Top News Podcast: LIC IPO opens on May 4, PM Modi’s message to states on petrol, diesel prices, Delhi heatwave and more

The initial public offer (IPO) of state-owned insurer Life Insurance Corporation of India (LIC) will hit the markets on May 4 and the decision to launch it now was influenced by reduced market volatility and a solid anchor book, the government said on Wednesday.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares more details on the LIC IPO, how the stock markets fared, the latest on the COVID-19 pandemic, fuel price hike and more from around the world.

Reliance Industries Ltd (RIL), meanwhile, became the first Indian company to cross Rs 19 lakh crore in market capitalization. The stock ended in green after hitting a 52-week high in intra-day trade.

Among other shares in focus were Bajaj Finance, Bajaj Auto, Axis Bank, and AU Small Finance Bank.

Meanwhile, Prime Minister Narendra Modi held a meeting with Chief Ministers and urged states including West Bengal, Maharashtra, Tamil Nadu and several others to cut value added tax (VAT) on petrol and diesel prices to reduce the burder on citizens.

People in Delhi must brace for a heatwave because the city is predicted to see a jump of two to three degrees Celsius in the maximum temperature. The temperature touched the 42-degree mark today and is expected to soar to 44 degrees Celsius tomorrow, according to the India Meteorological Department (IMD). The maximum temperature may even leap to 46 degrees Celsius in parts of Delhi, a Met department official said.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.