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GIC shares decline 6% as Rs 3,088 crore OFS opens at 9% discount

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GIC shares decline 6% as Rs 3,088 crore OFS opens at 9% discount
Shares of General Insurance Corporation of India (GIC) declined 6% to their day’s low of Rs 366 on the BSE on Tuesday as the government’s offer for sale (OFS) to divest up to 5% stake in the state-run insurer opens today at a floor price of Rs 352 apiece, implying a 9% discount to the stock’s previous closing price.

In an exchange filing released on Monday, GIC announced that the government aims to sell up to 3.51 crore shares, representing a 2% equity stake, as part of the base offer which opens for non-retail investors today (June 16). The government can also exercise the oversubscription option to additionally sell another 5.26 crore shares, representing another 3% stake in the company for the OFS that opens for retail investors and employees on Wednesday (June 17).

This collectively brings the total offer size to 8.77 crore shares, or a 5% equity stake in the general insurance company. At the floor price of Rs 352 per share, this would be worth more than Rs 3,087.74 crore.

Also Read | Nilesh Shah bats for minimum qualifying criteria for F&O trading after Maharashtra man kills family, self over Rs 1.8 cr loss

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The latest stake sale comes as the government recently ramped up its disinvestment efforts. Recently, the government offloaded some of its stake in Coal India, NHPC, NLC India and other PSU companies.


The government planned to sell 10% of its stake in the insurer ‌in tranches to meet the market regulator’s minimum public shareholding norm, Reuters reported in 2024. ⁠Of this, the government already sold a 3.4% shareholding in September 2024.

GIC shareholding pattern

The President of India owned more than 82% stake in GIC as of March 31, 2026, according to data on the company’s shareholding pattern on NSE. Life Insurance Corporation of India (LIC) meanwhile held around 10% stake, while 22 mutual funds held around 1.5% stake.
Around 2.07 lakh retail investors collectively owned a 1.4% stake in the company.

GIC share price

GIC shares have fallen around 1% in one week but are up nearly 2% in 2026 so far. The shares of the company have rallied 103% in three years and 92% in five years.The company has a market capitalisation of more than Rs 67,588 crore.

Also Read |
M-Cap of Vedanta’s split cos jumps 67% to Rs 3.5 lakh crore

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Messi Hits Milestone as Defending Champions Open Campaign

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Argentina captain Lionel Messi leads the celebrations after his team's 1-0 Copa America final win over Colombia on Sunday

KANSAS CITY — Argentina will begin their defense of the 2026 World Cup title against Algeria on Wednesday in a Group J opener at Children’s Mercy Park, with Lionel Messi set to mark his 200th international appearance as the Albiceleste seek to become just the third nation to retain the global crown.

The reigning champions enter the tournament as favorites in a competitive group that also includes Austria and Jordan. Coach Lionel Scaloni’s side has maintained an impressive run of form, topping CONMEBOL qualifying with 12 wins in 18 matches and scoring consistently in recent friendlies. A victory against Algeria would set a strong tone for their campaign, building on their successful 2022 triumph in Qatar.

Algeria returns to the World Cup for the first time since 2014, bringing technical quality and tactical organization that could challenge the South Americans. The Fennec Foxes topped their CAF qualifying group with only one defeat and have shown defensive solidity in recent outings. A positive result in Kansas City would mark a significant achievement for Vladimir Petkovic’s squad in their tournament debut.

Team News and Lineup Expectations

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Argentina will be without left-back Nicolas Tagliafico due to a calf strain suffered in a recent friendly against Honduras. Facundo Medina or Valentin Barco are expected to fill the role. Leandro Paredes and Nicolas Gonzalez are likely to be available after minor muscular issues, while goalkeeper Emiliano Martinez has been cleared following a finger injury.

Messi, recovering from a hamstring concern, is set to captain the side in his historic 200th cap, becoming the first player to appear in six different World Cups. The 39-year-old forward remains central to Argentina’s attacking plans, with Lautaro Martinez expected to lead the line alongside him.

Predicted Argentina XI: E. Martinez; Molina, Otamendi, Li. Martinez, Medina; De Paul, Fernandez, Mac Allister, Almada; Messi, La. Martinez.

For Algeria, left-back Ramy Bensebaini is sidelined with an ankle injury, with Samir Chergui and Zineddine Belaid competing to replace him. Amine Gouiri returns after missing recent AFCON action due to a shoulder problem, while Mohammed Amoura provides attacking support after netting 10 goals in qualifying. Veteran winger Riyad Mahrez will captain the side.

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Predicted Algeria XI: Zidane; Belghali, Mandi, Chergui, Ait-Nouri; Bentaleb, Boudaoui; Mahrez, Maza, Amoura; Gouiri.

Form and Tactical Outlook

Argentina have been in exceptional form, winning their last seven matches and scoring 21 goals during that streak. They enter as the world’s top-ranked team and have a strong record against African opposition, winning their last six encounters. Scaloni’s side blends experienced leaders with emerging talent, creating a balanced and dangerous unit capable of controlling matches through possession and quick transitions.

