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Research Periodic Report HDFC Life with Karnataka Bank, Tech Mahindra’s Collaboration, IREDA’s IPO

HDFC Life with Karnataka Bank, Tech Mahindra’s Collaboration, IREDA’s IPO

Written by - Fisdom Research

November 21, 2023 4 minutes

Opening Bell:

Gift Nifty is down by 8.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets traded mostly higher on Tuesday following overnight rally on Wall Street fuelled by technology stocks. Japan’s Nikkei 225 eased 0.13%, while the Topix fell 0.21%. South Korea’s Kospi gained 0.76% and Kosdaq traded 0.30% higher. Hong Kong’s Hang Seng index futures stood higher at 17,943, compared with the HSI’s close of 17,778.07. Australia’s S&P/ASX 200 rose 0.26%.

US stock market indices ended higher on Monday with Nasdaq’s rallying over 1% led by gains in heavyweight Microsoft shares that hit a record high. The Dow Jones Industrial Average gained 0.58%, while the S&P 500 jumped 0.74%, The Nasdaq Composite ended 1.13%, higher. Among stocks, Microsoft share price touched a record high and ended up 2% after it hired prominent artificial intelligence executives. Nvidia shares jumped 2.3% to close at an all-time high.

European markets had a cautious start on Monday after a strong week, with the Stoxx 600 index closing slightly higher by 0.1%. Third-quarter earnings slowing down affected the morning’s trading, with food and beverage stocks dipping 0.5% while oil and gas stocks gained, rising 1.3%.

Stocks News:

👉 HDFC Life Insurance Company: Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance to offer life insurance products to its customers. This collaboration is set to deliver a host of benefits to customers seeking financial security and life protection.           

👉 Tata Power Renewable Energy Ltd: TPREL said on Monday it has added 1.4 GW group captive projects to its portfolio in India in the past six months. With the addition of these group captive projects, TPREL’s overall renewables capacity hit 7,961 MW as of October, the company said.

👉 Tech Mahindra: Tech Mahindra Americas has signed a collaboration deed with Neom Tech to provide digital services. It will incorporate a new subsidiary to provide product and platform development services to Neom group companies.

👉 IREDA’s IPO opened today and closes on Thursday, offering shares at ₹30 to ₹32 each with a face value of ₹10. The lot size is 460 equity shares, with multiples of 460. The IPO, including a fresh issue of up to 40.32 crore shares and an offer for sale of up to 26.88 crore equity shares, amounts to ₹2,150.21 crore. Anchor investor allocation occurred on Monday, November 20.      

👉 Foreign institutional investors net sold shares worth Rs 645.72 crore, while domestic institutional investors bought Rs 77.77 crore worth of stocks on November 20, provisional data from the National Stock Exchange showed.  

Domestic and International Events

  • In the fiscal years 2020-21 to 2022-23, the Employees’ Provident Fund Organisation (EPFO) disbursed Rs 48,075.75 crore to over 22 million subscribers, or more than one-third of its total, through Covid advances from their retirement savings, as revealed in the draft Annual Report 2022-23.
  • Tata Technologies, the first Tata Group IPO in nearly two decades, recorded the highest grey market premium among this week’s mainboard IPOs. The global engineering services company’s shares, priced at Rs 850 each in the grey market, boasted a 70% premium over the upper price band of Rs 500 per share. Analysts attribute this strong premium to the company’s sound financials, reasonable valuations, future growth prospects, positive industry outlook, and the reputable Tata brand. The grey market serves as an unofficial platform for trading IPO shares until the official listing.
  • Crude oil prices slipped on Tuesday, undoing the previous day’s gains, as worries about reduced demand in a slower global economy took hold. Brent crude dropped 0.2% to $82.13 a barrel, while US West Texas Intermediate crude fell 0.2% to $77.68 a barrel. The dip followed a 2% climb on Monday, prompted by reports suggesting OPEC might discuss further oil supply cuts in their November 26 meeting.
  • Gold prices declined on Monday weighed down by an uptick in U.S. Treasury yields, with investors awaiting minutes of the Federal Reserve’s last meeting for cues on the central bank’s interest rate path. Spot gold was down nearly 0.3 percent to $1,974.59 per ounce, after rising as high as $1,993.29 on Friday. US gold futures fell 0.4 percent to $1,977.30.       

Key Equity Indices

Hang Seng17,7781.9 %
Shanghai Composite3,0680.5 %
Dow Jones35,1510.6 %
DAX15,901(0.1) %
FTSE 1007,496(0.1) %
Nikkei33,388(0.6) %
Straits Times3,112(0.4) %

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