- IRDA gave approval for the merger of Bharti Axa General with ICICI Lombard. The deal would help ICICI Lombard become the third-largest non-life insurer. The merged business will have a market share of around 8.7 percent on a Pro-forma basis. Bharti Enterprises currently owns a 51 percent stake in Bharti AXA General Insurance, while French insurer AXA has 49 percent. Post demerger, Bharti AXA General Insurance will cease to be a going concern, and both Bharti and AXA will be public shareholders.
- Four entities – Adani Group, Piramal Group, US-based asset management company Oaktree Capital Management and SC Lowy – submitted bids for DHFL in October. Billionaire Gautam Adani’s roads-to-mining group outbid with a Rs 33,000 crore. With the total liabilities of the DHFL group estimated at over Rs. 85,000 crore lenders to the NBFC are likely to seek bids that maximize the funds they can recover. Since DHFL does not technically have any assets to its name, the lenders would be seeking to recover instead of looking for maximization of the assets.
- The SBI investors, French giant Amundi have announced that it would sell off its SBI green bonds if the bank grants a Rs 5,000 crore loan to Adani’s Carmichael coal mine in Australia. According to them Financing the mining business is totally in contradiction to the ideology of SBI green bonds. Amundi made social and environmental responsibility one of its four founding pillars. It was one of the founding signatories of the Principles for Responsible Investment. The Adani Carmichael project has been opposed by climate activists due to the issue of carbon emissions.
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- The Supreme Court directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid up to ₹2 crores in view of the coronavirus pandemic under the Disaster Management Act, 2005. The eight categories of loans are MSME (Micro, Small & Medium Enterprises), Education, Housing, Consumer durable, Credit card, Automobile, Personal, and Consumption.
- Crude Oil prices fell on Monday, there is a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to raise more than a fifth in November. The group is expected to come to some sort of agreement on relaxing the current production quotas that OPEC+ is currently tasked with meeting.
- Motilal Securities’ most preferred stock in the steel sector is Jindal Steel & Power and JSW Steel due to strong profit margin and high deliverables project in the medium term. Jindal Steel and Power to log an 11% annual growth in year Fy 2020-2022 which help the company with compounded annual growth of 20% on other hand JSW Steel the company has strong project pipeline. The steel sector will stay strong due to demand recovery and higher regional prices.
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