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Supreme Court refuses to stay LIC IPO but agreed to hear a plea against Govt's decision to sell 5% stake filed by select policy holders. The petitioners challenged the legality of the government's move to pass the decision to launch the LIC's IPO through a Money bill.The court said it would not grant interim relief as it involved investments as the top court observed that 73 lakh applicants subscribed to the LIC IPO. An LIC policyholder had petitioned the Madras High Court challenging provisions of the Finance Act, 2021 and the Life Insurance Corporation (LIC) Act, 1956 on the ground that they were introduced by way of a Money Bill under Article 110 of the Constitution of India, even though the amendment did not fall in the category of a Money Bill. The appeal in the Supreme Court states that the amendments being challenged effectively reduce the share of LIC’s surplus which the petitioner is legally entitled to, causing losses to her and other participating policyholders to the tune of Rs 4.4 lakh crore.The LIC IPO, the largest ever in India , will be listed on the bourses on May 17 and the issue has been subscribed 2.95 times. 

Supreme Court refuses stay on LIC IPO, Issues notice to centre 

Petition against LIC&nbsp;IPO was heard by Justices DY Chandrachud, Surya Kant and PS Narasimha

Supreme Court refuses to stay LIC IPO&nbsp;but agreed&nbsp;to hear a plea against Govt's decision to sell 5% stake filed by select policy holders.&nbsp;The petitioners challenged the legality of the government's move to pass the decision to launch the LIC's IPO through a Money bill. The court said it would not grant interim relief as it involved investments as the top court observed that 73 lakh applicants subscribed to the LIC IPO.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286" target="_blank">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a> An LIC policyholder had petitioned the Madras High Court challenging provisions of the Finance Act, 2021 and the Life Insurance Corporation (LIC) Act, 1956 on the ground that they were introduced by way of a Money Bill under Article 110 of the Constitution of India, even though the amendment did not fall in the category of a Money Bill. The appeal in the Supreme Court states that the amendments being challenged effectively reduce the share of LIC&rsquo;s surplus which the petitioner is legally entitled to, causing losses to her and other participating policyholders to the tune of Rs 4.4 lakh&nbsp;crore. The <a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC IPO</a>, the largest ever in India ,&nbsp;will be listed on the bourses on May 17 and the issue has been subscribed 2.95 times.&nbsp; Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753" target="_blank">Mass layoffs at American companies: Here is who is firing</a>

Crypto markets witness a huge crash with some of the top cryptocurrencies losing more than 99 percent of their value.
The crypto in buzz is Terra which fell to a dollar from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
The biggest crypto Bitcoin was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance coin lost 60 percent from its all-time high, Cardano (ADA) was down 85 percent, Solana tanked 80 percent, Dogecoin 88 percent, and Shiba Inu 85 percent.
With falling crypto markets we also see a crumbling wealth of crypto billionaires.
Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year. He debuted on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world’s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.

Crypto markets scripting a scary story; coin down 99%, billionaires lose 90% wealth

Crypto markets see a crash as some of the top coins lost over 99% of their value.

Crypto Crash: Billions eroded 

The global cryptocurrency marketcap eroded by $1.5 trillion from peak&nbsp;

Crypto&nbsp;markets witness a huge crash with some of the top cryptocurrencies&nbsp;losing more than 99 percent of their value.
The crypto&nbsp;in buzz is Terra which fell to some 69 cents on Thursday from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753" target="_blank">Mass layoffs at American companies: Here is who is firing</a>
The biggest crypto&nbsp;Bitcoin&nbsp;was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance&nbsp;coin lost 60 percent from its all-time high, Cardano&nbsp;(ADA) was down 85 percent, Solana&nbsp;tanked 80 percent, Dogecoin&nbsp;88 percent, and Shiba&nbsp;Inu&nbsp;85 percent.
With falling crypto&nbsp;markets we also see a crumbling wealth of crypto&nbsp;billionaires.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/sc-on-lic-ipo-denies-stay-on-govt-stake-sale-3-judge-bench-issues-notice-to-govt-while-attaching-case-to-ongoing-proceedings-relating-to-money-bill-1652337728173" target="_blank">Supreme Court refuses stay on LIC IPO, Issues notice to centre</a>
Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year.&nbsp;He&nbsp;debuted&nbsp;on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world&rsquo;s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That&rsquo;s now just $2.2 billion, according to the&nbsp;Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790" target="_blank">Startups Shrink: From unicorns to layoffs, the firing squad is here</a>

