ET NEWS

In a stunning debut that defied expectations, LG Electronics India surged 50.4% from its IPO price on its first day of trading on Tuesday, taking its market capitalisation to Rs 1.16 lakh crore, or about $13.13 billion, higher than its South Korean parent LG Electronics Inc, which is valued at around $8–9 billion in Seoul.The listing marked the best performance for a billion-dollar IPO in India since 2021, placing the company ahead of peers Whirlpool, Voltas and Havells.Shares of LG India opened at Rs 1,715 on the BSE and Rs 1,710.10 on the NSE, compared with an issue price of Rs 1,140 per share, giving investors a listing-day gain of more than 50%. The rally lifted the company’s market value beyond all other Indian-listed consumer durable peers, including Whirlpool of India ($1.7 billion), Voltas ($5.8 billion) and Havells India ($10.4 billion).The Rs 11,607-crore initial public offering was entirely an offer for sale by LG Electronics Inc. It drew overwhelming investor demand, with total bids exceeding the issue size 54 times. The qualified institutional buyers’ portion was subscribed to 166 times, while retail investors bid 3.5 times their allotted quota.Ahead of the debut, the shares were commanding a 31% premium in the grey market, reflecting strong investor appetite. The robust listing gave LG India the highest listing-day premium of 50.4% among IPOs exceeding Rs 10,000 crore.The debut comes amid India’s second-busiest quarter on record for IPOs, although recent large issues such as WeWork India and Tata Capital posted muted debuts.India’s record with large listings has been uneven. Coal India’s 2010 IPO, which raised Rs 15,199 crore, remains one of the few success stories, listing nearly 40% higher. In contrast, Reliance Power’s 2008 offering listed 17% lower, while Paytm’s Rs 18,300-crore IPO in 2021 dropped 27% on debut. Even state-backed giants have struggled, with LIC’s Rs 20,557-crore IPO listing 7.8% lower and GIC Re’s Rs 11,257-crore issue debuting with a 4.6% loss.Against this backdrop, LG India’s performance stands out as a rare exception among India’s mega IPOs, combining both scale and strong investor response.Brokerages turn bullish with record buy callsThe IPO triggered a strong show of analyst confidence, with at least eight brokerages issuing buy ratings within hours, reflecting optimism on LG India’s fundamentals and India’s consumer durables sector.Emkay Global Financial Services led with a Rs 2,050 price target, implying an 80% upside. “LG has, over the last three decades, built a formidable franchise, leading in key large appliance categories with premium positioning, leveraging its global R&D strength, brand power, and superior execution,” Emkay analysts wrote, projecting 13% revenue CAGR and 14% EPS CAGR over FY26–28.Nomura initiated coverage with a buy rating and Rs 1,800 target, forecasting post-tax ROE/ROIC of 31%/56% in FY28F and EBITDA margin expansion from 12.8% in FY25 to ~14.1% in FY28F. ICICI Securities highlighted LG’s “commanding market position” and core return on equity exceeding 90% when adjusted for cash and other income.Other brokerages also turned bullish: Prabhudas Lilladher set a target of Rs 1,780, Ambit Capital Rs 1,820, Motilal Oswal Rs 1,800, Antique Stock Broking Rs 1,725, and Equirus Securities Rs 1,705. Analysts noted LG’s premium segment dominance, growth tailwinds from underpenetration, strong return ratios, and increasing strategic relevance to its Korean parent.Also read | LG share price target at Rs 2,050? Korean giant sparks record frenzy with 8 buy calls on Day 1ICICI Securities pointed out that India’s share of the parent’s revenue rose from 3.5% in CY21 to 4.3% in CY24. Emkay added that under LG’s “Global South” strategy, India is expected to contribute one-third of global growth over five years, while Ambit noted exports could rise from 6% to 10% by FY28 as Sri City plant capacity doubles.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

ICICI Prudential Life Insurance Company on Tuesday reported 18 per cent growth in consolidated net profit at Rs 296 crore for three months ended September 30, 2025.The company had logged a net profit of Rs 251 crore in July-September 2024-25. Its net premium income rose to Rs 11,843 crore in the quarter under review from Rs 10,754 crore in the year-ago period, ICICI Prudential Life said in a stock exchange filing. Shares of ICICI Prudential Life were trading 0.92 per cent higher at Rs 599 apiece on the BSE.

