Sensex Opens in Green; Hindalco Industries & ONGC Top Gainers

Tue, 4 May 09:30 am

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Asian share markets are trading on a positive note with the Hang Seng trading up by 0.4%. Financial markets in Japan and China are closed today for a public holiday.

In US stock markets, the Dow Jones Industrial Average rose 0.7% while the Nasdaq Composite dropped 0.5%.

A slide in tech and related stocks including Amazon, Tesla Inc and Salesforce, pressured the Nasdaq as growth-oriented shares slid and cyclical stocks sensitive to the recovery rose.

Back home, Indian share markets have opened on a positive note.

Adani Ports, Adani Total Gas, L&T Infotech, P&G Hygiene, RBL Bank and Greaves Cotton are among companies which will report their March quarter results today.

The BSE Sensex is trading up by 124 points. Meanwhile, the NSE Nifty is trading higher by 43 points.

ONGC is among the top gainers today. Titan, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.9%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and oil & gas sector witnessing buying interest.

FMCG stocks, on the other hand, are trading in red.

Shares of Tata Metalik and Hindalco hit their 52-week highs today.

The rupee is trading at 73.89 against the US$.

Gold prices are trading down by 0.1% at Rs 47,308 per 10 grams. Meanwhile, silver prices are trading up by 0.1% at Rs 69,898 per kg.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about why he is bullish on the sugar sector.

As per Brijesh, sugar stocks are looking positive. As per his charts, they are breaking out and could potentially deliver huge returns.

Tune in to the video below to find out more:

In news from the IPO space, the initial public offering (IPO) of infrastructure investment trust (InvIT), sponsored by the Power Grid Corporation of India, sailed through on the third day of the bidding process on Monday.

The issue was subscribed 4.8 times by 5:00 pm yesterday. The issue received bids for 2,05,40,48,700 units against 42,54,25,000 units on offer for subscription.

Quota for HNIs was subscribed 5.1 times and for QIBs 4.6 time. The issue had been subscribed only 61% till the end of Day 2.

The infrastructure trust is a first of its kind offering by a state-owned entity in India and is priced at Rs 99-100 per unit.

Power Grid InvIT is looking to raise Rs 77.4 billion through the issue which includes a fresh issue as well as an offer for sale from the sponsor.

The infrastructure trust has said it plans to acquire five projects initially from Power Grid with a total network of 11 power transmission lines of 3,698 km and three substations having 6,630 MVA of aggregate transformation capacity across 5 states in India.

In other news from the IPO space, as per a leading financial daily, several technology companies are lining up to float their IPOs.

After Zomato's Rs 82.5 billion public offer, auto classifieds platform CarTrade is now set to file its draft prospectus.

As per the article, the filing should happen in the next 10-15 days.

This will be the first online auto classifieds company to go public in India. The company is looking to raise Rs 20 billion.

CarTrade is backed by American private equity giant Warburg Pincus, Singapore's state investor Temasek, JPMorgan and March Capital Partners.

CarTrade had picked up a 51% stake in Shriram Automall in January 2018 for around Rs 1.6 billion. In 2015, it had acquired rival CarWale in a move to consolidate the online auto classifieds industry.

How the above developments pan out remains to be seen.

Moving on to news from the insurance sector, SBI Life Insurance is among the top buzzing stocks today.

SBI Life Insurance on Monday posted a standalone net profit of Rs 5.3 billion for the March quarter (Q4FY20). Net profit was flat as compared to the same period in the last year.

The life insurer had a net premium of Rs 155.6 billion against Rs 118.6 billion in the same quarter last year.

For FY21, the value of new business (VoNB) increased by 16% year-on-year (YoY) to Rs 23.3 billion. VoNB margin increased by 170 bps from 18.7% in FY20 to 20.4% in FY21.

VoNB 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.

The company's assets under management (AUM) grew by 38% YoY to Rs 2.2 lakh crore as on 31 March 2021.

The solvency ratio as on 31 March 2021 was at 2.15 as against the regulatory requirement of 1.50.

The company's board, in its meeting held on 25 March 2021, had declared an interim dividend of Rs 2.50 per equity share of face value of Rs 10 each for FY21.

SBI Life Insurance share price has opened the day up by 2.3%.

Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:

Investment Assets of Non-Life Insurers 11x That of Life Insurers

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers.

Tanushree recently recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers