Equity Alert
ICIC Pru Life falls 9%; promoter to reduce stake in co
This story was originally published at 11:26 IST on 18 May 2026
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Equity Alert: ICIC Pru Life falls 9%; promoter to reduce stake in co
MUMBAI--1112 IST--Shares of ICICI Prudential Life Insurance Co. fell nearly 9% to an over two-year low of INR 488.60. The stock declined after its promoter Prudential Corp. Holdings decided to bring down its stake in ICICI Prudential Life to 10%. The divestment is part of the regulatory approvals for Prudential's 75% stake buy in Bharti Life Insurance Co.
As on Mar. 31, Prudential held 21.91% stake in ICICI Prudential Life Insurance Co. and the promoter is engaging with authorities concerned to seek a timeframe for the divestment that may be required. Post this news, ICICI Bank – another promoter of the company, said that it intends to retain a majority shareholding in the company.
Prudential entered into a share purchase agreement with Bharti Life Ventures Pvt. Ltd. and 360 ONE Asset Management to acquire stake in Bharti Life for a cash consideration of INR 35 billion with a potential addition of INR 7 billion. Following the stake purchase in Bharti Life Insurance and divestment in ICICI Prudential Life, Prudential will cease to be the promoter of the latter company.
At 1104 IST, shares of ICICI Prudential Life Insurance Co. traded over 6% lower at INR 501.65. Over 3 million shares of the company changed hands on the NSE, nearly 19 times the number of shares traded till the same time Friday. The number of shares traded Monday was higher than the average three-month traded volume. (Adhithya Aji)
Equity Alert: Indices remain down; shrs of Tata Steel, Power Grid worst hit
MUMBAI--1050 IST--Indices remained lower, as crude oil prices hovered around $111 per barrel. Less than 10 constituents of the Nifty 50 index traded with gains, though the gains were marginal. Select information technology companies were also among the gainers. All broader market indices fared worse than their benchmark peers. While the Nifty mid-cap indices shed around 1.4–1.6?ch, the Nifty small-cap indices were down over 2%.
At 1044 IST, the Nifty 50 index was at 23424, down 0.9%, while the BSE Sensex was at 74501.42, down 1%. Shares of Tech Mahindra were the highest gainers in the Nifty 50 index, up 1.4%, while peers Infosys and Tata Consultancy Services rose 0.8% and 0.1%, respectively. Shares of Eternal, Power Grid Corp. of India, and Tata Steel were the main laggards, shedding 3–5%, with all three stocks hitting their one-month lows in early trade.
In a post-earnings call with analysts, Tata Steel's management said a notice for the early closure of the coke and gas plants of its subsidiary Tata Steel Netherlands was leading to uncertainty in the subsidiary's operations profit-and-loss statement. For the March quarter, the company reported a consolidated net profit of INR 29.26 billion on revenue of INR 632.70 billion. Shares of Power Grid Corp. of India fell after the company missed the Street's view on its March quarter sales, which fell 9% on year. The energy company reported a net profit of INR 45.53 billion on revenues of INR 99.71 billion.
Among sectoral indices, the Nifty IT index was the only gainer, up 0.6%. The Nifty Realty, Nifty Media, and Nifty Consumer Durables indices were down 2.5-3.3%.
In the Nifty 200 index, shares of Solar Industries India were the highest gainers, up over 2.5%, while Cochin Shipyard was the worst hit stock in the index, shedding over 7?ter the company reported a 24% on-year fall in its net profit for the March quarter. The stock hit a one-month low. Among other laggards were shares of HDFC Asset Management Co., which fell over 3%. The company reported a cybersecurity incident on Saturday. An anonymous source claimed to have gained access to parts of the company's IT infrastructure. The company said it had engaged a specialist firm to assess the extent of the incident, though it maintained that there was no material impact on its operations.
Among the laggards were shares of ICICI Prudential Life Insurance, which were down 3%. The company announced that its promoter Prudential Corp. Holdings, was seeking to reduce its stake in the insurance company to below 10% from 21.91%. Further, Prudential Corp. is looking to buy 75% stake in Bharti Life Insurance Co.
