Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

LIC's Rs 57.2 Crore Tax Demand: Excess ITC Issue

LIC faces Rs 57.2 Crore tax demand over excess ITC

The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21.
The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.
The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said.
There is no material impact on financials, operations or other activities of the corporation, it added.

LIC plans to acquire a private standalone health insurer, focusing on strong digital capabilities, and seeks a composite license to sell both life and non-life policies

LIC plans to buy health insurance company; keen to secure composite license: Report

<h2>LIC plans to acquire a private standalone health insurer, focusing on strong digital capabilities, and seeks a composite license to sell both life and non-life policies</h2>

State owned life insurer LIC is planning to buy one of the five private standalone health insurers in order to enter the country's growing health insurance space, reported Mint. As per the report, LIC is also keen on securing the composite license that grants permission to sell both life and non-life policies.
The Insurance Regulatory and Development Authority of India is planning to introduce this composite license soon. Among the five standalone health insurers, LIC is looking to acquire the one with stronger digital capabilities
&ldquo;LIC is keener to acquire a standalone health insurance business. There are multiple options being weighed on. One option before LIC is to take over one of the five standalone (health insurance) players, preferably one that has strong digital capabilities," an Executive told Mint
<h3>LIC to enter health insurance sector</h3>
Mint quoted an LIC executive and said that it may take 2 to 3 months for the life insurer to receive the licence from IRDAI.&nbsp;
&ldquo;For LIC, this makes sense. The work is on internally. The composite licence may take about 2&ndash;3 months and then, LIC may consider acquiring an established health insurance company and grow the business from thereon," an executive told Mint.
As per Mint, LIC has also submitted its health insurance plans to Irdai recently, but it does not involve any proposal for a merger with state-run general insurer.&nbsp;
At present all the standalone health insurers in India are privately owned. They include, Niva Bupa Health Insurance Co. Ltd, Aditya Birla Health Insurance Co Ltd, Care Health Insurance Ltd, ManipalCigna Health Insurance Co Ltd, and Star Health &amp; Allied Insurance Co Ltd. When LIC acquires any one of these firms, it would become the country's first state-owned standalone health insurer.
<h3>Health Insurance products</h3>
The Mint report further added that the state-run insurer plans to leverage its vast network and agency force of over 1.41 million to sell pure, traditional Mediclaim and health indemnity products after acquiring a readymade health insurance company.
Meanwhile, a buyout will require approvals from the Irdai and the ministry of finance since LIC is owned by the central government. LIC has also not kept any funds aside for the acquistion since the plan is still in the starting stage, reported Mint.
<h3>LIC Performance</h3>
The public sector insurer posted a net profit of Rs 13,781.59 crore for the quarter ending on March 31, 2024- up by 4.5% from Rs 13,190.79 crore reported in the same period of the previous fiscal year.
"The Board of Directors has recommended a final dividend of Rs. 6 per equity share of Rs.10 each for the financial year 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting of the Corporation," it said.
LIC's net income from investments increased by 24.43% year-over-year to Rs 84,425.45 crore in Q4FY24 and net profit for FY24 was Rs 40,676 crore, compared to Rs 36,397 crore in FY23.
Additional pension liability due to wage revision for employees stood at Rs 6,306.29 crore of which Rs 829.19 crore has been recognized in FY24 across respective segments
Also watch: <a href="https://www.editorji.com/business-news/personal-finance/lic-considering-to-enter-health-insurance-sector-assessing-acquisition-report-1716872664168">LIC mulling entry into health insurance space, assessing acquisition: Report</a>

LIC plans to enter the health insurance sector through acquisitions, anticipating new composite licenses. India’s insurance sector remains under-penetrated. LIC's net profit rose to Rs 13,781.59 crore in Q4FY24, up 4.5% year-over-year

LIC mulling entry into health insurance space, assessing acquisition: Report

<h2>LIC plans to enter the health insurance sector through acquisitions, anticipating new composite licenses. India&rsquo;s insurance sector remains under-penetrated. LIC's net profit rose to Rs 13,781.59 crore in Q4FY24, up 4.5% year-over-year</h2>

