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. The insurance major was seen reducing stake aggressively in 11 public sector banks (PSBs) which are under the RBI’s Prompt Corrective Action (PCA) farmework. Of the 10 PSBs, which saw an at least 3-percentage-point reduction in LIC holdings over the March quarter, eight are under PCA. These 11 PSBs under the RBI radar over the issue of non-performing assets account for over Rs 3.5 lakh crore in bad loans of the total Rs 9 lakh crore across listed public sector banks. The net loss of these banks rose over three fold to Rs 26,084 crore in three months that ended March 2018 from a year ago. LIC has reduced its stake in most PSBs with Dena Bank seeing the biggest reduction of nearly seven percentage points (ppts) since the beginning of 2018. This was followed by Corporation Bank, Oriental Bank of Commerce (OBC) and Bank of Maharashtra, where the insurer reduced its exposure anywhere between 5 ppts to 5.88 ppts. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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