Bulls are running for cover as the markets continued to be hit by the bear attack. Sensex down over 1,000 points and Nifty below 15,90 as all sectors trade in red, here are some of the factors at play-:

Rate Hikes & Inflation: US inflation near 40 year high, India CPI expected to hit 18 month high in April. Yields indicate another rate hike from RBI in June. 
Bye Bye Easy Money: Fed reducing balance sheet and reducing money supply leading to lower risk appetite. India is now facing 7 months of FII outflow. $17 billion have exited India in this year itself pushing the rupee to a record low vs the dollar
Pandemic boom to bust: Companies which enjoyed the rally and growth during the pandemic are feeling the heat of hypergrowth and inflation. Firings and downsizing across tech and startup segments from Netflix to Noom to a hiring freeze at Meta.
Covid to War, Concerns Remain: China lockdown still hurting supply chain and adding to inflation. Ukraine war continues to push global food and crude prices higher. 


Markets crack: Sensex down 1200 points, Nifty sinks 400 points 

Bulls are running for cover as the markets continued to be hit by the bear attack. Sensex down over 1,000 points and Nifty below 15,90 as all sectors trade in red, here are some of the factors at play

Markets crack: Why are bulls running for cover?

Here is why bulls are running for cover

Bulls are running for cover as the markets continue to see heavy sell-off across sectors with the benchmark Sensex&nbsp;and Nifty closing more than two percent down. Sensex&nbsp;dropped 1,150 points while Nifty closed at 15,808, here are some of the factors at play-:
<ul>
<li>Rate Hikes &amp; Inflation: US inflation near 40 year high, India CPI&nbsp;expected to hit 18 month high in April. Yields indicate another rate hike from RBI&nbsp;in June.&nbsp; </li>
<li>Bye Bye Easy Money: Fed reducing balance sheet and reducing money supply leading to lower risk appetite. India is now facing 7 months of FII outflow. $17 billion have exited India in this year itself pushing the rupee to a record low vs the dollar </li>
<li>Pandemic boom to bust:&nbsp;Companies which enjoyed the rally and growth during the pandemic are feeling the heat of hypergrowth&nbsp;and inflation. Firings and downsizing across tech and startup&nbsp;segments from Netflix&nbsp;to Noom&nbsp;to a hiring freeze at Meta. </li>
<li>Covid to War, Concerns Remain: China lockdown&nbsp;still hurting supply chain and adding to inflation. Ukraine war continues to push global food and crude prices higher.&nbsp;</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/lic-ipo-how-to-check-allotment-status-1652261636630" target="_blank">LIC IPO allotment today: Here is how to check if you got shares</a>

US markets tumbled to a 13-month low in a widespread selloff.&nbsp;The Dow Jones Industrial Average dropped 1.99%. The S&amp;P 500 fell 3.2% breaching 4,000 mark for first time in over a year, while the Nasdaq Composite lost 4.29%.&nbsp;Apple, the most valuable publicly traded company, has seen its marketcap&nbsp;eroded by&nbsp;over $200 billion since Wednesday, when the Fed raised interest rates.It is no just equities even crypto&nbsp;collapse continues with Bitcin falling over 10% in overnight trade.&nbsp;

Wall Street Collapses: Nasdaq down 4%, S&P500 lowest in a year, Bitcoin falls over 10% in overnight trade

Apple, the most valuable publicly traded company, has seen its marketcap eroded by over $200 billion since Wednesday, when the Fed raised interest rates.

