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Delhi weather: Maximum temperature to hit 40 degrees today, says IMD


The maximum temperature is likely to hit 40 degrees Celsius in Delhi on Saturday, going by the India Meteorological Department (IMD) forecast. Partly cloudy skies are also on the forecast for the day.

On Friday, the maximum temperature settled at around 39.3 degrees Celsius, a degree above the normal, at the Safdarjung weather observatory. Meanwhile, the minimum temperature early on Saturday was 24.3 degrees Celsius, four degrees below the normal.

The maximum temperature crossed 40 degrees at a few weather stations in the city on Friday. The weather observatory at the Ridge in North Delhi, for instance, recorded a maximum temperature of 41.5 degrees Celsius. The observatory at Mungeshpur in Northwest Delhi recorded 41.4 degrees Celsius, while Najafgarh in Southwest Delhi recorded 41.9 degrees Celsius.

At 8.30 am on Saturday, the temperature was 29.6 degrees Celsius. The relative humidity was 58%, higher than the 40% recorded last evening.

The maximum temperature over northwest India is likely to increase by around two degrees over the next 24 hours, according to an IMD bulletin issued on Saturday.

Parts of northwest India are likely to receive rainfall from June 27 onwards. Rainfall is likely over Uttarakhand and Uttar Pradesh from June 27 to 29 on account of easterly winds, going by the IMD forecast. Scattered to fairly widespread rainfall is also on the forecast for northwest and central India from June 30 to July 2. Rainfall remains on the forecast for Delhi from June 28 to July 1.

The maximum temperature is set to fall to around 31 degrees Celsius on July 1, according to the IMD’s forecast for the next six days. The minimum temperature could range from 24 to 27 degrees Celsius over the next six days.

On Friday, the air quality in Delhi was in the ‘moderate’ category, when the air quality index (AQI) was 197, higher than the figure of 140 recorded on Thursday.





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If inflation is prolonged, then it’ll start impacting savings products too: MD & CEO, HDFC Life


Rising inflation has emerged as a key concern all across as it eats into disposable incomes of individuals. Vibha Padalkar, MD and CEO, HDFC Life, told Sandeep Singh that if the inflation is prolonged then it will start hurting demand for savings products too. Stating that the premiums should stabilise now, she also called for the regulator to permit life insurance companies to sell health indemnity as that will allow them to offer innovative solutions to customers. Edited excerpts:

How is inflation hurting the industry and what is the impact of interest rates?

Inflation remains a big concern as it has a bigger impact since it eats into the savings and reduces the disposable income. As disposable incomes reduce, customers react by going for slightly smaller cover or by not covering everyone in the family, etc. If you see the industry numbers, the impact is not much as of now. While there has been some impact on term, it is not so much on savings. However, if inflation is prolonged then it will start impacting savings products too.

As for interest rates’ rise, it is reasonably positive for us. Our transmission is faster and we can pass higher annuity rates. However, the volatility in equity markets is a downside. I think that of the other options to save, insurance continues to do well. The saving quantum itself is, however, reducing.

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The industry has witnessed a rise in premium. Do you see it stabilising now?

The premiums have risen mainly for term policies and the rise has been because of pandemic. Even as there is a lot of talk around rise in premiums, I would like to state that the increase in premium over the last 10 years is less than inflation. Reinsurers have suffered huge losses because of pandemic and if they raise the charge, it is difficult not to raise it. I think, it should stabilise now.

How have Covid death claims been for you?

We have settled claims amounting to over Rs 6,000 crore in FY22 but it has now eased off. We settled close to about 4 lakh claims with gross claims of around Rs 6,000 crore and net claims of Rs 4,300 crore. As a sector I would say that even as it was significantly higher, we paid so many claims without looking too much into the clause I believe that money is important if it is timely. For almost all our non-early claims (if the policy has completed 3 years) we paid within 24 hours or max 48 hours.

While this was for saving schemes, it took around 3 months for term policies as we need to check pre-existing etc and physical checks are required to be done by local field investigator.

