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LIC will be IPO of the decade, akin to Saudi Aramco listing: Experts

News Network
February 2, 2020

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

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News Network
May 12,2020

Mangaluru, May 12: The Karnataka government has ordered that Dakshina Kannada and Udupi districts be considered as one unit for the movement of people to undertake permitted activities between 0700 hrs to and 1900 hrs.

Principal Secretary and Member Secretary, Karnataka State Disaster Management Authority, T K Anil Kumar, in an order, said that there was no need for different passes for commuting by people between these two districts.

However, people should carry their identity cards issued by their respective enterprises/ companies to show that they are carrying out permitted activities only, he said.

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News Network
May 9,2020

Bengaluru, May 9: The bar owners in Karnataka, while welcoming the state government's decision to allow takeaway sales of liquor, said that the move is not going to benefit them much.

Venkatesh Babu, a Bengaluru-based bar owner said, "We welcome this move, our bar was closed for two months due to coronavirus crisis. We have been facing losses since then."

"The state government has told us to sell our stocks at maximum retail price (MRP). It is difficult for us to manage as the rent is high and we also have to pay salaries," he added.

The owner of Pingara Bar and Restaurant, Shivamogga said, "The government has said that is for parcel only and that too at MRP. There is no benefit to our business. We are only clearing the existing stock. They have given us time till May 17 and are not even giving us fresh stock. We are only allowed to sell what we have already."

Karnataka government in its Friday order allowed restaurants, pubs and bars to sell liquor at retail prices from May 9 till May 17, the day the third phase of lockdown is slated to end.

Earlier, the government had allowed the opening of liquor shops in order to mobilise revenue.

However, bars, pubs, restaurants were ordered to remain closed amid the COVID-19 lockdown.

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News Network
August 4,2020

Bengaluru,  Aug 4: Former Karnataka Chief Minister and Leader of Opposition in the State Assembly, Siddaramaiah on Tuesday said that he has tested positive for COVID-19 and admitted himself to a hospital.

"I have been tested positive for COVID-19 and also been admitted to the hospital on the advice of doctors as a precaution. I request all those who had come in contact with me to check out for symptoms and to quarantine themselves," Siddaramaiah tweeted.

Earlier on Sunday, Karnataka Chief Minister BS Yediyurappa had said that he tested positive for the novel coronavirus.

4,752 new COVID-19 cases and 98 deaths were reported in Karnataka on Monday, taking total cases to 1,39,571 including 62,500 discharges and 2,594 deaths, the State Health Department informed.

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