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“We might see a positive surprise when they eventually announce results and therefore I still think it is worth buying, if it were to be available at the IPO price or even below. One has to be sure of course that every market can take a 20-25% beating easily. If you cannot take that kind of volatility, this market is definitely not for you and perhaps the LIC IPO is not as well even after listing. ”

"We were amongst very few companies in India to report a YoY revenue growth during the Covid period. We reported an almost 7% year-on-year revenue growth in FY21, the year when the economy contracted. And also witnessed more than 10% year-on-year revenue growth in FY22. The last 2 years of Covid proved to be a tailwind for SIS business."

The Indian currency had opened at 77.8060/$1 as against 77.4500/$1. On May 9, the rupee had settled at a record closing low of 77.4650/$1.

LIC listed at Rs 867.2 on BSE, a discount of 8.62 per cent over its issue price of Rs 949. On NSE, it debuted at a discount of 8.11 per cent.

Investors can subscribe to the issue by bidding for a minimum of 350 shares and in its multiples thereof. The issue is open for subscription till Thursday, May 19.

“As the Nifty is already down 3000 points from the top. it is not relevant to be looking for safer sectors in my view. We need to wait for the crescendo move in the downside which will play out eventually at some stage over the next few weeks and then possibly get into financials, capital goods, autos.”

Barring the US dollar-pegged stablecoins, all the tokens were trading lower on Tuesday. Cardano and Polkadot tumbled 5 per cent each, whereas Avalanche, Solana and Shiba Inu dropped 3 per cent each.

Gold futures on MCX were trading higher by 0.15 per cent or Rs 73 up at Rs 50,321 per 10 grams. However, silver futures tumbled about 0.13 per cent or Rs 77 at Rs 60,849 per kg.

Promoters held 51.4 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 17.61 per cent and 19.54 per cent, respectively.

Raymond recorded the "highest-ever revenue and profitability during the quarter", the company said in an earnings statement.