Sensex Extends Gains; Telecom Stocks Rally

Wed, 30 Oct 12:30 pm

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Stock markets in India are presently trading on a positive note. The BSE Sensex is trading up by 234 points and the NSE Nifty is trading up by 60 points. The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index are trading up by 0.6%.

Among the sectoral indices, consumer durables and metal stocks are witnessing selling pressure. Telecom stocks and capital goods stocks are trading in green.

In the news from the insurance sector. Shares of HDFC Life Insurance hit a new high of Rs 634, up 4% on the BSE in the early morning deals today after nearly 5% of total equity of insurance company changed hands through block deals.

The stock bounced back 10% from its opening low of Rs 575 on the BSE. It surpassed its previous high of Rs 626, touched on 23 October 2019.

As per the reports, around 101.9 million equity shares, representing 5% of total equity of HDFC Life, changed hands via block deals on the BSE.

According to media reports, UK's Standard Life is planning to divest up to 4.5% stake in HDFC Life Insurance.

At the end of the September quarter, Standard Life (Mauritius Holdings) 2006 held 19.7% stake in HDFC Life. Housing Development Finance Corporation (HDFC) and Standard Life are the joint venture partner in HDFC Life Insurance, with the former holding 51.47% stake.

Earlier on August 14, 2019, Standard Life had sold 67.1 million shares representing 3.33 per cent of total capital of HDFC Life at price of Rs 481 per share.

Notably, Insurance is the one sector which is a clear outperformer in this volatile market.

Shares of the three listed life insurance players have outperformed the BSE Sensex by a huge margin.

With the huge future potential of the sector, the outperformance is not surprising. India's life insurance penetration i.e. insurance premiums as a percentage of GDP, is very low compared to the global average.

Life Insurance Sector - Megatrend in the Making

The industry is expected to grow at a CAGR of 11-13% over the next five years. India's large youth population and growing awareness about insurance is bound to accelerate growth.

This is a megatrend which is here to stay for a long, long time.

Moving on to the news from the telecom sector. Bharti Airtel reported a fall in its average revenue per user (ARPU) in the September quarter, with growth in its subscriber base outpacing revenue growth from mobile services in India.

Airtel recorded an ARPU of Rs 128 in the September quarter, down from Rs 129 in the June quarter. ARPU is the total revenue of an operator divided by the number of users, or connections, on its network.

Airtel's revenue from mobile services in India was Rs 108.1 billion in the three months ended 30 September, up from Rs 107.2 billion in the June quarter.

Its subscriber base grew from 276.8 million in the preceding quarter to 279.4 million in the September quarter.

Bharti Airtel on Tuesday also said that it has postponed the announcement of its financial results for the September quarter from 29 October to 14 November, as the company awaits clarity on the recent Supreme Court verdict.

It will also approach the department of telecommunications (DoT) for clarity on the total amount due. The company, thus, restricted itself to sharing the operational highlights for the quarter.

Last week, the top court upheld the government's broader definition of revenue, on which it calculates levies on telecom operators, dealing a Rs 920 billion blow to the telecom industry, which is already burdened with falling tariffs and mounting debt.

Bharti Airtel also saw an increase in data consumption on its network in the three months ended September. Data usage per customer rose from 11.9 GB in the June quarter to 13.1 GB in the September quarter.

At the time of writing, Bharti Airtel share price was trading up by 2.8%.

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