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LIC's move to sell Reliance Capital's debt to ARC upsets lenders, bidders

Days ahead of the deadline to submit binding bids, LIC's move to sell its Rs 3,400 crore secured principal debt of cash-strapped Reliance Capital Ltd (RCL) to an asset reconstruction company (ARC) has irked its lenders and bidders. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer. However, the sources said, Asset Care and Reconstruction Enterprise will have the first right to match the counteroffer. The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28. According to the sources, the Committee of Creditors (CoC) of RCL are upset as to why LIC has initiated a parallel process to sell its debt so close to the bids submission deadline. LIC is a member of

LIC's sale of RCAP debt of Rs 3,400 cr to ACRE upsets lenders, bidders

LIC is conducting a Swiss Challenge process to invite bids (EOIs) from Asset Reconstruction Companies (ARCs) to sell its exposure in the Reliance Capital

LIC has edge over private insurers: Gains market share in FY23

Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz

Investors react positively to LIC's good showing in second quarter

LIC posted a record rise in the Q2 profit after tax (PAT) to Rs 15,950 crore, up 10x year-on-year (YoY) compared to Rs 1,433.71 crore a year ago

Sensex falls 171 pts, Nifty holds 18,300; Dr.Reddy's down 4%, LIC jumps 6%

CLOSING BELL: The key benchmark indices gyrated in a narrow trading band on Monday, before settling with losses as FMCG stocks slipped.

LIC sees multifold increase in Q2 net profit at Rs 15,952 crore

This is due to transfer of funds from non-par to shareholders' account

LIC Q2 results: PAT rises 11-fold to Rs 15,952 crore; net income up 26%

The net income from investments for Q2 stood at Rs 84,103.64 crore, as compared to Rs 76,533.75 crore in the year-ago period

LIC drives new business premiums of life insurers up 15% YoY in October

The surge in LIC's NBP was primarily driven by a 30% increase in its group single premium

LIC buys additional stake in Voltas for Rs 635 cr via open mkt transactions

Life Insurance Corporation of India (LIC) has increased its shareholding in Voltas by buying an additional 2 per cent stake. LIC said it acquired Voltas' shares worth Rs 634.50 crore through open market transactions during the period from August 10 to November 4, 2022. The state-owned life insurer increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent) in Voltas, according to a regulatory filing on Monday. Voltas is engaged in the business of air conditioning, refrigeration, electro-mechanical projects as an EPC (engineering, procurement and construction) contractor both in domestic and international market. Stock of LIC closed at Rs 633.30 apiece on BSE, up by 0.84 per cent, while Voltas scrip ended 1.24 per cent lower at Rs 834.40 apiece.

LIC Housing Finance stock comes under pressure on weak Q2 results

Improvement in interest income and margins crucial for investor sentiment to revive

LIC shareholding in Tata Motors crosses 5%, invests Rs 11.39 crore

Shareholding by Life Insurance Corporation (LIC) in Tata Motors Ltd has crossed 5 per cent as the insurer stepped up shareholding over the past ten months, investing Rs 11.39 crore in the auto company. LIC said its shareholding in Tata Motors Ltd has increased from 16,59,48,741 to 16,61,98,741 equity shares increasing its shareholding from 4.997 per cent to 5.004 per cent of the paid-up capital of the company, the insurer said in a regulatory filing on Tuesday. "Holding in the company has crossed 5 per cent on October 31, 2022," LIC said. The acquisition of shares were done during the period from December 3, 2021 to October 31, 2022 at an average cost of Rs 455.69. As per regulatory norms, listed companies are required to inform stock exchanges when their shareholding in a company crosses 5 per cent. Tata Motors has a market capitalisation of Rs 1.38 lakh crore. Stock of LIC closed at Rs 605.30 apiece on BSE, up by 0.22 per cent from previous close. Tata Motors scrip ended at Rs .