State-owned insurance group LIC is mulling a foray into health insurance sector and is eyeing potential acquisItions, reported Times of India quoting LIC chairman Siddhartha Mohanty. This comes amid the proposal to allow composite insurance companies in the sector.
"There is an expectation that composite licences may be permitted by the new govt, and we have done some internal groundwork. While we lack expertise in general insurance, we are interested in health insurance and are also considering opportunities for inorganic growth," LIC chairman Siddhartha Mohanty told Times of India.
<h3>Composite Insurance License</h3>
A parliamentary committee in February, recommended the implementation of composite insurance licenses to reduce expenses and regulatory burdens for insurance providers. Currently, life insurance companies can not offer extended health insurance benefits. Meanwhile, enabling insurance companies to furnish hospitalization and indemnity coverage would necessitate an amendment to the Insurance Act.
Insurance sector in India is significantly under penetrated. Less than 2.3 crore health insurance policy covers were issued by the end of 2022-23, covering approximately 55 crore individuals. Government covered policies covered nearly 30 crore individuals while group insurance accounted for nearly 20 crore. As per IRDAI, life insurers issued fewer than 2.9 lakh new policies during FY23, covering almost 3 lakh lives.
<h3>LIC performance</h3>
The public sector insurer posted a net profit of Rs 13,781.59 crore for the quarter ending on March 31, 2024- up by 4.5% from Rs 13,190.79 crore reported in the same period of the previous fiscal year.
"The Board of Directors has recommended a final dividend of Rs. 6 per equity share of Rs.10 each for the financial year 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting of the Corporation," it said.&nbsp;
LIC's net income from investments increased by 24.43% year-over-year to Rs 84,425.45 crore in Q4FY24 and net profit for FY24 was Rs 40,676 crore, compared to Rs 36,397 crore in FY23.
Additional pension liability due to wage revision for employees stood at Rs 6,306.29 crore of which Rs 829.19 crore has been recognized in FY24 across respective segments
Also watch: <a href="https://www.editorji.com/business-news/lic-issues-caution-against-fraudulent-social-media-advertisements-1714037767325">LIC cautions against fraudulent social media advertisements</a>

Life Insurance Corporation has cautioned the public about fraudulent advertisements on social media misusing its brand name and imagery. 

LIC cautions against fraudulent social media advertisements

Life Insurance Corporation has cautioned the public about fraudulent advertisements on social media misusing its brand name and imagery.&nbsp;

LIC has issued a stern warning to the public regarding fraudulent advertising on social media platforms. The company cautioned individuals and entities against misusing its brand name, logo, and the images of senior officials for deceptive practices.
In a recent announcement posted on X, LIC urged both policyholders and the general public to exercise caution and validate the authenticity of advertisements they encounter on social media. The company expressed concern over certain entities exploiting its brand identity without authorization, emphasizing the need for vigilance among consumers.
"We wish to alert the public in regard to such deceptive activities," stated LIC in its social media post, highlighting the misuse of its brand assets by unauthorized parties.
LIC encouraged individuals to report any suspicious advertisements bearing its name or logo through its official social media channels. The company assured that it would take appropriate legal action against those found guilty of fraudulent activities.
Furthermore, LIC reiterated its commitment to safeguarding the interests of its policyholders and ensuring transparency in its communication. By issuing this cautionary advisory, LIC aims to prevent unsuspecting individuals from falling victim to fraudulent schemes propagated through social media platforms.
&nbsp;

LIC has terminated an employee involved in front-running big client trades, following SEBI's confirmation of fraudulent activity.

LIC sacks employee allegedly involved in front-running using dead father's demat account

LIC has terminated an employee involved in front-running big client trades, following SEBI's confirmation of fraudulent activity.

LIC, India's premier life insurance corporation, has taken stern action against an employee found engaging in unethical trading practices. The individual in question reportedly traded using their deceased father's demat account, leading to their dismissal from the company.
Market regulator SEBI confirmed the involvement of an LIC employee in front-running trades of a significant client, triggering investigations into the matter. LIC responded by asserting that they have implemented stringent measures to ensure transactional integrity within their dealing room.
In a statement, LIC emphasized their commitment to upholding ethical standards, stating, "We have further placed robust controlling mechanisms along with best practices to prevent any kind of front running." The corporation reiterated its zero-tolerance policy towards such misconduct, affirming that appropriate disciplinary action had been taken against the employee.
SEBI, in its investigation, found prima facie evidence indicating the employee's involvement in fraudulent trading activities, leading to the issuance of an interim order. The regulator highlighted the seriousness of the matter, stating that detailed investigations are ongoing.
The investigation, initiated by SEBI following surveillance alerts, spans the period between January 2022 and March 2022. Additionally, trades conducted between January 1, 2020, and March 15, 2022, are under scrutiny, reflecting the thoroughness of the regulatory inquiry.
This incident underscores the importance of maintaining ethical conduct in financial institutions and the vigilant oversight exercised by regulatory authorities to uphold market integrity. LIC's decisive action serves as a reminder of the consequences of breaching trust and ethical standards within the financial sector, reinforcing the imperative for transparency and accountability in all dealings.

