Indian LIC to invest Rs 310b in equities, corporate bonds
Sunday, 14 December 2008
NEW DELHI, Dec 13: Life Insurance Corporation of India (LIC) has announced that it will invest Rs 310 billion in equities and corporate bonds in the next four months.
The break-up is Rs 110 billion in stocks and Rs 200 billion in nonconvertible debentures, according to a LIC official, according to Internet.
On Monday the Indian bourses opened upbeat, with a gain of 311 points, boosted by the fiscal stimulus package announced by the government, the rate cuts by RBI and reduction in petrol and diesel prices.
However, some profit-booking towards the fag end pared the early gains and the benchmark index closed up 197 points at 9163. On the National Stock Exchange, the CNX Nifty index closed up 70 points at 2,784.00.
The Indian bourses rose sharply Wednesday on the back of heavy buying by foreign institutional investors.
The recent stimulus package announced by the government and expectations over the bailout plan for US automakers boosted the Indian markets.
The Sensex surged 5.37 per cent, up 492 points at 9655. The broader Nifty was up 5.20 per cent ended at 2928, gained by 144 points.
The BSE Realty Index, after finishing 12.56 per cent up, and gained the most in the two sessions this week - 18.49 per cent up from last Friday's close.
BSE Auto Index gained 5.65 per cent, while the Bankex recovered 5.35 per cent, BSE Capital Goods Index moved up by 6.48 per cent and Metal Index shot up by 11.69 per cent.
A late recovery in Reliance Industries and ICICI Bank shares helped the Sensex pare most of their intraday losses on Thursday to close at 9645, down 9.0 points. The Nifty closed lower by 8.0 points at 2,920.
The Union Government's stand on the pricing of gas from Reliance Industries' KG basin at US$4.20 per mmbtu remains unchanged, said the Additional Solicitor General, Government of India, M Parasaran, shortly after the government's withdrawal Thursday four of the affidavits it had filed in the ongoing case between RIL and Reliance Natural Resources Limited.
The withdrawal of the affidavits will not in any manner prejudice the Government's stand in the case, as it has been done to prevent further delays in the case, clarified Mr Parasaran.
The Sensex opened on Friday with a slightly negative bias, rebounded later with a gain of 45 points and ended at 9,690, while the Nifty, which lost 107 points at early stages, rebounded and closed flat at 2,921.
Markets seem to have discounted the weak industrial data for October, which was 4.10 per cent (against 9.90 per cent a year ago) in early trade itself and rebounded after the report was released in the afternoon.
The break-up is Rs 110 billion in stocks and Rs 200 billion in nonconvertible debentures, according to a LIC official, according to Internet.
On Monday the Indian bourses opened upbeat, with a gain of 311 points, boosted by the fiscal stimulus package announced by the government, the rate cuts by RBI and reduction in petrol and diesel prices.
However, some profit-booking towards the fag end pared the early gains and the benchmark index closed up 197 points at 9163. On the National Stock Exchange, the CNX Nifty index closed up 70 points at 2,784.00.
The Indian bourses rose sharply Wednesday on the back of heavy buying by foreign institutional investors.
The recent stimulus package announced by the government and expectations over the bailout plan for US automakers boosted the Indian markets.
The Sensex surged 5.37 per cent, up 492 points at 9655. The broader Nifty was up 5.20 per cent ended at 2928, gained by 144 points.
The BSE Realty Index, after finishing 12.56 per cent up, and gained the most in the two sessions this week - 18.49 per cent up from last Friday's close.
BSE Auto Index gained 5.65 per cent, while the Bankex recovered 5.35 per cent, BSE Capital Goods Index moved up by 6.48 per cent and Metal Index shot up by 11.69 per cent.
A late recovery in Reliance Industries and ICICI Bank shares helped the Sensex pare most of their intraday losses on Thursday to close at 9645, down 9.0 points. The Nifty closed lower by 8.0 points at 2,920.
The Union Government's stand on the pricing of gas from Reliance Industries' KG basin at US$4.20 per mmbtu remains unchanged, said the Additional Solicitor General, Government of India, M Parasaran, shortly after the government's withdrawal Thursday four of the affidavits it had filed in the ongoing case between RIL and Reliance Natural Resources Limited.
The withdrawal of the affidavits will not in any manner prejudice the Government's stand in the case, as it has been done to prevent further delays in the case, clarified Mr Parasaran.
The Sensex opened on Friday with a slightly negative bias, rebounded later with a gain of 45 points and ended at 9,690, while the Nifty, which lost 107 points at early stages, rebounded and closed flat at 2,921.
Markets seem to have discounted the weak industrial data for October, which was 4.10 per cent (against 9.90 per cent a year ago) in early trade itself and rebounded after the report was released in the afternoon.