Sweltering heat and ongoing blackouts are forcing India’s liquefied natural gas importers to top up with expensive shipments.
Torrent Power Ltd. and GAIL India Ltd. bought LNG for May delivery in the last week, with the fuel set to be used to help power plants boost generation, according to traders with knowledge of the matter. The utilities paid about triple the normal spot rate for this time of year, as Russia’s invasion of Ukraine exacerbates a global supply crunch.
Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO), which opened for subscription on Wednesday, was subscribed 67 per cent, or 0.67 times, at the end of Day 1, driven by robust interest from its policyholders, employees, and the retail segment. The issue will remain open till May 9.
The policyholders’ segment was subscribed close to two times, the employees’ segment 1.17 times, and the retail segment 0.6 times. The non-institutional investors and qualified institutional buyers’ segments were subscribed 0.27 times and 0.33 times, respectively, on the first day.
In a major setback to the Enforcement Directorate (ED), the Bombay High Court on Wednesday quashed a magisterial court order and an FIR lodged against Indiabulls Housing Finance Limited (IHFL) and its promoters on the basis of which ED was probing a case under the Prevention of Money Laundering Act (PMLA).
Earlier in February, the ED had conducted raids in Delhi and Mumbai at the premises of Indiabulls and its promoters. The ED had also written to the National Stock Exchange (NSE) in this connection.
Pfizer has set up a global drug development centre at the IIT Madras Research Park in Chennai.
The company has invested $20 million in the 61,000 square feet research and technology centre at the IIT Madras Research Park. While this centre will be part of a network of 12 global centres set up worldwide, it is the first and only one at present being set up by Pfizer in Asia.
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