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Market at 1 PMBenchmark indices were trading flat in the volatile session with buying was seen in the metal and oil & gas stocks.The Sensex was up 38.05 points or 0.07% at 57204.79, and the Nifty was up 29.60 points or 0.17% at 17203.30. About 1969 shares have advanced, 1166 shares declined, and 104 shares are unchanged.
Today’s Stock Market Action
Nomura view on Mindtree:
The brokerage house Nomura has maintained a neutral rating on Mindtree with a target at Rs 4,320.
Robust growth continued and headcount signals that it will go on.
Client metrics are headed in the right direction, but deal wins continue to be sluggish, while growth is coming from smaller projects, reported CNBC-TV18.
Jwalamukhi Investment Holdings sells 32.62 lakh equity shares of TVS Motor
Jwalamukhi Investment Holdings sold 32,62,840 equity shares in the company via open market transactions. These shares were sold at an average price of Rs 650 per share on the NSE.
TVS Motor Company was quoting at Rs 653.60, down Rs 2.10, or 0.32 percent on the BSE.
Results on April 19:
ACC, Larsen & Toubro Infotech, Mastek, Tata Steel Long Products, PCBL, Benares Hotels, Godavari Drugs, and Longview Tea Company will release quarterly earnings on April 19.
Coal India’s supplies to Power Sector scale up 14% amid rising demandAmid the spiralling power generation, Coal India Limited (CIL) raised its supplies to thermal power stations by 14.2% during the first half of April’22 compared to same period last April, company said in its releaseCIL’s supplies have hit 1.64 million tonnes (MTs) per day during this period against 1.43 MTs of similar period April’21, it added.
Positive and Negative Contributors to the Sensex and Nifty:
Zydus Lifesciences clarified that the company has not received any official communication for the permission of 2-dose regimen of ZyCoV-D.
KRChoksey view on ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance in Q4FY22 has shown a healthy performance on margin & APE front. The company’s increasing focus on the Annuity & Protection segment has helped IPRU to deliver higher margins of 29.7% in Q4FY22.
In addition, this expansion will support attaining its objective of doubling its VNB by FY23E. IPRU continues to improve its market share every quarter, which is better than its peers. Thus, we believe IPRU is well-positioned to grab the upcoming growth opportunity in the long-term structural story.
We expect GWP to grow at a CAGR of 10% over FY21-24E and margins at ~29.0% with increased contribution from the high-margin product segment & improving its customer base using new distribution partnerships. Since our last update, the ICICI Prudential Life Insurance share has corrected by ~6%.
We assign a 2.5x P/EV on FY24E EVPS of Rs 310 and a VNB multiple of 31x to arrive at a weighted average Target Price (unchanged) of Rs 772 per share (50:50 weights on the P/EV and appraisal value methodology); indicating a 42.4% upside from the CMP. Accordingly, we re-iterate our “BUY” rating on the shares of ICICI Prudential Life Insurance Ltd.