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Tag: LIC

  • LIC Housing Finance Logs 12 Per Cent Net Profit Jump At Rs 1,329 Crore In Q2 | Economy News

    Mumbai: LIC Housing Finance Ltd on Monday reported 12 per cent increase in net profit at Rs 1,329 crore in Q2 FY25, from Rs 1,188 crore in the same period last year. 

    The company clocked a 2.5 per cent growth in revenue at Rs 6,926 crore, from Rs 6,758 crore in the year-ago period, riding on stable growth in both home and project loan disbursements.

    The company expressed optimism for growth in the upcoming festive quarters, driven by a robust focus on affordable housing and rural infrastructure.

    Outstanding loan portfolio was up by 6 per cent to Rs 294,588 crore while individual home loan portfolio was up by 7 per cent to Rs 250,879 crore. In the July-September period, loan disbursements were Rs 16,476 crore, a 12 per cent increase from Rs 14,665 crore in the year-ago period. During the quarter, the company had a technical write-off of Rs 286 crore.

    According to LIC Housing Finance, the net interest income (NII) declined by 6 per cent to Rs 1,974 crore from Rs 2,107 crore in Q2 FY24, driven by a reduced net interest margin (NIM), which stood at 2.71 per cent compared to 3.04 per cent a year earlier and 2.76 per cent for Q1 FY25.

    The company’s provisions for expected credit loss stood at Rs 5,458 crore, covering 49 per cent of Stage 3 loans. The stage 3 exposure on default (as on September 30) stood at 3.06 per cent as against 4.33 per cent (as on September 30, 2023) and 3.30 per cent (as on June 30, 2024), said the company.

    “During the six months ended September 30, 2024, the total disbursements for the company stood at Rs 29,391 crore against Rs 25,521 crore for the same period of the previous year, a growth of 15 per cent. The shares of LIC Housing Finance closed at Rs 618.45 on Monday, up by 3.39 per cent.

  • LIC New Business Premium Up 35 Per Cent To Rs 19,309 Crore In August | Economy News

    Mumbai: Life Insurance Corporation (LIC) of India saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year, showed data by the Life Insurance Council on Monday. 

    The LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year. The individual premium segment saw collections of Rs 5,047.36 crore in August, representing a 4.60 per cent rise from Rs 4,825.52 crore in August 2023.

    Meanwhile, the group premium segment experienced a significant increase of 46 per cent, amounting to Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in August 2023. Notably, group yearly premiums surged by 291.14 per cent to Rs 702.52 crore, a substantial increase from Rs 179.61 crore in the previous year.

    Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government’s share of the company’s dividend, approved by the shareholders. LIC has completed 68 years since its incorporation and has an asset base of over Rs 52.85 lakh crore (as of March 31, 2024).

    For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.

    The group premium segment also saw considerable growth, up by 32.82 per cent to Rs 71,789.38 crore, from Rs 54,049.22 crore last year.

    Group yearly premiums increased by 133.71 per cent, totalling Rs 994.97 crore in the first five months of fiscal 2025, compared to Rs 425.72 crore in the corresponding period of fiscal 2024.

    The total number of policies and schemes issued by LIC in August experienced a slight decline of 4.45 per cent, reaching 16.36 lakh, down from 17.12 lakh in August 2023.

    For the first five months of FY25, LIC saw a 3.65 per cent increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year, as per the data.

  • Nine Of Top 10 Valued Firms Add Rs 95,522 Cr To Market Valuation; Reliance, TCS Lead Gainers | Economy News

    New Delhi: The combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers.

    Rising for the fourth straight session, the 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 on Friday. Last week, the BSE benchmark jumped 649.37 points or 0.80 per cent.

    The market capitalisation (Mcap) of Reliance Industries surged by Rs 29,634.27 crore to Rs 20,29,710.68 crore. The valuation of TCS jumped Rs 17,167.83 crore to Rs 16,15,114.27 crore and that of Hindustan Unilever by Rs 15,225.36 crore to Rs 6,61,151.49 crore.

    The Mcap of Bharti Airtel rallied by Rs 12,268.39 crore to Rs 8,57,392.26 crore and that of ICICI Bank by Rs 11,524.92 crore to Rs 8,47,640.11 crore. ITC soared Rs 3,965.14 crore to Rs 6,32,364.24 crore, while State Bank of India added Rs 2,498.89 crore to Rs 7,27,578.99 crore.

    In addition, the valuation of Life Insurance Corporation of India jumped by Rs 1,992.37 crore to Rs 6,71,050.63 crore and that of Infosys by Rs 1,245.64 crore to Rs 7,73,269.13 crore.