Infrastructure major KEC International on Tuesday said it has secured a new order worth Rs 1,064 crore for setting up a transmission line in Saudi Arabia. KEC International Ltd, an RPG Group company, has secured a new order of Rs 1,064 crore for design, supply and installation of a 380 kV transmission line in Saudi Arabia, according to a company statement. "The consecutive wins in Saudi Arabia, along with the earlier order wins in the Middle East, have substantially bolstered our international T&D order book. "The Middle East region continues to be a strategic growth driver for us, as reflected in this order and the strong momentum built earlier this year. With this win, our YTD (year-to-date) order intake has surpassed Rs 15,000 crore," Vimal Kejriwal, MD & CEO of KEC International, said. KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has a presence in verticals of power transmission & distribution, civil, transportation, renewables, oil & gas pipelines and cables & conductors. It has a footprint in 110-plus countries.

The Noida Authority has begun putting up public boards outside housing projects whose promoters have failed to clear substantial land dues or apply for the government’s rehabilitation scheme, according to a report in the Times of India. Images of these boards are being uploaded on the Authority’s official website, signaling a new push to break the deadlock with defaulting builders. As per the TOI report, the first such board appeared outside Lotus Panache, a project by Granite Gate Properties currently undergoing insolvency proceedings before the National Company Law Tribunal (NCLT). The move, however, has sparked protests from residents, who argue it violates the moratorium imposed under the Corporate Insolvency Resolution Process (CIRP) and could disrupt ongoing revival efforts. “We have been rebuilding this project with our own funds under the NCLT process. This action by the Authority undermines buyer confidence and could undo the progress we’ve made. We will bring this to the NCLT’s notice,” said Amit Chauhan, a resident of Lotus Panache. Noida Authority CEO Lokesh M clarified that the step is not coercive but purely informational. “The boards are placed on government land and only state the dues claimed before the tribunal. There is nothing unlawful about it,” he said.Notably, a similar campaign last year had reportedly prompted several promoters to settle their dues. The initiative forms part of a larger recovery drive under the Legacy Stalled Real Estate Projects Policy, launched by the Uttar Pradesh government in December 2023. Based on the recommendations of the Amitabh Kant Committee, the policy offers ‘zero-period’ waivers and other reliefs to revive unfinished housing projects. During a board meeting on October 3, the Authority reviewed the policy’s progress. Out of 57 eligible projects (excluding those of Amrapali, Unitech, and those under NCLT), 35 developers have already opted for the scheme, depositing ₹528 crore — about 25% of their recalculated dues after Covid-era adjustments. Another 13 builders have paid partial amounts totaling ₹28 crore, enabling registration of 3,724 out of 5,758 eligible flats — a progress rate of roughly 65%. However, 22 developers continue to default, ignoring repeated notices. These projects now face a range of enforcement actions, including plot cancellations, sealing of unsold units, recovery as land revenue, and possible references to the Economic Offences Wing. “The government has extended every possible relief — from zero-period benefits to fair recalculations — yet some developers remain non-compliant. We will now act strictly as per the rules,” said Lokesh M. Before installing the boards, the Authority had issued final notices to these 22 non-compliant developers. Some have approached the Allahabad High Court and the state government under Section 41(3) of the UP Urban Planning and Development Act, seeking leniency. The Authority, however, maintains that no further extensions will be granted. “The 2023 rehabilitation policy was designed to complete stalled projects and provide relief to homebuyers — not to enable endless delays,” the CEO asserted. Meanwhile, to ensure timely registration for compliant projects, the Authority will continue organizing on-site registry camps and follow-up drives for homebuyers.