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Varma also expressed \”great concern\” over a projected slowdown in India\’s growth this year, adding that the latest flare-up in the Middle East had not changed his argument for a rate cut.
“Markets are playing blind man\’s bluff and they are just selling off first and then asking questions, says Ajay Bagga. Do not try to time this market. We do not know where it will go and how far? Both are very strong missile-based powers and this could increase in scope very fast. So, it is very difficult to price this.”
During the same quarter, in the previous year, the company had reported a profit of ₹358 crore. The insurer generated 18% growth in back-book surplus during the year.