Dow falls more than 600 points, S&amp;P 500 tumbles below 4,000

US markets tumbled to a 13-month low in a widespread selloff.&nbsp;The Dow Jones Industrial Average dropped 1.99%. The S&amp;P 500 fell 3.2% breaching 4,000 mark for first time in over a year, while the Nasdaq Composite lost 4.29%.&nbsp; Apple, the most valuable publicly traded company, has seen its marketcap&nbsp;eroded by&nbsp;over $200 billion since Wednesday, when the Fed raised interest rates. It is no just equities even crypto&nbsp;collapse continues with Bitcin falling over 10% in overnight trade.&nbsp;

It is risk off for the market and the Rupee is feeling the brunt of it along with equities. The domestic currency fell to a record low of Rs 77.13 per US dollar in Monday's trade as equity outflows continue. Foreign investors have now pulled out funds for 7 straight months from the Indian markets. March saw an outflow of $5.4 billion, the worst since the pandemic began. Thought domestic funds have chipped in the selling pressure is evident on the benchmark index. Nifty is down 10% from October peak, while smallcaps are down 20%. Foreign funds' ownership in domestic equities fell to pre-COVID lows and hit a multi-year low of 19.5 per cent in March this year in NSE500 companies valued at $ 619 billion, shows an analysis.
At 19.5 per cent the FPI ownership in March 2022, is the lowest in the past three years, when it was 19.3 per cent in March in 2019, which was a pre-COVID period.

Rupee at record low, Markets sink further: FIIs flee Indian markets for 7 straight months

It is risk off for the market and the Rupee is feeling the brunt of it along with equities. The domestic currency fell to a record low of Rs 77.13 per US dollar in Monday's trade as equity outflows continue. 

Rupee at record low, Markets sink further

April marks seventh straight month of FII&nbsp;outflows for India

It is risk off for the market and the Rupee is feeling the brunt of it along with equities. The domestic currency fell to a record low of Rs 77.13 per US dollar in Monday's trade as equity outflows continue. 50 stock benchmark Nifty is at the lowest level since March 9.&nbsp; Foreign investors have now pulled out funds for 7 straight months from the Indian markets. March saw an outflow of $5.4 billion, the worst since the pandemic began. Though domestic funds have chipped in the selling pressure is evident on the benchmark index. Nifty is down 10% from October peak, while smallcaps are down 20%.&nbsp; Foreign funds' ownership in domestic equities fell to pre-COVID lows and hit a multi-year low of 19.5 per cent in March this year in NSE500 companies valued at $&nbsp;619 billion, shows an analysis.
At 19.5 per cent the FPI ownership in March 2022, is the lowest in the past three years, when it was 19.3 per cent in March in 2019, which was a pre-COVID period.

US markets suffered their worst single day drop since 2020 as stocks, bonds, crypto all came crashing down wiping over $1.3 trillion worth of investments in a single session. Here is what you need to know-:

Tech-heavy Nasdaq 100 dropped 5.1%, the most since September 2020.
Dow Jones Industrial Average lost 1,063 points, or 3.12%,
Bitcoin -- the largest cryptocurrency -- dropped over 10%, just barely managing to hold onto&nbsp;$36,000.&nbsp;
Risk aversion has swept away the relief rally seen on Wednesday after Fed's rate hike&nbsp;
Tech stocks hit the hardest as they are particularly vulnerable to higher interest rates.


Markets collapse: US markets see worst day since the pandemic 

The declines dragged Nasdaq to its worst day in nearly two years

$1.3 TRILLION wiped out! US markets see a free fall, here are the details

Tech-heavy Nasdaq Composite fell 4.99% to finish at its lowest closing level since November 2020.

US markets suffered their worst single day drop since 2020 as stocks, bonds, crypto all came crashing down wiping over $1.3 trillion worth of investments in a single session. Here is what you need to know-:
<ul>
<li>Tech-heavy Nasdaq 100 dropped 5.1%, the most since September 2020.</li>
<li>Dow Jones Industrial Average lost 1,063 points, or 3.12%,</li>
<li>Bitcoin -- the largest cryptocurrency -- dropped over 10%, just barely managing to hold onto&nbsp;$36,000.&nbsp;</li>
<li>Risk aversion has swept away the relief rally seen on Wednesday after Fed's rate hike&nbsp;</li>
<li>Tech stocks hit the hardest as they are particularly vulnerable to higher interest rates.</li>
</ul>

