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Despite market volatility, LIC made Rs 13k cr profit in equity till Aug: MD
“The insurance industry had lost about Rs 45,000 crore in new and renewable premiums in the last fortnight of FY20 due to the Covid-19 pandemic. However, we have recovered well since unlocking and registered healthy growth,” LICI Managing Director Raj Kumar said at a webinar organised by Merchants’ Chamber of Commerce and Industry.
He further said, “The market now has recovered by 32 per cent from the March lows. LIC has booked a profit of Rs 13,000 crore from equity operation and is still a net investor of Rs 28,000 crore in the market.”
Airlines in India seek $1.5 bn in interest-free credit line, says govt
The government is engaged with aircraft lessors and financiers to ensure there is no premature withdrawal of planes, Civil Aviation Minister Hardeep Singh Puri said. Local traffic has slumped almost 80 per cent to just 12 million passengers in the five months to July 31, eroding airline revenues, he said.
Close to 3 million jobs in aviation and related industries as well as more than $11 billion in revenue could be lost in India this year because of the pandemic according to the International Air Transport Association.
Nifty50 ETFs’ assets base crosses Rs 1 trn, asset under management Rs 2 trn
“We are encouraged by the investors’ continued confidence demonstrated through their participation in ETFs linked to Nifty 50 and other Nifty Indices…NSE will continue to actively promote ETFs to retail investors through multiple channels,” NSE Managing Director and Chief Executive Officer Vikram Limaye said.
Centre approved anti-viral medicines to treat COVID-19 patients, says SC
The top court was hearing a plea seeking registration of an FIR by the CBI against ten Indian pharmaceutical firms for manufacturing and selling these two medicines for treating COVID-19 patients allegedly without valid licences.
A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian referred to the New Drugs and Clinical Trials Rules, 2018 and said these medicines have been permitted by the government for using in treatment of novel coronavirus patients.
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