Life Insurance Corporation of India, the country’s biggest institutional investor and the second-largest state company by market value, would issue bonus shares in a 1:1 ratio in the first such shareholder reward since its public market debut four years ago.

The issue, announced on Monday, would double LIC’s paid-up equity base. The bonus reward comes amid a protracted underperformance of the LIC stock, which has failed to sustainably hurdle both the offer and listing prices over four years.

The stock now trades at a near 15% discount to the IPO price. Shareholders will receive one fully paid-up equity share of ₹10 each for every share held on the record date, the company said in an exchange filing.

The bonus issue will involve the capitalisation of reserves worth about ₹6,325 crore, with the stock being issued out of the insurer’s reserves and surplus of more than ₹14.64 lakh crore at the end of December 2025.

Post-issue, LIC’s paid-up equity capital would rise to about ₹12,650 crore from ₹6,325 crore currently, while the number of outstanding shares will increase to roughly 12.65 billion from 6.33 billion.

This is the first time LIC is paying shareholders through equity distribution, a common route for companies with large, accumulated reserves. The issuance remains subject to shareholder approval.
The insurer expects to complete the allotment of bonus shares within two months of board approval by June 12. Shares of LIC rose 0.71% to ₹804.25 on the BSE on Monday, even as the benchmark index declined 0.91%, as investors reacted to the board meeting to consider the insurer’s first bonus issue since its 2022 listing. LIC has issued five dividends since listing.

Despite the positive trigger, the stock continues to trade below its May 2022 IPO price of ₹949 and listing price of ₹875, even as the company’s profitability metrics have improved.

Local Democracy Reporting Service meets residents to hear of progress on regeneration plans

The people of Middleton felt forgotten about, lacking transport connections and sceptical about a massive redevelopment planned. Six months later, Middletonians are excited to see the progress being made on the reshaping of towns across north Manchester.

Since the Local Democracy Reporting Service spoke to people in the Rochdalian town on a sunny September day, ground on the new Sustainable Materials and Manufacturing Centre (SMMC); the Middleton Mayoral Development Corporation (MDC) has been launched; and a huge injection of cash has been promised.

The plan would see the creation of a manufacturing hub within the Atom Valley project.

This forms part of the overarching Northern Gateway scheme, bringing with it 20,000 jobs, Metrolink to Middleton, 1,200,000 square metres of employment floorspace, 3,000 new homes and better public areas, roads and pathways.

Just over six months ago, sitting in Middleton Gardens having a coffee was Geoff Douglas.

The 80-year-old said: “It’s about time, it’s a brilliant idea if it’s true. I do have a lot of scepticism though because they’ve been talking about it for a while.

“It’s been all talk and no action so far. The town centre is clearly interesting for the pigeons as there are so many of them, people keep feeding them.

“It can’t just be one thing, it needs to be a whole package. We are seeing stuff open up in the town, so progress is coming but slowly. Middleton has a lot to offer with the swimming baths and the shows at Middleton Arena, so this would be a nice addition.

“There is lots of stuff going on, so if we get more investment, more will come. The sooner this happens the better.”

Just a few benches over, Brian Quinn added: “I feel we get forgotten about here. It’s dated at the moment with the shopping centre – there are no big names in there so a big investment could bring that.

“If I was still working I wouldn’t be happy in this area. It’s been about seven years since I retired.

“It was atrocious – the employment options. So getting proper full time jobs here would be great.”

Like many locals in the area, the pair worried the plans would remain as just plans – never coming to fruition. But that doubt has been answered with meaningful action.

The first physical sign of movement on the scheme came on a rainy November day when Greater Manchester mayor Andy Burnham put spades in the ground on the SMMC in Rochdale. The SMMC, just off the M62, is expected to become a catalyst for growth in advanced manufacturing, machinery, materials, and scientific research.

Designed as part of a wider innovation ecosystem, the centre will play a key role in establishing Atom Valley as a world-class hub for advanced materials and manufacturing.

Later on in November the MDC was officially launched by actor and comedian Steve Coogan and Rose Marley, the CEO of trade body Co-operatives UK. The MDC will work to connect Middleton to the wider Northern Gateway project.

