Oil and Natural Gas Corporation (ONGC) holds 13.77 per cent stake in India's biggest refiner Indian Oil Corporation (IOC), which at today's market price is worth over Rs 27,800 crore. It has another 4.87 per cent stake in GAIL India Ltd worth of Rs 1,600 crore.
Sachin Relekar, Fund Manager - Equity at LIC Mutual Fund, says that while valuations in the IT and pharma sectors are quite attractive, one should look at individual businesses separately.
The insurance regulator wants the rate offered by the pension plan to be brought down in accordance with the return on company’s investment.
The open market sale of over 2.04 percent stake (or 4,69,80,180 shares) took place between July 10 to September 1, Bank of Baroda said in a regulatory filing.
LIC’s demand comes after its stake in Kolkata-based bank increased to 17 percent
LIC, which completed 61 years of its incorporation today, said it had settled 215.58 lakh claims amounting to Rs 1,12,700.41 crore during the financial year 2016-17, it said in a statement.
These two are considered as non-strategic investments for LIC. While LIC holds 16.29 per cent stake in ITC, it holds 17.97 per cent stake in L&T as of end June.
"We hope to garner Rs 38,000 crore on the individual basis in the 2017-18 fiscal on the back of our products," LIC Chairman V K Sharma told PTI.
In FY17, LIC invested around Rs 3.5 trillion, which will be disclosed in LIC’s annual report that will be sent for parliamentary approval in the coming days. The annual report of LIC will be put out only after parliamentary approval, one of the two sources said.
The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE.
The firm plans to build a network of over 100,000 access points from 25,000 at present, and open more than 1,000 branches in 3-5 years
Among private players, SBI Life's premium income jumped 37 percent to Rs 805.55 crore from Rs 588.32 crore a year ago.
Life Insurance Corporation of India said that there is no law or policy that stopped it in investing in tobacco companies, while defending its holding in ITC.
The transaction was done through the Specified Undertaking of the Unit Trust of India (SUUTI), according to block deals available on stock exchanges. The government held 6.55 per cent stake in engineering firm L&T and the shareholding after the sale has come down to a little over 4 per cent.
In the past, the government has received criticism for asking LIC to buy stake in ITC, a tobacco company.
V K Sharma, chairman, LIC said that while their Ulip product performed well, their focus will be on traditional products. "At the end of the day, our policyholder interest is supreme and their returns should not be impacted," he said.
The customers of policies like Jeevan Shree, Jeevan Pramukh, Jeevan Nidhi plan and Jeevan Amrit have received higher bonuses during 2016-17.
The second most valued brand in India is mobile operator company Bharti Airtel with valuations of USD 7.7 billion. Life Insurance Corporation of India (LIC) ranks third with USD 6.8 billion.
LIC Chairman VK Sharma said that the company will adhere to the norm of having 20 percent of total investable corpus under equities.
Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 per cent in firms where it breaches this ceiling
The World Health Organization tobacco treaty bars the government from investing in tobacco companies, alleges the petition.
Life insurance behemoth LIC has introduced two endowment assurance plans for individuals having Aadhaar card.
Insurance companies had collected Rs 1,38,657.31 crore in 2015-16, according to data from the Insurance Regulatory and Development Authority of India (Irdai).
As per RBI norms, Payments banks have to focus on providing basic financial services, including social security and utility bill payments, remittance functions, and can mobilise deposits of up to Rs 1 lakh.