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Paradeep Phosphates IPO Subscription Updates:
Zydus Wellness Q4 Earnings:Zydus Wellness has reported consolidated net profit at Rs 133.3 crore in the quarter ended March 2022 versus Rs 133.1 crore in the same quarter last fiscal.Revenue was up 5.8 percent at Rs 640 crore versus Rs 605 crore, YoY.Earnings before interest, tax, depreciation and amortization (EBITDA) was down 2 percent at Rs 141.7 crore versus Rs 144.6 crore and margin was down at 22.1 percent versus 23.9 percent, YoY, reported CNBC-TV18.
Mohit Ralhan, Managing Partner, TIW Capital Group:
The 8% lower debut of LIC shares is a commentary on the current state of global markets rather than the company itself. In terms of subscription, the LIC IPO was extremely successful given the fact that it was the biggest IPO of India.
LIC has a solid business, trusted brand, and market leadership in an underpenetrated insurance market. In FY-21, LIC’s market share was about 75% for individual policies and 81% for group policies. It is the top life insurance company by a wide margin.
The insurance industry in India is growing at an annual rate of about 15% and the growth is expected to sustain over a long period of time given that insurance penetration in India is a meagre 3.2% which tends to be more than 8% for developed economies and it is about 5% in China.
LIC is a typical blue-chip company which is expected to give steady returns over a long period of time and therefore returns over a day is not relevant. It is expected to remain quite attractive for investors.
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services:
Rupee fell fresh all-time low as broader strength in the dollar continued and also as global crude oil prices continued to trade higher.
Last week’s inflation number released on the domestic front and from the US came in higher that disturbed the overall market sentiment.
We expect the momentum for the USDINR to remain positive and quote in the range of 77.40 and 78.20.
Indian rupee hits record low:The Indian rupee weakened on Tuesday, to touch a record low of 77.73 versus the dollar, tracking broad gains in the U.S. currency alongside weakening in offshore markets, with traders watching the domestic share market for clues to fund flows.The partially convertible rupee was trading at 77.73/74 to the dollar by 0358 GMT, versus Friday’s close of 77.45. The 1-month non-deliverable forward was trading at 77.96/97 to the dollar.Indian share markets were trading up 0.7% with all eyes on the listing of state-run Life Insurance Corp, the country’s biggest IPO, set for later in the session.Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.
Buzzing:Minda Industries share price rose 4 percent on May 17 as company’s board meeting will be held on Tuesday, 24 May, 2022, to consider and approve the audited standalone and consolidated financial results of the company for the quarter and year ended on 31 March, 2022.The board is going to consider and recommend final dividend on equity and preference shares, if any, for the Financial Year 2021-22 and also consider and recommend issue of bonus shares, subject to shareholders and other requisite approvals.It also consider raising of funds through issue of debt securities up to Rs 1000 crore in one or more tranches, subject to shareholders and other requisite approvals.
JUST IN | April WPI Inflation stood at 15.08 percent against 14.55 percent, MoM.
April Food Inflation was at 8.88 percent versus 8.71 percent and Primary Articles Inflation was at 15.45 percent versus 15.54 percent, MoM.