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Kannan said the company is set to achieve its VNB target of ₹2,650 crore this fiscal, double of FY19, helped by a 25% annualised premium equivalent (APE) growth which is the sum of annualised first-year premiums on regular premium policies, and ten per cent of single premium policies.

As the top recipient, India was expected to be one of the worst affected - with a projected decline of 23% - as the host country basket of the diaspora was vulnerable to the twin effects of economic slowdown and slump in oil prices.

On Thursday, Fed governor Waller said he supports another 75-basis-point interest rate increase this month, prompting a paring of bets on a 100-basis-point rate hike which had grown after a Labor Department report on Wednesday showed consumer prices rose at an annual 9.1% pace in June.

The board approved raising funds through debt securities in any permitted mode on a private placement basis as may be decided, for an aggregate amount not exceeding Rs 20,000 crore.

The rupee fell to a new lifetime low of 79.98 to a dollar, just shy of the psychological mark of 80. Select state-owned banks were seen selling dollars on behalf of the RBI, helping prevent the local unit from touching 80 during the formal trading hours.

The Dow Jones Industrial Average added 314 points, or 0.99%. S&P 500 gained 0.80%, while the Nasdaq Composite advanced 1%.

Subsequently, the shareholding and consequent voting rights of M&M in Sampo would increase from 79.13 per cent to 100 per cent of the equity share capital of Sampo and it would become a wholly-owned subsidiary of the company, it added.

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The US investment bank became the latest financial heavyweight to suffer a decline in second-quarter results as the weakening macroeconomic environment prompts them to hold funds in case of defaults.Operations were mixed, but Goldman scored a big jump in revenues tied to trading amid volatile markets.

The index has crossed the swing high of 16,275, said Gaurav Ratnaparkhi of Sharekhan, which shows that the Nifty50 is continuing with the pullback on the higher side.