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lic: Govt keeps eye on market trends for LIC IPO’s timing – Times of India

NEW DELHI: The Centre is intently watching the market state of affairs and the federal government will determine on the preliminary public supply (IPO) of LIC within the “best interest of investors,” a prime official mentioned on Friday. The response got here amid the backdrop of sharp market volatility within the aftermath of Russia’s invasion of Ukraine. “No. We are closely watching the market situation,” Tuhin Kanta Pandey, secretary, division of funding and public asset administration (Dipam) instructed TOI. He had been requested whether or not LIC’s IPO was being deferred to the following monetary 12 months, which begins in April.

The huge uncertainty in world and home monetary markets has emerged as an enormous fear for the nation’s largest IPO by way of which the federal government goals to lift near Rs 70,000 crore. Finance minister Nirmala Sitharaman had additionally just lately mentioned the federal government gained’t thoughts having a relook at LIC IPO’s timing if world concerns warrant that, however ideally the plan was to go forward with it because it had been deliberate for a while purely on Indian concerns.
The IPO of the insurance coverage big is the centrepiece of the federal government’s asset gross sales programme and the Centre had mounted an enormous train to finish its profitable itemizing. The battle in Ukraine has additionally posed a threat for the go- vernment’s broader privatisation drive, together with key gross sales of oil advertising main BPCL, Shipping Corporation of India and BEML.
Earlier, talking at a perform, Pandey mentioned the goal of the federal government was to provide you with the LIC IPO throughout the present monetary 12 months however pointed to the disaster, following the state of affairs in Ukraine. “That has always been our desire, but now with this crisis which has come up, it is also a very dynamic situation. We have to be watchful and make our strategy accordingly,” mentioned Pandey.
Russia’s invasion triggered big worries about world progress and inflation. Policymakers at dwelling are finalising a technique to cope with the impression of the battle on inflation and sharp surge in world crude oil costs towards the backdrop of huge disruption of provide chains.

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