The stock has fallen 13 per cent from its issue price of Rs 949 to Rs 826. In that process, shareholders of the company have lost over Rs 77,000 crore of their wealth. The company also lost its place as the fifth largest company as well as its market cap fell below
.
A foreign brokerage has suggested a target for LIC at Rs 1,000, which hints at a modest 5.37 per cent upside over the issue price of Rs 949.
Expecting something good?
Shares of
() saw buying on Friday ahead of its earnings announcement as many expect an improved performance from the fintech firm.
The company in its latest business update had said its lending business saw a total disbursal of 2.6 million loans during April, posting a 449 percent year-on-year (YoY) growth. This aggregates to a total loan value of Rs 1,657 crore during the quarter.
“We are also seeing increases in average ticket size due to the scale-up of the personal loans business in particular,” Paytm had said in the exchange filing.
The stock ended up nearly 4 per cent.
Drug launch
Biologics, a subsidiary of Biocon and Viatris, launched Abevmy in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, is a biosimilar to Roche’s Avastin and has been approved by Health Canada across four oncology indications.
Abevmy follows the launch of our two oncology biosimilars in Canada, Ogivri (bTrastuzumab) in 2019-the first Trastuzumab approved in the country and Fulphila (bPegfilgrastim), which was launched in 2020. In addition to the therapeutic area of oncology, Viatris Canada launched Hulio (bAdalimumab) in February 2021 for chronic inflammatory conditions.
Following the launch, the stock climbed over 5 per cent.
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