LIC's public offer, the country's biggest-ever IPO, was fully subscribed on the second day of bidding on Thursday.
Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received -- translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm.
However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions have received a tepid response so far. Non-institutional investors' segment was subscribed 47 per cent, while QIBs' portion was slightly lower at 40 per cent.
Retail individual investors picked up nearly 93 per cent of the 6.9 crore shares set aside for this segment.
Of the total, the policyholders' portion was subscribed a little over three times, while that for employees was subscribed 2.21 times.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer.
The initial public offering (IPO) will close on May 9.
The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC IPO latest update: Day 2 and fully subscribed, retail rushes in

Retail individual investors picked up nearly 93 per cent of the 6.9 crore shares set aside for this segment.

The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

LIC's public offer, the country's biggest-ever IPO, was fully subscribed on the second day of bidding on Thursday.
Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received -- translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm. Read/Watch Also: <a href="https://www.editorji.com/business-news/markets/lic-ipo-the-path-to-profitability-explored-with-flexi-capital-1651739487113">LIC&nbsp;IPO: The path to profitability&nbsp;</a>
However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions have received a tepid response so far. Non-institutional investors' segment was subscribed 47 per cent, while QIBs' portion was slightly lower at 40 per cent.
Retail individual investors picked up nearly 93 per cent of the 6.9 crore shares set aside for this segment.
Of the total, the policyholders' portion was subscribed a little over three times, while that for employees was subscribed 2.21 times.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
<a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC public offer</a> will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer.
The initial public offering (IPO) will close on May 9.
The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.

IPO Update: Supply chain company Delhivery fixed a price band of Rs 462-487 a share for its Rs 5,235-crore initial public offering (IPO), which will open for subscription on May 11 and remain open till May 13. 
The size of the IPO has been cut to Rs 5,235 crore from Rs 7,460 crore planner earlier.
The public issue now comprises fresh issuance of equity shares worth Rs 4,000 crore and an offer for sale (OFS) component of Rs 1,235 crore by existing shareholders.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery's co-founders will divest their shareholding in the logistics company.
CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of Rs 454 crore while SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth Rs 365 crore.
Deli CMF Pte Ltd, a wholly-owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth Rs 200 crore and Times Internet will offload shares worth Rs 165 crore.
In addition, Delhivery's co-founders -- Kapil Bharati, Mohit Tandon and Suraj Saharan-- will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore, respectively.
Proceeds of the fresh issue will be used towards funding organic growth initiatives, inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes.
About 75 per cent of the issue has been reserved for qualified institutional investors, 15 per cent for the non-institutional investors and the remaining 10 per cent for retail investors.
Investors can bid for a minimum of 30 equity shares and in multiples thereof.
The e-commerce logistics company operates a pan-India network and provides services in 17,045 postal index number (PIN) codes.
It provides supply chain solutions to a diverse base of 21,342 active customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers to the issue.
In May, Delhivery announced that it has raised $275 million (about Rs 2,000 crore) in a primary funding round, led by Fidelity Management and Research Company. With this capital raise, Delhivery's valuation was expected to rise to over $3 billion

Delhivery IPO opens today; check price band & other details

It is an IPO bazaar, the next up is supply chain company Delhivery, this gurugram based unicorn has cut down the IPO size as it opens up for public investment Here are the details 

Delhivery IPO opens May 11

It is an IPO&nbsp;bazaar, the next up is&nbsp;Supply chain company Delhivery, this gurugram&nbsp;based supply chain firm has cut down the IPO&nbsp;size as it opens up for public investment Here are the details&nbsp; Delhivery&nbsp;IPO Issue Dates: May 11 - 13 Price Band:&nbsp;Rs 462-487 a share&nbsp; Lot Size:&nbsp;30 equity shares Issue Size: Rs 5,235 crore About the company&nbsp; Gurugram-based Delhivery is the largest fully integrated logistics services player in India by revenue.&nbsp;It provides supply chain solutions to a diverse base of 21,342 active customers. The unicorn reported a net loss of Rs 891.13 crore with a revenue of Rs 4,911.4 crore for the period ended December 31, 2021.
&nbsp;

Delhivery reported a net loss of Rs 891&nbsp;crore with a revenue of Rs 4,911&nbsp;crore for the period ended December 31, 2021.

