Moneycontrol Bureau11:51 am LIC investment: Life Insurance Corporation of India (LIC) has reduced its equity investment target for FY17 to Rs 50,000 crore from Rs 60,000 following adverse market conditions.
According to a media report quoting sources familiar with the life insurer's plans, due to lack of opportunities in a weak equity market, the insurer will invest the surplus money earned from premiums in fixed income papers instead of stocks.
11:26 am Buzzing: Shares of BEML surged nearly 20 percent intraday after the government decided to divest major stake in the company.
"The Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs, for strategic disinvestment of 26 percent equity shares in BEML," the state-run defence and rail products manufacturer said in its filing.
Currently the government holds 54.03 percent stake in the company and the rest is held by public.
The company said shareholding will be sold to strategic buyer/s to be identified by the Government of India by following due procedure.Also read - Base effect in metals, PSBs may aid Q3 earnings: Edelweiss11:00 am Market Check
Benchmark indices remained volatile as investors maintained their cautious stance ahead of December quarter earnings that will kick start this week with Infosys, TCS and IndusInd Bank. Overall December quarter is seasonally weak for the technology sector but the key factor to watch out for would be outlook. Barring IT, analysts will closely watch the impact of demonetisation on other sectors.
The 30-share BSE Sensex was down 22.42 points at 26736.81 and the 50-share NSE Nifty fell 4.10 points to 8239.70 while the BSE Midcap and Smallcap indices gained 0.3-0.5 percent on positive breadth.
Asian shares were higher, following the Dow Jones coming within inches of hitting the 20,000 mark during last Friday's session. The ASX 200 climbed 0.9 percent or 51.82 points at 5,8074, seeing broad gains across all sub-indexes except for materials and gold.
Oil prices fell as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as US drillers increased activity for a 10th week.
Brent crude futures, the international benchmark for oil prices, were trading at USD 56.84 per barrel, down 0.46 percent from their last close. US West Texas Intermediate (WTI) crude oil futures were trading at USD 53.71 per barrel, down 0.52 percent.
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