Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 11 August 2023

Let's begin with the news that made headlines today. State-run Life Insurance Corporation of India posted a multi-fold surge in profit for the quarter ended June 2023 at Rs 9634.98 crore, on higher income on investments. The profit during the period was up 1498.4 per cent in comparison to Rs 602.79 crore during the corresponding quarter of FY23. It recorded a net premium income of Rs 98,755.22 crore as against Rs 98,805.25 crore during the first quarter of FY23. The gross non-performing asset (GNPA) for the quarter stood at 2.48 per cent as against 5.84 per cent during a year-ago period. Meanwhile, income from investments was at Rs 90,767.90 crore, up 30 per cent as against Rs 69,833.72 crore during the quarter ended June 2022.

Meanwhile, in its August review of indices, index provider MSCI added eight Indian scrips to the MSCI Global Standard index. Power Finance Corporation, REC, HDFC AMC, IDFC First Bank, Astral, Cummins India, Supreme Industries and Ashok Leyland are the scrips included following the review, while ACC is the sole stock that has been excluded. These changes go into effect 1 September onwards. Based on data from Nuvama Alternative and Quantitative Research, PFC and HDFC AMC are anticipated to receive inflows of $203 million and $153 million respectively. Conversely, IDFC First Bank is projected to garner inflows of $204 million, whereas Ashok Leyland, Cummins India, and Astral are expected to draw inflows amounting to $196 million, $173 million, and $170 million, as per their estimates.

On to some exciting news. The Indian Defence Ministry has announced that it will replace Microsoft Windows with an indigenously developed operating system called Maya OS on all its computers by the end of this year. The move is aimed at improving the security of the ministry’s computer systems against the malware and ransomware attacks that are on rise from past few years. Maya OS has been developed by a team of experts from the Defence Research and Development Organisation (DRDO), the Centre for Development of Advanced Computing (C-DAC), and the National Informatics Centre (NIC). The OS is said to be more secure than Windows, and it also supports a wide range of applications and software that are commonly used by the Defence Ministry.

In the aviation sector, with an aim to revolutionise the aviation industry in India, Redbird Flight Training Academy Private Limited has joined hands with Aviation Safety & Training Pte. Ltd, which is a subsidiary of Singapore-based Haite Group. The collaboration will not only introduce a comprehensive Cadet Pilot Programme in India but will also play a role in PM Narendra Modi‘s Atamnirbhar Bharat initiative. It will also help to redefine the training of future pilots through a comprehensive Cadet Pilot Programme. With this joint venture, aspiring pilots will be able to complete their CPL training before moving to Singapore for specialised type rating instruction under the supervision of a Singaporean company.

Next up, step-wise-step wealth accumulation may seem like a challenging task in the beginning, but it is an effective strategy to build your corpus gradually especially when you do not have a large sum to invest at one go. While considering many options for putting your money in risk-free instrument, the RD (Recurring Deposit) can be one the option you can choose if you are planning to start building a corpus with small savings. RD stands out as a secure and beneficial choice as it offers a unique set of advantages that make them a preferred avenue for investors seeking steady returns and minimal risk. RD can help you save small amounts every month and gradually see it becoming a big corpus and earn fixed interest on it.

Moreover, Sindhu Trade Links Ltd is undertaking development of a mixed use township at Bilaspur, Chhattisgarh. Bilaspur, also known as ‘The City of Festivals’, is one of the 100 Indian cities to be developed as a smart city under the Smart Cities Mission. The proposed township is spread over approx. 53 acres, out of which the company already owns approx.47 acres of land and has tied up with other partners for another 16 acres approx. The project consists of Residential Plotted Development, Residential Group Housing, Retail Shopping Mall and also consists of all the required social infrastructure for a world class development in this region.

Lastly, domestic indices closed in the red on Friday. The NSE Nifty 50 plunged 41.60 points or 0.21% to 19,501.50 and BSE Sensex tanked 161.87 points or 0.25% to 65,526.31. In sectoral indices, Bank Nifty tumbled 187.05 points or 0.42% to 44,354.75, Nifty FMCG sank 0.58%, Nifty Pharma tumbled 0.98% while Nifty IT jumped 0.43%, Nifty PSU Bank surged 0.44% and Nifty Realty soared 0.48%. The top gainers on Nifty 50 were HCL Tech, Power Grid, Apollo Hospitals, Grasim and Tata Motors while the losers were Sun Pharma, Hindustan Unilever Ltd, JSW Steel, Hindalco and SBI Life.

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