HDFC Standard Life to make stock market debut tomorrow

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Having been recently concluded an IPO worth Rs 8,695-crore, the HDFC Standard Life Insurance Company, makes its debut on stock exchanges tomorrow, 17 November 2017. The shares will be enlisted both on the BSE and NSE.

The IPO, which was open for subscription on 7 to 9 November, has been subscribed 4.89 times at a price band of Rs. 275-290 per share.

The public issue included sale of 191,246,050 shares, amounting to 9.55 percent stake, by HDFC and up to 1,08,581,768 shares, by Standard Life Mauritius.

HDFC Standard Life Insurance Co is one of the top-three life insurers in India by market share in new business premium, as well as the most profitable life insurers based on value of new business margins and among the top five private life insurers in India.

Rupee strengthens by 11 paise against US dollar

The Indian rupee had staged a mild recovery after a 2-session fall and ended higher by 7 paise at 64.96 against the US currency on fresh bouts of dollar selling by banks and exporters.

The rupee advanced by 11 paise to 64.85 v/s the dollar at the interbank FOREX market on Thursday on improved selling of the U.S currency by the exporters and banks. A weak dollar against other major currencies overseas helped the rupee gains.

High volatility and movements of the U.S dollar in global market largely weighed on trade during the day, although the rupee largely withstood the initial uneasy momentum. Sustained capital inflows into equities and debts largely weighed on trading sentiment.

Meantime, Gold edged higher today, after marking a near 3-week high in the last session, because of  the dollar eased, but  palladium remained close to a more than Sixteen-year high touched on Wednesday. Spot gold rose 0.2% at USD 1,283.81 per ounce at morning hours today. 

Bank stocks rise, Nifty-50 index hit fresh intraday high

The NSE Nifty50 index hit fresh intraday high, by 100.05 points up at 10,435.35 while the BSE Sensex hovered near the day's high, up by 369.98 points at 33,583.11 in mid-morning trade at 11.20 pm on Wednesday, 1^st November. Positive leads from Asian markets together with overnight gains in the U.S market increased investors' sentiment.

Bank stocks rose. The Nifty Bank index hit a record peak of 25, 490.65 points. Among bank stocks in the Nifty50, ICICI Bank were up 4.6%, and SBI traded up 3.3%, while shares of Axis Bank rose 2.8% to Rs. 537.95.

Airtel shares hit a Ten-year high after the company posted stellar numbers for the Q2 30 September. On BSE, The stock of Airtel was the major gainer on both Sensex and Nifty advancing 8.66% to hit the record high of Rs 540.75 on BSE. 

Rupee Watch: The Indian rupee hit nearly 6-week high against the dollar. It opened at 64.67 a dollar and touched a high of 64.64 and was trading at 64.65 versus the USD, up 0.15% from its last day’s close of 64.75.

Shares of Vedanta Limited rise on Rs 10,000 cr investment plan

Metal and Mining major Vedanta Ltd has reported total revenue at Rs.9378 crore keeping its profit at 34.00 crore for the quarter ended June 30, 2017. The stocks were trading higher on Monday after reports suggested that the company’s chief Anil Agarwal has lined up an investment plan of a Rs. 10,000 crore for Jharkhand. Effectively, Vedanta stock gained 1.37% to Rs 344.35 on BSE today. The stock opened at Rs 340.05 and touched an intraday high of Rs 344.70 and a low Rs 339.95, in the first hour of trade.  

For the quarter ended June 30, 2017, Vedanta  Limited reported total revenue at Rs. 9378.00 crore and net profit stood at 34.00 crore.

The Sensex and Nifty hold steady with their morning gains as stellar buying seen in different sectors, led by Industrials, Oil & Gas, Auto and Consumer Durables.

At 12:37 hrs, BSE Sensex is trading at 33,242.level up by 85 points, while NSE Nifty is trading at 10,364 level up by 41 points.

BSE, Ebix to set up Pioneering insurance distribution network in India

Leading bourse, the Bombay Stock Exchange (BSE), today said it has joined hands with Ebix Inc to set up a pioneering insurance distribution network in India.

BSE Investments Limited (BIL) is a wholly-owned arm of BSE, while Ebix Fincorp Exchange is a wholly-owned subsidiary of Ebix, signed the pact with the aim of revolutionizing end-to-end sales and insurance processing in the country.

The JV enterprise will allow distribution of outlets, stock brokers, wealth management advisors and financial institutions across life and non-life product segments.

The platform will include the entire insurance lifecycle from customer relationship management (CRM), agency management, multi-quoting, underwriting, policy generation, claims filing and decision to back-end insurance policy administration.

HDFC Bank, Infosys Ltd Flat Ahead Of Q2

Sensex and Nifty opened on a positive note on Monday. Sensex gained over 100 pts and Nifty crossed the 10,200 level. HDFC Bank shares Flat were trading on a flat note ahead of Sept quarter earnings. HDFC Bank stock rose about 0.6 % to Rs 1,875 in later morning hours today. Its net interest income rose 20.2%  to Rs 9,610 crore V/s Rs. 7,994 crore year-on-year, while net profit seen increasing 20.7% Rs 4,171 crore from Rs 3,455 crore in the corresponding period last year.

Shares of Infosys Ltd also were trading flat in morning trade on Tuesday ahead of its results of Q2 Sept 30, 2017. Infosys will announce its financial results after market hours today. The scrip was trading 0.01% down at Rs 939.60 in the morning hours. Its shares opened at Rs 945 and touched a high of Rs 947.50 and low of Rs 937, during the time.

As per Reliance Securities estimation, Infosys Ltd may report revenue of Rs 17,560 crore in Quarter-2 FY-18 over Rs 17,078 crore in Quarter-FY 18. It said, the USD revenue is expected to jump by 3.6% on QoQ, while revenue in constant currency growth is pegged at 2.4% on QoQ.

03 Aug Closing Bell: Sensex and Nifty extend losses on grim sentiment, Reliance shares hit a new high

Indian share Markets extended its loss on Thursday closing after continuous selling pressure in metal and banking stocks. BSE Sensex closed lower by 239 points, or 0.74%, to 32,238, while the Nifty 50 fell 68 points to 10,014 points.

The BSE Mid-Cap index fell 0.5 percent and the BSE Small-Cap index shed 0.95 percent. The fall in this index was higher than the Sensex's decline in percentage terms.

The market breadth showed weakness. About 1,793 shares declined and 827 shares advanced and a total of 153 shares unchanged. Reliance shares ended at new record closing high of Rs 1,655, up 1.6% after hitting an intraday peak of Rs 1,665.

Metal stocks declined after weak economic data in China. Jindal Steel & Power down 10.02%, Bhushan Steel slipped 3.65%, Vedanta shed 0.48% and Tata Steel down 1.4% among others.

Agri RM seed prices declined on fresh arrival in the spot market

RM Seed Apr’16 futures at NCDEX platform yesterday opened on a positive note however it traded down for most part of the day. The prices closed down as higher arrivals of fresh RM Seed crops weigh on the prices.

For today, we expect RM Seed futures at NCDEX to trade on a lower note. The arrivals of fresh mustard crops are increasing at major physical markets in the major producing regions. Higher supplies of domestic mustard oil amid steady demand may pressurize its prices.