 "ICICI Pru, HPCL enter Rs 50,000 crore market cap club")
ICICI Prudential Life Insurance Company (ICICI Pru) and Hindustan Petroleum Corporation (HPCL) have entered the elite league of corporate entities with a market value of over Rs 50,000 crore, after a recent rally in their stock prices.
ICICI Pru was quoting at its highest level since listing on September 29, 2016, while HPCL trading at close to its lifetime high on the BSE.
At 03:02 pm; the market capitalization of ICICI Pru was stood at Rs 50,236 after the stock hit high of Rs 351 on the BSE.
HPCL was up 1% at Rs 495, with m-cap of Rs 50,276 crore, the BSE data shows. On January 12, 2017, the stock of state-owned oil marketing company hit a record high of Rs 499 in intra-day trade had a m-cap of Rs 50,119 crore at end of the day.
HPCL (up 20%) and ICICI Pru (19%) have outperformed the market by gaining up 20% from December 26 lows, as compared to 6% rise in the S&P BSE Sensex.
The stock of insurance company, ICICI Pru has rallied 28% from its low of Rs 274 on November 9, 2016 after poor listing.
ICICI Pru was quoting at its highest level since listing on September 29, 2016, while HPCL trading at close to its lifetime high on the BSE.
At 03:02 pm; the market capitalization of ICICI Pru was stood at Rs 50,236 after the stock hit high of Rs 351 on the BSE.
HPCL was up 1% at Rs 495, with m-cap of Rs 50,276 crore, the BSE data shows. On January 12, 2017, the stock of state-owned oil marketing company hit a record high of Rs 499 in intra-day trade had a m-cap of Rs 50,119 crore at end of the day.
HPCL (up 20%) and ICICI Pru (19%) have outperformed the market by gaining up 20% from December 26 lows, as compared to 6% rise in the S&P BSE Sensex.
The stock of insurance company, ICICI Pru has rallied 28% from its low of Rs 274 on November 9, 2016 after poor listing.
The company had raised Rs 6,057-crore through initial public offer by issuing shares at price of Rs 334 per share, become the first insurer to list. On first day of listing ICICI Pru market-cap stood at Rs 42,722 crore.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, on Wednesday approved the market listing of all five government-owned general insurance companies (GICs), namely New India Assurance, United India Insurance, Oriental Insurance, National Insurance and General Insurance Corporation of India (GIC Re).
Meanwhile, HPCL is expected to report higher profits sequentially, given higher refining profits. Higher marketing margins, along with strong volume trends, will provide support to earnings.
“We expect oil marketing companies (OMCs) to report Q3 net profit of Rs 9,750 crore against 5,120 crore in Q2. Refining margins for Q3 were at US$6.7/bbl, against US$5.1/bbl in Q2, led by higher gasoline and diesel spreads. Inventory gains from upmove in crude oil prices will support earnings,” analyst at Prabhudas Lilladher said in quarterly preview.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, on Wednesday approved the market listing of all five government-owned general insurance companies (GICs), namely New India Assurance, United India Insurance, Oriental Insurance, National Insurance and General Insurance Corporation of India (GIC Re).
Meanwhile, HPCL is expected to report higher profits sequentially, given higher refining profits. Higher marketing margins, along with strong volume trends, will provide support to earnings.
“We expect oil marketing companies (OMCs) to report Q3 net profit of Rs 9,750 crore against 5,120 crore in Q2. Refining margins for Q3 were at US$6.7/bbl, against US$5.1/bbl in Q2, led by higher gasoline and diesel spreads. Inventory gains from upmove in crude oil prices will support earnings,” analyst at Prabhudas Lilladher said in quarterly preview.
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