New Delhi, Jan 2 () RouteMobile has received markets regulator Sebi's nod to raise an estimated Rs 600 crore through initial public offering.
The cloud communications service provider had initially filed for it's IPO in January 2018, later it refiled its document on October 3, 2019.
According to merchant banking sources, unfavourable market condition was the reason the company failed to bring its IPO even after receiving approval in 2018.
The company was issued "observations" letter by Sebi on December 24, 2019, according to information available on the regulator's website.
The regulator's observations are necessary for any company to launch public issue like initial public offer, follow-on public offer and rights issue.
As per the draft red herring prospectus (DRHP) filed by the company, the offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters Y Sandipkumar Gupta and Rajdipkumar Gupta.
Additionally, a pre-IPO placement aggregating up to Rs 100 crore may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, it said.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets &amp; Securities are the managers to the issue.
The company will use the proceeds towards repayment and advance payment of certain borrowings, acquisitions and other strategic initiatives besides purchase of an office premise. SUM
BAL

Route Mobile gets Sebi nod for Rs 600 cr IPO

New Delhi, Feb 2 () Listing of insurance behemoth Life Insurance Corporation (LIC) may be done in the second half of the next financial year, Finance Secretary Rajiv Kumar said on Sunday.
 Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 on Saturday announced stake sale in LIC through an initial public offer in the next fiscal.
 There are a number of processes which have to be followed for the listing and some legislative changes would also be required for the listing of LIC, Kumar said.
"We will follow the extant procedure for listing and for other things including the legislative changes it requires in consultation with the Ministry of Law and that process we already started ... listing in the second half of FY21 seems logical," he said.
Listing of LIC will bring in greater transparency, public participation and also deepen the equity market, he told in an interaction.
 Asked about the quantum of dilution, Kumar said, it could be 10 per cent but no decision has been taken so far.
 The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.
 The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank.
"Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created. The government now proposes to sell a part of its holding in LIC by way of Initial Public Offer (IPO)," the Finance Minister had said in her Budget speech. 
 Market participants are quite bullish about LIC and said it could be "IPO of the decade" akin to the Saudi Aramco listing.
The 60-year-old state-owned firm, LIC, is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums.
 LIC has many subsidiaries including IDBI Bank. It acquired controlling stake in IDBI Bank last year. DP MR
MR

LIC IPO may come in 2nd half of FY21, says Finance Secretary

India's biggest airline by <keyword id="34527" type="UNKNOWN" weightage="80" keywordseo="market-share">market share</keyword>, <keyword id="6354706" type="CITY" weightage="80" keywordseo="Indigo">IndiGo</keyword>, is preparing to file a draft prospectus by May for a stock listing to raise $300 mn to $400 mn, two people with knowledge of the plans said, aiming to cash in on a boom in budget air travel.

	 
	While the draft prospectus is due to be filed in the next two months, the timing of the initial public offering has not been set, another person said, and will depend on market conditions. The people declined to be named because they were not authorised to speak to the media.<o:p></o:p>

	IndiGo, owned by hospitality and travel company <keyword id="300127" type="COMPANY" weightage="80" keywordseo="Interglobe-Enterprises">InterGlobe Enterprises</keyword>, has built a profitable base helped by its low-cost model using a single type of narrow-body planes. By contrast, rivals like SpiceJet and <keyword id="2573" type="CITY" weightage="80" keywordseo="Air-India">Air India</keyword> are losing money - even as millions more Indians travel each year - due to high operating costs and tough competition that has kept fares among the lowest in the world.<o:p></o:p>

	IndiGo, founded in 2006 by <keyword id="2783352" type="POSITION" weightage="80" keywordseo="travel-entrepreneur">travel entrepreneur</keyword> <keyword id="325253" type="PERSON" weightage="80" keywordseo="Rahul-Bhatia">Rahul Bhatia</keyword> and ex-U.S. Airways <keyword id="24211" type="POSITION" weightage="80" keywordseo="chief-executive">chief executive</keyword> <keyword id="843530" type="UNKNOWN" weightage="80" keywordseo="Rakesh-Gangwal">Rakesh Gangwal</keyword>, has increased its share of India's overall domestic air travel market to a third. Its success story could make it an attractive investment, company watchers say.<o:p></o:p>