Last month, LIC surpassed State Bank of India to become the country's most valued PSU firm by market capitalisation

LIC shares break the ₹1,000 barrier for the first time

<h2>Last month, LIC surpassed State Bank of India to become the country's most valued PSU firm by market capitalisation</h2>

Shares of Life Insurance Corporation or LIC witnessed a remarkable intraday surge of 8.8% on Monday, surpassing the ₹1000 milestone to reach a record high of ₹1,028 per share.
After a relatively subdued performance following its listing in May 2002, LIC shares have experienced a notable turnaround since November 2023, concluding the month with a substantial gain of 12.83%.
This positive trend continued into December with an impressive rise of 22.52%, followed by another surge of 14% in January.
On January 23, LIC's shares surpassed the IPO price of ₹949 per share, and since then, the stock has maintained its upward momentum, consistently achieving fresh record highs. Last month, LIC surpassed State Bank of India to become the country's most valued PSU firm by market capitalisation.

RBI's approval for LIC to acquire 9.99% of HDFC bank's stake comes at a time as the bank has been struggling to reach their former potential on the Indian stock markets

RBI allows LIC to acquire 9.99% stake in HDFC Bank

<h2>RBI's approval for LIC to acquire 9.99% of HDFC bank's stake comes at a time as the bank has been struggling to reach their former potential on the Indian stock markets</h2>

The Reserve Bank of India (RBI) has given its nod to Life Insurance Corporation (LIC), to acquire 9.99% stake in HDFC Bank.&nbsp;
&ldquo;LIC has been advised by RBI to acquire the aforesaid major shareholding in the Bank within a period of one year i.e. by January 24, 2025," HDFC bank said in regulatory filing.
<h3>LIC acquires more HDFC stake</h3>
LIC already owns 5.19% stake in HDFC Bank and had sent an application to RBI regarding expanding its shareholding in the bank.
While giving permission, RBI had advised the insurance giant to acquire the major shareholding in HDFC Bank within a period of one year, i.e. by January 24, 2025. LIC is also instructed to ensure that the shareholding does not exceed 9.99% of the paid-up share capital or voting rights of the bank at all times.&nbsp;
&ldquo;Pursuant to Regulation 30 of the SEBI Listing Regulations, we would like to inform you that the Reserve Bank of India (RBI) vide its letter dated January 25, 2024 addressed to Life Insurance Corporation of India (LIC), has accorded its approval to LIC for acquiring aggregate holding up to 9.99% of the paid-up share capital or voting rights of HDFC Bank Limited,&rdquo; HDFC bank further said in its regulatory filing.
Paid-up capital is the amount of money received by the company when it sells its shares to the shareholders and investors directly through the primary market.
<h3>HDFC Bank Q3 Results</h3>
This comes as HDFC Bank has been struggling to reach their former potential on the Indian stock markets. The share price suffered a dip after a disappointing quarterly results. HDFC Bank shares on Thursday closed 1.4% lower at Rs 1,440.70.&nbsp;
As per Bernstein Research, the bank disappointed both in terms of the loan to deposit ratio and net interest margin change.&nbsp; Core net interest margin for the bank stood at 3.4% as of Dec. 31, and at 3.6% on an interest earning assets basis. Meanwhile, the net profit rose 33% Y-O-Y to Rs 16,372 crore in Q3FY24, which was near expectations. However, it included a one-time tax rate gain. The bank's net interest income grew 24% on-year to Rs 28,470 crore during the quarter, falling below estimates.
The Non-performing assets of the bank also grew by 1.26% in Q3FY24 from 1.23% last fiscal. Its net NPA dropped to 0.31% from 0.33% in this period.
Also Watch: <a href="https://www.editorji.com/business-news/markets/hdfc-bank-drags-down-share-market-shares-plunge-7-as-q3-results-disappoint-investors-1705482686774">HDFC bank drags down share market; shares plunge 7% as Q3 results disappoint investors</a>

Landmark achievement! Life Insurance Corporation of India (LIC) surpasses State Bank of India (SBI) as India's most valuable PSU.

