Page 4 - Lic

LIC stock up 5.5% as Sebi gives 3 more yrs to meet public shareholding norm

LIC news: The revised timeline for LIC to achieve 10 per cent public shareholding is on or before May 16, 2027

LIC gets 3-year extension from Sebi to meet public shareholding norms

Sebi regulations require all listed companies to maintain a 25% public float, but firms with a post-issue market capitalisation exceeding Rs 1 trillion have a 5-year timeline to meet the 25% MPS rule

Tata Motors' DVR conversion plan gets shareholders' nod with 99.8% votes

The shareholder approval will pave the way for Tata Motors to convert its shares with DVR into ordinary shares and thereby simplify its capital structure

LIC cautions public against misleading social media ads using brand name

Life Insurance Corporation (LIC) on Wednesday cautioned the public against certain individuals/entities engaging in fraudulent advertising practices on social media platforms by misusing the image of senior officials and the brand name and logo of the company. In a post on X (formerly Twitter), LIC asked its policyholders and the public to exercise caution and verify the authenticity of any such advertisements. "It has come to our attention that certain individuals and/or entities are engaging in fraudulent advertising practices on various social media platforms by misusing the image of our senior official/s or ex-officials, our brand logo, and our brand name without our consent in an unauthorised manner. We wish to alert the public in regard to such deceptive activities," LIC said in a public caution notice. It asked the public to report URL links of such fraudulent advertisements on LIC's official social media accounts. "We will pursue appropriate legal action and those found ...

Life insurers log 15.6% growth in new biz premium in March, shows data

In the financial year ended March 31, 2024, NBP grew 2 per cent, mainly due to LIC, which saw a decline of 4 per cent. Private sector players reported a growth of 12 percent in FY24

LIC hikes its equity stake in FMCG major Hindustan Unilever over 5%

Life Insurance Corporation of India (LIC) on Monday said its stake in FMCG major Hindustan Unilever Limited (HUL) has crossed 5 per cent. The Corporation has increased its shareholding in Hindustan Unilever Limited from 11,74,63,555 to 11,77,18,555 equity shares, i.e., 4.99 per cent to 5.01 per cent of the paid-up capital of the company, LIC said in a regulatory filing. The Corporation purchased additional shares from the open market in the ordinary course of transaction, it said. Holding in the company touched 5 per cent and the acquisition of shares was done on April 12 at an average cost of Rs 2,248.59 per unit. Shares of HUL ended 1.72 per cent down at Rs 2,194.60 while that of the country's largest state-owned insurer, LIC, closed at Rs 961.15 apiece on BSE, down by 1.03 per cent.

LIC sees 59% increase in value of investments in Adani Group stocks

LIC, the state-owned insurance behemoth, has seen a 59 per cent rise in value of its investments in Adani group companies in 2023-24 fiscal year after the conglomerate made a smart recovery since being hammered by a damning short seller report. The value of LIC's investment in seven Adani group companies has soared from Rs 38,471 crore as on March 31, 2023 to Rs 61,210 crore on March 31, 2024, registering an increase of Rs 22,378 crore, according to stock exchange data. Last year, the insurance giant faced intense scrutiny over its decision to invest in the Adani group amidst a political slugfest after allegations of stock manipulation fuelled by Hindenburg report. Adani group denied any wrong doing. Adani Group's stocks, which at lowest point took a beating of about USD 150 billion, have staged a remarkable comeback, fuelled by robust profit growth across its diverse businesses. Facing political pressure, LIC strategically reduced its exposure to two of the group's flagship compa

LIC world's strongest insurance brand: Brand Finance Insurance Report

According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion

LIC front-running case: Sebi confirms securities market ban on 5 companies

Sebi on Tuesday confirmed a securities market ban on five entities, including an employee of Life Insurance Corporation of India (LIC), in a case pertaining to front-running trades of the state-owned insurer. Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients. The observations made in the present order are tentative in nature and pending further investigation. The investigation will be carried out without being influenced by any of the directions passed or any observation made either in the interim order or in the present order. Based on the outcome of the investigation, appropriate proceedings may be initiated in accordance with law, Sebi said. In a confirmatory order, Sebi clarified that the restraint imposed vide the interim order dated April 27, 2023, on Yogesh Garg, Sarita Garg, Kamlesh Agarwal, Ved Prakash HUF and Sarita Garg