In the Nifty 500, shares of Gland Pharma were the highest gainers, trading nearly 15% higher, while Amber Enterprises India shed over 15% and was the worst hit stock in the index. (Shruti Nair)
Equity Alert: Power Grid falls 5% to 1-month low; co's Q4 sales down 9% YoY
MUMBAI--1055 IST--Shares of Power Grid Corp. of India fell over 5% to an over one-month low of INR 290.20 after the company reported an on-year fall in its sales for the March quarter. The stock fell after gaining in the previous two sessions, during which it had gained almost 2%. Volume of the shares traded was almost twice that in the previous trading session.
The power transmission company posted a net profit of INR 45.53 billion for Jan-Mar, which was an on-year rise of 5%. However, its revenue for the quarter fell over 9% on year to INR 99.71 billion. While the company's net profit surpassed the Street's view, its top line missed estimates by a wider margin. Brokerage JM Financial Institutional Securities expects the company's capital expenditure and capitalisation in 2025-26 (Apr-Mar) to be in a similar range.
At 1052 IST, shares of Power Grid Corp. were nearly 5% lower at INR 291.50 on the NSE. So far in the day, nearly 6 million shares of the company changed hands on the exchange, higher than nearly 3 million shares traded till the same time Friday.
Of the 10 brokerage recommendations available with Informist on the stock, eight have a 'buy' recommendation with an average target price of INR 348. One has a 'sell' recommendation and the other has a 'hold' recommendation on the stock. (Arundathi A R)
Equity Alert: Tata Steel down 5% at one-month low post Jan-Mar results
MUMBAI--1041 IST--Shares of Tata Steel fell over 5% to a one-month low of INR 207.19. The fall in the stock comes after the company announced its March quarter results post market hours Friday. The company's net profit for the quarter rose sharply on year but was below the Street's estimate. The management of the company said that the closure of the coke and gas plants of its arm Tata Steel Netherlands had led to uncertainty.
For the March quarter, the company reported a consolidated net profit of INR 29.26 billion, up nearly 125% on year. This was slightly below analysts' estimate of INR 30.98 billion. Tata Steel missed the estimate on the bottom line as it incurred a one-time cost of INR 3.40 billion. Excluding the one-time cost, the bottom line would have been 32.66 billion, above the estimate.
The company's revenue for the quarter rose nearly 13% on year to INR 632.70 billion, above analysts' estimate of INR 619.06 billion. The management Saturday said the early closure of gas and coke plants of its subsidiary Tata Steel Netherlands Ltd. is sparking uncertainty around the arm's operations profit and loss statement.
"Europe operations may slip into losses in Q1 (June quarter) due to lower profits from Netherlands," Nuvama Institutional Equites said. The brokerage maintained a 'hold' call on the stock and raised the target price nearly 11% to INR 209. However, JM Financial Institutional Securities said Netherlands earnings before interest, tax, depreciation, and amortisation were expected to be positive despite the closure of the coke plant. The brokerage expects carbon costs to offset higher procurement costs.
At 1037 IST, shares of Tata Steel traded nearly 4% lower at INR 208.89. Over 34 million shares of the company changed hands on the NSE, higher than nearly 12 million shares traded till the same time Friday. During Friday's session, the stock of the company had hit an all-time high ahead of its March quarter earnings. (Adhithya Aji)
Equity Alert: Amber Ent hits 1-mth low, co forecasts margin pressure
MUMBAI--1024 IST--Shares of Amber Enterprises fell to their lowest level in over one month even after the company Saturday reported earnings for the March quarter that were largely in line with market expectations. On a standalone basis, brokerage Motilal Oswal Financial Services said, the company's revenue from its consumer durables, electronics, and railway segments beat estimates. However, the company is expected to face some pressure in the near term due to high crude oil prices.
The Amber Enterprises management told analysts in a conference call after the earnings that temporary margin pressure of 50–100 basis points can be expected on a consolidated basis, CNBC reported. In the March quarter, the company's net working capital days rose to 29 from nine in the corresponding period a year ago, mainly due to proactive inventory positioning amid supply chain disruptions, Amber Enterprises said.
