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Indian Stock Market - ICICI Lombard


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The WSJ says "The new political makeup, after the ruling Congress party and its allies sailed to victory in national elections Saturday, suggests an era of stability that could allow the government to pursue reforms in some sectors of the economy, such as retail and insurance."

 

Anyone want to comment on how this might effect FFH?

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Yes, this would appear to be good news and reason the market spiked. Previously the government blocked the attempt by ICICI Bank to separate out ICICI Securities (which included Prudential Life and Lombard) via an IPO over foreign investment concerns. If we can get a market price on ICICI Securities, this would/should unlock some hidden value on FFH's balance sheet for Lombard which is only on the books at around $120M.

 

http://www.thehindubusinessline.com/2009/05/18/stories/2009051851120400.htm

 

Cheers

James

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