Investor go long on insurance stocks ahead of Budget

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ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
WOCKHARDT TO PAY BACK ALL SECURED, UNSECURED LOANS IN 5 YRS AS PER CDR
DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 03/07/2009 | 12:00 AM IST

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Friday, July 03, 2009 (New Delhi)

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ICICI Bank (up 3.46%), State Bank of India (up 2.96%), Bajaj Finserv (up 2.27%), Reliance Capital (up 1.05%), Aditya Birla Nuvo (up 1.14%), rose.

However, Max India was down 1.71% at Rs 207.

The annual Economic Survey presented by the finance ministry in Parliament yesterday, 2 July 2009, recommended an increase in foreign direct investment limit in the insurance sector to 49% from 26% now.

The Congress-led United Progressive Alliance (UPA) government had earlier recommended a similar proposal in its Budget in 2004-05 but it could not go through because of stiff resistance from the Left parties.

Following the break-up with the Left, the government tabled the Insurance Laws (Amendment) Bill, 2008, in the Rajya Sabha. Subsequently, it was referred to the Standing Committee.

However, the Survey noted that since the opening up, the number of participants in the sector has gone up from six in 2000 to 44 insurers operating in the life, non-life and reinsurance segments as in March 2009.

ICICI Bank holds 74% in the ICICI Prudential Life Insurance Company. State Bank of India holds 74% in the SBI Life Insurance Company. Aditya Birla Nuvo holds 74% in Birla Sun Life Insurance Company. Reliance Capital holds 100% in Reliance Life Insurance. Bajaj Finserv holds 74% in Bajaj Allianz General Insurance.

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