NEW DELHI: Life Insurance Corporation () of India on Friday fell for the ninth session on Friday as investors continued to dump their holdings in the company. The pressure was also higher as anchor lock-in for the stock will end on Monday.
Anchor lock-in for newly listed stocks ends after a month of allocation of equities. From this day onwards even those allottees who received the stock during anchors round can start selling them. Some believe this may add to the selling pressure.
On BSE, the stock closed down nearly 2 per cent to Rs 709.70. The stock is down 25 per cent from its IPO issue price. Shareholders have lost more than Rs 1.5 lakh crore of wealth in the onslaught.
Big order
Transformers and Rectifiers (India) said it has been awarded orders of Transformers for a total contract value of Rs 186 crore from one of the state utilities. The said orders fall under the normal course of business.
“The Company neither has any interest in these entities that awarded the orders nor fall within related party transactions. With this order, the Company’s Order book as on date stands at Rs 1482 crores,” the company said in a filing.
The stock eventually surged 8.75 per cent following the announcement.
Expanding biz
RattanIndia backed Revolt Motors, India’s next gen-mobility is opening a new store in Rajkot, the company said in a regulatory filing. This is the third store in Gujarat and the 26th store across the country.
“After expanding its presence across states like Kerala & Bihar in May, Revolt Motors is all set to enter the city of Rajkot. With this, the company aims to strengthen its presence across the nation & open 40+ stores this year,” the firm said.
Following this the stock ended 1 per cent higher despite the overall market was in turmoil.
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