HDFC Standard Life to make stock market debut tomorrow

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Having been recently concluded an IPO worth Rs 8,695-crore, the HDFC Standard Life Insurance Company, makes its debut on stock exchanges tomorrow, 17 November 2017. The shares will be enlisted both on the BSE and NSE.

The IPO, which was open for subscription on 7 to 9 November, has been subscribed 4.89 times at a price band of Rs. 275-290 per share.

The public issue included sale of 191,246,050 shares, amounting to 9.55 percent stake, by HDFC and up to 1,08,581,768 shares, by Standard Life Mauritius.

HDFC Standard Life Insurance Co is one of the top-three life insurers in India by market share in new business premium, as well as the most profitable life insurers based on value of new business margins and among the top five private life insurers in India.

Reliance group stocks tumble amid heavy selling

Most shares of the Reliance ADAG tumbled heavily in the late afternoon trade on Wednesday. It includes Reliance Power, Reliance Communications, Reliance Infrastructure, Reliance Naval & Engg, Reliance Nippon Life Asset Management and Reliance Capital.

Shares of Reliance Communications (RCom) are on a continuous fall from last week. The company posted a net loss for the 4th straight quarter. Last week, Saturday, RCom had reported a consolidated net loss of Rs 2,709 cr for the July-Sept period against a profit of Rs 62 crore in the corresponding quarter a year ago.

In the meantime, an added update, the NCLAT on Wednesday issued a notice to RCom over a petition filed by Manipal Technologies Limited seeking its due.

Bharti Airtel divests 83 mln shares of Bharti Infratel for Rs 3,325 crore

Bharti Airtel today expressed that it has divested 83 million shares of its assistant, Bharti Infratel, for Rs 3,325 cr through alternate share sale in the stock market. The sale was done @Rs 400.6/share, representing a discount of 3.6% to the previous day's closing price.

Bharti Airtel, India's enormous medium function, will primarily utilize the incomes from this selling to decrease its indebtedness, as per report. Airtel's united indebtedness stood at Rs 91,480 crore as on Sept 2017. Bharti Airtel and its wholly owned assistants together have an asset holding of 53.51%in structure institution Bharti Infratel, the company said.