This is in continuation to the order received for stage III and IV (2x500 MW and 2x500 MW) in September last year

The share price of Larsen & Toubro added nearly 2 percent intraday on August 23 after the company won an order from NTPC.

The power business of Larsen and Toubro (L&T) has bagged engineering, procurement and construction (EPC) order from NTPC to set up flue gas desulphurisation (FGD) system at Vindhyachal super thermal power station, Stage-I to II (6x210 MW Ft 2x500 MW), in Madhya Pradesh, as per company release.

This is in continuation to the order received for stage III and IV (2x500 MW and 2x500 MW) in September last year.

With this, L&T will be implementing FGD systems for 12 units constituting 4,260 MW at NTPC's Vindhyachal power plant which will have the maximum number of FGD systems at one location in India.

Installation of FGD systems in existing and upcoming thermal power plants has been made mandatory by the Ministry of Environment, Forest and Climate Change (MoEFCC) Government of India, to curtail SO2 emissions.

Larsen & Toubro was quoting at Rs 1,287.30, up Rs 0.30, or 0.02 percent on the BSE

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This project is funded by the Department of Telecom (DOT), Government of India and BSNL has been appointed as the nodal agency by the DoT for project execution

Shares of Himachal Futuristic Communication (HFCL) surged 8.5 percent intraday on August 20 after the company received purchase order worth Rs 2,467 crore.

The company has received a purchase order worth Rs 2,467 crore from Bharat Sanchar Nigam for setting up the converged nationwide IP /MPLS backbone & access network for armed forces under the network for spectrum (NFS) programme of the government.

The scope of work also includes operation and maintenance for a period of 10 years including 3 year warranty period for which Rs 862 crore will be paid by the Indian Defence Services after the warranty period is over.

This project is funded by the Department of Telecom (DOT) and the Government of India. BSNL has been appointed as the nodal agency by the DoT for project execution.

Himachal Futuristic Communication was quoting at Rs 19.85, up Re 1, or 5.31 percent on the BSE.

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Indian shares were volatile on Tuesday after gains in IT stocks were largely offset by declines in financial stocks, as cautious investors awaited more details on reports of a corporate tax rate cut by the government before making fresh bets 

The broader NSE Nifty gave up early gains to fall 0.32% to 11,017.70 by 0430 GMT, while the benchmark BSE Sensex was down 0.19% at 37,335.38.

Meanwhile, broader Asian shares climbed higher, reflecting gains seen in U.S. stocks on Monday, as hopes of more stimulus measures from China and Germany eased jitters of an impending global recession.

In India, investors awaited more details on some media reports suggesting that a task force set up to overhaul the 58-year old Income Tax Act recommended an across-the-board 25% tax rate for both local and foreign companies.

"We've not seen concrete steps by the government yet about (corporate tax) rate cut and other reforms, but some fears of a recession have faded," said Anand James, chief market strategist at Geojit Financial Services.

"It is safe to say that there might be a small shift in sentiment."

The Nifty PSU bank index, tracking state-owned banks, shed 1.5%, with State Bank of India falling about 1.08%.

Shares of Vodafone Idea Ltd fell as much as 6.67%. On Monday, the telecom operator said Ravinder Takkar would replace Balesh Sharma as its chief executive officer.

Indian markets have been facing rough winds in the recent months, with the NSE index falling about 8% since a record high in June, amid slowing economic growth, a massive slowdown in the automobile industry and poorly received budget proposals.

"Until we get clarity on what is happening with global and local growth, markets will have some sort of downward bias," said Sunil Sharma, chief investment officer, Sanctum Wealth Management in Mumbai.

Meanwhile, IT stocks were trading in positive territory with the Nifty IT index rising up as much as 1.78%. IT services provider Infosys Ltd was the top gainer on the NSE Nifty, rising as much as 2.3%, while shares of industry peer Wipro Ltd gained as much as 1.25%.

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Shares of multiplex operators PVR Ltd and Inox Leisure Ltd are now down about 1.6% and 3.2%, respectively, after Reliance Industries Ltd’s (RIL’s) annual general meeting. 

The stocks had fallen much more last week, after the oil-to-telecom conglomerate’s bundled entertainment offering including a disruptive concept for watching new movies at home on the same day they are released in theatres.

