Business News at 6:00 pm on 9th may

“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Foreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop, a Bloomberg report on the mega LIC IPO says. With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 2% of the shares set aside for all institutional buyers. While the anchor portion of the IPO drew in sovereign funds from Norway and Singapore, most of the shares went to domestic mutual funds. Dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019 — the world’s largest — the float of LIC has ended up resembling the Aramco IPO not just in scale but in its reliance on domestic investors after foreign buyers deemed the float too expensive.
Moving on to the latest in the energy sector. India’s liquefied natural gas importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel, a Bloomberg report says. Companies including Gujarat State Petroleum Corp. and GAIL India Ltd. recently bought several LNG spot shipments from Russia at prices below prevailing market rates, according to traders with knowledge of the matter. They may purchase more as long as the Russian fuel remains cheaper than rival suppliers, the people said, who requested anonymity to discuss private details. GSPC, GAIL and India’s Ministry of Petroleum and Natural Gas didn’t respond to requests for comment. India gets almost three-quarters of its LNG under long-term contracts, but sweltering heat and ongoing blackouts are forcing the nation’s utilities to top up with spot shipments, which are trading at well above normal due to a global supply crunch.
Now, over to today’s rupee closing status. The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close. During the trading session, the rupee touched its lifetime low of 77.52. On Friday, the rupee had slumped 55 paise to close at 76.90. In the last two trading sessions, the rupee has lost 115 paise against the greenback.
Over to today’s stock market trade report. Benchmark indices continued to remain under pressure on Monday, with the Sensex tumbling nearly 365 points following a sell-off in global markets and decline in shares of index major Reliance Industries. Unabated foreign fund outflows and rupee hitting an all-time low also weighed on sentiment. The 30-share BSE Sensex settled 364.91 points or 0.67 per cent lower at 54,470.67. During the day, it tanked 917.56 points or 1.67 per cent to 53,918.02. The NSE Nifty fell 109.40 points or 0.67 per cent to end at 16,301.85. Among the Sensex firms, Reliance Industries, Nestle, IndusInd Bank, Tech Mahindra, Tata Steel, State Bank of India, Hindustan Unilever and ITC were the major laggards. PowerGrid, HCL Technologies, Infosys, Maruti and Bajaj Finserv were among the gainers. Elsewhere in Asia, markets in Tokyo and Seoul settled lower, while Shanghai ended higher. Markets were closed in Hong Kong for a holiday.
In other news, amid multiple incidents of electric vehicles catching fire, Niti Aayog Member and eminent scientist V K Saraswat has said that battery cells imported for electric vehicles “may not be” suitable for the country’s conditions and emphasised the need for locally manufacturing the cells. His comments also come against the backdrop of authorities probing such incidents and Union minister Nitin Gadkari, recently, asserting that recall of all defective vehicles will be ordered after the expert panel submits its report. In recent times, there have been multiple incidents of Electric Vehicles catching fire and resulting in deaths as well as severe injuries to people. “Battery technology is an evolving technology. India does not manufacture battery cells at the moment.”… we should set up our own cell manufacturing plants at the earliest. We should make sure that whatever cells we manufacture are suitable for Indian conditions of high temperature,” Saraswat told PTI.
And finally, here’s what happened to Campus Activewear listing today. Shares of the athleisure footwear company made a healthy market debut on Monday, jumping over 23 per cent, against the issue price of Rs 292.The stock listed at Rs 355, registering a premium of 21.57%.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.

Business News at 6:00 pm on 9th may“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. ” Foreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop, a Bloomberg report on the mega LIC IPO says. With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 2% of the shares set aside for all institutional buyers. While the anchor portion of the IPO drew in sovereign funds from Norway and Singapore, most of the shares went to domestic mutual funds. Dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019 — the world’s largest — the float of LIC has ended up resembling the Aramco IPO not just in scale but in its reliance on domestic investors after foreign buyers deemed the float too expensive. Moving on to the latest in the energy sector. India’s liquefied natural gas importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel, a Bloomberg report says. Companies including Gujarat State Petroleum Corp. and GAIL India Ltd. recently bought several LNG spot shipments from Russia at prices below prevailing market rates, according to traders with knowledge of the matter. They may purchase more as long as the Russian fuel remains cheaper than rival suppliers, the people said, who requested anonymity to discuss private details. GSPC, GAIL and India’s Ministry of Petroleum and Natural Gas didn’t respond to requests for comment. India gets almost three-quarters of its LNG under long-term contracts, but sweltering heat and ongoing blackouts are forcing the nation’s utilities to top up with spot shipments, which are trading at well above normal due to a global supply crunch. Now, over to today’s rupee closing status. The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close. During the trading session, the rupee touched its lifetime low of 77.52. On Friday, the rupee had slumped 55 paise to close at 76.90. In the last two trading sessions, the rupee has lost 115 paise against the greenback. Over to today’s stock market trade report. Benchmark indices continued to remain under pressure on Monday, with the Sensex tumbling nearly 365 points following a sell-off in global markets and decline in shares of index major Reliance Industries. Unabated foreign fund outflows and rupee hitting an all-time low also weighed on sentiment. The 30-share BSE Sensex settled 364.91 points or 0.67 per cent lower at 54,470.67. During the day, it tanked 917.56 points or 1.67 per cent to 53,918.02. The NSE Nifty fell 109.40 points or 0.67 per cent to end at 16,301.85. Among the Sensex firms, Reliance Industries, Nestle, IndusInd Bank, Tech Mahindra, Tata Steel, State Bank of India, Hindustan Unilever and ITC were the major laggards. PowerGrid, HCL Technologies, Infosys, Maruti and Bajaj Finserv were among the gainers. Elsewhere in Asia, markets in Tokyo and Seoul settled lower, while Shanghai ended higher. Markets were closed in Hong Kong for a holiday. In other news, amid multiple incidents of electric vehicles catching fire, Niti Aayog Member and eminent scientist V K Saraswat has said that battery cells imported for electric vehicles “may not be” suitable for the country’s conditions and emphasised the need for locally manufacturing the cells. His comments also come against the backdrop of authorities probing such incidents and Union minister Nitin Gadkari, recently, asserting that recall of all defective vehicles will be ordered after the expert panel submits its report. In recent times, there have been multiple incidents of Electric Vehicles catching fire and resulting in deaths as well as severe injuries to people. “Battery technology is an evolving technology. India does not manufacture battery cells at the moment.”… we should set up our own cell manufacturing plants at the earliest. We should make sure that whatever cells we manufacture are suitable for Indian conditions of high temperature,” Saraswat told PTI. And finally, here’s what happened to Campus Activewear listing today. Shares of the athleisure footwear company made a healthy market debut on Monday, jumping over 23 per cent, against the issue price of Rs 292.The stock listed at Rs 355, registering a premium of 21.57%. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.