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An official of one of the lead managers said 50 per cent of the offer is reserved for QIPs, including anchor investors. He said 35 per cent is being reserved for retail investors, 15 per cent for high networth individuals and ten per cent for policy holders.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 apiece in the initial public offering, which opens on May 4 and closes on May 9. LIC would start trading on stock exchanges on May 17.

“Today a shift is happening towards sectors and stocks where the risk reward of investing is in place and there is growth ahead. By risk reward, I mean companies are available at 15% free cash flow yield or 10% free cash flow yield. Should I buy that versus companies where 40% growth is baked in and fully priced in? As the cost of capital goes up, this kind of shift will happen and is here to stay for some time.”

Nomura has set a target price of Rs 770 on the stock. Interestingly, in order to reach all-time high level of Rs 1,610, the stock will need to more-than-double from the said target. From the last close, it suggests an upside potential of nearly 19 per cent.

Tech giants trading in Hong Kong led gains with a 10% jump, amid hopes that Beijing will stop its sweeping regulatory clampdown on the embattled sector.

The pan-European STOXX 600 index rose 1.1%, trimming its monthly declines to 0.9%.

Erasing initial gains amid a choppy session, the 30-share pack Sensex declined 460.19 points or 0.80% to close at 57,060.87. Axis Bank, Reliance, and Infosys were top index drags. The Nifty Bank index fell nearly 1 per cent. Its broader peer, NSE Nifty50, slumped 142.50 points or 0.83% to 17,102.55.

“Play your stories, play your investment trust; play your commodities stocks – the dividends are good; go for good long term stories and the new stories structuring stories coming out. Those have done well for it. Let us see what happens to autos, tractors, everything at the end of June quarter and we will take a call. There is no hurry to invest in 70% of the companies in this country.”

"A company like Bajaj Auto does and what Reliance does makes an amazing comparison. Reliance puts its cash to use. Bajaj Auto puts its cash in FDs. Now you can decide whether you want to be with the guy who puts in FDs or a guy who puts new things on the table. Yes he will take ambitious bets, yes there will be corrections but I think this is one stock one needs to buy on correction and not sell on correction."

As of 31-Mar-2022, promoters held 59.47 per cent stake in the company, while FIIs held 24.44 per cent and domestic institutional investors had 3.63 per cent.