Are life insurers getting permission to sell health indemnity?

We have been demanding the regulator to allow us to sell health indemnity but it hasn’t been permitted yet. Our point is that worldwide health sits closer with life than with motor. However, for some reason, general insurers in India are selling health whereas life insurers are not allowed to sell it. That is not logical. We used to be allowed to sell health, but it has been taken away.

My limited point is that life insurers have the largest touch points with their branches and network, but you are not alllowing us to sell. I think the focus should be on penetration of insurance and expansion.

As of now, nothing has moved. We even asked the regulator to allow us to distribute, if you don’t allow us to manufacture. Today, banks can distribute insurance but life insurers can’t distribute health. It doesn’t make sense.

We submitted it almost 18 months ago and the regulator has said that they will look at it. I stay hopeful.

When you say innovations are possible, if you are allowed, what could they be?

Innovation can’t happen if one key piece is missing. For example: When someone is young, he needs more life insurance. Suppose a person is paying Rs 60,000 as premium, I would say that until the age of 55 (nearer to retirement) we would give him maximum of life cover. After that, since he would have built savings too, we will reduce the life cover and increase the health cover. However, for the individual, Rs 60,000 premium will stay constant.

As of now we are not allowed to club various products and sell to the customer, unless we tie up with one insurer. But even that is not seamless.

What are the growth areas for the life insurance?

Growth will come with product innovation. Retirement products are another big growth area. As a nation, pension funds as a per cent of GDP is less than 5 per cent while it is more than 100 per cent in the developed world. While it is increasing, it is not at the desired pace.
People need to understand that the risk of an individual running out of money is very real because of increasing longevity.

How will the merger of HDFC Bank and HDFC limited benefit you?

It can only get significantly better. The way I see it is that today HDFC Bank is my largest distributor, but it is not my parent, so once that happens, there will be full alignment. HDFC Bank will become a financial conglomerate and will not just be a bank. It will have everything to do with any financial service products and will be the parent company of all. They will be able to tell the customer that they know them— if they have a home loan but not insurance etc so the advisory will be better.

If customers give their consent that they would like to be serviced as a single customer, they will be treated as a single customer across all HDFC Group products.





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2 dead, a dozen injured in Monday’s storm in Delhi


At least two people died while over a dozen were injured as heavy rainfall lashed several parts of Delhi on Monday afternoon. Police said a large number of trees and poles were uprooted, which damaged cars and injured people. Traffic came to a halt as many streets were lined with fallen trees.

In Central Delhi, a 50-year-old man died after a portion of a balcony fell on him outside his house near Jama Masjid. The incident took place around 4 pm.

Shweta Chauhan, DCP (Central), said, “We received a call from Sanjeevan Hospital in Daryaganj about the death. The deceased, Kailash Lal, was walking outside his house. Due to the heavy rain and storm, a portion of a balcony on the second floor collapsed on him. His son, Himanshu, tried rescuing him and took him to the hospital but Kailash was declared dead on arrival.”

A 65-year-old homeless man, who was resting near a tree on a footpath in North Delhi’s Angoori Bagh area, also died after the tree fell on him. He was with two other men, who were rescued. The deceased has been identified as Basir. His friends, Neeraj and Devender, suffered minor injuries.

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According to the Delhi Police Headquarters, they received 294 calls of fallen trees till 8 pm on Monday. Police personnel across districts rushed to help people who were either stuck in traffic or trapped under damaged walls, trees or poles. Visuals showed policemen picking up victims, removing trees from the streets and clearing traffic during the rain.

Many incidents were recorded in the Central, New Delhi and North districts of the capital. Many cars and vehicles, some belonging to the Delhi Police, were also damaged because they were parked close to trees.

Police said a 37-year-old man and his family were trapped in their Creta car after a neem tree fell on it. Sagar Singh Kalsi, DCP (North), said, “The incident took place near Kabootar Market. The man, Chetan Malhotra, was with his wife and their one-year-old child when a tree fell on their car. They were trapped. Our staff rushed and rescued all of them. They are all safe.”

