Page 1617 - Markets News
LIC shares drop 8% below issue price on debut, end at Rs 873 apiece
The insurance behemoth's shares hit an intra-day low of Rs 860 and a high of Rs 920, not coming closer to the issue price but providing small investors an opportunity to exit with nominal gains.
 "LIC shares drop 8% below issue price on debut, end at Rs 873 apiece")
Policyholders who missed out on allotment will pick up LIC shares: MR Kumar
We will ramp up digital channels and make tactical tweaks on equity investments to please policyholders, said M R Kumar
 "Policyholders who missed out on allotment will pick up LIC shares: MR Kumar")
Sebi receives two names for NSE top job, may ask exchange for more
Incumbent MD and CEO Vikram Limaye's term ends July 16. He took charge seven months after abrupt exit of former boss Chitra Ramkrishna amid charges of wrongdoings at NSE's colocation facility
 "Sebi receives two names for NSE top job, may ask exchange for more")
LIC IPO: Banks get just 0.06% of proceeds to handle India's largest float
According to LIC's final offer document, the company shelled out just Rs 11.8 cr as payment to book running lead managers, or 9.9% of total issue expenses
 "LIC IPO: Banks get just 0.06% of proceeds to handle India's largest float")
LIC listing: After discounted debut, Macquarie sets Rs 1,000 as target
LIC listing: The debut was below expectations, and also lower than the discounted value at which shares were offered to policyholders (Rs 60 per share) and retail investors (Rs 45 per share)
Down nearly 8% at closing bell, LIC adds to poor listing scorecard of PSUs
Most large floats by the government have failed to create long-term wealth for investors
 "Down nearly 8% at closing bell, LIC adds to poor listing scorecard of PSUs")
Markets zoom over 2.5%; Sensex, Nifty post second-biggest gain of 2022
Investor sentiment was seen improving after China, the world's second-largest economy, relaxed lockdowns in Shanghai and reaffirmed support for internet companies
 "Markets zoom over 2.5%; Sensex, Nifty post second-biggest gain of 2022")
Assets of AIF industry grow 42% in the past year, shows Sebi data
The industry has grown more than 7x in the past five years, from assets of Rs 80,000 crore
 "Assets of AIF industry grow 42% in the past year, shows Sebi data")
NFTs, Metaverse prices follow crash of cryptos; innovations finding favour
But market is filtering out non-worthy assets
 "NFTs, Metaverse prices follow crash of cryptos; innovations finding favour")
BofA slashes Nifty target to 16k by Dec on inflation, rate hikes concerns
After scaling many new highs, Dalal Street ended the fiscal 2022 with a healthy 18 per cent gains, and ended calendar 2021 with a healthier 24 per cent gains.
 "BofA slashes Nifty target to 16k by Dec on inflation, rate hikes concerns")
Bofa cuts Nifty target by 1,000 pts to 16,000, sees flat market this year
Says any easing in global crude, FPI outflow reversal and bottoming of rupee will be positive for market. Key downside risks include higher global inflation and faster rate hikes
 "Bofa cuts Nifty target by 1,000 pts to 16,000, sees flat market this year")
Investors richer by over Rs 12 trillion as markets record sharp gains
Equity investors became richer by over Rs 12 trn on Tuesday, helped by a smart rally in the broader market.
 "Investors richer by over Rs 12 trillion as markets record sharp gains")
Top headlines: Airtel's Q4 net zooms 164%; WPI inflation hits 15.08% in Apr
Business Standard brings you the top headlines on Tuesday
 "Top headlines: Airtel's Q4 net zooms 164%; WPI inflation hits 15.08% in Apr")
 "Oil hits seven-week high amid EU push for ban on Russian crude imports")
Sensex soars 1,345pts, Nifty tops 16,250; LIC ends 8% down at Rs 875 on BSE
CLOSING BELL: Shares of Life Insurance Corporation of India (LIC) listed at Rs 867.20 on the BSE, a 8.6 per cent discount when compared with its issue price of Rs 949 per share
 "Sensex soars 1,345pts, Nifty tops 16,250; LIC ends 8% down at Rs 875 on BSE")
FPI holdings in Indian equities down 6% at $612 bn in March qtr: Report
The value of foreign portfolio investors' (FPI) holdings in domestic equities reached $612 billion in the March quarter, down 6 per cent from the preceding quarter, according to a Morningstar report.
 "FPI holdings in Indian equities down 6% at $612 bn in March qtr: Report")
Long runway for growth in the insurance sector, say analysts
Insurance stocks underperformed the frontline indices on Tuesday following a faded listing of state-run giant Life Insurance Corporation.
Honda India Power surges 13%; stock hits over four-year high
The company remains confident of gasoline fueled engine and water pump business to perform well. It anticipates complete transition to gasoline from kerosene-powered products.
 "Honda India Power surges 13%; stock hits over four-year high")
ITC gains 4% ahead of March quarter results on Wednesday
ITC is better-placed than peers with improving cigarette performance and strong earnings visibility, analysts.
 "ITC gains 4% ahead of March quarter results on Wednesday")
Nifty Auto tests 200-DMA; TaMo, Maruti can rally up to 11%, charts show
The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
 "Nifty Auto tests 200-DMA; TaMo, Maruti can rally up to 11%, charts show")