Why are investors breathing easy? To start with, since RIL hasn’t given many details about its plans, the exact impact is difficult to quantify at the moment. “We do not expect any material impact on overall revenues of PVR as such a segment which subscribes to ‘premium Jio Fiber’ would be relatively small," analysts from Bank of America Merrill Lynch said in a note to clients.

Analysts at HSBC Securities and Capital Markets (India) Pvt. Ltd said to its clients, “We do not think exhibition players such as PVR and Inox Leisure will be affected by Jio’s movie offering as out-of-home entertainment demand cannot be challenged by at-home movie offerings."

As such, considering that RIL is looking to launch the so-called First Day First Show service only in the middle of 2020, from a near-term perspective, the threat from this move seems limited.

Still, the uncertainty of how the situation would evolve may weigh on multiplex stocks.

If JioFiber manages to screen popular movies on the same day as their launch on theatre screens, the impact will not be trivial.

“Reliance JIO’s announcement of ‘First Day First Show’ movie launch is in-line with our long-term thesis that consumers will reduce the visits to a multiplex due to the content being available on OTT," said Spark Capital Advisors (India) Pvt. Ltd’s analysts in a report on 19 August. OTT is over-the-top and refers to internet streaming media services such as Amazon Prime Video and Netflix.

Given more choices at the consumer’s disposal, it will be interesting to watch if at-home movie offerings will take a big bite from the out-of-home entertainment demand. “Theatrical and at-home are two completely different experiences and each has their own places. Both these experiences have co-existed and prospered for decades and will continue to so in future," said PVR in a statement on 13 August.

From a medium- to long-term perspective, there are potential risks, nonetheless. “With content producers deriving ~75% of their revenues from theatrical Box Office collections, we see no immediate impact to PVRL’s footfalls; however, we believe more movie producers will commence embracing the OTT format over the long term as they begin to see a value proposition emerging out of the new modus operandi," added the analysts at Spark Capital.

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Shares of Info Edge (India) Ltd have slipped nearly 11% after scaling a 52-week high of about 2,444 on June 3. Continuing losses in investee companies have been worrying investors lately. Post its first-quarter results, some analysts have even downgraded the stock

In the first quarter ending June, Info Edge’s standalone revenue growth remained healthy at 20.5% YoY, much in line with analysts estimates. In fact, the recruitment business continues to grow at a healthy clip. Revenues here were up 19.2% YoY in Naukri. 99acres grew at a faster clip at about 34.6% YoY, while other segments contributed about 10% revenue growth.

Real estate growth, though, has been sluggish, and growth numbers seem high due to 99acres’ tiny base. Its strong foothold in the online listing space with about 50% market share though, should provide room for growth.

Its flagship portal, Naukri though has seen a decent growth, driven by IT and IT services. Naukri adds about 19,000 resumes on a daily basis. Its recent acquisition IIMJOBS.com has seen a 22% growth in revenues in the first quarter to 57 crores and is close to break-even, according to the management.

On a consolidated basis, though, Info Edge’s growth numbers have been a drag. Some of Info Edge’s investments such as Zomato and PolicyBazaar have been loss-making. These businesses are currently in a growth phase with Zomato starting to control costs and reducing losses. On a consolidated basis, though revenues grew at 15.4% YoY, which is reasonable. InfoEdge, though, reported a loss of 190 crores in the first quarter against 22 crores in the year-ago quarter.

Much of Info Edge’s business is in a growth phase. However, the stock has climbed about 47% in the past year with valuations touching sky-high levels. “INFOE’s market leadership positions in recruitment and real estate segments, as well as investments in Zomato and PolicyBazaar make it well-positioned in the classifieds space. Current valuations, however, more than capture these positives," said analysts Kotak Securities Ltd institutional business.

“We downgrade the rating to SELL with a revised fair value of Rs1,910 as we roll forward to June 2021E," noted Kotak Institutional Equities.

That’s about 14% lower than current levels, though much of its future depends on the valuations that Zomato and other investee companies command during the next round of fundraising.

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The company reported a standalone net profit of Rs 3.61 crore for the quarter ended June 30, 2019, as compared to Rs 1.85 crore in the same period last year, registering a year-on-year growth of 95.14 per cent. Net revenue of the company rose moderately by 10.35 per cent at Rs 30.80 crore in the April-June quarter of this fiscal as against Rs 27.91 crore in the corresponding period last year. During the April-June quarter, operating expenses increased by 4.53 per cent to Rs 27.24 crore from Rs 26.06 crore in the year ago period.

