Thursday, December 8, 2022
For any kind of suggestion or query feel free to mail us at hello@globaldaily.in   Your online source for any kind of news   Welcome to Global Daily

LIC lists at 9% discount, market cap slips to Rs 5.6 lakh crore in early trade – Times of India


NEW DELHI: India’s insurance behemoth – the Life Insurance Corporation or LIC – made a weak market debut on Tuesday after a record-breaking IPO last week. The shares in the state-owned insurance listed at a nearly 9% discount to its offer price and slid to as much as 9.4 per cent to Rs 860 against the issue price of Rs 949 in the first hour of trading. However, it recouped some of the losses and was trading at Rs Rs 900.55, down Rs 48.45, or 5.11 percent at 11 AM.
“Though LIC listing has been below the issue price of Rs 949, given the attractive valuations and stability in the markets, we expect some buying interest in the stock both from retail and institutional investors. Since a large amount of money has been released post listing of LIC, part of this money could get diverted into equity markets,” said Hemang Jani, Head – Equity Strategy, Broking and Distribution, Motilal Oswal Financial Services.
LIC’s market capitalisation slipped to Rs 5.57 lakh crore in early trade against just over Rs 6 lakh crore at the issue price, eroding over Rs 42,500 crore in investor wealth due to the tepid listing. LIC got listed at Rs 867.2 on BSE, a discount of 8.62 per cent over its issue price of Rs 949. On NSE, it debuted at a discount of 8.11 per cent.
LIC had announced Rs 60 per equity share discount to LIC policyholders whereas Rs 45 per share discount to LIC employees and retail category investors.
” Allottees, who have long-term view, can take this as an opportunity to accumulated on every 5 per cent dip from its listing price levels whereas fresh investors can start buying LIC shares in a calibrated manner till it is above Rs 730 levels,” said Anuj Gupta, ‪Vice President — Research at IIFL Securities.
“Those who applied for listing gains can maintain a stop loss of Rs. 800. New investors can take advantage of the dips to accumulate this share for the long term,” said Santosh Meena, Head of Research at Swastika Investmart Ltd.
“LIC enjoys many competitive advantages, further, the company’s issue was priced at a Price to Embedded value of 1.1x, providing a valuation comfort, so we suggest investors stay with the company for the long term despite the negative listing,” said Parth Nyati, Founder at Tradingo.





Source

Hits: 0

Leave a Reply

Your email address will not be published. Required fields are marked *

6 + 4 =

Related Posts

Recent Posts

Maharashtra Minister Bats For Vande Bharat Train from Nagpur to Hyderabad
Maharashtra Minister Bats For Vande Bharat Train from Nagpur to Hyderabad
IPL 2023: Ruturaj Gaikwad says he is LUCKY to play with MS Dhoni, says THIS about Chennai Super Kings skipper
IPL 2023: Ruturaj Gaikwad says he is LUCKY to play with MS Dhoni, says THIS about Chennai Super Kings skipper
Blast in Indonesia kills 1, injures 10; bomber slams new law in a note – Times of India
Blast in Indonesia kills 1, injures 10; bomber slams new law in a note - Times of India
Oil prices steady after sinking to lowest level this year – Times of India
Oil prices steady after sinking to lowest level this year - Times of India
Happy Birthday! Did you know Sharmila Tagore and Rakhee’s fake feud on ‘Daag: A Poem of Love’ was used for the film’s publicity? | Hindi Movie News – Bollywood – Times of India
Happy Birthday! Did you know Sharmila Tagore and Rakhee's fake feud on 'Daag: A Poem of Love' was used for the film’s publicity? | Hindi Movie News - Bollywood - Times of India
Navi Mumbai Woman Commits Suicide by Jumping off Building Terrace; Husband Held
Navi Mumbai Woman Commits Suicide by Jumping off Building Terrace; Husband Held
NEET UG 2023: MCC to announce NEET UG dates soon on neet.nta.nic.in – Times of India
NEET UG 2023: MCC to announce NEET UG dates soon on neet.nta.nic.in - Times of India
China begins easing ‘zero Covid’ curbs – Times of India
China begins easing ‘zero Covid’ curbs - Times of India
Challenges in eRupee’s wider use: RBI governor – Times of India
Challenges in eRupee’s wider use: RBI governor - Times of India
FIFA World Cup 2022: Lionel Messi’s TITLE chase takes centerstage in Quarterfinals, all details of Argentina vs Netherlands clash HERE
FIFA World Cup 2022: Lionel Messi’s TITLE chase takes centerstage in Quarterfinals, all details of Argentina vs Netherlands clash HERE

Archives

Categories

Tags

PHP Code Snippets Powered By : XYZScripts.com