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ICICI Prudential Life Insurance Company on Tuesday reported a standalone net profit of Rs 225 crore for the quarter ended June 30, 2024, which was up by nearly 9% over Rs 207 crore reported by the company in the year ago period.

The company also saw its value of new business (VNB) grow by 8% year-on-year during the quarter. The total annualized premium equivalent (APE) surged by 34.4% to Rs. 1,963 crore, up from Rs. 1,461 crore in the corresponding quarter of the previous year.

IRDAI emphasised that Saluja’s dual role as executive chairperson of Religare Enterprises does not exempt her from regulatory compliance. The issuance of stock options to her breached the IRDA Act of 1999 and related guidelines, the regulator stated.

Despite maintaining steady capital expenditure and fiscal deficit targets, analysts predict that significant tax policy changes, particularly the increased LTCG, STCG, and STT rates, will affect market sentiment. However, the introduction of new income tax benefits under the new tax regime offers some relief to taxpayers, potentially mitigating the negative impact on market sentiment.

UBS Securities economist noted that from FY27 onwards, the government would shift to a new medium-term fiscal consolidation path linked to the reduction in central government debt as a percentage of GDP. He believed this would provide them with more flexibility to determine an appropriate fiscal trajectory based on domestic and global growth dynamics.

Bond traders have little visibility on when the inflation-wary Reserve Bank of India may cut rates, but the Centre has done its bit to pave the way for a drop in short-term sovereign debt yields by announcing a reduction of Rs 1 lakh crore in its borrowing through Treasury Bills in the Budget.

D-Street recouped losses to close flat with a negative bias on the Budget Day. The S&P BSE Sensex fell 0.09% while the Nifty50 closed below 24,500 levels. Sectorally, buying was seen in pharma, IT, consumption and FMCG stocks while oil & gas, financial services, PSU Bank and realty stocks saw selling pressure.

Shares of REIT stocks were up by 2% on NSE today after the Union Budget presented today reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months.