Insurance stocks surge on hopes of FDI limit hike
Reuters Market Eye - Shares in insurance companies surge on hopes that the new government may raise foreign direct investment limit in the sector to 49 percent from 26 percent, multiple dealers say.
Max India (MAXI.NS) surges 8.7 percent, Reliance Capital (RLCP.NS) advances 5.4 percent and Bajaj Finserv (BJFS.NS) gains 4.4 percent.
(Reporting by Abhishek Vishnoi)
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India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article