Top headlines: LIC IPO to be fully subscribed, Mumbai's power woes ease

Logistics major Delhivery's Rs 5,235-crore IPO opens for subscription on Wednesday. More on that in our top headlines.

Central Bank of India, a state-owned commercial bank, reportedly plans to shut 13 per cent of its branches to improve financial health. India, the world's top importer of vegetable oils, is said to be considering cut the agricultural infrastructure and development cess on crude palm oil imports. 

LIC's IPO set to be fully subscribed as valuation drives demand
 

A 210 billion rupee ($2.7 billion) record share sale by state-run Life Insurance Corp. of India is poised to be fully taken up by investors four days before the offering closes as a low valuation and deep retail discounts drive demand.

By Thursday, the second day of the offering, investors had already put in orders for 90% of the shares for sale in India’s biggest IPO. Around 35% of the total issue is reserved for retail investors and 83% of that tranche was sold 3:15 p.m. in Mumbai, stock exchange data showed. Read more

Central Bank of India to close 600 branches by March 2023, says report
 

Central Bank of India, a state-owned commercial bank, plans to shut 13% of its branches to improve its financial health, which has been under pressure for several years, according to sources and a document seen by Reuters. The bank is looking to reduce the number of branches by 600 by either shutting down or merging loss-making branches by the end of March 2023, according to the copy of a document reviewed by Reuters. Read more

Top importer India may cut taxes on edible oils to cool prices: Report
 

India is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine and Indonesia’s ban on palm oil exports sent prices skyrocketing, according to people familiar with the matter. India, the world’s top importer of vegetable oils, is looking to cut the agriculture infrastructure and development cess on crude palm oil imports from 5%, the people said, asking not to be identified as the information is private. Read more

Valuation to growth potential: highlights of Delhivery's Rs 5,235-cr IPO
 

Logistics major Delhivery’s Rs 5,235-crore initial public offering (IPO) opens for subscription on Wednesday. It will be the second-biggest offering this after, Life Insurance Corporation’s. Delhivery’s market value, on a post-diluted basis, will be Rs 35,284 crore at the upper end of the price band of Rs 462-487 per share. Read more

Mumbai's power woes to end with new transmission line set for commissioning
 

The electricity supply woes of Mumbai are set to get over with a new transmission line to connect the national grid with the metropolis, getting commissioned by the year end. The transmission line from Kharghar to Vikhroli costing Rs 1,900 crore will be commissioned by the year-end, while the Aarey to Kudus line transmission project, with an investment of Rs 7,000 crore, getting ready by FY26. With this, the metropolis will get additional lines to connect to the national grid thereby getting access to high quality, cheaper electricity, said state government officials. Read more