	"Crude prices have also fallen, so there would be good demand for its IPO," said <keyword id="146926" type="PERSON" weightage="80" keywordseo="Aneesh-Srivastava">Aneesh Srivastava</keyword>, chief investment officer at IDBI Federal Life Insurance.<o:p></o:p>

	Even IndiGo, however, has not been immune to the cut-throat competition that has seen losses almost double for the industry as a whole. Its pre-tax profit halved to $76 million in the last financial year.<o:p></o:p>

	IndiGo has picked <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword>, Kotak <keyword id="48051" type="ORGANIZATION" weightage="80" keywordseo="investment-banking">Investment Banking</keyword>, <keyword id="48670" type="CITY" weightage="80" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> and <keyword id="90700" type="CITY" weightage="80" keywordseo="JP-Morgan-Chase">JP Morgan Chase</keyword> as lead managers for the listing, as well as <keyword id="6365707" type="CITY" weightage="80" keywordseo="UBS">UBS</keyword> and <keyword id="6386585" type="CITY" weightage="80" keywordseo="Barclays">Barclays</keyword>, the two sources said.<o:p></o:p>

	The carrier did not immediately respond to a request for comment.<o:p></o:p>

IndiGo to hit Indian stock
markets by May with a whopping $400mn IPO

The Indian government’s <keyword id="6358021" type="PERSON" weightage="100" keywordseo="budget">budget</keyword> for 2014-15 is clearly an investor-friendly one with a slew of provisions and funds earmarked for start-ups in India. Also, a start-up fund worth Rs 10,000 crore is being mulled by the government. According to Finance Minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, it will be “equity, quasi-equity, soft loan and other risk capital for start-ups.” 
 This is encouraging news although angel investors and <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword>ists (VCs) have kept the start-up ecosystem thriving in India till date. Venture capital is an investment in the form of shares or a later stock option in potentially high-risk businesses. The beneficiary companies are usually small or medium-sized firms, requiring seed or early-stage funding for innovation and development of technology or products with high growth potential. High annual returns ranging from 25-75% are expected on such investments. 
 
Venture capital can be injected in different stages of a start-up lifecycle: 
1. In the initial development stage as ‘seed capital’ for converting an idea into a commercially viable entity. 
2. Implementation or ‘start-up capital’ when all is ready to commence production. 
3. Additional capital to overcome manufacturing teething problems. 
4. Establishment capital to facilitate rapid expansion of an established company. 
 
Venture capital is a long-term investment and involves active participation and help from the investor for the development of the company. Often, the presence of the VC investor/s gives the company commercial and financial clout. 
 
Indian venture capital market and investments Venture capitalism in India began in 1986 with the start of the economic liberalisation. In 1988, the Indian government formalised venture capital by issuing a set of guidelines. Initially, venture capital or VC was limited to subsidiaries set up <keyword id="67881" type="CITY" weightage="100" keywordseo="IDBI">IDBI</keyword>, <keyword id="42456" type="CITY" weightage="100" keywordseo="ICICI">ICICI</keyword> and the IFC, and focused on large industrial concerns. 
 
But the turning point came when the well-established start-ups by Indians in the Silicon Valley convinced foreign investors that India had the talent and the scope for economic development and growth. Over the years, more and more private investors from India and abroad have entered the Indian venture capital market. 
 
In the early stages, venture capital investments were mainly in the manufacturing sector. However, with changing trends and increased liberalisation, companies in consumer services and consumer retail space emerged as top contenders for VC funding, attracting almost 50% of total VC investments. Other key industries included IT and IT-related services, software development, telecommunications, electronics, biotechnology and pharmaceuticals, banking and finance/insurance, public sector disinvestment, media and entertainment, and education. 
 
A completely new field that is attracting venture capital is agriculture. This has been fuelled by the realisation that food security is a vital, long-term necessity. Studies suggest that in future, for every Rs 100 increase in GDP, Rs 41 will be spent on food. 
 
At the recently held Global AgInvesting Conference, data released indicated that agro businesses would provide better returns of about 11%, compared to 3-5% yield from bonds and equities. 
 
Agriculture could well become the new Mecca for venture capital investments. Leading VC firms such as Venture Dairy, Anterra Capital (a spin-off of Rabobank’s proprietary venture capital investment team), SAEF (Small Enterprise Assistance Funds) and Rabo Equity Advisors’ India Agribusiness Fund have already entered this market. 
 
