Analysts had expected a weak opening for the top Indian non-life insurer as demand for the issue was only 1.2 times the number of shares on offer, indicating relatively low interest in what has been a record year for IPOs in the country. But high valuations, especially in some recent big IPOs from insurers, have dampened post-listing share price gains. At the listing ceremony in Mumbai, New India Assurance chairman-cum-Managing Director G Srinivasan said, "Companies like us have large technical reserves, what is known as policy holders liabilities, outstanding claims and reserve for an expired risk".
Traffic lights to be installed to ease congestion at busy M62 junction
The innovation fund is created to encourage Highways England to look at new technology or novel techniques to improve journeys. Alongside the new traffic lights system will be electronic information signs and variable mandatory speed limits on the M62.
Anuradha Thakur, joint secretary at the government's divestment department, told reporters in Mumbai on Monday that market sentiment would be taken into consideration after the GIC Re and New India IPOs to decide the timing and pricing of the next insurer sales. New India's return on equity has lagged ICICI Lombard's in the last five years, the brokerage also said. It closed at ₹725.05, which is 9.37% lower than the issue price. The benchmark Nifty 50 share price index was down 0.4 per cent.
- Target, Walmart, Best Buy release Black Friday 2017 deals
- Telangana wants PM Modi to inaugurate Hyderabad metro project
- The Army Now Accepts Some Recruits With Mental Health Struggles
- What Does Wall Street Say about The Trade Desk, Inc. (NASDAQ:TTD)?
- Mad Max: Fury Road Sequel Held Up Over Financial Dispute
- Spotify will now sell listeners makeup products inspired by popular music artists
- Prélèvement à la source : entrée en vigueur confirmée au 1er janvier 2019
- Fiat Chrysler Automobiles NV (FCAU) Earns News Sentiment Score of 0.12
- Adobe Systems Incorporated (ADBE), Facebook, Inc. (FB)
- Branden Grace wins Nedbank Golf Challenge at Sun City