The IRDA guidelines issued last month prohibits an insurer from investing more than 10 per cent in a company. LIC has invested more than Rs 1,300 billion in equities of different private and public sector companies. Prominent companies in which it holds over 10 per cent include Corporation Bank, Cipla, M&M, Maruti Suzuki, MTNL, Tata Motors, HPCL, Ranbaxy Labs, Oriental Bank, Dr Reddy's Labs, Tata Steel and Reliance Infra.
LIC sold a total of 58,29,103 shares of the company aggregating 2.018 per cent stake between August 24, 2009 and November 11, 2012 through the open market, Maruti Suzuki India said in a filing to Bombay Stock Exchange.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
Following a cut in the interest rates by banks, LIC Housing Finance Ltd on Friday announced a special rate of 7.75 per cent on home loans for all terms.
Mutual funds (MFs) are likely to surpass foreign portfolio investors (FPIs) in terms of anchor investments in initial public offerings (IPOs) for the second consecutive year. In calendar year 2023 so far, MFs have invested Rs 5,577 crore as anchor investors, compared to the Rs 5,417 crore invested by FPIs this year. In 2022, MFs put in Rs 9,026 crore as anchor investment, 21 per cent higher than the FPI tally of Rs 7,105 crore. This marked the first time since 2014 that MFs had outpaced FPIs in anchor investments.
The Life Insurance Corporation has decided not to nominate any retired employee as a director on the board of the almost 90 companies in which it has equity or loan exposure.
D K Mehrotra, chairman, LIC, tells Business Standard the proposed new product guidelines need to be tailored with some caution.
This year's investment in equities would be one the highest
P V Subramanyam clears some misconceptions about debt funds.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
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.
T S Vijayan makes a strong comeback man.
Unfazed by competition from private players, state-owned Life Insurance Corporation of India on Tuesday said it has attained yet another landmark by bringing in 2.05 crore (20.5 million) lives under insurance cover till March 15.
Leading home loans provider LIC Housing Finance on Friday cut interest rates for new loans by 0.5 per cent effective from August 1.Another home loan lender HDFC has also cut interest rates on loans between Rs 30 lakh and Rs 50 lakh by 0.50 per cent from August 12.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Stock markets will be driven by quarterly earnings by index majors, global trends and the RBI's interest rate decision this week after digesting news on budget proposals and US Federal policy outcome, say analysts. The trading activity of foreign investors and the movement of global oil benchmark Brent crude would also dictate trends in equities. "On the domestic front, the MPC (Monetary Policy Committee) meeting is scheduled from February 6-8.
Thomas Mathew T, managing director, tells Manojit Saha and M Saraswathy about the LIC's strategy and growth plans.
T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
Country's largest insurer LIC and four leading banks, including the IDBI Bank, may invest around Rs 161 crore (Rs 1.6 billion) in Videocon Industries to fuel its expansion programme.
Life Insurance Corporation (LIC), one of the largest institutional investors in the Indian stock market, has become active on the bourses again. This is after a brief lull last month following the bribe-for-loan scam and questions around its stock market dealings.
In an interview with Shilpy Sinha and Sidhartha, LIC Managing Director DK MEHROTRA discusses the public sector player's strategy.