Further, the company said in its investor presentation that it sees sales from its electronics division growing 40% on year in the financial year 2026-27 (Apr-Mar) and those from its railway sub-systems segment increasing 30–35%. The company's growth forecast for FY27 for its electronics segment is slightly lower than the growth seen in FY26. At 1021 IST, shares of Amber Enterprises were down 15% at INR 7,205, with 859,149 shares having changed hands. (Ruchira Kagita)
Equity Alert: Markets open lower as Trump warns Iran, crude oil above $111/bbl
MUMBAI--0943 IST--The benchmark indices opened sharply lower after US President Donald Trump warned Iran the "clock is ticking" for a peace deal. Trump's statement pushed crude oil prices higher and the July futures contract of Brent Crude was above $111 per barrel ahead of the market opening. Information technology companies were the major gainers in the indices. At 0942 IST, the Nifty 50 was at 23355.65, down 287.85 points or 1.2%, and the BSE Sensex was at 74308.44, down 929.55 points or 1.2%.
IT majors Infosys, Tech Mahindra, Wipro, and Tata Consultancy Services were the major gainers in the Nifty 50, up 0.2-1.0%. Coal India and Bharti Airtel were up marginally. Power Grid Corp. of India was the worst hit stock among the Nifty 50 constituents, down over 3%. The company's Jan-Mar revenue fell over 9% on year and missed analysts' consensus estimate. Tata Steel, Maruti Suzuki India, Shriram Finance, Eicher Motors, and Mahindra & Mahindra were down 2–3%. Heavyweight banking stock HDFC Bank was down nearly 2%.
The broader market indices mirrored the fall in the benchmarks. The Nifty Midcap indices were down 1-1.4% and the Nifty Smallcap indices were down 1.5-1.7%. Nifty IT was the only gainer among the sectoral indices, up 0.1%. Meanwhile, Nifty Consumer Durables was the underperforming sectoral index, down over 2%.
Premier Energies rose after the company's consolidated net profit for the quarter grew over 64% on year to INR 4.57 billion. This was better than the Street's view of INR 3.89 billion. Solar Industries rose nearly 3%. On the other hand, Cochin Shipyard was the worst hit in the Nifty 200, down nearly 5%, after the shipmaker's net profit declined for the third quarter in a row.
Gland Pharma was the best performing stock in the Nifty 500, up over 12%. Its consolidated net profit for the March quarter rose 97% on year. In contrast, Amber Enterprises was the worst performer in the index, down over 9%. (Adhithya Aji)
Equity Alert: May open down on Trump's new threat to Iran, higher oil prices
MUMBAI--0835 IST--Headline stock indices may open lower Monday after crude oil prices resumed their climb above the $110 a barrel. This came after US President Donald Trump's new warning to Iran that the "clock is ticking" for a peace deal to be reached with Washington. The indices are likely to track a fall in most Asian markets in early trade. At 0833 IST, the Brent crude oil July futures contract was almost 2% higher at $111.27 per barrel. Foreign investment flows and the rupee's levels are also expected to continue to provide market direction ahead.
Trump on Sunday warned Iran there won't be anything left of the country unless it agrees to a deal. "For Iran, the Clock is ticking, and they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE," NDTV reported, quoting Trump in a post on his social media platform, Truth Social. Trump's threat came after he spoke with Israeli Prime Minister Benjamin Netanyahu.
At 0834 IST, the Gift Nifty was almost 1% lower at 23554.50, which was short of 89 points from the Nifty 50's previous close of 23643.50. "On Friday, the benchmark Nifty index opened with an upside gap and briefly breached the resistance level of 23,800 (spot) during day trade," Vipin Kumar, technical and derivatives analyst at Globe Capital Market, said. "However, it failed to hold above that level and settled slightly lower at 23660 (spot). An unstable geopolitical situation in the Middle East, elevated crude oil prices, continuous FII outflows, and a depreciating Indian Rupee remain key concerns," he said. "A sustained trading below 23580 could drag it toward the 23200–23150 zone. Conversely, a decisive breach above 23800 could lead the index toward 24000–24150 in the near term."
The government cut the windfall gains tax on the export of diesel and aviation turbine fuel for the fortnight, which started from Saturday. The special additional excise duty, or windfall gains tax, on the export of diesel was reduced by INR 6.50 to INR 16.50 per litre, according to a notification issued by the finance ministry Friday. The tax on aviation turbine fuel was cut by INR 17 to INR 16 per litre. The government also introduced windfall gains tax of INR 3 per litre on the export of petrol.
The government has imposed restrictions on silver imports to cut down on demand for precious metals to ease the pressure on the rupee and foreign exchange reserves. The curbs were imposed after silver imports jumped 157% on-year in April to $411 million.
