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HDFC Life allots 35.7m shares to HDFC to raise Rs 2,000 cr

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HDFC Life Insurance on Friday said it has allotted 35.7 million equity shares to Housing Development Finance Corporation (HDFC), one of the promoters of the company, on a preferential basis for raising Rs 2,000 crore.

In a stock exchange filing, HDFC Life said the capital raising committee of its board has vide its resolution allotted 3,57,94,824 equity shares at a price of Rs 558.74 per share (including premium of Rs 548.74 per share), aggregating to Rs 2,000 crore, to HDFC.

Also Read: Share Market HIGHLIGHTS: Sensex ends 105 pts up, Nifty at 17833 amid volatility; Infosys, TCS, SBI stocks jump

On Friday, HDFC Life scrip closed 1.43% lower at Rs 576 on the BSE.

Notably, the insurance company on July 29 informed that its board had approved the issuance of equity shares to promoter HDFC for Rs 2,000 crore on a preferential basis. The company’s board of directors approved issuance of 35.7 million equity shares at Rs 558.74 per share, not exceeding Rs 2,000 crore in aggregate, on a preferential basis to HDFC.

In a stock exchange filing, the insurance company had said, “The issue price at which equity shares are to be issued to HDFC Ltd is the higher of the price determined under the valuation report of the registered valuer and the price calculated in accordance with Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations).”

Backed by a healthy rise in annualised premium equivalent and a significant decline in Covid-related claims, HDFC Life reported around 22% year-on-year growth in its consolidated net profit to Rs 328.79 crore for the first quarter. The insurer had posted a net profit of Rs 269.55 crore for the year-ago period.

Mahindra & Mahindra Financial Services Rating: Neutral; Loan recovery to feel the heat with RBI ban

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The RBI last week has banned Mahindra Finance (MMFS) from carrying out any recovery or repossession activity through outsourcing arrangements (third-party external agencies or collection agencies) until the ban is revoked by the RBI. We, note that the regulator has allowed MMFS to continue carrying out all such recovery or repossession activities through its own employees.

MMFS in the normal course of business, repossesses ~4K5K vehicles per month using a combination of third-party collection agencies and its own employees. However, since the company is now required to implement the RBI order with immediate effect, it expects the repossession activity to be impacted by 75-80% – which in our view is significant given that a large part of the asset quality resolutions are effected by MMFS through customer settlements or vehicle repossessions.

MMFS carries a PCR (provision coverage ratio) of ~58% on its Stage 3 assets (including the policy of making 100% provisions on contracts above the age of 18 months). Vehicles that need to be repossessed are usually classified under Stage 3 already and the ban will not have a material adverse impact on the financials or Net Stage 3. In our view, MMFS’ higher dependence on customer settlements is partly because of the relatively more vulnerable customer segment served by MMFS and also due to the significant proportion of captive business underwritten by the company.

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Until such time that this ban is revoked, the repossession activities will be impacted adversely which could mean that the Gross Stage 3 (GS3) for MMFS would continue to remain elevated. This is even more important in the context of MMFS implementing the RBI NPA circular with effect from 1st Oct, 2022.

Buy these two shares for near term gains; Nifty’s intermediate uptrend remains intact

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By Subash Gangadharan

The Nifty has convincingly reversed the recent downtrend by moving up from a trend line support and convincingly closing above the 50 day SMA last Monday on the back of the Budget. With the uptrend intact, the Nifty now comfortably trades above the 20 day SMA. While there could be corrections in the very near term, we expect the index to make new life highs in the coming sessions.It is important that the Nifty does not move below the support of 14864 on any corrections for the short term uptrend to remain intact.The below picks are for the next 15-26 trading sessions

Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. Intermediate momentum readings like the 14-week RSI too are in rising mode and not overbought.

With the stock near its 52-week high of 385, we believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks. Upside acceleration is likely to occur once the stock crosses the current 52 week high of 385.

We, therefore, recommend a Buy between the 355-375 levels. CMP is 369.9. Stop loss is at 330 while targets are at 470.

Buy Indiabulls Housing Finance

Indiabulls Housing Finance has broken out of the 210-227 trading range on Wednesday on the back of above average volumes.

Technical indicators are giving positive signals as the stock trades above the 20-day and 50-day SMA. Intermediate momentum readings like the 14-week RSI too are in rising mode and not overbought.

With the short term and intermediate technical setups looking attractive, we expect the stock to gradually move higher in the coming weeks. We, therefore, recommend a Buy between the 225-236 levels. CMP is 234. Stop loss is at 210 while targets are at 285.

(Subash Gangadharan is Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are the author’s own. Please consult your financial advisor before investing.)

Infosys signs 5-year deal with smart Europe GmbH

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Infosys on Thursday said it has signed a five-year partnership with smart Europe GmbH, a premium EV maker, to improve the latter’s direct-to-customer (D2C) business model in Europe. Infosys will help the EV maker boost digital sales and improve customer experience.

In a filing with the BSE, the company said it will provide enhanced customer experience, data-driven personalisation and engagement for the existing EV models like smart #1, smart #3 and other upcoming all-electric models from the iconic brand.

Through this strategic collaboration, Infosys will help smart Europe GmbH redefine the online EV buying experience and apply state-of-the-art machine learning (ML) models to accurately forecast sales and after-sales demand.

Infosys was chosen to assist the premium EV maker in this transformation for its deep expertise in enabling consolidation across automotive sales and e-commerce processes and systems. Infosys will also help smart Europe GmbH to efficiently sell electric vehicles across 15 European countries with a D2C sales approach and secure engagement across lead generation, prospect conversion, sales and aftersales channels, supplemented by end-to-end ownership and accountability.