Other Income grew by 85.00 per cent at Rs 0.37 crore versus (Jun'18 Rs 0.20 crore). Operating Profit surged by 92.43 per cent to Rs 3.56 crore as against Rs 1.85 crore in the year-ago period, while Operating Profit Margin (OPM) expanded year-on-year to 74.36 per cent in June quarter. Taxation increased by 65.00 per cent at Rs 0.33 crore (Jun'18 Rs 0.20 crore).

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The past few months have been a roller-coaster ride for Indian equity investors. A combination of unfavourable domestic and global cues continue to dampen sentiment on Dalal Street. In this week as well, key Indian benchmark indices the Nifty and the Sensex lost more than 2% percent each

Consequently, the valuation of Indian equities has come-off from its recent peak following the ongoing market correction. Currently, the MSCI India index is trading at a one-year forward price-to-earnings (PE) multiple of 17 times moderating from the high of 19 times.

Another valuation parameter, the bond equity earnings yield ratio (BEER) paints a similar picture. An analysis by domestic brokerage house Antique Stock Broking Ltd showed that at 1.1 times, BEER for the Nifty50 has slipped to similar levels seen during demonetisation and taper tantrum of 2012-13.

This ratio compares the 10-year treasury bond yield to the earning yield of the stocks or stock index – in this case, the Nifty. Earning yield is the reverse of the PE ratio. Theoretically, if the reading is at 1, it means that both equity and bond markets are fairly valued. A reading greater than 1 would mean that the equity market is overvalued, while below 1 means that the equity market is undervalued.

However, as the alongside chart shows, although the ratio is a little above 1, the reading has been heading southward. At 1.1 times BEER is much lower than its historical average of 1.5 times.

As per the broking firm, since the Reserve Bank of India (RBI), akin to global central banks, is expected to further cut interest rates to boost economic recovery, valuations of Indian equities are unlikely to see a further de-rating.

“We believe there is a strong possibility of another 50 basis points repo rate cut by RBI given benign inflation, weak economic growth, fiscal consolidation and unchanged overall government borrowing along with an option of borrowing overseas through the foreign sovereign bond. In the backdrop of easing risk free rate, we do not foresee further de-rating in Indian equities," it said in a report on 29 July. One basis point is one-hundredth of a percentage point.

That said, it cautions of some risks to valuations emerging from corporate earnings downgrade.

Meanwhile, the report further added that sectors which are looking attractive from BEER perspective are auto, pharmaceuticals, energy and capital goods. Also, large caps are looking more attractive as compared to mid-caps

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At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980

The final hour recovery helped the Nifty to close around 11,000 level and Sensex above 37,000 after remained under immense selling pressure throughout the day.

At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980. About 830 shares have advanced, 1587 shares declined, and 147 shares are unchanged. 

Vedanta, JSW Steel, Hindalco Industries, SBI and Tata Motors were among major losers on the Nifty, while gainers were Wipro, Bharti Infratel, Maruti Suzuki, Reliance Industries and Power Grid Corp.

Among sectors, except energy all other indices ended on weak note led by the metal (down 3 percent), PSU bank (down 2 percent), IT (down 1.8 percent) followed by infra, pharma and FMCG.

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Mahindra & Mahindra (M&M) reported a decline of 16% year-on-year (YoY) in its total domestic wholesales to 37,434 units in July, as the economic downturn continues to hurt the auto industry

The company’s passenger vehicle wholesales fell 15% YoY to 16,831 units during the month, while commercial vehicle sales declined 17% to 15,969 units. The drop in wholesale numbers hint at more production cuts, which automakers have been undertaking to manage unsold inventory.

The company had reported a decline of 2% YoY and 9.4% YoY in passenger vehicles and commercial vehicles, respectively, in the first quarter of the current fiscal, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

For M&M, the bigger decline in CV sales came from subdued sales in the light commercial vehicle (LCV) category, where the Bolero range of light trucks-- under 3.5 ton--dominates. It reported total domestic sales of LCVs, below 3.5 tons, at 14,874 units in July, down 16% YoY.

The fall in demand for LCVs is a clear indication that small and medium enterprises (SMEs) have also been hit.

