SGX Nifty Tanks 1%, Key Points to Know About LIC IPO, HDFC Life Q4 Results, and Top Buzzing Stocks Today

Wed, 27 Apr Pre-Open

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On Tuesday, Indian share markets snapped their two-day losing streak and ended on a strong note.

At the closing bell on Tuesday, the BSE Sensex climbed 776 points, ending up 1.4%.

Meanwhile, the NSE Nifty jumped 247 points, ending at 17,200.

Power Grid, Titan and M&M were among the top gainers.

Axis Bank, Asian Paints and Maruti Suzuki were among the top losers.

In broader markets, the BSE Mid Cap index ended 1.6% higher while the BSE Small Cap index ended up by 0.8%.

All sectoral indices ended on a positive note with banking, realty, and auto stocks witnessing most of the buying.

Shares of Adani Enterprises and Page Industries hit their 52-week high yesterday.

At 7:50 am today, the SGX Nifty was trading down by 189 points or 1.1% lower at 17,000 levels.

Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.

Speaking of stock markets, Chartist Brijesh Bhatia explains why the road ahead for stock markets will be rough, in his latest video for Fast Profits Daily.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Bharti Airtel will be among the top buzzing stocks today.

Airtel Payments Bank has announced a partnership with IndusInd Bank to offer a fixed deposit facility. With the fixed deposit (FD) facility, the payments bank has further strengthened its digital banking portfolio.

Piramal Enterprises share price will also be in focus today.

In an interview, the company's MD said Piramal's consumer products division has carved out a strategy to reach a turnover of Rs 10 bn.

The company is tapping celebrity-led campaigns, expanding its distribution network, and leveraging e-commerce.

Market participants will also track shares of HDFC AMC, HUL and IEX as these companies are scheduled to announce their March 2022 quarter results later today.

HDFC Life Q4 Results

HDFC Life Insurance Company on Tuesday reported a 12.4% year-on-year (YoY) rise in profit after tax at Rs 3.6 bn for the March quarter compared with Rs 3.2 bn in the same quarter last year.

The company's first year premium jumped 7.7% YoY to Rs 25.7 bn from Rs 23.9 bn.

Renewal premium came in at Rs 73.4 bn in the March 2022 quarter against Rs 63.5 bn in the same quarter last year, up 15.6%.

The company's board also recommended a dividend of Rs 1.70 per share, translating to a payout of about 30% of PAT, in line with the dividend payout ratio of fiscal 2021 and earlier.

Commenting on fiscal 2022 performance, HDFC Life's MD & CEO Vibha Padalkar said,

• We clocked a growth of 16% in individual WRP in FY22 with a market share of 14.8% and 9.3% in the private and overall sector, respectively.
  
  We continue to deliver consistent all-round performance and be ranked amongst the top three life insurers in the industry.

Note that shares of life insurance companies, including ICICI Prudential Life are down around 25% from their recent peaks.

LIC IPO Updates

The dates for what's touted to be India's biggest issue are out. The initial public offering (IPO) of India's largest insurer LIC will open next week on Wednesday, 4 May and close on 9 May.

And we must say, the interest is huge. According to sources familiar with the development, there's huge demand for LIC shares from anchor investors ahead of the IPO.

Anchor investors have committed around Rs 130 bn, which is more than twice the value of shares reserved for anchor investors.

The government already missed the fiscal 2022 deadline for the IPO and divestment target along with it.

The government of India has proposed to offer 3.5% shareholding through offer for sale (OFS), down from 5% decided earlier. It will offer 221.4 m shares and mop up around Rs 210 bn.

Even after the reduced size, the IPO is going to be the biggest in India. Till date, Paytm's IPO is the biggest one at Rs 183 bn in 2021, followed by Coal India at Rs 155 bn in 2010 and Reliance Power at Rs 117 bn in 2008.

The size reduction comes as share markets in India have been volatile due to the Russia-Ukraine war and inflation concerns. Benchmarks BSE Sensex and NSE Nifty are seeing volatile moves in the past few weeks.

In February, it was planned the government will sell 5% stake or 316 m shares.

To know more about the IPO, check out our latest editorial: LIC IPO Dates Announced. But is the Timing Right?

Adani in Advanced Talks for Holcim India Units

Gautam Adani's conglomerate is in advanced talks to acquire Holcim's businesses in India.

Adani Group in coming days could sign an agreement to acquire a controlling stake in Ambuja Cements from Holcim which has a 63.1% controlling stake in the company.

Ambuja has a cement capacity of 31 m metric tons, and has six integrated manufacturing plants and eight cement grinding units in India. ACC Ltd. is among the subsidiaries of Ambuja Cements.

On the other hand, Adani Enterprises has two cement subsidiaries. In June 2021, the group established Adani Cement.

Whereas according to a report from November, Adani Cementation is planning to build an integrated facility in Gujarat.

Holcim has recently been selling off non-core assets. Its Brazilian unit has been divested for US$ 1 bn and is planning the sale of its business in Zimbabwe.

While other bidders including JSW group remain interested in the assets, no final decision have been made yet.

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

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