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Life insurance stocks tumble, Hero MotoCorp increases stake in Ather Energy & more

NIFTY50: 21,456 ▲ 273 (+1.2%)
SENSEX: 71,483 ▲ 969 (+1.3%)


Among the NIFTY sectoral indices, IT (+4.5%) and PSU Bank (+2.3%) were the top gainers, while Realty (-0.7%) and FMCG (-0.3%) were the top losers.

What's Up

Top gainers Today's change
HCL Tech
1,493 ▲ 79 (+5.5%)
TCS 3,871 ▲ 203 (+5.5%)
Infosys
1,576 ▲ 75 (+5.0%)

What's Down

Top losers Today's change
HDFC Life
672 ▼ 12 (-1.8%)
Nestle India 24,412 ▼ 381 (-1.5%)
Bharti Airtel
994 ▼ 10 (-1.0%)

Market Sentiment

USD-INR 82.99 ▼  0.29 (-0.3%)
NIFTY MIDCAP 100 45,586 ▲ 52 (+0.1%)
NIFTY SMALLCAP 100 14,885 ▲ 104 (+0.7%)
India VIX 13.13 ▲ 0.81 (+6.5%)

Stock Buzz


⭐ Life insurance stocks fall after IRDAI's new proposal

Shares of major life insurers, including HDFC Life (-1.8%), ICICI Prudential Life (-2.2%), LIC (-2.5%), fell today after the insurance regulator IRDAI's proposed a new methodology to calculate the surrender value for life insurance policies. Surrender value is the money that an insurance company pays to the policyholder in case of premature discontinuation of policies. As per experts, this new method could lead to higher payouts in the range of 10% to 200%, which will directly impact the margins and profitability of life insurance companies.

⭐ Hero MotoCorp increases stake in Ather Energy

The two-wheeler maker has acquired an additional 3% stake in Ather Energy for ₹140 crore. After this acquisition Hero MotoCorp now holds a 39.7% stake in the company. Meanwhile, shares of Hero MotoCorp closed 0.1% higher today. As per media reports, Ather Energy is expected to launch its IPO in 2024.

⭐ BEL rises on new defence order win

Shares of the defence component maker Bharat Electronics Ltd (BEL) rose 3.2% today. This was after the company bagged an order worth ₹4,522 crore from the Indian army. The order includes supply of fuses for various calibres. The company’s order book for the current fiscal year now stands at ₹23,176 crore.

⭐ Genus Power hits upper circuit on order win

Shares of the smart metering solutions provider were locked in the 5% upper circuit today. This was after the company received an order worth ₹1,026 crore to supply, install, and commission around 10 lakh smart prepaid meters. With this, the total order book of the company for FY24 has surpassed the ₹20,000 crore mark.


IPO Corner

The DOMS Industries IPO was subscribed 93.4 times on the last day of subscription. The listing date for the IPO is tentatively fixed as 20 December 2023.

The IPO of India Shelter Finance Corporation was subscribed 36.7 times on the last day of subscription. The company’s shares will tentatively list on 20 December 2023.

Meanwhile, the IPO of INOX India received a subscription of 7.1 times on the second day. To know more and apply for the IPO, click here.


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Categories: Market Recap