The Parliamentary committee, with a view to making insurance more affordable, recommends that GST rates applicable to health insurance products and term policies may be reduced.
HDFC Life up 5%
ICICI Lombard up 5%
LIC 2.5%
The number of retail outlets retailing 20% ethanol-blended fuel is now at around 9,300 and it will cover the entire country by 2025, said Union Petroleum Minister Hardeep Puri on Wednesday.
The number of retail outlets retailing 20% ethanol-blended fuel is now at around 9,300 and it will cover the entire country by 2025, said Union Petroleum Minister Hardeep Puri on Wednesday.
Indian Business Updates for February 7, 2024:
Market & Economy:
- Positive Start: Both Sensex and Nifty opened with minor gains, with Paytm stock extending its gains by nearly 10% after Vijay Shekhar Sharma met RBI officials.
- Tata Group Milestone: Tata Group became the first Indian conglomerate to cross a market capitalization of ₹30 lakh crore.
- Debt Concerns: With the interest cycle nearing its peak, 2024 could be a year of debt, according to Marzban Irani of LIC MF.
Company News:
- Tata Consumer: Q3 profits are expected to rise 25-30% with margin expansion.
- Eveready & JB Pharma: Both companies reported strong profit increases in Q3.
- HDFC Bank: Received RBI approval to acquire up to 9.5% stake in ICICI Bank and 5 other companies.
- Fintech: BharatPe is under investigation by the Ministry of Corporate Affairs amid allegations against co-founder Ashneer Grover. Paytm is facing scrutiny from the Finance Ministry and RBI.
Other Updates:
- Foxconn Investment: iPhone-maker Foxconn will invest ₹1,200 crore to build a new factory in India.
- Energy: India is inviting global majors to invest in its energy sector and making unprecedented investments in the field.
- Telecom: India’s telecom sector could attract a surge in foreign funding in the next two years.
Additionally:
- Geopolitical tensions: The global geopolitical situation, including the ongoing war in Ukraine, can impact India’s trade and economic growth.
- Technological advancements: Technological disruptions like artificial intelligence and automation will continue to shape the Indian business landscape.