Dirk Adelmann, CEO, smart Europe GmbH, said, “We are pleased to have Infosys as our partner in this journey. Infosys’ strong leadership commitment backed by its ability to drive end-to-end application development and maintenance with efficiency and effectiveness, will help us boost our operational performance and user experience.”

Jasmeet Singh, EVP and global head of manufacturing, Infosys, said, “We are delighted to deliver our cutting-edge technologies to innovative companies like smart Europe GmbH to help ramp up their competitiveness in the European market.”

Singh added: “Leveraging a blend of our expertise in the domain and strong regional presence, we will help smart Europe GmbH fast-track the adoption of cutting-edge digital solutions. The success of this engagement will be a real game changer for both smart Europe GmbH and Infosys in the electric mobility era.”

ICICI Bank, ITC, Adani Enterprises among 202 stocks to hit 52-week high on BSE; 9 scrips touch fresh lows

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Indian equity markets were trading on a positive note on Thursday, weekly F&O expiry day, tracking strong global cues. Benchmark index NSE Nifty 50 rose 100 points to trade above 17,700 levels and the S&P BSE Sensex climbed over 450 points to trade at 59,513 levels. Broader markets too were in the green as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 1%. Sectorally, Nifty Bank and Nifty Auto indices gained, while Nifty Metal and Realty indices were bogged down in trade. Tech Mahindra, Asian Paints, IndusInd Bank, ICICI Bank, Infosys were the top contributors to the benchmark indices.

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Aditya Birla Fashion and Retail, Adani Enterprises, Ambuja Cements, Astral, Automotive Axles, Bank of Baroda, Coal India, Data Patterns, Grindwell Norton, Hardwyn India, ICICI Bank, ITC, KSB, Mahindra & Mahindra, Vedant Fashions, Naysaa Securities, Patanjali Foods, Rolex Rings, SBI Life Insurance Company, Schaeffler India, Shoppers stopSumitomo Chemical India, Tube Investments of India, Timken India, Ujjivan Small Finance Bank, Vadilal Enterprises, Varun Beverages, Yes Bank were among the stocks that hit 52-week high on BSE. On the flipside, Dhampur Bio Organics, Kaveri Seed Company, Sanofi India, Naturo Indiabull, Vibrant Global Capital were among the scrips that hit new lows

Stocks that hit 52-week high, low on NSE

On the National Stock Exchange, a total of 103 securities hit 52-week high intraday, while 5 scrips were at fresh lows. Apollo Tyres, Asahi India Glass, Bank of Baroda, Brand Concepts, Cochin Shipyard, Foseco India, Goodluck India, GSS Infotech, Hariom Pipe Industries, Hilton Metal Forging, IDFC Bank, Indian Bank, ITC, Jupiter Wagons, Kritika Wires, M&M, Mazagon Dock Shipbuilders, Motherson Sumi Wiring, Regency Ceramics, SBI Life, Silver Touch Technologies, Ujjivan Financial Services were among the stocks that hit 52-week high. Meanwhile, Fourth Dimension Solutions, Dhampur Bio Organics, Debock Industries, Sanofi India and TruCap Finance were the securities at new lows intraday.

Volume gainers of NSE, BSE

InterGlobe Aviation (IndiGo), Accuracy Shipping, Shaily Engineering, Thyrocare Technologies, Selan Exploration, Vaswani Industries, BSL Ltd were the volume gainers on NSE. Meanwhile, Akzo Nobel India, InterGlobe Aviation, Venus Pipes & Tubes, Coffee Day Enterprises, Metropolis Healthcare, Schneider Electric Infrastructure, Patel Engineering, Container Corporation of India stocks saw spurt in volumes on BSE.

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Sensex, Nifty top gainers, losers

Mahindra and Mahindra, ICICI bank, Tech Mahindra, Axis Bank, Ultratech Cement, IndusInd Bank, Bharti Airtel, Kotak Bank, Asian Paints, ITC were the top Sensex gainers, while Tata Steel, Nestle India, Sun Pharma, Titan, NTPC, Powergrid, Larsen and Toubro and Reliance were the losers. In the Nifty pack, Shree Cement, BPCL, ICICI Bank, M&M and Tech Mahindra were the gainers, while Hindalco, Tata Steel, Coal India, SBI Life, Tata Motors were the laggards.

Critical Developments: India’s Concerns Over Naval Officers’ Verdict in Qatar

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India has conveyed its profound dismay regarding the death penalty verdict rendered by the court in Doha, Qatar, to the eight former Indian Navy officials affiliated with the now-defunct Al Dahra company. This judgement as indicated by the Ministry of External Affairs, was delivered today.

In response to the news of this death penalty verdict, the Ministry of External Affairs statement affirming: “We are currently in contact with the family members and the legal team and are actively exploring all available legal avenues.” Furthermore, it was noted, “Our initial information suggests that the Court of First Instance in Qatar has issued a judgment pertaining to the eight Indian employees of the Al Dahra company.”

During a weekly briefing on October 19, 2023, the official spokesperson of the Ministry of External Affairs, Arindam Bagchi, responded to questions about the former naval officers. He revealed, “The case had its final hearing, the seventh hearing, earlier this month on October 3, 2023. We have been closely monitoring the proceedings in the Court of First Instance and anticipate a judgment later this month. Previously, our Ambassador and Deputy Chief of Mission met with the eight detainees on October 1 after being granted consular access.”

These eight officers are currently facing legal proceedings under Qatari law, with the seventh hearing of their case conducted on October 3rd in Doha. It should be recalled that the eight Indian naval veterans were apprehended by Qatar’s interior ministry on August 30, 2022. The Indian government has been providing judicial support to these veterans, with consular access being granted on October 1st.

India remains deeply concerned about the fate of these individuals and is committed to exhausting all available legal avenues in addressing this complex and sensitive matter.