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The week ahead, in charts: LIC listing, RBI minutes, etc

LIC is set to be listed on the BSE and the National Stock Exchange on Tuesday.At least 12 top fund managers are said to have committed to bringing in around  ₹18,000 crore as anchor investors in LIC. (Photo: Reuters)Premium
LIC is set to be listed on the BSE and the National Stock Exchange on Tuesday.At least 12 top fund managers are said to have committed to bringing in around 18,000 crore as anchor investors in LIC. (Photo: Reuters)

LIC, the country’s largest insurer, will get listed this week after positive vibes from the initial public offering. The minutes of the RBI’s unexpected meeting earlier this month will be released. The French Open will get under way this week. Here’s what to watch out for.

Every Monday, Mint’s Plain Facts section features key data releases and events to look for in the coming week. Life Insurance Corporation of India, the country’s largest insurer, will get listed this week after positive vibes from the initial public offer. The minutes of the Reserve Bank of India’s (RBI’s) unexpected meeting earlier this month will be released. The French Open will get under way this week. Here’s more:

1. LIC listing

LIC is set to be listed on the BSE and the National Stock Exchange on Tuesday. The share allotment was finalized on Thursday, after the IPO was subscribed almost three times at the time of closing. The company’s policyholders and employees were the most enthusiastic, with their portions subscribed over six and four times, respectively. The response in the grey market, however, turned a little negative, suggesting that the listing may take place at a lower price than the price band. For regular investors, the price was fixed at 902-949 per share. Market experts are still positive because of the company’s large market share, profitability and growth prospects.

Even after the government reduced the proposed size of the offer due to market volatility, this was the biggest IPO ever in the country. The government aims to generate 21,000 crore after liquidating its 3.5% stake.

LIC listing
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LIC listing

2. RBI minutes

With several central banks withdrawing their ultra-loose monetary policies, the RBI risked falling behind the curve if it delayed a rate hike too much. After it finally acknowledged the inflationary risks in April, the hike seemed imminent in its June meeting. However, in a surprise move, the monetary policy committee (MPC) held an off-cycle meeting on 4 May, and hiked the policy repo rate by 40 basis points, leaving analysts perplexed over the reasons behind an unscheduled meeting. Now all eyes are on the release of the minutes of that meeting, due on Wednesday, for insights into the reasons behind the move. The worrisome development between the April meeting and the off-cycle meeting earlier this month was the retail inflation data for March, which came in at 6.95%. The April inflation rate of 7.79% has added more to the worries. The MPC would not want inflation to stay above 6% for much longer.

RBI minutes
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RBI minutes

3. Bharti Airtel earnings

Bharti Airtel, India’s second-largest telecom company, will announce its earnings for the quarter ended March and the last fiscal on Tuesday. While the company’s net profit rose 22.3% year-on-year in the third quarter of FY22, it fell by 17% on sequential terms. However, its average revenue per user (ARPU) had registered growth on a quarter-on-quarter basis.

Brokerage firms expect the company to report a strong performance in the March quarter as the tariff hikes imposed in November-December will be reflected in its earnings. Its net profit is expected to grow by 7% on a sequential basis, according to JP Morgan. Its ARPU is also projected to rise further.

The tariff hikes by all telcos has hurt the mobile subscriber base of competitors, but not of Bharti Airtel. If this trend continues, the company could report robust growth owing to increased tariffs and more customers. The company hopes to take its monthly ARPU to 200 per month in 2022.

Bharti Airtel earnings
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Bharti Airtel earnings

4. French Open

The second Grand Slam of the year, the French Open, will begin in Paris on Sunday. In the women’s singles, Poland’s Iga Swiatek is the firm favourite. The recently crowned world no. 1 has won four successive titles in the last two months and is on a 23-match winning streak. She may face a stiff challenge from Tunisia’s Ons Jabeur, who has won two titles this year including the Madrid Open in which Swiatek did not participate. If Swiatek wins the title, she will rise to the fourth spot on the longest-ever winning streaks in singles.

Among the men, the defending champion Novak Djokovic, who was cleared to play as France eased its vaccine mandates, will chase his 21st Grand Slam singles title. But to do so he may have to again beat tournament legend Rafael Nadal, which is a tall order. A surprise may also be on the cards in the form of 19-year-old Carlos Alcaraz.

French Open
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French Open

5. Watch your BP

May 17, designated as World Hypertension Day, is the official occasion to create awareness on the biggest killer in the world, high blood pressure. Around 1.3 billion adults aged 30-79 years in the world suffer from it. About half of them are unaware of their condition because they are undiagnosed, and 700 million are untreated. High blood pressure makes it harder for the heart to pump blood, increasing the risk of heart, brain, kidney and other diseases. In the last three decades, the prevalence of hypertension in rich countries has decreased but increased in middle- and low-income countries.

In line with the global trend, every fourth man and fifth woman of age 15 years and above in India have hypertension, as per the latest National Family Health Survey. But only 2.9% and 5.6% of these men and women are taking medicine to lower their blood pressure and have it under control.

Watch your BP
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Watch your BP
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