In the week gone by, global stock markets have been on a roller-coaster ride as investors I parsed a fresh batch of inflation data, including a hotter-than-expected reading on January's consumer-price index and a weak retail-sales report. The CPI report will play a role in the Federal Reserve's discussions on the timing and speed of its interest-rate cuts in 2024. The U.K. economy contracted by 0.3% in the final quarter of 2023, pushing the country into a technical recession after third-quarter growth was revised down to -1.0%. Japan's economy shrank unexpectedly during the last quarter of 2023, according to government data. Provisional gross domestic product contracted 0.4% in the fourth quarter compared with a year ago, after a revised 3.3% slump in the July-September period. The reading was also much lower than a Reuters poll forecast of 1.4% growth. On the Chinese economy front, China's economy grew 5.2% last year, according to official figures from Beijing, slightly above target but still one of the slowest rates in decades. Another data showed China's services and construction sectors ticking up in January, with the non-manufacturing purchasing managers' index rising to its highest level since September. Manufacturing continued to contract, but at a slower pace than the previous month.
Back at home, domestic markets are surging, fueled primarily by positive global sentiment. Other contributing factors include a robust Indian economy, increased liquidity due to favorable inflation data at home, and other positive domestic developments. With the Q3 result season over, the focus is now shifting to fundamentals and economic macro data. Domestic stock markets are buoyed by better-than-expected inflation, which could keep the trend positive. The Fed's monetary policy decision on February 21st will be a major global event affecting risk appetite and potentially impacting foreign fund flows into the Indian market. A more hawkish stance (higher interest rates) could lead to market volatility. The Indian stock market outlook for next week depends on various global and domestic factors.
On the commodity market front, recently, there has been a correction in the commodities market, largely driven by the strengthening of the dollar index, which has put pressure on the CRB, leading to a close near 312 levels. Gold surpassed the $2000 mark on the COMEX, while silver ended the week in negative territory for the third consecutive week. Natural gas reached a four-year low on the NYMEX, with the MCX experiencing a similar decline from $2.76 to $1.59 per mmbtu over three weeks. In the coming week, gold and silver are expected to trade within the ranges of 60000-62500 and 69500-74000 levels respectively. Natural gas is likely to continue trading at lower levels, although there may be some buying interest at lower price points. The upside potential for base metals appears limited. Turmeric may have a promising week ahead with anticipated strong buying activity. Several key economic indicators are scheduled for release this week, including inflation and core inflation rates for Canada, FOMC minutes, consumer confidence, and GDP growth rate for Mexico, manufacturing PMI flash, GDP growth rate, consumer confidence, and IFO business climate for Germany, as well as core inflation rate for the Euro Area. These data releases are expected to significantly impact commodity prices.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.
DISCLAIMER: This report is for informational purpose only and contains information, opinion, material obtained from reliable sources and every effort has been made to avoid errors and omissions and is not to be construed as an advice or an offer to act on views expressed therein or an offer to buy and/or sell any securities or related financial instruments, SMC, its employees and its group companies shall not be responsible and/or liable to anyone for any direct or consequential use of the contents thereof. Reproduction of the contents of this report in any form or by any means without prior written permission of the SMC is prohibited. Please note that we and our affiliates, officers, directors and employees, including person involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) may trade in this securities in ways different from those discussed in this report or (c) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instrument of the company (ies) discussed herein or may perform or seek to perform investment banking services for such Company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect of any recommendation and related information and opinions, All disputes shall be subject to the exclusive jurisdiction or Delhi High Court.
SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
The company has been generating healthy profit over the years and inQ1FY2024,it managed to wipe out entire accumulated losses from its book. The focus on continuous improvement and value chain productivity is reflected on its performance. Looking ahead, it remains cautiously optimistic on growth on the back of sustained investments in its brands and renovation pipeline and the long-term India consumer potential. Thus, it is expected thatthe stock will see a price target of Rs.1331 in 8 to 10 months' time frame on three year average P/BV of 11.97x and FY25 BVPS of Rs.111.18.
With a combination of strong tailwinds in its operating segments and its strategic initiatives, the company is confident to deliver a healthy top line going forward. The company expects its ICE segment to contribute significantly to achieving its targets, driven by the growth in component client additions. The newer initiatives like aluminum forged and other components are expected to grow at much faster rate going forward. Thus, it is expected that the stock will see a price target of Rs. 1234 in 8 to 10 months time frame on a target P/BV of 4x and FY25 (E) BVPS of Rs. 308.45.
The stock closed at Rs.1508.45 on 16th February, 2024. It made a 52-week low of Rs.1054 on 20th March, 2023 and a 52- week high of Rs.1516.20 on 16th February, 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.1346.
Stock has been consolidating in a broader range of 1360 to1480 since last four months with prices holding well above its 200 DEMA on daily and weekly interval. Last week we have observed a fresh breakout into a stock above its consolidation phase as stock also marked its 52 week high of 1516.20. Technically stock has given a break above ascending triangle pattern on broader charts while symmetrical triangle pattern breakout is observed on short term charts. The rising volumes along with rise in prices suggests for next upswing into the prices. Therefore, one can buy the stock in the range of 1500- 1510 levels for the upside target of 1690-1700 levels with SL below 1380 levels.