LIC dethrones SBI as India's most valuable PSU with ₹5.8 lakh crore m-cap

LIC surpasses SBI to emerge as most valuable PSU with a ₹5.8 lakh crore market cap

<h2>This surpasses the market cap of State Bank Of India, which, despite a 1% dip in share price on the BSE, maintains a market cap of approximately 5.62 Lakh Crore rupees</h2>

India's Most Valuable PSU: Life Insurance Corporation of India witnessed a 2% surge in its share price during morning trade on Wednesday, propelling its market capitalization beyond 5.8 Lakh crore rupees, reaching 52-week highs at 919 rupees per share.
This surpasses the market cap of the State Bank Of India (SBI), which, despite a 1% dip in share price on the BSE, maintains a market cap of approximately 5.62 Lakh Crore rupees.
LIC shares were listed on the stock market on May 17, 2022 at 875 rupees apiece, while its issue price ahead of listing was 949 rupees. However, the shares of the insurance giant have been on a downward spiral since, hitting an all-time low of 530 rupees.
<h3>LIC shares rebound</h3>
LIC shares rebounded in November 2023 with LIC shares experiencing a substantial surge of over 12%. The upward momentum persisted as LIC shares recorded a 22.52% increase in December and a further 7.51% spike in the first two weeks of January 2024.
A substantial surge in share prices propelled LIC's market capitalization beyond ₹5.66 lakh crore. In the past three months alone, LIC has witnessed a remarkable increase of ₹1.83 lakh crore in its market cap.

The insurer has lined up 3-4 new product launches during the current financial year to accelerate new business premium growth in the double digit

LIC Chairman explores establishment of fintech division

The insurer has lined up 3-4 new product launches during the current financial year to accelerate new business premium growth in the double digit

Life Insurance Corporation (LIC), in its digital evolution known as Project DIVE (Digital Innovation and Value Enhancement), is considering establishing a fintech unit. According to LIC Chairman Siddhartha Mohanty, their primary goal is to implement top-tier digital initiatives across all stakeholders, emphasizing the transformation of customer acquisition as the initial phase.
While most new customers come through agents, LIC plans to extend this transformation to other areas, envisioning services like claims settlement and loans being easily accessible at the touch of a button, enabling customers to access services from the comfort of their homes via mobile devices.
Also read/watch - <a title="X may lose up to $75 million in revenue as more advertisers exit" href="https://www.editorji.com/business-news/x-may-lose-up-to-75-million-in-revenue-as-more-advertisers-exit-1701057282677">X may lose up to $75 million in revenue as more advertisers exit</a>
Mohanty highlighted LIC's focus on harnessing fintech's potential for business expansion, even contemplating the creation of an in-house fintech division. Notably, LIC has already onboarded three fintech companies as corporate agents this year, aiming to launch 3-4 new products this fiscal year to bolster double-digit growth in new business premiums.
Scheduled for launch in early December, LIC anticipates significant market interest in a new product offering assured returns. Mohanty elaborated that this policy ensures lifelong returns of 10% of the sum assured after maturity, providing clarity on payments and returns over extended periods.
He emphasized that this innovative product, equipped with features like loan facilities and premature withdrawal options, aligns with the interests of policyholders and shareholders alike.

LIC has said that the notice is not expected to affect its finances after receiving a notice demanding Rs 36,844 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020 

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

LIC gets notice for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.

<h2>LIC gets notice for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.</h2>

GST Notice:&nbsp;The Life Insurance Corporation of India has received a Goods and Services Tax notice demanding close to Rs 37,000 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.
<h3>LIC Penalised</h3>
The state taxes officer in Srinagar imposed the penalty charging the company with a GST of Rs 10,462, penalty amounting to Rs 20,000 and interest of Rs 6,382, aggregating to Rs 36,844.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/markets/lic-s-market-share-drops-to-58-50-year-on-year-in-september-2023-1696926051963">LIC's market share drops to 58.50% year-on-year in September 2023</a>
As per Business Standard, LIC had received Income Tax penalty notices of Rs 84 crore in October and Rs 290 crore in September. In October, the Insurer received notice for multiple assessment years. For assessment year 2012-13, it was &nbsp;penalised Rs 12.61 crore and it was Rs 33.82 crore for 2018-19. For 2019-2020, the penalty amounted to Rs 37.58 crore.