Algeria have shown strong organization and defensive discipline under Petkovic. They secured impressive victories over the Netherlands and Bolivia in preparation and have conceded just twice in their last six matches. Their possession-based approach could test Argentina’s midfield, while counterattacking threats from Mahrez and Amoura pose dangers on the break.

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The match is expected to be competitive, with Argentina favored but Algeria capable of causing problems through tactical discipline and set-piece execution. Referee Szymon Marciniak of Poland will officiate, adding experienced leadership to what promises to be an intense Group J encounter.

Historical Context and Significance

Argentina’s bid to retain the World Cup would make them only the third team to achieve back-to-back titles, following Italy and Brazil. Their path through a challenging group will test their depth and adaptability, with Messi’s milestone adding emotional weight to the campaign.

Algeria’s return to the global stage after a 12-year absence carries huge significance for African football. A strong showing against the defending champions could boost confidence for their remaining matches and highlight the growing competitiveness of CAF nations on the world stage.

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The last meeting between the sides came in a 2007 friendly, where Argentina won 4-3 in a high-scoring affair. Wednesday’s encounter is likely to be more tactical, with both teams prioritizing a solid start to the group phase.

Venue and Atmosphere

Children’s Mercy Park in Kansas City will host the match, providing a modern and passionate environment for what is expected to be a well-attended fixture. The venue has a reputation for creating an electric atmosphere, and with significant Algerian and Argentine diaspora communities in the United States, the stands should reflect strong support for both sides.

The timing of the 02:00 BST kick-off adds an early morning challenge for European viewers but ensures prime exposure for audiences in the Americas. Broadcast coverage will be available on major networks, with ITV1 in the UK and Fox Sports in the United States.

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How to Watch and Key Match Facts

Fans in the UK can watch live on ITV1, while viewers in the United States can tune in on Fox Sports. Global streaming options will also be available through official FIFA partners.

Key facts to watch include Messi’s influence on the game, Algeria’s ability to maintain defensive structure against Argentina’s attacking flair, and the physical condition of both squads after varying preparation periods. Set pieces and transitions could prove decisive in what promises to be a tactically rich encounter.

What’s at Stake

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A win for Argentina would send a strong message to the rest of Group J and establish them as early frontrunners. For Algeria, earning a point or more against the defending champions would represent a significant achievement and boost their chances of advancing from the group stage.

Both teams understand the importance of a strong start in a tournament where momentum can be decisive. The match offers a fascinating clash between established excellence and determined challengers, embodying the spirit of the expanded 2026 World Cup.

As the tournament unfolds, this Group J opener could set the tone for exciting battles ahead. Argentina’s quest for back-to-back titles and Algeria’s return to the global stage create a compelling narrative that football fans worldwide will be eager to follow. The stage is set in Kansas City for what should be a memorable encounter between two proud footballing nations.

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Fed expected to hold rates steady as inflation hits highest since 2023

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Jerome Powell successor Kevin Warsh clears Senate Banking Committee

The Federal Reserve is expected to hold rates steady following its monetary policy meeting this week amid the rise in inflation, while newly minted Chairman Kevin Warsh is set to hold his first post-meeting press conference.

Inflation was already elevated before the Iran war jolted energy prices higher, which has in turn contributed to key inflation measures moving further away from the Fed’s 2% target. The consumer price index (CPI) rose to 4.2% in May, which was the highest level since April 2023.

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That inflationary trend has prompted the market to effectively rule out an interest rate cut at this week’s meeting of the Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy decisions.

Warsh’s debut at the FOMC’s post-announcement press conference will be watched closely for signs of how policymakers view the path ahead for the economy and monetary policy, with the outlook for possible interest rate cuts this year appearing dim.

INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE

Kevin Warsh at his confirmation hearing

Federal Reserve Chair Kevin Warsh will host his first post-meeting press conference on Wednesday. (Graeme Sloan/Bloomberg via Getty Images)

The CME FedWatch tool shows a 98.4% probability that the Fed will leave the benchmark federal funds rate unchanged at its current target range of 3.5% to 3.75% this week. It also shows a 42.7% chance that rates remain at that level through the December meeting, narrowly ahead of a 25-basis-point cut at that time.

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“While Warsh is generally perceived as dovish, he will inherit a Committee that has become noticeably more hawkish,” said EY-Parthenon chief economist Gregory Daco. “Several policymakers have recently argued that rate hikes should remain an option if inflation remains above target, and concerns around energy-driven inflation pressures have only reinforced that bias.”

JPMorgan economists led by Michael Feroli wrote that they think that given the inflation backdrop and the labor market looking stronger, the FOMC “should drop the easing bias from the post-meeting statement, replacing it with either a neutral sentence or no forward guidance at all.”

AMERICANS GROW MORE PESSIMISTIC ABOUT FINANCES AS RENT AND FOOD COST FEARS SURGE, FED SAYS

Kevin Warsh and Donald Trump shake hands

President Donald Trump nominated Warsh to be Powell’s successor as Fed chair. (Anna Moneymaker/Getty Images)

Fed watchers will also be on the lookout for signals about possible institutional changes at the central bank in terms of its communications and projections.

