GIC RE
New India Assurance stock jumps over 5% on appointment of new CMD
Shares of The New India Assurance Company rose by 5% to Rs 251 in Thursday's trading session on the BSE following the announcement of Girija Subramanian's appointment as Chairperson cum Managing Director (MD) of the company.
PSU stocks feel poll result heat; Cochin Shipyard, Bharat Dynamics worst hit, fall up to 10%
PSU stocks like Cochin Shipyard and Bharat Dynamics fell by 10% following the BSE PSU index's 4% drop post Lok Sabha election results. Analysts remain positive on PSUs as they see government entities having an advantage.
Railways stocks tank up to 33% in 2 days following narrow BJP-led NDA's election win
In today's trade, railway stocks fell by up to 17%. Titagarh Rail shares tumbled 33%, while Ircon declined by over 26%. Meanwhile, RailTel and IRCTC also fell by over 19% in the past two sessions. Shares of RITES, IRFC, RVNL, Texmaco Rail Systems, and Jupiter Wagons saw declines of between 18-23%.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
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.
Data collaboration software firm Atlan raises $105 million; valuation nearly doubles to $750 million
Funding led by Singapore's GIC and US-based Meritech Capital values startup at $750 million, up from $450 million in March 2022 when it last raised funds
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Govt open to selling stake in GIC Re, LIC in FY24/25: Source
In FY 2024/25, India may sell a 10% stake in GIC for about Rs 57 billion. LIC plans to offload 10% over 7 years and 25% over 10 years post its successful IPO.
India govt open to selling stake in GIC Re, LIC in FY24/25, says source
The Indian government is likely to sell a minority stake in General Insurance Corporation of India and Life Insurance Corporation of India in financial year 2024/25 after assessing investor appetite.
Masdar, Gentari, others eye majority stake in Ayana Renewable Power
The majority stake sale will value Ayana's equity at $1 billion, with an enterprise value - inclusive of debt in the capital structure - around $2.5-3 billion, sources told ET. Non-binding bids will likely be in by mid-April, said these officials.
IT services stock decodes way to rise 6%; insurance player promises 12% profit
Nifty opened modestly lower but recouped some of the previous session’s losses. It closed positive.
No structural breakdown yet in small and midcap indices: Anand James
The gap between largecaps and small and mid cap indices is widening, but no structural breakdown has occurred. IT stocks, except for TCS, are in a downtrend. Tata Steel shares hit fresh 52-week highs. A largecap route is a more broad based one, while smaller cap approach is often in search of superlative returns, and provides a larger universe to pick. This advantage stays with the smaller market capitalized segment.
Florintree Capital sells entire 10.71%, GIC buys 6% stake in Data Patterns through block deals
Florintree Capital Partners, led by Mathew Cyriac, has exited its investment in Data Patterns (India) Ltd, selling its entire 10.71% stake worth about Rs 1,100 crore. The company has also received investments from Singapore's GIC, Mirae Mutual fund, HDFC Mutual Fund, and Kotak Mahindra Mutual Fund. Data Patterns, a defence and aerospace electronics solutions provider, has seen a 21x return in less than three years.
Global captive centers fueling demand for large offices
Global centers, particularly in the technology and BFSI sectors, have cornered almost 40% of the significant deals in the top six cities. Notable transactions involve names such as Bank of America, Philips, Wells Fargo, Qualcomm, and CitiBank, with deals concentrated in major southern cities such as Bangalore and Chennai.
Public-private partnerships are the way to go for real climate action beyond good intentions
India has already demonstrated a high level of ambition and accomplishment on climate change. Progress is being made towards the goal Prime Minister Narendra Modi announced two years ago: reaching 50% clean energy by 2030.
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.”
EV maker Euler Motors raises Rs 120 crore in down round
The firm had last raised funding in October 2022, when it received an investment of $60 million at a $200-250 million valuation, per news reports and Tracxn.
Green 'n' bear it, it's ammonia, GH2 start
Ammonia is used for manufacturing nitrogenous fertilisers, and the green ammonia production process is 100% renewable and carbon-free. Once concluded, the deal will be the largest FDI to date in this sector as India seeks to decarbonise its economy.
