Shares of companies having insurance subsidiaries have surged on the hopes that the Finance ministry would hike the limit on foreign direct investment in insurance sector from 26% to 49%.
“We might increase FDI cap in insurance without commensurate increase in voting rights,” a government official said.
Furthermore, the government is likely to draw up plans to infuse more capital to ensure that the banks’ capital reserves do not remain too close to the minimum stipulated levels over a long term.
Reliance Capital surged 2.2% to Rs 594.2 on the BSE. The stock opened at Rs 586, touched a high of Rs 596 and a low of Rs 585.6 on the BSE. Over 1,064,267 shares have been traded on both the stock exchanges so far.
Max India jumped 2.7% to Rs 547 on the BSE. The stock opened at Rs 294, touched a high of Rs302 and a low of Rs 294 on the BSE. Over 281,928 shares have been traded on both the stock exchanges so far.
State Bank of India (SBI) rose .4% to Rs 2655 on the BSE. The stock opened at Rs 2660, touched a high of Rs 2668 and a low of Rs 2650 on the BSE. Over 316,684 shares have been traded on both the stock exchanges so far.
Shares of Religare Enterprises increased 1.45% to Rs 365 on the BSE. The stock opened at Rs 367, touched a high of Rs 371 and a low of Rs 364 on the BSE. Over 1,781 shares have been traded on both the stock exchanges so far.
Shares of Housing Development Finance corporation (HDFC) were up .3% to Rs 900 on the BSE. The stock opened at Rs 900, touched a high of Rs 902.6 and a low of Rs 89 on the BSE. Over 394,801 shares have been traded on both the stock exchanges so far.
