Shares of six insurance companies added 3% to 5% after the central government proposed to amend Insurance Act to allow higher foreign direct investment (FDI) in insurance companies.
ICICI Prudential Life Insurance Company (up 5.86%), General Insurance Corporation of India (up 5.41%), The New India Assurance Company (up 5.16%), HDFC Life Insurance Company (up 4.46%), ICICI Lombard General Insurance Company (up 3.68%), SBI Life Insurance Company (up 3.49%) advanced.
In the Union Budget, Finance Minister Nirmala Sitharaman proposed to amend Insurance Act, 1938 to increase FDI limit from 49% to 74% in insurance companies, and allow foreign ownership and control with safeguards.
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