LIC’s net profit jumps

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⭐ LIC’s net profit jumps 

Life Insurance Corporation (LIC) has reported a sharp rise in its quarterly profits. The standalone net profit stood at ₹15,952 crore for the September quarter, an 11-time increase  to a change in accounting policy. As per the new policy, the company transferred ₹14,271 crore from non-participating policyholders’ accounts to shareholders’ accounts. It reported other income of ₹6,795 crore. The net premium income grew 26.6% year-on-year (YoY) to ₹1.32 lakh crore. 

⭐ ABB India reports strong numbers

Heavy electrical equipment maker ABB India reported a 19.2% yearly increase  in revenue to ₹2,120 crore in the third quarter. Profit after tax jumped 69% YoY to ₹203 crore. The company’s total order book also grew  38% to ₹2,634 crore on a year-on-year basis.     

⭐ RBI sees October inflation under 7%

Good news. Inflation seems to be easing.Reserve Bank of India Governor Shaktikanta Das expects India’s consumer price inflation for October could come in below 7%. The Governor attributed the slowing down in price growth to various steps taken by the central government and RBI over the past 6-7 months. Retail inflation rate had clocked in at 7.4% in September. October’s numbers are expected in the coming week.

Global markets (at 7:30 AM today)

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Source: NDTV