ICICI Lombard, a general insurance company, has been served a show-cause notice by a central law enforcement agency for allegedly not paying Rs 1,728.9 crore worth of tax over a period of five years. The notice pertains to non-payment of GST on co-insurance premiums and re-insurance commissions. The Directorate General of GST Intelligence has been investigating 30 insurance companies for GST evasion, with discrepancies amounting to Rs 3,500 crore detected so far. ICICI Lombard had previously received a show-cause notice demanding Rs 273 crore in taxes. HDFC Life also received a similar notice demanding Rs 942 crore in taxes.
Karnataka Bank to raise Rs 1,500 cr in equity to fund growth
Karnataka Bank has announced plans to raise approximately Rs 1,500 crore in fresh capital through a preferential issue, rights issue, QIP, or other permissible modes. The bank's board has approved the issuance of equity shares to several companies. The funds raised will be used to strengthen the bank's financial foundation for future growth and meet the needs of its growing business.
Ahead of IPO, RR Kabel collects over Rs 585 cr from anchor investors
HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global are among the anchor investors.
Life Insurance August trends: Private players gain market share, LIC posts weak numbers
Max Life and SBI Life took charge in market share improvement for the month of August. Max Life gained 142 basis points YoY to 6.2 percent market share in the individual APE segment, while SBI Life gained 259 basis points to 17.6 percent.
"India Inc. will witness a huge dearth of good and experienced independent directors next year," said Berjis Desai, a veteran lawyer and director on several boards. "There are about two dozen professionals who can actually bring value to the table but hundreds of boards will require experienced independent directors and hence we may see a mega churn in several boards," adds Desai, who is on the board of several companies including Great Eastern Shipping, Man Infraconstruction and Jubilant Foodworks among others.
Life insurers' premium income continues to fall in August
While the private sector insurance industry reported a 14.51% increase in premium income during the same period, reaching ₹53,144 crore, riding on the growth in group single premiums, LIC's overall premium income declined 25% to ₹74,156 crore for the same period.
Jio Financial's exclusion from key indices deferred
"JFSL will now be removed from all the S&P BSE indices effective prior to the opening of trading on Tuesday, August 29, 2023. Should JFSL continue to hit the lower circuit in the next two days, the removal date will be deferred by another three days," BSE said in a circular.
HDFC Group launches life insurance, asset management services from GIFT IFSC
HDFC Group has launched its life insurance and asset management services at Gujarat's GIFT City, which includes HDFC International Life, providing US dollar health and life-insurance policies, and HDFC AMC International, which gives fund management and advisory services as part of its offshore hub.
You can save 80% on your term life insurance premium if you quit smoking; when and how to buy it
The additional premium that you have to pay as a smoker varies from one insurance company to another. The premium rates for smokers can be 50 per cent to 80 per cent higher than those of non-smokers, said experts. Let's understand how smoking impacts life insurance premiums, how much you pay for a cover and what you can do to reduce your premium burden
Home loan biz will benefit from low cost of funds: HDFC Bank chairman at AGM
It will also enable the bank to offer to its wider customer base, a full suite of financial products like life insurance, general insurance, health insurance, and investment products like mutual funds, by leveraging the strength of major entities like HDFC Ergo, HDFC Life and HDFC Mutual Fund, which now come into the Banks fold, as a result of the merger, he said.
Some insurers gave fake bills when quizzed on ITC: Probe
HDFC Life and ICICI Prudential Life Insurance previously told exchanges that they received GST demand notices of ₹942.18 crore and ₹492.06 crore, respectively. They plan to take legal action. HDFC Life has deposited ₹50 crore, and ICICI Prudential Life Insurance deposited ₹190 crore during the inquiry without accepting liability.
ICICI Bank, JSW Steel among 10 Nifty50 stocks with Golden Crossover pattern
Trendlyne has reported that 45 stocks, including Larsen & Toubro, HDFC Life Insurance, and ITC, have experienced the Golden Crossover pattern, which indicates a potential shift in momentum from bearish to bullish. This pattern occurs when a stock's short-term moving average crosses over the long-term moving average
Regulatory changes in insurance sector will help create value for customers: HDFC Life Chairman Deepak Parekh
Addressing the company's 23rd annual general meeting, Parekh, who till June 30 was the chairman of HDFC which got merged with HDFC Bank, said several changes that the regulator Irdai is proposing would enhance insurance penetration, facilitate sustainable growth and ease the operating environment.
Abhay Agarwal on 3 top stocks to go for in the unlisted space
“What happens in this space is that there is a valuation asymmetry because of lack of information. For example, in the case of PharmEasy or Reliance Retail, once the price starts going up, investors start seeing price as a value because there is no way to decipher what is the real value and that is where some people get burnt.”
ET was first to report on September 29, 2022, about investigations into potential GST input tax credit violations by insurers, and on January 24, about similar probes by the Income Tax Department. HDFC Life on June 23 said it had received a show cause notice from DGGI demanding `942 crore tax for the July 2017 to FY22 period.
Don’t be too aggressive in IT stocks as headwinds greater than tailwinds: Sandip Sabharwal
“After the big move in the Bank Nifty over the last few months, it is better to stick with the leading larger banks because they will be a bit insulated from this although their NIMs will also come under pressure. Also, in IT, headwinds are greater than tailwinds and I would not be too aggressive in IT stocks at this stage.”
Many investors bought the stock in anticipation of a rally due to an inflow from the passive funds. Analysts said shares of companies that are due to be part of a main index surge because of buying by passive funds, whose portfolios are linked to the stock weights of a benchmark index.
Promoters cash in on rally, offload company shares
On June 30, promoters of air-conditioning generator manufacturer TD Power Systems sold 37.7 million shares for ₹835 crore. Shares of TD Power rallied 8% in the last three months and 20% in the last one year.
