SBI Life Insurance Quarterly Results, Vedanta's Bid for BPCL Stake, and Buzzing Stocks Today

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Indian share markets ended on a weak note on Friday.

Global headwinds weighed on benchmark indices for fourth straight day as all sectors, barring FMCG, slid into the negative territory.

At the closing bell on Friday, the BSE Sensex stood lower by 427 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 140 points (down 0.8%).

Bajaj Auto and Hindustan Unilever were among the top gainers.

Bajaj Finserv and Tech Mahindra, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 2%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, realty sector and consumer durables sector witnessing selling pressure.

Shares of ABB Power Products and Shoppers Stop hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 48,289 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about the bond market and how it is signaling a positive market trigger, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be SBI Life Insurance.

SBI Life Insurance Company on Friday said its standalone net profit for the quarter ended December rose 56.3% to Rs 3.6 bn from Rs 2.3 bn in the same quarter last year.

The company said its net premium income rose 30.4% year on year (YoY) to Rs 180.3 bn from Rs 137.7 bn in the same quarter a year ago.

SBI Life Insurance said it achieved private market leadership in individual rated premium of Rs 90.7 bn with 24.8% private market share in the nine-months period ended on 31 December 2021.

It said there was strong growth in individual new business premiums at 43% to Rs 116.1 bn in the period. Protection new business premium increased by 26% from Rs 16.2 bn in this fiscal so far to Rs 20.4 bn.

Value of New Business (VoNB) increased by 54% in the nine-months period ended on 31 December 2021.

VoNB margin increased by 260 bps from 19.3% to 21.9%. Additional reserve of Rs 2.7 bn towards Covid-19 pandemic has been kept as of 31 December 2021.

Asset under management grew by 23% from Rs 2.1 tn as of 31 December 2020, to Rs 2.6 tn as of 31 December 2021, with a debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.

JSW Steel share price will also be in focus today.

JSW Steel reported a consolidated net profit of Rs 43.6 bn during the third quarter, up 62% over Rs 26.8 bn reported in the last year period.

Revenue from operations, meanwhile, rose 74% to Rs 380.7 bn during the reporting period against Rs 218.6 bn in the same quarter last year.

The company reported an operating earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 91.3 bn during the third quarter, with a margin of 24%.

During the quarter, JSW Steel crude steel production was up 8% quarter on quarter to 4.4 million tonnes on a standalone basis, led by an increase in average capacity utilisation to 94% from the existing operations.

Sales of saleable steel for the quarter was 4 million tonnes, higher by 6%, led a by a 29% increase in domestic sales, driven by demand from automotive, solar and appliance sectors.

Exports during the quarter halved to 15% of sales against 30% of sales in the September quarter.

Vedanta to Create US$10 bn Fund to Bid for BPCL Stake, Other Assets

Mining firm Vedanta plans to create a US$10 bn fund to bid for assets including the Indian government's stake in Bharat Petroleum Corp (BPCL).

The Indian government is seeking to privatise state-run refiner BPCL by selling its near 53% stake in the firm, worth just over US$6 bn, to private entities.

'We are in the process of creating a fund of US$10 bn,' Anil Agarwal said in an interview in Dubai.

It will not only look at BPCL but there are other companies being privatised. It will look at the potential of those companies also.

The fund will be made up of its own resources and outside investment, Agarwal said, adding that it may also finance the BPCL acquisition through debt.

'We will work out a structure, we are doing the due diligence,' he said. 'As soon as the date comes, we will firm up and work out on how we take the money and go about it.'

"There is no large fund which does not want to associate with us in general. Money will never be a problem," he added.

Sachin Bansal Raises Stake in SML Isuzu by 4.6%

Sachin Bansal, a partner at Navoday Enterprises, raised his stake in SML Isuzu in the quarter ended December 2021, the company's latest shareholding data showed.

Bansal's Navodya Enterprises raised its stake from 6.8% in the commercial vehicle maker to 11.4% in the December quarter, data showed. Bansal now owns 1.7 m shares of the company.

The buying from Bansal came amid SMIL Isuzu's stock rising nearly 13% in the three-month period ended December.

Shares of commercial vehicle makers have been in demand owing to improvement in volumes seen by them. Demand for commercial vehicles has been boosted by the pick-up in domestic economic activity.

SML Isuzu has reported a 68% YoY growth in unit sales to 4,706 units in April-December of the current financial year. The company's cargo vehicles have grown 65% in the nine-month period ended December while passenger vehicles have risen 80% during the same period.

Sachin Bansal is an Indian entrepreneur. He is best known as the co-founder of Flipkart, that was acquired by Walmart at US$16 bn in 2018. During his over 11-year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal.

We will keep you updated on the latest developments from this space. Stay tuned.

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