Govt dials investors ahead of LIC s IPO The government has reached out to investors to apprise them about Life Insurance Corporation of India’s (LIC’s) growth and prospects as it prepares for the country’s largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956. The changes include introducing corporate governance provisions in line with the Sebi’s norms and that the exchequer would hold at least 75 per cent in the insurer for five years after the IPO. Read more
Essar Power Hazira PAT up 113% for FY21 - The Hindu BusinessLine
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Frontline steel stocks rallied on Monday on the possibility of a price hike and rebound in Chinese steel futures. Stocks of all major steel producers surged with Steel Authority of India Ltd (SAIL) leading the pack. The stock appreciated 4.63 per cent on the Bombay Stock Exchange (BSE) and closed at Rs 126.55. JSW Steel closed at Rs 710.55, Jindal Steel & Power (JSPL) at Rs 407.25 and Tata Steel 1125.65. Steel companies are understood to be mulling an increase in prices over the next few days. Moreover, Chinese steel futures also bounced back after some correction. Ranjan Dhar, chief marketing officer, ArcelorMittal Nippon Steel India (AM/NS India), said, Chinese futures in the last two trading sessions (Friday and Monday) were up by $50-60 a tonne.