Overall insurance sector also experienced a decline, with new business premiums totaling ₹30,716.52 crore in September 2023, down from ₹36,366.52 crore in September 2022

LIC's market share drops to 58.50% year-on-year in September 2023

LIC's market share plummets 58.50% year-on-year in September 2023

<h2>Overall insurance sector also experienced a decline, with new business premiums totaling ₹30,716.52 crore in September 2023, down from ₹36,366.52 crore in September 2022</h2>

According to data released by the Life Insurance Council, the Life Insurance Corporation of India (LIC), a major player in the insurance industry, has experienced a significant drop in market share. As of September 2023, LIC's market share has decreased to 58.50%, from the 68.25% it held in September 2022. However, on a month-on-month basis, there has been a marginal improvement in market share.&nbsp; LIC's market share slump&nbsp; The decline in LIC's performance is evident in its new business premium, which stood at ₹18,126.32 crore in September 2023, compared to ₹24,991.26 crore in September 2022. Furthermore, the new business premiums for the period up to September 2023 have declined by 25.40% year-on-year.&nbsp;
Regarding the number of policies and schemes, LIC saw an increase of 14,81,455 policies month-on-month in September 2023, compared to 13,23,418 in September 2022. However, the total number of schemes and policies up to September 2023 has decreased by 3.56% year-on-year.&nbsp; Reasons behind LIC's slump&nbsp;
The reasons behind LIC's slump are attributed to challenges on both the product and distribution fronts, as reported by Business Standard. Insurance analysts suggest that the decrease in LIC's market share can be attributed to reduced sales of certain products, limited competitive options beyond participating ones, and changes in product features and pricing.
<h3>Overall growth of the insurance sector&nbsp;</h3>
The overall insurance sector also experienced a decline, with new business premiums totaling ₹30,716.52 crore in September 2023, down from ₹36,366.52 crore in September 2022. Year-to-date new premiums have seen a significant decrease of 12.97%.&nbsp;

Analysts believe that the weakness in the stock is driven by institutional selling and that the long term outlook for JFS is positive. 

Jio Financial Services shares hit lower limit second day in a row

Analysts believe that the weakness in the stock is driven by institutional selling and that the long term outlook for JFS is positive.&nbsp;

Amid worries of passive outflows, Jio Financial Services (JFS) shares touched the lower circuit threshold for the second consecutive session.
The demerged financial unit of Reliance Industries witnessed an early trading halt at ₹239.20 on BSE, down 5% from its prior session's price of ₹261.85.
Jio Financial Services made its debut in the stock market on Monday. However, the stock encountered challenges as its shares hit the lower circuit during it's debut trading session on Monday as well. As per analysts, the weakness is largely driven by institutional selling and that the short term outlook is uncertain due to lack of clarity about business direction and profitability. However, analysts maintain that the long term outlook for the stock is positive.&nbsp;
Meanwhile, Life Insurance Corporation announced that it has acquired a 6.66% stake in Jio Financial Services, the newly demerged financial entity of Reliance Industries.
Prior to the demerger, LIC had a 4.68% stake in RIL which has now translated to a 6.66% JFS stake
&nbsp;

LIC may take 5 to 7 years to issue more shares to the public and initial discussions are going on within the Finance Ministry

LIC likely to get more time to adhere to 25% public float mandate: Report

LIC may take 5 to 7 years to issue more shares to the public and initial discussions are going on within the Finance Ministry

The Life Insurance Corporation of India (LIC) is likely to get more time to comply with the rules that mandate a minimum of 25% public float of its equity, reported Business Today. As per the report LIC may require five to seven years to issue more shares to the public and that Initial discussions are being held internally within the Finance Ministry on the matter.
"LIC is an exceptional entity, and it may be impossible for us to abide by the norm by 2027. The appetite of investors and market sentiment need to be considered. We have to increase the float gradually," a finance ministry official told Business Today.
Also Read: <a href="https://www.editorji.com/business-news/lic-front-running-case-sebi-bars-lic-employee-four-others-from-securities-market-1682663601452">LIC front-running case: SEBI bars LIC employee, four others from securities market</a>
LIC in May 2022 divested its 3.5% of equity via an initial public offering. LIC was listed at an over 8% discount, fetching Rs 20,557 crore for the exchequer. The government also has the power to exempt any listed public sector company from the minimum public float requirements on a case-by-case basis as per the amended Securities Contracts (Regulation) Rules, 1957.

