INDIA INSURANCE INDUSTRY
Mcap of 8 of top-10 most-valued firms jumps Rs 1.83 lakh cr; TCS, Infosys biggest gainers
The BSE benchmark rose 963.87 points, up 1.21%. Eight leading firms added Rs 1,83,290.36 crore, led by TCS, Infosys, Reliance, ICICI Bank, LIC, Hindustan Unilever, ITC, and SBI. TCS increased by Rs 38,894.44 crore, Reliance by Rs 32,611.36 crore. HDFC Bank and Bharti Airtel saw declines in market valuation.
Govt sets up task force to study impact of AI on future of work: Labour secretary Sumita Dawra
The government has formed a taskforce to examine the effects of artificial intelligence (AI) on the future of work, according to labour secretary Sumita Dawra during an industry interaction in Hyderabad on Friday. The announcement was made at an event organized by the Confederation of Indian Industry (CII) and the Employers’ Federation of India (EFI).
LIC partners with AT Kearney for agency transformation initiative
LIC, in partnership with A.T. Kearney, launches 'Jeevan Samarth' to transform itself with global practices. CEO S Mohanty emphasized future-proofing 1.4 million agents. The project reviews branch, division, and zonal levels, addressing customers' evolving needs in savings, health insurance, ULIP, and pensions.
5 stock market myths in a raging bull market: Kotak Equities
Despite the ongoing bullish trend on D-Street with frequent new highs, Kotak Institutional Equities has cautioned investors by debunking five prevalent market myths in a recent note. Among these myths are beliefs that Indian markets are currently trading at reasonable valuations and that robust GDP growth guarantees high returns.
India's June palm oil imports rise to 6-month high on lower prices
India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
India is witnessing high foreign remittances & FDI inflow: Goyal
India's thriving investment appeal is evident with high foreign remittances and FII inflows, while regulatory reforms and sector openings attract global interest. Elon Musk's potential investments in the space and EV sectors signal promising developments for India's economic growth and international partnerships.
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M-cap of nine of top-10 most valued firms jumps Rs 2.89 lakh crore; Reliance biggest winner
Nine of the top-10 most valued firms together added Rs 2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36 per cent.
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Stocks in news: MapmyIndia, YES Bank, Sanghi Industries, ZEE, Mahindra Finance
State-owned Punjab & Sind Bank has signed an initial agreement with the Indian Army on defence salary package which will come with a host of facilities, including free insurance cover.
FMCG sector to have sustained growth rate of 7-9% in 2024: Report
The FMCG industry was struggling after the pandemic and the rural sector was having successive degrowth for some quarters. However, the industry navigated through showcasing resilience and adaptability amidst evolving consumer trends and witnessed a notable upswing in volume and value growth in the second half of 2023.
Mcap of three of top-10 most valued firms jumps Rs 1.06 lakh cr; HDFC Bank, ICICI Bank shine
The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per cent.
Tesla vs Tata Motors: Elon Musk's $56 billion salary more than TaMo revenue
Musk's compensation package not only outstrips TaMo but also surpasses the total revenues of other prominent Indian entities, including HPCL, SBI, Rajesh Exports, and TCS
M-cap of five of top-10 most valued firms jumps Rs 85,582 crore; LIC biggest gainer
Top-10 firms gained Rs 85,582.21 crore in market valuation last week, with LIC leading. BSE Sensex rose 0.39%, hitting an all-time high. Market cap changes noted for Reliance, HDFC, Bharti Airtel, SBI, and LIC.
Jefferies' Wood picks GMR Airports, reduces weights in three banks
Wood said, in his weekly Greed & Fear newsletter, that the airport operator's introduction into its portfolio will be at the expense of the reduction of weights in ICICI Bank, HDFC Bank and Axis Bank.
