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<ul><li>LIC Housing Finance Ltd (LICHFL) shares jumped nearly 10% during the early trade minutes on Tuesday </li><li>On Monday, the company reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June 30.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>One of India’s largest mortgage lenders, LIC Housing Finance Ltd (LICHFL) shares jumped nearly 10% during the early trade minutes on Tuesday after the company reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June 30. <div type="image" title="Lic" msid="77734147" hostid="261"></div> Total income of the company rose 3.4% to ₹4,977.49 crore in April-June 2020. The growth was cushioned mainly by the lower provisioning. The provisioning in the last quarter stood at ₹56 crore compared to around ₹253 crore in the year-ago period, according to the company regulatory filing. “The rise in profit is mainly attributed to provisioning, which was lower in the quarter as compared to the last time (Q1 FY20). However, we have fully provided for whatever is required,” the company’s managing director and CEO Siddhartha Mohanty said. According to the first-quarter financial results, almost 25% of the company’s loan book is under moratorium as of June 30. The individual home loans under moratorium accounted for 16% of the home loan portfolio, and nearly 77% of its developer loan book is under moratorium as of June 30. The company’s total loan portfolio grew 6% to ₹2,09,817 crore. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC Housing - Loan Portfolio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in Q1 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Individual Loan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home Loan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Developer Loan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table> Future Outlook The company is expecting to see some pick-up in growth in the second quarter. “With unlocking of activities, our business picked up, especially from the month of June 2020. Though the economic activities are likely to take some more time to recover, we are witnessing an increasing business trend month after month, and we are confident of a rebound in Q2 itself,” Mohanty said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/india-startup-founders-are-opting-for-money-in-the-bank-instead-of-high-valuations-as-they-look-to-survive-this-pandemic/articleshow/77733965.cms" data-type="tilCustomLink">India's startup founders are opting for money in the bank instead of high valuations as they look to survive this pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-tuesday-future-retail-adani-enterprises-wipro-axis-bank-gmr-infra-lic-housing-finance-and-more/articleshow/77733156.cms" data-type="tilCustomLink">Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more</a>

LIC Housing Finance shares surge led by strong growth, Q1 profit rose 34% on lower provisions

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has proposed 15% capital adequacy as a benchmark and LIC Housing Finance is short of that.</li><li>The new restrictions proposed by the regulator will also limit the amount of dividend paid by other non-banking finance companies.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/" data-type="tilCustomLink" target="_blank">Business Insider</a>. </li></ul>The Reserve Bank of India issued a draft circular that proposed restrictions on non-banking finance companies declaring dividends. And, according to analysis by Emkay, only two companies, LIC Housing Finance and M&amp;M Financial Services, in that space do not meet the conditions, under current circumstances, for paying dividends set by the central bank. However, M&amp;M Finance has clarified that it would be eligible. Not surprisingly, it took a toll on the two stocks. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Losses on Dec 10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC Housing Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.11% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra and Mahindra Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.35% </td></tr></tbody></table> The RBI has proposed a capital to risk weighted assets ratio (CRAR) of 15%. Simply put, CRAR is a measure of how much capital the company has compared to the riskiness of its loans. If the borrower fails to repay, the capital would be the cushion to absorb the loss. And LIC Housing Finance fails to meet the RBI threshold on this count. The capital adequacy ratio has been 14.4%% for the company in the last two financial years and 14.5% for the first half of the current one, the report said. The way out of this is that the company can raise money from the market to boost this figure past the 15% mark, and then, shareholders can expect a dividend. M&amp;M Financial, on the other hand, doesn’t make the cut on RBI’s benchmark for paying dividend because the amount of bad loans on its books is a little more than what the regulator likes. The circular has set the threshold at 4% while M&amp;M Financial has a net NPA (non-performing assets) of 4.7%. However, if the firm is able to recover enough loans by March 2021 to bring the metric below 4%, dividend may be back on the table. In the year before COVID-struck, the one ending in March 2019, the company paid a handsome 25.7% dividend to shareholders. On the other hand, in a statement to Business Insider, M&amp;M Financial stated “As per the circular, RBI has proposed a twin matrix of CRAR and NNPA and accordingly specified 4 categories based on a combination of both. CRAR of MMFSL has been above 18% for the last 3 years. Hence, the company will fall in Category B as per the matrix. Secondly, MMFSL’s net NPA at the end of September 30 was 4.7%, based on which our permissible dividend payout ratio is ‘up to 20%’,” the company said. This is not the first time the spotlight has fallen on M&amp;M Finance’s chunk of bad loans. The pandemic has only increased the risk of defaults and therefore the company too has been aggressively setting aside money to cover the losses if they occur. “As we progress, the next six months, which is normally the good six months, we would not see a decline in the gross NPA, and we will maintain our stance on aggressive provisions… if we start seeing things are not improving as we think, then we may take higher provision, whichever is necessary,” Vice Chairman and Managing Director Ramesh Iyer told Business Insider <a href="https://www.businessinsider.in/stock-market/news/mahindra-and-mahindra-finance-managing-director-gets-candid-about-the-rights-issue/articleshow/77212386.cms" data-type="tilCustomLink" target="_blank">in an exclusive chat in July 2020</a>. Here’s an excerpt of that interview: <div type="Youtube" id="Qu9KvcNr1iM" title="M&amp;M Financial MD explains how the company is preparing for the worst and hoping for the best" thumbUrl="https://i.ytimg.com/vi/Qu9KvcNr1iM/mqdefault.jpg"></div> For other NBFCs that are eligible to pay dividend, there may be a cap on how much they can dole out based on the benchmarks set by the RBI. These are the likely limits on dividends given the current financial health of the following firms. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dividend limit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cholamandalam Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Finance Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 25 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Magma Fincorp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram City Union Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram Transport Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 25% </td></tr></tbody></table>Source: Emkay SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-33-billion-itc-one-of-indias-most-trolled-stock-in-recent-weeks-seems-to-have-turned-a-corner/articleshow/79641456.cms">The $33 billion ITC, one of India’s most-trolled stock in recent weeks, seems to have turned a corner</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-33-billion-itc-one-of-indias-most-trolled-stock-in-recent-weeks-seems-to-have-turned-a-corner/articleshow/79641456.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-group-company-voltas-is-telling-analysts-that-it-may-hike-ac-prices-by-3-4-to-cover-rising-input-costs/articleshow/79624340.cms">Voltas is telling analysts that it may hike AC prices by 3-4% to cover rising input costs</a>

