| LIC Housing Finance Ltd Related news |
LIC pares stake in PSBs in March quarter
Posted on 27th June 2018 |
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Life Insurance Corporation (LIC), the largest investor in state-owned lenders, continues to trim its exposure in most of them. On a quarter on quarter basis, the insurer has pared its investments in all state-run lenders, except Punjab & Sind Bank and Indian Bank. While its holding in Indian Bank remained unchanged at 1.32% from the beginning of October 2017 to March 2018, LIC made a fresh investment in Punjab & Sind Bank, taking a 7.44% stake in the lender, data sourced from Capitaline revealed. |
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LIC cannot be used to bail out IDBI Bank
Posted on 26th June 2018 |
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The government is nowhere close to coming up with a solution for distressed state-owned banks. It could consider merging some of them to cut costs, but, a year ahead of the elections, it would be hard to convince the trade unions as this would need to be accompanied by big layoffs. Moreover, without a big dose of capital, a merger would not really serve the purpose, and the government is very short on resources. |
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SBI/LIC pitch for UTI chairmanship
Posted on 25th June 2018 |
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Both LIC and SBI have written to the board of UTI Asset Management Company (AMC), asking it to allow the term of Leo Puri, the current MD and CEO, to expire and to appoint a non-executive chairman from among the “independent directors”. The so-called independent directors are nominees of the PSU financial institutions that, together, own 73% of UTI’s shares. At present, there are two nominees each from LIC and SBI and one from PNB. |
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Govt likely to sell a significant portion of its stake in IDBI Bank to LIC
Posted on 23rd June 2018 |
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The government is considering a proposal to sell a significant portion of its stake in IDBI Bank to Life Insurance Corporation of India (LIC) and has approached the Insurance Regulatory and Development Authority of India (IRDAI) for clearance, according to sources. The insurance regulator may take up the matter during its June 29 board meeting. Further, to make this proposal effective, IRDAI is likely to give LIC an exemption from breaching the maximum company-specific investment limit. |
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Rs 3,600 crore debt ridden Hotel Leelaventure defaults on quarterly interest payment to LIC
Posted on 22nd June 2018 |
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Cash-strapped hospitality chain Hotel Leelaventure has defaulted in payment of quarterly interest of Rs 2.12 crore to Life Insurance Corporation of India (LIC). Hotel Leelaventure, which currently has a debt of over Rs 3,600 crore, had issued secured redeemable non-convertible debentures on private placement basis aggregating to Rs 90 crores to LIC in December, 2008. |
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LIC insurance scheme for families of Telangana farmers soon
Posted on 16th May 2018 |
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HYDERABAD: To implement insurance coverage to the farmers in the state, Telangana chief minister K Chandrasekhar Rao has directed officials to finalize the modalities of the scheme and fix the insurance premium for the famers by holding discussions with life insurance corporation officers. |
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LIC Housing Finance stocks: Axis Capital rates ‘buy’, says results reflect improvement
Posted on 7th May 2018 |
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Q4 showed increasing share of high yielding non-individual portfolio that aided in NIM expansion (up 16 bps q-o-q at 2.5%). Headline asset quality also improved (GNPA ratio down 9 bps q-o-q at 0.78% and NNPA ratio at 0.43%). Consequently, LICHF reported PAT of Rs 5.4 bn (up 1.9% y-o-y), in line with our estimate. Loan growth remained stable at 15.1% y-o-y supported by 14.5% y-o-y growth in disbursements. |
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LIC staff to get off on 2nd and 4th Saturdays
Posted on 25th April 2018 |
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New Delhi, Apr 25 () LIC employees will soon get an off on every second and fourth Saturdays of a month with the government approving their long-standing demand. According to official sources, this is in line with the practice followed for public sector banks. |
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LIC profit booking rises to record Rs25,000 crore in FY18
Posted on 17th April 2018 |
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Mumbai: State-run insurer Life Insurance Corporation of India (LIC) booked record equity trading profits of Rs25,000 crore in 2017-18, up from Rs19,000 crore a year ago, said two people aware of the matter. The state-owned insurer is finalizing its annual accounts and these will be published in May. |
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