LIC IPO

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, may select a new chairman of insurance behemoth LIC this month. The chairman will be selected from the four managing directors of the company, sources said. According to sources, the bureau may conduct an interview for the position towards the end of next week if all members of the committee are available. FSIB is likely to make a selection this month, subject to the availability of members due to Parliament's Budget session, sources said. The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. It can be noted that one of the managing directors BC Patnaik retires on March 31. The government has already appointed Tablesh Pandey as his replacement. Currently, Siddhartha Mohanty, managing director of LIC, is acting chairman of the country's biggest life insurance firm

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69 per cent as of March 14. In a regulatory filing, LIC said its holding in NMDC has decreased from 13.69 per cent to 11.69 per cent during the period between December 29, 2022 and March 14, 2023, at an average price of Rs 119.37 a share. The sale of 2 per cent stake or a little over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC. "Corporation's shareholding in NMDC Ltd has diluted from 40,14,72,157 to 34,25,97,574 equity shares decreasing its shareholding from 13.699 per cent to 11.690 per cent of the paid-up capital of the said company," LIC said. NMDC is engaged in exploration and production of iron ore.

LIC made stock market debut on May 17, 2022, and is trading 40 per cent below its issue price of Rs 949 per share

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

Kotak Institutional Equities has initiated coverage on Life Insurance Corporation of India (LIC) with a 'buy' rating and a fair value of Rs 1,000

Adani Wilmar, Venus Pipes & Tubes, Hariom Pipe Industries and Veranda Learning Solutions are the top multi-bagger debutants that delivered 109-135 per cent returns in 2022

The government aims to appoint a private sector professional as the first chief executive of the LIC in an effort to modernise its largest insurer after a disappointing stock market debut

The value of investments in Adani firms more than double in the past year

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

The multifold increase in net profit was due to a change in its accounting policy, wherein it has transferred Rs 14,272 crore to the shareholders' account from the non-participatory account

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

Even some big-ticket deals such as the LIC IPO did not generate higher fees

In the past three months, the stock of LIC has declined 3 per cent, as against 14 per cent rally in the benchmark index

he stock of India's biggest life insurer closed at Rs 655 apiece on the BSE on Friday, marginally above its record low of Rs 650, hit on June 20, 2022

Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers

If new business premium and margin continue to improve, there can be a decent upside in the stock

LIC's Indian embedded value (IEV) grew marginally to Rs 5.41 trillion as of March 2022 compared with Rs 5.39 trillion as of September 2021

Rising interest rates, too, do not augur well for corporate India as they will make raising money via debt expensive

The IRDAI is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity

We firmly believe that once the market stabilises, our inherent strength and performance will be recognised