Business briefs

ICICI Prudential AMC launches FMCG ETF Mumbai, Jul 20 (PTI): ICICI Prudential AMC on Tuesday launched an open-ended exchange-traded fund (ETF) tracking the Nifty FMCG index.

The new fund, opening on Tuesday, and closing on August 2, provides exposure to leading companies forming part of MCG, which is the fourth largest sector in the economy, the fund house said in a statement.

The new fund is suitable for investors looking to gain exposure from the growing FMCG sector as it aims to provide returns that closely correspond to the returns provided by its benchmark Nifty FMCG index in the same proportions.

The FMCG market was valued at USD 110 billion in 2020, tripling in less than a decade, and by 2025, it is expected to double to USD 220 billion, the fund house said.

****** Pharma procurement startup Medikabazaar to double headcount to 1,200 * Medikabazaar, a one-stop medical and health tech procurement platform is doubling its workforce to 1,200 by March from 600 individuals, to help to meet the growing demand for its offerings. Some of the new talents will be picked up the IITs and IIMs, it added.

Medikabazaar, founded in 2015, serves over 1 lakh corporates, hospitals, and government bodies, over 1.5 lakh individual,s and more than 15,000 seller-partners.

****** HDFC Ergo launches new health policy *HDFC Ergo General Insurance on Tuesday launched a new health policy that offers coverage of four times the sum insured at no additional charge.

Optima Secure seeks to redefine the value customers can get from their insurance plan, offering built-in "secure, plus, protect, and restore" benefits that combine seamlessly to offer customers up to four times their sum insured at no additional charge while guaranteeing coverage for listed non-medical expenses.

The new policy offers four distinct features: the secure benefit that doubles the cover automatically on purchase of the policy; the plus benefit that ups the base coverage automatically by 50 per cent after one year and to 100 per cent after two years on no claim; the restore benefit that gets up to 100 per cent coverage restored if you run out of coverage midway; and the protect benefit that ensures full refund/zero deduction on consumables and listed non-medical items/expenses. *********** Runaya bags Stevie Award for promoting circular economy in resources sector * Manufacturing technology firm Runaya on Tuesday announced that it has been named the winner of a Bronze Stevie Award in the Innovation in Energy & Sustainability category at the 2021 Asia-Pacific Stevie Awards.

Runaya bagged the prestigious Stevie Award for its efforts towards promoting a circular economy in the resources sector.

Runaya has a sustainability and metal recovery project currently operating in Jharsuguda, Odisha, where 100 per cent of aluminum dross is processed into value-add products.

''This award reaffirms our faith in what we have set out to do and we would like to thank the Stevie Awards and the jury for this recognition,'' Runaya Chief Executive Officer and Co-Founder Annanya Agarwal said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)