BUSINESS
Indian insurance sector: Shakeout or promoter exits to happen?
"As regards the life insurance sector, the storyboard is clear. The insurers have limited products (endowment, money back), lower internal rate of return (IRR) in endowment policies and disinterest on the part of life insurers to sell term insurance policies after Covid-19 death claims," a senior life insurance industry official, speaking on condition of anonymity, told IANS.
Pick up in economic activity to shoot up country's CAD to over 1% in FY22
As per an assessment by Kotak Institutional Equities (KIE), the country's current account deficit to GDP is likely at 1.1 per cent in FY22 with rupee remaining strong against dollar and remaining in the Rs 72.5-74 range in near term. The Covid-19 pandemic and nationwide lockdown last year has impacted the economic activity in the country with GDP plummeting by over 24 per cent in April-June quarter of FY21.
Sensex closes above 58,000, RIL shares surge 4%
Sensex touched a record high of 58,194.79 points during the day. It closed at 58,129.95, higher by 277.41 points, or 0.48 per cent, from its previous close of 57,852.54. It had opened at 57,983.45 and touched an intra-day low of 57,764.07 points. The Nifty50 on the National Stock Exchange closed at 17,323.60, higher by 89.45 points or 0.52 per cent from its previous close.
Changing Dynamics: Smaller fund houses outpace major players in 2021
In tandem with the rise in the equity market, small players made giant strides during the year. Equity schemes of fund houses like Quant Mutual Fund, ITI Mutual Fund, PPFAS Mutual have been among the best performing schemes so far in the year.
Hurun India Future Unicorn List 2021: Sachin Bansal’s Navi, Tata-backed Curefit among 32 who make the list
Bouncing back from the Covid slump, the Indian economy has started growing at a brisk pace once again. India’s GDP grew at 20.1% in the quarter ending June 2021. Flipkart co-founder Sachin Bansal's Navi Group -- a financial service company -- found a place at 11 in the list.
HDFC Life to acquire Exide Life for Rs 6,687 Cr
The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals. The Boards of three companies approved the transaction on Friday morning.
Reliance will create and offer fully integrated, end-to-end renewables energy ecosystem to India: Mukesh Ambani
Speaking at the International Climate Summit 2021, Ambani said it will be amongst the largest integrated renewable energy manufacturing facilities in the world. This complex will have four Giga Factories, which cover the entire spectrum of renewable energy. The first will be an integrated solar photovoltaic module factory. The second will be an advanced energy storage battery factory.
No revision in petrol, diesel prices for 2nd consecutive day
Accordingly, the price of petrol and diesel remains unchanged at Rs 101.34 and Rs 88.77 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price is stable at Rs 107.39 per litre on Friday while diesel rates also remain unchanged at Rs 96.33 a litre.
Sensex touches 58,000 for first time in history
Sensex has hit a record high of 58,115.69 points. Rise in the global markets lifted the Indian indices, analysts said. Healthy buying was witnessed in auto stocks. Around 10.10 a.m., Sensex was trading at 58,050.25, higher by 197.71 points or 0.34 per cent from its previous close of 57,852.54.
Expo 2020 Dubai: India to showcase country's march to becoming $5T economy
The six-month Expo 2020 Dubai will start on October 1, 2021 and go on till March 2022. According to Commerce Secretary B.V.R. Subrahmanyam: "The India Pavilion at Expo 2020 Dubai will showcase resurgent India's march to becoming a $5 trillion economy. "India's exceptional fightback against Covid-19 and the country's emergence as a global business hub presenting huge opportunities for the world will be the overarching theme of India's participation at Expo 2020 Dubai."
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