India's insurers load up on Kotak, Hero Moto in April- Nuvama

Pidilite Industries

11/05/2023 11:46

** Kotak Mahindra Bank  KTKM.NS , Hero MotoCorp  HROM.NS , 
L&T Technology Services  LTEH.NS , Tata Chemicals  TTCH.NS  and
Pidilite Industries  PIDI.NS  were among top key additions by
some of the Indian insurance houses in April, Nuvama Alternative
& Quantitative Research says
    ** SBI Life  SBIL.NS , Atul Ltd  ATLP.NS , Infosys
 INFY.NS , SKF India  SKFB.NS , and Titan Company  TITN.NS  were
top cuts, brokerage says in a note
    ** Adds, some insurance funds completely exited stocks like
Global Health  GLOH.NS , Tata Chemicals  TTCH.NS , Aarti
Industries  ARTI.NS , ICICI Prudential Life Insurance Company
 ICIR.NS  
    ** Insurers bought Kotak Mahindra Bank to the tune of 2.79
bln rupees ($34.1 mln) and 2.24 billion rupees in Hero Motocorp
stock - Nuvama
    ** Insurance funds sold 3.06 bln rupees of shares in SBI
Life, 1.45 bln rupees in Infosys and 1.31 bln rupees worth Titan
Co
    ** Kotak Mahindra Bank shares jumped about 12% in April vs a
6.5% rise in bank index  .NSEBANK , while Hero stock added 9% vs
a 7.7% increase in auto index  .NIFTYAUTO .
    ** Shares of Infosys dropped over 12% in April and Titan
climbed 5.1%


($1 = 81.7800 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru and Nallur Sethuraman in
Mumbai)
 ((Manvi.Pant@thomsonreuters.com;))