The stock closed at Rs.1812.35 on 16th February, 2024. It made a 52-week low at Rs.1156.80 on 16th March, 2023 and a 52-week high of Rs.1957.35 on 11th September 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.1646.
In recent past stock took support at its 200 DEMA on daily charts and bounced back sharply to reclaim a move above 1700 levels. From last two months stock has been consolidating in broader range of 1650-1800 zone as prices can be seen fluctuating above its 200 days exponential moving average on daily charts. Last week stock has managed to give fresh breakout above 1800 levels after a series of prolong consolidation phase. The positive divergences on secondary oscillators along with prices action suggest for next upswing as follow up buying is expected in a stock after a breakout. Therefore, one can buy the stock in the range of 1800-1810 levels for the upside target of 2020-2045 levels with SL below 1650 levels.
Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
Charts by Reliable software
Nifty and Banknifty both concluded the week with marginal gains. Nifty recorded a gain of over 1%, while Banknifty saw an uptick of more than 1.5%, driven by increased buying interest in PSU banks. In the previous week, major gains were witnessed by Auto, psubank along with Oil & Gas sectors, while metal, FMCG and media remained under pressure. In the Nifty options segment, the highest call open interest is held at 23000 strike and significant at 22100 strike whereas on the put side, significant open interest is at the 22,000 strike. For Banknifty, the highest call open interest is at the 47,000 strike while the highest put open interest is at the 46,000 strike. Implied volatility (IV) for Nifty's call options settled at 13.99%, while put options concluded at 14.53%. The India VIX, a key indicator of market volatility, concluded the week at 15.23%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.17 for the week indicating more put writing than call which is a bullish sign. On the technical front, the current trading range for Nifty is 21800-22200, serving as a crucial indicator for its future trend. A breakdown below 21800 could signify additional downside momentum or increased profit booking, while a positive outlook is intact for Nifty till it continues to trade above the psychological level of 22000. Individual traders should monitor the rising India VIX as it could serve as a cautious indicator for the market.
|
|
|
|
|
**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric prices are expected to trade sideways with advancement of harvesting activities in Telangana and Maharashtra. Arrivals have picked up but still lower as compared to last year due to delayed harvest in Telangana. Prices spread between spot prices at Nizamabad and futures prices still ruling above normal to 2000 points that will lead to fall in futures prices in terms of basis adjustment. About 9991 tonnes of arrivals touched the market in first 15 days of Feb'24 against the 13285 tonnes of turmeric of the previous year. Losses in turmeric are likely to be limited due to tighter stocks in the market and expectation of rise in festive demand. Exports are likely to increase as per export seasonality that will support firmness in prices further. Turmeric prices are expected to face resistance near 16300 in the near term wherein support is anticipated near 14800.
Jeera futures tumbled further with surging selling pressure in the market mounted with bumper crop expectation ahead. Spot prices in Unjha market is also dropped by 8.7% W-o-W due to muted domestic buying but still ruling at premium of about 4500 over futures that will spark short covering in futures market. Exports have been subdued but expected to increase in wake of tighter global supplies ahead of Ramdan season. Exports are expected to increase in upcoming season with rise in domestic supplies. Jeera export may rose up to 2.2- 2.5 lakh tonnes in marketing year 2024-25. Production for the year 2024-25 is likely to be increased by around 30% year-on-year, with a substantial rise in cultivation area. Jeera prices are likely to trade in range of 22000-34000.
Dhaniya prices slipped on heavy carry forward stocks in the market. However, losses are likely to be limited due to weaker production outlook in India. Improved festive buying and robust export is likely to keep prices firm in near term. India exported about 3.05 thousand tonnes of coriander in Nov'23 as compared to 2.4 tonnes of previous year whereas total exports during Apr'23- Nov’23 was reported at 73.18 thousand tonnes against the 21.3 thousand tonnes of previous year up by 243% Y-o-Y. Weaker production outlook will lure stockists for aggressive buying with every dips in prices. However, heavy stocks in the market will cap the excessive gains. Dhaniya prices are likely to trade in range of 7200-8200.
Bullion prices faced downward pressure last week due to a sharp increase in the dollar index and US treasury yields, leading to a breach of recent support levels. The decline followed unexpectedly high US consumer prices, prompting traders to reassess expectations for rate cuts. Despite the initial fall, bullion prices recovered some losses following a decline in consumer spending. The dollar saw increased demand this month as traders adjusted expectations for Federal Reserve interest rate cuts, fueled by strong US economic data and resistance from central bankers. Geopolitical tensions in the Middle East further bolstered the dollar, dampening risk sentiment amid fears of potential conflict escalation. Federal Reserve Bank of Atlanta President Bostic's projection of two rate cuts for 2024, lower than the Fed's previous projection of three cuts, contributed to the dollar's strength. On the COMEX, gold briefly slipped below $2000 after several weeks, but ultimately closed the week above this level. Gold struggled to make significant gains beyond $2,050 in recent sessions, despite a 10% increase in 2023. Silver experienced a sharper decline compared to gold, though the goldsilver ratio improving from .89 in February to .86 last week in short term. Lowerlevel buying in base metals failed to provide substantial support for silver prices. Looking ahead, gold and silver are anticipated to trade within the ranges of 60000-62500 and 69500-74000 levels, respectively, in the coming week.