IPO&nbsp;Update: Supply chain company Delhivery&nbsp;fixed a price band of Rs 462-487 a share for its Rs 5,235-crore initial public offering (IPO), which opened for subscription on May 11 and will remain open till May 13.
The size of the IPO has been cut to Rs 5,235 crore from Rs 7,460 crore planned earlier.
Also read/watch|&nbsp;<a title="Banks start to raise lending rates, check what happens to your EMIs" href="https://www.editorji.com/business-news/personal-finance/banks-start-to-raise-lending-rates-check-what-happens-to-your-emis-1651741168631">Banks start to raise lending rates, check what happens to your EMIs</a>
The public issue now comprises fresh issuance of equity shares worth Rs 4,000 crore and an offer for sale (OFS) component of Rs 1,235 crore by existing shareholders.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery's co-founders will divest their shareholding in the logistics company.
CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of Rs 454 crore while SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth Rs 365 crore.
Deli CMF Pte Ltd, a wholly-owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth Rs 200 crore and Times Internet will offload shares worth Rs 165 crore.
In addition, Delhivery's co-founders -- Kapil Bharati, Mohit Tandon and Suraj Saharan-- will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore, respectively.
Proceeds of the fresh issue will be used towards funding organic growth initiatives, inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes.
Also read/watch|&nbsp;<a title="Is there a social army riding online to defend Ola?" href="https://www.editorji.com/business-news/is-there-a-social-army-riding-online-to-defend-ola-1651731458442">Is there a social army riding online to defend Ola?</a>
About 75 percent of the issue has been reserved for qualified institutional investors, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.
Investors can bid for a minimum of 30 equity shares and in multiples thereof.
The e-commerce logistics company operates a pan-India network and provides services in 17,045 postal index number (PIN) codes.
It provides supply chain solutions to a diverse base of 21,342 active customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers to the issue.
In May, Delhivery announced that it has raised $275 million (about Rs 2,000 crore) in a primary funding round, led by Fidelity Management and Research Company. With this capital raise, Delhivery's valuation was expected to rise to over $3 billion

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal Strete. The research house had been in focus for it's extreme bearish stance on Paytm right ahead of it's listing has been kinder to the govt backed insurer. Here is what Macquarie has to say-:MACQUARIE ON LIC 

Initiate with Neutral rating and target price of Rs 1,000
Inherent volatility in Embedded Value (EV) is a big challenge 
Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains 
Scaling up non-par business will be a challenge 
Start selling high margin non-par savings policies and pure protection products could be difficult 
Traditionally LIC has sold ust one product, ie, participating (PAR) policies
Focus on profitability will be a big change 
Remain sceptical of scale up of bancassurance business 
Other channels like direct/online LIC’s presence has been insignificant. 


LIC IPO Listing Latest News Share Price: Brokerage target from Macquarie

LIC IPO Listing: Here is what Macquarie makes of the stock

Macquarie initiates report on LIC&nbsp;as the insurance giant debuts on Dalal Street&nbsp;

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal&nbsp;Street. The research house had been in focus for it's extreme bearish stance on Paytm&nbsp;right ahead of it's listing has been kinder to the govt backed insurer while raising some concerns. Here is what Macquarie has to say-: MACQUARIE ON LIC&nbsp;
<ul>
<li>Initiate with Neutral rating and target price of Rs 1,000</li>
<li>Inherent volatility in Embedded Value (EV) is a big challenge&nbsp;</li>
<li>Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains&nbsp;</li>
<li>Scaling up non-par business will be a challenge&nbsp;</li>
<li>Start selling high margin non-par savings policies and pure protection products could be difficult&nbsp;</li>
<li>Traditionally LIC&nbsp;has sold&nbsp;ust one product, ie, participating (PAR) policies</li>
<li>Focus on profitability will be a big change&nbsp;</li>
<li>Remain sceptical of scale up of bancassurance business&nbsp;</li>
<li>Other channels like direct/online LIC&rsquo;s presence has been insignificant.&nbsp;</li>
</ul>

Markets

LIC IPO Listing : It was a tepid start to a mega IPO. India's largest Initial public offering (IPO) listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels. 

