Connect with us

Business

As anchor investors’ lock-in period expires today, the LIC share price falls to a new low.

Published

3 years ago

on

As anchor investors’ lock-in period expires today, the LIC share price falls to a new low.

Shares of Life Insurance Corporation of India hit record low of ₹682 on the BSE in opening deals. 30-day lock-in period for anchor investors end today. Anchor investors, who bought over 59 million shares, can sell their shares in the open market from Monday.

Anchor investors are high-profile institutional investors that are allotted shares before the subscription opens for retail and other investors. In most cases, selling pressure persists over the day as anchor investors no longer are bounded to remain invested in these companies after the mandatory lock-in period.

LIC share price has fallen sharply since its listing on the stock exchange. The stock is about 25% down from its IPO issue price of ₹949 per share. LIC shares were allotted to the investors at ⁹949 apiece and got listed at discount.

Advertisement

The government on Friday said it is ‘concerned’ about the temporary dip in the insurance giant’s stock price and assured that the insurer’s management will look into these aspects and raise shareholders’ value.

The insurer posted a 17% decline in consolidated net profit to ₹2,409 crore for the fourth quarter ending March 2022.

Analysts at Mehta Equities say the company will find interest from domestic retail and HNI investors as well as institutional investors.

Anchor investors oversubscribed a day before the initial share sale of the Life Insurance Corporation of India (LIC) was opened for subscription. The government raised more than ₹20,000 crore by diluting its 3.5% stake in the state-owned insurer.

Advertisement

 

Related Topics:
Continue Reading

Tollywood

Pushpa 2 The Rule advance booking tracking better than RRR, Jawan in the US; crosses $1.4 million with 10 days to go

Published

3 weeks ago

on

November 26, 2024

By

Pushpa 2 The Rule advance booking tracking better than RRR, Jawan in the US; crosses .4 million with 10 days to go

Pushpa 2 The Rule has already crossed $1.4 million in advance bookings in North America even though the release is 10 days away.

Allu Arjun‘s Pushpa 2: The Rule is still nine days from its theatrical release but is already breaking box office records. The film is set for a grand release worldwide, and if its US pre-sales are any indication, it will likely get a bumper opening. The film is already tracking better than blockbusters like RRR and Jawan in the US. (Also read: Pushpa 2 trailer reactions: Allu Arjun fans predict blockbuster, cheer for Fahadh Faasil’s entry scene)

Pushpa 2’s US tsunami

On Monday, trade tracker Venky Box Office shared the film’s advance booking collections for its US premiere. Taking to X (formerly Twitter), the trade analyst tweeted, “#Pushpa2TheRule USA Premiere Advance Sales: $1,383,949 – 900 Locations – 3420 Shows – 50008 Tickets Sold.”

Advertisement

By Sunday evening, Pushpa 2 had sold over 50,000 tickets in the US, with the release 10 days away. The tweet added that North American advance booking collections had crossed $1.458 million (around ₹12 crore), ‘which is a record’.

Trade analysts say that the film is set to cross $1.5 million with nine days to go, which means it is outpacing SS Rajamouli’s RRR and Shah Rukh Khan-starrer Jawan, the two biggest Indian movies in the US in recent times. Both films grossed over $15 million each in North America and are among the top five highest-grossing Indian films in the continent. Pushpa 2 is matching the pace of Shah Rukh’s other 2023 blockbuster, Pathaan, and is just behind the all-time record holder for India in the US – Baahubali 2 (which earned $20 million in the territory).

All about Pushpa 2: The Rise

Directed by Sukumar, Pushpa 2: The Rise is the sequel to the director’s 2021 pan-India hit Pushpa: The Rise. It brings back Allu Arjun as the titular anti-hero, alongside Rashmika Mandanna and Fahadh Fassil. The film, touted to be one of the biggest Indian productions ever, is set to hit the screens on December 5.

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/

Advertisement

Continue Reading
Anyskill-ads

Facebook

Trending