Staff said they are working at different places as calls of wall collapse and trees falling are piling up. Over eight calls of house collapse have been recorded, said officials, adding that they also received calls of air conditioners falling from a building on Parliament Street and causing damage to cars and auto-rickshaws plying on the road. Nobody was reported injured.

A Delhi Fire Services official said their teams have also been called to help remove uprooted trees and poles from the street, help people and ease traffic. Atul Garg, DFS Chief, said, “In less than an hour, we received over 32 calls of trees falling in Connaught Place this evening. Our teams worked to help locals.”

 





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Explained: Eight years of Modi Govt


The Modi Govt completes 8 years today. Since returning to power in 2019, it has checked several key boxes on its agenda. India appears to have put the worst of the pandemic behind, but multiple challenges loom at home and abroad for the remainder of the Govt’s second term.

ECONOMY: Hope and challenge

India is seen to be the world’s fastest-growing big economy in FY23, with a realistic chance of holding on to that badge for a while as a botched zero-Covid policy threatens to derail the Chinese economy. But some of the structural issues that constrained the Indian growth story before the pandemic continue to weigh heavy amid a worsening inflationary spiral and an uncertain external environment.

Over the past 24 months, India has pivoted away from its otherwise insular trade stance, with pacts signed with UAE and Australia, and negotiations initiated with EU and UK. A reboot in efforts to leverage the digital infrastructure founded on the innovative UPI platform is underway, as well as further fostering of a start-up scene that has thrown up over 100 unicorns.

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The big work in progress is the Centre’s attempt at replacing 29 sets of labour laws by four broad labour codes, but implementation is behind schedule. The insolvency resolution process under IBC is seeing delays. The GST structure remains an issue; much of the buoyancy in collections is on account of compliance efforts. A manufacturing-led push relies primarily on production linked incentives, but beyond telecom hardware, the output is underwhelming. The 5G telecom push likely later this year could be key to the next wave of digitisation. Commercial mining in coal has been cleared, but output is constrained.

The absence of a data protection framework is a hurdle in leveraging the numerous digital projects underway. Private investment continues to underperform, and attempts at forced formalisation have hit MSMEs. Land and agri reforms remain pending. The consumption story, despite the post-Covid recovery, continues to totter. Cleavages in spending by the rich and poor could be worsened by prolonged high inflation. Air India and LIC have given disinvestment a boost, but the big-ticket privatisation of BPCL has fallen through.

EDUCATION: National Policy, new entrance

After a sluggish first two years in the government’s second term, much been happening on the education front in recent months.

After the announcement of the new National Education Policy in July 2020, its implementation got off to a sluggish start, mainly due to the pandemic. Now, there’s a common entrance test for admission to central universities. Students can study a four-year multidisciplinary undergraduate programme with multiple exit options, or even two degree programmes simultaneously. The UGC now permits students to pursue up to 40% of a programme online. But some announcements have been more cosmetic: for example, the midday meal scheme has been repackaged and renamed PM POSHAN without any additional allocation.

A committee has been set up for drafting the National Curriculum Framework with guidelines for changes in the school curriculum. The NCF is expected to be ready by next year. For a single regulator for higher education, a Bill to set up the Higher Education Commission of India is almost ready.

Appointment of teachers remains tardy; the National Research Foundation announced in 2019 hasn’t been set up yet; and public spending on education is nowhere near the 6% of GDP promised in 2014 and has in fact been decreasing. Apart from IIMs, none of the other centrally-run institutions have been granted total autonomy; and not even 20 of the 50 Institutions of Eminence promised by the BJP have been set up.

SOCIAL SECTOR: Rise of the Labharthi

Leveraging the Jan Dhan-Aadhaar-Mobile (JAM) platform to expand coverage of the flagship PM-Kisan scheme from 1 crore beneficiaries in February 2019 to over 10 crore in January 2022, new initiatives like PM-GKAY to provide free foodgrain to nearly 80 crore people, and retreating with a bloody nose from the battle to reform the agriculture sector — these have been the social sector headlines of Modi 2.0 so far.