LIC IPO Listing: Debut at discount but gains traction 

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, 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.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price  

LIC IPO Listing:&nbsp;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.

It was a tepid start to a mega IPO. India's largest Initial public offering (IPO)&nbsp;listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels.&nbsp; Though the price was fixed at the upper band, policyholders due to the discount got the shares at&nbsp;Rs 889/share. So for long time investors the early volatility in the stock has been largely dismissed.&nbsp; The <a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC IPO</a> -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.
Also Watch:<a href="https://www.editorji.com/business-news/cryptocurrency/sebi-cracksdown-on-crypto-find-out-what-the-market-regulator-is-saying-1652754123199" target="_blank">&nbsp;SEBI cracksdown on crypto, find out what the market regulator is saying</a>
<a href="https://www.editorji.com/business-news/markets/sc-on-lic-ipo-denies-stay-on-govt-stake-sale-3-judge-bench-issues-notice-to-govt-while-attaching-case-to-ongoing-proceedings-relating-to-money-bill-1652337728173" target="_blank">Life Insurance Corporation (LIC)</a> is the largest insurance provider company in India, with a market share of more than 66 per cent in new business premiums. The company offers participating insurance products and non-participating products.

Meet Gautam Adani, not just India's but also Asia's richest man that has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. Adani's Assets Runs and manages 7 out of the 8 PPP airports in IndiaIndia’s largest private power producer Largest solar power producer in India. The Adani Group is an Indian multinational

Gautam Adani; solar, cement, power, airports - this billionaire now has it all

Meet Gautam Adani, not just India's but also Asia's richest man, who has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. 


Adani's Assets!

The Adani Group was founded by Gautam Adani in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.&nbsp;

Meet Gautam&nbsp;Adani, a self made billionaire who in a span of under 4 decades has become&nbsp;not just India's but also Asia's richest man. Adani&nbsp;has decisively broken into the top 10 rich list racing ahead of&nbsp;Mukesh&nbsp;Ambani, Oracle founder Larry Ellison and also Meta founder&nbsp;Mark Zuckerberg. Ranked number 8, the chief of Adani&nbsp;conglomerate has seen his wealth swell $22 billion in just 5 months this year. That's a gain of Rs 31,100 cr a month or Rs 311 crores&nbsp;a day!!&nbsp;
Also read/watch|&nbsp;<a title="Ambuja and ACC shareholders - this is what the Adani acquisition means for you" href="https://www.editorji.com/business-news/markets/ambuja-and-acc-shareholders-this-is-what-the-adani-acquisition-means-for-you-1652690403586">Ambuja and ACC shareholders - this is what the Adani acquisition means for you</a> So what all does Gautam&nbsp;Adani&nbsp;own! The billionaire's focus on the 'Atmanirbhar&nbsp;Bharat' policy has yielded great results as the group is&nbsp;India&rsquo;s largest private power producer and also the largest solar power producer in India. Hailing from Gujarat this first-generation businessman became&nbsp;the boss of the first private port of India at Mundra,&nbsp;Adani&nbsp;is eyeing everything from water to air as the group runs and manages 7 out of the 8 PPP&nbsp;airports in India. From the cement (ACC, Ambuja)&nbsp;that build your homes to the oil that is cooking (Adani&nbsp;Wilmar) in your kitchen to the news on the move (Quintillion Business Media), Adani&nbsp;is present everywhere.&nbsp; And it is not just his kitty that is swelling the Adani&nbsp;pack has given shareholders much to cheer about as the market cap&nbsp;of the group soars to above $200 bn and recent listing giving 180% return to its investors.&nbsp;

Holcim owns 63.19 per cent in Ambuja Cement and 4.48 per cent in ACC.Ambuja Cement, in turn, owns 50.05 per cent in ACC. So total holding is over 54% Hence, Holcim directly controls ACEM and indirectly controls ACC. and now that boss will be adani. As per SEBI norms - The Adani family will make an open offer to buy 26 per cent in these two companies from non-promoter shareholdersIf there is a successful open offer, Adanis stake would stand at 89% in ACEM and 81% in ACC and it would have to be seen if Adani then sells stake to comes down to 75% or de-lists the companies.What about a merger? -  1) removal of fees for transfer of mining leases.2) Rule changed in 2021 3) It should be noted that issues around transfer of limestone mines were cited as one of the reasons for not pursuing the ACC-Ambuja merger in 2018... In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger4) Limestone is one of the key raw materials that is required for manufacturing cement.

