GMR Holding ties Up Rs. 1250 Crore for GMR Infra Rights Issue

Promoters intend to utilise the said funding of Rs. 1250 Crore for subscribing to the proposed Rights Issue of the Company. This amount represents about 89.17% of the size of the Rights Issue.

GMR Infrastructure Ltd has announced that GMR Holdings Private Limited (Promoter Holding Company) has informed GMR Infrastructure Limited (the Company) that it has completed necessary financing arrangements to the extent of Rs. 1250 Crore, out of which Rs. 1130 Crore has already been drawn. 

Promoters intend to utilise the said funding of Rs. 1250 Crore for subscribing to the proposed Rights Issue of the Company. This amount represents about 89.17% of the size of the Rights Issue.

The stock was up 1% at Rs 15.35.

The stock has hit a high of Rs 15.50 and a low of Rs 15.30.

Axis Bank, Max Life Insurance launch tablet-based financial planning app

The financial planning app works seamlessly across the bank and the insurer and leverages huge improvements in operational efficiency to make this possible

Axis Bank in a partnership with Max Life Insurance has announced the launch of financial planning app that will enhance the customer’s life insurance purchasing experience.

The app furthers the Axis Bank vision “to be the preferred financial solutions provider excelling in customer delivery through insight, empowered employees and smart use of technology” and is another addition to the long list of digital powered tools launched by Axis Bank.

This new application is designed to enable policy issuance in less than 4 hours. The digital initiative also involves latest analytics tools that will ensure that Axis Bank and Max Life are able to offer customized life insurance solutions after complete understanding of life stage needs of their customers. The tool works seamlessly across the bank and the insurer and leverages huge improvements in operational efficiency to make this possible.

Rajiv Anand, Group Executive & Head – Retail Banking, Axis Bank, said, “A tablet-based financial planning app is yet another milestone in our journey to offer digital solutions with customer needs being the epitome of all our sales efforts. Our focus has always been on improving customer experience and enhancing value for customers. The launch of this app will further help us in identifying the customer’s needs and constraints and then offer the best product to realize those goals. We will also be able to provide a straight through process with minimal paperwork with the customer interacting with just a single person instead of 6 in the current process.”

Ashish Vohra, Senior Director & Chief Distribution Officer, Max Life Insurance said, “We have always believed in following need based sales process to offer long-term savings, protection and retirement solutions to our customers. Through this financial planning app, we are now able to utilize the latest technologies to speed-up and ease the processes for our customers. The process enables us to leverage smart customer analytics to offer a wider spectrum of customized offerings which will help Axis Bank in creating and protecting wealth for their customers”, added Mr. Vohra.

This initiative will enable Axis Bank and Max Life Insurance to build a long term relationship with the customer through ‘stickiness’ of sales and service and ensure a more efficient, tech-enabled assisted buying experience. Hence, through this financial planning app, both Axis Bank and Max Life Insurance will be able to utilize the latest technology to provide both front end need analysis and an entire sales fulfilment system to the customers across 2,500 branches of Axis Bank across the country. 

Sensex, Nifty open flat

Auto, Consumer Durables, Power, banking, capital goods, healthcare,realty, FMCG are the gainers, while Bankex, Oil and gas and metal indices are losers. 

At 9:22AM, the S&P BSE Sensex is trading at 28,203 up 14 points, while NSE Nifty is trading at 8,554 up 3 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, healthcare,realty, FMCG are the gainers, while Bankex, Oil and gas and metal indices are losers.

Sun Pharma could be in the news as some developments are expected to be announced tomorrow. Asian markets are undecided. US indices, which were doing well for most part of the day tumbled to end flat at close. The S&P 500, Dow Jones Industrial Average and Nasdaq registered marginal losses. China March ‘flash’ PMI fell to 49.2 vs February, the final read is 50.7.

Cleveland Federal Reserve President Loretta Mester said that the US monetary policy easing has created only minimal bubble-like activity in financial markets. Speaking at a conference at the Bank of France in Paris, Mester said the US central bank was aware of risks that easing could fuel bubbles. Mester further said that some segments of the equity market have shown some bubble-like things, but I never thought that they were that extraordinary.

Sebi is likely to reject a finance ministry proposal that seeks to halt trading in shares of PSUs in which the government is selling its stale on the day of the offer for sale (OFS), says a report.

Balasubramanian Ganesh, head of Wipro's banking products and solutions group, has resigned.

The information contained in documents from various ministries, have been allegedly leaked and complaints have been filed for using this information for insider trading in stocks. SEBI chairman has expressed concern over this since any insider trading will directly impact SEBI, as per a report.