oppn parties LIC Shares Tumble On Listing Even As The Sensex Gains

News Snippets

  • Rajasthan Police arrest Md Riyaz Akhtari and Gaus Mohammed for beheading the tailor in Udaipur
  • Curfew imposed in 7 police station areas in Udaipur and internet services suspended across Rajasthan as a tailor is beheaded in Udaipur for his social media post in support of Nupur Sharma
  • West Bengal chief minister Mamata Banerjee says the state will not give preference to Agniveers as it will clean "BJP's dustbin"
  • Enforcement Directorate asks Shiv Sena leader Sanjay Raut to appear before it on Friday
  • Devendra Fadnavis meets Amit Shah, discusses tie-up with Shinde
  • Rebels reject Uddhav Thackeray's emotional appeal to come and discuss the issues
  • BJP wants MVA government to face floor test, petitions the government on the same
  • Rupee hits a new low of 78.84 against the dollar, might breach the 79 mark
  • Hotel rooms below Rs 1000 and unbranded packed food to be brought under GST
  • Pallonji Mistry, the head of the Shapoorji Pallonji group, dies at 93. He was the single largest shareholder of Tata Sons with a 18.4% stake
  • India just about manage to beat a rampaging Ireland as the latter make a valiant attempt to chase down India's mammoth score of 225 in the second and final T20. India won by 4 runs
  • Experts believe that the time granted by the Supreme Court to rebel MLAs paves the way for holding a floor test in the Maharashtra assembly
  • Uddhav Thackeray strips rebel ministers of portfolios but stops short of sacking them
  • PM Modi says that energy access should not be limited to rich nations
  • BJP says it is ready with a plan and a new government in Maharashtra may be sworn in by Sunday
Uddhav Thackeray resigns as Supreme Court does not provide relief /////// Jasprit Bumrah to lead India in the 5th Test against England as Rohit Sharma ruled out due to Covid
oppn parties
LIC Shares Tumble On Listing Even As The Sensex Gains

By admin
First publised on 2022-05-17 06:56:12

About the Author

Sunil Garodia By our team of in-house writers.

Confirming the grey market sentiments, LIC share listed at a discount of over 8% today. It touched a low of Rs 860 in early trades, a discount of 9.37% on the general issue price of Rs 949 while the highest it climbed was Rs 918.65, still a discount of over 3%. But at its highest price in intraday trades, it got a premium of 1.6% for retail investors who had got the shares at a discount of Rs 45 and 3.3% for policy holders who had got a discount of Rs 60 per share. Till 12 noon, 3.60cr shares had changed hands and there were multiple block deals at Rs 872 per share.

But the overall sentiment for the stock was negative. Market operators and experts said that the size of the issue and the lack of interest from FIIs, along with the overall negative sentiment in the market (although the markets were positive today with the Sensex gaining 1000 points at one point) had resulted in such a lacklustre listing. With most shares in the green, LIC was an exception and this was mainly because those who had applied for listing gains were in a hurry to offload their shares.

Most experts have pointed out with insurance penetration low in India, the prospects for LIC are bright and those who can should hold on to the shares. They have set stop loss at Rs 800 per share. Some have also pointed out that LIC is expected to declare good dividend this year as it paid no dividend last year. Overall, despite its horrible listing price, it is a share that one can hold.