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LIC Q4 net profits down 17% YoY, announces Rs 1.5 dividend for FY22

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State-run insurance major Life Insurance Corporation of India (LIC) reported a consolidated net profit of Rs 2,409 crore during Q4FY22, down 17 per cent year on year from the same quarter of previous fiscal.

The insurance company’s consolidated income from net premium income during the quarter rose nearly 18 per cent to Rs 144,158 lakh crore, the earnings report shared with the exchanges showed.

This is the first earnings results reported by the company after it went public on the exchanges earlier this month.

It has recommended a dividend of Rs 1.5 per equity share for FY22, which is subject to approval of shareholders in the annual general meeting, the filing said.

The shares of the much-awaited LIC made a weak listing on the stock exchanges on May 17. It listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its IPO issue price of Rs 949.

On Monday closing, it traded at Rs 836.

The initial public offering of the company had, however, received robust response from investors as the insurance major’s offer has been subscribed 2.89 times.

It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares. The portion set aside for policyholders had been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers had booked 2.83 times and that of non-institutional investors 2.8 times.

The government had brought down the issue size from 5 per cent to 3.5 per cent. The IPO valued LIC at Rs 6 lakh crore.

To attract a large number of investors, the policyholders were offered a Rs 60 discount, while for retail investors, the discount was at Rs 45.

International

Vile, senseless act: Global condemnation pours after Pahalgam terror attack (Ld)

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New Delhi, April 23: Condolences poured in from across the globe following the ghastly Pahalgam terror attack in Jammu and Kashmir that left 16 dead and dozens injured.

The attack, which occurred on Tuesday in the picturesque Baisaran Valley, saw terrorists emerge from surrounding forests and indiscriminately open fire on a group of tourists, leaving dozens injured in addition to the fatalities.

Unequivocally condemning the barbaric attack on innocent tourists, Nepal said that it stands in steadfast solidarity with the Government and people of India in this time of sorrow.

The Foreign Ministry of Nepal stated, “We extend our deepest condolences to the bereaved families and express our sincere wishes for the swift and full recovery of those injured.”

“In line with our firm and principled position, Nepal condemns terrorism in all its forms and manifestations and believes that such heinous acts of terrorism cannot and should not be justified on any ground,” the ministry added.

Meanwhile, Nepal’s Foreign Minister Arzu Rana Deuba took to her social media and expressed deep shock and sadness at the heinous terrorist attack that took place in Pahalgam, Kashmir.

“We strongly condemn this act of terrorism and the senseless violence that has claimed innocent lives. Our thoughts and prayers are with the victims and their families during this difficult time, and we wish a swift and full recovery to those who have been injured. Nepal stands in steadfast solidarity with the Government and people of India in this time of sorrow,” she posted

Australian Prime Minister Anthony Albanese also condemned the horrific terror attack, stating that violence can not be justified.

“I am shocked by the horrific terror attack on innocent civilians in Jammu and Kashmir overnight. There is no justification for this violence, and Australia condemns it. Our hearts go out to the injured, to those mourning loved ones, and to everyone in Australia touched by this terrible news.”

Calling the horrific attack in Kashmir “utterly devastating,” UK Prime Minister Keir Starmer took to social media and posted, “The horrific terrorist attack in Kashmir is utterly devastating. My thoughts are with those affected, their loved ones, and the people of India.”

President of the EU Commission Ursula von der Leyen also offered her deepest condolences over the “vile” terror attack.

“The vile terror attack in Pahalgam today stole so many innocent lives. My deepest condolences to PM Narendra Modi and every Indian heart grieving today. Yet I know that India’s spirit is unbreakable. You will stand strong in this ordeal. And Europe will stand with you.”

Furthermore, the Ambassador of the European Union to India, Herve Delphin, stated that the EU stands against all forms and terrorism.

“Deeply shocked & saddened by the despicable Pahalgam terrorist attack against innocent tourists. Our deepest condolences to the families of the victims & best wishes of recovery to those injured. The EU stands against all forms of terrorism.”

Ono Keiichi, Ambassador of Japan to India, expressed deepest condolences and condemned the act of terrorism.

“I offer my deepest condolences to the victims of the terrorist attack in Pahalgam today. Japan strongly condemns any and all acts of terrorism. We stand firmly with India,” the Japanese Ambassador said.

Armenia’s Prime Minister Nikol Pashinyan also extended heartfelt condolences on the terrorist attack and condemned terrorism in all its forms.

“Deeply saddened by the heinous terrorist attack in Pahalgam. I extend my heartfelt condolences to the families of the victims. Armenia strongly condemns terrorism in all its forms. Our thoughts and prayers are with the friendly people of India.”

Early reports suggest the Pakistan-based terror outfit, The Resistance Front, an offshoot of the banned Lashkar-e-Taiba, has claimed responsibility for the assault, marking one of the worst attacks in the region in recent years.