10 instalments of PM-Kisan have been released so far — Rs 1.80 lakh crore has been transferred directly into farmers’ accounts. The 11th installment is due for release on May 31. PM-Ujjwala beneficiaries have gone from 8 crore in September 2019 to 9 crore in April 2022. Pradhan Mantri Garib Kalyan Anna Yojana, launched in response to the pandemic in February 2020 to provide 5 kg free foodgrains to 81.35 crore people every month, has been extended till September 2022. The Centre has also been able to roll out the One Nation, One Ration Card (ONORC) project to enable NFSA beneficiaries to avail of their entitlement anywhere in India.

The flagship Jal Jeevan Mission, launched in the government’s second term, aims to provide tap water connections to all rural households by 2024. The Jal Shakti Ministry said on Saturday that 50% rural households had already been covered. If implemented fully and successfully, Jal Jeevan will be a scheme of gamechanging impact.

The withdrawal, in November 2021, and eventual repeal by Parliament of the three farm laws announced in June 2020 are both a setback and an unfinished agenda point for the government. Experts have argued that reform is critical to the advancement of Indian agriculture.

DIPLOMACY & STRATEGY: Tightrope and partnerships

New Delhi’s diplomatic outreach succeeded in blunting international criticism of the constitutional changes in Jammu and Kashmir early on, and significant strategic achievements have followed. But the neighbourhood remains in turmoil, and China presents a huge challenge.

With an experienced diplomat at the helm, Modi 2.0 began by explaining to the world its decision to abrogate Art 370 that revoked the special status for Jammu and Kashmir. The transition from the Trump administration to the one led by President Joe Biden was smooth, and the strengthening of the Quad was a significant achievement. The framing of an Indo-Pacific strategy by European partners including France, Germany, UK, and EU is a positive for India’s interests, as China is seen as a violator of the global rules-based order. India’s Covid diplomacy largely worked, albeit with some challenges of supply.

The amendment to the citizenship law set the cat among the pigeons, and New Delhi had to reach out to Dhaka to assuage concerns. The strategic establishment has been occupied with diplomacy with Beijing, as the two-year border stand-off poses the most serious threat of recent times. The war in Ukraine has made it difficult for New Delhi to continue deep engagement with defence partner Russia. The balancing act has been successful so far, but remains a delicate work in progress, as do engagements with China and the neighbourhood.

Taliban-ruled Afghanistan presents a huge strategic challenge. New governments are in power in Myanmar, Nepal, Pakistan, and Sri Lanka, and the latter two nations are in economic and political crises. New Delhi has to navigate its ties with its neighbours and help maintain a peaceful and stable South Asia. Its leadership in the subcontinent will be tested in the near future.

POLITICS: BJP growing, concerns remain

In its second term, the BJP has made strides towards achieving its ideological agenda and consolidated its position as the major pole of national politics. But it remains challenged by regional parties, a struggling economy, and a communally charged atmosphere.

In the last years, the BJP has made itself and its ideology the major pole of Indian politics. With the key missions in its ideological agenda – the construction of Ram Temple in Ayodhya and abrogation of Article 370 — already achieved, the ban on triple talaq is being seen as progress halfway towards a Uniform Civil Code. The party is slowly and cautiously embarking on a new mission on Kashi and Mathura temples, but it is a legislative agenda.

Although the BJP has become a dominant political force at the national level, regional parties still call the shots in a number of southern and eastern states. The party is working on a blueprint to alter the “political and ideological character” of these states.

There has been very little progress in restoring the electoral process in Jammu and Kashmir, and the reopening of the Kashi and Mathura disputes has put paid to hopes of impending closure in these cases following the resolution of the Ram Janmabhoomi matter in favour of the Hindu side. The ‘bulldozer politics’ in several states has enhanced insecurities among the minorities and opened the government up to allegations of partisan behaviour. Satisfactorily addressing all of these dissonances remains a task before the government and party in line with the Prime Minister’s promise of “sabka vishwas”. Unemployment too remains a concern.

