Government will divest 5 percent of its stake in Power Finance Corporation on July 27 which may fetch around Rs 1,700 crore at current market price.
We had a powerful short covering bounce yesterday on December 18, 2014 and a bit of buying from the domestic insurance companies/LIC because FIIs sold about Rs 800 crore, DIIs were on the net buying side but this market will now enter the business zone 8,200 to 8,250. Anuj Singhal of CNBC-TV18 has more details.
Pitching for raising the FDI cap in insurance segment to 49%, financial solution provider firm SMC Global Securities on Monday said the move would help the sector become a USD 65 billion industry by 2014.