Shares of Power Grid Corp. will be in focus as the company announced its March quarter results Friday post market hours. Its bottom line for the quarter was slightly above the Street's view, with the top line falling on year and way short of the Street's estimate. The company posted a net profit of INR 45.53 billion for Jan-Mar, which is an on-year rise of 5%, compared to a 2% on-year rise estimated by the Street at INR 44.36 billion. Power Grid's revenue for the quarter fell over 9% on year to INR 99.71 billion. Analysts had expected the top line to rise to INR 128 billion. Friday, shares of Power Grid Corp. ended over 1% higher at INR 305.85 on the National Stock Exchange.
American Depositary Receipts of Infosys and Wipro rose over 3% and over 2%, respectively. Meanwhile, those of Sify Technologies and HDFC Bank fell over 4% and over 1%, respectively.
Barring the Kospi and SSE Composite Index, all Asian equity indices declined in early trade. All major US indices settled over 1% lower Friday. (Arundathi A R)
Equity Alert: Most Asian indices fall, West Asia tensions, crude prices weigh
MUMBAI--0822 IST--Stock indices in Asia begin the week on a weak note after US President Donald Trump issued a fresh threat to Iran, warning the West Asian nation "to get moving." The meeting between Trump and his Chinese counterpart Xi Jinping failed to provide clarity on how and when the war in West Asia would cease. Brent crude oil futures surged above $110 per barrel again.
"For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!," US President Donald Trump said in a post on Truth Social.
To shield itself from the impact of the war in West Asia, Japan's government will likely issue fresh debt, Reuters reported. Japanese Prime Minister Sanae Takaichi is planning on setting up a supplementary budget, but the size of it is yet to be decided, the media agency said. The yield on the benchmark 10-year Japanese government bond to 2.8%, its highest level since October 1996.
China's industrial production output grew 4.1% on year in April. This is significantly lower than Reuters' expectations of a 5.9% increase. The country's retail sales rose just 0.2% in April, sharply down from a 1.7% rise in March. Reuters had expected retail sales to grow 2% in April.
The following were the levels of major Asian indices at 0819 IST:
| Index | Level | Change in % |
| CSI 300 Index | 4858.5879 | (-)0.02 |
| Hang Seng Index | 25632.37 | (-)1.27 |
| Nikkei 225 Day | 60846.54 | (-)0.92 |
| TOPIX FIRST SECTION | 3834.10 | (-)0.77 |
| KOSPI | 7618.91 | 1.68 |
| S&P/ASX 200 Index | 8523.40 | (-)1.24 |
(Ruchira Kagita)
Equity Alert: US Indices end lower Fri; inflation concerns weigh
MUMBAI--0746 IST--Wall Street indices ended lower on Friday. Elevated crude oil prices near $110 per barrel and a hotter-than-expected inflation print, which dented hopes of a near-term interest rate cut, dampened market sentiment. Further, treasury yields rose sharply, with the benchmark US 10-year yield up over 4.5%
A crucial meeting between US President Donald Trump and his Chinese counterpart Xi Jinping in Beijing ended on a good note but provided no significant headway into ending the war in West Asia and reopening the Strait of Hormuz. Trump had said that Xi agreed on the need to open up the strait, according to a Reuters report, but China did not issue any formal statement on this.
In the week gone by, the S&P 500 gained for the seventh consecutive week, but the NASDAQ snapped its six-week gaining streak. The Dow Jones Industrial Average, meanwhile, posted weekly losses after seeing gains for the two prior weeks.
"There's a realisation that the market had gotten way ahead of itself," Kenny Polcari, chief market strategist at Slatestone Wealth in Jupiter, told Reuters. "It wasn't paying enough attention to what the bond market and economic data is telling it. It was caught up in this momentum AI trade," Polcari said.
Investors will keep an eye out for Nvidia's earnings on Wednesday. Retail majors Target and Walmart will also post their earnings this week.
Jerome Powell's eight-year term as the chair of the Federal Reserve ended Friday. He was, however, nominated to be the chair pro tempore until Kevin Warsh is sworn in as the new chair.
The following were the closing levels of major US indices on Friday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49526.17 | (-)1.07 |
|
NASDAQ Composite |
26225.145 | (-)1.54 |
|
S&P 500 |
7408.50 | (-)1.24 |
(Ruchira Kagita)
US$1 = INR 96.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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