The medium and heavy commercial vehicle (M&HCV) category, which primarily reflects the economic health of sectors such as transportation and infrastructure, has reported a drop of 52% from 866 units sold in July last year to 417 units last month.

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The fall of July series was mainly led by selling pressure from foreign institutional investors (FIIs) desk. They cumulatively sold equities worth Rs. 13,035 crores in July series.

Jay Purohit

The July series kicked off with some long positions and moved higher in the initial days of the new series. However, bulls failed to pull Nifty above the 12,000 mark as we witnessed some selling pressure at higher levels.

The benchmark indices plunged sharply after the announcement of the first Union Budget under Modi.20. As a result, Nifty posted a loss of around 5 percent on an expiry-to-expiry basis, resulting in the worst derivatives expiry since October 2018.

The fall was supported by some short positions, but most of them didn’t carry forward to the next series as the open interest decreased 6.89 percent on a month-on-month basis.

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The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore

Share price of ICICI Prudential Life Insurance Company gained 4 percent in the early trade on July 25 after its quarterly results.

The company's Q1FY20 net profit rose 1.2 percent to Rs 284.9 crore against Rs 281.6 crore in the same quarter last year.

The value of new business margin increased to 21 percent from 17 percent, while the value of new business jumped 27 percent to Rs 309 crore versus Rs 244 crore, YoY.

The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore.

Morgan Stanley has maintained overweight rating on the stock with a target price at Rs 450 per share.

The research house expects premium growth to recover through the year with help from favourable base and expect VNB growth to be sustained in 20-25 percent range over the next three years.

It sees strong growth in protection.

At 0928 hours, ICICI Prudential Life Insurance Company was quoting at Rs 391.50, up Rs 9.25, or 2.42 percent on the BSE.

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The stock has lost nearly 90 percent of its value in the last one year.        

Dewan Housing Finance Corporation (DHFL) shares were locked at 10 percent lower circuit at Rs 61.65 on July 15 after posting a loss for first time since inception and warning about its survival.

There were pending sell orders of 6,49,477 shares, with no buyers available on the BSE at 0920 hours IST. The stock has lost nearly 90 percent of its value in the last one year.

The housing finance company posted a loss of Rs 2,224 crore for the quarter ended March 2019, against a profit of Rs 314 crore in the December quarter and Rs 134 crore in the June quarter of last year.

"In the backdrop of a significant slowdown in disbursement and loan growth after September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year," Kapil Wadhawan, Chairman and Managing Director said in a BSE filing.

Due to the additional provisioning of Rs 3,280 crore (including net loss on fair value), the company reported a net loss of Rs 2,223 crore for the quarter and a net loss of Rs 1,036 crore for the whole year (as against a profit of Rs 1,240 crore in previous year), he added.

The company also warned that its financial situation was so grim that it may not survive.

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Credit Suisse the dispute hasn't had an operational impact so far but can't rule one out

Shares of InterGlobe Aviation, the operator of budget airline IndiGo, fell more than 17 percent intraday on July 10 after differences between two promoters Rahul Bhatia and Rakesh Gangwal reached the market regulator.

Securities and Exchange Board of India (SEBI) on July 9 asked the Board of Directors of InterGlobe Aviation to respond to a letter written by Rakesh Gangwal, which sought regulatory intervention on his alleged grievances. The board has time till July 19 to respond to Gangwal's letter.

The rift between the company's promoters has been making the headlines for a while now.

Rakesh Gangwal Group sent a letter to SEBI alleging lack of compliance with corporate governance norms, global brokerage Credit Suisse said, adding the dispute between Rakesh Gangwal and InterGlobe Enterprises has a potential of lingering and becoming a significant headwind.

The investment firm further said the dispute hasn't had an operational impact so far but can't rule one out.

While reiterating sell call on InterGlobe Aviation, Citi said, "With conflict between promoters getting public, we do not envisage settlement anytime soon. Uncertainty regarding the final resolution could cause weakness in the stock."

In an interview to CNBC-TV18, Vikas Khemani, Founder at Carnelian Capital Advisors LLP also advised investors to stay away from IndiGo until boardroom battle doesn't subside.

Rakesh Gangwal and Shobha Gangwal hold 23.09 percent stake in InterGlobe Aviation. The Chinkerpoo Family Trust (where trustees are Shobha Gangwal & JP Morgan Trust Company of Delaware) hold 13.60 percent stake.

