INSURANCE FIRMS
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Global firms buy PB Fintech stakes from early backers
Foreign portfolio investors (FPIs) have lapped up shares in Gurugram-based listed fintech firm PB Fintech, as its founders and early investors sold their shares, in full or in part, in multiple tranches. These transactions happened through bulk deals when several early-stage investors of the company exited the firm fully or partly after 2021, when it went public.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
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.
InsurTech firm ACKO drives into car repair and service space
ACKO, the Bengaluru-based insurtech firm, is expanding into car servicing and repair with its ACKO Drive Service Centres, targeting cars out of warranty. Initially launched in Bengaluru, plans include centres in Delhi, Mumbai, Pune, Hyderabad, Ahmedabad, and Chennai. Aiming to reach 100 centres in three years, ACKO seeks to capitalize on the growing $25 billion car service market.
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Zurich Insurance set to raise India headcount by 40% in next three years
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G20 for insurance,” Tulsi Naidu, chief executive officer for Asia Pacific, said in an interview.
Insurer Niva Bupa plans $360 million IPO: Report
British United Provident Association (Bupa), which holds a 63% stake in the Indian venture, plans to sell a small stake worth up to $38 million and Indian private equity firm True North is planning a stake sale worth up to $225 million, the document detailing the IPO plans showed.
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.
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.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
Irdai accepts registration withdrawal application of Paytm General Insurance
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance's registration withdrawal application. This move aligns with Paytm's strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
Unpacking Go Digit’s earnings; PEs in IPO-bound firms
Go Digit General Insurance reported its second consecutive full year of profit in fiscal 2024. This and more in today’s ETtech Top 5.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
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.
The startup story's just starting
For India to ascend to the summit of the world's leading startup ecosystems by 2030, it demands dynamic policies from the incoming government, nurturing a vibrant culture of innovation, and concerted collaboration among all stakeholders. With the requisite elements already in place, including the impressive growth and resilience shown by current startups, valuable lessons abound for budding entrepreneurs. By adopting a progressive outlook centered on enduring, sustainable, and conscientious advancement, our startup ecosystem has the potential to evolve into a remarkably innovative, inclusive, and globally sustainable entity.
InGovern gets defamation notice over its report on Religare
Religare alleged that InGovern, founded by Shriram Subramanian, had published a defamatory report on its website without any verification and without studying information available in the public domain.
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.
Nothing personal against Burmans; working in best interest of Religare: REL Chairperson Rashmi Saluja
Religare Enterprises Ltd (REL) Chairperson Rashmi Saluja has denied any personal resentment towards Burmans, who are in a dispute with management over control of the financial services firm. Burmans, who own around 25% of REL through four entities, announced an open offer to acquire a 26% stake from public shareholders. Saluja defended the relationship with all shareholders, including Burmans, for the last six years and stated that the board's concerns should be put to the rest.
IRDAI probes Care Health's stock option issue to Saluja
IRDAI revealed that a probe into stock option allotment to Saluja is on in response to a query raised by Rahul Kanoj under the Right to Information Act (RTI) to the insurance regulator. The regulator said in its response, "The information sought is not furnished as the same would impede the process of investigation or apprehension." ET has seen IRDAI's response to the RTI query.
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.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
Karnataka: CM Siddaramaiah asks banks not to adjust drought relief funds against farm loan dues
CM Siddaramaiah emphasized the need for officials to work efficiently amidst higher-than-normal rainfall and the ongoing code of conduct. Siddaramaiah disapproved of the way insurance firms were handling the crop loss insurance claims. Such conduct would bring bad name to the government, he said, and asked officials to discuss with insurance firms and make life easy for farmers.
GE Power India Q4 Results: Firm posts Rs 26 crore net profit
GE Power India on Wednesday posted a consolidated net profit of Rs 25.94 crore in March 2024 quarter on the back of higher revenue. The company had reported a loss of Rs 129.70 crore in the quarter ended on March 31, 2023, a BSE filing showed.
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.
Go Digit IPO opens; quick commerce boost for FMCG firms
Go Digit General Insurance launched its Rs 2,615 crore initial public offering (IPO) on Wednesday. More details on this in today's ETtech Top 5.
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
Delhi HC imposes Rs 50K costs on insurance firm for denying cancer patient's claim, causing harassment
The high court said the award passed by the insurance ombudsman, which had directed the firm to settle the complainant's claims, has to be complied with in letter and spirit.
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