SBI Cards plans to raise around Rs 9,600 crore through the IPO

Share price of SBI rose 2% to Rs 323.95 compared to the previous close of Rs 317.60 on BSE

IRCTC share price, which closed at Rs 933.45 on December 31, 2019 rallied to Rs 1,872.70 today, gaining 939.25 points in 37 trading sessions

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The move is targeted to facilitate the planned strategic investments in group businesses - Reliance Jio, Reliance Retail, refining and petrochemicals

Assam's Left Democratic Manch (LDM) staged a protest against the LIC (Life Insurance Company) stake sale. Protesters are dissatisfied with Budget 2020 presented by finance minister Nirmala Sitharaman. They claim that it had nothing for the benefit of the common man. Protestors are now demanding immediate withdrawal of the move. Watch the video for more details.Also watch: RIL consolidates businesses; Govt estimates LIC's valuationAlso read: Meet Rakesh Jhunjunwala's guru - India's second richest after Mukesh Ambani  

As per the DRHP, 50% of the offer will be available for allocation to qualified institutional buyers (QIBs). Further, up to 15% shall be available for allocation on a proportionate basis to non-institutional bidders and the remaining 35% will be available for retail individual bidders.

Reliance Industries has announced a consolidation of its media and distribution businesses into a single entity, Network18. Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will be merged into Network18 Media & Investments; The government seems to have estimated the valuation of Life Insurance Corporation (LIC) at around Rs 13-15 lakh crore. Chief Economic Adviser KV Subramanian,  indicated that the government may easily mobilise Rs 90,000 crore by divesting 6-7 per cent stake in the state-owned insurance giant; Prices of paracetamol that is commonly used as an analgesic have gone up by 40 per cent due to the coronavirus outbreak in China. This and more news on News Blast.Also read: Vodafone Idea's lawyer warns 10,000 will be jobless if AGR dues kill companyRead more: UP Budget 2020: Rs 2,000 crore for Ganga Expressway, Rs 200 crore for Ayodhya airport  

India emerges as world's 5th largest economy, overtakes UK and France, says reportIndia emerged as the world's fifth largest economy by overtaking the UK and France in 2019, says a report. A US-based think tank World Population Review in its report said that India is developing into an open-market economy. The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is USD 10.51 trillion, exceeding that of Japan and Germany. Coronavirus: Paracetamol pri...

SBI Cards and Payment Services IPO: The credit card unit of the country's largest lender SBI plans to raise Rs 9,600 crore through the public issue

Share Market Update : Extending losses for the third consecutive session, BSE 30-share S&P Sensex closed 161 points lower at 40,894 and NSE 50-share index Nifty50 ended 53 points lower at 11,992

Chief Economic Adviser KV Subramanian has indicated that the government may easily mobilise Rs 90,000 crore by divesting 6-7 per cent stake in Life Insurance Corporation

Share price of LIC Housing Finance fell 12.32% to Rs 361.3 level compared to previous close of Rs 412.05 on BSE

Taxing agricultural income is a politically sensitive issue; successive governments have shown little interest in taking corrective measures even while official reports have repeatedly expressed serious concerns over non-agriculturists abusing the exemption

While the government divests its stake in LIC, it should also shoulder the responsibility of creating other huge profit-making companies with large market capitalisation, whose reserves can support the Indian economy for key investments and in times of distress as well

The decision has been taken in the light of the critical financial position and breach of regulatory solvency requirements of these three public sector general insurance companies

The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 equities by shareholders, according to the draft red herring prospectus (DRHP)

Share Market Update: IRCTC, P&G Hygiene, Ashok Leyland, Torrent Power, Suzlon Energy among others will announce their Q3 results today

The SBI Cards IPO would offer 13,05,26,798 equity shares. SBI Cards and Payment Services would also issue fresh equity shares worth Rs 500 crore

Institutional investors are banking on the insurance and banking combo of IDBI and LIC for a quick turnaround of the lender which has been making losses for the last four years