HEALTH: Vaccines for all, but work to do

Most of government’s time and resources in the last two years have been consumed in responding to the pandemic, which has in turn exposed India’s fragile healthcare infrastructure.

Just before the pandemic, the government had unveiled its plan to create an elaborate network of health and wellness centres (HWCs) for delivery of primary healthcare. About 1.5 lakh HWCs are proposed to be set up. An initiative to provide a unique health ID to every citizen and create a registry of healthcare professionals and health facilities has also been launched. In providing Covid-19 vaccines to everyone, India has done better than most other countries.

Most of the health initiatives, including the creation of HWCs and digital mission are works in progress. So are programmes like the Jan Arogya Yojana for insurance to the poor. Barely 5% of India’s population has health insurance right now, which makes the Jan Arogya Yojana a very important initiative.

The government still has a long way to go in providing universal and affordable access to healthcare facilities. The partnership of state governments is vital. Upgrading of infrastructure, reforms in medical education, expansion of nursing and para-medical education, and regulation of costs of healthcare are some of the big projects the government has to attend to.

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SECURITY & DEFENCE: LWE in decline, reforms pending

On the security front, the performance of the government has been a mixed bag in the last eight years..

According to Ministry of Home Affairs, Left Wing Extremism-related violence has declined by 77% between 2009 and 2021, and resultant deaths by 85% between 2010 and 2021. The geographical influence of Maoists has been reduced to just 41 districts from 96 in 2010. Gains have also been made in the Northeast

The creation of the post of the Chief of Defence Staff was a key reform, but work appears to have stalled. After CDS General Bipin Rawat was killed in a helicopter crash in December, the position is still vacant. Also, theaterisation in the armed forces isn’t working at the desired pace.

Terror emanating from Pakistan remains a cause for concern. Despite the government’s claims of normalcy in Jammu and Kashmir following abrogation of its special status on August 5, 2019, a rise in civilian killings has posed questions. Also, as many as 25 modules of Khalistan militancy were identified and neutralised by security forces in 2021, compared to 15 in 2020 and just seven in 2019.





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Bharti AXA Life premium income rises 14 pc


Bharti AXA Life Insurance has posted a 14 per cent growth in total collected premium at Rs 2,602 crore in FY22 from Rs 2,281 crore in FY21. Renewal premium grew by 11 per cent and stood at Rs 1,666 crore in FY22. It posted a 25 per cent growth in weighted new business premium (WNBP) to Rs 730 crore from Rs 582 crore last year, outperforming the overall and private industry growth which stood at 16 per cent and 22 per cent respectively. In Q4 FY22, the company witnessed a 14 per cent growth in WNBP compared to the 13 per cent overall and 9 per cent private industry growth observed in the same period.

Despite the challenging macroeconomic environment, the company recorded a surge of 18 per cent in its assets under management at Rs 11,025 crore in FY22 against Rs 9,374 crore in the last fiscal, said Parag Raja, MD & CEO.





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Water supply to be hit again in parts of Delhi


Water supply in Delhi is set to take a further hit with production being affected at the water treatment plants (WTPs) at Haiderpur and Bawana.

The Delhi Jal Board said in a note issued on Saturday: “Due to depletion of pond level at Wazirabad, and maximum possible diversion from CLC (Carrier Lined Channel) towards Wazirabad, and flow fluctuation in DSB (Delhi Sub-Branch) & CLC, also excessive floating materials in CLC/DSB at intake Haiderpur, the clear water production has been affected from water treatment plants at Haiderpur phase-I, phase-II, and Bawana.” The CLC and DSB bring water from Haryana to Delhi. The WTP at Haiderpur produces 200 MGD (million gallons per day), while Bawana produces 20 MGD.

