LIC’s embedded value remains flat

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⭐ LIC’s embedded value remains flat 😑
LIC announced that its Indian embedded value (IEV) was flat at ₹5.41 lakh crore as of March 2022, compared to ₹5.39 lakh crore as of September 2021. Embedded value is a common valuation measure for the life insurance industry that estimates the value of shareholders' interest. Meanwhile, the Value of New Business (VNB) for the year ended March 2022 was at ₹7,619 crore, up from ₹4,167 crore as of March 2021. VNB refers to the present value of future earnings from policies issued during a period.

⭐ Adani Ports-led JV buys Israeli seaport 🚢
An alliance of Adani Ports and Israel's Gadot Chemicals Tankers & Terminals has won the bid to buy Israel's second-largest seaport Haifa. The two companies will buy the port for 4.1 billion shekels ($1.18 billion). Adani Ports will hold a 70% stake in the Haifa, while Gadot will own 30%.

⭐ L&T Infotech reports muted results 💻
Larsen & Toubro Infotech (LTI) reported a 0.5% drop quarter-on-quarter (QoQ) in its Q1 net profit to ₹634 crore. This was on a 5.1% QoQ rise in Q1 revenue to ₹4,522. Attrition rate in the 12 months ending June 2022 was at 23.8%, slightly lower than 24% in the 12 month period ending March 2022.

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Fact of the day

Thanks to a rise in visits to doctors and holiday bookings, the UK's GDP grew 0.5% in May, compared to a 0.2% decline in April.
Source: Bloomberg