1) RBI has exempted ICICI Bank, from the Banking Regulation Act, 1949 with respect to shareholding above 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years Sept. 2023. The exemption during its operation may permit both ICICI Lombard General Insurance and/or ICICI Prudential Life to consider strategic options such as mergers and acquisitions or capital raise which have the potential of reducing the Bank’s shareholding. There would be no impact on the current distribution arrangements. This exemption will facilitate compliance with rules if there is a proposed acquisition of another general insurance business made by ICICI Lombard General Insurance. If any merger or acquisition proposal gets consummated, it will result in ICICI Bank’s shareholding in ICICI Lombard General Insurance reducing to less than 50%.2) The retail players are favourable due to the foreign equity funds investment in Indian Retail sectors.3) Ugar Sugar, Andhra Sugar, Bajaj Hindustan, Balrampur Chini, Dhampur Sugar are witnessing fresh buying after the news that the government is likely to allow sugar mills to export their Maximum Admissible Export Quantity for 2019-20 (Oct-Sep) till the end of this year, a senior government official said today. The companies will get 180 days to claim the subsidy instead of 90 days. #MOMarketUpdates #MotilalOswal #ICICIBank #SugarStocks #RetailStores #indianstockmarket #nifty #BSE #NSE
Posted On: 15 Sep 2020 6:12 PM
