The global micro-insurance industry is projected to grow to $137 billion by 2029. India’s insurance penetration remains low at 4%, compared to the global average of 6.8%, but the government’s efforts through Jan Dhan accounts and social security schemes have laid a strong foundation for achieving the “Insurance for All” target by 2047. As of May 2024, 523 million PMJDY accounts were opened, with 55.6% held by women.
Posts in category Economic Times
HCLTech’s bounceback in Q2 holds out hope of more (15-10-2024)
This contrasts with the lacklustre performance reported by TCS last week wherein the country’s largest IT exporter recorded slower-than-anticipated top-line growth and contraction in the margin. In addition, while employee attrition increased for each of the companies sequentially, TCS showed a higher headcount whereas HCLTech reported contraction for the second consecutive quarter.
DMart parent falls the most in three years and it’s still not rated a buy (15-10-2024)
Morgan Stanley downgraded the stock to underweight and slashed its price target to ₹3,702 from ₹5,769. JP Morgan cut its rating to neutral with a price target of ₹4,700 from ₹5,400. CLSA maintained its outperform rating but trimmed the price target to ₹5,360 from ₹5,650.
RIL profit slips 3.6% on weak O2C show (15-10-2024)
Consolidated profit after tax fell to ₹19,101 crore from ₹19,820 crore in the year earlier. Net profit attributable to owners of the company was down 4.7% to ₹16,563 crore from ₹17,394 crore a year earlier. Revenue from operations increased marginally by 0.2% to ₹2.35 lakh crore from ₹2.34 lakh crore in the year earlier.
Jio Platforms Q2 net rises 23% on tariff hikes, strong data demand (15-10-2024)
The rate hikes helped grow the average revenue per user (ARPU) by 7.3% from a quarter earlier to Rs195.10 for India’s telecom market leader. But it lost 10.9 million subscribers from the prior quarter to mainly state-run Bharat Sanchar Nigam Ltd that didn’t raise rates, said analysts. This was the first time in 12 quarters that it posted a fall in subscriber count.
ET Explainer: Breaking down IPO allotment for investors (15-10-2024)
The IPO allotment is managed by the registrar of the company and depends on the number of shares offered and valid bids received at or above the cut-off price.
Adani promoters hike stakes in 3 companies in Sept quarter (15-10-2024)
Through this exercise, the promoters aim to eventually hold stakes of 64-68% each across group companies, ET reported in August. The promoter group raised its stake in Adani Enterprises, Adani Power and Adani Green Energy last quarter.
Rupee slumps to 84.08, recovers with ‘RBI’ help (15-10-2024)
The rupee closed at 84.06 to the dollar, flat versus the previous close, LSEG data showed. The rupee weakened past the psychologically significant 84/$1 mark for the first time on Friday as several unfavourable global factors including a recent rise in crude oil prices, a stronger US dollar and risk aversion sparked by the war in West Asia pushed the domestic currency past the key level.
Hyundai Motor raises Rs 8,315 crore from anchor investors (15-10-2024)
New World Fund, Government of Singapore, ICICI Prudential Bluechip Fund, HDFC Flexi Cap Fund, SBI Automotive Opportunities Fund, SBI Magnum Global Fund, Fidelity Funds, Nippon India Growth Fund, SBI Life Insurance, HDFC Life Insurance, Government Pension Fund Global and Kotak Flexicap Fund were among the anchor investors.
Hyundai may take a while to scorch D-Street (15-10-2024)
The grey market premium – the price over the IPO price in the unofficial market that investors pay for the shares before listing – for Hyundai was at ₹30 on Monday evening or 1.5% above the upper end of the issue price band of ₹1,865 to ₹1,960. The ₹27,870 crore issue opens on Tuesday and closes on Thursday. The grey market premium for Hyundai shares was at ₹370 on October 4.