Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
RIL plunged around 4% after scaling its life-time high of Rs 1,978.50 as investors rushed to book profits after the company's AGM. Bharti Airtel, ONGC, IndusInd Bank, Bajaj Finance and SBI were also among the laggards. On the other hand, shares of Infosys rallied around 6 per cent ahead of its quarterly earnings. HCL Tech, TCS, Tech Mahindra, Axis Bank and HUL too ended with robust gains.
Shares reserved for Qualified Institutional Buyers (QIB), including banks and mutual funds in the LIC's public offer were subscribed fully on Monday morning, taking the overall subscription of the issue to a little over 2 times. Against 3,95,31,236 reserved, 4,61,62,185 bids were received, reflecting a subscription of 1.17 times, according to data posted on stock exchanges at 12:12 pm. Non institutional investors' portion was subscribed 1.38 times.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
To mark the day, the BJP has asked its workers to facilitate the COVID-19 vaccination drive as it eyes record-breaking numbers on Friday.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The Central Committee members on Sunday elected a 25-member Political Bureau which picked the Standing Committee members to govern the country.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
"Unfortunately, while homage was paid to the photos of Bapu, and he found mention in speeches for many years, Khadi, handicrafts, use of swabhasha and swadeshi were forgotten. After becoming the prime minister, Narendra Modi gave a new lease of life to all these ideas of Bapu," Shah said.
The Indian lenders are worried over the fast depleting asset base of the Future group companies which would make their recovery of dues difficult. The asset base of Future group has eroded in the last two years due to lockdown and takeover of 947 stores by rival Reliance Retail after Future group's lease on the properties expired. Bankers said they have approached bankruptcy court so as to avoid any duplication of legal action and reduce time at the legal forums.
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Reliance Industries was the top gainer in the Sensex pack, surging over 3 per cent, followed by Bajaj Finserv, IndusInd Bank, HDFC twins and Kotak Bank. NSE Nifty surged 143.25 points or 1.18 per cent to 12,263.55.
They own 27.5% in top 75 listed firms; investments bounce back after falling two straight quarters
Imam in his fresh bail plea stated that since the apex court has put sedition (Sec 124-A) in abeyance, his case has improved for grant of bail.
Responding to another question, Choubey said that the phase-I of clinical trials have revealed excellent safety of the two candidate vaccines indigenously developed by Bharat Biotech in collaboration with Indian Council of Medical Research and Cadila Healthcare Ltd, and now their immunogenicity testing is in progress. Their phase II clinical trials are ongoing.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sensational teenager Ansu Fati shows there is life after legend Messi at Camp Nou.
The US Fed interest rate decision, domestic macroeconomic data announcements and ongoing quarterly earnings are some of the major factors that will drive the stock markets in a holiday-shortened week, analysts said. Besides, monthly auto sales numbers and the LIC IPO will also remain in focus, they added. Equity markets will remain closed on Tuesday for Id-Ul-Fitr (Ramzan Id). "The market is likely to kick off this week on a sombre note after a sharp fall in the US market then the focus will shift to the outcome of the US FOMC meeting, which is crucial amid record inflation and growth worries.
In a record time of 13 years, the Indigenous Aircraft Carrier Vikrant is now ready for formal induction into the Indian Navy.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
Within 12 to 24 hours of stopping smoking, carbon monoxide levels in your blood will drop, and your lung function will improve in a month, notes Dr Pujan Parikh.
According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.
M-Cap of top 10 business groups went up by 46% this year.
It might be a cheaper option, but lack of clarity is choking its growth
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Garima Bharucha, 39, from Mumbai shares her inspiring fitness journey and the lessons she learned along the way.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
RIL became the first Indian company to hit the Rs 9.5 lakh-crore market capitalisation level. Shares of Bharti Airtel soared 7.36 per cent and Vodafone Idea rallied 34.68 per cent after both the companies announced a hike in mobile phone call and data charges from December.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Analysts caution against volatility and recommend buying stocks of companies that are on strong fundamental footing that have been beaten down badly in the recent carnage.