Promoting VC funding in India 
Since 1988, ICICI has played a prominent role in promoting venture capital investments in India and currently manages funds over $2 billion. 
 
In fact, India recorded a 13% increase in the amount invested against the global rise of 2%. At $45.8 million, India posted an all-time-high median value at the profitable stage in 2013, the highest value ever seen in any market across all of the development stages since 2007. 
 
Early-stage funding has gone down and more funds have been diverted to later, more profitable stages or spread out in multilevel funding, indicating that investors are cautious about high risks. However, top players such as Sequoia Capital, Rabobank, Google Venture, Seed Venture Fund and World Bank’s IFC are investing in India. IFC is the leading investor here, with $1.4 billion. 
 
Most VC investors, both local and global, have leveraged the Mauritius Treaty route to invest in India because tax is only payable in the country of the investor’s residence. The SEBI (Securities and Exchange Board of India) can work towards further simplifying the investment procedures and offer attractive IPO and M&amp;A exit ratios. 
 
However, the crucial challenge will be the development of responsible financial and management skills in the invested companies, and understanding the local conditions by foreign investors. A positive factor is that India has a large pool of English-speaking, trained and skilled manpower. 
 
Another trigger to invest in India is that both China and India are the top two growing global economies. The new pro-business Indian government has also inspired confidence and foreign investment worth Rs 17,000 crore has already been made. So the prospects look rosy for the growth of venture capital in India.

Rise Of Venture Capital In India: Nothing Ventured, Nothing Gained

<ul><li>Indian equity markets opened in the red on Friday following negative global cues.</li><li>The 30-stock <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 265 points lower to open at 61,534, while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> shed 96 points to open lower at 18,319.</li><li>Most Asian and the <keyword id="123399" type="General" weightage="20" keywordseo="us-markets" source="Orion">US markets</keyword> were weak on recessionary fears as central banks across the world are raising interest rates after the US Fed on Wednesday.</li><li>The Bank of England and European Central Bank also raised interest rates by 50 basis points, following in the footsteps of the US Fed.</li><li>Rupee opened flat on Friday at 82.84 against the US dollar. Brent crude oil prices were also flat at $81.15.</li></ul>Indian equity markets opened in the red on Friday following negative global cues on concerns over growth after central banks in Europe, England and the US hiked interest rates. After the US Federal Reserve hiked interest rates by 50 basis points on Wednesday, Bank of England and the European Central Bank also raised interest rates by 50 basis points. Inflation has become a pain point for several economies after the Covid-19 pandemic driven by supply bottlenecks, Russia-Ukraine war. The 30-stock Sensex opened 265 points lower to open at 61,534, while Nifty50 shed 96 points to open lower at 18,319. “Indian markets could open mildly lower, in line with largely negative <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> today and sharply lower US markets on Thursday,” said Deepak Jasani, head of retail research at HDFC Securities. Global markets remains tense over recession fears Most Asian and the US markets were weak on recessionary fears after the US Fed’s hawkish commentary on rate hikes. "There is a near term risk aversion in global equity markets. Following the 50 bp rate hike and hawkish message from the Fed on December 14, the European Central Bank and Bank of England also hiked rates on December 15 by 50 basis points each and delivered, perhaps, a more hawkish message than the Fed,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. The US markets ended sharply lower on Thursday with S&amp;P 500 down 2.49%. The tech heavy Nasdaq closed 3.23%% lower while Dow Jones ended 2.25% down. Most Asian markets were trading lower on Friday with Nikkei 225 down the most with a 1.59% fall, Taiwan SE Weighted Index down 1.26%, Shanghai SE Composite Index down 0.25% while Hang Seng was up 0.3%. Rupee opened flat on Friday at 82.84 against the US dollar. Brent crude oil prices were also flat at $81.15. Stocks to watch out for Wipro: The IT major has bagged a multi-million dollar five-year contract from Mazda Motor Logistics Europe to provide next-generation managed services. Reliance Industries: Reliance Consumer Products, the FMCG arm of Reliance Ventures, <a href="https://www.businessinsider.in/business/news/reliance-consumer-products-launches-fmcg-brand-independence/articleshow/96253971.cms">launched</a> its indigenous consumer packaged goods (CPG) brand ‘Independence’. The company said that under this brand, it will offer a wide range of products like staples, processed foods and other daily essentials. Zee Entertainment: IDBI Bank has filed an insolvency application against the company initiating a corporate insolvency resolution process (CIRP). The bank is one of the financial creditors of the company and is claiming a default of ₹149 crore. Hindustan Petroleum: The company is planning to raise around ₹10,000 crore in debt from domestic or overseas markets to fund its oil refining and fuel marketing operations. Stocks under F&amp;O ban IRCTC, Punjab National Bank, Bharat Heavy Electricals, Gujarat Narmada Valley Fertilizers &amp; Chemicals, Indiabulls Housing Finance and Delta Corp are stocks banned in the F&amp;O list on Friday. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tpg-to-acquire-adar-poonawalla-led-groups-housing-finance-arm-at-3900-crore-valuation/articleshow/96256578.cms">TPG to acquire Adar Poonawalla-led group’s housing finance arm at ₹3,900 crore valuation</a> <a href="https://www.businessinsider.in/stock-market/news/droneacharya-ai-ipo-subscription-status/articleshow/96203527.cms">DroneAcharya IPO subscribed 262x on last day as HNIs, retail investors lap up</a>

