Finance Minister Nirmala Sitharaman said that the Government was reviewing the launch of Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC). The government will likely review the situation before taking a final call on the public issue of the state-run insurer, Zee Business reported. 

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Meanwhile, HDFC Bank in a note said, "With a cloud of uncertainty now cast over the timing of the LIC IPO, the pair could move towards 76+ levels if the IPO is pushed to the next fiscal.".

 

On Wednesday, the Indian bonds edged higher as the rupee weakened amid Russia Ukraine war. The rising crude oil prices amid the ongoing war situation has been another concern.

The analysts at HDFC Bank further wrote, "The 10-year benchmark yield is likely to trade in the range of 6.75-6.8% in the near term."

The sharp rise in the global crude oil prices threatens to push up domestic inflation and widen the country`s current account deficit.

Due to this situation, there have been suggestions to the government from the bankers to defer the LIC IPO, Reuters reported.

At the Indian markets, the benchmark 10-year bond yield edged up to 6.80 per cent, up 3 basis points from its previous close on Monday. It touched 6.81 per cent in early trade, which is in fact the highest since February 9, 2022.

The traders said if there are no more debt sales in this fiscal year, yields are likely to trade in a 6.75% to 6.85% range depending on the movement in global crude and the evolving geopolitical situation.

Indian shares on Wednesday fell after data showed the country's economic growth missed estimates, with the escalating Ukraine crisis and surging crude oil prices also weighing.