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 Tata Motors reported a surprise loss in Q4, why global investors will watch out for Fed’s April minutes today Business Term of the Day: SUUTI Read more
In this episode, find out why Tata Motors reported a surprise loss in Q4, why global investors will watch out for Fed’s April minutes today Business Term of the Day: SUUTI Read more
In this episode, find out why Bharti Airtel's Q4 numbers missed estimates, why WPI inflation rose to a decade high Business Term of the Day: Aggregate demand & Aggregate supp ... Read more
In this episode, find out why Bharti Airtel's Q4 numbers missed estimates, why WPI inflation rose to a decade high Business Term of the Day: Aggregate demand & Aggregate supply Read more
In this episode, find out why L&T’s Q4 numbers beat estimates, why investors will watch out for WPI inflation number today Business Term of the Day: Net profit Read more
In this episode, find out why L&T’s Q4 numbers beat estimates, why investors will watch out for WPI inflation number today Business Term of the Day: Net profit Read more
In this episode, find out why JSPL reported the highest-ever operating profit, why Bitcoins investors are worried Business Term of the Day: Cost-push inflation Read more
In this episode, find out why JSPL reported the highest-ever operating profit, why Bitcoins investors are worried Business Term of the Day: Cost-push inflation Read more
In this episode, find out why Former Star chairman Uday Shankar promoted company is looking at US listing, why Asian stocks fell in opening trade Business Term of the Day: Index o ... Read more
In this episode, find out why Former Star chairman Uday Shankar promoted company is looking at US listing, why Asian stocks fell in opening trade Business Term of the Day: Index of Industrial Production (IIP) Read more
In this episode, find out why net flows into mutual funds slowed down in April, why Inflation, IIP data will be in focus today Business Term of the Day: MSCI Index Read more
In this episode, find out why net flows into mutual funds slowed down in April, why Inflation, IIP data will be in focus today Business Term of the Day: MSCI Index Read more
In this episode, find out why surging commodity prices has left investors jittery, why Corporate India is looking at fund raising Business Term of the Day: Trade deficit Read more
In this episode, find out why surging commodity prices has left investors jittery, why Corporate India is looking at fund raising Business Term of the Day: Trade deficit Read more
In this episode, find out why investors are watching out for inflation data this week, why Ultratech Cement reported a drop in profit Business Term of the Day: Goods & Servi ... Read more
In this episode, find out why investors are watching out for inflation data this week, why Ultratech Cement reported a drop in profit Business Term of the Day: Goods & Services Tax (GST) Read more
In this episode, find out why Hero Motorcop is confident of riding the second covid wave, why US investors are gung-ho about the economic recovery Business Term of the Day: offer ... Read more
In this episode, find out why Hero Motorcop is confident of riding the second covid wave, why US investors are gung-ho about the economic recovery Business Term of the Day: offer for sale Read more
In this episode, find out why Tata Steel reported strong Q4 numbers, why New Zealand and Australian employees want to quit their jobs post covid. Business Term of the Day: Intell ... Read more
In this episode, find out why Tata Steel reported strong Q4 numbers, why New Zealand and Australian employees want to quit their jobs post covid. Business Term of the Day: Intellectual property Read more