Malaysia's Petronas, Singapore's GIC and Greenko form a $2 billion green ammonia venture
Petronas arm Gentari and AM Green established by the creators of Greenko have officially announced the signing of binding agreements with a GIC affiliate. Their collective goal is to produce 5 million tons per annum (MTPA) of green ammonia by the year 2030, which is equivalent to approximately 1 MTPA of green hydrogen.
Petronas, Singapore’s GIC, Greenko founders set to invest $2 bn in new green platform AM Green
To set up 5 MTPA green ammonia facilities; aims to be among lowest-cost producers of green H2, molecules etc. Once concluded this will be the largest FDI in green molecules space in the country till date.
Skyroot expects to double rocket launches amid Chandrayaan-3's success
"From 2024 and later, we're looking at at least two launches per year and will probably ramp up as we move further," said co-founder Pawan Kumar Chandana, whose company is set to send its second rocket to space by the end of the year.
Singapore sets presidential election for September 1
Singapore will hold a presidential election on 1 September only if there is more than one candidate. If there is only one candidate on 22 August, they will be declared president-elect. Unlike the previous election in 2017, which was reserved for those of Malay ethnicity, this year's election will be open to all ethnic groups. Three prominent figures are interested in the post, including former politician Tharman Shanmugaratnam, Ng Kok Song and businessman George Goh.
Brookfield and RIL sign MoU for onshore renewable power and decarbonization equipment manufacturing in Australia
Brookfield Asset Management has signed an MoU with India’s Reliance Industries to manufacture renewable energy equipment in Australia. The agreement aims to support the country's transition to a low-carbon future, by enabling the local production of photovoltaic modules, long-duration battery storage, and wind-energy components.
An insurer and a pharma firm get ready for a climb
After a weak session on Friday, the start of the week remained better than expected. NIFTY consolidated in a defined range before closing with minor gains. The markets saw a positive start to the day and the NIFTY marked its high point in the first hour of the session. Some selling pressure followed, but both the key indices managed to come off their low point. The benchmark index, NIFTY, ended the day with minor gains of 24.10 points (+0.12%). Much on the anticipated lines, the indices are consolidating within a broad but defined range. More opportunities are likely to come from the broader universe.
View: Want to save the planet? Re-Industrialize through renewables
Instead of focusing on degrowth, China and India are prioritizing technology to enable people to aspire to a more prosperous life next year and beyond without destroying the planet. Pumped-storage hydropower and the chemistry of ammonia are the top contenders to rewire production, trade, and consumption without a decline in living standards in developing nations, while green hydrogen could lessen the outsize role of oil and gas in geopolitics.
LIC, GIC Re, New India remain Domestic Systemically Important Insurers, says Irdai
India's Insurance Regulatory and Development Authority (Irdai) has declared three state-run insurers, Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), and New India Assurance, as Domestic Systemically Important Insurers (D-SIIs). Such insurers are deemed “too big or too important to fail”, with their continued functioning critical for the uninterrupted availability of insurance services to the country's economy. The Irdai said being identified as D-SIIs requires that the insurers be subjected to additional regulatory measures to deal with systemic risks and moral hazard issues.
CPPIB may offer to buy out ReNew minority shareholders
Earlier this month, CPPIB bought a 14% stake from Goldman Sachs for a sum of $268 million, increasing its stake in the company to 52%.
Stars aligned for capex pick-up! CLSA picks 4 stocks
"The outlook improved with 18%, 15%, and 5% falls in steel, bitumen, and diesel prices, raising the prospect of faster execution with visible margins in 2023. Business visibility (BTB 3x), order pick-up, and margin visibility are rerating catalysts. We adjust earnings and raise our target prices for our E&C coverage," it added.
Greenko Group emerges lowest bidder for NTPC's 3000 MWh energy storage tender
Hyderabad-based Greenko Group has emerged as the lowest bidder in the world’s first and largest technology agnostic storage tender from NTPC Renewable Energy Limited (NTPC REL), the renewable arm of NTPC Limited. Greenko is backed by GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corp.
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%.
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