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Bengaluru-based insurtech start-up Go Digit General Insurance on Thursday announced that its IPO will open on May 15 and close on May 17. The issue comprises a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares, according to the draft prospectus.In the IPO, promoter Go Digit Infoworks and other existing shareholders are offloading stakes while star couple Virat Kohli and Anushka Sharma will remain investors.In 2020, cricketer Virat Kohli bought 266,667 shares of the company for Rs 2 crore while actress wife Anushka Sharma invested 50 lakh through a private placement.Ahead of the IPO, the promoter group including Canada-based Fairfax, Kamesh Goyal, Go Digit Infoworks and Oben Ventures, owned 83.31% stake in the company.Go Digit's IPO hit multiple hurdles over compliance issues, which delayed approval for the public offer. Sebi had returned the draft offer document twice as the regulator raised concerns over share issuance.Go Digit, which operates in the general insurance sector and counts Canadian billionaire Prem Watsa's Fairfax Group and A91 Partners among its backers, refiled its IPO papers with Sebi in March last year, which the regulator approved in March this year.The insurance firm plans to utilise the net proceeds towards augmenting its capital base and maintaining the solvency levels.In the nine-month period ending December 2023, Go Digit's net earned premium rose to Rs 5,115 crore vs Rs 3,767 crore in the corresponding period of the previous financial year. It reported a profit after tax of Rs 129 crore in the 9-month period vs Rs 10 crore in the first 9 months of FY23.ICICI Securities, Morgan Stanley India, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities are the book-running lead managers for the IPO.As a digital full stack insurance company, Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.

Shares of gold financiers Muthoot Finance and Manappuram Finance were down between 8-9% on BSE after the Reserve Bank of India (RBI) sent the companies an advisory concerning cash disbursal of loans. Shares of Muthoot fell up to Rs 1,510 while Manappuram tumbled to Rs 165.15.RBI had reportedly asked NBFCs to strictly adhere to the Income Tax Act provision on cash disbursement of loans wherein no NBFC should disburse loan amount in excess of Rs 20,000 in cash.“Please refer to provisions of Section 269SS of Income Tax Act, 1961, which stipulates that no individual can receive more than 20,000 rupees as loan amount in cash,” the letter from the Central Bank stated."Consequently, no NBFC should disburse loan amounts in excess of 20,000 rupees in cash."ALSO READ | Hero MotoCorp shares surge 6% after Q4 results. Should you buy, sell or hold?Earlier in March, the central bank had also prohibited IIFL Finance from disbursing gold loans, for the violation of cash disbursal norms, among other issues.George Alexander of Muthoot Finance stated that the bank does not see the advisory as a challenge as they do not foresee any customer denying loan disbursement directly into their bank accounts.There will be no loss in the number of customers as the management is 100% confident that the central bank’s new norms will not impact Muthoot volumes, Alexander further stated.Recently, Muthoot Finance's microfinance arm, Belstar Microfinance, filed preliminary papers with capital markets regulator SEBI to raise Rs 1,300 crore through an initial public offering (IPO), while Manappuram’s subsidiary Asirvad Micro Finance also got a nod from SEBI to raise funds through an IPO in the last month.The shares of Manappuram have gained 45.5% in the last one year while Muthoot has increased by 48% in the same period.Also read: L&T shares fall 6% as brokerages cut target prices after Q4 results. Should you buy or sell?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

India's leading public sector lender State Bank of India (SBI) among 69 companies will announce their results for the quarter ended March 2024 on Thursday. Other companies investors will watch out for include Asian Paints, BPCL and Indian Overseas Bank.Apart from the above, Abbott India, ADF Foods, Ajmera Realty, Alkyl Mines, Alps Industries, Alembic Pharma, ASI Industries, Balgopal Commercial, Capital SFB, Care Ratings, Escorts Kubota, Grand Foundry, Gopal Snacks, HPCL, IOB among others will also release their March quarter numbers.SBI Q4 expectationsIndia's leading public sector lender State Bank of India (SBI) is expected to report muted numbers for the fourth quarter ended March 2024.Analysts are pricing in a flattish net interest income (NII) growth or even a marginal decline up to 1% year-on-year on the back of higher operating expenses and NIM normalisation.Operating expenses would be higher due to wage revision-related costs (final settlement impact).Net profit for the fourth quarter is likely to drop 24% year-on-year, according to an average estimate of five brokerages."We expect operating profit to decline 20% year-on-year (higher operating expenses) and NIM normalization. We are building in flat NII growth on the back of 14% year-on-year loan growth," said Kotak Equities.Asian Paints Q4 expectationsDomestic paint and building material player Asian Paints is expected to report a net profit of Rs 1,317 crore for the quarter ended March 2024, which will likely be 5% year-on-year.The Mumbai-headquartered company may also post a revenue of Rs 9160 for the said quarter, which will be a 4.3% jump on the YoY basis, according to average estimates by three brokerages.The PAT range is expected between Rs 1,287 crore and Rs 1,900 crore. The lower band is estimated by Axis Securities, while Anand Rathi sees the higher range.The demand for paints remained steady in Q4, said one of the brokerages while emphasising that the low input price-driven margin expansion for companies is behind now and boiling crude oil prices and price cuts could create a margin pressure for most companies in this segment.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Indian market is expected to consolidate on Thursday tracking muted global cues.The Nifty future closed positive with gains of 0.05% at 22392 levels on Wednesday. India VIX was up by 0.41% from 17.05 to 17.08 levels.On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22700 strikes while the maximum Put OI is placed at 22000 and then towards 22200 strikes.Call writing is seen at 22400 and then towards 22600 strikes while Put writing is seen at 22200 and then towards 22100 strikes.“Options data suggests a broader trading range in between 21800 to 22800 zones while an immediate range between 22100 to 22500 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.FIIs in the cash segment on Wednesday sold to the tune of Rs 6,669.10 cr while DIIs bought to the tune of Rs 5928.81 cr.FIIs' Long short ratio for index futures has further dipped to 38.50, as on a net basis, they sold 26530 index futures.“The Nifty PCR is currently at 0.59. Going ahead, 22200-22180 will act as crucial support for the index, while resistance is seen at 20-EMA levels of 22410-22430 zone,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.“Any sustainable move below the level of 22180 will lead to further selling pressure in the index up to the 22030-21950 level,” he said.“On a cross-over above 22430, Index could witness a short-term move upto 22580-22630,” recommended Shah.We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureauHeritage Foods: Buy| Target Rs 410| Stop Loss Rs 345Prestige Estates: Buy| Target Rs 1900| Stop Loss Rs 1415Orient Electric: Buy| Target Rs 255| Stop Loss Rs 220Expert: Kunal Bothra, Market Expert told ETNowPetronet LNG: Buy| Target Rs 323| Stop Loss Rs 299Ashok Leyland: Buy| Target Rs 205| Stop Loss Rs 193Biocon: Buy| Target Rs 318| Stop Loss Rs 288Expert: Nooresh Merani, an independent technical analyst told ETNowAxis Bank: Buy| Target Rs 1200| Stop Loss Rs 1120ICICI Lombard General Insurance: Buy| Target Rs 1900| Stop Loss Rs 1670OIL: Buy| Target Rs 700| Stop Loss Rs 620(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)