How RBI's proposed restrictions may affect your dividends

<ul><li>Indian stock market indices opened in green on Tuesday.</li><li>Sensex was trading 0.41% higher at 38,956.39; while the Nifty50 was up 0.41% at 11,513.15 points. </li><li>These are the top stocks that are buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices, Sensex advanced over 200 points in early trade on Tuesday, tracking gains in financial stocks amid largely positive trends in the global markets. The Sensex was trading 0.41% higher at 38,956.39; while the Nifty50 was up 0.41% at 11,513.15 points. IndusInd Bank was the top gainer in the Sensex pack, rising around 2 per cent, followed by SBI, Bajaj Finance, Bajaj Finserv, Axis Bank, ICICI Bank, HDFC, M&amp;M and Maruti. On the other hand, HCL Tech, Nestle India, UltraTech Cement and Tech Mahindra were among the laggards. These are the top stocks that are buzzing on D-street today: LIC Housing Finance shares surge 10% <div type="image" title="Lic" msid="77735353" hostid="261"></div> LIC Housing Finance Ltd (LICHFL) shares jumped 10% during the early trade minutes on Tuesday after the company reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June 30. The total income of the company rose 3.4% to ₹4,977.49 crore in April-June 2020. Globus Spirits hit 5% upper circuit <div type="image" title="Globus" msid="77735395" hostid="261"></div> The shares of Globus Spirits hit 5% upper circuit in the early hours of trading after the company’s net profit rose 161.45% to ₹18.72 crore in the quarter ended June 30. Indiabulls Housing Finance up over 3% <div type="image" title="India bulls" msid="77735466" hostid="261"></div> Indiabulls Housing Finance shares gained nearly 3% after the <a href="https://www.business-standard.com/article/companies/indiabulls-housing-in-talks-with-oaktree-to-raise-200-million-in-debt-120082401715_1.html">news reports surfaced </a>suggesting that it is in the final stages of negotiating a deal with Oaktree to raise $200 million in debt. Allcargo Logistics hits 20% upper circuit <div type="image" title="Allcargo" msid="77735496" hostid="261"></div> The share of Allcargo Logistics hit 20% upper circuit on August 25 after promoters proposed to delist the company shares as part of its efforts to pare debt, the company said in a stock-exchange filing on August 24. GMR Infra down 2% <div type="image" title="GMR Infra" msid="77735515" hostid="261"></div> GMR Infra shares slumped 2% after the company said the board would consider raising of funds of up to ₹5000 crore in one or more tranches, through the issue of securities as an enabling resolution as per the requirements of applicable laws which shall be subject to the approval of shareholders. Future Retail advanced 5% <div type="image" title="Future Retail" msid="77735543" hostid="261"></div> Kishore Biyani-led Future Retail shares surged 5% after the company averted a default as it repaid around $14 million (around ₹100 crore) interest on foreign bonds to investors. The 30-day grace period for repaying the interest on ‘5.60 per cent Senior Secured Notes due 2025’ was to end on Monday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-tuesday-future-retail-adani-enterprises-wipro-axis-bank-gmr-infra-lic-housing-finance-and-more/articleshow/77733156.cms" data-type="tilCustomLink">Top stocks to watch on Tuesday— Future Retail, Adani Enterprises, Wipro, Axis Bank, GMR Infra, LIC Housing Finance and more</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-wants-to-increase-data-prices-to-100-per-gb-sunil-mittal-asks-subscribers-to-prepare-to-pay-a-lot-more/articleshow/77734318.cms" data-type="tilCustomLink">Airtel wants to increase data prices to ₹100 per GB, Sunil Mittal asks subscribers to ‘prepare to pay a lot more’</a>

Top stock movers on Dalal Street on Tuesday— Future Retail, GMR Infra, Tech Mahindra, LIC Housing Finance, Allcargo Logistics, and more

The market is excited about the NDA government’s plan to develop 100 new smart cities as it could boost demand for several other industries. 
 
For instance, Assuming a population of two lakh in each of the 100 cities and four people in each house, the smart city plan would generate demand for 50 lakh new homes. 
 ETIG has identified 10 <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> that will likely be among those benefiting the most from a construction boom. Although the <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> fell 350 points in the past one week, most of these stocks bucked the trend. 
 
Asian Paints and Berger Paints 
 Asian Paints and Berger Paints together control close to 75% of India’s organised retail paint market. The Indian paint industry, which was growing 1.6-1.8 times the pace of gross domestic product until a few years ago, now expands at twice the speed of <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> as consumers shift to branded products. 
 
 
 
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	And, both Asian Paints and Berger Paints have posted a compounded annual growth rate of more than 15% over the last three years. With new cities coming up, the growth of these companies could pick up and there could be a rise in their earnings multiples. Both also pay high dividends.
 
 
<keyword id="54253" type="CITY" weightage="40" keywordseo="UltraTech">UltraTech</keyword> and Ramco Cement 
 
Construction of new houses for the smart cities will improve cement demand. The slowdown has resulted in subdued demand over the past two years. But the likely increase in demand will not only give volume growth, but should give pricing power, which would result in higher profitability. 
 
 
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	UltraTech remains the safest bet, given its presence across the country. Ramco Cements is the most efficient among peers. The southern region has seen the lowest cement demand, which has resulted in lower valuations. However, this could change if demand picks up.
 
 
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(##include msid=4006719,type=11 ##) 
Indiabulls <keyword id="100080" type="ORGANIZATION" weightage="40" keywordseo="housing-finance">Housing Finance</keyword> and <keyword id="6367143" type="ORGANIZATION" weightage="40" keywordseo="LIC">LIC</keyword> Housing <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">Finance</keyword> 
 
With the new houses, demand for housing finance is also expected to improve. The industry expects housing finance companies to show more than 20% growth in net profits in this fiscal year. 
 
Indiabulls Housing Finance, due to its small base and tie-up with major banks, may continue to grow at a higher pace. 
 
In fiscal 2014, its loan book grew 20% year-on-year. 
 
 
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	In addition, post its reverse merger in 2013, the company became a housing finance company, which will result in lower cost of funds. What makes LIC Housing Finance a likely winner is strong brand recognition. The shares of Indiabulls Housing Finance and LIC Housing Finance are trading at a price-to-book value of 2.2 and 2.1, respectively. Considering the expected growth, these stocks look attractive at this level.
 
 
HSIL and Kajaria Ceramics 
 
Despite the slowdown over the past few years, the sanitary-ware and ceramics businesses of these companies have grown at more than 20% and that too without compromising on the profitability or operating margins. HSIL manufactures bathroom products while Kajaria is mainly into tiles manufacturing. 
 
