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Auto and Power Stocks in Demand
Wed, 29 Jun 11:30 am

After opening the day on a firm note, Indian indices have lost some of its early gains. Sectoral indices are trading on a positive note with stocks from automobile, power and realty sector witnessing maximum buying interest.

The BSE Sensex is trading higher by 103 points (up 0.3%) and NSE Nifty is trading higher by 33 points (up 0.4%). While, BSE Midcap and BSE Smallcap is trading higher by 0.7% and 1% respectively. The rupee is trading at 67.79 to the US$.

As per an article in Livemint, ICICI Prudential Life Insurance is likely to launch its Rs 60 billion initial public offering by September.

The company is a joint venture between ICICI Bank and Prudential Corporation Holdings Ltd. As of 31 March, ICICI Bank held 67.6% stake in the life insurance firm, while its foreign partner Prudential held the rest.

Earlier in December, ICICI Bank had already sold a 6% stake in this company in a transaction that valued the life insurance firm at Rs 325 billion.

The IPO will be the first public offering of a life insurer in India. Reportedly, as at 31 March the life insurer had asset under management worth Rs 1,010 billion.

The IPO will help ICICI Bank to unlock the value of their shareholding. However, the bank will continue to hold a majority stake in the company. The stock of ICICI Bank is trading up by 1%.

In another news update, the Indian Meteorological Department stated that half of India has received normal rainfall as the first month of monsoon nears an end.

As of Tuesday, 49% of the country had received normal rainfall, 17% had received excess rainfall and 34% had got deficient or scanty rainfall.

Rainfall deficiency has narrowed to 13% from the earlier 25% as of 28 June. However, parts of Central India are still facing a deficit. Though, IMD estimates that these parts would receive normal rainfall in early July.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. To add to this, a normal monsoon will also help to keep the inflation at low levels. The possibility of a good monsoon would also increase the chances of the country's central bank retaining its easy money policy. However, there have been many instances in the past wherein the forecasts have gone wrong. Provided, they are accurate it will help to revive the rural sentiments.

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