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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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Sensex, Nifty drop over 1%: Investors lose Rs 4 lakh crore
Posted on 20th October 2018
Investors have lost close to Rs 4 lakh crore in the last two trading sessions alone; the total wealth eroded since September is now Rs 22.3 lakh crore.

On Friday, the Sensex shed 463.95 points, or 1.3%, to close the session at 34,315.63 while the broader Nifty 50 pared 149.5 points, or 1.4%, to end at 10,303.55. With Friday’s fall, the Nifty 50 has come off more than 12% from its August highs.


ArcelorMittal emerges as highest bidder for debt-laden Essar Steel
Posted on 20th October 2018
ArcelorMittal on Friday emerged as the highest bidder for Essar Steel, the company said in a release to the Luxembourg stock exchange.

“ArcelorMittal confirms it has been informed by the committee of creditors (CoC) for Essar Steel that it has been evaluated to be the H1 resolution applicant (the preferred bidder) in the corporate insolvency resolution process for Essar Steel,” it said. The company will now enter into further negotiations with the CoC, ArcelorMittal added.


Soon you can pay cash and get bitcoin, other cryptocurrencies at nearby ATM
Posted on 20th October 2018
Even as the legal uncertainty on crypto currencies looms in India, crypto currency exchange Unocoin has launched its first ATM in Bengaluru. Through this ATM, traders can deposit physical cash (in rupees) in their crypto wallet and can trade in bitcoin and other cryptocurrencies.

Three-fourths of 419,600 H1B visa holders in 2018 are Indians: US report
Posted on 20th October 2018
Nearly three out of every four H-1B visa holders as of October 5 are Indian citizens, an official US report has said.

According to the US Citizenship and Immigration Services (USCIS), there were as many as 419,637 foreign nationals working in the US on H-1B visas as on October 5.


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