The areas where supply is likely to be affected till the situation improves are North Delhi, Northwest Delhi, West Delhi, and parts of South Delhi. The fall in the water level at the Wazirabad pond had already impacted production at the 90 MGD WTP at Chandrawal and the 120 MGD WTP at Wazirabad. The level at the Wazirabad pond on Saturday was 668.3 ft, the lowest so far this season, against the required level of 674.5 ft, according to the DJB. On May 17, when the Yamuna was running dry, and the water level at the Wazirabad pond was 669 ft, the DJB had written to the Haryana Irrigation Department requesting an additional 150 cusecs of water to be released into the river. This was the fourth time, since April 30, that the DJB had written to officials in Haryana requesting additional water. The letter stated that water production at Wazirabad and Chandrawal had fallen by 55 MGD. “Delhi is not getting flow from river Yamuna, resulting in a shortage of about 120 cusecs…,” the letter said. Haryana Chief Minister Manohar Lal Khattar had said on May 17, “The Delhi government is lying on the matter of water. Delhi is being given its share of 1050 cusecs.”

On May 12, the Haryana Irrigation Department had responded to the DJB’s request for additional water, stating that Haryana is supplying Delhi’s full share of water, and that the “shortage of water at Wazirabad, if any, is solely due to internal mismanagement of water by DJB and Haryana has no role in it.”





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US rate hike fears spook markets


The meltdown in the US markets on Wednesday on fears of aggressive interest rate hikes rattled domestic markets investors, with key indices plunging 2.61 per cent on Thursday. With the sell-off led by foreign investors sending the pivotals crashing, the benchmark Sensex plummeted 1,416.3 points to 52,792.23 and the NSE Nifty fell 430.9 points to 15,809.40.

The rupee, too, extended losses, falling another 10 paise to close at a record low of 77.72 against the US dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows.

Foreign portfolio investors (FPIs) pulled out another Rs 4,899 crore, taking the total outflows to Rs 42,836 crore in May. Domestic institutions bought stocks worth Rs 3,225 crore but failed to prevent the market slide. The Sensex has fallen 4,183 points in May alone. LIC shares fell by 4.05 per cent to Rs 840.75 as against the IPO offer price of Rs 949. RIL plummeted 2.35 per cent, SBI 2.24 per cent and TCS crashed 5.17 per cent.

Markets plunged sharply lower, pressurised by weak global cues. The meltdown in the US markets, on the fear of aggressive rate hikes, rattled investors and triggered a weak start. “The situation worsened further due to heavy selling in the index majors across sectors wherein IT and metal majors were among the top losers,” Ajit Mishra, VP – Research, Religare Broking Ltd.

The broader indices too traded in sync with the benchmark and lost in the range of 2.5-3 per cent.

Thursday’s fall indicates that bears are in control as the Nifty has completely reversed the recent gains and again reached closer to the March low. In this highly volatile market, investors can focus on sectors like FMCG, pharma, capital goods and manufacturing whose valuations are moderate and reasonable on a long-term basis, said Vinod Nair, head of research, Geojit Financial Services.

On Wall Street, key indices extended losses on Thursday as investors fretted over the impact of surging inflation on US economic growth and corporate earnings. At 2:32 pm ET, the Dow Jones fell 0.5 per cent to 31,318 while the S&P 500 dropped 0.2 per cent to 3,914.





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Two held from Delhi-NCR over insurance fraud of Rs 35 lakh


The Ahmedabad Cyber Crime Cell arrested two accused from Delhi-NCR region for allegedly committing an insurance fraud of Rs 35 lakh against an Ahmedabad-based businessman.

According to police, Shubham Adhikari (25), a resident of Noida, and Satendra Kumar Jatav (32), a native of Hapud in UP, were detained by a cybercrime team and brought to Ahmedabad on Wednesday.

The accused allegedly duped Pashabhai Patel of Rs 35.13 lakh from March 2021 to May this year by impersonating as India First Life Insurance Company.

“The accused contacted Shah claiming to be from an insurance company in March 2021 and offered him to settle his ongoing policy for a one time big amount. Using that as bait, the accused took over Rs 35 lakh from Shah in different installments under various fake surcharges,” said a senior official of Ahmedabad Cyber Crime Cell.

Police also said that the accused were part of an NCR-based gang that targeted disgruntled customers of insurance companies.