On June 25, in an interview to CNBC-TV18, IndiGo CEO Ronojoy Dutta said the differences between Rahul Bhatia and Rakesh Gangwal were over related party transactions (RPTs).

The differences are specifically connected to the transactions between IndiGo, and other units of InterGlobe Enterprises (IGE), the holding company of Rahul Bhatia's business empire.

The letter by Gangwal, dated July 8, stated that Bhatia has "unusual rights" over IndiGo due to the shareholders’ agreement between them. These controlling rights give IGE Group, a minority shareholder, significant influence over the decisions of IndiGo.

“I hadn't contemplated that over the years. Bhatia would start building an ecosystem of other companies that would enter into dozens of related party transactions with IndiGo. We are not against RPTs as long as proper checks and balances exist and such RPTs are in the best interest of the company,” stated the letter.

Gangwal, in his letter, provided some alleged events, which he felt was “collapsing corporate governance standards at IndiGo.”

In a letter written by Bhatia on June 12, he said Gangwal's ego was hurt as the company proceeded to make alternate arrangements for original equipment manufacturers (OEMs).

He also alleged that the Rahul Gangwal group wanted to relieve itself from its obligations under the shareholders' agreement and articles of association (AoA) as Gangwal is scared of liability in a highly regulated sector and that the real agenda of RG group is to dilute, diminish controlling rights of IGE group.

Bhatia also alleged that Gangwal did not raise any objections for 13 years against any RPTs, and had also happily agreed to fundamental proposition that IGE group will have control, as Gangwal did not mind that IGE group was taking the entire economic risk, and that year after year, he signed and approved the annual account statements without raising any objections.

IndiGo itself is under the umbrella of InterGlobe Aviation, one of the units of InterGlobe Enterprises. Apart from aviation, the Group also has interests in hospitality, airline management, travel commerce, advanced pilot training, aircraft maintenance engineering and real estate.

The stock was quoting at Rs 1,362.85, down Rs 202.90, or 12.96 percent on the BSE at 0942 hours IST.

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PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.

PSU banking major Punjab National Bank (PNB) tanked over 9 percent intraday on July 8 after it detected an alleged fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and reported it to the Reserve Bank of India (RBI).

PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.

"On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of Rs 3,805.15 crore is being reported by bank to RBI," Punjab National Bank (PNB) said in a regulatory filing.

"It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks. At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account," PNB added.

PNB said its domestic exposure to Bhushan Power & Steel Ltd (BPSL) stood at Rs 3,191.51 crore and overseas exposure at $49.71 million (approx Rs 345.74 crore) at Dubai branch and $38.51 million (approx. Rs.267.90 crore) at Hong Kong branch.

The stock is already down over 20 percent in the last three months. At 10:30 hours, Punjab National Bank was quoting at Rs 74.30, down Rs 7.45, or 9.11 percent. It has touched an intraday high of Rs 77.85 and an intraday low of Rs 73.30.

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Amid an economic slowdown, rural distress, falling demand and unemployment, a big package for infrastructure will certainly prove to be a shot in the arm.

Finance Minister Nirmala Sitharaman on July 5 presenting the Union Budget laid the foundation to build India a $5 trillion economy in the next few years.

Amid an economic slowdown, rural distress, falling demand and unemployment, a big package for infrastructure will certainly prove to be a shot in the arm. At the same time, the proposal to reduce the fiscal deficit to 3.3 percent of GDP to 3.3 percent from 3.4 percent is a welcome move.

“The Union Budget for FY20 was clearly a strategic budget with the emphasis placed on maintaining the long-term goals of fiscal consolidation and infrastructure creation,” B Gopkumar, ED & CEO at Reliance Securities told Moneycontrol.

The Budget also had plenty for the markets. “Moves such as government’s commitment to restrict fiscal deficit to 3.3 percent of GDP, opting for partial external borrowings, divesting stake in PSUs and recapitalising PSU banks and easing the liquidity stress for quality NBFCs sound comforting,” Sharekhan said in a note.

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The share touched its 52-week high Rs 690 and 52-week low Rs 60 on 03 September 2018 and 19 June 2019, respectively.

Shares of Dewan Housing Finance Corporation (DHFL) declined more than 7 percent intraday on June 28 after the company deferred Q4 earnings announcement.

