New Delhi: Shares of Life Insurance Corporation of India (LIC) — the country’s largest insurer — traded 1 per cent higher on Thursday after receiving approval from the Reserve Bank of India (RBI) to increase its stake in HDFC Bank to up to 9.99 per cent.

In its regulatory filing, HDFC Bank said the RBI has approved LIC’s application to acquire up to 9.99 per cent of the bank’s paid-up share capital or voting rights.

In addition, LIC currently holds 4.11 per cent of HDFC Bank’s total share capital as of August 14, according to the filing.

The approval gives the state-owned insurance firm flexibility to significantly increase its holding in the private sector lender, subject to applicable regulatory and statutory requirements.

The RBI approval is also subject to conditions specified by the central bank and compliance with relevant Securities and Exchange Board of India (SEBI) regulations, it said.

However, the approval does not mean that LIC will immediately raise its holding to 9.99 per cent. Any increase in stake will have to be undertaken in accordance with the conditions laid down by the RBI and other applicable regulatory norms.

LIC is one of India’s largest institutional investors, while HDFC Bank is among the country’s leading private sector lenders.

Shares of LIC traded around 1 per cent higher at Rs 417.40 on the BSE in early trade on Thursday. The PSU stock has touched a 52-week high of Rs 468.30 and a 52-week low of Rs 361, according to the exchange.

Similarly, HDFC Bank stock also traded higher, jumping 1.09 per cent to Rs 728 on the aforesaid exchange. The banking stock recorded a 52-week high of Rs 1,020.35 and a 52-week low of Rs 715.05.

New Delhi, Aug 19: Prime Minister Narendra Modi said on Wednesday that four multi-tracking projects that have been approved by the Cabinet will provide a major boost to railway infrastructure and connectivity across Andhra Pradesh, Odisha, Tamil Nadu and West Bengal.

These projects will have many benefits, like strengthening passenger and freight movement, reducing congestion and greater logistics efficiency. The better connectivity will also facilitate commerce and tourism in these states, PM Modi said in a post on X.

The multi-tracking projects will add important capacity to the Indian Railways network and benefit lakhs of people, he added.

The projects, which entail a total investment of Rs 9,450 crore, will be completed by 2030-31.

The projects include the Kharagpur – Bhadrak (Ranital) 4th Line across a stretch of 173 km covering West Bengal and Odisha; the second project is a 4th line from Bhadrak to Haridaspur across 75 km in Odisha, while the third is the Gummidipundi – Gudur 3rd and 4th line extending across a distance of 90 km in Andhra Pradesh and Tamil Nadu. The fourth project is the Cuttack to Paradeep (Badabandha) 3rd and 4th lines to cover a 72 km route in Odisha.

The projects are in line with the Prime Minister’s vision of a New India, which will make people of the region “Atmanirbhar” by way of comprehensive development in the area, which will enhance employment opportunities, a statement said.

The projects are planned on the PM-Gati Shakti National Master Plan with a focus on enhancing multi-modal connectivity and logistics efficiency through integrated planning and stakeholder consultations. These projects will provide seamless connectivity for movement of people, goods and services.

The four projects covering eight districts across West Bengal, Odisha, Tamil Nadu and Andhra Pradesh will increase the existing network of Indian Railways by about 410 kms. The proposed multi-tracking projects will enhance connectivity to approximately 6,448 villages with a population of about 60 lakhs.

The proposed capacity enhancement will improve rail connectivity to several prominent tourist destinations across the country, including Kuldiha Wildlife Sanctuary, Bhitarkanika National Park, Maa Bhadrakali temple, Maa Dhamarai temple, Panchalingeswar Temple, Talsari–Udaypur and Chandipur Beach, Pulicat Lake, Nelapattu Bird Sanctuary, Lord Veeraraghava Perumal Temple, Gada Kujanga Jagannath Temple, Sarala Temple, Dhabaleswar Temple and Lalitgiri, a Buddhist site.

The proposed projects are essential routes for transportation of commodities such as coal, iron ore, cement, iron and steel, containers, automobiles and food grains.

New Delhi, Aug 19: In a bid to expand Bihar’s National Highway network and facilitate faster movement of goods and passengers, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Wednesday approved the upgradation of an 82.578 km length of the Muzaffarpur-Sitamarhi-Sonbarsa Section of NH-22 to four-lane, at a total capital cost of Rs 3,590.73 crore.

The project acts as a key feeder corridor connecting the India–Nepal border at Sonbarsa with economic centres like Muzaffarpur at NH-27 (East–West Corridor).

According to the Cabinet, this will significantly reduce congestion in densely populated areas of Muzaffarpur, Muksudpur, Runni Saidpur, Thumma, Dumra, Bhutahi, and Sonbarsa.

“The Muzaffarpur–Sitamarhi–Sonbarsa stretch of NH-22 holds significant strategic and economic relevance, ensuring seamless linkage to the national freight grid,” a Cabinet communique said.

It not only enhances connectivity to industrial zones like Barauni and riverine logistics hubs but also strengthens cross-border passenger and cargo movement via the nearby Land Port at Bhithamore.

Additionally, the upgraded corridor will enhance connectivity to five PM Gati-Shakti Economic Nodes (four Industrial Estates and one Mega Food Park), four Social Nodes (Baba Garibnath Temple, Mata Janki Temple, Punaura Dham, Muzaffarpur and Sitamarhi aspirational Districts), and two Logistic Nodes (Muzaffarpur and Sitamarhi Railway Stations).

Improved connectivity will facilitate efficient movement of goods and agricultural supply chains, support regional economic growth, and provide better access to important cultural and religious destinations such as the Buddhist Circuit and historic Janaki Punaura Dham Temple, Sitamarhi.

According to the Cabinet, the project has been designed for a speed of 100 kmph with an average speed of 80 kmph, having no at-grade median openings, ensuring fast and safe travel.

Moreover, the project has provision for seven major bridges (including a 340-metre-long major bridge over the perennial Bagmati River), three Railway Over Bridges (ROBs), and two flyovers to maintain cross movement of the traffic and ensure safe, high-speed travel.