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LIC Q1 Result | Net profit comes in at Rs 683 crore, firm sees rise in market share

India's largest life insurance company, Life Insurance Corporation (LIC) reported a net profit of Rs 682.9 crore for the quarter ended June (Q1FY23), a sharp rise from a mere Rs 2.6 crore in the corresponding period last year. But on a sequential basis, the net profit was down from Rs 2,371.5 crore logged in the March quarter. In a call with the press post the release of its earnings, the insurer said that going forward, the volatility in its profit would be low. LIC's profitability metrics too showed a hit for the June quarter on a sequential basis. Its value of new business dropped by more than 80 percent sequentially to Rs 1,861 crore from Rs 9920 crore in the March quarter. The VNB margin slipped to 13.6 percent for the June quarter from 15.1 percent in the March quarter.

LIC's profitability metrics too showed a hit for the June quarter on a sequential basis. Its value of new business dropped by more than 80 percent sequentially to Rs 1,861 crore from Rs 9920 crore in the March quarter. The VNB margin slipped to 13.6 percent for the June quarter from 15.1 percent in the March quarter.

ABFRL looking at FY23 with cautious optimism, says Kumar Mangalam Birla

Aditya Birla Fashion and Retail Ltd (ABFRL) is looking at FY23 with cautious optimism and the company is on a growth trajectory with a digitally and structurally transformed business, its Chairman Kumar Mangalam Birla has said. The Indian economy is headed towards a steady recovery and as the vaccination drives progress, consumers are expected to get back to shopping with renewed confidence, Birla said in the company's annual report for 2021-22

BPCL to spend Rs 1.4 trn on petrochemicals, gas business in next five years

State-owned miner NMDC Ltd targets to achieve 46 million tonnes of Iron ore production in the current fiscal, 10 per cent higher than that of last year, Chairman and Managing Director, Sumit Deb said. The company achieved production of 42.19 MT and sales of 40.56 MT in FY22 with a turnover of Rs 25,882 crore.

BPCL, the nation's second-biggest oil refining and fuel marketing company, is "recalibrating its strategies to leverage emerging opportunities while mitigating risks," its chairman and managing director Arun Kumar Singh said in the firm's latest annual report.

NMDC targets to achieve 46 MT of iron ore production this fiscal year

State-owned miner NMDC Ltd targets to achieve 46 million tonnes of Iron ore production in the current fiscal, 10 per cent higher than that of last year, Chairman and Managing Director, Sumit Deb said. The company achieved production of 42.19 MT and sales of 40.56 MT in FY22 with a turnover of Rs 25,882 crore.

Competition Commission of India approves merger of HDFC Bank, HDFC Ltd

Fair trade regulator Competition Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent HDFC Ltd. The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first step and subsequently, the merger of HDFC Ltd into HDFC Bank.

Ola Electric to enter electric car segment; to launch first model by 2024

Ola Electric on Monday said it will foray into the electric car segment with plans to launch its first model by 2024. The company, which struggled with deliveries for its electric scooters after it announced entry into the segment exactly a year ago, has set an ambitious target of selling 10 lakh electric cars by 2026-2027.

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