This would happen through bringing the Metrolink trams to Middleton; creating new homes on brownfield plots; high-quality business premises; and better public areas, roads and pathways.

When the LDRS returned to Middleton Gardens to scope local opinion to this recently, there was no negativity towards the scheme now it’s moving forward.

Karen Mullane said: “It needs shutting down as it is. We need new jobs and places for kids to go, especially during the holidays.

“Whether it will come to fruition I don’t know. Lots of businesses have shut down, but that’s like a lot of town centres.

“I got off the bus and went through the shopping centre and so many are shut.”

Karen felt that though the recent investment, things could change for the better around Middleton.

Another local added: “Loads of shops and banks have shut down. Things have gone downhill now. So I’d welcome new investment into the area.”

Things ramped up another gear last month when Andy Burnham officially announced the next phase of the Greater Manchester Combined Authority’s (GMCA) Good Growth Fund. This fund would see up to £15m allocated to boost the progress of the SMMC scheme.

A further £52.1m was also pledged to an access model for the Northern Gateway, the wider scheme the Atom Valley project falls under. This would create a route into the Northern Gateway employment site from M66 Junction 3, unlocking the 3,000 new homes, 1,200,000 sqm employment space and 20,000 operational jobs.

Rochdale council leader Neil Emmott said: “This momentous investment of more than £67m into our borough is really welcome news and shows that our fantastic regeneration schemes are much more than plans; they’re funded and being delivered.

“I’m particularly pleased to see a focus on projects which will support the delivery of Atom Valley. This is a once in a generation opportunity to create up to 20,000 new jobs in industries like advanced manufacturing and technology that will only grow in importance as we move into the future.

“We want to give our residents, particularly our young people, the very best opportunities in life, and Atom Valley is a huge part of this. By giving them access to world class opportunities, training and jobs, we can harness their talent and ambition and ensure that they will be ahead of the game when it comes to their careers and aspirations.

“I’m also pleased to see a focus on the new Mayoral Development Corporation (MDC) for Middleton town centre. This is a very special project, which, while enjoying the full backing and support of the council, will very much be a community-led initiative, with Steve Coogan and Rose Marley acting as chairs.

“I’m confident that the passion and creativity of Middletonians will see the MDC deliver great things for this wonderful town.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Manchester developer Belvedere talks to LDRS about plans for Dominick House in Wirral

A row has broken out over what to do with a “derelict hulk” with smashed windows in the centre of Liscard. A Manchester developer wants to turn Dominick House into “high-quality” flats but Wirral councillors say the community doesn’t want that and would rather the building be knocked down.

Dominick House, a former office building on St Albans Road, currently lies empty with multiple windows either smashed or boarded up. It closed in 2018, with Wirral Council owning the freehold while Prospect Estates owns the leasehold.

The future of the building has remained in limbo for years but in December 2025, talks were revealed to be taking place between Prospect Estates and a developer. There have also been growing calls for the building to be demolished and even talk of a potential new supermarket.

The LDRS can now reveal Belgravia had been talking to the council about the future of the building in the hopes of converting it into modern flats. Computer generated images show a radical change from a building where many of the windows are currently smashed up.

However Belgravia approached the LDRS as the relationship with the council has soured and “gone non-existent”. In a January email to the council, Chris Howell, CEO and founder of Belgravia Family Ltd said: “We have received no acknowledgment or response, and our attempts to reach out have been ignored, and more recently, our calls declined.”

Emails from January and March 2026 show Belgravia were hoping to buy the freehold off the council for £220,000 to create “50 high-quality, fully managed, and mortgage qualifying apartments”. Belgravia have been involved with two Wirral developments at Hordan House in Birkenhead and Pier House in New Brighton.

They said they expected all 50 to be sold in eight weeks, claiming that within a year, building work could be finished and people start to move in.

This Belgravia said would avoid demolition costs of up to £725,000 and bring in £150,000 of council tax income. They argued it was “a low-risk, high-impact solution” by “removing a current liability while unlocking long-term economic and social value”.

However Mr Howell claimed their plans “now feel like a wasted effort, given the lack of progress with the seller”, adding: “We were originally sold on a council that was going to demonstrate proactive, deliverable results, motivated on delivering a mandate that drives growth and regeneration.”

