Insurance stocks underperformed the frontline indices on Tuesday following a faded listing of state-run giant Life Insurance Corporation.
The scandal involved the finance ministry and a canny industrialist, and details were eventually brought into the limelight by Jawaharlal Nehru's crusading son-in-law
LIC has now become the fifth most valuable listed Indian company with a market capitalisation of Rs 5.72 trillion on the BSE as of 10:08 am, the exchange data shows.
Volatility in global markets and selling pressure in the domestic stock market are likely to cast a shadow on LIC's listing
Stocks to Watch Today: At 7:30 am, the SGX Nifty futures were quoting at 15,890 levels, hinting at an opening gain of 40-50 odd points for the Nifty.
LIC IPO closed on May 9 and shares were allocated to bidders on May 12
"If you hold on to this stock for more than three years, you are likely to earn decent returns," says Vikas Gupta, founder and chief executive officer, OmniScience Capital on LIC being listed today
Stock could list anywhere between Rs 900 and Rs 940, says market player, citing weak institutional investor demand during LIC's Rs 20,577-crore maiden share sale
Shares of LIC were trading at a discount of Rs 15-20 a piece over its issue price of Rs 949 in the grey market ahead of its listing on Tuesday, May 17.
The 65-year-old firm has almost $500 billion in assets, 250 million policy holders and makes up almost two-thirds of the market.
The LIC IPO -- India's largest to date -- closed with nearly three times subscription.
The LIC IPO sold in the range of Rs 902-949 from May 4 to May 9
Life Insurance Corporation of India shares have been priced at 949 rupees each, the state-run firm said in a prospectus filed Friday
The Court also tagged the matter with the proceedings before the Constitution Bench as the petitions also raised issues regarding the enactment of law as a money bill
The Supreme Court on Thursday refused to grant any interim relief and stay the Life Insurance Corporation (LIC) IPO share allotment on a batch of pleas filed by some policy holders.
Retail investors still in-the-money
The actual number of valid applications will be formally announced by LIC ahead of its listing
LIC IPO saw 2.95 times more demand than the shares on offer on the final day of bidding
Move to have a separate quota for policyholders proves a game-changer, say experts
The issue is an example that capital markets can be run without having to completely rely on foreign investors, Tuhin Kanta Pandey said