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LIC ups stake in Navin Fluorine International to 5.04% from 4.79%

The shares of Navin Fluorine ended 3.1% lower on the BSE to close the day at Rs 3,500.20 a piece

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

LIC receives GST demand notice of Rs 116 crore for Telangana state

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

LIC gets GST notice of Rs 806 crore; insurer says will file an appeal

The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore

LIC in discussion with RBI for access to debt data via CRILIC: Mohanty

Life Insurance Corporation (LIC) chairman Siddhartha Mohanty on Thursday said the state-owned insurer is "in active discussion" with the Reserve Bank of India and confident of getting access to central bank's debt database CRILIC. "It's an irony that despite being the largest debt investor, we don't have access to debt or the national debt database CRILIC. We are in active discussion with the regulator for the same and are confident of getting that access," Mohanty said at an economic conclave organised by SBI here. Central Repository of Information on Large Credits (CRILICS) is an RBI-run database of credit exposures of various lenders including those towards non-performing borrowers. Most of LIC's debt investments are in central as well as state governments' debt securities. The LIC chairman said that not having access to CRILIC data is a risk for the insurer as its liabilities are long-term while assets are short-term. The lack of access to CRILICS tilts the balance negatively

LIC board clears proposal to setup branch office in Gujarat's GIFT City

Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat. The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. At present, GIFT IFSC is the maiden international financial services centre in India. In an interview with PTI last month, LIC Chairman Siddhartha Mohanty had said "this will enhance our foreign operations". LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International

Stocks to Watch: Adani Green, LIC, Tata Motors, Zomato, Railtel, Allcargo

Stocks to watch on December 22, 2023: The BSE and NSE have approved the cancellation of 'A' ordinary shares (DVR) of Tata Motors

LIC gets one-time exemption from 25% minimum public shareholding rule

State-owned insurer has received an extension of 10 years and would need to meet the criteria by May 2032

LIC notifies hike in gratuity limit to Rs 5 lakh from Rs 3 lakh for agents

Life Insurance Corporation (LIC) has notified an increase in gratuity limit to Rs 5 lakh from Rs 3 lakh for its agents. The increase was effected by amending the Life Insurance Corporation of India (Agents) Regulations, 2017. These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023, LIC said in a regulatory filing on Friday. These regulations came into force on the date of their publication in the Official Gazette dated December 6. The Finance Ministry in September had approved a series of welfare measures, including enhancement of the gratuity limit and family pension, for the benefit of LIC agents and employees. The ministry had enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents aimed at bringing substantial improvements to the working conditions and benefits for them. It also enabled the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability. ...

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

LIC to infuse Rs 25 crore into its subsidiary LIC MF Asset Management

LIC MF ranks 23rd among fund houses in terms of assets under management (AUM). In the September 2023 quarter, the fund house's average AUM was Rs 24,257 crore

M-cap of 7 most valued cos add Rs 3.04 trn; HDFC Bank, LIC biggest gainers

The combined market valuation of seven of the 10 most valued firms climbed Rs 3,04,477.25 crore last week, with HDFC Bank and LIC emerging as the biggest gainers amid an overall optimistic trend in equities. Last week, the BSE benchmark rallied 2,344.41 points or 3.47 per cent. On Friday, the 30-share BSE Sensex rose 303.91 points, or 0.44 per cent, to hit its new peak of 69,825.60. The index touched the highest intra-day level of 69,893.80. HDFC Bank, Life Insurance Corporation of India (LIC), ICICI Bank, Tata Consultancy Services, and Reliance Industries were among the companies that recorded additions in their market valuation. HDFC Bank's valuation soared by Rs 74,076.15 crore to Rs 12,54,664.74 crore. The market capitalisation (mcap) of Life Insurance Corporation of India jumped by Rs 65,558.6 crore to Rs 4,89,428.32 crore at close on Friday. LIC had reclaimed the Rs 5 lakh crore-mark after the shares of the company hit a 52-week high on the bourse on Thursday. However, at cl

Nifty resistance at 21,193; LIC, India Cement top buy calls by Vinay Rajani

LIC's share has broken out from downward sloping trend line on the weekly chart

LIC intends to set up office in GIFT City during this financial year

Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. "We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations," LIC Chairman Siddhartha Mohanty told PTI in an interview. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insur

Stocks to Watch today, Nov 13: Protean, Sun TV, CIL, ONGC, BF Utilities

Stocks to Watch on Monday, November 13, 2023: Shares of Protean eGov Technologies will list on the bourses today

Technology can help reach more customers in life insurance sector: LIC MD

Companies are focusing on digital boarding which can help focus on improving persistence in this sector, says R Doraiswamy

LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate

State-owned firm says taxes officer's action will not affect its finances

LIC's market share drops to 58.5% till September from 68.2% in a year

As a result, the life insurance industry's new business premium declined almost 13 per cent during the first six months, to Rs 1,58,376.81 crore

LIC's sops for agents could price out smaller life insurance companies

The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business

LIC gets income tax penalty notice of Rs 84 cr; insurer to file appeal

Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing. Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961, it said. The notice was issued by the Tax Department on September 29, 2023, it said. Incorporated in 1956 with an initial capital of Rs 5 crore, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 lakh crore as of March 31, 2023.