He told the LDRS the situation had “been a bit of a nightmare”, adding: “In somewhere like Liscard, you can really put your stamp on it.

“You can create regeneration. We are a family business. We want to be proud of the developments that we do. We know the area and it will have a really positive impact on the community.”

He said: “We still want the site but it’s just there is no other alternative. We can’t wait indefinitely”

“If we can’t get this over the line, we are going to have to walk away because we need to purchase other sites. It’s probably now or never.”

After being shown the plans, Liscard’s Labour councillors said they are “not what the local community or we as local councillors want”. Cllrs James Laing, Janette Williamson, and Graeme Cooper are pushing for the building to be demolished which they said was supported by a majority in the community.

Cllr Cooper said: “Regeneration in Liscard is focusing on work that will benefit the wider community rather than serve the interests of any particular developer. As local councillors Janette, James and I will always fight for what is best for Liscard, and what residents and businesses have told us very clearly is that they do not want to see Dominick House converted into flats.

“They want this derelict hulk to be knocked down and the site put to some better use that can serve the community and help with Liscard’s long overdue regeneration. We fully support this aim and are pushing to make it happen.”

A Wirral Council spokesperson said: “The council is working closely with stakeholders to achieve the best possible outcome for Dominick House and proposals will be brought back to committee for a decision to be made on its future.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Asian stocks advanced while oil prices and the safe-haven dollar fell on Tuesday as the U.S. said it continued to engage with Tehran to make a deal even as it blocked Iran’s ports after the collapse of peace talks over the weekend.

Sources told Reuters that both sides have left the door open to dialogue nL4N40W0L7 and a U.S. official said there was forward motion on trying to get to an agreement.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1% in early Asia trade, while Japan’s ‌Nikkei and South Korea’s ⁠KOSPI ⁠rose more than 2% each.

Nasdaq futures advanced 0.13% while S&P 500 futures held steady, following an overnight rally on Wall Street, while EUROSTOXX 50 futures gained 0.63% and DAX futures added 0.77%.

“Markets are trading hope, not resolution,” said Charu Chanana, Saxo’s chief investment strategist.

“The failed weekend talks did not produce a deal, but they also did not close the door on diplomacy, and that is enough for equities to keep pushing higher for now.”
U.S. President Donald Trump said on Monday that Iran had “called this morning” and “they’d like to work a deal”. Reuters could not immediately verify the assertion. The U.S. military meanwhile began ⁠a blockade ‌nL6N40V09S of Iran’s ports in a move aimed at putting pressure on Tehran.

Trump has said Washington would block Iranian vessels and any ships that paid such tolls and that any Iranian “fast-attack” ships that went near ⁠the blockade would be eliminated.

“The U.S. has actually played that trump card. To me it’s important because they forced the onus back on Iran to open the Strait without the need to put those boots on the ground,” said Tony Sycamore, a market analyst at IG.

“It’s now forced the Iranians back to the drawing board.”

Oil prices slid as expectations for a resolution outweighed concerns over supply disruptions, leaving Brent crude futures down 2.7% at $96.66 a barrel. U.S. crude futures fell 3% to $96.13 per barrel.

DOLLAR ON THE BACK FOOT

The dollar fell to a 1-1/2-month low of 98.328 against a basket of currencies on Tuesday, as buoyant risk sentiment dampened ‌demand for the world’s reserve currency.

That left the euro trading 0.05% higher at $1.1764 while sterling rose to a more than six-week peak of $1.3514.

“The U.S. and Iran have started to walk down the path of coming up to an agreement,” said Joseph Capurso, a ⁠strategist at Commonwealth Bank of Australia.

However, “the markets are still facing a global economic outlook that is deteriorating, and I think the risks are high that you get equity markets and credit markets and the like fall again, and that would push up the U.S. dollar against probably all currencies.”

U.S. Treasury yields were little changed, with the two-year yield last at 3.7722% while the benchmark 10-year yield stood at 4.2854%. [US/]

The inflationary pulse from the steep rise in energy prices has prompted investors to prepare for the possibility that a number of major central banks will lean towards raising rates, marking a sharp reversal from expectations prior to the war for rate cuts or a prolonged pause.

