ICICI Lombard’s Q3 profit rises

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⭐ ICICI Lombard’s Q3 profit rises

In the December quarter, the general insurance company’s net profit rose by 11% on a year-on-year basis to ₹353 crore. This was supported by a growth of 16.9% in premium to ₹5,493 crore. Meanwhile, the combined ratio marginally dropped to 104.4% from 104.5% in the same period last year. This means the insurer is paying out more in claims and expenses as compared to the revenue it is earning from the premium.  

⭐ Sundram Fasteners bags large order 

The auto component maker has bagged a $250 million (₹2,043 crore) contract from a leading global automobile manufacturer. As per the deal, Sundram Fasteners will supply sub-assemblies for electric vehicles (EV). The company plans to invest ₹200 crore to support this new order.  

⭐ India Pesticides’ new product launch 

The management of the chemical manufacturer said that it expects ₹100 crore revenue from the launch of the herbicide technical product, according to reports. This herbicide, which will be exclusively exported, is primarily used in crops including maize, soybeans and wheat.

Global markets (at 9:00 AM today)

Fact of the day

CSL Behring's hemophilia B gene therapy (reduces bleeding) is world's most expensive durg, costing $3.5 million per dose 

Source: Hindustan Times