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<ul><li>HDFC acquired a 51% stake in health insurer Apollo Munich for Rs 13.36 billion.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li><li>It will merge with general insurance company HDFC Ergo.</li><li>The combined entity will have a market share of 8.2% in health and accident segments.</li></ul>HDFC has acquired a 51% stake in health insurer Apollo Munich for ₹13.36 billion. The mortgage lender will merge it with its own general insurance company HDFC Ergo, making this combined entity the second largest private insurer in the accident and health segment. This merger comes after the government has been trying to formalise the plan to merge three of its general insurers---New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company to <a href="https://www.financialexpress.com/industry/banking-finance/experts-back-merger-of-new-india-assurance-national-insurance-united-india-and-oriental-india-insurance-company/1607907/">unleash economies of scale</a>. Now, private players have seem to have taken a cue to become bigger and stronger. The combined entity of HDFC Ergo and Apollo Munich will have a market share of 8.2% in health and accident segments. In the non-life insurance segments, it will have a market share of 6.4%. “The combined expertise of HDFC ERGO and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities, benefiting their 1.2 crore policy holders,” said <keyword id="6448020" type="DEFINITION" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword>, Chairman of HDFC Ltd and HDFC ERGO General Insurance. This acquisition is subject to approval from various regulators including National Housing Bank (NHB), Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI). Munich Health Germany which is a partner of Apollo will also pay ₹2.94 billion (₹294 crore) to Apollo Hospitals Enterprise and Apollo Energy to support the transaction. “The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, Chairperson Apollo Munich Health Insurance and Vice Chairperson Apollo Hospitals Enterprise. This merger would make one player less in India’s crowded general insurance where there were 34 players, before this deal. However, the number of people who have any kind of insurance in the country are less than 3.69% of the population, according to the latest annual report from the regulator, Insurance Development Authority of India (IRDAI).

India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>). </li><li>All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. </li><li>IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO.</li></ul>India’s benchmark indices Sensex and Nifty50 tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on Silicon Valley Bank (SVB). All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. Both the benchmark indices were down 1.2% midway on Monday – Sensex fell 705 points to 58,345, Nifty50 declined 200 points to 17,218. <a href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">India VIX</a>, which measures the volatility in the markets, rose sharply by over 13% on Monday. IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO. In the week ended on Friday, March 10, bears wiped out the gains of the preceding two weeks – Sensex closed 0.52% lower, while Nifty50 fell 0.31%. Most of the sectoral indices were in the red on Monday morning, with media, banks, auto and pharma sectors declining the most. IT was flat, while metals and financial services sectors were in the green. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.29% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.43% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.39% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.31% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.35% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.03% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.21% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid Corp </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.73% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.17% </td></tr></tbody></table> Source: NSE, March 13, 2023 <cmsannotation type="cmsannotation" annotationid="US authorities step in to protect SVB depositors" comment="subhead" text="US authorities step in to protect SVB depositors">US authorities step in to protect SVB depositors</cmsannotation> The run on the Silicon Valley Bank left the startup ecosystem on the edge over the weekend – SVB caters to nearly half of all the venture capital-funded startups in the US. However, the US authorities rushed to step in before the bank opens on Monday, announcing that the money of all the depositors will be available when the bank opens on Monday. That said, market sentiments were mixed on Monday morning. While Hang Seng rose 1.84%, Taiwan Weighted was flat. Shanghai Composite edged up 0.57%, while KOSPI was up 0.27%. Nikkei 225, however, fell the most, down by 1.58%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Nazara Technologies: The gaming platform reported that two of its subsidiaries have deposits worth ₹64 crore at the collapsed Silicon Valley Bank. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>: The Gautam Adani led group said it has completed full prepayment of margin-linked share backed financing aggregating to $2.15 billion, before the committed timeline of March 31, 2023. Also, promoters have prepaid a $500 million facility availed for financing the acquisition of Ambuja Cements. <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>: Media <a href="https://economictimes.indiatimes.com/industry/banking/finance/ten-more-banks-set-to-join-syndication-for-reliance-industries-ltds-3-billion-loan/articleshow/98591608.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral">reports</a> suggest that Reliance Industries’ $3 billion loan is in the final stages of completion, in a consortium consisting of three dozen banks. ICICI Bank: RBI has granted approval of extending the deadline to divest its shareholding in ICICI Lombard General Insurance to less than 30%. The deadline has been extended till September 9, 2024. M&amp;M: As per reports, the automaker is likely to sell 4.6% stake in automotive component supplier Mahindra CIE Automotive at a floor price of ₹355 per share through a block deal. Bank of Baroda: The lender plans to divest 49% stake in credit card subsidiary, BoB Financial Solutions. The bank is aiming at a 12 month timeline to bring in a partner for technology, distribution and sourcing knowledge. Sona BLW: Private equity firm Blackstone is likely to completely exit the investment in the auto component maker through a block deal on Monday. According to reports, the floor price has been set at ₹400 per share. Tech Mahindra: The IT company announced the appointment of Mohit Joshi as MD &amp; CEO to take over after CP Gurnani’s retirement on December 19, 2023. Joshi has two decades of experience in enterprise technology software &amp; consulting space. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a> <a href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a>

Sensex, Nifty50 tumble amid a sharp rise in volatility: Bank, auto stocks drag markets down

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India had 34 general insurance companies till now-- there will be one less after HDFC’s ₹13.3 billion deal to buy Apollo Munich

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Sensex, Nifty50 tumble amid a sharp rise in volatility: Bank, auto stocks drag markets down

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