Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
Public-sector insurer Life Insurance Corp (LIC), which holds 4.34 per cent in the troubled IT firm, Satyam Computer Services, on Thursday said it is assessing the situation and will take a decision on its holding accordingly.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got subscribed 2.37 times on the third day of the bidding on Thursday, helped by institutional buyers. This is the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore. The Rs 27,870 crore initial share sale got bids for 23,63,26,937 shares against 9,97,69,810 shares on offer, translating into 2.37 times subscription, as per NSE data.
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.
With over Rs 55,000 crore debt, Air India management has been trying to pare burden by monetising non-core real estate properties.
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.
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.
Fixed deposits can fetch 9-9.5% interest versus 3.5% to be received by Cairn, say institutions.
Offloads stake in financial, auto and pharma sector companies.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, received an 18 per cent subscription on the first day of bidding on Tuesday. The Rs 27,870 crore initial share sale received bids for 1,77,89,457 shares against 9,97,69,810 shares on offer, as per NSE data. The IPO received over 9 lakh applications on the first day.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
In ITC, LIC has invested Rs 38,358.66 crore, according to Capitaline data.
Life Insurance Corporation of India, its foreign arm LIC International and the New India Assurance Co will join hands for setting up a joint venture company in Saudi Arabia to offer life and non-life insurance products to non resident Indians and oth
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.
Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, has received capital markets regulator Sebi's approval to float an initial public offering (IPO), people familiar with the development said on Wednesday. This development marks a significant milestone for the Indian industry, as it is the first automaker initial share-sale in over two decades, following Japanese automaker Maruti Suzuki's listing in 2003.
Life Insurance Corporation still commands 90 per cent of the insurance market despite the rush of private insurance companies in the country, LIC chairman R N Bhardwaj said on Thursday.
Life Insurance Corporation, which figures among the country's biggest institutional investors in stock market, held 4.92 per cent stake in Infosys at the beginning of the current fiscal on April 1, 2012, which has now risen to 7.24 per cent.
Life Insurance Corporation will flag off its 50th year celebrations next month, with the launch of an affordable 'Golden Jubilee policy' for the masses.
The selection process will begin after acceptance of Roy's resignation.
The insurer plans to hire about 2,00,000 agents this financial year.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to Rs 26,494.83 crore from Rs 34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively. According to the data released by the Life Insurance Council, the premium of private insurers slipped 9.33 per cent Y-o-Y to Rs 10,360.29 crore from Rs 11,426.73 crore as a result of a change in product mix due to the measures taken to counter the impact of tax imposed on the premiums of Rs 5 lakh.
State-run insurance giant LIC and the government of Singapore have hiked their stakes in Reliance Industries with the purchase of shares worth over Rs 1,550 crore during the last quarter.
Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from April 1.
LIC will kickstart its credit card business in September 2008.
LIC accounts for 70 per cent of the life insurance market and is also the largest domestic institutional investor in the country.
Insurer seeks leeway to invest in sub-AAA-rated companies.
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."
Life Insurance Corporation of India has asked the Insurance Regulatory & Development Authority to allow it a shareholding of up to 20 per cent in a company.
The Bharatiya Janata Party on Friday filed a complaint with the Election Commission against the LIC seeking a ban on its new scheme in Bangalore, alleging it is aimed at propagating the Aadhar card and helping Nandan Nilekani who is contesting Lok Sabha elections from there.
Chairman says turnaround has begun in sector expects 10% growth in firm's core business this year.
India's largest life insurer, Life Insurance Corporation of India (LIC), has crossed the mark of 1-crore individual policies for the current financial year, with first premium income of Rs 15,917-crore (Rs 159.17 billion) in the fortnight ended August 14, 2010.
