Gift Nifty Down 18 Points | HDFC Life Q1 Results | HUL to Sell Water Purifier Business | Top Buzzing Stocks Today

Tue, 16 Jul Pre-Open

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Benchmark indices continued the momentum as the session progressed on and ended the day higher.

Frontline indices of the Indian stock market- the Nifty 50 and the Sensex - settled at their fresh closing highs on Monday, 15 July, on supports led by select index heavyweights, such as SBI, ONGC, NTPC and ITC.

At the closing bell on Monday, the BSE Sensex stood higher by 145 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 82 points (up 0.3%).

ONGC, SBI and Dr Reddy's Laboratories were among the top gainers.

Tata Steel, Axis Bank and Asian Paints on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.9% higher and BSE SmallCap index ended 0.2% higher.

Sectoral indices are trading mixed, with socks in energy sector and realty sector witnessing most buying. Meanwhile stocks in capital goods sector and IT sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 73,208 at the time of Indian market closing hours on Monday.

At 8:10 AM today, the Gift Nifty was trading down 18 points at 24,636 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of the stock market, there is set to be a wide demand supply gap in power availability over the next decade. So, most power producers are betting on an attractive increase in merchant power tariffs over next five years.

And therefore, there is an unwillingness to sign long term power purchase agreements (PPAs) at relatively lower prices.

So, what does it mean?

Tanushree Banerjee, Research Analyst in her latest video talks hidden opportunities for long term investors.

Tune into below video for more details.

Top buzzing stocks today

Apollo Micro Systems share price will be in focus today.

Shares of Apollo Micro Systems were locked at 5% upper circuit at Rs 109.76 per share on 15 July after it secured an order by the Indian Army for procurement of vehicle mounted counter swarm drone system (VMCSDS) under Make-II category of DAP-2020.

Zen Technologies will also be a top buzzing stock.

Shares of Zen Technologies Limited jumped 5% to Rs 1,361 to be locked in the upper circuit on 15 July after it said it introduced AI-powered robots and launched four defence products.

The company launched new IP-owned defence products for global security in collaboration with its subsidiary, AI Turing Technologies.

HUL to Sell Water Purifier Business

Hindustan Unilever has approved the sale of its water purification business to AO Smith India for an Enterprise Value of Rs 6 bn ($72 million), a move that the company says will help focus on core categories.

The water purification business was being run under the 'Pureit' brand, and the deal has been struck on a slump sale basis, Hindustan Unilever said in an exchange filing on 15 July.

The deal is in line with HUL's strategic intent to "focus sharply on our core categories", the company added.

This move is in line with our strategic intent to focus sharply on our core categories. Pureit provides essential water purification solutions to millions of loyal consumers, and the company is confident the brand will thrive further under the ownership of A. O. Smith.

The FY24 turnover of the water purification business - part of the overall Home Care arm - was recorded at Rs 2.9 bn, which is less than 1% of HUL's annual turnover.

The transaction is expected to be completed within three months, the company said.

Pureit was first launched in Chennai in 2004 and then went pan-India in 2008. The company entered the electric water purification segment in 2011.

HDFC Life Q1 Results

Leading insurer HDFC Life on Monday reported 15% growth in its standalone net profit at Rs 4.8 bn for the first quarter, compared with Rs 4.2 bn in the last year period.

Net premium income during the April-June 2024 period increased 9% year-on-year (YoY) to Rs 125.1 bn. It was Rs 114.8 bn in the corresponding period of the previous year.

The individual annual premium equivalent (APE) during the first quarter recorded a growth of 31% YoY to Rs 24.7 bn, while the total APE rose 23% YoY to Rs 28.7 bn.

The new business premium during the reporting period jumped 9% YoY to Rs 64 bn. The value of new business (VnB), on the other hand, rose 18% YoY to Rs 7.2 bn.

HDFC Life registered a strong increase in the number of policies and witnessed an expansion in ticket size. The company's growth outpaced both the private sector and overall industry, both on a YoY and a two-year CAGR basis.

The retail sum assured achieved 46% growth, bolstered by the higher sum assured multiples for savings products and strong rider attachment and aided by 28% growth in retail protection.

Coming to the key ratios, the solvency ratio for the first quarter stood at 186%, compared with 200% in the same quarter of last year. Meanwhile, the 13th-month persistency ratio improved to 88% in the reporting quarter against 87% a year ago.

HDFC Life's assets under management (AUM) for the June quarter crossed Rs 3 tn with a growth of 22%.

Jupiter Wagons Raises Fund

Jupiter Wagons raised Rs 8 bn through a qualified institutional placement (QIP). The floor price for QIP was fixed at Rs 689.5 and the company issued and allotted 12.2 million equity shares for Rs 655.5 per share.

Morgan Stanley Asia (Singapore) PTE, Bank of India - Mutual Fund, and Edelweiss - Mutual Fund are among the entities that have been allotted more than 5% of the equity shares offered in the issue.

The company's order book as of 31 March 2024 stood at Rs 71 bn. During the March quarter, it won three major order wins.

The first was from the Ministry of Railways valued at Rs 9.6 bn, the second from the Ministry of Defence worth Rs 473 crore and the last from Double Decker Automobile Carrier Wagons totalling Rs 1 bn.

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

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