Here are the top stories this evening:
LIC IPO price band set at Rs 902-949, discount of Rs 60 for policyholders: Govt sources
The price band for the initial public offering of Life Insurance Corporation of India (LIC) has been set at Rs 902 to Rs 949, with a discount of Rs 60 for policyholders, CNBC TV18 learnt from government sources on April 26. The discount will be Rs 40 for retail and employees, according to sources privy to the development.
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Covaxin approved for restricted emergency use in children aged 6-12 years
The Drugs Controller General of India (DCGI) has granted restricted emergency-use authorisation to Bharat Biotech's Covaxin for children in the 6 to 12 years age group.
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Reliance, TA’ZIZ sign shareholder agreement for Ruwais chemicals project
Indian conglomerate Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) on April 26 announced the signing of shareholder agreement for the Ruwais chemicals project. The project, formally referred to as the TA’ZIZ EDC & PVC joint venture, will involve a "total investment of over $2 billion", a joint statement said.
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Future fuel in the country is LNG: Nitin Gadkari
Union Minister Nitin Gadkari on April 26 said that Liquefied Natural Gas (LNG) is the future fuel in India and the Ministry of Road Transport and Highways (MoRTH) will encourage flex engines for future, which can run 100 percent on bio ethanol.
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Adani Group in advanced talks to cement Ambuja takeover deal with Holcim
Adani Group is in advanced talks to acquire Ambuja Cements, the India business of Holcim Limited, according to people familiar with the development. An agreement between the Gautam Adani-led conglomerate and Holcim to buy a controlling stake in Ambuja is expected in the next few days, the sources said, asking not to be identified, as the information is private.
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Taking Stock | Market snaps 2-day losing streak, ends over 1.4% higher; auto, energy, banks gain
The Indian market snapped a two-day losing streak and closed more than a percent higher on April 25, supported by positive global cues. The Sensex rose 776.72 points, or 1.37 percent, to end the day at 57,356.61, while the Nifty was up 246.80 points, or 1.46 percent, at 17,200.80.
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Bond market signals: Global, domestic cues will force MPC to change course earlier than expected, say experts
Rising bond yields indicate that India’s rate-setting panel may have to move earlier than expected to hike rates to follow rate cues from both international and domestic markets, say experts. The benchmark bond yield has risen by as much as 44 basis points (bps) in April to 7.05 percent now; experts predict the yield could rise to 7.50 percent by March next year. One bps is one hundredth of a percentage point. Bond prices and yields move in opposite directions.
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