Equity99

Morning Alert.. *GST rate rationalisation likely to drive growth in life and health policies* Amid muted insurance penetration, the rationalisation of goods and services tax (GST) rates is expected to boost sales of life and health insurance among price-sensitive customer segments by making policies more affordable. According to the Insurance Regulatory and Development Authority of India’s annual report, insurance penetration in India stood at 3.7 per cent in 2023-24 (FY24), down from 4 per cent a year earlier. Non-life insurance penetration remained flat at 1 per cent, while life insurance penetration increased slightly to 3 per cent from 2.8 per cent. Growth in health insurance has been constrained by affordability concerns amid high medical inflation. Industry experts noted that the successful implementation of a zero per cent GST would also depend on the treatment of input tax credit (ITC) for insurers. A Group of Ministers has recommended completely removing the 18 per cent GST currently charged on insurance. Currently, insurers can claim ITC on costs for reinsurance, commissions, third-party administrator services, and other operational expenses. If insurance is exempted from GST, ITC will no longer be available, potentially increasing costs for insurers. Industry sources estimate that insurers offset 8–10 per cent of premium costs through ITC. *Global market action* Dow Jones – Down by 0.09% or 42.57 points FTSE – Up by 0.13% or 12.20 points CAC – Up by 0.39% or 31.40 points DAX – Up by 0.29% or 69.75 points Gift Nifty – Up by 0.27% or 68.00 points *FII/DII activities* FII – Sold 1622.52Cr worth of shares DII – Sold 329.25Cr worth of shares. *Major Indian Indices PE* Nifty 50 – 21.8x Nifty Bank – 15x *Stocks with high delivery percentage* Karur Vysya Bank Ltd – 88.5% Vinati Organics Ltd – 86.2% UBL – 82.1% ZF Commercial Vehicles Control Systems India Ltd – 80.6% Gland Pharma Ltd – 79.8% *Primary market activities* IPOs opening today Globtier Infotech Ltd (BSE SME) – Issue size 31.05Cr NIS Management Ltd (BSE SME) – Issue size 60.01Cr Listing today Studio LSD Ltd (NSE SME) – Subscribed 2.35x *Commodities updates* Gold – Rs 100391/10gm, Silver – Rs 116234/barrel, Copper – Rs 880.65/kg, Brcrude – Rs 5426/barrel. *Corporate News* NTPC to mark nuclear power entry with 2,800 Mw project next month. Sebi approval for LIC as IDBI Bank public shareholder after divestment.

Morning Alert.. *Foreign investors slash India allocations in July, shift to China & Korea* India is rapidly losing favour with global emerging market (EM) investors, with the latest fund flow data showing one of the steepest cutbacks in allocations to Indian equities in recent months. According to an analysis done by Nomura of 45 large EM funds, relative allocations to India fell by 110 basis points (bps) month-on-month (M-o-M) in July, with as many as 41 funds reducing exposure. This marks India out as the largest underweight (UW) market in EM portfolios, with allocations standing at a negative 2.9 percentage points relative to benchmark MSCI EM index. In contrast, Hong Kong, China and South Korea have emerged as the key beneficiaries of this regional rebalancing. Allocations to Hong Kong, China and South Korea rose by 80 bps, 70 bps and 40 bps, respectively, reflecting a decisive rotation in foreign portfolios. In the Nomura sample set, 37 of the 45 funds increased their exposure to Hong Kong and China while 29 did so in case of South Korea. The tilt is significant as it comes at a time when India continues to trade at a valuation premium to EM peers. By the end of July, 71 per cent of EM funds were underweight on India, up from 60 per cent in June. In comparison, the percentage of funds underweight on Hong Kong, China, dropped sharply from 71 per cent in June to 53 per cent in July, suggesting sentiment towards Chinese equities is turning less bearish. South Korea, meanwhile, has moved into overweight territory, with 60 per cent of EM funds now overweight versus a more balanced split previously. *Global market action* Dow Jones – Up by 0.14% or 62.42 points FTSE – Up by 0.23% or 21.06 points CAC – Down by 0.44% or 34.74 points DAX – Up by 0.07% or 16.37 points Gift Nifty – Down by 0.30% or 75.50 points *FII/DII activities* FII – Bought 1246.51Cr worth of shares DII – Bought 2546.27Cr worth of shares. *Major Indian Indices PE* Nifty 50 – 22x Nifty Bank – 15.2x *Stocks with high delivery percentage* Cholamandalam Financial Holding Ltd – 90.2% P&G Hygiene & Health care Ltd – 88% EIH Ltd – 85.7% Atul Ltd – 82.9% Tata Communications Ltd – 82.5% *Primary market activities* IPOs opening today Anondita Medicare Ltd (NSE SME) – Issue size 69.50Cr Shivashrit Foods Ltd (NSE SME) – Issue size 70.03Cr Classic Electrodes India Ltd (NSE SME) – Issue size 41.51Cr *Commodities updates* Gold – Rs 99405/10gm, Silver – Rs 113744/kg, Brcrude – Rs 5426/barrel, Copper – Rs 877.25/kg. *Corporate New* Vedanta approves ₹6,256 cr interim dividend; VRL to get ₹3,503 cr. IDBI Bank divestment likely to close this FY: Dipam Secy Arunish Chawla. Suneeta Reddy to sell 1.25% stake in Apollo Hospitals for ₹1,395 crore.

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