    However, the mcap of HDFC Bank plunged by Rs 4,835.34 crore to Rs 12,38,606.19 crore. Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, LIC, Hindustan Unilever and ITC.

  • LIC to record on bourses on Tuesday

    Via PTI

    NEW DELHI: The rustic’s greatest insurer LIC will record its stocks at the inventory exchanges on Tuesday after witnessing a just right reaction from home traders within the preliminary proportion sale, which fetched Rs 20,557 crore to the federal government.

    The federal government had mounted the problem worth of LIC stocks at Rs 949 apiece for allotment to traders.

    LIC policyholders and retail traders have were given the stocks at a value of Rs 889 and Rs 904 apiece, respectively, after making an allowance for the cut price introduced.

    The Preliminary Public Providing (IPO) of Existence Insurance coverage Company (LIC) closed on Might 9 and stocks had been allotted to bidders on Might 12. The federal government offered over 22.13 crore stocks or a three.5 in step with cent stake in LIC throughout the IPO.

    The associated fee band of the problem was once Rs 902-949 a proportion.

    Then again, stocks had been allotted to traders on Might 12 on the higher finish of the cost band. The stocks will record at the BSE and NSE on Might 17.

    The LIC IPO — India’s greatest so far — closed with just about thrice subscription, predominately lapped up via retail and institutional patrons, however international investor participation remained muted.

    Up to now, the volume mobilised from the Paytm IPO in 2021 was once the most important ever at Rs 18,300 crore, adopted via Coal India (2010) at just about Rs 15,500 crore and Reliance Energy (2008) at Rs 11,700 crore.

    LIC had final month lowered its IPO measurement to a few.5 in step with cent from 5 in step with cent determined previous because of the present uneven marketplace prerequisites. Even after the lowered measurement of over Rs 20,557 crore, the LIC IPO is the largest preliminary public providing ever within the nation.

    The percentage sale was once first of all deliberate to hit the markets in March. However the uncertainty in inventory markets because of the Russia-Ukraine warfare driven the problem to the present fiscal, which started in April.

    The proceeds from the LIC factor make up for roughly a 3rd of the Rs 65,000 crore disinvestment goal set for the present fiscal.

    Whilst it has already raised Rs 3,058 crore from a minority proportion sale in ONGC, Rs 211.

    14 crore is prone to are available after the handover of Pawan Hans control keep watch over to M/s Star9 Mobility Pvt Ltd, a consortium of M/s Giant Constitution Non-public Restricted, M/s Maharaja Aviation Non-public Restricted and M/s Almas International Alternative Fund SPC, via June.

    Within the final fiscal, the federal government mopped up Rs 13,531 crore from CPSE disinvestment, towards the revised scaled-down goal of Rs 78,000 crore.

  • SC denies period in-between aid to policyholders in the hunt for keep on LIC IPO stocks allotment

    By means of PTI

    NEW DELHI: The Best Court docket Thursday refused to grant any period in-between aid and keep the Existence Insurance coverage Company (LIC) IPO proportion allotment on a batch of pleas filed by means of some policyholders.

    A bench of Justices DY Chandrachud, Surya Kant, and PS Narasimha mentioned that the court docket must be reluctant to grant any period in-between aid in issues of industrial investments and IPO.

    “Having regard to the details that have been attracted to the attention of the court docket, we’re of the thought to be view that no case for the grant of period in-between aid is made out. We, due to this fact, decline period in-between aid,” the bench mentioned.

    It issued realize to the Centre and LIC on a writ petition filed by means of some policyholders and on an enchantment filed towards the judgement of the Madras Top Court docket and transferred to itself a plea pending prior to the Bombay Top Court docket at the factor.

    The apex court docket directed that replies be filed in 8 weeks and rejoinder affidavits be filed thereafter in 4 weeks because it tagged the prevailing lawsuits with the pending subject at the factor of cash invoice prior to the bigger bench.

    The bench mentioned, “At the side of whether or not any case is made for grant of period in-between aid, the court docket should be guided by means of the well-settled parameters particularly -the life of prima facie case, the stability of comfort and irreparable hurt and harm.”

    It mentioned that at the side of constitutional factor concerning the passage of cash invoice and at the building of phase 28 of LIC Act, it’s prone to factor the attention as it might be essential to look at that the submission which has been made on behalf of petitioners would warrant additional deliberation.

    The LIC IPO opened on Would possibly 4 for retail and different buyers and is ready to be allocated on Thursday.

    The bench famous that as many as 73 lakh candidates each in India and around the globe have subscribed to the LIC’s IPO and the IPO has been oversubscribed six occasions even within the class which has been particularly reserved for the policyholders.

