News digest: Govt faces no-confidence motion, Fortis-IHH deal, and more

From the Opposition's notice for a no-confidence motion against the Modi government to IHH Healthcare Berhad's Rs 40 billion acquistion of Fortis, BS brings you up to date with the latest news.

LIC-IDBI Bank deal: Large exposure to PSUs hurts insurer returns

Life Insurance Corporation (LIC) has bailed out several public sector companies — the acquisition of a majority stake in loss-making IDBI Bank being the latest — but these investments have resulted in the underperformance of the insurer’s equity portfolio.

The country’s largest insurer, which has large shareholdings in public sector undertakings (PSUs) and public sector banks (PSBs), has not been able to beat the benchmark BSE Sensex index. Read more.

Fortis Healthcare fortunes to get Malaysia's IHH boost with acquisition

Malaysian group IHH Healthcare Berhad’s Rs 40 billion acquisition of Fortis Healthcare is expected to result in improved cash flow, better operating profit margins and new business opportunity for the Indian hospital chain.

Fortis, which has been under the regulatory scanner on charges of fund diversion, has seen its losses widen due to provisioning and its operating profit margins have trailed those of its peers in hospital and diagnostic business. Read more.

Modi govt faces no-confidence motion; Lok Sabha to hear issue on Friday

Lok Sabha Speaker Sumitra Mahajan surprised the Opposition on Wednesday, the first day of the monsoon session of Parliament, when she not only accepted their notices for a no-confidence motion against the Narendra Modi government but also announced that the debate and voting on the motion would be held as early as Friday.

During the Budget session in March, Mahajan had pointed to disruptions in the House for not taking up a discussion on the notices of no-confidence motion, drawing criticism from opposition parties. Read more.

Rs 100-million pay packages: The new normal for automobile firms' CEOs

Annual compensation of Rs 100 million has become the norm for managing directors and chief executive officers of the country’s top automobile companies.

Pawan Goenka of Mahindra & Mahindra and Vinod Dasari of Ashok Leyland have joined the club in the last two years, while Eicher Motors’ Siddhartha Lal is almost there. Lal received a remuneration of Rs 95 million in 2017-18. Read more.