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Biz EOD: LIC beset with downgraded investments; CSR spends grow; trouble mounts for Adani Gas

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twitter-logo BusinessToday.In   New Delhi     Last Updated: January 24, 2020  | 22:18 IST
Biz EOD: LIC beset with downgraded investments; CSR spends grow; trouble mounts for Adani Gas
Top stories from the world of business and economy.

The Life Insurance Corporation (LIC) is saddled with a downgraded investment portfolio of over Rs 67,000 crore. The Corporate Social Responsibility (CSR) spends by companies listed on the NSE increased 18 per cent to Rs 11,961 crore in financial year 2018-19, a year-on-year growth of nearly 12 per cent in comparison to the previous fiscal. JSW Steel posted an 88.3 per cent decline in net profit for December quarter of the current fiscal. Read for more top stories from the world of business and economy:

1. LIC investments worth Rs 67,000 crore see downgrade; Reliance Capital, YES Bank top drags

A bulk of these downgrades happened over the last three years. Any downgrade is not good because the pricing (interest rate) takes place based on the rating profile of the corporate.

2. Infosys dismisses reports of SEBI audit into whistleblowers' allegations

The company has not received any request from SEBI to conduct further audits into the anonymous whistleblower investigation as reported by media, Infosys said in a filing to the stock exchanges.

3. Petroleum regulator seeks to cancel licence of Adani Gas over non-disclosure

Adani Gas had bid for city gas distribution projects using net worth calculation of Adani Enterprises without disclosing the scheme of arrangement between the two companies.

4. CSR spends improve to 18% in FY19; yet far below all-time high

The CSR law came into force in April 2014 and it mandates companies, subject to the provisions of the Act, to invest two per cent of their net profit in CSR projects.

5. JSW Steel Q3 net profit tanks 88% to Rs 187 crore

JSW Steel's revenue from operations dipped 11.13 per cent to Rs 18,055 crore during the quarter under review, as opposed to Rs 20,318 crore in the December quarter last fiscal.

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