HDFC Life reports strong new business growth

The Markets Today in a nutshell

• Domestic stock market ended on a negative note.
• Selling was wide spread led by metals, pharma and consumer durables shares. Banks and energy shares bucked the weak market trend. Investors sentiment took a hit after the US reported lower-than-expected weekly unemployment claims, a sign of a robust labor market.

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News you could use

? Reliance Jio Infocomm report strong profitability revenue increases 18.9 percent y-o-y
Reliance Jio Infocomm, the technology and telecom subsidiary of Reliance Industries, reported a net profit of Rs 4,638 crore for the quarter ended December 31, 2022, up 28.3 percent from the year-ago period. The company had reported a net profit of Rs 3,615 crore in the same quarter last year.

? HDFC Life reports strong new business growth
HDFC Life Insurance Company reported a 15 percent increase in its net profit to Rs 315.22 crore for the December quarter of the financial year 2022-23 on the back of strong new business growth. For the December quarter, the value of the new business was Rs 875 crore, beating street expectations. The average of estimates by three brokerages expected the private-sector life insurer to report the value of new business (VNB) at Rs 861 crore, up 13 percent year on year.

? Sun Pharma to get boost with addition of new drug
Sun Pharma announced the acquisition of US-based Concert Pharma on January 19, in a $576-million deal that is expected to be completed by 1QFY23. With this acquisition, Sun Pharma has added Deuroxolitinib to its speciality portfolio, which is a Deuterium-modified Analogue of Ruxolitinib, and enhances its offerings in the dermatology space.

News from the IPO world?

• Rashi Periphjerals files papers for Rs. 750 crore IPO
• TATA Tech starts work on IPO to raise Rs. 4,000 crore
• Adani Enterprises to launch Rs. 20,000 crore FPO

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