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Research Periodic Report IRDA identifies SBI Life insurance for acquiring Sahara Life policies, RBI MPC meet this week

IRDA identifies SBI Life insurance for acquiring Sahara Life policies, RBI MPC meet this week

Written by - Fisdom Research

June 5, 2023 4 minutes

Opening Bell:

SGX Nifty is up by 74.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific markets are largely higher after US President Joe Biden signed into law a debt ceiling bill that allowed the US to avert defaulting on its financial obligations over the weekend. In Japan, the Nikkei 225 rose further after leading its global peers for the month of May, gaining 0.97 percent, while the Topix opened 1.16 percent higher.

US equity futures were changed little on Sunday evening after a broad-based rally last week that pushed the S&P 500 to its best week since March, and its highest level since last August. Futures tied to the Dow Jones Industrial Average added 75 points. S&P 500 futures were higher by 0.09 percent and Nasdaq-100 futures hovered below the flat line.

Stocks News:

👉Tech Mahindra: The IT company said its subsidiary Comviva Technologies, along with company’s step down subsidiary Comviva Technologies BV has agreed to sell 0.04% and 99.96% shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda. The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served.

👉Wipro: The IT services company has fixed June 16, 2023 as the record date for determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback offer. On April 27, the company has received approval from the board for its shares buyback worth up to Rs 12,000 crore, at a price of Rs 445 per share.

👉SBI Life Insurance Company: Insurance Regulatory and Development Authority of India (IRDAI) has identified SBI Life, as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC), to protect the interest of the policyholders of SILIC. SBI Life will take over the policy liabilities of around 2 lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.

👉Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters launched a new range of its 100cc motorcycle – the HF Deluxe. The HF-Deluxe is available at showrooms across the country at prices of Rs 60,760 for kick variant and Rs 66,408 for self-variant.

👉Foreign institutional investors (FIIs) sold shares worth Rs 658.88 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 581.85 crore on June 2, provisional data from the National Stock Exchange shows.

Domestic and International Events

  • The Reserve Bank of India (RBI) will maintain the policy repo rate at 6.5 per cent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline, indicating the effectiveness of previous policy rate actions, anticipate experts.
  • A good starting point for understanding the contemporary banking landscape in India is the policy response to the global financial crisis (GFC). Rightly anticipating the spillover effects of the GFC, the Indian policymakers announced several counter-cyclical measures starting in August 2008.
  • Oil prices rose more than 2 percent on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world’s biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend.
  • Gold fell on Friday as hotter-than-expected jobs data lifted Treasury yields, while a higher unemployment rate kept alive hopes that the Federal Reserve would pause interest rate hikes which have put bullion on course for a weekly gain. Gold settled down 1.3 percent at $1,969.6 per ounce and close up 1.3 percent for the week for its first positive week in four and its best weekly performance since April.

Key Equity Indices

Hang Seng18,9504.0 %
Shanghai Composite3,2300.8 %
Dow Jones33,7632.1 %
DAX16,0511.3 %
FTSE 1007,6071.6 %
Nikkei31,5241.2 %
Straits Times3,1660.2 %

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