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SBI Life Insurance, HDFC Standard Life Insurance hit new highs
Posted on 25th April 2018
Shares of life insurance companies were trading higher in otherwise subdued market with SBI Life Insurance Company and HDFC Standard Life Insurance Company hitting their respective new highs on the BSE on Wednesday.

ICICI Prudential Life Insurance Company (IPRU) has surged 11% to Rs 460, extending its Tuesday’s 7% gain after the company reported better than expected results for the financial year 2017-18 (FY18). On comparison, the S&P BSE Sensex was trading 0.16% lower at 34,563 points at 12:03 pm.

SBI Life was up 2% to Rs 762 in intra-day trade today, after gaining 4% on Tuesday. The stock trading at its highest level since listing on October 3, 2017, was up 9% against its issue price of Rs 700 per share.

HDFC Standard Life too hit a new high of Rs 512, up 2% on the BSE in intra-day trade today. Since listing on November 11, 2017, the stock rallied 45% as compared to 4% rise in the benchmark index. The company issued shares at price of Rs 290 per share.

New Business (NB) annual premium equivalent (APE) growth slowed down for the life insurance industry at 16% year-on-year (YoY) in FY18 (Vs 21% YoY FY17) as group business APE grew merely 1% YoY (Vs 21% YoY in FY17). Individual business APE continued to grow better at 19% YoY (21% YoY in FY17) as key private players such as SBI Life and HDFC SL clocked over 30% YoY growth.

Analysts at Prabhudas Lilladher believe new business APE growth to remain more or less at these level for FY19E as ULIPs which was driving the growth is likely to see lower growth this year) due to low demand as markets have turned more volatile and certain key players are not likely to be aggressive to grow in this segment as they look to maintain balanced product mix. Growth will be led mainly by protection products both individual and group; however ticket sizes are quite low for the individual segment.

The brokerage firm continue to like HDFC Standard Life and SBI Life due to strong growth while maintaining balanced product mix coupled with strong distribution and improving operating metrics.

“We have a BUY rating for SBI Life with target price of Rs 865 at 3.1x P/EV FY20E. However, HDFC SL has had a strong outperformance in the last six months compared to its peers. We believe that the valuations are fully priced in and we see very limited upside in medium term. We continue to like the company due to its strong operating metrics and see positive returns in long term,” the brokerage firm said in Indian Life Insurance sector update.

Related Companies: State Bank of India   

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Nokia to cut jobs in multiple countries after Alcatel-Lucent deal, 5G shift
Posted on 16th January 2019
Finnish telecommunication giant Nokia on Tuesday announced its plans to cut jobs, media reported.

Nokia gave 350 as a layoff target in Finland, and said the figures in France and Germany would be higher, but did not specify.


Govt won't share limited Iran oil with private refiners: Sources
Posted on 16th January 2019
India will not share the limited supply of Iranian crude allowed under a U.S. waiver from sanctions with private refiners, according to people with knowledge of the matter. That is a departure from the earlier practice of splitting exempted volumes.

The government has asked its four state refiners led by Indian Oil Corp. to share the entire 9 millions barrels of Iranian oil available every month under a 180-day waiver from U.S. sanctions, the people said, asking not to be identified.


Indiabulls Integrated up 5% as arm gets preliminary nod from IRDAI
Posted on 16th January 2019
Shares of Indiabulls Integrated have locked in the upper circuit of 5 per cent at Rs 332 apiece on the BSE after the company announced that Indiabulls Life Insurance Company got the preliminary nod from Insurance Regulatory and Development Authority of India (IRDAI).

“The Company’s wholly owned subsidiary, ‘Indiabulls Life Insurance Company Limited’ has received regulatory R1 acceptance from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed life insurance business,” Indiabulls Integrated Services said in a regulatory filing.


Rupee opens flat at 71.06 against US dollar
Posted on 16th January 2019
The rupee opened 1 paisa lower at 71.06 against US dollar on Wednesday. In the previous session, the domestic unit declined 13 paise to close at one-month low of 71.05 amid strengthening greenback and surging crude oil prices.

It was the third straight session of loss for the rupee. The domestic currency on Monday plunged by 43 paise to close at nearly one-month low of 70.92 against the US dollar.


India Oil demand rises from 4-year low as cash ban impact fades
Posted on 12th January 2019
India’s oil demand growth in 2018 rebounded from the slowest pace in four years as the country recovered from the shock of a cash ban and the roll out of a national sales tax.

The nation’s consumption of petroleum products rose 4.1 percent to about 210 million tons, the Oil Ministry’s Petroleum Planning and Analysis Cell said Friday. Growth improved from the preceding year’s 2.7 percent expansion, the slowest pace since 2013, as consumption was severely affected by a cash ban that crippled economic activity.


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