    The highest court docket mentioned that it is important to notice the share dilution of the shareholding of the LIC because of the be offering on the market is to the level of three.5 in keeping with cent and 22.13 crore fairness stocks of a face worth of Rs 10 each and every is being presented at a top class of Rs 939.

    The bench mentioned that the predicted receipt into the consolidated fund of India is estimated to be Rs 20,500 crores and the IPO has been oversubscribed by means of 2.95 occasions by means of most of the people.

    It famous the submission of Further Solicitor Common N Venkatraman, showing for the Centre and LIC that phase 28 of the LIC Act as at the start enacted didn’t confer any contractual proper to the collaborating policyholders to suitable 95 in keeping with cent of the excess and the distribution of surplus was once in all subject matter time dependent upon notification of the Central executive.

    It famous that no statutory ensure has been issued to the collaborating shareholders at the distribution of a selected quantum of the excess and the modification which has been introduced by means of the Finance Act envisages allotment of stocks to shareholders within the LIC.

    All over the listening to, Venkatraman additional adverse the grant of any period in-between aid and adverted to more than a few related dates having a bearing at the stability of comfort and mentioned that irreparable hurt could be brought about, if any period in-between aid is granted.

    He submitted that the invoice which sooner or later resulted within the Finance Act, of 2021 was once handed on March 28, 2021, just about 15 months in the past, and the petition underneath Article 32 which has been instituted prior to the court docket was once filed on Would possibly 9, 2022, which is the date on which the LIC IPO stands closed. He identified that the enchantment has been filed towards the Madras HC verdict dated March 21 on Would possibly 2 and in a similar way is the enchantment filed towards the Bombay HC order of April 11.

    On the outset, senior suggest Indira Jaising, showing for the petitioner policyholders, mentioned that the method which has resulted in the enactment of the modification to the LIC Act was once at the foundation that the Finance Act was once the cash invoice and the problem has been referred to the bigger bench in 2020. She mentioned because of the modification to phase 28 of the LIC Act, 1956, the nature of the LIC which is within the nature of a mutual receive advantages society is sought to be transformed to a joint-stock corporate.

    She added this quantities to an expropriation of the excess and its distribution within the collaborating policyholders to the shareholders to whom the stocks might be allocated as the results of the IPO.

    Jaising mentioned previous 95 in keeping with cent of surplus went to collaborating policyholders whilst 5 in keeping with cent was once retained by means of the Central executive, which was once only a trustee of the LIC.

    She added the entitlement of the collaborating policyholders could be altered by means of the modification which has been caused by means of the Finance Act, 2021 to the provisions of the LIC Act and could be in violation of the provisions of the Charter.

    The highest court docket famous that by means of the Finance Act of 2021, an modification was once dropped at the LIC Act and on February 13, 2022, a draft crimson herring prospectus was once filed with SEBI for the Preliminary Public Providing (IPO) of LIC.

    It famous that on April 26, 2022, the crimson herring prospectus was once made to be had on SEBI’s web page, indicating a value band of Rs 902 to Rs 949 in keeping with fairness proportion with a bargain of Rs 60 for the policyholder.

    On April 27, a value band commercial was once printed and the federal government introduced that LIC’s IPO might be opened on Would possibly 2for anchor buyers and from Would possibly 4 to Would possibly 9, 2022, for most of the people.

  • SC refuses to grant meantime aid on pleas looking for keep on LIC IPO proportion allotment 

    By means of PTI

    NEW DELHI: The Excellent Courtroom on Thursday refused to grant any meantime aid and keep the Existence Insurance coverage Company (LIC) IPO proportion allotment on a batch of pleas filed by means of some policyholders.

    A bench of Justices DY Chandrachud, Surya Kant and PS Narasimha stated that the courtroom must be reluctant to grant any meantime aid in issues of business investments and IPO.

    “We don’t seem to be vulnerable to grant any meantime aid,” the bench stated because it issued realize to the Centre and LIC at the batch of pleas looking for their reaction inside of 8 weeks.

    The bench stated that at the facet of meantime aid the courtroom should be guided by means of the well-settled idea of prima facie case, the steadiness of comfort and whether or not there’s any irreparable damage.

    The LIC IPO opened on Might 4 for retail and different buyers and is ready to be allocated on Thursday.

    The bench famous that some of the pleas has challenged the meantime order handed by means of the Bombay Top Courtroom and disposed it, pronouncing the writ petition sooner than the top courtroom shall be transferred to the apex courtroom.

    The highest courtroom tagged the batch of pleas with a pending topic referred to a Charter Bench at the factor of the passage of the Finance Act, 2021 as a cash invoice.