The company was scheduled to announce Q4 earnings on June 29.

Earlier, the company had informed the stock exchanges that it will not be able to furnish the audited standalone and consolidated financial statements for FY19 within the time stipulated by SEBI norms.

DHFL said that the delay was due to new submissions under the provisions of the Companies (Indian Accounting Standards) Rules, 2015, which came into effect from April 1, 2018. This means the financial year which ended on March 31, was the first full financial year when these rules were applicable.

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Mirabegron is indicated for the treatment of Overactive Bladder (GAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency.

The share price of Lupin rose more than 3 percent in the early trade on June 28 after the company received tentative approval for its Mirabegron Extended Release (ER) Tablets.

The company has received tentative approval for its Mirabegron Extended Release (ER) Tablets, 25 mg and 50 mg, from the United States Food and Drug Administration (FDA), to market a generic version of Myrbetriq Extended Release Tablets, 25 mg and 50 mg, of Astellas Pharma Global Development Inc, company said in press release.

Mirabegron is indicated for the treatment of Overactive Bladder (GAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency.

Mirabegron ER Tablets 25 mg and 50 mg had annual sales of approximately USD 1501.6 mn in the US, it added.

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Most of the companies have high debt and are facing structural issues, hence, investors should avoid catching the falling knife even at current levels, suggest experts.

On June 28, 34 stocks will no longer be part of futures and options (F&O) segment on the NSE. The exchange, in a notification in April, had said that it would not issue F&O contracts for these stocks once June series expires.

These stocks include Reliance Power, Jet Airways, Jain Irrigation, PC Jeweller, IRB Infrastructure, CG Power, CEAT, Ajanta Pharma, IDFC, Kaveri Seed Company, South Indian Bank and Godrej Industries, among others.

Since their exit from the F&O segment was notified, i.e. April 22, only seven of these 34 stocks have delivered positive returns. Year-to-date, just four of these stocks have given a positive return.

Though NSE's decision may not have been a cause of their journey in the red, these stocks certainly extended their losses after the notification was released.

Timely action would have saved investors from any incremental losses seen in almost 90 percent of these stock.

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The European agency inspected Bengaluru unit in March 2019.

Biocon shares fell 3 percent intraday to hit a 52-week low of Rs 248.30 on June 14 despite company getting a certificate of good manufacturing practice from the EU regulator for its Bengaluru unit. The stock closed at Rs 248.90, down 2.93 percent.

These facilities are used for the manufacture of a portfolio of biosimilars.

The European agency inspected Bengaluru unit in March 2019. "This was a surveillance inspection of our existing DP and OS facilities and a pre-approval inspection of our additional DP manufacturing line," the company said in its filing.

"Biocon has received the Certificate of GMP compliance from EMA for its Biologics Drug Product (DP) as well as Drug Substance (DS) facilities at Biocon Park, Bengaluru," it said.

This certification will enable the company to continue addressing the growing needs of patients in the EU markets and enhance access to high-quality biosimilars, it added.

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IPRU seems to have started stabilising its premium growth, supported by smaller ticket-size ULIPs and a larger share of the higher-margin protection segment, Emkay said.

ICICI Prudential Life Insurance Company shares gained 2 percent intraday on June 7 after Emkay maintained buy call on the stock with a revised target price of Rs 435, implying 15 percent potential upside.

IPRU management targets absolute value of new business (VNB) growth of 19-25 percent over the next 3-4 years.

"We have built in 11.8 percent VNB growth CAGR over FY19-21E. Its strategy largely remains the same with a greater focus on the protection segment," Emkay said.

The brokerage further said IPRU has not factored in savings persistency variance in its assumptions and has kept it unchanged at 82.5 percent in its forecast viz-a-viz the current prevailing 13-month persistency of greater than 86 percent (excluding single premium), leading to a positive operating variance.

IPRU is not looking to raise capital over the next three years (solvency ratio currently at 214.9 percent). It has a soft internal target of 200 percent (regulatory requirement of 150 percent) where it will start looking for alternative ways of generating internal accruals (cut dividends).

IPRU seems to have started stabilising its premium growth, supported by smaller ticket-size ULIPs and a larger share of the higher-margin protection segment, Emkay said.

At 1346 hours, the stock was quoting at Rs 385.00, up Rs 6.15, or 1.62 percent on the BSE.

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