Insurance Stocks Gain; Government Panel Approves Recommendations on Insurance Bill

Finance Minister Arun Jaitley expressed satisfaction over recommendations on insurance bill made by a parliamentary panel, the government said in a statement on Monday.

Mr Jaitley is hopeful insurance market expansion would take place once the bill is passed by Parliament.

Amendments to the Act seek to raise foreign direct investment cap to 49 per cent, among other things.

Max India gained 3.4 per cent, while Exide Industries was up 0.2 per cent. Bajaj Finserv rose 0.7 per cent and Reliance Capital was up 1 per cent.

Copyright: Thomson Reuters 2014