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LIC Marks Record Breaking Profit Booking of Rs 25000 in FY18

17Apr By Lavina TolaniNo Comments

Market

LIC Marks Record Breaking Profit Booking of Rs 25000 in FY18

Indian state-owned insurance and investment company, Life Corporation of India has booked record equity trading profits of Rs. 25,000 crore in 2017-18, much above Rs. 19,000 crores a year ago as informed by sources. LIC is known to adhere equity assets including mutual funds and shares worth Rs. 5 trillion (until the end of December) and profits approximately 5% of assets under management. Meanwhile, the company is working on its annual accounts, the same will be published in May. "The stock market has mostly been resilient in the past year and LIC has managed to get enough selling opportunities", reported a source on the promise of anonymity. Record-breaking profit from LIC is signaling a positive message if the insurer enhances its market exposure at the same time. This will ...

India’s V-Mart Turns Out World’s Best Performing Departmental Store Chain

14Apr By Lavina TolaniNo Comments

Market

India’s V-Mart Turns Out World’s Best Performing Departmental Store Chain

The attraction for Indian consumer market has been on the rise. Jefferies India Pvt Ltd. has now joined in the chorus for showing a successful growth as a producer of staples and branded goods. It has picked up in a sector that comprises V-Mart Retail Ltd, a company whose stock market has performed outstandingly making it world's best department store chain this year, as per market sources. Shares of V-Mart have risen by 10 times as much since they were first traded in the stock market in February 2013.Company's shares are up by 47% -highest among 105 department stores globally with a minimum market value of $200 million. Tanmay Sharma, Jefferies Analyst wrote in a note, Given the limited barriers to entry and widespread competition, V-Mart's strong business model in te...

Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn

11Apr By Lavina TolaniNo Comments

Market

Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn

Chinese billionaire Jack Ma's financial firm is all set to make it to the world's biggest companies. Alibaba Group Holding Ltd's derivate company, Ants Financial Group is preparing to raise $9 billion which is much above its expected IPO in a private funding round as per the sources. Being no stranger to funding, the company picked $4.5 billion Series B round in April 2016. Moreover, it has also made in some strategic acquisitions and investments to pave a way for greater financial benefits for itself. It has already acquired HelloPay and has made investments into Korea's Kakao Pay in February 2017. Company's recent attempt to acquire Moneygram early this year was knocked down by U.S government over security concerns.It's expected IPO valuation and newly earned revenue can give a muc...

9Apr By Lavina TolaniNo Comments

Market

Lemon Tree Hotels Lists 10 percent Premium on Market Debut

Lemon Tree Hotels listed to make its market debut today opened on a decent note with a script listing of Rs.61.60 on the BSE, accounting for 10 percent premium over the issue price of Rs.56. As per data from National Stock Exchange (NSE), initial public offering (IPO) received bids for 15.49 crore shares and was subscribed over 1.19 times from a period extending 26 March 2018 to 28 March 2018. The price spectrum for the stocks was fixed at Rs. 56 per share. This hospitality chain and hotel group are considered to be India's largest chain in the mid-priced sector within hotel market while it is third largest overall. Lemon Tree hotels have already raised 311 crores from anchor investors. The public issue is being raised to achieve the benefits of equity share on stock exchanges. ...

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

5Apr By Lavina TolaniNo Comments

Market

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

Spotify Technologies shares went high and opened at $165.9 on Monday, which was nearly 26 percent above the reference point of $132 on its first day of trading.With an overall valuation of $165.9 billion on the first day, the estimation went a slightly higher than what analysts had predicted before the listing. During the first two months of 2018, the shares of world's leading music streaming service, Spotify, were traded between $90 and $132.5.While, in 2017, the range was even wider from $37.50 to $125.00. As per sources from Wallstreet Journal, Spotify's opening has turned out to be a record on New York Stock Exchange listing before which "Alibaba had opened at 11.53 am" on Tuesday. Spotify's unconventional move to direct listing has created a lot of talks in the share market s...

ICICI shares plunge in the midst of Videocon Loan Row

3Apr By Lavina TolaniNo Comments

Market

ICICI shares plunge in the midst of Videocon Loan Row

India's leading private multinational bank, ICICI had its shares drop considerably by 7 percent on the first trading day of the financial year 2018-19 right after Central Bureau of Investigation(CBI) imposed an inquiry relating to the loan sanctioned to Videocon Group. After a close at Rs. 261.9 and down by 5.93 percent on BSE from the highest price since August 24, 2015, ICICI Bank market evaluation has worn down to Rs. 1.68 million on the BSE. As per the reports, CBI is probing actively on verifying allegations of corruption and looking into a possible nexus between Venugopal Dhoot, Chairman Videocon Group and Chanda Kochar's husband, Deepak Kochhar. ICICI bank also declared reports of conflict " malicious and unfounded" completely denying Kochar's favor recommendations to the agglome...