Indian markets open in the red amid weak global cues – Wipro, Zee Entertainment, RIL among stocks to watch out for

<ul><li>The IPO of CE Info Systems, the parent company of MapMyIndia, was oversubscribed by 154 times.</li><li>The grey market premium (GMP) of MapmyIndia was at ₹730 on December 20.</li><li>The company has 500 clients, including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor.</li></ul>CE Info Systems — which operates MapmyIndia — will make its debut on the stock exchange today, December 21, after its initial public offering (IPO) was oversubscribed by 154 times. The portion reserved for the non institutional investors (NII) was oversubscribed by 424 times, as per data shared by the stock exchanges. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">196.36 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NII) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">424.69 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">154.71 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The price band for the public issue was fixed at ₹1,000-1,033, and the lot size was 14 equity shares. MapmyIndia has raised ₹1,040 crore through an offer for sale (OFS) by existing shareholders of the company. The grey market premium — premium at which companies’ shares are being traded in the grey market — was ₹730 on December 30. The company was founded in 1995 by Rakesh and Rashmi Verma, and it is now headed by Rohan Verma. It builds digital map data, telematics services, location-based software-as-a-service (SaaS) and geographic information system (GIS) services. MapmyIndia reported a profit of ₹59.4 crore in fiscal year 2021 and the revenue was at ₹152 crore. The company has 500 clients, including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis and Safexpress. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/lic-owned-idbi-bank-gets-hit-by-6710-crore-loan-default-by-a-diamond-merchant-the-biggest-since-nirav-modi/articleshow/88392370.cms" data-type="tilCustomLink">LIC-owned IDBI Bank gets hit by ₹6,710 crore loan default by a diamond merchant, the biggest since Nirav Modi</a> <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-is-offering-eth-to-anyone-who-find-a-chief-meme-officer-or-a-crypto-game-economist-for-the-company/articleshow/88388082.cms" data-type="tilCustomLink">Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company</a> <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms" data-type="tilCustomLink">Why is the stock market falling so sharply today?</a>

