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The Economic Times
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CNBC TV18
LIC, Tata Power, IHCL and more: Top stocks to watch out for on September 18
Top stocks to watch out for on September 18: Life Insurance Corporation of India (LIC), Tata Power, Jupiter Wagons, IHCL and more stocks will be in focus when the markets open on Wednesday.
Business Standard
LIC pares its holding in DCM Shriram Industries by over 2% to 4.66%
Life Insurance Corporation (LIC) on Tuesday said it has pared its stake in DCM Shriram Industries by more than 2 per cent to 4.66 per cent over a period of about three years. In a regulatory filing, LIC said there is a net decrease of 2.016 per cent in its holding in DCM Shriram during the period October 8, 2021, and September 13, 2024. The shares were sold at an average price of Rs 110.072. "...the Life Insurance Corporation of India has decreased its shareholding in equity shares of DCM Shriram Industries Ltd from 58,06,760 to 40,52,635 i.e., 6.675 per cent to 4.659 per cent of the paid-up capital of the said company," LIC said. DCM Shriram Industries is primarily engaged in production and sale of sugar, alcohol and industrial fibres. Shares of DCM Shriram Industries settled 1.77 per cent lower at Rs 194 apiece on the BSE.
The Economic Times
Goldman Sachs buys 7.4 lakh shares in India Shelter Finance for Rs 56 crore via block deal
Goldman Sachs bought 7.4 lakh shares in India Shelter Finance Corporation through a block deal at Rs 752.35 per share. Other buyers included SBI Life Insurance and ICICI Prudential Life Insurance. Nexus Ventures III Limited and Nexus Opportunity Fund II Limited were the sellers.
The Economic Times
Sensex, Nifty hit fresh lifetime highs but concede day's gains in range-bound trade
The market saw a near-even split between winners and losers, with 26 stocks closing higher and 24 lower. NTPC, JSW Steel, Hindalco Industries, Shriram Finance, and L&T led the gains, while Bajaj Finance, Hindustan Unilever, Bajaj Finserv, SBI Life Insurance Company, and Britannia Industries saw declines.
Business Standard
Infosys collaborates with LIC to accelerate digital transformation
The IT major announced a collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement).
The Economic Times
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The Economic Times
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Mint
Top Gainers and Losers Today : The Sensex lost 71.77 points, or -0.09, to settle at 82962.71, while the Nifty lost 32.4 points, or -0.13, to close at 25388.9.
CNBC TV18
LIC raises stake in IRCTC to 9.3% through open market purchases
Shares of Life Insurance Corporation of India Ltd ended at ₹1,031.45, up by ₹18.35, or 1.81% on the BSE.
Business Line
Western Carriers secures ₹148 crore from anchor investors ahead of IPO
The Kolkata-based company aims to generate around ₹493 crore from the public offer, with anchor investors such as Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, and others showing significant interest
Business Standard
Peak XV Partners, 4 others sell stake worth Rs 1,601 cr in Honasa Consumer
Peak XV Partners (formerly Sequoia Capital India & SEA), and four others on Thursday divested a 10 per cent stake in Honasa Consumer, which owns Mamaearth brand, for Rs 1,601 crore through open market transactions, while ICICI Prudential Life Insurance and Morgan Stanley acquired stakes in the company. Peak XV Partners through its arm Peak XV Partners Investments VI, Fireside Ventures through its affiliate Fireside Ventures Investment Fund I, Sequoia Capital Global Growth Fund III-US/ India Annex Fund, Sofina and Stellaris Venture Partners India I sold more than 3.23 crore shares or 10 per cent stake in Honasa Consumer, as per the data. According to the bulk deal data available on the National Stock Exchange (NSE), Peak XV Partners sold over 1.23 crore shares or 3.81 per cent stake in Honasa Consumer and Fireside Ventures offloaded 65.83 lakh shares or 2.03 per cent stake in Gurugram-based company. In addition, Brussels-headquartered Sofina Ventures SA divested 60.15 lakh shares ..
Business Standard
LIC increases stake in railway sector 'miniratna' PSU IRCTC to 9.3%
Life Insurance Corp (LIC) on Thursday said it has hiked its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 per cent. In a regulatory filing, LIC said its holding in railway sector 'miniratna' PSU has increased 2.02 per cent in the period December 16, 2022, to September 11, 2024, via open market purchases. "Life Insurance Corporation of India has increased its shareholding in equity shares of Indian Railway Catering and Tourism Corporation Ltd from 5,82,22,948 to 7,43,79,924 i.e., 7.278% to 9.298% of the paid-up capital of the said company (IRCTC)," LIC said. Shares of LIC closed at Rs 1031.45, up 1.81 per cent over the previous close on the BSE.
