Insurance stocks take a beating

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Here are the top stories from the F&O corner to start your day.

⭐Adani group calls off flagship FPO
Adani Enterprises: ₹2,179 794 (-26.7%)

Shares of Adani Enterprises fell 26% on Wednesday and the OI of the February futures contract shrank 11.3%, indicating long unwinding. The fall came after reports suggested that Credit Suisse had stopped accepting Adani Group bonds as collateral for margin lending to its private banking clients. Meanwhile, Adani Group on Wednesday also cancelled its ₹20,000 crore follow-on public offer (FPO) and said investors’ money would be returned.

⭐Insurance stocks take a beating
SBI Life: ₹1,114 105 (-8.6%)

Life insurance stocks fell post Budget with shares of SBI Life ending 9% lower, while the OI of its February futures contract surged 18%, indicating a short build-up. Life insurance pack came under pressure after the Finance Minister said that insurance buyers will have to pay tax on insurance proceeds if the premium paid exceeds ₹5 lakhs.

⭐Whirlpool’s Q3 profit slips
₹1,347 43 (-3.1%)

Whirlpool shares fell more than 3% on Wednesday after the company announced its Q3 results. The February OI of its futures contract rose 10.7%. This comes after the electronics and kitchen appliance maker’s net profit for the December quarter fell 74% YoY to ₹10 crore. The sharp fall in profit was due to negative operating performance as well as lower topline.


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Insurance stocks take a beating

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