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GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017 General Insurance Corporation  of India Limited (GIC Re’s) initial public offer (IPO) opens today for subscription. The company aims to garner over Rs 11,000 crore. The price band has been fixed at Rs 855 – Rs 912 per share. The IPO would be India’s third biggest ever, after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues. The IPO consists of an offer for sale (OFS) of 10.75 crore shares (12.5% stake pre-issue) worth Rs 9,804 crore at the higher price band and a fresh issue of 1.72 crore shares worth Rs 1,569 crore. The amount raised from the fresh issue will be used for augmenting the capital base to support future business growth and to maintain current solvency levels. ALSO READ:   MARKETS LIVE: Sensex up 100 pts, Nifty tests 10,050; Q2 earnings in focus GIC Re is the largest reinsurance company in India in terms of gross ...

The stock listed at Rs 735, a 5% premium against its initial public offer price of Rs 700 per share on the National Stock Exchange. SBI Life Insurance  Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE). At 10:02 AM; the stock was trading at Rs 734 on the NSE. It hit a high of Rs 740 and low of Rs 730 so far. A combined 11.5 million shares exchanged hands on the NSE and BSE. The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed. SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France. SBI Life Insurance   IPO   is the largest priva...

Apple Inc will unveil new iPhones today at its Apple Park 'spaceship' campus When Apple Inc unveils new iPhones on Tuesday at its Apple Park “spaceship” campus, there may be important clues for the watchers of seven semiconductor stocks. Apple exerts a sun-like gravitational pull on the global electronics supply chain, affecting the pricing of commodities like flash memory chips - it consumes 18 percent of global supply. The iPhone maker can make or break small, specialty chip suppliers. The final tally of semiconductor winners and losers will not be known until the devices ship and analysts rip them apart to examine the circuit boards. That will give insight into matters like the continued battle between Intel Corp and Qualcomm Inc to supply so-called modem chips for mobile data. Even the limited technical information Apple gives on stage tomorrow could shed light on how several other companies are faring. Here are seven stocks to watch during today’s launch. ...

According to reports, Radio City is ranked No. 1 in terms of number of listeners The initial public offer (IPO) of   Music Broadcast Limited   (MBL) that owns FM radio channel, Radio City, opens today for subscription. The issue consists of equity shares of face value of Rs 10 each for cash at a premium consisting of a fresh issue of up to Rs 400 crore and an offer for sale up to 2,658,518 equity shares. The price band for the offer is fixed from Rs 324 to Rs 333 per equity share. The issue proceeds will be used to repay most of its Rs 300 crore debt, thereby reducing its interest cost and improving the overall cash flow. Last week, Music Broadcast Limited finalised allocation of 44,01,158 equity shares to anchor investors at Rs 333 per equity share, aggregating Rs 146.56 crore. According to reports, Radio City is ranked No. 1 in terms of number of listeners, total 49.6 million listeners across top 23 cities, followed by Entertainment Network India Ltd (ENIL) with 40...

The buyback size works out to 2.85% of firm's paid up equity capital, at Rs 2,850 a share Tata Consultancy Services' (TCS')   board of directors has approved a proposal to buyback up to 5,61,40,351 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, the company informed BSE in a filing. The buyback size works out to 2.85 per cent of the company's total paid up equity share capital, at Rs 2,850 per equity share. "The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the Sebi (Buy Back of Securities) Regulations, 1998, and the Companies Act, 2013, and rules made thereunder," the filing said. Further, the buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, print...

Besides Budget, markets will be driven by global events and the outcome of Assembly elections As the Narendra Modi-led government prepares to present the   Budget 2017   on February 01 after the big bang demonetisation move in November, the markets have clawed back from their recent December lows with the S&P BSE Sensex rallying nearly six per cent to over 27,200 levels. The rally in the mid-and small-cap indices has been sharper with the S&P BSE Mid-cap and the S&P BSE Small-cap indices surging around 11 per cent each during this period. Also Read:   Arun Jaitley likely to take the stimulus route to economic growth So what does this Budget hold in store, and what are the markets expecting from the Finance Minister this time around? The markets, analysts say, are primed with the expectation that the Budget will be focussed primarily on reinforcing the 'black money crackdown' theme with a secondary focus on delivering token payments to the poor as...

ICICI Prudential Life Insurance lists below issue price ICICI Prudential Life Insurance has listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange (NSE). At 10:01 am, the stock was trading at Rs 331.60, after hitting a high of Rs 333.80 post its listing. ICICI Prudential Life Insurance   has raised Rs 6,057-crore through initial public offer (IPO), become the first insurer to list. The company's public issue was oversubscribed 10.5 times. The quota set aside for qualified institutional buyers was subscribed 11.83 times while for the non-institutional investor category, it was 28.55 times. The retail portion was oversubscribed 1.42 times, the exchange data shows. The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest are also the shareholders. At the end of financial year 2016 (FY16), ICICI Prudential was the biggest private sector insur...

L&T Technology Services lists 7% higher at Rs 920 Benchmark indices continue to trade in a narrow range with negative bias amid weakness among index heavyweight shares. However, the downside is limited due to buying demand among Reliance Industries and HDFC. At 11:00 am, the S&P   BSE   Sensex slipped 29 points at 28,744 and the Nifty50 dipped 7 points to trade at 8,861. Among broader markets, BSE Midcap and Smallcapindices are up 0.4% each. Top losers from the Sensex pack are Axis Bank, Lupin, ICICI Bank, Tata Motors and Infosys, all down between 1%-4.5%. Axis Bank was down over 4% on speculation of SUUTI stake sale in the bank. On the gaining side, TCS, Reliance Inds, Bajaj Auto, Bharti Airtel and HDFC are up almost 1%. Also Read:   IT sector slowdown to hit mid-caps worst L & T Share Price   Technology Services opened at Rs 920 on the National Stock Exchange (NSE) today, against an issue price of Rs 860 per share, at a premium of around...

Is it a good time to buy Infosys? Royal Bank of Scotland’s (RBS’) last week’s decision of not pursuing its plan to separate and list a new bank – Williams & Glyn   (W&G) – hit   Infosys   in trade on Tuesday with the stock plummeting 3% in intra-day deals to its eight-month low of Rs 1,028 levels on the National Stock Exchange (NSE). Click here to track Infy's stock price movement Since then, it has recovered and is trading at Rs 1,046 levels, down nearly 1.5% around noon deals. By comparison, the Nifty 50 index was trading lower by 0.7% at 8610 levels, while the Nifty IT index slipped 1.3% to 11,029 levels. Also Read:   I am disappointed, says Infosys CEO Vishal Sikka in a letter to employees Given the RBS’ decision, Infosys would see a ramp down of around 3,000 resources. The likely impact on revenue could be around $50 million, reports suggest. This comes at a time when Infosys recast its annual revenue guidance for FY17 while announcing its ...

Tamil Nadu: Blow for Karunanidhi family's business interests? Thursday’s state election results are likely to make the fortunes for some businesses and mar for some others. The biggest and most prominent loser of the day was from the family of DMK chief M Karunanidhi. On the day of the results, the   Sun TV   stock lost Rs 2,229 crore in market value. Its market capitalisation fell from Rs 16,845 crore at its close on Thursday to Rs 14,616 crore at the end of the day. By virtue of his 75 per cent holding, DMK chief M Karunanidhi’s grandnephew Kalanithi Maran   would take three-fourths of that hit. This notional loss could be an indicator of the bad news in store for the family’s business interests that extend beyond media. While Maran was among the first in the family to get into organised business through his venture into broadcast media in the early 1990s, there were others who have followed in his footsteps. After a brief break-up in relations with the Ma...