Sensex Opens Flat; ICICI Bank & HDFC Life Insurance Top Losers

Tue, 29 Jun 09:30 am

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Asian share markets edged lower today on concerns new coronavirus outbreaks in the region could undercut an economic recovery.

Fears over the spread of the highly infections Delta virus variant have dented sentiment at a time markets remain on edge after the Fed shocked traders with a hawkish tilt earlier this month.

The Hang Seng is down 0.9% while the Nikkei is trading lower by 1.1%. The Shanghai Composite is trading down by 1%.

In US stock markets, the Nasdaq and S&P 500 hit all-time highs on Monday, fueled by tech stocks as investors expect a robust earnings season while interest rates remain low.

The Dow Jones Industrial Average fell 0.4% while the Nasdaq added 1%.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

Market participants are tracking shares of IRCTC, Ruchi Soya and Suzlon Energy as these companies are scheduled to announce their quarterly earnings today.

The BSE Sensex is trading down by 12 points. Meanwhile, the NSE Nifty is trading lower by 5 points.

Asian Paints is among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.2%. The BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading mixed with stocks in the FMCG sector and capital goods sector witnessing buying interest.

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

Shares of Apollo Hospitals and Persistent Systems hit their 52-week highs today.

The rupee is trading at 74.29 against the US$.

Gold prices are trading down by 0.2% at Rs 46,926 per 10 grams.

Meanwhile, silver prices are trading down by 0.4% at Rs 67,870 per kg.

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In news from the IPO space, the capital markets regulator has kept proposed initial share-sale of Aditya Birla Sun Life AMC in abeyance.

However, it did not clarify further or give any reasons for the same.

The asset management company (AMC) had filed preliminary papers with the watchdog in April to raise funds through an initial public offer (IPO).

Going by the draft papers, the proposed IPO is entirely an offer for sale (OFS), wherein two promoters - Aditya Birla Capital and Sun Life (India) AMC Investments will divest their stake in the asset management firm.

Along with Aditya Birla Sun Life AMC, the regulator also kept the approval of Go Airlines (India)'s Rs 36-bn IPO in abeyance.

While the airline denied receiving any communication from the stock market regulator, the regulator's website shows that it had sought clarifications from ICICI Securities, the lead banker for the pre-issue, on 11 June.

The issuance of observations on the airline's draft red herring prospectus has been kept in abeyance, it said.

The Wadia-group owned airline was rebranded as Go First, positioning itself as an ultra-low-cost airline and filed papers last month to raise Rs 36 bn through a share sale.

It plans to use the proceeds to meet its debt obligations, pay oil companies, replace letters of credit given to aircraft lessors towards lease rent, and future maintenance of aircraft.

Generally, an IPO issue is kept in abeyance when the violation is serious in nature.

Reports state that it could take more than a month to address the issue before the regulator begins the vetting process afresh.

We will keep you updated on the latest developments from this space. Stay tuned.

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

UK's Standard Life, one of the promoters of HDFC Life Insurance Company, is looking to sell up to 70 m shares or a 3.46% stake in the insurance company through a block deal today to raise up to Rs 46.1 bn.

The term sheet for this was issued by BofA Securities and JP Morgan on Monday.

The sale price has been fixed at Rs 658-678 per share, which is a 2.6-5.5% discount to yesterday's closing price of Rs 696.20.

Standard Life held 8.88% stake in the company.

Standard Life had sold 27.8 m shares of the insurance company in December last year to raise about Rs 17 bn to reduce its stake from 10.27% to 8.88%.

Since HDFC Life's IPO in November 2017, the UK-based firm has divested a nearly 26.12% stake.

Standard Life held a 35% stake pre-initial public offer, which was reduced to 8.88% at the end of December 2020.

After the recent deal, Standard Life will hold 5.42% in HDFC Life.

Shares of HDFC Life had slipped as much as 4% yesterday.

Today, HDFC Life Insurance share price has opened down by 1.2%.

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.

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