India’s largest insurer Life Insurance Corporation (LIC) will list its shares on the stock exchanges on Tuesday after witnessing a good response from domestic investors in the initial share sale, which fetched Rs 20,557 crore to the government. The government had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.
Five years after making its biggest bet in India’s e-commerce market, Jack Ma-led Alibaba and Ant Financials have exited Paytm E-commerce Pvt. Ltd, the parent entity of Paytm Mall. Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for ₹42 crore, according to the company’s filings. This values the company at a mere ₹100 crore, plunging from $3 billion, the valuation the Vijay Shekhar Sharma-led company fetched in its last fundraising that was in 2020.
SJVN: State-owned SJVN Ltd will develop another hydropower project Arun-4 worth ₹4,900 crore in Nepal. A Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydroelectric project in Nepal has been signed in Lumbini, Nepal in the presence of Prime Minister Narendra Modi and Prime Minister of Nepal Sher Bahadur Deuba, the company said in a statement on Monday.
Aditya Birla Capital: The firm said it has received a whistleblower complaint with allegations made against Aditya Birla Sun Life and its employees. An independent investigation into the allegations found no merit in the complaint, the firm said.
Byju’s, an India online education startup, is in discussions to acquire a US target and likely to bid for either Chegg Inc. or 2U Inc., according to people familiar with the matter. The Bangalore-based company has held talks with both Santa Clara, California-based Chegg and Lanham, Maryland-based 2U and the total value of a deal could be about $2 billion,
Moving on to markets
LIC’s market debut will be in focus today. Shares of the state-run insurance behemoth were trading at a discount of Rs 15-20 a piece over its issue price of Rs 949 in the grey market, hence it may see a flat to negative start. Investors will also closely monitor the wholesale price index (WPI) reading for April, that will be announced later in the day.
Business Term of the day
Growth stocks are those companies expected to grow sales and earnings at a faster rate than the market average. These stocks generally do not pay dividends. This is because the issuers of growth stocks are usually companies that want to reinvest any earnings they accrue in order to accelerate growth in the short term.
In this episode, find out why RBI has extended the deadline for renewal of the bank locker agreement, also find out about why Zomato has scrapped the 10-minute delivery Business T ... Read more
In this episode, find out why RBI has extended the deadline for renewal of the bank locker agreement, also find out about why Zomato has scrapped the 10-minute delivery Business Term of the Day: Tax credit Read more
In this episode, find out about the resignation of Spencer retail’s MD & CEO, also find out about ICICI Bank’s Q3 results Business Term of the Day: Capital Budget Read more
In this episode, find out about the resignation of Spencer retail’s MD & CEO, also find out about ICICI Bank’s Q3 results Business Term of the Day: Capital Budget Read more
In this episode, find out about the changes made to the IBC by Ministry of Corporate Affair’, also find out about Adani Enterprises’ Follow on public offer Business Term of the Da ... Read more
In this episode, find out about the changes made to the IBC by Ministry of Corporate Affair’, also find out about Adani Enterprises’ Follow on public offer Business Term of the Day: Public private partnership Read more
In this episode, find out about Rattan India Enterprises’ plan for its EV venture Revolt Motors, also find out why the US FDA pull up Sun Pharma Business Term of the Day: e-gaming ... Read more
In this episode, find out about Rattan India Enterprises’ plan for its EV venture Revolt Motors, also find out why the US FDA pull up Sun Pharma Business Term of the Day: e-gaming policy Read more
In this episode, find out why Infosys reported a 13.4% YoY rise in profit in Q3, also find out about Alibaba selling a stake in One97 Communication Business Term of the Day: Telec ... Read more
In this episode, find out why Infosys reported a 13.4% YoY rise in profit in Q3, also find out about Alibaba selling a stake in One97 Communication Business Term of the Day: Telecom spectrum Read more
In this episode, find out about HUL’s 51% acquisition of Zywie Ventures, also find out about Wipro’s leadership changes Business Term of the Day: Financial inclusion Read more
In this episode, find out about HUL’s 51% acquisition of Zywie Ventures, also find out about Wipro’s leadership changes Business Term of the Day: Financial inclusion Read more
In this episode, find out about APSEZ’s acquisition of Haifa Port Company, also find out about Axis Bank’s revised agreement with Max Financial for the insurance venture Business ... Read more
In this episode, find out about APSEZ’s acquisition of Haifa Port Company, also find out about Axis Bank’s revised agreement with Max Financial for the insurance venture Business Term of the Day: Spinoff Read more
In this episode, find out about the progress of IDBI bank privatisation, also find out why TCS reported lower expected earnings Business Term of the Day: ChatGPT Read more
In this episode, find out about the progress of IDBI bank privatisation, also find out why TCS reported lower expected earnings Business Term of the Day: ChatGPT Read more
In this episode, find out about SEBI’s decision to allow govt holding in IDBI Bank to be reclassified as public after divestment, also find out about L&T Realty Developers’ pla ... Read more
In this episode, find out about SEBI’s decision to allow govt holding in IDBI Bank to be reclassified as public after divestment, also find out about L&T Realty Developers’ plan to sell a stake in Think Tower Developers Business Term of the Day: Plant Load Factor Read more
