Private life insurer HDFC Life Insurance posted a 5 percent year-on-year (YoY) increase in its December quarter (Q3) net profit at Rs 263.44 crore on improvement in investment income and premium collection. A Reuters estimate had pegged the net profit of HDFC Life at Rs 370.2 crore for the third quarter of FY21. The net premium income stood at Rs 9,488.84 crore in Q3 as against Rs 7854.98 crore in the year-ago period. Vibha Padalkar, Managing Director and Chief Executive Officer, HDFC Life Insurance, said, "We are witnessing a lift in customer confidence, which is also reflected in the new business premium trends for both the individual as well as the group credit protect the business. We continue to see a pickup in the savings business, accompanied by an increase in both the average ticket size as well as the nu

Bitcoin fell below $30,000 as it continues to retreat from the record highs reached during a furious rally over the past two months. The world’s largest cryptocurrency dropped as low as $29,327 as of 8:29 a.m. in Hong Kong on Friday, after a slide of almost 11 per cent a day earlier. Commentators have cautioned that a sustained drop below $30,000 could presage further losses in the wake of last year’s 300 per cent surge. “This level looks very vulnerable and a break below it is bad news in the near-term for Bitcoin and cryptos in general," Craig Erlam, senior market analyst at Oanda Europe, wrote in a note Thursday. “I wouldn’t be surprised to see a test of $20,000 before too long." Bitcoin has seen a stellar rally as prices more than doubled after passing $20,000 for the first time in December. It broke

The Securities and Exchange Board of India (SEBI) on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by BRH Wealth Kreators, which is a violation of the regulator’s interim order. The regulator has also directed the private bank to transfer Rs 157.68 crore along with 7% interest per annum from October 14, 2019, till date to an escrow account till the issue of settlement of clients securities is not reconciled. In October 2019, SEBI had barred BRH Wealth Kreators from the market. The regulator had also directed depositories and banks not to make debits from the Demat and bank accounts of the stockbroker. HDFC Bank had granted credit facilities worth Rs 191.16 Crore to BRH and Rs 26.61 Crore to BRH Commodities, out of which an amount of Rs 87.75 Crore was granted as LAS. The

SBI Cards and Payment Services Ltd on Thursday reported a nearly 52 per cent dip in its net profit to Rs 210 crore in the third quarter ended December 2020, on higher provisioning. The pure-play credit card company, promoted by SBI, had posted a net profit of Rs 435 crore during the corresponding period of the previous financial year. Its total income grew marginally to Rs 2,540 crore during October-December 2020, against Rs 2,563 crore in the year-ago period, the company said in a statement. SBI Cards said its total management overlay provision stood at Rs 1,113 crore at the end of December 2020, against Rs 758 crore at the end of the preceding quarter ended September. The impact of COVID-19 has led to significant volatility in global and Indian financial markets, which may persist after restrictions related to t

Elon Musk said he plans to donate $100 million toward a prize for the best carbon capture technology, weeks after he became the world’s richest person. Musk made the announcement Thursday on Twitter, his preferred medium of communication, and said details would come next week. The Tesla Inc. co-founder’s net worth surged in the past year, boosting him past Jeff Bezos, as the carmaker delivered consistent profits, attracted legions of retail investors, and earned inclusion in the S&P 500 Index. The South African-born entrepreneur is now worth $201.4 billion, according to the Bloomberg Billionaires Index. One of his first reactions on becoming the wealthiest human, after an initial shrug -- was to solicit advice on how to give it away. Musk, 49, is a philanthropy neophyte compared with those he just leapfro

The Reserve Bank on Thursday imposed a penalty of Rs 2 crore on Standard Chartered Bank India for delays in reporting of frauds to it. The monetary penalty has been imposed on the bank for non-compliance with certain directions contained in the ‘Reserve Bank of India (Frauds – Classification and Reporting by commercial banks and select FIs) Directions 2016’. “The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018, and March 31, 2019,” the RBI said. A notice was issued to the Standard Chartered Bank, India advising it to show cause

Ahead of a potential listing on exchanges, Zomato is on the verge of closing a $500 million investment that would value the Gurugram-based company at around $5.5 billion. Existing investors Tiger Global, Kora Investments, Steadview, Fidelity, Bow Wave, Vy Capital along with new backer Dragoneer Group, will participate in the financing round, The Economic Times reported. The fundraising will include a mix of primary cash infusion of $250 million by existing backers and a similar amount via a secondary sale of shares by Chinese investors Ant Group (an affiliate of Alibaba) and Sunlight Fund, the report said. With the fresh capital, Zomato is expected to have $1 billion in cash as it inches closer to its public market debut, said another person familiar with the goings-on in the company. “Zomato is aiming for an IP

At least eight people were killed in a major blast at a crusher site in Hunasodu village of Shivamogga district last night. The blast happened after a truckload of explosives, which was meant for mining, caught fire, killing six people on the spot. CM BS Yediyurappa termed the incident "unfortunate". "A high-level probe into this unfortunate incident has been ordered and strict action will be taken against the culprits," he tweeted. The massive explosion took place near gravel and boulder crushing facility around 10.30 pm on Thursday, sending shockwaves not only in Shivamogga but also in neighboring Chikkamagaluru and Davangere districts. So strong was the blast that window panes shattered while many houses and even roads developed cracks, said an eye-witness, news agency PTI reported. Many people even contacted