Business Standard
LIC increases stake in railway sector 'miniratna' PSU IRCTC to 9.3%
Life Insurance Corp (LIC) on Thursday said it has hiked its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 per cent. In a regulatory filing, LIC said its holding in railway sector 'miniratna' PSU has increased 2.02 per cent in the period December 16, 2022, to September 11, 2024, via open market purchases. "Life Insurance Corporation of India has increased its shareholding in equity shares of Indian Railway Catering and Tourism Corporation Ltd from 5,82,22,948 to 7,43,79,924 i.e., 7.278% to 9.298% of the paid-up capital of the said company (IRCTC)," LIC said. Shares of LIC closed at Rs 1031.45, up 1.81 per cent over the previous close on the BSE.
The Economic Times
LIC hikes stake in IRCTC to 9.3%
Life Insurance Corp (LIC) on Thursday said it has hiked its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 per cent. In a regulatory filing, LIC said its holding in railway sector 'miniratna' PSU has increased 2.02 per cent in the period December 16, 2022, to September 11, 2024, via open market purchases.
Business Standard
HDFC Life Insurance Company Ltd down for fifth straight session
HDFC Life Insurance Company Ltd is quoting at Rs 700.55, down 0.33% on the day as on 13:19 IST on the NSE. The stock jumped 5.99% in last one year as compared to a 25.32% rally in NIFTY and a 16.42% spurt in the Nifty Financial Services index.
The Economic Times
GST status quo disappoints traders, insurance bulls run for cover
Traders reduced their bullish bets on insurers after the GST Council left rates on insurance products unchanged. HDFC Life, ICICI Prudential Life, and ICICI Lombard saw declines. The industry is lobbying for a rate cut from 18% to 12%. A group of ministers will review the proposal before the next meeting in November.
Business Standard
Shriram Group to list general insurance arm first, both IPOs in two years
Shriram Group and South African financial services giant Sanlam jointly own Shriram Life Insurance and Shriram General Insurance
Business Standard
GST indecision pressure insurance stocks; HDFC Life, SBI Life shed up to 4%
The GST Council has announced the formation of a new Group of Ministers to review the issue of GST rate reduction on health insurance.
Mint
Top Gainers and Losers Today : The Sensex gained 361.75 points, or 0.44, to settle at 81559.54, while the Nifty gained 104.7 points, or 0.42, to close at 24936.4.
Business Standard
Vedanta Ltd leads losers in 'A' group
HDFC Life Insurance Company Ltd, New India Assurance Company Ltd, ICICI Lombard General Insurance Company Ltd and Oil India Ltd are among the other losers in the BSE's 'A' group today, 10 September 2024.
The Economic Times
LIC outperforms private peers in new premium mop-up in August
The life insurance industry experienced significant growth in new business income in August, driven by the state-run Life Insurance Corporation. The industry collected ₹32,644 crore in total premiums, marking a 22% increase from the previous year. Private insurers also saw growth, although new rules on surrender value and agent commissions may impact future sales.
Business Standard
PN Gadgil Jewellers collects Rs 330 cr from anchor investors ahead of IPO
Jewellery retail chain PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors, a day before its initial share-sale opening for public subscription. ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors. According to a circular uploaded on BSE's website, the company has allocated a total of 68.75 lakh equity shares to 33 funds at Rs 480 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 330 crore. The Rs 1,100-crore initial public offering (IPO) will open for subscription on September 10 and conclude on September 12. The price band has been fixed at Rs 456 to Rs 480 per share. The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850
Hindustan Times
The GST Council will take a call on reducing tax rate on premiums of health and life insurance policies at its next meeting in November
The Economic Times
GST Council decides to form new GoM for health insurance premium
The GST Council has postponed its decision on reducing the GST rate on health insurance premiums to November. A Group of Ministers will review the matter and submit a report by October 2024. The current GST rate on health and life insurance policies is 18 per cent, and the industry anticipates potential relief for policyholders.
Hindustan Times
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The Economic Times
LIC among Motilal’s 5 top life insurance picks, forecasts upside potential up to 25%
Looking ahead, the domestic brokerage firm believes that the forthcoming regulations, such as risk-based solvency and IFRS, are expected to positively influence financials by releasing capital that can be utilized for growth and for retaining a larger share of business, particularly in the protection segment.
The Economic Times
GST cut on health insurance: You may not celebrate a likely tax cut this time
The GST Council is set to discuss reducing the high GST on health and life insurance policies. While there's consensus on lowering the tax for life insurance, concerns remain about health insurance. States worry that insurers may not pass on the savings to consumers, and there's no active anti-profiteering body to ensure this happens.
The Economic Times
Health insurance GST: Indian states may be blocking the way for a big tax relief
Health Insurance Tax: The GST Council is set to discuss reducing the tax burden on health and life insurance policies, but faces resistance from states concerned about revenue loss. The debate follows Union Transport Minister Nitin Gadkari's call to scrap GST on health insurance due to rising premiums. Other agenda items include online gaming taxation and company branch regulations.
The Economic Times
IRDAI prohibits insurers from collecting premium before policy approval
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new rules for life and health insurance premiums. Insurers can no longer collect initial premiums with the proposal form unless the policy is issued immediately. This change aims to prevent idle customer money and ensure transparency in the insurance process.
Business Standard
Max Financial Services' promoter sells 3.18% stake for Rs 1,218 cr
Max Ventures Investment Holdings, a promoter entity of Max Financial Services, on Thursday divested a 3.18 per cent stake in the company for Rs 1,218 crore through an open market transaction. Analjit Singh-promoted Max Financial Services Ltd (MFSL), a part of the Max Group, is the holding company for Max Life Insurance. According to the bulk deal data available on the National Stock Exchange (NSE), Max Ventures Investment Holdings sold a total of 1,10,00,000 shares amounting to a 3.18 per cent stake in Noida-based Max Financial Services. The shares were disposed of at an average price of Rs 1,107.37 apiece, taking the transaction value to Rs 1,218.11 crore. After the latest transaction, the combined shareholding of promoters in MFSL has declined to 3.34 per cent from 6.52 per cent. Details of the buyers of Max Financial Services' shares could not be ascertained. Shares of Max Financial Services Ltd fell 1.42 per cent to close at Rs 1,117.25 apiece on the NSE. In August last year
The Economic Times
Bajaj Allianz Life Insurance launches Nifty 200 Alpha 30 Index Fund
Bajaj Allianz Life Insurance has introduced the Bajaj Allianz Life Nifty 200 Alpha 30 Index Fund, available with its ULIP products. The fund targets high-alpha stocks from the Nifty 200 Index, aiming for long-term growth and diversification. The NFO closes on September 15, offering a blend of life cover and investment opportunities.
The Economic Times
Lower GST on insurance likely to come with caps
The committee is not in favour of a blanket GST exemption on life and health insurance premiums, said people aware of deliberations. It's likely to give a detailed report on the revenue impact under different rate scenarios for insurance products to the GST Council, which is scheduled to meet on September 9.
Mint
Mahindra & Mahindra Financial, ITC & others hit 52 week high today ; Do you own any?
Following shares hit their 52 week high today - Mahindra & Mahindra Financial, ITC, SBI Life Insurance Company, Sun Pharmaceutical Industries, HCL Technologies
Business Standard
Govt receives about Rs 2,413 cr as dividend tranche from BPCL: Dipam secy
The government has received about Rs 2,413 crore in dividends from oil PSU BPCL, the Department of Investment and Public Asset Management (DIPAM) said on Monday. "Government has received about Rs 2,413 crore from BPCL as dividend tranche," DIPAM Secretary Tuhin Kanta Pandey said in a post on X. In the current financial year 2024-25 so far, Rs 15,389.14 crore has been received through dividends from the CPSEs. This includes Rs 5,091 crore from Indian Oil Corp (IOC), Rs 40 crore from Electronics Corporation of India Ltd (ECIL), Rs 554 crore from Power Finance Corp, and Rs 3,443 crore from Telecommunications Consultants India Ltd (TCIL) as special dividend. In the current fiscal, the government has budgeted to collect Rs 56,260 crore as dividends from public sector enterprises, up from Rs 50,000 crore in the 2023-24 fiscal. Separately, the country's largest insurer Life Insurance Corporation (LIC) paid a dividend of Rs 3,662.17 crore for FY24 last week. This amount is in addition to
Mint
ITC, Bajaj Auto & others hit 52 week high today ; Do you own any?
Following shares hit their 52 week high today - ITC, Bajaj Auto, Infosys, Cipla, ICICI Prudential Life Insurance Company
The Economic Times
Acko's Life cover biz to focus on term plans, pensions
Acko, supported by major private equity firms, plans to invest ₹1,000 crore in its life insurance sector over the next five years. Founder Varun Dua revealed the company's strategy will focus on term insurance and protection products, aiming to become a dominant player in this segment without launching investment-related offerings.
Business Standard
Life Insurance Corporation of India (LIC) disclosed that it has decreased its stake in HDFC Asset Management Company from 4.909% to 2.883%.
Business Standard
LIC ordered to pay Rs 50 lakh to Covid policy premium payer's family
A district-level consumer disputes commission in Kerala has ordered Life Insurance Corporation (LIC), India's largest insurer, to pay Rs 50 lakh in compensation to the family of a policy premium payer who succumbed to COVID-19, citing the insurer's technical lapse. The commission fined LIC Rs 50 lakh for violating its own guidelines, which require policy issuance within 15 days of receiving premium payment. In this case, LIC received over Rs 20 lakh as premium, but refunded it only after nine months. The Kottayam District Consumer Disputes Redressal Commission further observed that LIC failed to inform the applicant about the temporary suspension of life insurance policies for non-resident Indians during the COVID-19 pandemic, prior to his demise. This omission denied him the chance to secure alternative coverage, constituting a grave service lapse, it said. According to an official release here, Jemon, a London-based expatriate, had purchased a Jeevan Umang life insurance policy f
