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Toyota doubles down on hybrid bet in India, low-cost models to surface soon

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.

LIC sees 20% decline in death claims in Q1 FY23 as Covid impact ebbs

Insurance behemoth LIC witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said. In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts.

RIL may be lone bidder for JBF Petrochem, which defaulted on Rs 5K-cr loan

Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know

Larsen & Toubro commissions new green hydrogen plant at Hazira in Gujarat

Engineering major Larsen & Toubro (L&T) on Saturday commissioned a new green hydrogen plant at Hazira in Gujarat. The development comes five months after the company inked a joint venture with Indian Oil Corporation (IOC) and ReNew Power for the production of green hydrogen. L&T and IOC had also inked a separate joint venture for the production of electrolysers. The green hydrogen plant was inaugurated by Shrikant Madhav Vaidya, chairman, IOC, on Saturday. The plant will produce 45 kg of green hydrogen daily, which will be used for captive consumption in the company’s Hazira manufacturing complex.

PharmEasy calls off its public offer; to go for rights issue instead

API Holdings, the parent firm of online pharmacy PharmEasy, has decided to withdraw its draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi), citing volatile market conditions and ‘strategic considerations’. The DRHP was filed on November 9, 2021. The company has informed its shareholders that it has decided to go ahead with a rights issue instead.

Adani to launch open offer to acquire stake in ACC, Ambuja Cement on Aug 26

The Adani Group is likely to launch next week an open offer worth Rs 31,000 crore to acquire 26 per cent stake each in Swiss firm Holcim's two Indian listed entities Ambuja Cements and ACC, from public shareholders. In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion.

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