Emami's Corporate Rejig, LIC's Valuation, and Buzzing Stocks Today

Fri, 4 Feb Pre-Open

   Previous Close   

   SGX Nifty   

   10:30 am   

   Closing   

Indian share markets ended on a weak note yesterday.

Benchmark indices snapped their 3-day winning streak and ended lower as investors booked profit post a recent rally and tepid global cues.

At the closing bell yesterday, the BSE Sensex stood lower by 770 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 220 points (down 1.2%).

Hero MotoCorp and Bajaj Auto were among the top gainers.

HDFC and ONGC, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.9% and 0.4%, respectively.

Sectoral indices ended on a negative note with stocks in the IT sector, realty sector and engineering sector witnessing most of the selling pressure.

Consumer durables and auto stocks, on the other hand, witnessed buying interest.

Shares of Deepak Fertilisers and Bharat Dynamics hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,961 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia discusses stocks to buy after Union Budget, in his latest video for Fast Profits Daily.

Brijesh has used point and figure charts to develop a trading system which identifies the best budget stocks to trade.

Top Stocks in Focus Today

Among the buzzing stocks today will be Titan.

Jewellery and watchmaker Titan Company reported a standalone net profit of Rs 9.9 bn for the December quarter, up 135% against a profit of Rs 4.2 bn in the same quarter last year.

Revenue from the sale of products came in at Rs 93.8 bn, up 34.8% against Rs 69.1 bn in the same quarter last year.

The company said it saw strong demand across its consumer businesses. Its jewellery division did exceedingly well, and other divisions also witnessed growth over pre-pandemic levels.

'The festive purchases have driven Titan's strong growth in all businesses, and it has turned out to be one of the best quarters in terms of growth and profitability,' said CK Venkataraman, Managing Director, Titan.

Driven by festive purchases in October and November, the jewellery business registered an income of Rs 85.6 bn with 37% growth. The division achieved earnings before interest and tax (EBIT) of Rs 12.6 bn for the quarter compared to Rs 7.5 bn in the same quarter of the previous year, said Titan.

The watches and wearables business recorded an income of Rs 7.1 bn with 29% growth during the quarter. The division reported an EBIT of Rs 820 m compared to Rs 570 crore in the same quarter of the previous year.

The eyewear business recorded revenue growth of 26% while EBIT came in at Rs 340 m in the third quarter compared to Rs 220 m in the same quarter of the previous year.

Godrej Properties share price will also be in focus today.

Godrej Properties has approved a plan to evaluate a potential investment in DB Realty in the form of warrants convertible into equity shares.

Both realty developers will explore setting up of a special purpose vehicle as a joint venture to undertake slum rehabilitation and redevelopment of Maharashtra Housing and Area Development Authority (MHADA) projects, by leveraging the respective core expertise of the parties, Godrej Properties said in a regulatory filing.

A meeting of DB Realty's board of directors was scheduled to take place yesterday to discuss the proposal for raising of funds by way of private placement or preferential issue of convertible warrants or equity shares or other equity linked securities, DB Realty had said in a regulatory filing on Monday.

However, DB Realty had not disclosed the exact details of the fund raising or any such alliance with any entity.

Godrej Properties, a part of the Godrej group of businesses based in Mumbai, has been one of the few large real estate players to thrive even during the downturn that gripped the Indian real estate market in recent years.

Leveraging its strong balance sheet and cash flows, the company snapped up land parcels and projects from real estate companies that were struggling to deal with the downturn, and has emerged as arguably India's fastest growing large developer today.

Emami Founders Step Down from Executive Positions

Emami, at a board meeting held on Thursday, announced that its founders, R.S. Agarwal and R.S. Goenka have expressed their desire to step down from their current executive positions while continuing on the Board.

Accordingly, the Board unanimously decided to appoint R.S. Goenka as Non-Executive Chairman while re-designating R.S. Agarwal as Chairman Emeritus effective 1 April 2022.

Both the Founders will not accept any emoluments from the company for taking up their new positions. The decision comes in the wake of Board restructuring that was part of the succession planning of the FMCG business of the group.

The Emami Board also acceded to Sushil K. Goenka's desire to step down from his current position as the Managing Director of Emami as part of the transition process and has re-appointed him as a whole-time director of the company effective 1 April 2022.

Mohan Goenka and Harsha V. Agarwal, whole-time directors of Emami, have been spearheading multiple functions and growing the business successfully thereby gaining immense exposure to steer the organisation forward. The Board therefore found them to be deserving candidates and re-designated Mohan Goenka and Harsha V. Agarwal and whole-time directors as vice chairman-cum-whole time director and vice chairman-cum-managing director respectively, effective 1 April 2022 to steer the organisation forward, subject to shareholders' approval.

LIC's Embedded Value Set at Over US$66.8 bn

State-run Life Insurance Corporation of India's (LIC) embedded value has been finalised at more than Rs 5 tn (US$66.8 bn), a government official who is overseeing what is expected to be the country's largest IPO said on Thursday.

Investors are eagerly waiting for the government to indicate LIC's embedded value - a measure of future cash flows in life insurance companies and the key financial gauge for insurers - when it releases the initial public offering (IPO) draft prospectus, expected in a matter of days.

While there has been speculation about the number in Indian media - from as low as US$53 bn to as high as US$150 bn - this is the first time the government, which owns 100% of LIC, is commenting on the matter.

The embedded value will help establish the market valuation of LIC and determine how much money the government raises in the flotation. That will be crucial to the government to help meet its divestment targets and keep its fiscal deficit in check.

Media reports in India have projected LIC's market valuation at around four times the embedded value.

How the LIC IPO pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers