Finance Ministry okays govt guarantee of Rs 5,000-cr IRFC bonds for LIC
Posted on 27th March 2018 |
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| To make funds available to the Indian Railways, the ministry of finance has approved government guarantee of Rs 5,000 crore for bonds to be issued by Indian Railway Finance Corporation (IRFC) before the end of this fiscal. These bonds will be subscribed by Life Insurance Corporation of India (LIC). In addition, the finance ministry has also waived the guarantee fee which otherwise IRFC would have paid, thus decreasing the cost of funds for the transporter. In March, 2015, the railways had entered into a memorandum of understanding (MoU) with LIC under which the country’s largest insurer will have provided financial assistance of Rs 1.5 lakh crore to the transporter between 2015 and 2019. However, despite a requirement to issue bonds worth Rs 30,000 crore per year to achieve the target, the issuance was much below that as LIC and the Insurance Regulatory and Development Authority of India sought government guarantee to safeguard the monies of insurance customers. According to reports ,IRFC has so far raised Rs 16,500 crore from LIC over the past three years. Funds from LIC will be available to the railway ministry at 30 basis points above the 10-year benchmark yield. The current financial year has just two more working days left and the issuance of bond is likely within this period. “The ministry of railways will send the guarantee (documents) to LIC and IRFC will also send the request to take up bonds. Though IRFC expects it to happen within this month, it all depends on LIC,” said a government official. IRFC borrows on behalf of the railways to fund projects and rolling stock. While revised estimate for IR’s extra budgetary resources through IRFC is Rs 24,786 crore for 2017-18, it has been budgeted at Rs 28,500 crore for 2018-19. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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