LIC’s IPO anchor investors have stuck with the insurer despite suffering significant losses.
The largest life insurance firm in the nation, Life Insurance Corporation of India, has experienced a difficult, uncertain, and bleak post-listing life.
Since the company’s debut on May 17, the value of its shares has decreased by 24%. Although the stock has just begun to rebound, at one point it was trading at a 31.5 percent discount to its issue price of Rs 949.
It is safe to say that all investor groups have lost money with the third-largest life insurer in the world in terms of premium. Although there is widespread high scepticism among other investors and analysts, the company can take comfort in the fact that the majority of the mutual funds that took part in its anchor book have maintained their confidence. Prior to its maiden public sale, LIC raised Rs 5,627 crore from anchor investors by allocating 59.3 million shares to them (IPO).
As the government reconsiders the export duty on steel products, Tata Steel, JSW Steel, and SAIL soar.
On Monday, stocks of steel producers such as Tata Steel, JSW Steel, and SAIL increased as sources claimed the government was exploring a plan to end a 15 percent export tax on some steel goods.
In afternoon trades, shares of Tata Steel, JSW Steel, JSPL, and Steel Authority of India Ltd (SAIL) increased by 3 to 5 percent.
The government would take into account the industry’s request to eliminate the 15 tariff on the export of a few products before the monsoon season is done. On whether to exempt steel from export duties, a decision has not yet been made.
Following a meeting with Tata Steel, SAIL, JSW Steel, JSPL, and ArcelorMittal, the Finance Minister recently gave industry leaders the assurance that the government will review the duty on particular products. Major steel producers have seen their market capitalization decline as a result of margin pressure brought on by weak domestic demand and high export duties, which cost them international clients.
As momentum persists, the Nifty auto index is at a record closing high.
Bulls on the stock market have taken control of the automobile industry as a result of a decline in crude oil prices and a correction in metal prices. On July 7, the Nifty auto index reached a record closing high of 12,114.1, up 1.35 percent from the previous session, marking the first time since its debut in 2011 that it had finished above the 12,100 threshold.
Technically, since reaching its low point in March, the index has been making higher highs and higher lows, gaining more than 31 percent during that time, far more than any sectoral index. On daily, weekly, and monthly charts, MACD, or moving average convergence divergence, has shown a positive trend, and oscillators are also indicating a positive trend on all scales.
On July 7, the auto index created a bullish candle on the daily chart following a big gap-up opening. On both the weekly and monthly charts, there was still a bullish candle.
Rise of Tata Motors feeds optimism for JLR company as China market recovers
On July 7, Tata Motors’ stock increased as a result of the previous day’s significant gains for Chinese automakers.
Chinese auto and auto-related stocks surged today after government officials there pledged to continue to boost the nation’s vehicle demand. Due to the extraordinary lockdowns in several areas of the country brought on by a new Covid-19 outbreak and the ongoing semiconductor shortage, the Chinese auto industry faced a number of difficulties in 2022.
The State Council Information Office of the nation had earlier in the day emphasised the significance of fostering sales of alternative fuel vehicles and extending the exemption of purchase tax on electric vehicles.
After the Q1 results, HCL Tech loses 2%. Whether to purchase, sell, or hold the stock?
A day after the business released its June quarter profits, HCL Technologies’ share price fell 2 percent in the early session on July 13 to reach a 52-week low of Rs 905.20.
In comparison to the Rs 3,213 crore reported a year before, HCL Technologies’ consolidated profit after tax (PAT) increased by 2.11 percent to Rs 3,281 crore on July 12. Sequentially, the earnings decreased from Rs 3,599 crore in the March quarter by 8.83 percent.
The Noida-based IT company’s consolidated sales increased by 16.92 percent to Rs 23,464 crore from Rs 20,068 crore in the same period last year. In comparison to the Rs 22,597 crore recorded during the preceding quarter, the revenue climbed 3.83 percent sequentially. The company’s reported constant currency revenue was $3,024.9 million, an increase of 1.1 percent from the previous quarter and 11.2 percent from the previous year.
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