ICICI Lombard General Insurance IPO opens today

The Initial Public Offering of ICICI Lombard General Insurance Company will remain open for subscription today, Sept 15, and will close on Sept 19. The IPO will see ICICI Bank and Fairfax Financial Holdings sell about 86.24 million shares. The initial share sale values the company at Rs. 30,000 crore at the upper end of the price band level of Rs. 651 - 661 per share.

ICICIL is joint venture with ICICI Bank and Fairfax Financial Holdings. It is a multi-product general insurance player having market share, based on GDPI or gross direct premium income, of 8.4% among all non life insurers and 18% among private-sector non-life insurers.

ICICIL's investment assets jumped from Rs 10200 crore on March 31, 2015 to Rs. 15079 crore on March 31, 2017. It holds 18.0 percent share among private sector non-life insurers in the country and manages Rs. 164.5 billion of investment assets. ICICI Lombard General Insurance is the second large insurance company from the ICICI group to go public.

Top Trading Ideas from Market Expert for Trade Tomorrow (14 Sep 2017)

Research Head (MONEY MAKER RESEARCH & INVESTMENT ADVISOR PVT LTD) is having a view that one can go long in IB VENTURE.

“IB VENTURE is the stock which I would recommend to buy above Rs 288; this can see a upside to levels closer to Rs 300 - 305 zones, keep stop loss below Rs 270”.

The origination of the low cost housing efforts and Real Estate Bill will provide an urgue to sales and the Company is geared to take leverage of the same through its realty distribution business.

Company has a given a good return on equity (ROE) track record: 3 Years ROE 32.08% & also maintaining a healthy dividend payout of 60.68%.

Stock also has been gaining for the last 7 days and has risen 24.59% in the period & Price has risen by 7.13% and Vol has risen by 51.97%.

IB VENTURE was closed 6.95 per cent up today at Rs 283.75 at NSE.

Rupee hits One-week low against US dollar - Update by Money Maker Research

The Indian rupee on Thursday was trading at a one-week low against the dollar, tracking losses in the Asian currencies markets. The rupee opened at 64.17 per dollar and touched a low of 64.1 and was trading at 64.14 per dollar, down 0.22 percent from its last day’s close of 63.99. The fall in rupee was also on account of continued selling by the FIIs in the local equity markets.  So far this year, the rupee has gained 5.9%, while Foreign Institutional investors have bought 6.35 billion dollar in equity market and 20.35 billion dollar in debt markets, as per data.

The govt will issue inflation data based on WPI for the month of August today afternoon. As per estimate, wholesale price inflation (WPI) will be at 3.2 percent in August compared to 1.88 percent in July. 

The dollar index was trading at 92.463, down 0.07 percent from its previous close of 92.52.