Ambuja and ACC shareholders - this is what the Adani acquisition means for you 

Adani now will directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC

Gautam Adani&nbsp;jetted to Geneva to close a deal that has taken rivals by surprise but the new boss for Ambuja&nbsp;and ACC will face many questions from shareholders as discussions of&nbsp;open offer to a possible merger to even a delisting&nbsp;come to the table. Editorji&nbsp;explores the options: The Deal Dynamics
<ul>
<li>First the basics, Adani&nbsp;has bought over&nbsp;Holcim's&nbsp;India assets which is basically&nbsp;63.19 percent in&nbsp;Ambuja Cement&nbsp;and 4.48 percent in ACC.</li>
<li>Ambuja Cement, in turn, owns 50.05 percent in ACC. So total holding for Adani&nbsp;in ACC is over 54%&nbsp;</li>
<li>So now Adani directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/indonesia-over-india-here-s-why-tesla-s-choice-for-production-hub-may-be-changing-1652683766453" target="_blank">Indonesia over India? Here's why Tesla's choice for production hub may be changing</a>
The Open Offer&nbsp;
<ul>
<li>As per SEBI&nbsp;norms -&nbsp;The Adani&nbsp;group will make an open offer to buy 26 per cent in these two&nbsp;companies&nbsp;from non-promoter shareholders</li>
<li>The open offer price for shareholders will be set at the offer made to Holcim&nbsp;-&nbsp; Rs 385 for Ambuja Cement and Rs 2,300 for ACC</li>
</ul>
Delisting on the cards?
<ul>
<li>If there is a successful open offer, Adani's stake would stand at 89% in Ambuja&nbsp;and 81% in ACC</li>
<li>As per SEBI&nbsp;norms promoter can only hold 75%, so Adani would have either pare stake or or de-lists the companies.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053" target="_blank">Adani to acquire Ambuja Cement and ACC from Holcim</a>
What about a merger?
<ul>
<li>In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger</li>
<li>This was not pursued due to high cost of transfer of limestone mines and fees for the same&nbsp;</li>
<li>Limestone is one of the key raw materials that is required for manufacturing cement.</li>
<li>The rules of&nbsp;fees for transfer of mining leases were changed in 2021 making the merger feasible once again</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/world-news/amazon-founder-vs-joe-biden-jeff-bezos-slams-us-president-for-linking-inflation-wealth-tax-1652614447664" target="_blank">Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax</a>

India's richest man Gautam Adani is cementing his position now as cement czar as he pips put rivals Jindal and Birla to acquire Holcim's India assets and be the new boss for cement majors ACC and Ambuja.

Gautam Adani to acquire Ambuja Cement and ACC from Holcim

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).

Adani to acquire Ambuja Cement and ACC from Holcim

With this, Adani now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA)

