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The board of the company also recommended a dividend of Rs 19 per share. Along with Rs 15 interim dividend paid in November, the total dividend for fiscal 2022 comes in at Rs 34 per share.

“We may have to rethink the strategy. Already we have changed the strategy to an extent where we have a separate fund for ULIPs, for example. ULIP is something where we cannot be just holding on to the stock, we will have to churn them. That is where we have been able to generate quite a good bit of CAGR on our ULIP products.”

“It is the right time for the banking index to start outperforming some of the other sectoral indices. We would add weight to the banking sector at this given point of time and possibly even advise a small switch from maybe an ICICI Bank and some of the other banks to HDFC Bank at this level because the long-term construct for the bank looks very attractive.”

The S&P/ASX 200 index ended 0.8% lower at 7,261.2, extending falls to a third session and hitting its lowest level in nearly six weeks.

“With the policyholders’ discount and with retail discount, the IPO comes at one times embedded value (EV). This is as good as you can get. For the largest insurer in India, the pricing is fantastic. We cannot complain on pricing and if LIC is able to deliver on a lot of business parameters now, there is money to be made here.”

This is perhaps the most expensive in recent memory and makes the company more expensive than not just its peers but also the likes of Adani Wilmar, Dixon Tech and IRCTC.

“Two years back when the Covid lockdown had happened, with an exception of one quarter where the industry AUM dipped, the industry growth has been very secular and if SIP is one of the barometers, then the SIP also was close to about Rs 7,000 crore odd at that point of time. Today it is about Rs 12,000 crore odd.”

Sharp reaction to March quarter earnings, Covid resurgence, war in Ukraine and changing perceptions about the invincibility of Big Tech companies are behind the plunge in the stock markets. The 30-share flagship BSE Sensex tumbled 529.72 points to close at 56,819.39, while its broader peer Nifty50 settled 162.60 points lower at 17,038.40.

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The debentures are proposed to be listed on BSE. Debenture Trust Deed will be duly executed as per the requirements of and within the period prescribed under the Companies Act and rules specified therein.