ICICI Securities has launched a ‘Life Time Prepaid Brokerage Plan’ for its ICICIdirect.com customers.
The first-of-its-kind prepaid brokerage scheme in India, Life Time Prepaid aims at helping customers in optimizing their transaction costs and spreading their trading over a period of time to suit market conditions. Four prepaid plans - Rs 25,000, Rs 50,000, Rs 75,000 and Rs 1 Lakh are available to customers and each of these plans offer an upfront reduction in brokerage across all Equity and Derivative products along with Life Time validity.
“Large investors in the market need to optimize their transaction costs with flexibility to be in the market timing of their choice. With a pre-paid plan, upfront reduction in brokerage and a near lifetime validity, it will cater to the said set of customers. For the retail customers our current per trade pricing with zero upfront commitment is again the most optimum,” said Vishal Gulechha, Head – Equity Products, ICICI Securities Ltd. In the Life Time Prepaid Brokerage Plan, Life Time implies tenure of 15 years.Any unutilized brokerage post the validity period is refunded to the customer. The brokerages rates also include depository charges.
IDFC to take on strategic partner for fund of funds business
IDFC has announced a change in direction for its fund of funds business. IDFC set up an Asia private equity focused fund of funds a couple of years ago seeded with its own money. Four investments have been made to date. Going forward, IDFC has decided to get a strategic partner to take over the management of this fund. IDFC will continue to honor its commitments to the funds into which investments have already been made and, effective April 1, 2011, the existing team of investment professionals will be free to pursue opportunities outside IDFC.
Cargill acquires leading sunflower oil brand Sweekar
Cargill announced that it signed an agreement with Marico Ltd. to acquire its refined sunflower oil brand Sweekar. The scope of the acquisition is limited to the product brand only.
This acquisition not only strengthens Cargill’s existing portfolio of leading edible oil consumer brands, but also expands its market reach in India’s premium sunflower oil market. Cargill already produces and markets sunflower oil locally under its NatureFresh and Gemini brands.
"Acquiring the Sweekar brand underscores Cargill's long-term commitment to growing our consumer food business in India. Sweekar is an excellent fit with our existing strong brand portfolio of healthy and low absorption oils,” said Siraj Chaudhry, Chairman Cargill India.
Ind Swift Labs gets USFDA nod for two more DMFs
Pharma major Ind-Swift Laboratories Ltd, which has a strong basket of over 40 products across 16 therapeutic segments, has got the USFDA nod for two more Drug Master Files (DMFs) Temozolomide and Telmisartan. Besides commercially supplying four molecules to the US, the company has hitherto filed 20 DMFs with the USFDA, of which all have been approved.
NR Munjal, Vice-Chairman and Managing Director of Ind-Swift Laboratories Limited, said: “The company has high regulatory standards where its facilities are already approved by USFDA/MHRA/TGA/COS/KFDA/Who-GMP, and with this approval for Temozolomide, an anti-neoplastic drug with market size of US$ 700 mn, and Telmisartan, a drug for hypertension with market size worth $1.6 bn, the company is aiming at marketing these products once they go off patent “
The Company has so far filed 302 DMFs with various regulatory authorities, including 4 DMFs filed in Japan. Also, 124 patents have been filed, of which one has been granted for cardiovascular drug. Munjal added that the company aims at filing 4-5 DMFs per year in US in the next 3-4 years..
‘MartJack’ powered online stores Transactions crosses tHe Rs 100 Cr milestone
MartJack, India’s largest e-commerce platform has announced that in a short span of 3 years, online stores powered by MartJack have achieved a milestone revenue of Rs, 100 Crore. MartJack,is a digital commerce platform developed by Reasoning Global eApplications Ltd which influences a significant portion of e-commerce in India. It is notable that these MartJack powered stores are spread across a breadth of business verticals as well as from small local businesses to enterprise. With Indian brick and mortar stores expanding to online stores using digital media aggressively for marketing as well as sales, the e-commerce has experienced a second coming in Indian Retail Sector. E-commerce has seen a 30% YoY growth in the Rs. 31000 Crore B2C e-commerce business.
Anubhav Kushwaha, Vice President, Business Strategy & Alliances, Reasoning Global commented, “We all are very excited to achieve this significant milestone within 3 years of operations, adoption of Internet & other digital media, as sales and product discovery channels is going to play a decisive role for retailers’ success in the next few years.”
MartJack helps retailers to build their own digital stores across multiple channels including Internet, Mobile & Social Media.
Future Capital exits JV with Centrum Capital
Future Capital Holding (FCH) & Centrum Capital Ltd. (CCL) have mutually decided on the rearrangement of share holding on their two existing Joint Ventures, FCH Centrum Wealth Managers Ltd. (FCH CWML) & FCH Centrum Direct Ltd. (FCH CDL).
As per the new arrangement, Centrum Capital Ltd. will buy 50% stake currently held by FCH in the entity FCH Centrum Direct Ltd. for a consideration of Rs. 100 crore. In 2008, FCH had invested Rs75 crore for 50% stake in this joint venture. Post this transaction, Centrum Capital Ltd will hold 100% stake of FCH Centrum Direct Limited. Centrum Direct Ltd. is primarily into the business of Forex money changing and travel solutions. As part of the same arrangement, FCH will buy out 50% stake of FCH Centrum Wealth Managers Ltd. from CCL at a consideration of Rs 1 crore. In 2008, FCH had invested 50% stake in this joint venture with CCL for Rs 25 crore. Post this transaction, FCH will hold 100% of this entity. FCH Centrum Wealth Managers Ltd. is primarily in the business of Retail Wealth Management.
In meetings separately convened on Friday, the boards of FCH & CCL independently approved these transactions. The transactions are subject to regulatory approvals.
Both Groups have expressed a strong willingness to explore strategic opportunities to work together in the future.
Govt accepts resignation of Mahindra from AI board
Government has accepted the resignation of Anand G Mahindra, Vice-Chairman and Managing Director of the Mahindra Group, as an Independent Director of the Air India Board, airline officials said.
Mahindra, who was appointed to the post almost a year ago, had sent in his resignation to Civil Aviation Minister Vayalar Ravi last month, citing 'conflict of interest' as the reason for stepping down.
Officials said the government has accepted the resignation and the Civil Aviation Ministry conveyed it to the national carrier.
In the letter, Mahindra had said that the Mahindra and Mahindra Limited had recently held "fruitful discussions with international aerospace corporations that would throw up opportunities for the group to become a strategic player in the global aerospace components market".