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☕ LIC sees huge interest

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Tuesday 26 April 2022

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Life Insurance Corp. of India’s upcoming initial public offering has received ₹13,000 crore worth of investment commitments from anchor investors, more than twice the value of shares offered to such investors. This sort of an interest will be a relief to the government. The IPO of the state insurer comes at a tricky time—geopolitical tensions, soaring oil prices and monetary tightening by major central banks have made global investors skittish about emerging markets stocks. LIC’s IPO will be open from 4 May to 9 May for the public.

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(Reuters)

Scroll down for our top stories. On Twitter, Future Retail, palm oil, and booster shots. Meanwhile, coal stocks at power plants across the country are down. What’s going on? Don’t miss our in-depth analysis.

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Market Watch
What’s up?

BSE Sensex

☕ LIC sees huge interest 8 56,579.89 (-1.08%)

NIFTY

☕ LIC sees huge interest 8 16,953.95 (-1.27%)

Dollar/Rupee

☕ LIC sees huge interest 10 ₹76.69 (+0.27%)

Gold

☕ LIC sees huge interest 8 ₹51,384 (-1.68%)

Crude oil

☕ LIC sees huge interest 8 ₹7,426 (-5.09%)

Bitcoin

☕ LIC sees huge interest 8 ₹ 31,76,083.23 (-0.15%)

*As of 10 PM 25 April; MCX, CoinDCX

The main stuff

Elon Musk to buy Twitter for $44 billion, take company private

Billionaire entrepreneur Elon Musk agreed to buy Twitter Inc. for $44 billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech. Investors will receive $54.20 for each Twitter share they own. The price is 38% more than the stock’s close on 1 April. Read more.

Future Retail’s resolution gets stuck in legal quagmire

The fate of Future Retail lies entangled in a legal quagmire as banks are set to fight it out in the insolvency tribunal amid a pending arbitration in Singapore, a case in the Supreme Court and another pending in the debt recovery tribunal. Given the circumstances, the sooner the case is admitted to the National Company Law Tribunal, the better it is for Future and its lenders, legal experts said. Why is that? Shayan Ghosh has the answers. Read more.

Coal is burning bright but its stock is too tight

Coal stocks at power plants across the country are down. As of 21 April, the thermal power plants across the country have enough coal for eight days. How did we get to this state? Domestic coal production hasn’t been able to keep pace with rising demand. Coal isn’t just used for producing electricity; it is also used for manufacturing steel and cement. Imports filled the gap. The imported price of coal has shot up massively because of supply disruptions resulting from the Ukraine war. This led to a fall in imports, leading to the coal shortage, writes Vivek Kaul. Read more.

How Indonesia’s ban on palm oil exports hurts us

The abrupt ban on palm oil exports by Indonesia, its biggest exporter, is expected to rock household economics globally. Palm oil is among the world’s most-used cooking oils, and India’s dependence on Indonesia is expected to deal a supply-side shock. India is most likely to turn to Malaysia, the second-biggest palm oil exporter, to plug the gap. But Malaysia is also facing a labour shortage owing to the pandemic which has resulted in a production shortfall, explains Ravi Dutta Mishra. Read more.

Waning effect of antibodies makes case for booster shots

The effect of covid-19 vaccine Covishield starts waning six months after vaccination, a research study found, making a case for booster doses to protect from the viral pandemic. According to the study conducted by Pune’s ICMR-National Institute of Virology, neutralizing antibodies, which are generated by the body after infection or vaccination and guard against future infection, become less effective after this period. Priyanka Sharma has the details. Read more.

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Elsewhere…

Global business news

☕ LIC sees huge interest 21

☕ LIC sees huge interest 22

Soon after Russia invaded Ukraine, global auditing and consulting firms promised to leave the country. For some, the departure is proving to be difficult and potentially embarrassing. Big consulting firms such as Accenture PLC and McKinsey & Co. have quit or stopped all client work. But the Big Four accounting firms are still there, trying to unwind complicated relationships with their Russian counterparts.

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The cryptocurrency industry is ramping up efforts to recruit more legal talent as it faces increased regulatory pressure while looking to be accepted by and become part of mainstream finance. Crypto exchanges and companies are poaching attorneys left and right, from both law firms and other crypto companies.

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☕ LIC sees huge interest 22

Thomas Kurian, chief executive of Alphabet Inc.’s Google Cloud, says the role of the chief information officer has changed materially as technology has grown more important to business. CIOs are not just managing a portfolio of applications. They are building competency in software engineering, in areas like cybersecurity.

☕ LIC sees huge interest 22

Royal Philips NV has been subpoenaed by the US justice department in relation to a sprawling and costly recall of breathing-aid devices affecting millions of sleep-apnea patients. The Dutch healthcare conglomerate is amid a huge recall over concerns that a type of foam used in certain breathing-aid devices could degrade and release harmful, possibly cancer-causing particles.

e-paper
MINT SNAPVIEW

What Macron’s re-election means for globalisation and the world

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Emmanuel Macron defeated his rival on the right, Marine Le Pen, in a replay of the contest in 2017, but with a lower margin and with fewer voters turning out to vote. His re-election is good news for globalisation. Politicians like Macron seek to address the problems caused by globalisation, not to reverse the process, by changing domestic policies and incentivising re-skilling and creation of new businesses. Macron is the strongest proponent of Europe developing its own strategic capability outside the America-led Nato military alliance. Read more.

News in numbers
42%

The percentage of rated companies in India that are exposed to high commodity prices and supply chain disruption due to the Russia-Ukraine war, according to Moody’s Investors Service.

68 crore

The cumulative viewership of 16 YouTube channels—six based in Pakistan and 10 in India—that were blocked by the Indian government for spreading disinformation.

62%
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The share of the top five countries—the US, China, India, the UK, and Russia—in global defence expenditure, which crossed $2.1 trillion in FY22, according to the Stockholm International Peace Research Institute.

160 million

The number of consumers in India who had insufficient access to credit at the end of 2021, according to a global TransUnion study.

8%

The expected rise in housing prices in India’s top eight real estate clusters in 2022-23, according to India Ratings and Research.

howindialives.com
Chart of the day
☕ LIC sees huge interest 32

In 2021-22, the four non-life insurers owned by the government faced severe growth pressures, and three of them trailed the industry average. Two of them, National Insurance and United India, have, in fact, seen a drop in premiums collected, industry data shows. This is not an encouraging precedent ahead of the public offer of Life Insurance Corporation of India.

LOUNGE RECOMMENDS

Jersey

☕ LIC sees huge interest 33

A father-son story plays out against the backdrop of cricket. But, in the age of T20 and ODIs, Jersey feels like a test-match length movie that doesn’t miss any opportunity to emotionally manipulate. The cricketing action is well designed and expertly executed, though the core relationship becomes secondary to the cricketing action, which is padded up with sporting rivalry, ambition, suspense and over-used match commentary. Keep reading.

WHAT THE FACT

Russian giant

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The Rosneft headquarters on the bank of the Moskva River. (NVO, CC BY-SA 3.0, via Wikimedia Commons)

Russian oil major Rosneft has failed to sell oil in a jumbo tender after demanding prepayment in roubles, Reuters reported on Monday. How did the name Rosneft come about? The name is a portmanteau of the Russian words Rossiyskaya and neft, meaning Russian oil. Rosneft was founded in 1993 as a state enterprise and incorporated in 1995, after the corporation acquired a number of state-controlled gas and oil assets. Today, Rosneft is the third-largest Russian company.

Contributed by katanaThebizdom

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