LIC picks up over 2% additional stake in Capri Global Capital for Rs 257 cr

Life Insurance Corporation of India (LIC) has raised its stake in Capri Global Capital by 2 per cent over the last few months at an investment of Rs 257.37 crore. Its shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares, increasing its stake from 7.052 per cent to 9.072 per cent of the paid up capital of the company, LIC said in a regulatory filing on Monday. Capri Global caters to different segments like MSME, construction, finance, affordable housing and indirect retail lending segments. The new shares were acquired between June 10, 2022 to October 28, 2022 at an average cost of Rs 724.74 apiece. As per regulatory norms, listed companies are required to disclose about change in shareholding of 2 per cent and above. LIC said the share purchase was an investment function through an open market purchase. Capri Global's market capitalisation stands at Rs 13,014 crore. The scrip of LIC closed at Rs 604 on BSE, up 1.86 per cent. Capri Global settle

Building trust: LIC plans bonus shares to shore up faltering stock

Insurer also eyeing higher dividend to regain investor confidence

Govt nudges LIC to tweak product strategy for better investor return

The government is nudging LIC to tweak its product strategy to maximise profitability in a bid to help the country's largest insurer realise its full growth potential and yield better returns for investors, an official said. Life Insurance Corporation (LIC) has been trading below the issue price of Rs 949 a share ever since it got listed on stock exchanges on May 17. It listed at Rs 872 apiece on NSE. On Tuesday, the scrip settled at Rs 595.50, down 0.72 per cent over the previous close. Foreign brokerages, however, remain bullish on LIC setting a higher target price over the next year as they feel that the insurer has good medium-term market potential, negligible high risk assets and robust core operating Return on Embedded Value (ROEV). Citi in a research report dated October 14 set a target price of Rs 1,000 for LIC scrip, saying LIC is 'positioned better than mature global players'. The finance ministry in its performance review has been sensitising the LIC management about th

Here's why LIC, PB Fintech, Delhivery sunk to all-time lows in a firm mkt

With Friday's decline, the stock price of Delhivery has corrected 46 per cent from its record high level of Rs 708.45, which it had touched on July 21, 2022

IDBI Bank privatisation: LIC to recover its investment by time of sale

State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last year, the share price has jumped from Rs 35 a share to Rs 45 a piece currently. "We are expecting IDBI Bank scrip to move up further. The price is expected to move up closer to the price at which LIC had picked up stake in 2019," the official told PTI. The government and Life Insurance Corp (LIC) together hold 94.72 per cent in IDBI Bank. Of this, LIC's holding is 49.24 per cent, while the government holds the rest 45.48 per cent stake. Public shareholders hold 5.28 per cent. LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. Following a QIP issue in December 2020, the stake of LIC came down to 49 per ..

LIC's share in NHPC comes down to 5.2% from 7.2% over seven months

Country's largest insurer LIC on Wednesday said its shareholding in hydro power generator NHPC has come down to 5.2 per cent on sell down of shares over a period of time for a consideration of Rs 700.79 crore. Corporation's shareholding in NHPC Ltd has diluted from 72,62,11,315 to 52,26,11,195 equity shares, decreasing the shareholding from 7.230 per cent to 5.203 per cent of the paid-up capital of the company, LIC said in a regulatory filing. The state-owned insurer sold 20,36,00,120 shares of the company at an average price of Rs 34.42 apiece from March 17, 2022 to October 18, 2022. The shares were sold in open market sale in the ordinary course of transaction, which is an investment function. Listed companies are required to disclose about change in shareholding of 2 per cent and more. NHPC is involved in generation and sale of bulk power to various power utilities. Stock of LIC closed at Rs 607.15 apiece on BSE, down by 0.12 per cent; NHPC stock closed 4.29 per cent down at R

IDBI stake sale: To help the buyer, centre asks Sebi to ease norms

The government offered to sell a total of 60.72% stake in the IDBI bank, in early October

LIC sells over 2% stake in Power Grid for Rs 3,079 crore in 5 months

LIC has sold over 2 per cent of its holding in Power Grid Corporation over the past five months for Rs 3,079.43 crore, the insurer said on Wednesday. There is a decrease of 2.003 per cent in holding during the period from May 18, 2022 to October 11, 2022. As per regulatory requirement by Sebi, listed companies have to disclose about change in shareholding of 2 per cent and above. "Corporation's shareholding in Power Grid Corporation has diluted from 36,99,02,170 to 23,01,82,028 equity shares decreasing its shareholding from 5.303 per cent to 3.3 per cent of the paid-up capital of the said company," LIC said in a regulatory filing. The shares were sold at an average price of Rs 220.40 per share during the period through an open market sale in an ordinary course of transaction, LIC said. State-owned Power Grid is engaged in electric power transmission, telecom and consultancy services. Shares of the country's largest state-owned insurer, LIC, closed at Rs 615.40 apiece on BSE, down

IDBI Bank privatisation: Govt, LIC to sell 60.72% stake, invite bids

The last date for submission of bids or Expression of Interest is December 16