What should investors do with Nykaa? Devang Mehta answers
The subsidiaries of HDFC, of course, the companies like HDFC Life or HDFC Securities or for that matter even HDFC AMC also comes under the umbrella of HDFC Bank and it creates a huge sort of a banking conglomerate.
M&M, Bank of Baroda, and 8 other BSE100 index stock hit 52-week high
Stocks listed in the BSE 100 Index, including Bank of Baroda, BPCL, Dr Reddy's Labs, HDFC Life Insurance, HUL, IndiGo, IOC, Larsen & Toubro, Lupin, and M&M, hit new 52-week highs, showing investor confidence and market leadership. The data accessed at 1.10 pm is subject to real-time updates, and individual reports may differ.
DLF, Britannia among 10 stocks that hit to new 52-week high
Several stocks, including those of DLF, BPCL, Britannia, and Dr. Reddy's Lab, hit new 52-week highs, leading to an impressive surge in the S&P BSE100 index. Godrej Consumer Products, Colgate-Palmolive, HDFC Life Insurance, Hero MotoCorp, HUL, and IndiGo also demonstrated strength and resilience in the Indian market.
How the HDFC Bank-HDFC merger will impact FD investors; Important FAQs answered
Following final board approval, Housing Development Finance Corporation Ltd. and HDFC Bank Ltd. announced on Friday that their major merger had been completed. HDFC Bank has released FAQs related to fixed deposit investment and the impact of the merger on FD investors.
HDFC and HDFC Bank have approved their merger, making it the world's fourth-largest bank by market value. Shareholders of HDFC as of July 13 will be eligible for HDFC Bank stock, with eligible shareholders receiving 42 new equity shares for every 25 held. Non-convertible debentures and commercial papers will also be transferred to HDFC Bank. The merger aims to strengthen the banks' combined financial services ecosystem and facilitate greater credit flow into the economy, including infrastructure loans. All HDFC employees will become HDFC Bank employees, and the bank's subsidiaries will include various financial services entities.
HDFC merger to create worlds fourth largest bank by mkt cap
July 12 has been set as the date for the transfer of non-convertible debentures (NCDs) of HDFC in the name of HDFC Bank. While commercial papers of HDFC will be transfered to HDFC Bank from July 7. HDFC Bank will issue and allot eligible shareholders 42 new equity shares for every 25 equity shares held by shareholders of HDFC Ltd as on July 13.
Deepak Parekh signs off: Looking back at an industry icon's extraordinary career
“It is my time to hang my boots with both anticipation and hope for the future," Parekh wrote to HDFC shareholders for the last time as chairman. "While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity."
Jefferies’ Chris Wood increases bet on Zomato, reduces investment on ONGC
Christopher Wood, the global equity strategist at Jefferies, has announced an increase in his investment in Zomato, an online food delivery aggregator, by one percentage point. This will be done by reducing the investment in Oil & Natural Gas Corp. Wood had previously added Zomato to his India long-only portfolio a month ago with a 4% weight. He has also made adjustments to his portfolio by removing HDFC Life Insurance and increasing the allocation to Nvidia, Alibaba, and TSMC in his global long-only equity portfolio. Wood believes that owning Nvidia is more beneficial in the growing field of generative artificial intelligence than owning Intel or AMD.
Hatsun Agro, HDFC Life among 10 overbought stocks trading with bearish RSI
The Relative Strength Index (RSI) is a crucial technical indicator for analyzing stock movements. It helps investors identify potential shifts in stock momentum. Stocks that are in the overbought zone with bearish or declining RSI trends may indicate a possible reversal or slowdown in price appreciation. In this article, ETMarkets explores 10 such stocks that are currently in the overbought zone with bearish RSI trends. The RSI is a widely used momentum oscillator that ranges from 0 to 100, providing insights into whether a stock is overbought or oversold.
Shares of Easy Trip Planners, the online travel platform EaseMyTrip, fell almost 5% on the NSE due to a likely block deal. Selling was observed with high volumes, and the stock hit a new low in March. Despite the current lows, the stock is considered expensive in terms of valuation. The stock has been relatively less volatile, and the company operates in both B2B2C and B2C distribution channels. The stock fell despite a positive trend in the overall markets, with Nifty and Bank Nifty hitting new all-time highs.
HDFC makes HDFC Life a subsidiary by raising its stake to 50.33%
Mortgage lender clarified that July 1 is simply a 'tentative' date for completion of its merger with HDFC Bank. The record date of July 13 is also tentative and subject to completion of certain formalities, it said
HDFC further buys 0.7% stake in HDFC Life; takes stake over 50% in insurer
HDFC, the promoter company, has increased its stake in subsidiary HDFC Life through bulk deals. HDFC purchased 1.65 crore shares at an average price of Rs 674 apiece, following a previous acquisition of a 0.7% stake in HDFC Life through open market transactions.
Ten best bets for next 3-4 weeks as bulls go slow on scaling new highs
The index is likely to consolidate in the monthly F&O expiry week, and if the index takes support and rebounds, then 18,700-18,900 could be the resistance area, whereas 18,500-18,450 could be the next crucial support in case of correction in coming sessions
CLSA sees little upside in HDFC Life post strong rally, recommends ‘Underperform’
CLSA, a brokerage firm, has given an 'Underperform' rating on HDFC Life Insurance Company, stating that it sees limited potential for the stock's upside. CLSA has set a price target of Rs 680, predicting a 2% increase from the stock's closing price on Tuesday. While Jefferies and Kotak Institutional Equities have taken a 'Buy' stance on the stock with higher price targets, HDFC Life shares fell on Wednesday as investors looked to book profits. On Tuesday, HDFC bought an additional stake in its subsidiary HDFC Life through open market transactions.