Life Insurance Corporation (LIC) has got off to a good start with the $732 million of shares reserved for so-called anchor investors oversubscribed. HDFC Ltd reported a 16 per cent increase in net profit in January-March quarter, aided by a rise in net interest income and lower provisions. Read more on these our top headlines.
LIC IPO off to a good start as anchor investors oversubscribe: Report
The IPO of India’s biggest insurer, Life Insurance Corporation (LIC), has got off to a good start, with the $732 million of shares reserved for so-called anchor investors oversubscribed at the upper end of the price range, a banking source said. Read more
Heat threatens India’s wheat, adding to world food shortage worries
A blistering heat wave has scorched wheat fields in India, reducing yields in the second-biggest grower and damping expectations for exports that the world is relying on to alleviate a global shortage.
Temperatures soared in March to the highest ever for the month on record going back to 1901, shriveling India’s wheat crop during a crucial growth period. Read more
HDFC Ltd Q4 profit up 16% to Rs 3,700 cr; firm approves Rs 30 dividend
Mortgage lender Housing Development Finance Corporation (HDFC) reported a 16 per cent increase in net profit in January-March quarter, aided by a rise in net interest income and lower provisions. Net profit of the lender totaled to Rs 3,700 crore in Q4FY22 versus Rs 3,180 crore in the year-ago period, beating street estimates. Analysts at Bloomberg had estimated a net profit of Rs 3,518 crore. Read more
As India’s Covid-19 cases inch up, recreation and shopping visits show dip
There was a drop in mobility last week amid a rise in Covid-19 cases across the country, multiple indicators show. There were 3,157 cases across the country in the previous 24 hours, according to a government statement on Monday. There were fewer than 1,000 cases in the second week of April. Read more
PMI manufacturing rises to 54.7 in April on robust demand, factory orders
Factory activity in India picked up last month, bolstered by a solid increase in demand as pandemic restrictions were eased, but rising energy prices pushed input costs to a five-month high, a private survey showed.
The Manufacturing Purchasing Managers’ Index compiled by S&P Global, improved to 54.7 in April from 54.0 in March. Read more