Life Insurance Corporation (LIC) of India has set the initial public offering (IPO) issue price at Rs 949, which is at the top-end of the indicative range, said a report in the Economic Times.

The LIC IPO sold in the range of Rs 902-949 from May 4 to May 9. LIC is the biggest IPO in the history of Indian stock markets. Owing to the strong demand from the retail investors, policyholders, and employees of the company, the IPO was subscribed 2.85 times on the final day of bidding.

After closing at an all-time low against the US dollar on Thursday, the rupee recovered some lost ground to trade at 77.31 against the US dollar in morning trade on Friday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the rupee opened at 77.35 against the American dollar, then gained further ground to quote at 77.31, registering a rise of 19 paise from the last close.

Delhi registered a record GST collection of Rs 2,898 crore in the first month of financial year 2022-23, officials said on Thursday.

This is the city's highest-ever GST collection for April, they said.

The record GST collection is also a sound indicator of the national capital's economy recovering fast after the devastation caused by the three waves of COVID-19 during the past two years, they said.

Homegrown auto major Tata Motors on Thursday reported narrowing of consolidated net loss at Rs 992.05 crore in the fourth quarter ended March.

The company had posted a consolidated net loss of Rs 7,585.34 crore in the same period last financial year, Tata Motors said in a regulatory filing. Its total consolidated revenue from operations stood at Rs 78,439.06 crore in the fourth quarter against Rs 88,627.90 crore in the year-ago period.

Supreme Court on Wednesday put the sedition law on hold, and urged the Central and state governments to refrain from registering any FIRs invoking Section 124A of the Indian Penal Code.

A bench headed by Chief Justice N.V. Ramana and comprising Justices Surya Kant and Hima Kohli said that governments should not use the sedition provision till the review of the sedition provision by the Centre is complete.

Several parts of Odisha and West Bengal are bracing for heavy rain as severe cyclone Asani weakened to a cyclonic storm on Wednesday, as it barrelled towards north coastal Andhra Pradesh, packing wind speed of 85 km per hour, the Met Department said.

The weather system is likely to further lose steam and turn into a depression by Thursday morning, it said.

The country logged 2,897 COVID-19 fresh infections in the last 24 hours, the Union Ministry of Health and Family Welfare informed on Wednesday.

The daily case tally of the virus remained below the 3,000-mark for the second day.

The daily positivity rate is at 0.61 per cent, while the weekly positivity rate of COVID in India is at 0.74 per cent.

Shares of Ajanta Pharma hit a 52-week low of Rs 1,593, down 4 per cent on the BSE in Wednesday’s intra-day trade due to weak operational performance for the quarter ended March 2022 (Q4FY22). The board of directors has approved a bonus issue in the proportion of 1:2 equity share of Rs 2 each.

The stock was quoting lower for the sixth straight trading day, falling 12 per cent during this period. At 11:58 am; it was trading 2.5 per cent lower at Rs 1,616, as compared to a 0.61 per cent decline in the S&P BSE Sensex.

Insurance behemoth Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO), the biggest ever in the country, saw 2.95 times more demand than the shares on offer on the final day of bidding on Monday, generating bids worth Rs 43,933 crore.

The subscription was primarily driven by domestic investors, mainly retail. The IPO saw 7.33 million applications from retail investors, the highest ever for a domestic issue, topping Reliance Power’s 2008 record of 4.8 million.

Shares of ace investor Rakesh Jhunjhunwala-backed Nazara Technologies hit a record low of Rs 1,181.55, down 7 per cent on the BSE in Wednesday’s intra-day trade. The stock was trading lower for the seventh straight day, having slipped 24 per cent during the period.

In the past one month, the market price of Nazara Technologies has tanked 29 per cent, as compared to a 8 per cent decline in the S&P BSE Sensex. It was trading close to its initial public offer (IPO) price of Rs 1,101 per share.

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