MapmyIndia will make its debut on the stock exchange today— GMP at ₹730

<ul><li><keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword> owns 4% of the entire equity market and 2% of the bond market. So, every time the market or bond yields move, its fortunes change.</li><li>LIC is to be severely impacted by potential hike in interest rate this month.</li><li>This is because LIC’s AUM consists of about 75% of debt securities making it very sensitive to fluctuation in interest rates.</li></ul>LIC might be an elephant that cannot dance, but when it does, it moves just the way the stock market does. Unlike any other company which is valued for the industry that it belongs to and its own financials, LIC’s valuation is determined by a large number of macroeconomic factors and the benchmark indices are one of them. LIC owns 4% of the entire equity market and 2% of the bond market. So, every time the market or bond yields move, its fortunes change. “LIC is a very good investment but it is not being able to pull its way because of market sentiment. It is a perfect mimic of the market. Like if Nifty 50 goes up to 18,000 points, LIC’s share price will be ₹900,” Sanjiv Bhasin, director at IIFL Securities, told Business Insider India. <div type="image" title="LIC, sensex" height="900" width="1200" msid="92041000" hostid="261"></div> The mega mutual fund promoted by Government of India LIC manages more than half of the life insurance policies of the country. As and when their premiums come in, it diverts these massive funds into various forms of investments be it debt or equity — making it a mega investor. In its maiden report on the company, Emkay Research said that LIC is more like a mutual fund, promoted by the Government of India. “LIC has been running more like a mutual company where the promoter shareholder — Government of India had not infused capital and the corporation was running on policyholders’ funds and even the solvency capital was in the form of excess in policyholders’ funds,” the Emkay report named ‘The Elephant can’t dance’ said. LIC currently manages assets worth ₹40 lakh crore — that’s more than India’s entire mutual fund industry combined. It also owns a large stake in blue-chip companies like Reliance Industries, TCS, L&amp;T, SBI and even ITC. So every factor be it oil price movements, tech meltdown, interest rate regime and even tobacco prices have to be priced in while evaluating <keyword id="13176813" type="General" weightage="20" keywordseo="lic-stock" source="Orion">LIC stock</keyword> prices. LIC’s largest shareholding is in IDBI Bank — which is 49.24% stake. This year, the bank’s stock is down by 21% so far and its largest shareholder will have to bear its brunt as well. RBI’s interest rate hikes and its effect on LIC After announcing its ‘interest rate shocker’ just before LIC opened its IPO for bids, the Reserve Bank of India too might play another spoilsport for the Navratna company’s stock. The market is expecting yet another interest rate hike from RBI governor Shaktikanta Das. It is expected to be higher this time around — between 40-60 basis points — and that would leave a deeper wound in LIC’s books. Increasing or decreasing interest rates can materially affect the profitability of LIC again because of the assets it manages. As much as 75% of its overall assets under management consist of debt securities. “A rising interest rate environment could lead to higher levels of surrenders and withdrawals of existing policies as policyholders would seek to buy products with perceived higher returns, which would result in investments being sold at declining prices in order to make payments to the policyholders, in all leading to financial losses,” explains a report by Emkay Research. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/stock-market/news/dmart-owner-radhakrishna-damani-loses-5-bn-as-even-essentials-become-too-expensive-for-indians/articleshow/92031475.cms">DMart owner Radhakrishna Damani loses $5 bn as even essentials become too expensive for Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/corporates/news/indian-corporates-made-a-full-comeback-with-111-billion-profits-but-the-same-cant-be-said-for-2023/articleshow/92033485.cms">Indian corporates made a full comeback with $111 billion profits, but the same can’t be said for 2023</a>

If you want to predict LIC stock prices, look how the stock market moves

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

New Delhi, Feb 1 () The government on Saturday pegged disinvestment target for 2020-21 at Rs 1.20 lakh crore, nearly double of Rs 65,000 crore it expects to raise in the current financial year.
 The government has missed the budgeted disinvestment target of Rs 1.05 lakh crore set for the current financial year by a huge margin.
 In the current financial year so far, the government has mopped up about Rs 18,000 crore by way of disinvestment. The Revised Estimate pegs disinvestment proceeds at Rs 65,000 crore for this fiscal ending March 2020.
 For the next financial year, beginning April 1, the government expects a substantial Rs 90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions. This would help the government achieve the Rs 1.20 lakh crore total disinvestment proceeds for 2020-21.
 Finance Minister Nirmala Sitharaman in her 2020-21 Budget announced selling of part government stake in insurance behemoth Life Insurance Corporation (LIC), beside selling the balance holding of the government in IDBI Bank to private, retail and institutional investors.
 "In the last few years, the government has taken concrete steps to bring our banking system to be robust. However, there is a need for greater private capital. Accordingly, it is proposed to sell the balance holding of Government of India in IDBI Bank to private, retail and institutional investors through the stock exchange," she said in her Budget Speech.
 The government currently holds 47.11 per cent, while LIC is the majority shareholder holding 51 per cent stake in IDBI Bank.
 In August last year, the Cabinet approved selling the government's controlling stake in IDBI Bank to LIC, which is currently 100 per cent government-owned.
 Sitharaman in her Budget Speech also proposed listing of LIC on the stock exchanges through an initial public offer.
 "Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created. The government now proposes to sell a part of its holding in LIC by way of initial public offer (IPO)," she said.
 In the financial year 2016-17, the government had missed the budgeted disinvestment target. While the Budget had pegged target at Rs 56,500 crore, the government was able to mop up Rs 46,247 crore.
 In 2019-20, after a gap of 2 years, the government has missed the disinvestment target set in Budget.
 In 2017-18, it bettered the target of Rs 1 lakh crore and raised a record Rs 1,00,056 crore. In 2018-19, the disinvestment mop-up stood at Rs 84,972 crore as against the Budget target of Rs 80,000 crore. JD HRS

