poised to significantly impact this burgeoning field. "MayaaVerse represents a milestone in our mission to redefine human-computer interaction and unlock creativity within immersive environments," stated Tapan Sangal, Lead Visionary…

24 May

Tata Motors subsidiaries partner with Bajaj Finance to offer enhanced financing options for dealers

Business BureauBusiness

Tata Motors' subsidiaries, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), have forged a partnership with Bajaj Finance, a prominent entity under Bajaj Finserv Ltd. This collaborative effort aims to extend supply chain finance solutions to dealers of passenger and electric vehicles, facilitating their operations with minimized collateral requirements.Under the Memorandum of Understanding (MoU) signed for this endeavor, TMPV and TPEM will leverage Bajaj Finance's extensive reach to provide dealers with enhanced access to funding, thereby streamlining their business operations. Mr. Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors…

24 May

Sensex rises over 1% after RBI increases dividend, Nifty at record high

Business CorrespondentBusiness

The surge in both indices comes a day after the Reserve Bank of India (RBI) board approved the highest-ever surplus transfer of Rs 2.11 lakh Crore to the government for 2023-24.On Thursday (May 23), the domestic stock market rose by more than 1 percent, Sensex rose by more than 1,000 points and Nifty crossed the 22,900 level for the first time.During today's trading session, BSE Sensex had reached an intraday high of 75,407.39. The 30-share index had hit 75,095.18 in intraday trades on May 3. NSE's Nifty 50 hit a record high of 22,959.70 during afternoon trade.The surge in both…

23 May

PBPathshala event organised in Agartala

Business BureauBusiness

PBPartners, Policybazaar's PoSP arm and a prominent Indian insurance market player, held a PBPathshala event in Agartala. The event highlighted the company's dedication to promoting innovation, technological advancement, and financial inclusion among its agent partners. By giving new insurance PoSP agent partners the chance to learn from the finest in the business and obtain real-world experience through hands-on training, this Pathshala program offers unparalleled mentorship. The event saw the presence of around 120 PoSP agent partners from the region, along with Aryan Singh - Business Unit Head, Life Insurance, PBPartners, Rahul Mishra - National Life Sales Head at PBPartners, Mohammad…

22 May

Bajaj Allianz Life Insurance reports record growth in FY2024

Business BureauBusiness

Bajaj Allianz Life Insurance has posted record growth in FY2024, solidifying its position as a leading private life insurer in India. The company’s Individual Rated New Business (IRNB) surged by 21% year-on-year, making it the fastest-growing insurer among the top ten private players, with a five-year CAGR of 29%. Key milestones include New Business Value surpassing ₹1,000 crore for the first time, reaching ₹1,061 crore, and the highest-ever Assets Under Management (AUM) at ₹1,09,829 crores as of March 31, 2024. Renewal premiums soared by 32% to ₹11,549 crores, and New Business Premiums grew by 7% to ₹11,494 crores. Additionally, the…