India's Services Activity, HDFC Life's Biggest Insurance Deal, and Buzzing Stocks Today

Mon, 6 Sep Pre-Open

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Indian share markets ended on a positive note on Friday.

Benchmark indices edged higher after witnessing strong buying in index heavyweight Reliance Industries.

The Sensex closed above the 58,000-mark for the first time in history, while Nifty settled above 17,300 level.

At the closing bell on Friday, the BSE Sensex stood higher by 277 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 87 points (up 0.5%).

Reliance Industries and ONGC were among the top gainers.

HDFC Life Insurance and Cipla, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a positive note with stocks in the energy sector, oil& gas sector and metal sector witnessing most of the buying interest.

Telecom and finance stocks, on the other hand, witnessed selling pressure.

Shares of L&T Technology and Deepak Nitrite hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 47,070 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be IRB Infra.

IRB Infrastructure Developers share price gained 4% on the BSE on Friday after the company emerged as a preferred bidder for the construction of a road project in Tamil Nadu.

The company emerged as a preferred bidder for the construction of six lanes of 20 kms Pondavakkam to Kannigaipair stretch on the upcoming Chittoor - Thachur Highway in the state of Tamil Nadu at the cost outlay of Rs 9.1 bn.

Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said,

• We are happy to have another project in Tamil Nadu after the existing Omalur - Salem - Namakkal Project, which is under the build-operate-transfer (BOT) space.
  
  Winning this project has validated our integrated strengths, developed in last more than 20 years, in executing all types and sizes of highway infrastructure projects, be it under BOT, toll-operate-transfer (TOT), hybrid annuity model (HAM) or engineering, procurement and construction (EPC), irrespective of the geographical terrains.

The concession period for the project will comprise 730 days for construction and 15 years operations & maintenance rights thereafter.

Upon award of this project, company's order Book will stand at Rs 141.9 bn.

HDFC Life Insurance share price will also be in focus today.

HDFC Life announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance for a total consideration of Rs 66.9 bn.

HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 7.3 bn.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition.

The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals.

Note that shares of the company had surged 6% on Thursday after it was reported that the company is likely to raise as much as US$1 bn from investors.

While the purpose of the fund raise was not immediately clear, analysts suggested that the company could use the capital to cover the rise in claims in the June quarter due to Covid-19 and fund future growth.

India's Service Activity Grows at Fastest Pace in 18 Months

Indian service sector growth resumed in August as the pandemic continued to recede and vaccine access improved.

Moreover, the latest reading pointed to a marked rate of expansion that was the fastest in one-and-a-half years, Purchasing Managers' Index (PMI) survey by IHS Markit showed.

Companies indicated that the reopening of several establishments and increased consumer footfall boosted sales, which in turn supported the first expansion in output in four months and a rebound in business confidence.

The IHS Markit Services PMI rose to 56.7 in August - its strongest pace since the pandemic hit the country in March 2020 and well above the 50-level that separates growth from contraction.

The data showed that firms had ample capacity to deal with rising new orders, however, which was a factor that prevented job creation.

It had been below 50 for three months and was 45.4 in July.

While demand conditions in the domestic market was generally conducive of growth, firms saw a further decline in new export orders. The downturn was often associated with the pandemic and travel restrictions.

Despite signalling upbeat growth projections, service providers again lowered headcounts in August. However, the rate of job shedding was marginal and the weakest since January. Several firms indicated having sufficient workers to meet demand needs.

SH Kelkar Surges 13% on Order Win from Global MNC Player

Shares of S H Kelkar & Co (SHK) surged 13% on the BSE on Friday after the company announced that it has won an order in the home care segment from a large global multinational company (MNC) player in the domestic fast moving consumer goods (FMCG) market.

The company did not disclose the size of the order.

SHK is the only company of indian origin to file patents in the field of fragrance and novel aroma molecules. These patented molecules along with SHK's strong & well-known expertise in the indian fragrance industry paved the way for this order win, the company said in a business update.

The company further said this strategic association will enhance its competitive advantage in the domestic markets and will enable SHK to build its presence in the high-potential global MNC space in the longer term.

How this 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.

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