Insurance Stocks Slips Down for the Fear of Higher Tax

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HDFC Standard Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance and Max Financial Services stocks were down in the range of 3% to 5% on the BSE.

Insurance Stocks Slips Down for the Fear of Higher Tax

The Shares of the insurance companies were trading lower by up to 5% on the BSE on fears of higher tax rate also the Insurance shares are performes Low in the Market. HDFC Standard Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance and Max Financial Services were down in the range of 3% to 5% on the BSE. On comparison, the S&P BSE Sensex was up 0.11% at 33,597 at 02:45 PM.

The Finance Ministry has constituted a task force for redrafting the direct tax law. The task force will submit its report within the next six months. The panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country, say the terms of reference.

 Insurance actuaries are currently building in tax rate of 14.3%. Increase in tax rate will have one time impact on EV (embedded value) and going forward lower NBAP margins, Kotak Institutional Equities said in a note. We hope that these Stock makes a come back and Up again so that Insurance and People get the profit out of it.

So, This is the Article about How Insurance Stocks Slips Down for the Fear of Higher Tax Hope You Like the Article on Grabeveryday.

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