FADA plans to take up issue of high inventory with SIAM
The Federation of Automobile Dealers' Association (FADA) expressed concerns over high inventory levels and plans to discuss the issue with the Society of Indian Automobile Manufacturers (SIAM). FADA President Manish Singhania highlighted challenges faced by dealers, emphasizing the need for continuity in policies like FAME-3 and infrastructure development. Singhania noted that high inventory levels can impact dealerships negatively, especially if they exceed 30 days. He urged for collaboration with SIAM to address the issue and emphasized the importance of maintaining manageable inventory levels to avoid a repeat of the challenges faced in 2018-19.
Mcap of 8 of top-10 valued firms jumps Rs 3.28 lakh cr; TCS, HUL, Reliance lead winners
Eight of the 10 most valued domestic firms together added Rs 3.28 lakh crore to their market valuation last week, with blue-chips Tata Consultancy Services, Hindustan Unilever and Reliance Industries emerging as the biggest winners. In an eventful week, the BSE benchmark jumped 2,732.05 points or 3.69 per cent.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Mcap of 8 of 10 most valued firms erodes by Rs 2.08 lakh cr; Reliance, TCS biggest laggards
The combined market valuation of eight of the top-10 most valued firms declined by Rs 2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit. While these three firms along with ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel and ICICI Bank were the laggards, HDFC Bank and State Bank of India (SBI) emerged as gainers.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
Mcap of nine of top-10 most valued firms jump Rs 1.85 lakh cr; Reliance, HDFC Bank sparkle
Nine of the top-10 most-valued firms together added Rs 1,85,320.49 crore in market valuation last week, with Reliance Industries Ltd and HDFC Bank stealing the show with maximum gains, in line with rally in equities.
Mcap of 8 of top 10 most valued firms climbs Rs 1.47 lakh cr; LIC, Reliance major gainers
Eight of the top-10 most valued firms, including LIC and Reliance Industries, added Rs 1,47,935.19 crore in market valuation last week. The BSE benchmark climbed 1,341.47 points, and NSE and BSE conducted a special trading session on May 18 to test their readiness. LIC's valuation soared by Rs 40,163.73 crore, and Bharti Airtel's valuation also saw significant growth.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
Go Digit Insurance IPO: GMP, price band among 10 things to know before subscribing to the issue
Go Digit Insurance IPO consists of fresh equity issue of Rs 1,125 crore and an OFS of up to 5.47 crore shares. While promoter Go Digit Infoworks will offload stakes, Virat Kohli and Anushka Sharma will continue to be investors. Its price band has been fixed Rs 258-278 apiece.
Mcap of 6 of top-10 most valued firms declines by Rs 1.73 lakh cr; HDFC, LIC major laggards
The market capitalisation (mcap) of ICICI Bank declined by Rs 17,567.94 crore to Rs 7,84,833.83 crore, and that of State Bank of India went lower by Rs 11,780.49 crore to Rs 7,30,345.62 crore
Mcap of 6 most valued firms rise Rs 1.30 trillion; SBI, ICICI Bank top gainers
The combined market valuation of six of the top-10 most valued firms increased Rs 1,30,734.57 crore last week, with State Bank of India and ICICI Bank emerging as the biggest gainers in line with an overall positive trend in equities.
Reliance tops India Involved Ranking 2023; underlines its commitment to Viksit Bharat
Reliance Industries has secured the top position in the India Involved Ranking 2023, which assesses the commitment of Indian corporations to Viksit Bharat. Compiled by Skoch, the ranking and index result from a meticulous six-month study. The evaluation involved analyzing numerous companies across 231 indicators to determine the top 20 corporates in the comprehensive 'India Involved Ranking'.
India needs financial risk coverage for commercial space launch industry
As space launches face more failures, communication issues, and debris threats, space insurance has become a recognised high-risk market. With India's growing space industry, the need for financial safeguards against launch risks is becoming increasingly crucial.
Health insurers leave general insurance industry far behind in growth in FY24
The rise of standalone health insurance companies' growth can be credited to larger policy sizes, as they introduce high-value policies worth crores. Premium rates have been adjusted to match medical inflation, and coverage has expanded, insurers revealed.
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