GIC PREMIUM INCOME FELL
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
GIC Re Q4 Results: Net profit rises 3% to Rs 2,642 crore
GIC Re on Tuesday posted a 3 per cent increase in net profit to Rs 2,642 crore for the fourth quarter ended March 2024 compared to Rs 2,564 crore in the same quarter a year earlier.
Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
ICICI Prudential Q4 Results: Net profit drops 26% YoY to Rs 174 crore, net premium income up 17%
ICICI Prudential saw a lower new business margin in Q4, hurt by a persistent decline in demand for high-value policies and as customer preferences shifted towards low-margin products. Value for new business (VNB), the expected profit from new policies, fell 19% to Rs 2,227 crore for the year ended March 31, dragging the VNB margin to 24.6% from 32% a year earlier.
GPT Healthcare shares list at 16% premium over IPO price
GPT Healthcare Share Price: GPT Healthcare's IPO debuted with a 16.2% premium. It raised Rs 525 crore for prepayment/repayment of borrowings. The company operates four multispecialty hospitals. Revenue grew at 53.87% CAGR. Three-month total income was Rs 97.63 crore, net profit was Rs 9.98 crore.
LIC ditched these 19 smallcap stocks in Q3. End of the party or just a jittery exit?
Among smallcaps, Kaveri Seed was LIC ownership reducing by about half to 2.66% in Q3. In MOIL, LIC stake fell from 7.42% to 5.46% quarter-on-quarter, shows ACE Equity data.
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Bata reports a 31% fall in net profit, owing to muted demands
Gunjan Shah, MD and CEO of Bata India Limited, said, “Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets.”
Marico Q3 Results: Net profit jumps 16% to Rs 386 crore, revenue slips 2%
Homegrown FMCG major Marico Ltd on Monday reported a 15.9 per cent increase in its consolidated net profit to Rs 386 crore for the third quarter ended December 2023, helped by softer input costs and a favourable portfolio mix.
Medi Assist Healthcare shares list at 11% premium over IPO price
Medi Assist Healthcare, the first insurance third-party administrator (TPA) in India to list on the exchanges, saw its shares debut at a 11.2% premium. The stock listed at Rs 465 on BSE and Rs 460 on NSE, compared to an issue price of Rs 418. The company's IPO, which was subscribed 16 times, provided investors with an opportunity to invest in a leading TPA health-tech and insurance-tech company.
HUL Q3: Rural growth still subdued, co is cautiously optimistic going ahead
Hindustan Unilever (HUL Q3) remains cautiously optimistic as it reports its Q3 financial results. The company expects a gradual recovery in market demand to continue, supported by increased Government spending, recovery in winter crop sowing, and better crop realization. CEO Rohit Jawa emphasizes that rural income growths and winter crop yields will determine the pace of recovery.
Interim Budget 2024 wish list: 15 income tax, personal finance ideas for the Finance Minister
The Union Budget will be announced next month. ET Wealth reached out to experts to know what they want on February 1.
Medi Assist Healthcare IPO opens on Monday. What GMP signals ahead of subscription?
Medi Assist Healthcare IPO: The initial public offering (IPO) of Medi Assist Healthcare will open for public subscription on January 15 and closes on January 17. Ahead of the issue opening, the grey market premium (GMP) of the company is around Rs 32.
Thoda achhe wala dikhao: The year Indian shoppers went premium
In 2023, India witnessed a shift in consumer demand, as sales of low-priced goods declined while luxury items surged, marking a notable trend. Companies adapted by targeting affluent consumers to offset reduced sales and declining margins, highlighting a clear split in consumer preferences towards premium products amid market challenges.
Polycab shares drop 4% after reports of income tax raids
Polycab is India's largest company in the cables and wires sector with a market share of 15% in the organised category. The stock, which has more than doubled in value in the last one year, is seen as a major play on the capex upcycle in India.
Post Covid, health segment seeing the maximum amount of growth: Ramaswamy Narayanan, GIC RE
“Post Covid, there has been a lot of understanding amongst the investing public among the insuring public that you need to be adequately covered because even healthy people started getting claims. So that is an area where there were high claims ratios but going forward in the last two years, we are seeing tremendous growth in that sector.”
