Connect with us

Business

The LIC market opened today amid fears about global market volatility

Published

3 years ago

on

The LIC market opened today amid fears about global market volatility

After a record-breaking IPO last week, India’s insurance behemoth, the Life Insurance Corporation or LIC, made a shaky market debut on Tuesday. According to a Bloomberg report, shares in the state-owned insurance giant fell 9.4% to 860 rupees in Mumbai in the first hour of trading, compared to the issue price of 949 rupees. The government raised $2.7 billion (Rs 20,557 crore) last week by selling a 3.5 percent stake in the country’s top insurer, which was at the top of the range. However, analysts believe that global market volatility has cast a pall over the Dalal Street debut.

1. According to Reuters, a LIC executive stated that the company “should be able to settle our market share at 62-63 percent of the insurance market.” “We’ll look to push the guaranteed return plan products in the future to improve margin,” the executive said.

2. The LIC IPO was nearly three times oversubscribed, thanks to the enthusiasm of policyholders who received a 60 discount with multiple bids for the shares on offer. The shares were sold to LIC policyholders and retail investors for $889 and $904 respectively.

Advertisement

3. Despite opposition criticism, the government decided to proceed with the IPO despite a global fundraising slowdown and decreased appetite among foreign investors due to the Ukraine conflict. According to a PTI report, the government has sold over 22.13 crore shares through the IPO.

4. Despite the absence of foreign investment, the IPO was said to be well received by retail and institutional investors.

5. Many dubbed the LIC IPO, which was the country’s largest to date, “India’s Aramco moment.” Saudi Arabia’s state-owned oil company Aramco raised $25 billion in the world’s largest initial public offering (IPO) in 2019, breaking Alibaba’s record.

6. According to the latest Ernst and Young report, the Indian IPO market slowed significantly in the first quarter of this year.

Advertisement

7. The slowdown is thought to be caused by geopolitical tensions, stock market volatility, a price correction in overvalued stocks from recent IPOs, as well as concerns about rising commodity and energy prices and slower economic growth.

8. The Bombay Stock Exchange and the National Stock Exchange have both listed LIC shares.

9. Previously, the amount raised from the Paytm IPO in 2021 was the highest at 18,300 crore, followed by nearly 15,500 crore from Coal India (2010) and 11,700 crore from Reliance Power (2008).

10. The LIC share sale was originally scheduled for March but was postponed due to the Ukraine conflict.

Advertisement

Related Topics:
Continue Reading

Trending

Following Guneet Monga, Priyanka Chopra serves as executive producer for the Oscar-nominated short film Anuja:”Inspiring Move: Following Guneet Monga, Priyanka Chopra Serves as Executive Producer for the Oscar-Nominated Short Film Anuja: ‘Very Proud'”

Published

1 week ago

on

January 9, 2025

By

Following Guneet Monga, Priyanka Chopra serves as executive producer for the Oscar-nominated short film Anuja:”Inspiring Move: Following Guneet Monga, Priyanka Chopra Serves as Executive Producer for the Oscar-Nominated Short Film Anuja: ‘Very Proud'”

Priyanka Chopra is extremely happy as she has come on board as an executive producer for Academy Award-shortlisted film Anuja, also backed by Guneet Monga.
Global star Priyanka Chopra is extremely happy as she has come on board as an executive producer for the Oscar-shortlisted film Anuja. Variety shared this update.

Anuja centers on the nine-year-old title character, who works in a back-alley garment factory with her older sister Palak. The narrative follows the young protagonist as she faces a decision that will impact both her future and her family.

Advertisement

On being associated with the film, Priyanka said in a statement, “This beautiful film shines a spotlight on a subject that affects millions of children around the world, who are faced with the impossible decision between a future they cannot yet see and the immediate realities of their present.”

She said, “Anuja is a poignant, thought-provoking piece that makes us reflect deeply on the power of choices and how they shape the course of our lives. I am immensely proud to be associated with such a phenomenal and impactful project.”

The film was produced in collaboration with the Salaam Baalak Trust (SBT), a non-profit founded by Mira Nair’s family supporting street and working children, alongside Shine Global.

known for Academy Award-winning films War/Dance (2007) and Inocente (2012) – and Krushan Naik Films. Mindy Kaling is one of the producers on the film. Oscar winner Guneet Monga Kapoor has also boarded Anuja as a producer.

Advertisement

This could be Monga’s third nomination at the Oscars. Her earlier projects, The Elephant Whisperers and Period: End of Sentence, won Oscars, bringing glory to Indian cinema.

A Story Close to the Heart

Anuja is a poignant tale about resilience, identity, and empowerment, centered around a young girl navigating societal challenges in her quest for self-discovery. Directed by a rising filmmaker, the short film has struck a chord with audiences and critics alike, making waves at various film festivals before earning its nomination for the Academy Awards.

Priyanka Chopra’s Legacy as a Producer

With Anuja, Priyanka continues her mission to spotlight underrepresented voices and meaningful narratives. She shared her admiration for the cast and crew of the film, saying, “It’s a collaborative effort, and every person involved in Anuja has poured their heart into it. I’m honored to be part of this journey.”

Advertisement

Following Guneet Monga’s Footsteps

Priyanka’s move comes after Guneet Monga made history with The Elephant Whisperers, which won the Oscar for Best Documentary Short. Guneet’s success set a precedent for Indian filmmakers and producers, proving that stories rooted in Indian culture and values could resonate with a global audience. Priyanka’s involvement in Anuja further solidifies the growing presence of Indian creators on the international stage.

Critical and Audience Acclaim

Since its debut, Anuja has garnered widespread acclaim for its emotional depth and nuanced performances. Critics have praised its ability to tackle complex themes with sensitivity and authenticity. The film has already won several awards at international film festivals, further boosting its chances at the Oscars.

A Beacon for Future Collaborations

Priyanka’s involvement in Anuja is more than just a milestone for her career—it’s a beacon for future collaborations between Indian and international filmmakers. By lending her voice and resources to projects like this, she is creating opportunities for Indian talent to shine on a global scale.

As the Oscars approach, anticipation for Anuja continues to build. Whether it takes home the coveted trophy or not, the film’s nomination is a testament to the power of storytelling and the importance of representation.

Advertisement

#PriyankaChopra #GuneetMonga #Anuja #ExecutiveProducer #OscarNominated #ShortFilm #InspiringMove #WomenInFilm #EmpoweringWomen #FilmIndustry #ProudMoment

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