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South Korea: Democratic Party’s presidential contenders to hold another public debate for primary race

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Seoul, April 23: Three contenders of the Democratic Party (DP) for South Korean presidential elections are set to hold their second public debate on Wednesday, four days before the party plans to pick its candidate for the June 3 presidential election.

The debate will bring together former DP leader Lee Jae-myung, Gyeonggi Province Gov. Kim Dong-yeon and Kim Kyung-soo, a former South Gyeongsang Province governor.

During the 90-minute debate, the candidates will present their visions in key areas, including politics, the economy, diplomacy, security and social policy.

Lee, who declared his presidential bid earlier this month and is leading opinion polls for the presidential election, recently won two regional primaries by a large margin, Yonhap news agency reported.

The DP will hold two more regional primaries before it picks a presidential candidate on Sunday.

The upcoming election is triggered by former President Yoon Suk Yeol’s ouster over his short-lived martial law declaration in December. Lee lost the presidential race to Yoon by a thin margin in 2022.

Meanwhile, earlier on April 22, the People Power Party (PPP) shortlisted four contenders in the first round of its presidential primary race.

The four candidates are former Labour Minister Kim Moon-soo, former PPP leader Han Dong-hoon, former Daegu Mayor Hong Joon-pyo, and lawmaker Ahn Cheol-soo, according to the party’s election commission.

The results were determined based on surveys conducted by five polling agencies from Monday to Tuesday, covering a combined total of 4,000 respondents.

The PPP originally had eight presidential primary candidates, which also included PPP lawmaker Na Kyung-won, Incheon Mayor Yoo Jeong-bok, North Gyeongsang Governor Lee Cheol-woo and former DP Rep. Yang Hyang-ja.

In the second round, two candidates will be selected through a process that equally combines party member votes and public opinion polling. The party will confirm its candidate on May 3.

The presidential election will be held on June 3 after Yoon was ousted on April 4 over his shocking martial law bid.

According to a Realmetre poll released early this week, Rep. Lee Jae-myung, former DP leader, kept a strong lead with 50.2 per cent support.

Trailing Lee was Kim with 12.2 per cent. Han received 8.5 per cent and Hong garnered 7.5 per cent.

While the conservative contenders have intensified political attacks against the former DP leader Lee, the PPP seemed to be perplexed by Lee’s strong lead in opinion polls.

Last week, a plan to create a new political party in support of Yoon was put on hold.

Rep. Lee Yang-soo of the PPP told SBS radio that such a plan would have a negative impact on the party in the face of the presidential election.

Meanwhile, candidates will be required to register by May 11 and the official campaign period will kick off on May 12.

The law also requires a public servant running for President to resign at least 30 days before an election, making May 4 the deadline.

The new President will assume office immediately after the election without a transition team.

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PLI pushes electronics exports to move up from 5th spot to 3rd in one fiscal: Minister

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New Delhi, April 22: Electronics exports from India has moved up from fifth position to third within one fiscal, owing to the transformative production-linked incentive (PLI) scheme, Union Minister Ashwini Vaishnaw said on Tuesday.

In a post on social media platform, the minister said that electronics exports clocked an all-time high of Rs 3.27 lakh crore in FY25, with mobile exports standing at Rs 2 lakh crore.

“Electronics exports moves up from fifth position to third within one fiscal. Three years in a row, electronics is India’s fastest growing export amongst India’s top 10,” Vaishnaw informed.

He further stated that lakhs of new jobs have been created in the electronics ecosystem, especially for women, along with “skilling, increasing DVA and Indian MSMEs joining global supply chains”.

The electronics manufacturing industry has seen a five times growth in the last 10 years, surpassing Rs 11 lakh crore while the entire ecosystem has created 25 lakh jobs.

In the last decade, electronics exports have risen six times to surpass Rs 3.25 lakh crore.

In a historic achievement, smartphones emerged as India’s largest export category in the first 10 months of FY25 — marking a major success story under the government’s PLI scheme. In FY14, smartphones were ranked as India’s 167th export category — a sharp contrast to their number 1 position today.

The Union Minister also hailed hardware brands now lining up for India, as China stands to lose amid the ongoing trade tariff war with the US.

The PLI 2.0 scheme for IT Hardware saw more than Rs 10,000 crore production and 3,900 jobs in just 18 months of its launch, the government said in January this year. In a groundbreaking development for India’s electronics manufacturing sector, the production of laptops has started in the country.

Moreover, the electronics manufacturing sector has received a major boost with the government notifying the much-awaited ‘Electronics Component Manufacturing Scheme’ (ECMS).

The scheme marks a turning point for strengthening India’s component manufacturing ecosystem and increasing domestic value addition.

With a financial outlay of Rs 22,919 crore over six years, ECMS aims to generate production worth Rs 4.56 lakh crore, attract investments of Rs 59,350 crore and create nearly 91,600 direct jobs.

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