Govt pegs Rs 1.20 lakh cr disinvestment mop-up in 2020-21, Rs 65,000 cr in current fiscal

<ul><li>The Foreign Contribution (Regulation) Bill will restrict the use of foreign funds in Indian not-for-profit organizations. </li><li>The bill also makes the use of Aadhar compulsory for organizations receiving foreign funds.</li><li>The move is being seen as a huge blow to India’s non-governmental organizations and not-for-profit organizations, who often operate with foreign funds/donations. </li></ul>The Indian government has moved to amend the Foreign Contribution (Regulation) Bill, 2020, during the monsoon session of the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">parliament</keyword>. The FCRA will restrict the use of foreign funds in Indian not for profit organizations. On Monday, the lower house of the parliament passed the bill, which also makes the use of Aadhar compulsory for organizations receiving foreign funds. What are the proposed changes under the FCRA? The bill tabled by Minister of State of Home Nityanand Rai on behalf of Home Minister Amit Shah aims to restrict the use of foreign funds in charitable organizations. The amendment proposes: <ul><li> To include "public servants" in the prohibited category </li><li>To reduce the administrative expenses through foreign funds by an organisation to 20% from the earlier 50%. </li><li>Organisations can receive the foreign funds in a bank account designated as the ‘FCRA account’ only in a branch of the State Bank of India, New Delhi</li><li>Organisations will now have to register for renewal of licenses every six months and can also be subject to government scrutiny then.</li><li>To prohibit transfer of grants received under FCRA to any other organisation</li><li>Seeks to make Aadhar mandatory for registrations</li></ul> "FCRA is a national internal security law...This amendment is necessary for Atma Nirbhar Bharat. This bill is not to suppress anyone but to control those who try to suppress the people of the country. We only take action against any organisation under the rule when they do not follow the law,” said Rai. <keyword id="6397455" type="UNKNOWN" weightage="20" keywordseo="ngos">NGOs</keyword> voice their dissent over the amendments in <keyword id="401098" type="ORGANIZATION" weightage="20" keywordseo="FCRA-Bill">FCRA bill</keyword> The move is being seen as a huge blow to India’s non-governmental organizations and not-for-profit organizations, who often operate with foreign funds/donations. The CEO of Oxfam India, a major nonprofit group, took to Twitter to voice his dissent. <div type="twitter" handle="AmitabhBehar" handlename="Amitabh Behar" image="http://pbs.twimg.com/profile_images/1153208906497159168/Z6SIVFKr_normal.jpg" favoritecount="317" retweetcount="133" status="Devastating blow. Red carpet welcome for foreign investments for businesses but stifling and squeezing the nonprofi… https://t.co/eH9NUEsN2T" createdat="1600599021000" id="1307633188924207106"></div> Another national association of Indian voluntary development organizations – Voluntary Action Network India (VANI), too released a statement opposing the bill. “The new FCRA Bill throttles the spirit of cooperation that had been ushered in earlier this year by the positive role played by development organizations in mitigating the lockdown and COVID-19 pandemic by virtually making it impossible for NGOs to function,” said VANI’s statement. The organization also said that the bill “assumes that all NGOs receiving foreign grants are guilty, unless proved otherwise.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-gmm-pfaudler-sbi-ril-hdfc-bank-ioc-idbi-and-more/articleshow/78248420.cms">Top stock movers — GMM Pfaudler, SBI, RIL, HDFC Bank, IOC, IDBI and more</a> <a href="https://www.businessinsider.in/stock-market/news/angel-broking-600-crore-ipo-opens-today-heres-what-works-for-it-and-what-doesnt/articleshow/78248335.cms">Angel Broking ₹600 crore IPO opens today: Here’s what works for it and what doesn’t</a>