Last year, the government raised Rs 20,557 crore by diluting its 3.5 per cent stake in LIC through initial public offering (IPO), the country's biggest ever

LIC share price jumps nearly 4% after five-fold jump in net profit 

Last year, the government raised Rs 20,557 crore by diluting a 3.5 per cent stake in LIC through an initial public offering (IPO).&nbsp;

Shares of LIC on Thursday climbed nearly 4 per cent in early trade, after the company posted more than five-fold jump in consolidated net profit at Rs 13,191 crore for the fourth quarter ended March 2023.
The jump in LIC shares also comes at a time when the market value of investments made by state-owned Life Insurance Corporation of India (LIC) in seven companies of the Adani group has swelled to Rs 44,670 crore as stock prices rose from the lows seen in the aftermath of the Hindenburg report.
The country's largest insurer and leading institutional investor in the Adani group has seen the market value of its holdings in Adani stocks increase by around Rs 5,500 crore since April, stock exchange data showed.
LIC's biggest bet is Adani Ports &amp; SEZ Ltd where it holds 9.12 per cent stake. At Wednesday's closing price of Rs 717.95 on the BSE, that holding is worth Rs 14,145 crore.
The rout in Adani stocks happened after Hindenburg in late January alleged fraud, stock manipulation, and money laundering by the group.&nbsp;
While Adani Group denied all allegations and likened the US investment firm's report to an attack on India, the stock price fall impacted LIC's investment and there was fear that it could book losses.

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value. 

Adani Row: LIC Investment in Adani Group Stocks turn negative

Adani Group - Hindernburg row: LIC Investment in Adani Group Stocks ‘Turn Negative’

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value.&nbsp;

For the first time, the value of LIC's holdings into the Adani group companies has fallen below the price it was purchased.&nbsp; As per an Indian Express report, the market value of LIC's holdings in Adani group companies (excluding Ambuja and ACC cements) stood at Rs 29, 861 crore as of Thursday, which is close to 11% lower than the purchase value of Rs 30,127 crore.&nbsp;&nbsp;
Earlier, in January, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore while the purchase value was Rs 30,127 crore. LIC had said its exposure in the Adani group was less than 1% of its portfolio.&nbsp;
Adani group companies' market capitalisation was over Rs 19 lakh crore on January 24, just a day before the Hindenburg research report was released. Since then, the group's market cap has been eroded by over 60%.&nbsp;
The Adani group stocks have been battered ever since the Hindenburg report was released nearly a month ago. The report alleged "stock manipulation and accounting fraud", accusations which were strongly denied by the Adani group.&nbsp; &nbsp;

Life Insurance giant LIC will soon meet the management of the Adani group to better understand how the conglomerate is dealing with the crisis. However, LIC has no plans to reduce its exposure to the Adani group currently. 

LIC: No plans to cut exposure, but will meet Adani management

Life Insurance giant LIC will soon meet the management of the Adani group to better understand how the conglomerate is dealing with the crisis. However, LIC has no plans to reduce its exposure to the Adani group currently.&nbsp;

Chairman of the country's largest insurer, Life Insurance Corporation, said that LIC officials will soon meet the Adani group management over the crisis that the conglomerate is facing. He also added, that there are no plans currently to reduce LIC's exposure to the Adani group companies.&nbsp; "Though our investor team has already sought clarifications from the Adanis, we are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group, and how they are managing the whole crisis." LIC chairman told reporters at the earnings conference on Thursday.
In a recent statement, LIC had said that the total purchse value of their equity exposure was over Rs 36,000 crore and the market value as on January 27th, was Rs 56,142 crore rupees.&nbsp;
LIC has been facing criticism over its exposure to the Adani group companies. Since the scathing report by the U.S based short seller, Hindenburg, made a slew of allegations, the Adani group has seen a massive erosion in market cap.&nbsp;
&nbsp;

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

LIC issues statement amid concerns over exposure to Adani group

LIC gives statement amid concerns over exposure to Adani grp cos

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

Amid concerns in certain quarters over LIC's exposure to Adani group companies, the insurer has said that it strictly follows the statutory framework and regulations while making investments.
Last week, state-owned Life Insurance Corporation (LIC) said it has investments of Rs 35,917.31 crore in Adani group's debt and equity securities. The amount is 0.975 per cent of the insurer's total assets under management of more than Rs 41.66 lakh crore.
The total value of equity, purchased over the last many years, of all the Adani group companies, is Rs 30,127 crore and the market value for the same as at close of market hours on January 27, 2023, was Rs 56,142 crore, as per LIC.
Stocks of the Adani group companies have taken a beating, losing billions of dollars in market value, after US-based short-seller Hindenburg Research in a report dated January 24 made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani group completely denied the allegations calling them 'malicious' and 'basless'.&nbsp;

Amid Speaker Om Birla's appeals for calm, MPs shouted slogans calling the government 'Adani sarkar'.

