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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(Representative image)
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.
Home » Website » Business » Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector
Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector
It was in 2015 when the government hiked the foreign direct investment (FDI) limit in the insurance sector from 26 per cent to 49 per cent.
Representational Image Outlook Web Bureau 2021-02-01T15:28:59+05:30 Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector outlookindia.com 2021-02-01T15:34:23+05:30
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In a major move, Finance Minister Nirmala Sitharaman on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent from the current 49 percent cap, a move aimed at attracting greater overseas capital inflows to help enhance insurance penetration in the country.
Bombay high court
MUMBAI: The Centre told the Bombay high court on Friday the Rs 50 lakh insurance for coronavirus warriors under the Pradhan Mantri Garib Kalyan Yojna is applicable only to private doctors who were requisitioned for Covid-19 duties and died while performing them.
It was responding to a petition by Koparkhairane resident Kiran Surgade. On March 31, her husband, Dr Bhaskar Surgade, had received a notice from Navi Mumbai Municipal Corporation to open his clinic to treat patients and was warned of prosecution if he did not. He then opened his clinic at Turbhe and even treated Covid patients. He contracted the infection and died on June 10. On September 7, New India Assurance Company rejected the wife’s claim for Rs 50 lakh compensation under the Yojna, saying he did not serve in an hospital designated to treat only Covid-19 patients and was a private doctor.
Market gains 2% in a week on continuous FII support, progress on COVID vaccine
In the month of December 2020, FIIs bought equities worth Rs 48,223.94 crore and DIIs sold equities worth of Rs 37,293.53 crore. January 02, 2021 / 11:24 AM IST Benchmark indices ended the last week of the year 2020 with a gain of 2 percent on the back of positive cues including sustained FII inflows, progress on Covid vaccine, better GST collection, December auto sales numbers and a consistent declining Covid cases. Last week, BSE Sensex jumped 895.44 points or 1.90 percent to end at 47,868.98 and while the Nifty50 was up 269.25 points or 1.95 percent to finish at 14,018.50 levels. IN the year 2020, the Sensex rose 15.7 percent, while Nifty added 14.9 percent.