India’s non-profits are fuming as the government tightens the leash on foreign contributions

<ul><li>At 7:40 am, the SGX Nifty was down 0.58%, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:40 am, the SGX Nifty was down 0.58%, indicating a slow start for Nifty50. However, on Tuesday, the <a href="https://www.businessinsider.in/stock-market/news/sp-500-and-nasdaq-close-at-record-highs-as-investors-bet-that-a-vaccine-will-drive-an-economic-rebound/articleshow/79520724.cms">US stocks closed at record highs</a> as investors bet that a vaccine will drive an economic rebound. The Dow Jones Industrial Average closed 185.28 points higher, and the S&amp;P 500 was up 1.13%. These are the stocks to watch out for during the trading session today: Dr Reddy’s Laboratories Dr Reddy’s Laboratories and Russian Direct Investment Fund (RDIF) on Tuesday said they had commenced adaptive phase 2/3 clinical trials for the Sputnik V COVID-19 vaccine in India. The trials have commenced after receiving the necessary clearance from the Kasauli-based Central Drugs Laboratory, the company said. Hero MotoCorp Hero MotoCorp reported a 13.82% year-on-year rise in its domestic wholesale for November, led by a robust recovery in sales of its entry-level motorcycles in rural and semi-urban markets. The exports rose by 40.37% during the month. Eicher Motors Eicher Motors has registered a growth of 3.2% YoY in its November sales led by domestic sales of Eicher trucks and buses. TVS Motor TVS Motor sales grew by 21% registering 322,709 units in November 2020 as against 266,582 units in November 2019. Phoenix Mills Phoenix Mills (PML) and its subsidiaries have signed a non-binding term-sheet with an affiliate of Singapore’s sovereign wealth fund GIC for formation and development of to set up a retail-led mixed-use platform. The proceeds from the proposed transaction are intended to be utilized as growth capital for further expansion and acquisition of greenfield, brownfield, operational and distressed mall opportunities, Phoenix said in a statement. Coal India State-owned Coal India on Tuesday reported a 3.4% rise in production at 51.7 million tonnes (MT) in November. Reliance Power Reliance Power defaults on interest payments due on term loans from Axis Bank, Yes Bank and IDBI Bank. The company has a total financial indebtedness of ₹1,360 crore. Praj Industries Tata Capital Financial Services sold 11.6 lakh shares in Praj Industries at an average price of ₹91.16/share. Burger King India Burger King India <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms">IPO opens for public subscription today</a>. The company has fixed the price band at ₹59-60 per share and is looking to raise ₹810 crore SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-in-november-car-bike-sales/articleshow/79489474.cms" data-type="tilCustomLink"> November auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/india/news/centre-invites-agitating-farmer-unions-for-talks-on-december-1-two-days-ahead-of-a-scheduled-meeting/articleshow/79502391.cms" data-type="tilCustomLink">Centre invites agitating farmer unions for talks on December 1, two days ahead of a scheduled meeting</a>

Top stocks to watch — Dr Reddy’s Lab, Reliance Power, Hero Moto, Eicher Motors, TVS Motor, Phoenix Mills, Coal India, and others