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Daco said that the summary of economic projections (SEP or “dot plot”) released by the Fed are likely to garner more attention than usual, given that “Warsh has repeatedly expressed skepticism toward the usefulness of economic forecasts and the dot plot of median rate expectations.”

“While we still expect the SEP and dot plot to be published in June, we would not be surprised if Warsh declined to submit his own projections. Such a decision would be largely symbolic, but it would reinforce his broader view that policymakers should place less emphasis on forecasts and more emphasis on incoming economic data,” Daco added.

KEVIN WARSH SWORN IN AS FEDERAL RESERVE CHAIR

Jerome Powell speaks at an event in Washington, DC.

Former Fed Chair Jerome Powell remains a member of the central bank’s Board of Governors and of the FOMC after his chairmanship ended in May. (Amanda Andrade-Rhoades/Reuters)

Goldman Sachs economists led by Jan Hatzius and David Mericle noted the questions around whether the SEP would continue to be published and said that they don’t expect major changes in the near term.

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“The FOMC just had a lengthy review of its communication practices last year in its framework review and was unable to agree on any changes,” they wrote.

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The JPMorgan economists said that while Warsh has promised “regime change” at the Fed and is likely to face questions about that, he has also “always been somewhat vague about what that would entail, and at this early stage we expect he will say he has initiated a review but will avoid giving specifics.”

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The xAI Trojan Horse Inside SpaceX's IPO

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SpaceX: What Does History Tell Us About Investing In The Biggest IPOs? I Am Cautiously Optimistic

The xAI Trojan Horse Inside SpaceX's IPO

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Hartman steps in to run Force after CEO departure

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Hartman steps in to run Force after CEO departure

Tattarang chief executive John Hartman will lead the Western Force following the departure of Niamh O’Connor, placing the head of Andrew Forrest’s private investment group at the centre of one of WA rugby’s most significant transitions.

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Why is Huber+Suhner stock sliding today?

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Why is Huber+Suhner stock sliding today?

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Why This AI Data Center Stock Is Surging 21% on an AMD Parternship

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Why This AI Data Center Stock Is Surging 21% on an AMD Parternship

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

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Lanxess Still Muddling Through A Painful Multiyear Cyclical Trough

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Lanxess Still Muddling Through A Painful Multiyear Cyclical Trough

Lanxess Still Muddling Through A Painful Multiyear Cyclical Trough

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How the Iran war affects your money and bills

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How the Iran war may affect your bills and finances

The conflict in the Middle East has increased pressure on the cost of petrol, household energy bills and even food.

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Funds available to help with back-to-school costs

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Funds available to help with back-to-school costs

Applications open for funding to help families with the cost of school essentials.

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Somerset electric car battery gigafactory ‘parts ways’ with main builder

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Tata-owned battery maker Agratas is replacing Sir Robert McAlpine on its flagship £4bn project

Aerial view of Building One of the Agratas gigafactory within the Gravity enterprise zone, looking north-east. CREDIT: Agratas. Free to use for all BBC wire partners.

Aerial view of Building One of the Agratas gigafactory within the Gravity enterprise zone(Image: Local Democracy Reporting Service / Agratas)

The owner of the giant electric vehicle battery factory being built in Somerset has parted ways with its main contractor, it has confirmed.

Agratas, part of Indian conglomerate Tata, is currently building the first phase of its huge £4bn plant at the Gravity enterprise zone between Puriton and Woolavington. The factory will supply electric batteries to Jaguar Land Rover as well as Tata Motors once operational, which is expected to be late next year.

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Contractor Sir Robert McAlpine, which is also involved with the Bristol Temple Quarter Enterprise Campus, has completed the first phase of the works but will depart the project at the end of the month. Agratas will then install a new construction partner for the vast plant’s next phase.

The battery giant has not revealed which firm will replace McAlpine, but it is understood that logistics and data centre specialist TSL could be in line for the job.

An Agratas spokesperson said: “As the project has progressed, we have determined that a different construction delivery model is needed to support the next phase of our development.

“Following a review of the project’s requirements, we have decided to transition to a new construction partner. We thank our existing construction partner for their support to date.

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“This change reflects the evolving needs of the project, positioning us to deliver the next phase with the capability and focus required to meet our objectives safely, efficiently and on schedule.”

A spokesperson for Sir Robert McAlpine said: “Having successfully completed the first phase of Agratas’s battery manufacturing facility in Somerset, following extensive discussions, we have mutually agreed to part ways.

“We are now working closely with Agratas to support a smooth and orderly transition to a new construction partner.

“We are immensely proud of the progress and achievements made to date, done so in true partnership with our supply chain partners and remain committed to supporting Agratas with the effective handover to the next phase.”

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Agratas secured a £380m government investment for its Somerset project in April. At the time, business secretary Peter Kyle said the funding would guarantee the facility would be “economically impactful, effective and commercially viable”, while safeguarding local jobs and supporting the UK’s shift away from fossil fuels.

The gigafactory, which is based on a site near the M5 that is bigger than Monaco, is expected to generate up to 4,200 jobs once all phases are fully operational, while also unlocking 300 local apprenticeships.

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