Shares of LIC Housing Finance dipped 7% to Rs 531 on the BSE in intra-day trade in otherwise strong market after the company reported disappointing April-June quarter (Q1FY19) results.

LIC Housing Finance reported 18% year on year (YoY) growth in net profit at Rs 4.79 billion in Q1FY19 on account of lower provisions under the IndAS framework. Net interest income grew 6.6% YoY at Rs 9.94 billion.

LIC Housing Finance has reported 18.4 per cent surge in its standalone net profit to Rs 567.94 crore for the first quarter ended June 30.

The company's net profit was Rs 479.65 crore in the same quarter of 2017-18.

New Delhi: The finance ministry will ask LIC to hasten the process of stake acquisition in IDBI Bank, especially the valuation modalities, so that the government can ascertain if a capital infusion is needed in the ailing bank.

The government has no plans to infuse more funds into the bank and thinks LIC’s acquisition of 51 per cent stake in the lender would take care of its regulatory capital requirements.

NEW DELHI: State-run Life Insurance Corporation may need to pay a premium for IDBI Bank’s real estate and non-core assets, two officials aware of the matter said.

IDBI Bank has started valuing its assets before making a preferential issue of shares to LIC, which is set to acquire a majority stake in the lender. The valuation exercise is expected to be completed by August 15, one of the officials said, adding that the sum-of-the-parts value would be more than what the stock price currently suggests.

Life Insurance Company (LIC)’s acquisition of 51 per cent stake in IDBI Bank will be a “win-win” situation for both the government-owned entities, Finance Minister Piyush Goyal said on Wednesday.

This comes after the Union Cabinet gave nod to bring down its majority stake in the bank. “The move will make IDBI Bank strong, improve its capital adequacy and bring it out of prompt corrective action (PCA).

The Life Insurance Company (LIC) considers its decision to own 51 per cent in state-owned IDBI Bank a sound business move and a good investment opportunity, Finance Minister Piyush Goyal said on Tuesday.

“With the approval of LIC’s board, which was of the view that the proposed acquisition is a sound business proposition and is both commercially viable and a good investment opportunity

In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI bank and Allahabad Bank.

LIC has reduced its stake in IDBI Bank from 10.82% in Q4FY18 to 7.98% in Q1FY19. In addition, it has trimmed its stake in Allahabad Bank from 12.37% to 9.89% in the said period.

Seeking intervention in the case filed by Japanese pharma major Daiichi Sankyo for execution of the HC’s January 31 order that upheld the enforceability of the Rs 3,500-crore arbitral award passed against the Singh brothers and others, the bank told Justice Jayant Nath that it has equal rights over the assets of Singh and its dues shall be recovered from sale of the listed shares.

The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said.

The simmering battle at the country’s sixth largest mutual fund, UTI, has erupted into a full-scale war, and the mutual fund’s proposed initial public offering (IPO) could be the first casualty with its managing director Leo Puri’s tenure also coming to an end next month, and no successor nominated.

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