SBI Increases Interest rates on Fixed Deposits

29Mar By Lavina TolaniNo Comments

Market

SBI Increases Interest rates on Fixed Deposits

The largest public lending organisation in the country ,State Bank of India (SBI) has brought in a bundle of good news for investors as it has hiked interest rates on fixed deposits with different maturity tenures starting from 2 to 10 years. The new interest rate bracket for SBI fixed deposits ranges between 6.6 and 6.75 percent.For fixed deposits under Rs. 1 crore subjected for two-three years tenure, the new rate has been changed to 6.60% from earlier 6.50%.On similar lines, term deposits ranging between 3 to 5 years can now be availed at 6.70% interest than existing 6.50% People who are looking for long term investment i.e for 5 to 10 years, will now be able to avail interest rates of 6.75% from 6.50%.However,no change has been made for fixed deposits ranging from 7 days to 2 yea...

27Mar By AnkitaNo Comments

Market

Bandhan Bank Shares Up 33% on Market Debut

India's Bandhan Bank surging 33 percent against the issue price of Rs 375 on the first day of its debut. At the end of the day, the stock listed at Rs 477 on BSE and 476 on NSE. The stock has a sharp gain of 29.33 and 33 percent from the issue price on BSE & NSE. The Kolkata based company has a market valuation of Rs 56,914.69 crore. The IPO of Bandhan bank was subscribed 14.62 times during its listings. The fixed price of the company share was Rs 370 to 375 during the listing. The issue opened on March 15 and continued till March 19. Goldman Sachs (India) Securities, JM Financial and JP Morgan India, Kotak Mahindra Capital Company and others managed the issue. The bank proposed to raise Rs 4500 crore from the IPO. The network of the bank has grown to 864 bank branches a...

ICICI Securities Decreased the Size of IPO After Slow Start

27Mar By Sheldan RungasamyNo Comments

Market

ICICI Securities Decreased the Size of IPO After Slow Start

Brokerage firm giant ICICI Securities decreased the amount of its initial public offering to almost Rs3,500 crore after the opening sale met a slow start, particularly since targeted individuals with large assets didn’t seem interested. ICICI Securities is the third daughter company of the ICICI Group to join the market since 2016 and overall fourth after ICICI Bank, ICICI Prudential Life and ICICI Lombard General Insurance. The initial opening of the IPO was set to Rs4,016 crore and met a subscription of 88% inclusive of the anchor portion, which accounts for 10% of subscriptions. ICICI Securities released a statement saying it “successfully closed its proposed Offer for Sale (OFS) and raised around Rs3,500 crore.” The IPO collected bids buying 34,575,396 shares from the 44,225,3...

26Mar By Sheldan RungasamyNo Comments

Market

Dropbox Dominates Share Market as Valuation Soared After IPO

Dropbox began its market debut extremely well as shares topped their marketed range in the biggest technology initial public offering (IPO) of the year. One share was valued at $28.48 when the market closed in New York on Friday, thus empowering the file sharing company with a market valuation worth $11.2 billion. They rose over 50% the amount initially asked in their IPO to as high as $31.60. Four years ago, in the company’s last private funding round, Dropbox was valued at $10 billion. The success of Dropbox on the market share could help resolve the one problem that has been restraining Silicon Valley companies from going public – their own heavy price tag. Dropbox first targeted a market valuation at $7.1 billion but the strong demand for the file sharing company’s shares ...

19Mar By NitishNo Comments

Market

5 Best Ways to Start Saving Your Money

In the world of cut-throat competition and rising inflation, the quote “Money saved is money earned” fits best to our fast-paced uncertain lives. Human life is unpredictable; we never know what situation may come before us requiring huge financial expenditure. In such a scenario, our savings acts as the only “lifeboat” that let us cross the storms of life without facing a huge financial setback. It is a common mindset of people to consider saving, a burden or a restrictive action that involves cutting down on daily expenses. However, this is not the right approach to get going. Maintaining a budget does not necessarily involve quitting on expenses altogether. Rather, it is a constant practice which simply means prioritizing one’s financial goals and spending wisely on things that do not...

Bandhan Bank IPO Subscribed Over 42% on Day 1

16Mar By AdityaNo Comments

Market

Bandhan Bank IPO Subscribed Over 42% on Day 1

New Delhi: Bandhan Bank Ltd, an Indian banking, and financial services company headquartered in Kolkata received 42% initial public offering (IPO) subscription on the first day of bidding. On Wednesday, Kolkata-based Bandhan Bank raised Rs 1,342 crore from anchor investors and is looking to raise a total amount of Rs 4,473 crore from the public issue of its shares. The portion of shares reserved for institutional investors in the Bandhan Bank IPO was subscribed 1.26 times, while those for retail investors and high net-worth individuals (HNIs) saw a subscription of 12% and 1%, respectively. The Bandhan Bank IPO received bids for 35,005,200 shares against the total issue size of 83,496,347 shares, NSE data showed. The Bandhan Bank IPO is of up to 119,280,494 shares comprising fre...