Mumbai: The potential listing of National Stock Exchange of India is expected to significantly strengthen the solvency position of at least three state-run general insurers that together own about 75 million shares in the country’s biggest bourse.

The stakes of National Insurance Company, Oriental Insurance Company and United India Insurance Company, at NSE’s conservative listing price of ₹1,500 a share, would translate into ₹11,500 crore-12,000 crore for the insurers – or about ₹4,500 crore each.

The money could improve solvency ratios by nearly one percentage point. “This could improve solvency ratios by nearly 100 basis points, effectively equivalent to a capital infusion of similar scale,” said a person familiar with the matter.

These insurers are currently operating below the regulatory solvency mandate of 1.5 times the required solvency margin. As of March 2025, National Insurance reported a solvency ratio of -0.67, Oriental Insurance stood at -1.03 and United India Insurance at -0.65, which showed sustained stress on their balance sheets.

The ratios have weakened over time, with National Insurance at -0.46 and United India at -0.73 as recently as June 2024.

In contrast, listed peer New India Assurance has maintained a solvency ratio of about 1.9, comfortably above regulatory norms.
However, a listing of NSE could partly offset these capital needs. The insurers hold sizeable stakes in the exchange, which are currently carried at conservative valuations due to its unlisted status. A public listing would allow these holdings to be marked closer to market value, unlocking significant capital. The pressure on solvency stems largely from weak underwriting performance and persistent losses, particularly when excluding fair value gains. According to ICRA Ratings’ previous report, the three insurers may require ₹15,200-17,000 crore of capital to meet the 1.5 solvency threshold.

There were reports that the government was considering a fresh capital infusion of up to ₹5,000 crore into the three loss-making insurers.

The proposed IPO, estimated to raise over ₹20,000 crore, is expected to be entirely an offer-for-sale, with existing shareholders diluting stakes rather than the exchange issuing fresh equity.

Apple’s senior vice president of Hardware Engineering, John Ternus, is set to take over as the tech manufacturer’s CEO later this year after current chief executive Tim Cook announced on Monday that he would be stepping down.

Cook will transition to executive chairman of the company’s board of directors. The company said the transition followed a “thoughtful, long-term succession planning process” and was unanimously approved by the board of directors.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said in a statement. 

“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” he added.

APPLE CEO TIM COOK TO STEP DOWN IN MAJOR LEADERSHIP SHAKEUP, SUCCESSOR NAMED

The leadership shakeup marks the first change in the company’s chief executive in 15 years, when Cook replaced Apple co-founder Steve Jobs.

Ternus will take over as CEO on Sept. 1, leading the company into its next phase of innovation. He will also join the board of directors upon assuming the role.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said in a statement. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.”

He joined Apple’s product design team in 2001 and became vice president of Hardware Engineering in 2013. Eight years later, he joined the executive team as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad, AirPods and Apple Watch.

Ternus also recently led the team behind the new MacBook Neo and the redesigned iPhone 17 lineup. Apple credits his leadership with driving advancements in AirPods, including active noise cancellation and capabilities that enable them to function as an all-in-one hearing health system, including over-the-counter hearing aid features.

Additionally, he has led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques. Ternus has also played a key role in Apple’s transition to in-house silicon.

“I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us,” he said. “I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Before joining Apple, Ternus worked as a mechanical engineer at Virtual Research Systems. He graduated with a bachelor’s degree in Mechanical Engineering from the University of Pennsylvania.

Cook praised Ternus as having “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.”

“He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future,” Cook said. “I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”

Apple shares dipped slightly—less than 1%— in after-hours trading following the news of the leadership shakeup, which some analysts said was not surprising.

“This transition shouldn’t come as a shock, as Cook is at retirement age and Ternus has long been rumored as the successor,” Jacob Bourne, a technology analyst at EMARKETER, told Reuters. “Cook staying on as CEO through September before continuing as executive chairman should provide some degree of reassurance to investors even as markets react ⁠negatively to ​the near-term uncertainty.”

LEADERSHIP CHANGE AT APPLE SPARKS INDUSTRY AND WALL STREET REACTIONS AS COOK TRANSITIONS ROLES

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Rick Meckler, a partner at Cherry Lane Investments, told the outlet he is “not surprised that the initial reaction is for the stock to be a little bit lower.”

B. Riley Wealth chief market strategist Art Hogan also said Cook “would never leave if the numbers were ‌going to ⁠be bad, so I think that that’s the important thing.”

“They’re about to report numbers, and you know they’re going to be good,” he added. “You know the guidance is going to be positive. And you know we’re going to start hearing more about how they are going to use artificial intelligence to improve their products.”

Ternus will take over Apple at a time when it faces antitrust scrutiny around the world. This includes a landmark case brought by the U.S. Department of Justice and more than a dozen states, alleging that Apple has maintained an illegal monopoly by using its control over the iPhone to stifle competition. European and Asian governments have also sought to penalize Apple for allegedly exploiting its dominant position in the industry.

Mumbai: Shares of ICICI Bank rose while HDFC Bank declined on Monday, despite both lenders reporting fourth-quarter earnings broadly in line with expectations, underscoring a divergence in near-term investor positioning.

ICICI Bank gained 0.7% to close at ₹1,356.2, while HDFC Bank fell 0.6% to ₹795.45. The Nifty 50 ended little changed at 24,364.85.

Analysts remain positive on both. Bloomberg consensus implies an average upside of about 33% for HDFC Bank and 24% for ICICI Bank.

HDFC Bank’s 12-month average target price was trimmed to ₹1,056.3 from ₹1,100.72, even as HSBC, JP Morgan and Nomura raised their estimates post-results, while Citi lowered its target but retained a ‘Buy’. ICICI Bank’s average target edged up to ₹1,680.02.

All analysts covering HDFC Bank have a ‘Buy’ rating, while 96% of those on ICICI Bank recommend the stock, according to Bloomberg data.

The Middle East conflict has sharply increased LNG prices by disrupting supply, especially from Qatar, driving up global and Thai electricity costs. Thailand should adopt flexible tariffs, boost clean energy, and improve efficiency.

Impact of Middle East Conflict on LNG Prices

The Middle East conflict has caused liquefied natural gas (LNG) prices to surge by over 91%, rising from USD 10.7 to USD 20.5 per million BTU between February and April. This spike was triggered by supply disruptions, particularly damage to Qatar’s Ras Laffan gas field, which accounts for 17% of its capacity, reducing global LNG supply by 3%. Recovery of this supply is expected to take 3–5 years. Persistent disruptions and high demand in Asia and Europe will keep LNG prices elevated, though increased U.S. production and alternative energy adoption should help balance supply and demand after two years.

Rising Electricity Costs and Tariff Implications

Thailand faces higher electricity generation costs due to increased LNG prices and supply disruptions. Imported natural gas costs push electricity prices up to around THB 4.9 per unit by the end of 2026. However, maintaining EGAT’s debt at THB 36 billion could moderate tariff rises to approximately THB 4.0 per unit in 2026–2027. Prolonged conflict or further damage could drive LNG prices to USD 36.1 per million BTU and tariffs near THB 5.7 per unit. Flexible tariff adjustments and energy management will be crucial to controlling costs.

Recommendations for Government and Consumers

The government should implement both short- and long-term strategies to manage electricity costs, including gradually adjusting tariffs, increasing energy imports, enhancing renewable energy capacity, and exploring small modular nuclear reactors. Public communication about energy costs is essential. Households and businesses must improve electricity efficiency by using energy-saving devices, avoiding peak usage, and investing in rooftop solar systems. These efforts will help reduce dependence on LNG and strengthen Thailand’s energy security sustainably.

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