Adani row: Day 3 of protest in Lok Sabha; 'sarkar shame shame' slogans lead to adjournment

Adani row: third day of protest in Lok Sabha Slogans against Modi govt, demand for JPC probe Speaker's appeals for calm ignored; 3-hr adjournment

Amid Speaker Om Birla's appeals for calm, MPs shouted slogans calling the government 'Adani sarkar'.

For the third consecutive working day, the Lok Sabha was adjourned just minutes after convening.
The Opposition stepped up its protest in the Parliament on 6 February 2023. As soon as the House convened, Opposition MPs began raising slogans demanding a probe into the Adani controversy.
Amid Speaker Om Birla's appeals for calm, MPs shouted slogans calling the government 'Adani sarkar', and demanding the constitution of a Joint Parliamentary Committee, or JPC. Subsequently, the House was adjourned for 3 hours.
The Opposition has been formulating a joint strategy to exert pressure on the Narendra Modi administration on the Adani-Hindenburg saga.
Also Watch: <a href="https://www.editorji.com/india-news/politics/adani-row-laughter-before-loud-shouting-in-rajya-sabha-as-chairman-rejects-opposition-notices-again-1675665264987">Adani row: laughter before loud shouting in Rajya Sabha as chairman rejects Opposition notices again</a>

The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court.

Adani row snowballs: joint Opposition protest demanding probe to 'save LIC, SBI' outside Parliament

Adani row snowballs: joint Opposition protest demanding probe to 'save LIC, SBI' at Parliament's Gandhi statue

The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court.

Signalling that they have no intention to let the Adani controversy die down, Opposition MPs staged a protest at the Gandhi statue in Parliament before the Lok Sabha and Rajya Sabha reconvened after a weekend break.
The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court. MPs also brandished 'Save LIC' and 'Save SBI' posters.
Congress president Mallikarjun Kharge said that the Narendra Modi government does not want the Adani issue to be raised in Parliament. He added that the issue should be debated before a discussion on the Motion of Thanks on the President's Address.
Also Watch: <a href="https://www.editorji.com/business-news/adani-group-stocks-nosedive-again-adani-enterprises-tumble-over-28-1675266464752">Adani group stocks nosedive again Adani Enterprises tumble over 28%</a>

Floor leaders of all Opposition parties in both Lok Sabha and Rajya Sabha have been invited to the meeting.

Adani row: Opposition's plan after weekend break - joint strategy meet, protest in Parliament

Floor leaders of all Opposition parties in both Lok Sabha and Rajya Sabha have been invited to the meeting.

The Budget Session of the Parliament might continue to witness stormy scenes when the Houses reconvene on 6 February 2023 after a weekend break.
An Opposition meeting has been called at 9:30 am to discuss a joint strategy before the proceedings resume, according to news agency ANI. Floor leaders of all Opposition parties in both Lok Sabha and Rajya Sabha have been invited to the meeting.
Opposition MPs will also hold a protest in front of the MK Gandhi statue after the meeting, as per the report.
This follows 2 days of disruption and wash-out of the Parliament session over the Adani-Hindenburg controversy. Opposition parties have demanded either a Joint Parliamentary Committee probe, or an inquiry monitored by the Chief Justice of India, into the issue.
Also watch: <a href="https://www.editorji.com/india-news/politics/pervez-musharraf-s-death-bjp-v-congress-after-shashi-tharoor-tags-pakistan-ex-dictator-force-for-peace-1675597470395">Pervez Musharraf's death: BJP v Congress after Shashi Tharoor tags Pakistan ex-dictator 'force for peace'</a>
They have accused the Narendra Modi government of pressurising institutions like LIC and SBI to invest in Adani, putting the savings of crores of Indians at risk following the company's stock rout.

lic

Categories