<ul><li>Both Sensex and <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> declined nearly a percent and half as Finance Minister Nirmala Sitharaman read her budget speech.</li><li>Markets were hoping for a big stimulus from the government to revive the economic growth which has hit a six and a half year low. </li><li>Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, the IPO of LIC, extended tax holiday for affordable housing were among the big proposals.</li></ul>India's <keyword id="35199" type="PERSON" weightage="20" keywordseo="stock-markets">stock markets</keyword> were unusually open on a Saturday, in anticipation of an 'economic stimulus', but as Finance Minister Nirmala Sitharaman went through with her speech, both Sensex , down nearly 700 points, and Nifty that was down about 220 points at 2:30 pm. Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, extended tax holiday for affordable housing, and the initial public offering of Life Insurance Corporation (LIC) were among the big proposals. However, the stock market did not seem very excited with the minister's proposals. "Investors stayed away from taking fresh positions ahead of the big event. Focus will turn to the Union Budget as all eyes will be on how Centre is going to bring growth as any increase in spending would result in widening of fiscal deficit. Global economy is also on the edge with slow growth fears significantly high after the outbreak of the virus," Vinod Nair, head of research at Geojit Financial Services told IANS earlier in the day. Insurance stocks like HDFC Life, ICICI Prudential, and SBI Life took a heavy beating, down anywhere between 5% and 8%, after the budget proposed the listing of LIC ⁠— the country's largest insurance giant with a corpus of ₹31 lakh crore⁠— that is likely to corner a lot of interest from investors. Technology stocks were propped up as the early part of Sitharaman's speech gave a lot of thrust to leveraging technology in a whole host of sectors from health and education to quantum computing and gene mapping. Even stocks like HUL, Asian Paints, and Bajaj Finance, which started the day on buoyant note hoping for sharp cuts in income tax and a boost for consumption including housing, gave up the early gains as the tax cuts proposed by the budget can be availed only if the taxpayer gives up on exemptions. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Previous Tax Rate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New Tax Rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to ₹2.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.5 lakh to ₹5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 lakh to ₹7.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.5 lakh to ₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh to ₹12.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.5 lakh to ₹15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abover ₹15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody></table> While Sitharaman said that a person earning up to ₹15 lakh a year can save up to ₹78,000 a year in taxes, if they give up on exemptions. These are some of the big highlights that are relevant to the share market: Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates. Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore. ""The decision to remove dividend distribution tax was much-needed as it was resulting in triple taxation of corporate earnings. The shift to a simplified scheme of personal income tax is another welcome move as it removes distortionary influences in the individual’s savings choices even though the actual tax savings may not be significant for those who were availing deductions and exemptions," VP Nandakumar, MD &amp; CEO of Manappuram Finance Limited said. However, the stock of the company fell over 3.2% in trade. Shares of IDBI Bank surged as much as 17% after the Finance Minister said that the government will sell its remaining 47% stake (as of December 2019) in the bank. LIC owns 51% stake in IDBI Bank, the unlocking of value will make the insurance giant's IPO even more valuable. Zeal Aqua (up 14.4%), Waterbase (up 5.58%), Apex Frozen (up 4.55%), Avanti Feeds (up 2.93%) and Coastal Corporation (up 2.66%) gained due to a dedicated push for the fishing industry. Sitharaman said that the fish production will be increased 200 lakh tonnes a year and set a target of ₹1 lakh crore in fish exports. The education sector has been allowed to borrow money from abroad as well as to invite foreign students via a new entrance examination called the INDSAT. Shares of Navneet Education (up 2.33%), Zee Learn (up 2.19%), Career Point (up 1.98%) and MT Educare (up 1.97%), gained in trade. The speech discouraged the use of chemical fertilisers, and promote organic farming, dragging down stocks like Rashtriya Chemical Fertilisers. The ₹2.83 lakh crore allocation for agriculture, irrigation, and rural development did little to stokes of a revival in rural demand. Dividend distribution tax will be taxable in the hands of the recipient and not the company. This will cost 25,000 crore to the exchequer. Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free. The budget also proposed to set up a 100 new airports in the next five years but stocks of airport construction majors like GMR Infra and GVK were down nearly 5% in afternoon trade. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a>

You Searched For "IDBI Bank IPO" and got 12 results

Route Mobile gets Sebi nod for Rs 600 cr IPO

PTI

LIC IPO may come in 2nd half of FY21, says Finance Secretary

PTI

IndiGo to hit Indian stock markets by May with a whopping $400mn IPO

Reuters

Rise Of Venture Capital In India: Nothing Ventured, Nothing Gained

Preetam Kaushik

Indian markets open in the red amid weak global cues – Wipro, Zee Entertainment, RIL among stocks to watch out for

Bhakti Makwana

MapmyIndia will make its debut on the stock exchange today— GMP at ₹730

Kritti Bhalla

If you want to predict LIC stock prices, look how the stock market moves

Bhakti Makwana

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

PTI

Govt pegs Rs 1.20 lakh cr disinvestment mop-up in 2020-21, Rs 65,000 cr in current fiscal

PTI

India’s non-profits are fuming as the government tightens the leash on foreign contributions

BI India Bureau

Top stocks to watch — Dr Reddy’s Lab, Reliance Power, Hero Moto, Eicher Motors, TVS Motor, Phoenix Mills, Coal India, and others

Navdeep Yadav

Indian markets aren’t excited because budget does not have the ‘stimulus’ they had hoped for

Sriram Iyer