IGI Logo

Key News

LIC gets RBI nod to increase stake in Kotak Mahindra Bank

Private sector lender Kotak Mahindra Bank, on November 29, said the Reserve Bank of India (RBI) had granted its approval to Life Insurance Corporation of India (LIC) to increase holding in the bank up to 9.99 percent. The approval is valid for a period of one year, the bank said. This is subject to compliance with the provisions issued by the Securities and Exchange Board of India (SEBI), provisions of the Foreign Exchange Management Act, 1999 and any other guidelines/regulations and statutes, as applicable, the bank said.

Bharti AXA Life posts 33% growth in weighted new biz premium in H1FY22

Private life insurer Bharti AXA Life Insurance on Monday reported a 33 per cent growth in its weighted new business premium to Rs 285 crore in the first half of FY2022 compared to Rs 214 crore in the year-ago period. The company recorded growth of 53 per cent in weighted new business premium in the month of September 2021, a release said. Its renewal premium grew by 8 per cent to Rs 645 crore in the AprilSeptember of FY2022 compared to Rs 594 crore in the year-ago period.

Asian Paints to invest Rs 960 cr to expand Gujarat unit's capacity

Asian Paints Ltd on Monday said it will invest Rs 960 crore to expand the manufacturing capacity of its facility situated at Ankleshwar in Gujarat. The company has signed a memorandum of understanding with the Government of Gujarat commencing the proposed expansion of manufacturing capacity of paint from 1.3 lakh KL to 2.5 lakh KL and resins and emulsions from 32,000 MT to 85,000 MT, Asian Paints said in a regulatory filing. The expansion is to be completed in the next 2-3 years at a total investment of Rs 960 crore approximately on plant and machinery at the current prevailing prices, it added.

British telecom group BT stock jumps 9% after reported interest from

RIL Shares in BT jumped as much as 9% on Monday after India's Economic Times said Reliance Industries was weighing a bid for the British telecoms group. Billionaire Mukesh Ambani's Reliance might make an unsolicited offer to buy into BT or try to get a controlling share, the report said, citing sources familiar with the matter. It could also partner with BT's networks arm Open reach and fund its fibre expansion plans, it added.

CoinDCX, India's first crypto unicorn, plans IPO 'as soon as' govt allows

India’s first cryptocurrency unicorn, CoinDCX, plans to pursue an initial public offering as soon as government regulations allow it, according to its cofounder Neeraj Khandelwal. The share sale would be a key vote of confidence for India’s digital asset industry similar to Coin base Global Inc.’s U.S. listing earlier this year, Khandelwal said in an interview with Bloomberg Television Monday.

RBI supersedes Reliance Capital board; to start insolvency proceedings

The Reserve Bank of India (RBI) on Monday said it has superseded the board of Reliance Capital in view of the defaults by the non-banking finance company (NBFC) in meeting its payment obligations to creditors and serious governance concerns which the board of the company has not been able to address effectively.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer