The government has announced an extra four percent sale in LIC’s offering, responding to considerable interest revealed by a 3.3 times subscription on day one. This strong demand from institutional buyers led to the exercise of the green shoe option, anticipating a total raise of roughly Rs 31,400 crore from this share sale. Retail investors can participate by bidding on the last day.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/yEIWm6o
In a groundbreaking announcement, the World Gold Council has introduced an extensive twenty-one-year roadmap for India's gold industry. This plan focuses on ramping up local mining efforts while establishing India as a premier jewelry hub. It also envisions increased integration of gold in high-tech sectors and financial systems, encouraging households to leverage their gold assets, ultimately supporting India's ambition to become self-reliant and economically robust.
Bharti Airtel reported a significant profit increase of 37.3% in the first quarter. This growth was fueled by higher mobile tariffs and strong customer additions across businesses. Revenue also saw a substantial rise of 18.4% during the same period. The company's average revenue per user increased to Rs 264 from Rs 250 a year ago. Airtel Africa's stake increased to over 79% reflecting growth potential.
Low-priced medical device imports from China and Malaysia are impacting India's domestic manufacturing capabilities. Imports from Asean countries have increased significantly, affecting local players. Chinese products often enter India through Asean nations, exploiting free trade agreements. Domestic companies are finding it difficult to compete, despite government incentives. Urgent renegotiation of trade agreements is needed to protect local industries.
Nifty also saw a significant rise in the last twenty minutes of trading. The Indian rupee remained nearly unchanged against the US dollar. Dollar demand from importers and state-run banks increased during the session.