businessfortnight

New Delhi, 22 February 2019:   MobiKwik , India’s largest digital financial services platform, today announced the launch of digital life insurance on its app to its users. MobiKwik in association with ICICI Prudential Life Insurance Company has rolled out first-of-its-kind group micro insurance product. The offering begins with a life cover of Rs. 1 lakh available for a monthly premium as low as Rs. 20/-. This is the second big announcement by MobiKwik in the digital insurance space, post the launch of accidental insurance in November 2018. MobiKwik offers Instant Life Insurance for Rs 20 on its App  The users have an option to choose from three sum assured policies: Rs 1 lakh, 1.5 lakhs and 2 lakhs, available against monthly premiums of Rs 20/-, 30/- and 40/- respectively. Life insurance can be digitally purchased on the MobiKwik app, via a paperless, 2-step process that takes 10 seconds and the policy is issued instantly. MobiKwik will be extending its base of insurance providers i

New Delhi:  The Indian Railways Catering and Tourism Corporation (IRCTC) has finally opened booking for Train 18 or the Vande Bharat Express. People have been eagerly waiting to travel in India’s fastest train, touted as the new Shatabdi Express. Tickets can be bought over the counter or on irctc.co.in. Train 18, which will run between Delhi and Varanasi, will be flagged off by PM Narendra Modi on 15 February but its commercial run will begin from 17 February. Reservations for Delhi Varanasi Train 18 start: 10 things to know 1. New Delhi-Varanasi Vande Bharat Express will depart from the national capital at 6 am and reach Varanasi at 2 pm. On the same day it will depart from Varanasi at 3pm and reach Delhi at 11 pm. 2. The Vande Bharat Express will operate on five days in a week, except on Monday and Thursday. Vande Bharat (Train 18) train at Varanasi Railway Junction, Photo: PTI 3. From Delhi to Varanasi an air-conditioned chair car ticket will cost  ₹ 1,760 and the executive class

Drug firm Strides Pharma Scienceon Wednesday said it has received the Establishment Inspection Report (EIR) from the US health regulator for its formulations facility in Bangalore. “The company’s formulations facility (KRSG Gardens) in Bangalore which was inspected by the US Food and Drug Administration (USFDA) in August 2018 and November 2018, has received the Establishment Inspection Report (EIR), thereby confirming the successful closure of the inspections,” Strides Pharma Science said in a BSE filing. USFDA gives EIR on closure of inspection of an establishment that is the subject of an FDA or FDA-contracted inspection. The company further noted that the inspection conducted in November 2018 had concluded with zero 483 observations. Strides Pharma Science gets EIR for Bangalore facility As per the USFDA, a Form 483 is issued to a firm’s management at the conclusion of an inspection when investigator has observed any conditions that in its judgment may constitute violations of th

Mumbai / Ahmedabad,  January , 2019: Ahmedabad Municipal Corporation (AMC), the civic governing body of the city of Ahmedabad today  embarked on a new journey getting its Municipal Bonds listed on the Debt Securities platform of the National Stock Exchange of India Ltd (NSE), leading stock exchange of India  today . NSE lists Ahmedabad Municipal Corporation Bonds The Municipal Bonds of the Ahmedabad Municipal Corporation have earned the distinction of receiving the largest amount of bid for any municipal corporation on any Exchange platform. The issue of INR 200 cr recorded a subscription of INR 1,085 cr from 19 institutions. The issue proceeds will be utilized towards the Central government scheme – AMRUT MISSION for Urban Development. Ahmedabad Municipal Corporation received an overwhelming response with an oversubscription of 5.42 times. On the development of the Debt Capital Market, NSE has demonstrated its commitment and now has become the preferred choice amongst blue chipped

The pharmaceutical industry welcomed the government order to constitute a standing committee headed by NITI Aayog to recommend the National Pharmaceutical Pricing Authority (NPPA) in regulating prices of medicines. “This would neither favour the industry nor encourage the growth of the industry nothing of that sort, but it brings balance to decision making (on price control), and not leave the industry to one individual (NPPA Chairman),” said DG Shah, Secretary General of Indian Pharmaceutical Alliance (IPA), that represent 20 of the country’s biggest homegrown drug makers. Indian pharmaceutical industry was rattled by the decision of former NPPA chairman Bhupendra Singh, who used special powers conferred under Paragraph 19 of the Drug Price Control Order (DPCO) 2013, to slash prices of hundreds of drug formulations, which were not part of National List of Essential Medicines (NLEM). Shah said that Paragraph 19 was supposed to be used only under extra ordinary circumstances. Several d

NEW DELHI:  The Union government on Monday formed a committee housed in its think tank NITI A ayog to recommend medicines for price control, diluting the central role of the National Pharmaceuticals Pricing Authority (NPPA) in setting drug prices. Currently, NPPA functions as an autonomous body regulating prices of medicines and health products such as stents under the National List of Essential Medicines (NLEM), besides monitoring prices of those that are not on the list. The new order also ends the existing mechanism in which drugs declared essential would automatically come under price control. From now, the NITI Aayog committee will decide which drugs should be under price control. Drug price regulator’s wings clipped A 21 January order from the ministry of chemicals and fertilizers announced the formation of a standing committee on affordable medicines and health products (SCAMHP) led by member (health), NITI Aayog, and including the chief economic adviser in the ministry of fin

Indian shares rose today but ended off day’s high, supported by strong gains in heavyweight Reliance Industries. Benchmark index Sensex ended 192 points higher at 36,578 though at its day’s high it had risen to36,701. On the NSE, the Nifty50 index settled 0.50% higher at 10,961. Oil-to-retail conglomerate Reliance Industries 4.4% in its second session of gains after reporting record quarterly numbers. Other top gainers in the Sensex 30 pack included Kotak Mahindra Bank, Sun Pharma, and Bajaj Finance. IT stocks TCS and Infosys were also among the gainers. Sun Pharma, which had tumbled over 14% last week on reports of a fresh whistleblower complaint, rose 2%. Sensex rises nearly 200 points, led by RIL “The market momentum has continued into this week,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “Stocks, especially heavyweights, have gained on the back of last week’s good quarterly numbers, and that has buoyed the sentiment.” SBI, Bajaj Auto, Power Grid,