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Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr

The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India (LIC) to Rs 25,000 crore to facilitate its listing slated for the next fiscal. Currently, the paid-up capital of the life insurance company with over 29 crore policies is Rs 100 crore. Starting with an initial capital of Rs 5 crore in 1956, LIC has an asset base of Rs 31,96,214.81 crore. The authorised share capital of LIC shall be Rs 25,000 crore divided into 2,500 crore shares of Rs 10 each, as per the amendments proposed in the Life Insurance Corporation Act, 1956.

PVR to invest Rs 150 cr to add 30-40 screens across the country next fiscal

Multiplex major PVR plans to invest Rs 150 crore to open up to 40 screens across the country in the next fiscal. The company's target of having 1,000 operational screens has been pushed by a year due to the outbreak of the COVID-19 pandemic to the end of fiscal 2022-23, a top company official has said. "We had to push back our plan by exactly a year because of the pandemic ... By the end of the financial year 2022-23, we should be able to reach 1,000 screens," Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd told PTI. The company, which added 9 new screens this week in Mysuru and Kanpur, plans to add 30-40 new screens in the next financial year beginning April 1.

RINL expects Rs 1,000-crore from sale of 22-acre land in Visakhapatnam

State-owned RINL expects to garner Rs 1,000 crore from the sale of its 22.19 acre land located in the heart of Visakhapatnam city, a popular tourist destination in Andhra Pradesh. On Thursday, state-run construction company NBCC had announced signing an MoU with Rashtriya Ispat Nigam Ltd (RINL) for redevelopment and monetisation of its 22.19 acres of land in Visakhapatnam. "The company expects to get around Rs 1,000 crore as the market price of land is around Rs 1 lakh per square yard. The amount raised would be utilised to pay back portion of debt of the company," a source in the company told PTI.

A bitter pill:

Domestic pharma market growth slides to 1.1% in February Domestic pharma market is witnessing a slow recovery, with growth crawling to 1.1 per cent in February after a 4.5 per cent growth in the previous month. December, in fact, was a strong month — the industry clocked an 8.5 per cent growth. In February, the key therapy areas of the Indian Pharmaceutical Market (IPM) witnessed slow growth — while cardiac grew 7.3 per cent compared to 8.8 per cent in the month before, anti-diabetic reported 4.3 per cent growth. Sheetal Sapale, president, marketing for AIOCD AWACS, a market research firm, said as anti-infectives and respiratory therapies have failed to register growth, the overall IPM growth has been slow.

ICICI Lombard board approves Rs 4/share interim dividend for FY21

ICICI Lombard General Insurance has approved an interim dividend of Rs 4 per share for the current fiscal in the midst of a pandemic year as also the sectoral regulator asking insurers to take a conscious call on dividends due to pandemic-induced economic stress. "We wish to inform you that the board of directors of the company at their meeting held today i.e. Friday, March 5, 2021 in Mumbai, has approved declaration and payment of interim dividend of Rs 4 per equity share i.e. at the rate of 40 per cent of face value of Rs 10 each, for FY2021," ICICI Lombard said in a regulatory filing.

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