Shares of leading insurers Life Insurance Corporation (LIC) and HDFC Life Insurance have turned weak amid volatile market conditions and fading investor interest in the last few months. LIC stock has disappointed investors since its market debut. The stock of India's largest insurance company has slipped over 31 per cent below its listing price. LIC stock made its debut at a discount of 8.62 per cent at Rs 867.20 on May 17 this year. It closed at Rs 595.45 on October 27, implying a decline of over 31 per cent to the listing price. Compared to the record high of Rs 920 on the listing day, the stock is down 35.65 per cent till date. Investors have lost nearly Rs 1.72 lakh crore since listing...
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Chennai Petroleum Corporation Ltd, Moschip Technologies Ltd, Nutricircle Ltd | These companies will report their financial results for the quarter ended September. Reliance Industries Ltd | The company's net profit came in at Rs 13,656 crore for the three-month period, down 23.9 percent sequentially owing to pressure in its oil-to-chemical (O2C) business. Revenue from the company's oil-to-chemical unit came in at Rs 1.6 lakh crore for the September quarter. Vodafone Idea Ltd | The board of directors of the company approved the issuance of debentures worth Rs 1,600 crore to ATC Telecom Infrastructure Private Ltd. JSW Steel Ltd | The Sajjan Jindal-led company reported a net loss of Rs 915...
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Reliance Life Insurance Smart Pension Plan 2 min read . Updated: 23 Jul 2013, 07:52 PM IST Deepti Bhaskaran This pension plan offers three choices in premium payment—you can pay a regular premium every year throughout the policy term, you can pay for a limited period or you can pay in lump sum once. Since it’s a pension plan, there is no insurance cover as such, but as per the regulations that mandate a non-zero positive return on death, this policy will pay the higher of the fund value or 105% of all premiums paid. For this, the insurer charges a small mortality charge. On maturity, the policy will pay higher of the fund value or 101% of all the premiums paid, including any top-up...
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In a surprise move, the Reliance Capital (RCap) Administrator has proposed to change the whole structure of RCap as a core investment company (CIC). The proposal to change the structure, that too at an advanced stage of the bidding process, has come as a big surprise to many. According to sources, the Administrator has proposed to reconstruct RCap CIC into four different CICs, and has also written to the Reserve Bank of India (RBI) to seek its views and approval on the new structure. As per the proposal, the Administrator wants to reconstruct RCAP CIC into four different CICs. CIC-1 will comprise Reliance General Insurance Company (RGIC), while the second CIC will own Reliance Nippon Life...
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Mumbai, Oct 19 (IANS) In a surprise move, the Reliance Capital (NS: RLCP ) (RCap) Administrator has proposed to change the whole structure of RCap as a core investment company (CIC). The proposal to change the structure, that too at an advanced stage of the bidding process, has come as a big surprise to many. According to sources, the Administrator has proposed to reconstruct RCap CIC into four different CICs, and has also written to the Reserve Bank of India (RBI) to seek its views and approval on the new structure. As per the proposal, the Administrator wants to reconstruct RCAP CIC into four different CICs. CIC-1 will comprise Reliance (NS: RELI ) General Insurance Company (RGIC), while...
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Japan’s Nippon Life Insurance has expressed concerns over the sale of equity in Reliance Nippon Life Insurance under the insolvency proceedings of Reliance Capital, as per sources with knowledge of the matter. Following reports of Aditya Birla Capital submitting its bid for the insurance arm of RCap, Nippon Life Insurance has approached the administrator of Reliance Capital, stating that they would not prefer to merge the JV with another company and are instead looking to rope in a strategic partner to buy Reliance Capital’s stake. “We want to bring in a strategic partner with whom we can do business for the long term,” Nippon Life Insurance said in a letter to the administrator, adding...
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Shares of HDFC Life Insurance were in focus today after the insurance sector regulator IRDAI gave its final approval to merge Exide Life into the company. HDFC Life Insurance stock gained 2.5 per cent to Rs 533.45 against the previous close of Rs 520.65 on BSE. The stock has fallen 25 per cent in 2022 and lost 19.75 per cent in a year.Total 0.12 lakh shares of the firm changed hands amounting to a turnover of Rs 62.58 crore on BSE. Market cap of the firm rose to Rs 1.13 lakh crore on BSE. The stock hit a 52-week high of Rs 725 on September 11, 2021 and a 52-week low of Rs 497.30 on March 8, 2022. The appointed date of the acquisition is April 1, 2022, and it shall be effective from the...
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Stocks to Watch: Infosys, Mindtree, Reliance, HDFC Life, Tata Steel 3 min read . Updated: 14 Oct 2022, 07:32 AM IST Livemint Stocks to watch for Friday Infosys: India's second-largest IT services company Infosys on Thursday posted a better-than-expected 11% rise in consolidated net profit at ₹ 6,021 crore for the September quarter and announced a buyback of shares worth ₹ 9,300 crore. The Bengaluru-headquartered company raised its FY23 revenue growth guidance to 15-16%. Infosys board has also declared an interim dividend of ₹ 16.50 per share. The interim dividend payout will be about ₹ 6,940 crore. Mindtree: IT company Mindtree on Thursday reported a 27.5% year-on-year rise in its...
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Aditya Birla Finance evinces interest in Reliance Nippon Life Aditya Birla Finance (ABFL), a subsidiary of Aditya Birla Capital, has evinced interest in placing a bid for Reliance Nippon Life Insurance Company, a joint venture between Reliance Capital (RCap) and Japan’s Nippon Life Insurance. The NBFC is considering placing a bid for the firm, which did not receive any offer, with the deadline for submission of non-binding bids ending on August 29. A valuer appointed by the administrator for RCap’s insolvency proceedings had pegged the embedded value of the life insurance company at Rs 5,800 crore, sources close to the development said. The current deadline to submit binding bids ends on...
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Life insurers’ new business premium income grows 38% in H1 Collective new business premium income for life insurance companies witnessed close to a 38% year-on-year rise to Rs 1.82 trillion for the first half of this fiscal, from Rs 1.32 trillion in the year-ago period, according to data released by the Life Insurance Council. Data from the General Insurance Council show that non-life insurers’ collective gross direct premium underwritten grew over 15% to Rs 1.25 trillion in H1, compared with Rs 1.1 trillion for the same period last year. New business premium or the first-year premium of 23 private sector life insurance companies for H1 grew 23.29% to Rs 57,785.88 crore, while...
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