India Business News: Finance minister Nirmala Sitharaman on Monday said senior citizens who are 75 years or above from filing will be exempted from filing income tax retur
State-run banks
The government announced it was forming an asset management company to take over stressed assets of banks in an effort to clean up one of the world’s worst pile of bad loans. Banks, insurers rose on plans for setting up a bad-debt manager. State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and Punjab National Bank could be among the beneficiaries.
Textiles
Sitharaman’s announcement of the establishment of seven mega textile parks to be launched in three years could boost the sector, benefiting companies including Century Textiles Ltd., Raymond Ltd., Trident Ltd. and Arvind Ltd. among others.
India Business News: In her speech, the finance minister mentioned that this year's budget proposals rest on six pillars health and well-being, physical, financial capi
Insurance stocks zoom up to 12% after Centre proposes to increase FDI cap in sector
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Insurance stocks zoom up to 12% after Centre proposes to increase FDI cap in sector
PTI / Feb 1, 2021, 14:38 IST
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NEW DELHI: Shares of companies related to the insurance sector jumped up to 12 per cent on Monday after the government proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent.
The New India Assurance Company zoomed 11.85 per cent, General Insurance Corporation of India jumped 8.78 per cent and ICICI Prudential Life Insurance Company gained 6 per cent on BSE.
Further, HDFC Life Insurance Company gained 5.19 per cent, ICICI Lombard General Insurance Company gained 3.96 per cent and SBI Life Insurance Company 3.74 per cent.
NEW DELHI: The government on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent, a move aimed at attracting overseas players.
In the first paperless Union Budget, finance Minister Nirmala Sitharaman also said investor charter would be introduced as a right of all financial investors across all financial products.
She proposed to amend the Insurance Act 1938 to increase the permissible FDI limit from 49 per cent to 74 per cent in insurance companies and allow foreign ownership and control with safeguards . Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50 per cent of directors being independent directors and specified percentage of profits being retained as general reserve, she said while presenting the Budget 2021-22.