Page 2 - Lic Ipo

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

LIC targets double-digit growth, plans 3-4 products for FY24: Chairman

Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would g

IPO issuances in first half of FY24 hit 16-year high, raise Rs 26,272 crore

Rally in small and midcap funds leads to a spurt in activity

Stocks to Watch today, Sept 1: RIL, Vedanta, LIC, Five Star Business, Autos

Stocks to Watch today, September 1, 2023: Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the Covid-19 pandemic, the OCCRP said in an article on Thursday

World's biggest market for under-$100 million IPOs booms in India

SME IPO boom followed dismal performance of insurer Life Insurance Corporation of India and delivery startup Delhivery, two biggest share sales of 2022. They are down about 33% and 18%, respectively

Statsguru: Six charts explain LIC's stock listing pains amid headwinds

Private players have diversified ways of sourcing business, while LIC is more dependent on its agents

A year after listing, LIC scorecard lacks lustre; new biz premium down 50%

Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece

FSIB to soon start selection process for new LIC chairman this month

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, may select a new chairman of insurance behemoth LIC this month. The chairman will be selected from the four managing directors of the company, sources said. According to sources, the bureau may conduct an interview for the position towards the end of next week if all members of the committee are available. FSIB is likely to make a selection this month, subject to the availability of members due to Parliament's Budget session, sources said. The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. It can be noted that one of the managing directors BC Patnaik retires on March 31. The government has already appointed Tablesh Pandey as his replacement. Currently, Siddhartha Mohanty, managing director of LIC, is acting chairman of the country's biggest life insurance firm

LIC sells 2% stake in NMDC between Dec and Mar, gets over Rs 700 crore

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69 per cent as of March 14. In a regulatory filing, LIC said its holding in NMDC has decreased from 13.69 per cent to 11.69 per cent during the period between December 29, 2022 and March 14, 2023, at an average price of Rs 119.37 a share. The sale of 2 per cent stake or a little over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC. "Corporation's shareholding in NMDC Ltd has diluted from 40,14,72,157 to 34,25,97,574 equity shares decreasing its shareholding from 13.699 per cent to 11.690 per cent of the paid-up capital of the said company," LIC said. NMDC is engaged in exploration and production of iron ore.

LIC extends losing streak to 7th straight session, hits record low

LIC made stock market debut on May 17, 2022, and is trading 40 per cent below its issue price of Rs 949 per share

Govt made Rs 31,106 cr in FY23 through disinvestment, reports DIPAM

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

Life insurance stocks in focus; LIC, HDFC, SBI, ICICI Pru gain up to 5%

Kotak Institutional Equities has initiated coverage on Life Insurance Corporation of India (LIC) with a 'buy' rating and a fair value of Rs 1,000

71% IPOs of 2022 at premium; will retail investor euphoria sustain in 2023?

Adani Wilmar, Venus Pipes & Tubes, Hariom Pipe Industries and Veranda Learning Solutions are the top multi-bagger debutants that delivered 109-135 per cent returns in 2022

LIC gains 4%, hits over 3-month high in subdued market

The government aims to appoint a private sector professional as the first chief executive of the LIC in an effort to modernise its largest insurer after a disappointing stock market debut

RIL, Tata firms top LIC's equity portfolio as insurer's valuation rises

The value of investments in Adani firms more than double in the past year

Budget 2023-24: Disinvestment target likely to stay elevated for FY24

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

LIC shares surge 9% as profit soars 11-fold in Q2 to Rs 15,952 crore

The multifold increase in net profit was due to a change in its accounting policy, wherein it has transferred Rs 14,272 crore to the shareholders' account from the non-participatory account

Centre's fiscal deficit in H1 touches 37.3% of full-year target

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

I-banking fees dip in nine months to September as smaller deals dominate

Even some big-ticket deals such as the LIC IPO did not generate higher fees

LIC hits lowest level since listing; shares down 32% from issue price

In the past three months, the stock of LIC has declined 3 per cent, as against 14 per cent rally in the benchmark index