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Indian Indices Continue Momentum; Telecom Sector Gains
Wed, 19 Jul 11:30 am

After opening the day on a positive note, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the telecom sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up 162 points (up 0.5%) and the NSE Nifty is trading up 48 points (up 0.5%). The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 64.31 to the US$.

In the news from global financial markets, as reported in Reuters, British parliament's upper house is of the view that Brexit will have a profound and unpredictable effect on UK.

As per the committee of lawmakers from the parliament, Brexit poses a fundamental challenge to the future of the United Kingdom by removing the European Union law that has helped to bind it together.

It also said Brexit would lead to a significant increase in powers and responsibilities for local institutions, in areas such as fisheries and agriculture. Any attempt at a power grab by either side would only add to instability.

The vote to leave the EU last year has highlighted tensions among the UK's four constitution nations. While England and Wales voted to leave, Scotland and Northern Ireland voted to remain in the EU.

Earlier this year, in March, UK Prime Minister Theresa May triggered the formal two-year process of Brexit negotiations. This came after the British Ambassador in Brussels hand delivered a letter to European Council President Donald Tusk invoking Article 50 of the Lisbon Treaty, officially notifying the European Union (EU) of Britain's decision to withdraw from the bloc.

British MPs overwhelmingly approved a bill allowing Prime Minister Theresa May to trigger negotiations for the UK's exit from the EU.

Market participants are gauging the effects these developments will have on Europe and global trade.

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Britain's divorce from the EU bloc will have major implications for financial markets and exchange rates. It will also lead to more global economic uncertainty.

Asad Dossani, Profit Hunter editor, has written on how one can successfully trade political events such as Brexit.

For domestic markets, Brexit may bring some short-term concerns. However, a crash can be an ideal time to bet on solid Indian companies that are well-shielded from adverse developments in global markets. As these companies can turn into bargain buying opportunities.

In the news from IPO space, SBI Life Insurance, a joint venture between the State Bank of India (SBI) and BNP Paribas Cardif, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI).

According to the offer document, SBI holds 70.1% and BNP Paribas 26% in the life insurance company. SBI, the country's largest bank, is selling up to an 8% stake, or 80 million shares, in the unit as part of the IPO. BNP Paribas group is selling up to 4% stake.

Apart from the above, HDFC Standard Life Insurance Co. Ltd's board has also approved a proposal to sell as much as 20% of the insurer through an initial public offering (IPO).

The public issuance would be an offer for sale by HDFC, the parent company, and UK-based Standard Life, which holds 35% stake.

This would make it the third major life insurer heading to stock exchanges after ICICI Prudential Life, which listed last September, and SBI Life which has filed an offer document with the markets regulator.

Notably, the Insurance Regulatory and Development Authority of India (Irdai) did not give a go-ahead to an HDFC Life-Max Life merger in the form it was proposed about a year before. After that, it appears HDFC Life and Standard Life worked on an alternative structure.

With life and general insurers queuing for the IPO route, it would be interesting to see how quickly HDFC Life progresses on this.

The insurance sector in India is set to grow leaps and bounds. It is only a matter of time that this sector will witness a flurry of M&A activities which will require the regulator to act swiftly and proactively as far as matters such as approval are concerned.

Our big-picture editor, Vivek Kaul, recently penned a pertinent report on entire insurance industry. We strongly recommend you go through the full report on what's really happening in the insurance industry in India...and how it affects you. If you have not accessed Vivek Kaul's Letter yet, sign up here.

By the way, we have also prepared a guide to help you understand the valuation of insurance businesses.

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Aug 24, 2017 12:10 PM

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