BSE, Ebix to set up Pioneering insurance distribution network in India

Leading bourse, the Bombay Stock Exchange (BSE), today said it has joined hands with Ebix Inc to set up a pioneering insurance distribution network in India.

BSE Investments Limited (BIL) is a wholly-owned arm of BSE, while Ebix Fincorp Exchange is a wholly-owned subsidiary of Ebix, signed the pact with the aim of revolutionizing end-to-end sales and insurance processing in the country.

The JV enterprise will allow distribution of outlets, stock brokers, wealth management advisors and financial institutions across life and non-life product segments.

The platform will include the entire insurance lifecycle from customer relationship management (CRM), agency management, multi-quoting, underwriting, policy generation, claims filing and decision to back-end insurance policy administration.

The IPO by Reliance Nippon Life Asset management subscribed 4.85 times on Second day

The IPO of Reliance Nippon Life Asset management (RNAM), having been fully subscribed on first day of the bidding process, carried on to see investor demand, as the issue got 4.85 times subscription by on Thursday mid-noon hours. Starting 12.30 pm, the IPO got bids for 211,399,301 shares against the total issue size of 42,840,000 shares, as per Exchange data.

The price band of the issue was fixed Rs 247-252 and the minimum bid lot at 59 equity shares. The quota for all investor divisions including retail individual investor’s was fully subscribed.

Reliance Nippon has priced its shares in a band of Rs. 247-252 per share. The offer will close on 27 Oct. The Rs. 1,542 crore IPO consists of a fresh issue of shares worth Rs. 617 cr. 

Modi govt’s mega plan: Banking Stocks Rally

Banking, particularly PSU bank stocks buzzed after Modi govt’s mega plan of Rs 2.11 lakh crore to recapitalization was announced. Effectively, heavy volumes were detected in banking stocks. Notably, the trading volume was enormous in the banking stocks that Nifty Bank index with several banking stocks surpassed the turnover of the 50-share Nifty index.

The stocks the PSU bank index of NSE traded in green today with SBI and PNB jumping up to 40%.  Nearly Rs 16405 crore worth of shares exchanged hands on the Nifty Bank index. SBI spurted 24.56% to hit the 52-week high of Rs 316.95, which itself solely contributing Rs 5,700 crore to the trading turnover.

PNB was the biggest gainers among the banking stocks, which rose 40% to hit the 52-week high of Rs 193.45. Bank of Baroda rose 28%, Union Bank of India soar 29%, Canara Bank  up 34%, Bank of India jump 30%, OBC up 25%, among the rally of  many PSUs.