ICICI Lombard Q2 Results: Pre-tax profit rises 25% on higher premium collection
ICICI Lombard General Insurance, backed by ICICI Bank, has reported a 25.3% increase in pre-tax profit for the second quarter, driven by higher premiums and investment income. Profit before tax rose to INR 7.64 billion ($91.80 million) from INR 6.10 billion a year earlier, while profit after tax fell 2.2% to INR 5.77 billion due to higher provisions for tax.
Brookfield India REIT Q1 Results: Net operating income at Rs 245 cr, distribution at Rs 164 cr
Brookfield India REIT has achieved gross leasing of 2.98 lakh sq ft during the quarter including 63,000 sf of new leasing and 2.35 sq ft of renewals. The REIT witnessed average escalation of 9.1% on 1.7 million sq ft leased area.
SBI Life's Q1 net profit rises 45%, value of new business drops
Despite the overall positive financial performance, the value of new business (VNB) margin dropped to 28.8% from 30.4% due to a decline in non-par products during the quarter.
Life insurers' Q1 new business premium collections decline 0.9 per cent: Report
Life insurers in India recorded a decline of 0.9% in first-quarter new business premium collections, amounting to Rs 73,004.9 crore, mainly due to the decrease in group premium mop-up led by the market leader Life Insurance Corporation (LIC), according to a report by Care Ratings.
LIC Q4 Results: PAT grows multifold to Rs 13,428 crore; net premium income falls 8% YoY
The profit grew 466% from Rs 2,371 crore in the same quarter of last year.
Falling premiums at LIC drag life insurers' income down by 30%
The life insurance industry reported a 30% decline in premium income in April on a year-on-year basis, mainly due to the decrease in premium income by the state-owned Life Insurance Corporation of India (LIC). The private sector life insurance industry, on the other hand, reported an 8.55% increase in total new premium income.
DLF's net debt down 73 pc in FY23 to Rs 721 cr; net debt of DLF-GIC JV reduces to Rs 18,772 cr
India's leading real estate firm, DLF, has reduced its net debt by 73% to INR 721 crore ($96.4 million) in the fiscal year 2022-23. The joint venture firm DLF Cyber City Developers saw its net debt fall 1% to INR 18,772 crore. DLF has successfully cut its debt burden thanks to better sales amid strong housing demand, with the parent firm primarily focused on housing.
Chasm grows between Indian startups & internet body IAMAI; IT firms look to boost utilisation levels for better margins
Indian internet firms have given internet body IAMAI a thumbs-down, alleging that it has favoured Big Tech companies on multiple issues. This and more in today’s ETtech Morning Dispatch.
Xiaomi's slow shift in India to premium smartphones helps Samsung steal its crown
While Xiaomi remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. South Korea's Samsung launched products to meet those aspirations and offered innovative financing schemes that made them affordable to most.
Union Budget 2023: Amid new tax regime, credit guarantee schemes, here's how insurers react on budget
According to India Inc. the Union Budget for 2023 is an all-inclusive progressive budget with a strong impetus on growth and development. From the incentives for agricultural space, boost to MSMEs, healthcare to changes in tax slabs, here's what Insurance Leaders think it does for the underpenetrated sector.
DLF plans to launch Rs 7500 crore premium housing project in Gurugram
DLF, the country's largest real estate firm in terms of market capitalisation, achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal and is on track to achieve its annual sales guidance of Rs 8,000 crore.
GIC Re posts Rs 690-cr profit in June quarter
Net profit was at 690 crore as compared to loss of 772 crore a year ago. Gross premium income declined 23% to 11,022 crore. Total claims reduced 14% to 10,169 crore. Underwriting loss came down to 776 crore from 2,811 crore. Investment income rose 5% to 1,890 crore. Combined ratio improved to 110.97%.
New premium income down 11% for life insurers in July
New premium income at life-cover sellers fell 11% to ₹20,434 crore in July, the latest regulatory data showed, pointing to a subdued performance by the Life Insurance Corporation of India (LIC) that has a disproportionate market share even two decades after the country opened up the
GIC Re Q2 results: Posts net profit of Rs 230 cr
Its gross premium during July-September 2020 grew to Rs 10,651.50 crore, compared with Rs 9,459.21 crore in the year-ago period, GIC Re said in a regulatory filing.
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