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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)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.06% |
| Nikkei 225 (Japan) | ▼ 0.78% |
| Hang Seng (Hong Kong) | ▲ 3.20% |
| SSE Composite (China) | ▲ 0.75% |
| Dow Jones (US) (November 11) | ▲ 0.1% |
| NYSE (US) (November 11) | ▲ 0.25% |
| Nasdaq (US) (November 11) | ▲ 1.88% |
| S&P 500 (US) (November 11) | ▲ 0.92% |
Fact of the day
Twitter suspends its $8 subscription program after fake accounts boom
Source: NDTV