#NIFTY 50 CLOSING BELL: 10th December, 2014 Nifty closed at 8355.65 (+14.95 or +0.18%) after a much volatile session. #BankNifty closed positive at 15462.95 (+172.30 points or +0.94%) led by gains in PSU Banks. #NiftyGainers: #SBI, #JindalSteel, #ONGC, #PNB and #BankofBaroda #NiftyLosers: #BHEL, #NMDC, #GAIL, #HUL and #TechMahindra #MajorEconomicMovements: Insurance Bill crosses major hurdle, RS panel recommends 49% FDI cap The #Insurance Laws Amendment bill has been cleared by the Rajya Sabha Select Committee with the Congress submitting no dissent note. This means that the bill in its current form is ready for tabling in Parliament next week. It has been a seven year journey for a bill that is part of last-mile financial legislation in India’s ongoing economic reform. Because a select committee is a microcosm of parliamentary political opinion, the bill is anticipated to face minimum opposition in the two houses. Dissent notes have been filed by the CPI (M) and other parties, but because the Congress backed the bill without reservations, it has sailed through the Select Committee and will face no opposition even in the Rajya Sabha where the government is not in majority. The bill visualizes not just increasing FDI caps in the insurance sector from 26 to 49 per cent but also does not restrict FII investment in the sector within the proposed cap. This is expected to increase competition in a sector awaiting liberalization since 2006-07. Like and Share to keep getting updates. Share Knowledge. Spread Awareness.
Posted on: Wed, 10 Dec 2014 13:00:00 +0000
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