March Quarter Results, Aditya Birla Sun Life AMC IPO and Buzzing Stocks Today

Thu, 22 Apr Pre-Open

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On Tuesday, Indian share markets witnessed volatile trading activity and ended lower.

Benchmark indices erased gains in afternoon deals and turned negative after Maharashtra announced stricter Covid-19 curbs, despite the center's move to extend its vaccine-for-all drive to vaccinate all adults irrespective of age group.

At the closing bell on Tuesday, the BSE Sensex stood lower by 244 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 63 points (down 0.4%).

Dr Reddy's Labs and Bajaj Finserv were among the top gainers.

UltraTech Cement and HCL Technologies, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.5%.

On the sectoral front, IT stocks and FMCG stocks were among the hardest hit.

Shares of Cadila Healthcare and Jindal Steel & Power hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,283 per 10 grams.

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Top Stocks in Focus Today

HCL Technologies share price will be among the top buzzing stocks today as the company has announced that it has signed a digital transformation and hybrid cloud contract with UD Trucks, a leading Japanese commercial vehicle solutions provider.

Subex share price will also be in focus today, ahead of the launch of its new artificial intelligence (AI) automation platform.

"We would like to inform you that Subex will be launching the new AI automation platform on Thursday, April 22, 2021, and specific details of the same will be unveiled on the launch day," Subex said in a stock exchange filing on Monday, April 19, 2021.

Market participants will also track Cyient share price and Tata Elxsi share price as these companies are scheduled to announce their March quarter results (Q4FY21) later today.

March Quarter Results

ICICI Prudential Life Insurance Company has reported 65% decrease in consolidated net profit at Rs 630 million for the quarter ending 31 March 2021. It was Rs 1.8 billion in the year-ago period.

In a statement, the company said that the value of new business for the fourth quarter of 2020-21 grew by 26% and stood at Rs 5.9 billion. This resulted in value of new business (VNB) of Rs 16.2 billion for FY21 with an expansion in VNB margin from 21.7% in FY20 to 25.1% in the last fiscal year.

VNB is the present value of expected future earnings from new policies written during a specified period and it reflects the additional value to shareholders expected to be generated through the activity of writing new policies during a specified period.

In Q4FY21, its net premium income increased by 13.4% to Rs 118.8 billion against Rs 104.8 billion in the corresponding quarter in the previous fiscal.

For the full year 2020-21, its net profit fell by 10.2% to Rs 9.6 billion against Rs 10.7 billion in FY20.

The company's board has approved a final dividend of Rs 2 per equity share for FY21.

FMCG major Nestle India on Tuesday reported a 14.6% year-on-year (YoY) growth in its net profit to Rs 6 billion for the quarter ended March 2021.

The manufacturer of popular noodle brand Maggi had reported a net profit of Rs 5.3 bn during the same period last year.

Revenues for the quarter rose 8.9% to Rs 36.1 bn compared to Rs 33.3 bn in the year-ago period.

The company said that growth during the quarter was broad-based led by volumes.

Nestle India's domestic sales grew 10.2% on a YoY basis. This was seen as key brands within the company's portfolio benefited from at-home consumption and posted double-digit growth.

The company's key brands like Maggi Noodles, Kitkat, Nescafe classic, Maggi sauces, Milkmaid, Maggi masala-ae-magic posted double digit growth during the quarter, boosted by increased home consumption.

Cement major ACC has reported a strong set of numbers for the first quarter of the calendar year 2021 (CY21).

In its latest quarterly results, ACC posted a 74.2% year-on-year (YoY) surge in its consolidated net profit at Rs 5.6 billion for the March quarter (Q1CY21).

The rise in profits was backed by a strong topline and better-than-expected operating performance.

Consolidated revenue during the quarter grew by 22.7% YoY to Rs 42.1 bn as compared to Rs 34.3 bn in the year-ago period (Q1CY20).

At the operating level, consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) spiked 46.8% to Rs 8.6 bn, while the operating margin expanded 330 basis points (bps) YoY to 20.4%.

Crude Oil Prices Rise Above US$ 64 per Barrel

Crude oil prices jumped above US$ 64 a barrel, a year to the day after futures for the US benchmark collapsed below zero, with the world's most important commodity extending a powerful rally on bets for better demand.

West Texas Intermediate advanced 1.3%, adding to Monday's modest climb as the dollar weakened, while production in Libya fell below 1 million barrels a day amid a budget dispute.

A year ago today, the global oil market faced an unprecedented crisis, with WTI closing at US$ 37.63 a barrel. Prices went into negative territory after lockdowns savaged demand and key producers Saudi Arabia and Russia flooded the market in a price war.

As per reports, a restoration of OPEC+ unity marked by deep supply cuts, as well as the development of vaccines, have helped prices to climb back.

From the IPO Space...

Aditya Birla Sun Life AMC has filed its draft red herring prospectus (DRHP) with the markets regulator for an initial public offering (IPO).

Reports suggested that the IPO size could be around Rs 20 billion. This will value the asset manager at nearly Rs 150 billion.

Through the maiden offering Canadian firm Sun Life Financial will divest its 12.56% holding, while Indian partner Aditya Birla Capital (ABCL) will sell a little less than 1%.

Currently, ABCL holds 51% stake and Sun Life has 49% stake in the asset management company (AMC).

Following the IPO, the total promoter stake in the fund house will fall from 100% at present to 86.5%.

Aditya Birla Sun Life AMC is currently India's fourth-largest non-bank affiliated fund house with assets under management (AUM) of Rs 2.74 trillion as on December 2020. The asset manager has retained its fourth position since September 2011 in terms of quarterly average AUM, per the DRHP. At the end of March 2020, the fund house ranked sixth in terms of total folios at 7.2 million.

Currently, HDFC AMC, Nippon AMC and UTI AMC are the only asset managers in the listed space.

How this IPO sails through remains to be seen. 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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