In a bid to get more returns from its properties, Life Insurance Corporation of India has identified 70 sites, spread across the country, for development of either residential or commercial projects.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
A number of non-banking financial companies (NBFCs) have tapped into the debt capital market ahead of the festival season to meet increasing credit demand as bank funding slows. On Tuesday, Aptus Value Housing Finance secured Rs 300 crore at an interest rate of 8.75 per cent through bonds maturing in five years. ICICI Home Finance Company turned to the market to raise Rs 275 crore at 7.94 per cent, alongside another Rs 300 crore at 7.95 per cent, through bonds maturing in five and three years, respectively.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
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The Central Bureau of Investigation on Wednesday arrested eight people, including the chief executive officer of LIC Housing Finance, for allegedly giving corporate loans for monetary considerations.
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According to media reports, CBI conducted raids in prominent finance companires -- LIC Housing Finance and Central Bank of India with regards to a multi crore housing scam.
'It will be a cat and mouse game between investors and the government.' 'The issue will be launched only if there is sufficient demand from investors and the government is in agreement with the bankers on the valuations.'
Brace yourselves to shell out more for home loan instalments.
The reaction from Planning Commission Deputy Chairman Montek Singh Ahluwalia comes a day after the Central Bureau of Investigation arrested LIC Housing Finance CEO Ramachandran Nair and seven other senior bankers on charges of corruption and criminal conspiracy.
'Those betting against PSUs will likely be punished in this upswing.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Hyundai Motor India Limited's (HMIL's) record Rs 27,870 crore initial public offering (IPO) may not have set the primary market alight with sky-high subscription levels, but it has spelled a windfall for the five investment banks steering the share sale. The Indian arm of the South Korean carmaker paid Rs 493 crore - 1.77 per cent of the issue size - in fees and commissions to the book running lead managers (BRLMs), marking the largest-ever payout for an IPO in the country.
Canara Bank on Wednesday announced 0.5-0.75 per cent cut in housing loans rates to 8.5-9.25 per cent with monthly installment payments coming down to Rs 911 per lakh for 20-year loan from February.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
'The government wants foreign companies to capture the insurance market.'
'How can you explain the necessity of selling an institution that has been delivering regular returns to the government, that has never asked for any capital from the government, that has invested Rs 38 lakh crores in the Indian economy and that owns 4 per cent of the market capitalisation in India?'
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
To ensure the property right is not contested, one has to take various steps, including getting a bank NoC.
'From our perspective, it will bring additional customers and from their perspective, it will get them younger customers.'
The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Retirement fund manager EPFO has decided to suspend further investments in the LIC Housing Finance till CBI completes investigations into the alleged involvement of its top official in the bribes-for-loans scam.
This year's tally is the second best ever after 2022 when 16 firms raised Rs 40,311 crore, led by LIC's biggest-ever IPO.
The best way to achieve financial security isn't by cutting out every vada pav or limiting yourself to home-cooked meals; it's by making yourself indispensable at work, says Vatsal Ramaiya.
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In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
Highly-rated finance firms and housing finance companies are expected to benefit from the absence of Housing Development Finance Corp (HDFC) from the bond market once it merges with the HDFC Bank in early FY24. Post merger, the bond market is expected to become less crowded, which will ease fund raising conditions for other players in the field. It may perhaps also compress the spread for debt instruments floated by housing finance companies (HFCs) over 10-year government bonds, subject to demand and supply conditions.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
Close on the heels of public sector banks slashing their home loan rates, LIC Housing Finance, has announced a 1.75-2.25 per cent cut in its lending rates for home loans up to to Rs 20 lakh (Rs 2 million) from December 17.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
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