India's richest man Gautam&nbsp;Adani is cementing his position now as cement czar as he pips put rivals Jindal&nbsp;and Birla&nbsp;to acquire Holcim's&nbsp;India assets and be the new boss for cement majors ACC and Ambuja. At $10.5 bn this the largest ever acquisition by Adani, and India&rsquo;s largest ever M&amp;A transaction in the infrastructure and materials space, The deal&nbsp;values includes&nbsp;Holcim stake and open offer consideration for Ambuja Cements and ACC
With this, <a href="https://www.editorji.com/business-news/markets/gautam-adani-is-now-asia-s-richest-man-surpasses-the-wealth-of-mukesh-ambani-mark-zuckerberg-1644289000296" target="_blank">Gautam&nbsp;Adani</a> now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA) right behind Birla&nbsp;owned UltaTech&nbsp;which is India's largest cement company.&nbsp;
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim in a statement said, "The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim." Adani has in the last couple of years diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
The group had last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
Also Watch/Read:<a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">&nbsp;LIC IPO listing tomorrow: What does the grey market say</a>&nbsp;
The world's largest cement maker Holcim last month announced its exit from the country after struggling here for a long. The company through two listed entities <a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">ACC</a> and Ambuja has 66 million tonnes per annum capacity (MTPA).
Holcim was in talks with several business houses including Aditya Birla Group, which owns the leading cement players UltraTech and steel-to-energy conglomerate JSW Group.
The group, which had entered the market 17 years ago, holds a 63.19 per cent stake in Ambuja and a 4.48 per cent in ACC while Ambuja owns a 50.05 per cent stake in ACC.
ACC has 17 cement manufacturing units, 9 captive power plants and 6,643 employees along with a distribution network of 56,000 dealers &amp; retailers and a countrywide.
<a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">Ambuja Cements</a> has a cement capacity of 31 million tonnes with 6 integrated cement manufacturing plants and 8 cement grinding units across the country.

Consumer Price Index for inflation for the month of April has shocked at 7.79%. The reading makes it the highest ever since 2014. The internals of the data is something the common man has been facing with record high prices of atta, fuel and edible oil. The data makes it clear that RBI which shocked the street with a 40 bps hike in May is likely to hike rates again in June. The pressure on prices comes as global food and fuel inflation is also at a record high. Here are the economy highlights-:

Consumer prices at 7.79%, Vegetable price inflation at 15%
Consumer food price inflation 8.38% vs 7.68% in March
Rural consumer price inflation 8.38% vs 7.66% in March
Inflation reading has breached RBI's tolerance range for 4th straight month. 

 

Inflation Shock! CPI at the highest level since 2014, clocks in at 7.79%

Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%

Inflation Shockers! CPI at the highest level since 2014, clocks in at 7.79%

April CPI&nbsp;comes much above street estimates

Consumer Price Index for inflation for the month of April has shocked at 7.79%. The reading makes it the highest ever since 2014. The internals of the data is something the common man has been facing with record high prices of atta, fuel and edible oil. The data makes it clear that RBI&nbsp;which shocked the street with a 40 bps hike in May is likely to hike rates again in June. The pressure on prices comes as global food and fuel inflation is also at a record high. Here are the economic highlights-:
Also read/watch|&nbsp;<a title="Startups Shrink: From unicorns to layoffs, the firing squad is here" href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790">Startups Shrink: From unicorns to layoffs, the firing squad is here</a>
<ul>
<li>Consumer prices at 7.79%, Vegetable price inflation at 15%</li>
<li>Consumer food price inflation 8.38% vs 7.68% in March</li>
<li>Rural consumer price inflation 8.38% vs 7.66% in March</li>
<li>Inflation reading has breached RBI's&nbsp;tolerance range for 4th straight month.&nbsp;</li>
</ul>
&nbsp;

As technology share prices take a beating, the new market reality is reflect in Apple losing it's spot as the world's most valuable company with oil giant Aramco reclaiming the title. Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s at the start of this year. Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in marketcap. Tech index Nasdaq 100 has lost 24% in the year so far as the central banks ends ultra-easy money policy. Meanwhile, the S&P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year. 
 

Tech takedown: Apple is no longer the world’s most valuable company

New rate realities hits tech stocks! Apple loses top spot and is replaced as the world’s most valuable company. Guess who it is now?

Apple passed Saudi Aramco to become the world&rsquo;s most valuable publicly traded company in 2020.
&nbsp;

As technology share prices take a beating, the new market reality is reflect in Apple losing its spot as the world's most valuable company with oil giant Aramco&nbsp;reclaiming the title.&nbsp;
Also read/watch|&nbsp;<a title="Mass layoffs at American companies: Here is who is firing" href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753">Mass layoffs at American companies: Here is who is firing</a> Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco&rsquo;s&nbsp;at the start of this year.&nbsp;Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in market cap.&nbsp; Tech index Nasdaq&nbsp;100 has lost 24% in the year so far as the central banks end their ultra-easy money policy.&nbsp;Meanwhile, the S&amp;P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year.&nbsp;
&nbsp;

Markets

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