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Star Health raises ₹3,217 crore ahead of IPO

Star Health and Allied Insurance Company raised around ₹3,217 crore from anchor investors ahead of its initial public offering (IPO).

The IPO comprises fresh issue of equity shares worth ₹2,000 crore and an offer for sale of up to 58,324,225 equity shares by promoters and existing shareholders. At the upper end of the price band, the initial share-sale is expected to fetch ₹7,249.18 crore.

China factory activity grows in November

China’s factory activity grew in November, rising for the first time in three months as the surge in raw material prices and power rationing eased.

The official manufacturing Purchasing Managers’ Index (PMI) rose to 50.1 in November from 49.2 in the previous month.

Indian indices rise amid mixed global cues

Indian indices opened flat amid mixed global cues and advanced in early trade. At 9:21 A.M., the Sensex was up 413.9 or 0.72% to 57,674.48, while Nifty rose to 17,178.95, up 125 points or 0.73%.

On Monday, the 30-share Sensex closed higher by 153.43 points or 0.27% to 57,260.58. Similarly, the NSE Nifty gained 27.50 points or 0.16% to end at 17,053.95.

Asian share markets rebound

Asian share indices were mostly trading in green as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.52% higher. In Japan, Nikkei gained 0.76% and Topix added 1.06%. South Korea’s Kospi was trading 1.08% lower. Hong Kong’s Hang Seng Index was down 1.13%.

In U.S., markets reacted positively to news from President Joe Biden that new lockdowns as a result of the variant were off the table for now. The Dow Jones Industrial Average increased 0.68% to 35,135.94, the S&P 500 rose 1.32% to 4,655.27 and the Nasdaq Composite surged 1.88% to 15,782.83.

—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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