SBI Life Insurance hits 52-week high on strong response for share sale
Posted on 26th June 2019 |
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| Shares of SBI Life Insurance Company hit a 52-week high of Rs 715 per share, up 6 per cent intra-day, on the BSE on Wednesday with heavy buying being seen at the counter in respose to excessive bids being received for stake sale. The stock erased its entire loss of 5 per cent witnessed during Tuesday's trading session after the share-sale opened. The firm, which has put Rs 1,625 crore worth of shares under offer-for-sale (OFS), received bids for nearly 86 million shares against 25 million shares on offer, a 3.8 fold jump. Most of the bids came at Rs 670 per share, higher than the base price of Rs 650 set for the OFS, the data provided by stock exchanges showed. The two-day OFS opened on Tuesday for non-retail investors and on Wednesday for retail investors. BNP Paribas Cardif, the foreign partner of SBI Life Insurance, proposed to sell up to 25 million shares, representing 2.5 per cent stake in the insurance company. Following the sale, its holding will drop to 5.2 per cent from 7.7 per cent now. At 09:35 am, SBI Life Insurance was trading 5 per cent higher at Rs 707 on the BSE, as compared to 0.25 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than two-fold with a combined 1.38 million shares changing hands on the NSE and BSE so far. In the past four months, the stock has outperformed the market by surging 28 per cent against a 10 per cent rise in the benchmark index. The stock last hit an all-time high of Rs 775 on April 27, 2018 on the BSE in intra-day trade. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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