Good morning!
Here are the top stories to start your day.
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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.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.20% |
| Nikkei 225 (Japan) | ▲ 0.55% |
| Hang Seng (Hong Kong) | ▼ 0.97% |
| SSE Composite (China) | ▲ 0.081% |
| Dow Jones (US) (July 14) | ▼ 0.46% |
| NYSE (US) (July 14) | ▼ 1.18% |
| Nasdaq (US) (July 14) | ▲ 0.032% |
| S&P 500 (US) (July 14) | ▼ 0.30% |
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