Stocks in news: ICICI Pru Life, Anand Rathi Share, LIC, Vedanta, HAL

Markets witnessed a volatile session on Monday and declined nearly 1%, pressured by weak global cues. Analysts say the Sustaining above 23,500 is critical for any further rebound; otherwise, the bias may turn negative to sideways. In the interim, traders are advised to maintain a cautious stance, focus on stock selection based on relative strength for long opportunities, and prefer a hedged approach to manage risk.

In today’s trade, shares of ICICI Pru Life, Anand Rathi Share, LIC, Vedanta, HAL among others will be in focus due to various news developments and fourth quarter results.

ICICI Pru AMC

ICICI Prudential Asset Management Company (AMC) reported healthy profit growth for the March quarter, supported by higher revenue and improved operating performance. The asset manager posted a profit after tax (PAT) of Rs 763 crore in Q4, marking a 10% year-on-year increase from Rs 692 crore in the corresponding quarter last year. Profit before tax for the quarter rose to Rs 1,039 crore, compared with Rs 917 crore a year earlier. The company has also declared a dividend of Rs 12.4 per share.Anand Rathi Share

Anand Rathi Share and Stock Brokers reported a sharp surge in profitability for the March quarter, with consolidated net profit rising 126% year-on-year to Rs 41.5 crore, driven by strong traction in non-broking businesses and higher margin expansion. Revenue from operations for the quarter stood at Rs 256 crore, up 28% from a year earlier, according to the company’s earnings release.

ICICI Pru Life

ICICI Pru Life reported a sharp rise in profitability for the March quarter, with profit after tax rising 58% to Rs 609 crore. This is up from Rs 386 crore in the previous year quarter. For the full year, profit rose 35% to ⁠1600 crore, and included gains from the sale of its stake in ICICI Pension Fund Management Company. Net premium income jumped 17% to 19180 crore. One-time premiums increased 46%, while renewal premiums rose nearly 6%.

LIC

State-owned insurance giant LIC said its board has approved a bonus issue of shares in the proportion of 1:1. This means, for every share investors hold as on the record date, they will get an additional share. The record date for the same will be announced soon.

GAIL

State-owned gas utility GAIL (India) Limited on Tuesday said it will invest Rs 3,800 crore in setting up 700 MW of solar power capacity across Uttar Pradesh and Maharashtra, as part of its push towards clean energy and net-zero goals.

Ujjivan SFB

The Reserve Bank of India (RBI) has returned Ujjivan Small Finance Bank’s application for voluntary transition into a universal bank saying that the bank needs to diversify its portfolio. The central bank has also advised Ujjivan to consider applying again after demonstrating a diversified asset pool.

Vedanta

At least nine people were killed and 15 injured following a blast in a boiler unit of a power plant ‌on ⁠Tuesday that ⁠was operated by India’s Vedanta in the central Indian state of Chhattisgarh. The ⁠incident took ‌place at Singhitarai, about 230 km away from ⁠the state capital of Raipur.

HAL

US defence major GE Aerospace on Tuesday said it and Hindustan Aeronautics Ltd (HAL) have made significant progress in sealing a collaboration to co-produce F414 jet engines to power India’s future combat jets. Nearly three years ago, GE Aerospace had signed an agreement with HAL to co-produce F-414 fighter jet engines engines in India. The two sides have been engaged in talks since then to firm up various aspects of the programme.