Day: February 24, 2025

SBI Life, on Monday, said that the board of directors will consider payment of interim dividend on equity shares for the financial year 2024-25 on Friday, February 28.

“We wish to inform you that, a meeting of Board of Directors of the Company is scheduled to be held on Friday, February 28, 2025, to consider and declare payment of Interim Dividend on equity shares of the Company for the Financial Year 2024-25,” the company said in an exchange filing.

SBI Life further said that it has set March 7 as the record date for determining the shareholders for the payment of interim dividend for FY 2024-25.

“The record date for determining the shareholders for the payment of Interim Dividend for FY 2024-25, if any, declared by the Board of Directors of the Company shall be Friday, March 07, 2025,” it added.

The trading window of the shares will remain closed from Monday, February 24, 2025, to Sunday, March 02, 2025, (both days inclusive) for all designated persons of the company and their immediate relatives.

SBI Life share price was trading in red in Monday’s trading session. The stock fell over a per cent to ₹1,483.85, against the previous close at ₹1,490 on Friday.

SBI Life Insurance Q3 results

On Friday, January 17, SBI Life Insurance Company announced its financial results for the December quarter of FY 2024-25 (Q3FY25). The company reported a net profit of ₹550.82 crore, marking a significant 71.2 per cent increase from ₹321.75 crore in the corresponding quarter last year. On a sequential basis, the profit saw a modest 4 per cent rise from ₹529.42 crore in the September quarter.

The company’s net premium income for Q3FY25 amounted to ₹24,828 crore, marking an 11 per cent increase from ₹22,316 crore in the same quarter of the previous fiscal year. Sequentially, it grew by 22 per cent from ₹20,266 crore recorded in Q2FY25.

For the nine months ending December 31, 2024, the company’s New Business Premium (NBP) saw a slight 1% increase, reaching ₹26,260 crore compared to ₹26,000 crore in the same period last year. Meanwhile, renewal premiums experienced a strong year-on-year growth of 15%, rising to ₹34,730 crore from ₹30,190 crore in 9MFY24.

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As many as three analysts who have coverage on Mahindra and Mahindra Ltd. have reiterated their positive stance on the passenger vehicle and tractor manufacturer.

The positive stance comes after the stock has seen a sharp correction from its 52-week high over the last two weeks. Shares fell 9% last week after a 6% drop on Friday, amidst concerns surrounding Tesla’s potential entry into the Indian markets and its impact on the company.

Bernstein has an “outperform” rating on the stock with a price target of ₹3,650 per share, implying a potential upside of 37% from the previous closing price.

The brokerage said the stock’s latest correction makes it an appealing investment. It said the company’s management is adhering to its capital allocation policy and Tesla’s potential India entry may not have a large impact in the medium-term. If any, it is already priced in.

Bernstein said that although Tesla’s imported electric vehicles, permissible under EV policy, would target a higher price segment than M&M’s offerings, reducing near-term impact, the long-term impact will remain. The extent of it still depends on how serious Tesla is on India, it added.

Jefferies also has a “buy” rating on M&M with a price target of ₹4,075 per share, implying a potential upside of 53% from Friday’s close.

The brokerage also sees a limited impact on M&M in the near-term due to Tesla’s entry, given the gap in portfolio prices and EV policy offering lower duty only on limited volumes for high-priced vehicles.

Jefferies finds M&M’s 30,000 EV orders encouraging as it forms 30% of India’s total EV sales in the 2024 calendar year. The brokerage finds M&M’s core price-to-earnings ratio of 20 times for financial year 2026 “attractive” for an 18% estimated Earnings Per Share (EPS) CAGR for financial year 2025-2027.

The third one to reiterate its positive stance on M&M was Goldman Sachs, with a “buy” rating and a price target of ₹3,800, which implies a potential upside of 43% for the stock.

It said Tesla’s potential India entry is driving a 15% discount in M&M’s auto business compared to its peers.

Based on the brokerage’s estimates for financial year 2026 and 2027 the current stock price is implying a 15% and 19% discount, respectively, to the price-to-earnings multiple of the company’s automotive segment compared to its closest peer Maruti Suzuki. It added that the implied automotive business price-to-earnings multiple is currently trading at an 8% discount to the tractor business.

Over the last 10 years, M&M has returned a median of 23% and 26% over a 12- and 24-month period, respectively, following episodes of 15% stock price corrections from peak in five instances, Goldman Sachs said.

Out of the 40 analysts that have coverage on M&M, 37 have a ‘buy’ call, two have a ‘hold’ call and one has a ‘sell’ call.

M&M shares ended Friday’s trade session 6.2% lower at ₹2,663.5 apiece. It has been in the red for 10 out of the last 11 trade sessions.

M&M shares opened Monday’s trade session little changed, and fell 1.4% soon after. However, around 9.25 am, the stock started its recovery and gained over 1.6%% to hit an intraday high of ₹2,712.45 apiece.

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Shares of Quality Power Electrical Equipments made a muted debut on its Dalal Street debut on Monday as the energy transition equipment maker was listed at Rs 432.05 on BSE, a discount of 1.66 per cent over its issue price of Rs 425 apiece. Similarly, the stock kicked-off its maiden trading session with a discount of 1.16 per cent over its given issue price of Rs 430 on BSE.

The listing of Quality Power has been better-than-the-expectations. Ahead of its stock market debut, the grey market premium (GMP) of Quality Power was exchanging hands at a discount of Rs 10 per share, suggesting a muted listing for the investors. The GMP for the counter has remained negative since the closure of the issue.

The IPO of Quality Power Electrical Equipments ran for bidding between February 14-18. The company had offered its shares in the price band of Rs 401-425 per share with a lot size of 26 shares. It raised a total of Rs 858.70 crore from its IPO, which included a fresh share sale of Rs 225 crore and an offer-for-sale (OFS) of up to 1,49,10,500 shares.

The issue was overall subscribed only 1.29 times. The portion for qualified-institutional bidders (QIBs) was subscribed about 1.03 times. The portion for non-institutional investors (NIIs) was booked 1.45 times, while the allocation for retail investors was booked 1.83 times during the three-day bidding.

Incorporated in 2001, Sangli-based Quality Power Electrical Equipments is engaged in the business of energy transition equipment and power technologies. It provides high-voltage electrical equipment and solutions for grid connectivity and energy transition, specializing in power products across generation, transmission, distribution, and automation sectors.

Brokerage firms mostly had a positive view on this issue. Pantomath Capital Advisors was the sole book-running lead manager of the Quality Power IPO, while Link Intime India served as the registrar for the issue.

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