 
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	Both have strong dealer networks across India. They have both added new capacities recently and have plans to expand further to cater to rising demand. Shares of HSIL have given a return of 159% year-to-date and Kajaria Ceramics 70%. Analysts continue to be bullish on these stocks.
 
 
Havells India and Orient Paper 
 
Construction of new cities will result in huge demand for cables, switchgear, lights, bulbs and fans. While Havells has all these in its portfolio, Orient Pa-per (Orient Electrical) is one of the oldest fan manufacturing companies and its other product categories include lighting, water heaters and kitchen appliances. 
 
 
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Both companies have shown a strong growth pattern over the past few quarters. In FY14, Havells’ sales grew 13% and Orient Paper’s 21%. Havells’ stock is trading at FY15 P/E of 32 and Orient at FY15 P/E of 12.

10 Stocks Poised To Fly High On Government's Smart City Plan

<keyword id="6367143" type="ORGANIZATION" weightage="80" keywordseo="LIC">LIC</keyword> <keyword id="100080" type="ORGANIZATION" weightage="80" keywordseo="housing-finance">Housing Finance</keyword> has blocked realty developer Orbit Corporation's premium residential project in Mumbai to recover its dues. 

	The lender had taken possession of the property following the developer defaulting on loans worth Rs 96 crore out of total due of Rs 250 crore, reported the Economic Times. 
 LIC Housing Finance will auction a property belonging to Orbit Corporation, one of the leading <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> developers in Mumbai, for default of loans. 

	It has invited bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act and has kept a reserve price of Rs 125 crore for the 9,083 sq metre or over 90,000 sq ft property.
 

	Bidders can send bids by July 30.
 

	LIC Housing Finance had marked about 26,000 sq ft at Orbit's Lower Parel project Orbit Grand, 1.70 lakh sq ft at project Orbit Residency Park in Andheri and 45,600 sq ft space at Orbit Midtown at Lower Parel for its dues. 

	 
	(Image: Indiatimes)

LIC Housing Finance blocks Orbit Corp’s Mumbai project

New Delhi, Feb 17 () Life Insurance Corporation on Monday said there is no proposal to merge its subsidiary LIC Housing Finance Ltd (LICHFL) with any other entity. The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank. "There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts," LIC said in a clarification. IDBI Bank in a separate filing clarified that no such proposal has been discussed in its board meeting. Shares of the LICHFL tanked more than 10 per cent in day trade on BSE after the reports. The scrip settled down by 7.71 per cent at Rs 380.30. IDBI shares also declined by 2.54 per cent to end at 34.50. IDBI Bank, in which LIC holds 51 per cent stake, had reported widening of its standalone net loss to Rs 5,763.04 crore due to higher bad loans. The lender had posted a net loss of Rs 4,185.48 crore during the corresponding October-December period of the previous fiscal year. The bank witnessed high proportion of bad loans, with gross non-performing assets (NPAs) at 28.72 per cent of the gross advances at end of December 2019, little lower than 29.67 per cent in the corresponding period of the previous fiscal. DP MRMR

No proposal to merge LIC Housing Finance with any other entity: LIC

With a view of listing the state-run insurance major <keyword id="6368369" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">LIC</keyword>), the government has proposed to raise the authorised capital of LIC to ₹25,000 crore. As per the amendments proposed under the Finance Bill 2021, the authorised <keyword id="445210" type="PERSON" weightage="20" keywordseo="share-capital">share capital</keyword> of LIC shall be ₹25,000 crore divided into 2,500 crore shares of ₹10 each. The share capital of the <keyword id="6356315" type="COMPANY" weightage="20" keywordseo="corporation">corporation</keyword> shall consist of equity shares and preference shares, which may be fully paid-up or partly paid-up, said the Finance Bill. "The corporation may from time to time increase its issued share capital, with the previous approval of the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword>, whether by public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policyholders of the Corporation, or otherwise," it said. However, the central government shall at all times, not less than 51 per cent of the issued equity share capital of the corporation and for five years after the IPO, the Centre will hold not less than seventy-five per cent. The mega IPO is likely to take place around Diwali this year. Presenting the Union Budget for FY21-22, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had said that all the announced disinvestment processes, including the LIC IPO will be completed in the upcoming fiscal. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

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