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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:36 PM - Jun 23, 2019 ( ) Views: 75

The Government is exploring various consolidation options including merger of state-owned general insurance companies with New India Assurance with a view to create synergy and unlock value. The Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance is also looking at other options including stake sale in 3 state-owned insurance firms, sources said. -Economic Times


Corporation Bank has donated Rs 3.38 crore towards relief and rehabilitation works for the people affected by cyclone Fani in Odisha. The cheque was handed over by Corporation Bank MD P V
Bharathi to state Chief Minister Naveen Patnaik on June 18, the bank said in a statement. -Business Line


The Hindujas will pump another Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial, a senior official from Bank has said. -Business Line


The Enforcement Directorate has told the Bombay High Court that it was ready to provide an air ambulance to bring diamantaire Mehul Choksi, a key  accused in the multi-crore Punjab National Bank scam, to India. -Moneycontrol.com


IRDAI has asked general insurance companies to make available standalone annual Own Damage (OD) covers for both new and old cars and two-wheelers from Sep 1. Buying OD vehicle insurance is optional. OD covers natural calamities, like earthquakes and floods, and also disasters such as vandalism and riots. -Economic Times


6 of the 10 most valued domestic companies suffered a combined erosion of Rs 53,458.8 crore in market valuation  last week. TCS, HDFC Bank, HUL, HDFC and ITC were the other blue-chips that witnessed a drop in their market capitalisation (m-cap) for the week ended Friday, while Infosys, SBI, Kotak Mahindra Bank and ICICI Bank finished with gains. The m-cap of ICICI Bank jumped Rs 8,363.86 crore to Rs 2,77,957.03 crore and that of SBI zoomed Rs 4,997.78 crore to Rs 3,11,870.55 crore. The m-cap of HDFC Bank plunged Rs 4,785.48 crore to Rs 6,60,069.81 crore. -Economic Times


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