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Mcap of seven of top-10 valued firms tumbles over Rs 1.54 trilion

Tata Consultancy Services, TCS

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Seven of the top-10 valued firms suffered a combined erosion of Rs 1,54,477.38 crore in market valuation last week, with IT majors Tata Consultancy Services and Infosys emerging as the biggest laggards.


Last week, the BSE benchmark index tanked 812.28 points or 1.36 per cent.


Reliance Industries Limited, ICICI Bank and State Bank of India were the only gainers in the top-10 pack.


The market valuation of Tata Consultancy Services (TCS) plunged Rs 59,862.08 crore to Rs 11,78,818.29 crore.


The valuation of Infosys tanked Rs 31,789.31 crore to Rs 6,40,351.57 crore.


HDFC Bank’s valuation declined by Rs 16,090.67 crore to Rs 8,13,952.05 crore and that of Hindustan Unilever fell by Rs 14,814.18 crore to Rs 6,04,079.91 crore.


The market capitalisation (mcap) of Bajaj Finance declined by Rs 14,430.4 crore to Rs 4,27,605.59 crore and HDFC by Rs 13,031.62 crore to Rs 4,34,644.36 crore.


The valuation of Life Insurance Corporation (LIC) dipped Rs 4,459.12 crore to Rs 4,29,309.22 crore.


On the other hand, Reliance Industries added Rs 3,500.56 crore taking its valuation to Rs 17,71,645.33 crore.


The mcap of State Bank of India jumped Rs 3,034.37 crore to Rs 4,67,471.16 crore and that of ICICI Bank climbed Rs 523.02 crore to Rs 6,06,330.11 crore.


Reliance Industries continued to rule the chart as the most valued firm, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, HDFC, LIC and Bajaj Finance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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LIC lists at discount to IPO price, closes 8% lower at Rs 875

LIC lists at discount to IPO price, closes 8% lower at Rs 875

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MUMBAI: Life insurance behemoth LIC on Tuesday listed at Rs 867, an 8.6% discount to its offer price of Rs 949 and closed the maiden trading day on the bourses at Rs 875, down nearly 8% from its IPO price. At the close of the session, shareholders in LIC lost about Rs 46,500 crore with the company’s market capitalisation now at Rs 5.5 lakh crore, compared to about Rs 6 lakh crore going by its IPO price.
The majority government-owned life insurer is now the fifth most valued company in India, behind RIL, TCS, HDFC Bank and Infosys but ahead of giants like HUL, ICICI Bank and SBI, data from BSE showed. It’s also the most valued PSU entity, ahead of SBI, ONGC and NTPC.
On Tuesday, nearly 5 crore shares changed hands on NSE while on the BSE the corresponding number was about 27.6 lakh.

HDFC

In the run up to LIC’s listing, the premium in the unofficial grey market had vanished, which indicated a muted listing for the life insurer. Post listing, LIC’s policyholders who got the shares at Rs 889 and retail investors who were allotted at Rs 904, saw marginal losses to their holdings. Other shareholders were allotted the shares at Rs 949.
On May 9, LIC closed its Rs 21,000-crore IPO with a subscription figure of nearly three times. Its policyholders and retail shareholders led the subscription figures, along with some strong support from local institutions. Through the offer the government sold 3.5% of its stake, or about 22.1 crore shares of the life insurer.
A report by global financial house Macquarie put a price target of Rs 1,000 with a neutral rating. According to its analysts, volatility in LIC’s embedded value (EV) worried them. Unlike regular manufacturing and services companies which are valued based on their earnings-per-share or book value, insurance companies are valued by their EVs which take care of the value of the assets they hold.
According to the report, over time, LIC’s market share in individual business (retail) has fallen due to lack of a “diversified product portfolio and excessive focus on single premium and group business.” It’s to be seen if LIC is able to diversify its product mix in favour of high margin non-par products, they wrote.
Another point of concern for Macquarie analysts is the inherent volatility in LIC’s EV, given a large portion of its EV constitutes marked-to-market unrealised equity gains. “Any investor who is taking an exposure to LIC stock is indirectly taking an exposure to equity markets and the inherent volatility that comes with it,” its analysts led by Suresh Ganapathy wrote. They estimated that a 10% fall in equity markets can erode about 7% of LIC’s EV, compared to around 1-2% for its private-sector peers.



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Here are top stocks to watch on April 18

stocks to watch today

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Stocks to watch: The benchmark equity indices on the BSE and National Stock Exchange (NSE) had ended lower for the third successive day on Wednesday. The S&P Bse Sensex fell 237.44 points (0.41 per cent) to end at 58,338.93 while the Nifty 50 slipped 54.65 points (0.31 per cent) to settle at 17,475.65.

Markets were shut on Thursday and Friday on account of Mahavir Jayanti/Dr. Baba Saheb Ambedkar Jayanti and Good Friday respectively.

Here are the key stocks to watch on Monday, April 18, 2022:

HDFC Bank

The country’s largest private sector lender HDFC Bank on Saturday reported a 23 per cent jump in standalone net profit to Rs 10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed. The bank’s net profit during the corresponding period of the previous fiscal stood at Rs 8,186.51 crore.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance on Saturday posted over two-fold jump in its net profit to Rs 185 crore for the January-March quarter on account of robust growth in new business.

The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing.

For the full year 2021-22, the company’s net profit declined to Rs 754 crore from Rs 960 crore for the year ended in March 2021, it said.

Mahindra & Mahindra

Mahindra & Mahindra (M&M) on Saturday said it has agreed to sell over 34.75 lakh shares, constituting 22.81 per cent of the paid-up capital, in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), to Japan-based Sanyo Special Steel Co Ltd in a Rs 212 crore deal.

Following the sale, the company’s holding in MSSSPL would become nil, M&M said in a regulatory filing. The Mumbai-based automaker will receive Rs 211.99 crore from the stake sale, it added.

InterGlobe Aviation (IndiGo)

IndiGo on Friday appointed former Shell India chairman Vikram Singh Mehta and former Indian Air Force (IAF) chief B S Dhanoa as independent non-executive directors.

Their appointment is “subject to receipt of security clearance from the Ministry of Civil Aviation (MoCA) and approval of the members of the company,” IndiGo said in a statement.

Mehta will replace Anupam Khanna, whose second term came to an end on March 26, and Dhanoa will replace former SEBI chief M Damodaran, who is stepping down on May 3, it said.

Dhanoa was IAF chief between January 1, 2017, and September 30, 2019, and Mehta was chairman of Shell Group of companies in India between 1994-and 2012.

Infosys

Infosys on Wednesday missed estimates for headline numbers for the March quarter. However, the company offered an encouraging revenue growth guidance for FY23 of 13-15 per cent in constant currency terms.

The software giant posted net profits for Q4FY22 of Rs 5,686 crore. Revenues for the quarter rose to Rs 32,276 crore.

-with PTI input



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