Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, on Tuesday made a muted market debut and further fell by nearly 6 per cent against the issue price of Rs 1,960. The stock listed at Rs 1,931, reflecting a decline of 1.47 per cent from the issue price on the BSE. Later, the stock made some recovery and hit a high of Rs 1,968.80, up 0.44 per cent.
Indian government expects LIC to have better business this year.
DIIs owned equities worth Rs 73.5 trillion, just 1.9 per cent less than FPIs. This marks a significant change from a decade ago.
The National Commission indicted LIC for working in cahoots with doctors for baseless certificates to repudiate claims and held this to be an unfair practice.
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
rediffGURU T S Khurana answers readers' personal income tax queries.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
This is a single premium non-linked insurance plan where the risk cover is five times of premium chosen by the customer and offers guaranteed returns at maturity.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
The Life Insurance Corporation of India has opened a branch in Muscat to cater to over 300,000 non-resident Indians in Oman.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
The Reserve Bank of India (RBI) has announced a dollar-rupee two-year sell-buy swap auction for $5 billion on March 8, which will suck out rupee liquidity from the system. The swap will be in the nature of a simple sell/buy foreign exchange from the RBI side, in which a bank will buy US dollars from the central bank and simultaneously agree to sell the same amount of US dollars at the end of the swap period. "With a view to elongating the maturity profile of its forward book and smoothen the receivables relating to forward assets, it has been decided to undertake sell/buy swap auction of $5 billion on March 8, 2022," the RBI said in a statement. The auction cut-off will be based on the premium amount in paisa terms up to two decimal points.
India's biggest life insurer and financial institution has turned to its 'turnaround man' to restore credibility to prime subsidiary LIC Housing Finance (LICHF). Vijay Kumar Sharma, 52, formally took over as its CEO on Wednesday. Sharma comes from Chennai, where over the past one year he turned LIC's south zone into the best performer after a 20-month slowdown.
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
Hyundai Motor India Ltd has become the country's fifth most valuable auto firm by market valuation in its debut trade on Tuesday. Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, listed at Rs 1,931, reflecting a decline of 1.47 per cent against the issue price of Rs 1,960 on the BSE earlier in the day. The stock slumped 7.80 per cent to Rs 1,807.05 during the day and finally ended at Rs 1,820.40 apiece, down 7.12 per cent.
The Life Insurance Corporation of India has sold more than 15.46 mn individual policies during the current financial year with a collection of more than Rs 68,254.3 million (Rs 6825. 43 crore), posting a growth rate of more than 35 per cent as on Feb
Roy joined the largest insurance company in the country in 1981.
Fixed deposits can fetch 9-9.5% interest versus 3.5% to be received by Cairn, say institutions.
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.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
The rider could be attached to any of the existing group insurance polices under employer-employee groups -- group insurance, employees deposit link insurance, group gratuity and group leave encashment scheme -- on their scheme renewal date, LIC of India Chairman T S Vijayan told reporters at the launch function in Chennai.
The market regulator's newly proposed selection criteria for the over Rs 400-trillion-a-day futures and options (F&O) market could pave the way for the entry of popular stocks such as Life Insurance Corporation (LIC) of India, Jio Financial Services, Zomato, Paytm, DMart, and Adani Energy into the derivatives segment. The Indian derivatives market, which accounts for most of the trading volumes, could see big churn with over two dozen exits from the current list of 182 stocks due to an upward revision in the eligibility thresholds.
According to data from company sources, the Life Insurance Corporation of India (LIC) still remains the benchmark when it comes to settling death claims. However, major private players are also fast catching up.
Insurer likely to support Ratan Tata; reduction in stake might have been profit booking.
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.
Offloads stake in financial, auto and pharma sector companies.
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.
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.
Insurer seeks leeway to invest in sub-AAA-rated companies.
In ITC, LIC has invested Rs 38,358.66 crore, according to Capitaline data.
Chairman says turnaround has begun in sector expects 10% growth in firm's core business this year.
