The Indian government is considering selling up to 5% of its stake in the state-owned insurance giant Life Insurance Corporation (LIC) to meet the minimum public shareholding (MPS) norm. The move could involve a follow-on public offer (FPO) or a qualified institutions placement (QIP). This comes after the government received significant funds from LIC’s initial public offering (IPO) in 2022.
The Life Insurance Corporation of India (LIC) has closed its office in Bangladesh due to the country’s ongoing political turmoil. Following widespread protests against a controversial job quota system, Prime Minister Sheikh Hasina resigned and fled to India, seeking asylum in the UK. The protests, sparked by a quota system that favored veterans’ families, escalated into anti-government demonstrations demanding Hasina’s resignation. Over 100 people have been killed in clashes between protesters and security forces.
The Indian stock market experienced a significant downturn last week, with eight of the top ten companies losing over Rs 1.28 lakh crore in market capitalization. IT giants TCS and Infosys were the hardest hit due to global recession fears. However, HDFC Bank saw a surge in its market cap, while LIC also gained. The broader market sell-off reflects potential exhaustion and consolidation due to premium valuations, weak Q1 results, and global market uncertainty.
The Life Insurance Corporation of India (LIC) has introduced a revolutionary policy, the New Jeevan Shanti Plan, that promises a guaranteed lifelong pension with a single investment. This plan caters to individuals aged 30 to 79 and offers two options: Deferred Annuity for Single Life and Deferred Annuity for Joint Life. It also includes death cover, flexibility for surrender, and a minimum investment of ₹1.5 lakh.
The LIC Saral Pension Plan offers a guaranteed monthly pension upon retirement with a single one-time investment. This plan is designed for individuals seeking a secure income stream after retirement, offering flexibility in annuity amounts and loan facilities.
Life Insurance Corporation (LIC) has issued a warning to the public regarding fraudulent advertising activities on social media platforms by individuals or entities impersonating senior officials and misusing the company’s brand name and logo. Additionally, Hindustan Unilever Limited (HUL) reported a decline in its consolidated net profit for the fourth quarter of FY24 due to deflation resulting from reduced commodity prices.
