The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Private sector lender Axis Bank on Monday said its board has recommended the appointment of Shikha Sharma, currently chief of ICICI group's life insurance business, as its next managing director and CEO.
The combined market valuation of three of the 10 most valued domestic firms eroded by Rs 73,630.56 crore last week, with Reliance Industries Limited taking the biggest hit. While HUL and ICICI Bank were the other laggards from the top-10 pack, TCS, HDFC Bank, Infosys, LIC, SBI, HDFC and Bharti Airtel were the gainers. However, the combined gain of the seven firms at Rs 49,441.05 crore was less than the total loss suffered by the three companies.
Consensus continues to be cautious with analysts pointing towards tougher days ahead
The net non-performing assets on December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016
The first quarter earnings season will dictate the trend in the equity markets in this holiday-shortened week amid absence of major macroeconomic drivers, say analysts. Besides, lacklustre global markets may increase volatility in the market, they added. Equity markets would remain closed on Wednesday for Bakri-Id.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
The Centre's decision to not reduce the face value of shares of India's Crown Jewel - Life Insurance Corporation (LIC) - was taken to make shareholders feel they are acquiring something 'precious'. The face value of LIC's shares was retained at Rs 10, quoted in the draft prospectus, as it would also align the insurer's shares with those of its private sector peers. Even as the LIC Act was amended to "consolidate or reduce the nominal or face value of the shares", with the Centre's approval, it was decided to stick to the current face value of shares at Rs 10 without splitting the existing 6.32 billion shares.
Unlike other health insurance policies, which mostly covers hospitalisation expenses alone, the specialised cover is likely to include the cost of treatment during quarantine and payment of cash for incidental expenses.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
To present revival plan to board; Naik meets PMO official.
Critical illness policies by life insurance companies provide a variety of combinations but have a complex fine print.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
The Chennai branch of Country Club Ltd has teamed up with the ICICI group to launch the 'CCI Flexi MasterCard life membership', bringing a host of benefits to its members.
LIC, ICICI Prudential invest Rs 13,000 crore (Rs 130 billion) and Rs 2,000 crore (Rs 20 billion) respectively in the first quarter of FY09.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Through this online facility, these business communities can generate marine policies, manage them online and speed up documentation procedures in case of an emergency.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
Travel insurance policies do not generally cover adventurous or sporting activities such as bungee jumping, paragliding, mountain climbing, or white water rafting, which fall under hazardous activities.
Booking profit in the recent stock market uptrend, state-run insurance giant LIC offloaded shares worth over $1 billion in half of the 30 Sensex companies, including in RIL and ICICI Bank, in last quarter.
Booking profit in the recent stock market uptrend, state-run insurance giant LIC offloaded shares worth over $1 billion in half of the 30 Sensex companies, including in RIL and ICICI Bank, in last quarter.
ICICI Prudential Life Insurance has expanded its health insurance portfolio to cover over 1,000 surgical procedures and hospitalisation.
S V Ramanan, CEO, CAMS Repository Services, answered readers' queries on electronic insurance in an online chat with readers August 6
V Vaidyanathan joins a growing list of top executives getting a sumptuous sign-on bonus
Good performance of ICICI Lombard, New India, Oriental Insurance and Bajaj Allianz pushed the general insurance industry growth to 16 per cent in April-February of 2005-06.
Before you buy a cashless benefit plan at lower premiums, check if you can make full use of it. Most don't even exhaust the entire benefit.
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
Revision in the context of an ongoing global review affecting financial institutions: Moody's
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