Stocks to Watch: Adani Group, Torrent Power, HAL, Lupin, Railtel, KPI Green

Stocks to watch on March 18, 2024: As per PTI, the Adani group will invest more than Rs 1.2 lakh crore in FY25 across its portfolio business with a special focus on green and renewable energy

Mcap of 5 of top 10 firms tanks Rs 2.23 trn; Reliance, LIC biggest laggards

Five of the top 10 valued firms faced a combined erosion of Rs 2,23,660 crore from their market valuation last week, with Reliance Industries and Life Insurance Corporation of India taking the steepest hit amid an overall bearish trend in equities. Last week, the BSE benchmark tanked 1,475.96 points or 1.99 per cent. While Reliance Industries, ICICI Bank, State Bank of India, Life Insurance Corporation of India (LIC) and Hindustan Unilever suffered erosion from their market capitalisation (mcap), Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, Infosys and ITC were the gainers. The mcap of Reliance Industries tanked Rs 81,763.35 crore to Rs 19,19,595.15 crore, the most among the top-10 firms. LIC's market valuation tumbled Rs 63,629.48 crore to Rs 5,84,967.41 crore and that of State Bank of India plummeted by Rs 50,111.7 crore to Rs 6,53,281.59 crore. The mcap of Hindustan Unilever dropped by Rs 21,792.46 crore to Rs 5,46,961.35 crore and that of ICICI Bank dived Rs 6,36

LIC, private insurers lift new biz premium of life insurers by 48%

Among large private players, the premium of the largest private life insurer, SBI Life, grew around 32 per cent to Rs 2,648.86 crore

Ex-LIC chief MR Kumar joins Bank of India as non-executive chairman

Bank of India on Tuesday announced the appointment of MR Kumar, former chairman of LIC, as the non-executive chairman and Rajiv Mishra as an executive director. Kumar, a science graduate from the University of Madras, also serves on the board of Ambuja Cements. He joined Life Insurance Corporation in 1983 and was its chairman from 2019 to March 2023. Kumar had also served as a director on the boards of Kenindia Assurance, Kenya, and ACC India. His other leadership roles include the chairmanship of the governing board of National Insurance Academy, president of Insurance Institute of India, and as chairman of Council of Insurance Ombudsman. The bank also announced appointment of Mishra as an executive director. An MBA, Mishra led Union Bank of India's digital transformation, highlighted by the launch of the Vyom mobile app. He had also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services.

TMS Ep631: Paytm Payments Bank, electric cars, LIC stock, permacrisis

Can Paytm Payments Bank be rescued? Will price cuts make electric cars zoom? Is the rally in LIC stock nearing its end? What is a 'permacrisis'? All answers here

LIC launches a non-participating product 'Amritbaal' for children

The Minimum Sum Assured is Rs. 2,00,000, with no limit for the Maximum Basic Sum Assured

LIC employee unions refuse 14% salary hike offer by management

LIC has a five-year wage revision policy and last raise was given to employees in 2017

Life insurers ask Irdai to charge surrender value on accumulated premia

The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied

LIC's VNB margin growth higher than private life insurers in Q3 FY24

VNB is a measure of the economic value of the profits expected to emerge from new business. VNB margin is the profit margin of the companies

Stocks to Watch today, Feb 9: LIC, Zomato, Airtel, Paytm, Hero Moto, ZEE

Stocks to Watch on Friday, February 9, 2024: LIC of India reported a 49.10 per cent year-on- year (Y-o-Y) growth in net profit, at Rs 9,444.4 crore, during Q3FY24

LIC Q3FY24 results: Net profit rises 49.1% to Rs 9,444.42 crore

During the July-September quarter of FY24, the insurer had reported a net profit of Rs 7925.015 crore