“The accused had a database of customers and they used to dial them up at random to ask if they had any grievance with their existing policies. After gaining confidence and full details of the gullible victims, they used to impersonate as company officials and offer a one time settlement claim as bait. Then under various surcharges, the accused used to charge money from victims,” said the official.





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Day 3: LIC IPO subscribed 1.38 times


The mega initial public offering (IPO) of Life Insurance Corporation (LIC) was subscribed 1.38 times (138 per cent) on Friday with investors putting in bids for 22.36 crore shares as against the public offer of 16.20 crore shares.

LIC policyholders’ quota was oversubscribed 4.01 times (401 per cent) and the employee reserved portion attracted 306 per cent subscription. The retail investors portion was subscribed 123 per cent, according to data revealed by the stock exchanges.

Retail investors bid for 8.53 crore shares as against their quota of 6.91 crore shares. While 2.21 crore shares were allotted for policyholders, there were bids for 8.88 crore shares. Employees bid for 48.33 lakh shares as against their quota of 18.51 lakh shares.

Non-institutional investors have subscribed 76 per cent of their portion while qualified institutional buyers (QIBs) bought 56 per cent of the allotted quota of 3.95 crore shares. Majority of the bids in the QIB quota were put by banks, domestic institutions, insurance companies and mutual funds. QIBs normally put in their bids on the last day of the IPO. Foreign investors put in bids for 8.40 lakh shares.

The issue will close on May 9.

The corporation has priced the IPO in the range of Rs 902-949 per share. It has offered a discount of Rs 60 for policyholders and Rs 45 for retail investors and employees. The size of the IPO was cut from Rs 65,000 crore to Rs 21,000 crore as the Russian invasion of Ukraine and sustained selling by foreign investors sent the stock markets into a tailspin.
LIC mobilised Rs 5,627 crore from anchor investors on Monday. Domestic mutual funds invested Rs 4,002.27 crore, accounting for 71.12 per cent of the total anchor book portion of the IPO. SBI Mutual Fund invested Rs 1,006.89 crore, becoming the largest investor in the anchor book quota.





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Delhi: Metro cards lead police to accused in Civil Lines businessman’s murder


Three days after a 77-year-old real estate businessman was robbed and murdered inside his house in North Delhi’s Civil Lines, a 16-year-old has been apprehended from Rajiv Chowk Metro station in connection with the crime.

Police had found during their investigation that he frequently travelled on the Metro using a Metro card. Police extracted details of the card and apprehended him when he swiped it on Tuesday evening at Rajiv Chowk.

Police found during their investigation that a day before the incident, he parked his bike near the victim’s residence and then took the Metro from Civil Lines station. This was confirmed via CCTV footage.

Police had, in fact, scanned over 200 CCTV cameras and traced the route of the accused before and after the incident.

“The footage shows that he came to the locality and parked a motorcycle around 10 pm on April 30 before leaving the area. He later reached the Civil Lines Metro station from where he boarded a Metro. He came out at Green Park station and again boarded a train later. He then exited the Metro at New Delhi Railway Station and after spending some time on the premises, boarded another Metro to Samaypur Badli station,” a senior police officer said.

Police found that he was wearing masks to cover his face. “After reaching Samaypur Badli Metro station, he found that the token had expired. He then used a Metro card and, after exiting, boarded an autorickshaw. A team of North district police has also traced the autorickshaw,” an officer said.

Delhi Police then approached the Delhi Metro Rail Corporation (DMRC), asking them to share travelling details of the Metro card of the accused. “Police came to know he had travelled on April 29 from Samaypur Badli Metro station to Vishwavidyalaya Metro station, around 3.20 pm. He returned after 54 minutes,” the officer said.

Police had received a PCR call about the murder at 6.52 am on Sunday. “Ram Kishore Agrawal’s son called and said he found his father with his throat slit around 6.40 am. He was rushed to Sushruta Trauma Centre where doctors declared him dead on arrival. We found that he had four knife injuries on his body,” DCP (North) Sagar Singh Kalsi had said.





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