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LIC clocked a 27% YoY growth in net premium at Rs 1.32 lakh crore

Written by - Team Fisdom

November 14, 2022 4 minutes

Opening Bell:

SGX Nifty is up by 23 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian share markets were taking a breather on Monday after last week’s sweeping rally as a top US central banker warned investors against getting carried away over one inflation number, nudging up bond yields and the dollar. The Japanese Nikkei is down by 0.37 percent and South Korea’s Kospi is up by 0.43 percent. Hong Kong’s Hang Seng is up by 3.14 percent in the early morning trades.

The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would turn less aggressive on raising the interest rates. S&P 500 was up by 0.93 percent whereas Nasdaq composite rallied by 1.88 percent.

European stock markets eyed their fourth straight week of gains and started the month on solid ground, driven by better-than-feared corporate earnings and hopes the Fed will deliver rate hikes in smaller increments.

Stocks News:

? Life Insurance Company clocked a 27 percent year-on-year growth in net premium at Rs 1.32 lakh crore for the quarter ended September FY23. The net profit for the quarter at Rs 15,952 crore jumped 11-fold over Rs 1,434 crore last year, partly driven by incomes. The company’s other income stood at Rs 6,795 crore as against Rs 46 crore a year back for the quarter, including refund of income tax.

? Glenmark Pharma company reported a 1.1 percent year-on-year growth in profit at Rs 260.4 crore for the quarter ended September FY23, with revenue rising 7.2% YoY to Rs 3,375.2 crore for the quarter impacted by North America business that fell 0.1%

? ABB India clocked a massive 68.6% year-on-year growth in profit at Rs 202.5 crore for the quarter ended September FY23 with revenue rising 19.2% YoY to Rs 2,119.7 crore. The strong performance for the quarter can be attributed to its expanding customer base and industry-leading product portfolio.

? Zee Entertainment Enterprises reported a 58% year-on-year decline in profit at Rs 112.8 crore for the September FY23 quarter, dented by weak operating performance and muted topline growth. Revenue for the quarter at Rs 2,028.4 crore grew by 2.5% as domestic advertising revenues were lower by 7.7% due to FTA withdrawal (Zee Anmol) and challenging macroeconomic environment. EBITDA fell 26.3% YoY to Rs 297.3 crore for the quarter.

? Foreign institutional investors (FIIs) net bought shares worth Rs 3,958.23 crore, while domestic institutional investors (DIIs) pumped Rs 615.54 crore into equities on November 11, as per provisional data available on the NSE.

Domestic and International Events

  • India’s industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1 percent in September. Output had contracted by 0.8 percent in August – the industry’s worst performance in 18 months. This figure has now been revised slightly upwards to -0.7 percent.
  • Terming price rise as a major challenge, Reserve Bank Governor Shaktikanta Das on Saturday expressed hope that inflation print for October will be lower than 7 percent. Retail inflation in September increased to 7.4 percent from 7 percent in August on higher food and energy costs.
  • The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months. It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.
  • India’s foreign exchange reserves dropped by $1.087 billion to stand at $529.994 billion for the week ended November 12 on a sharp decline in the gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.081 billion, making it the biggest weekly jump in a year.

Key Equity Indices

EMERGING LATEST % 1D
Hang Seng 17,326 7.7 %
Shanghai Composite 3,087 1.7 %
DEVELOPED LATEST % 1D
Dow Jones 32,748 0.1 %
DAX 14,225 0.6 %
FTSE 100 7,318 (0.8) %
Nikkei 28,264 3.0 %
Straits Times 3,228 1.7 %

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