Elsewhere, spot gold was up 0.7% at $4,771.81 an ounce. [GOL/]

Cryptocurrency bitcoin added 1.5% to around $74,312.

Banks are expected to report divergent earnings in the March quarter. Private lenders would likely record net profit growth of nearly 12% year-on-year in Q4 FY26, while public sector banks would post a modest about 2% profit expansion, according to analysts.

Margins are likely to face some pressure, though asset quality trends would remain broadly stable despite the Middle East conflict injecting fresh business uncertainty-particularly for business loans and commercial vehicle portfolios.

“For private banks, we estimate net interest income growth of 8.4% and profit after tax growth of 11.9% year-on-year in Q4 FY26,” Motilal Oswal said in a note. “We estimate PSU banks profits to grow by 2.1% year-on-year, amid yield repricing, limited reduction in cost of funds, and modest treasury gains due to a rise in bond yields.”

Rise in yields is a key variable. The 10-year benchmark averaged 6.69% last quarter-up 16 basis points sequentially-which could translate into treasury losses or significantly lower gains for some lenders compared to prior quarters.

SBI & HDFC Bank

Among large banks, State Bank of India is expected to report a sequential dip in profits, with estimates ranging between ₹19,500 crore and ₹20,000 crore, weighed down by weak treasury performance. Loan growth is expected to be broadly in line with the industry, but operating expenses may rise on the back of higher employee costs. Seasonal stress in the agriculture portfolio is also likely to push up slippages and provisions.
HDFC Bank, by contrast, is expected to deliver a steadier quarter, with net profit estimates in the ₹19,200-19,500 crore range. The lender’s provisional business data pointed to more than 10% loan growth and deposit growth of nearly 13%, though slippages and provisions are expected to rise modestly due to seasonal factors.

Margins, Loan Growth & Asset Quality

Loan growth held up well through the March quarter. Among banks that released business updates, private lenders reported advances growth of 13% year-on-year and state-owned banks 14.4%, excluding IndusInd Bank.

On margins, the picture is nuanced. “NIMs are likely to remain range-bound for private banks, decline marginally for PSUs, while mid-sized banks could report an expansion,” Nuvama Institutional Equities said in a note. “Loan growth sustained its momentum supported by liquidity buffers and residual CRR benefits. Deposit growth also picked up, largely driven by wholesale funding, which may curb cost-of-funds benefits during the quarter. Treasury gains are expected to moderate due to the spike in bond yields.”

Systematix Institutional Equities expects net interest margins (NIMs) to be marginally lower-declining around five basis points-to remaining flat on-quarter. While yields on advances would continue to ease, the benefit from earlier term deposit rate reductions is expected to partially offset that pressure. The Iran war has however emerged as a watch item, with analysts flagging building up of potential stress in the MSME segment.

The Road Ahead

Looking beyond Q4, the outlook carries some caution. Analysts expect loan growth momentum to ease modestly as higher inflation and economic headwinds from the war weigh on demand. NIMs are seen stable to improving marginally while credit costs may rise marginally as some stress accumulates across portfolios.

Wall Street strategists expect the Federal Reserve to take a slow and careful approach to winding down a program meant to help ease pressure in funding markets. The Fed abruptly stopped shrinking its balance sheet-a process known as quantitative tightening-at the end of 2025 and pivoted to adding reserves back into the financial system by buying short-term Treasuries due in less than a year.

In December, the central bank began buying about $40 billion of bills each month in a bid to ease the pressures that were building in short-term rates. At that time, chair Jerome Powell said the Fed was “front-loading” its purchases to ensure there were enough reserves through the April tax season.

Roberto Perli, the New York Fed official who manages the central bank’s multi-trillion dollar securities portfolio, said in a blog post last month with colleagues that the monthly pace of purchases is likely to be “significantly reduced.” Between mid-April to mid-May, they said the decrease could be “somewhat gradual” to account for uncertainty and other factors. The Fed’s schedule is expected to be out Monday at 3 p.m. New York time.
“I think Monday’s release will set the pace for how quickly the Fed wants to get to an end state,” said Gennadiy Goldberg, head of US interest rate strategy at TD Securities. “That’s what the minutes and remarks from Perli basically imply-they will be moving cautiously to ensure there are no missteps.”