Muslim philanthropists set an example by helping Hindu, Christian families

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

Bengaluru, Jan 28: The state government is set to allow investors who bought farmland for industrial and other purposes to sell it off if they fail to use it within seven years. The new buyers, however, must utilise the land parcel for the same purpose for which it was allotted.

An amendment bill in this regard will be tabled during the joint session of the assembly, which begins on February 17.

Currently, investors remain tied to unused parcels. Law and parliamentary affairs minister JC Madhuswamy said the amendment to Section 109 of the Karnataka Land Reforms Act, which deals with the purchase of farmland for non-agricultural purposes, would remove hurdles for disposal of such plots. “To prevent misuse of land, the bill makes it mandatory for the new buyer to utilise it for the purpose for which the land was purchased by the first investor,” he said.

The government will also table a bill which seeks to regulate the affairs of religious and educational trusts. It will empower the government to intervene in the affairs of the trusts when irregularities come to light.

“Currently, the government has no role to play when allegations of irregularities and mismanagement crop up against trustees. The bill seeks to address this,” Madhuswamy said. He clarified the government didn’t want to interfere in trusts’ affairs. But some issues, he added, were of concern: trustees illegally selling off the trust property.

Mysuru, Mar 27: A 35-year old man from Mysuru, Karnataka was tested positive for coronavirus infection on Thursday, taking the state-wide count to 52 altogether.

This new case could be an indication that Covid-19 has entered into the third stage of community transmission in Karnataka, as the infected person neither has any travel history nor have been in contact with Covid-affected persons.

The patient works in the quality assurance section of a pharmaceutical company in Nanjangud in Mysuru district, and has been in continuous contact with medical care professionals.

Mysuru DC Mr Abhiram G Shankar informs that detailed investigation is under process.

He is currently undergoing treatment at an isolation ward in a designated hospital in Mysuru. So far his seven primary contacts have been traced and they are under home quarantine, Mr Abhiram Shankar said.

A 35 year old Mysurean, and another 46 year old Keralite, both who had come from Dubai, were the first and second cases tested positive for Covid-19 in Mysuru. They are also currently kept under isolation.

Mysuru district administration has identified 898 international passengers in Mysuru district including 152 in the taluks. Among them, while 149 persons have completed home quarantine period by now, the rest are still in isolation.