Prospective investors in Life Insurance Corporation (LIC) of India's $8-billion initial public offering (IPO) are seeking assurances from company management that it will not sacrifice their interests to meet the goals set out by the government, its controlling shareholder, said sources.

In virtual roadshows for India's biggest-ever public listing, LIC management and the IPO bankers have been peppered with questions about the insurer's past investments and their quality, four people with knowledge of the matter said.

Shares of Butterfly Gandhimathi Appliances (Butterfly) hit a record high of Rs 1,419, up 2 per cent on the BSE in Wednesday’s intra-day trade, after Crompton Greaves Consumer Electricals (Crompton) made an open offer to acquire 26 per cent equity stake (4.65 million shares) of the company at Rs 1,433.90 per share. Post acquisition, Crompton will hold up to 55 per cent stake in the company.

The stock of Butterfly, which is engaged in household appliances business, surpassed its previous high of Rs 1,399.15 touched on February 11, 2022.

The rupee weakened while bond yields jumped as the Russia-Ukraine crisis deepened, pushing global crude oil prices close to $100/bbl.

The governments decision to go ahead with its scheduled auction of bonds this week, after cancelling the previous two auctions, further hurt sentiment in the bond market.

India added 13,405 new coronavirus infections in a single day, taking the virus tally to 4,28,51,929, while the active cases dipped below two lakh after 49 days, according to the Union Health Ministry data updated on Tuesday.

The death toll climbed to 5,12,344 with 235 fresh fatalities, the data updated at 8 am stated.

Shares of Indiabulls Real Estate surged 9 per cent to Rs 112.40 on the BSE in Tuesday’s intra-day trade in an otherwise weak market on the back of heavy volumes after the company clarified that Enforcement Directorate (ED) investigation did not pertain to the company and has no bearing on the business and operations of the company.

At 10:33 am; the stock traded 8 per cent higher at Rs 110.75, as compared to a 1.6 per cent decline on the S&P BSE Sensex.

State-owned Bank of India (BOI) has said it can absorb any burden of marking down recapitalisation bonds issued in lieu of equity shares to the government without fresh capital infusion. The discounting, to be done by fair-value method, could halve the bonds' value to about Rs 1,500 crore.

The lender’s Capital Adequacy Ratio was 16.66 with Common Equity tier I ratio of 13.16 per cent. On Monday. BOI stock closed 2.1 per cent lower at 51.4 per share on BSE.

SBI Life Insurance Company (SBI Life) on Monday said its promoter BNP Paribas Cardif, holding 0.2 per cent share capital, has requested to be reclassified as a public shareholder.

The company has received request from BNP Paribas Cardif, one of the promoters of the company, holding 0.20 per cent of the paid-up share capital of the company, vide letter dated February 21, 2022 for reclassifying its shareholding in the company from the promoter and promoter group category to public category, SBI Life said in a regulatory filing.

The Supreme Court has agreed to hear in open court a review plea filed by Cyrus Investments Limited against its order setting aside appellate tribunal NCLAT's order which had restored Cyrus Mistry as the executive chairman of the Tata group.

A three-judge bench of Chief Justice N V Ramana, Justice A S Bopanna, and Justice V Ramasubramanian said the petitions will be heard in open court on March 9.

Tata Consultancy Services (TCS) on Monday announced the launch of its Sydney Digital Garage to help customers in Australia and New Zealand leverage co-innovation and accelerate digital transformation.

The advanced research hub is designed to holistically look at innovation, helping businesses establish their competitive differentiation, increase speed to market, and navigate their growth and transformation journeys.

Sistema Group company Binnopharm Group will acquire Dr Reddy's Laboratories' anti-bacterial medicines under the Ciprolet and Levolet brands in Russia, Uzbekistan and Belarus, the companies said in a joint statement on Monday.

The Binnopharm Group, which is one of the leading pharmaceutical production companies in Russia, has inked a deal with Dr Reddy's in this regard.

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