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ICICI Pru Life slips, Minda Corp hits 52-week high & more

NIFTY50: 21,462 ▼ 109 (-0.5%)
SENSEX: 71,186 ▼ 313 (-0.4%)


Among the NIFTY sectoral indices, Pharma (+1.0%) and PSU Bank (+0.8%) were the top gainers, while Financial Services (-1.0%) and Metal (-0.8%) were the top losers.

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Sun Pharma 1,337 ▲ 38 (+2.9%)
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1,320 ▲ 26 (+2.0%)

What's Down

Top losers Today's change
LTIMindtree
5,602 ▼ 673 (-10.7%)
NTPC 299 ▼ 9.7 (-3.1%)
HDFC Bank 1,490 ▼ 47 (-3.0%)

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Stock Buzz


⭐ ICICI Pru Life slips post Q3 numbers

Shares of ICICI Prudential Life Insurance closed 5.4% lower today. This came after a day the company reported its Q3 FY24 results. Its value of new business (VNB) declined by 29.5% year-on-year (YoY) to 436 crore. The insurer’s annualised premium equivalent rises 4.72% YoY to 1,907 crore. The company incurred higher commission expenses due to a revamped commission structure, which added pressure on margins.

⭐ LTIMindtree tanks after missing estimates

LTIMindtree shares closed 10% lower today. This was after the company’s net profit saw a marginal 0.6% sequential increase to ₹1,169 crore in Q3, and revenue rose by 1.2% on a quarterly basis to ₹9,016 crore. Despite this, the company achieved its highest-ever quarterly deal pipeline, reaching $1.5 billion in Q3 FY24.

⭐ Cochin Shipyard gains on new facility

Shares of the shipbuilding and maintenance facility closed 2% higher today, after hitting a new 52-week high of 896 per share. This was after the company opened a new dry dock and the international ship repair facility (ISRF) in Kochi. The dry dock incurred a cost of ₹1,799 crore, while the setup cost for the repair facility was ₹970 crore.

⭐ Minda Corp hits 52-week high

Shares of the electronic and mechanical security system manufacturer closed flat after hitting a 52-week high of ₹409 per share. This was after the company divested a 15.07% stake in automotive components maker Pricol Ltd for ₹631 crore through an open market transaction.


IPO Corner

⭐ The IPO of EPACK Durable, an electrical appliances manufacturer, will be open for subscription from 19 to 23 January. The price band for the public issue is ₹218 to ₹230 per share. The company plans to raise ₹640 crore via fresh issue and offer for sale (OFS). To know more and pre-apply click here.


Learn with Upstox

What is VNB?

The Value of New Business (VNB) in insurance represents the present value of future profits generated by new insurance policies. It considers expected premiums, expenses, and claims over the policy's lifetime. VNB is a key metric reflecting the profitability and growth potential of an insurer's new business activities.


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