Source: https://economictimes.indiatimes.com/markets/stocks/news/shankar-sharma-says-he-will-never-touch-lic-as-an-investor-heres-why/articleshow/74150904.cms?from=mdr
Veteran investor Shankar Sharma said he would stay away from the initial public offer (IPO) of state-run Life Insurance Corporation of India (LIC), blaming the government for making it absorb public sector undertaking’s unsold issuances.
“I would never touch LIC as an investor. The government sold their unsold items to LIC and now they are selling the owner of those unsold items to us,” Sharma, Co-founder, and Chief Global Strategist, First Global said on Saturday at ANMI’s International Convention 2020.
Market participants have often blamed the government for pushing state-run corporations, particularly LIC to absorb the shortfall in their offerings, a claim which the life insurer has denied.
The current narrow market rally will continue, the market stalwarts said.
Shankar Sharma says he will never touch LIC as an investor. Here's why
"Govt sold their unsold items to LIC and now they are selling the owner to us” said Sharma.
ETMarkets.com|
Last Updated: Feb 17, 2020, 10.53 AM IST
Veteran investor Shankar Sharma said he would stay away from the initial public offer (IPO) of state-run Life Insurance Corporation of India (LIC), blaming the government for making it absorb public sector undertaking’s unsold issuances.
“I would never touch LIC as an investor. The government sold their unsold items to LIC and now they are selling the owner of those unsold items to us,” Sharma, Co-founder, and Chief Global Strategist, First Global said on Saturday at ANMI’s International Convention 2020.
Market participants have often blamed the government for pushing state-run corporations, particularly LIC to absorb the shortfall in their offerings, a claim which the life insurer has denied.
Earlier this month, Finance Minister Nirmala Sithamraman unveiled plans for LIC’s IPO, which is going to be a key component in the government Rs 2.1 lakh crore revenue target to be raised from the sale of public assets and equity holdings in various public sector enterprises.
Samir Arora, the Singapore-based fund manager and founder of Helios Capital, said though he was bullish on the market after the corporate tax cut, that optimism has now tempered down.
In a major fiscal booster, last September, the government had slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Samir Arora, the Singapore-based fund manager and founder of Helios Capital, said though he was bullish on the market after the corporate tax cut, that optimism has now tempered down.
In a major fiscal booster, last September, the government had slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
The current narrow market rally will continue, the market stalwarts said.
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