Crude prices registered mild weekly gains, after the greenback fell sharply from three-month highs tracking weak U.S. retail sales data. Geopolitical tensions continued in the Middle East and Eastern Europe also providing support to the prices. However the counter is under pressure due to persistent concerns over slowing demand following a warning from the International Energy Agency and a swathe of weak economic readings. IEA said in its latest report that global oil demand was slowing. The organization trimmed its 2024 global oil growth forecast to 1.22 million barrels per day from 1.24 million bpd. The agency also forecast higher supplies in 2024 amid record-high U.S. production and reluctance among members of the Organization of Petroleum Exporting Countries to enact deeper supply cuts. The IEA expects supply to grow by 1.7 million bpd in 2024, up from its prior outlook of 1.5 million bpd. Recession signals from the world's biggest economies also cast a pall over oil's demand prospects. Eurozone GDP growth was unchanged in the fourth quarter after the bloc also entered a recession in the third quarter. On the supply front, strong U.S. production is expected to largely plug any supply gaps from the OPEC, as well as potential supply disruptions arising from the Middle East. Looking ahead, oil prices are anticipated to trade within a broader range with increased volatility, with a potential trading range between 6100 and 6600. Natural gas declined in the week driven by forecasts indicating warmer-than-normal weather persisting through February. The prolonged warmer conditions are expected to keep heating demand low. Natural gas prices may trade in the range of 110 to 160 levels.
Base metals may trade in the range on mixed fundamentals. Weaker-thanexpected U.S. retail sales data revived hopes for an interest rate cut from the Federal Reserve in June and lifted risk sentiment among investors. The counter may get some support as China's consideration of a $139 billion stimulus package reflects its commitment to supporting economic growth, but it raises questions about the sustainability of its debt-based approach. After holidays, there might be a surge in economic activity, leading to increased demand for materials like base metals. If the government announces additional stimulus packages, it could lead to higher demand for base metals. However, China's property crisis is seen as one of the biggest stumbling blocks to a sustainable economic recovery, with rising risks of default among private developers threatening to imperil the country's financial and economic stability. Copper may trade in the range of 700- 730 levels. Chinese smelters are now being forced to postpone new plants, bring forward maintenance and even cut production outright amid heavy financial losses. This could impact refined copper production. Zinc can trade in range of 202-222 levels. Lead can move in the range of 174-182 levels. Zinc and lead are seen as well supplied markets this year and the median forecast is for both to rack up significant supply surpluses of 300,000 and 71,820 tons respectively. Aluminium can trade in the range of 195-208levels. The volume of aluminium product exported by China to the European Union which was covered by the bloc's carbon border tariff fell 30% in 2023, the China Nonferrous Metals Industry Association said. Steel long (Mar) is likely to trade in the range of 42000-43400 levels with negative bias.
It closed at Rs.200.05 on 15th Feb 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.201.682. On the daily chart, the commodity has Relative Strength Index (14-day) value of 37.129. Based on both indicators, it is giving a sell signal.
One can sell near Rs.202 for a target of Rs.185 with the stop loss of 210.
It closed at Rs.6458.00 on 15th Feb 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.6308.258. On the daily chart, the commodity has Relative Strength Index (14-day) value of 57.643. Based on both indicators, it is giving a buy signal.
One can buy near Rs.6350 for a target of Rs.6700 with the stop loss of 6200.
It closed at Rs.2534.00 on 15th Feb 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.2502.278 On the daily chart, the commodity has Relative Strength Index (14-day) value of 49.941. Based on both indicators, it is giving a buy signal.
One can buy near Rs.2520 for a target of Rs.2850 with the stop loss of 2400.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
The commodity market experienced a correction recently, primarily influenced by the strengthening of the dollar index, which pressured the CRB to close near 312. Gold breached the $2000 mark on the COMEX, while silver ended the week in the red for the third consecutive week. Natural gas hit a four-year low on the NYMEX, with the MCX following suit, dropping from $2.76 to $1.59 per mmbtu over three weeks. U.S. natural gas futures prices fell to $1.83/MMBtu-the lowest level reached since September 2020. Weather forecasts indicate that the period between February 17 and 24 will be less cold than expected. Light crude struggled to maintain higher levels and closed the week in negative territory. Oil prices eased on after a data showed that U.S. crude inventories jumped much more than expected, raising concerns about demand in the world's largest economy. EIA said U.S. crude inventories jumped by 12 million barrels to 439.5 million barrels in the week to Feb. 9, far exceeding analysts' expectations in a Reuters poll for a 2.6 million-barrel rise. Base metals saw some recovery after a previous sharp decline, thanks to buying at lower levels on renewed supply challenges. A tight concentrates market, created by recent mine closures, has seen smelter processing fees falling sharply. Copper, widely used in power and construction, is down more than 5% this month on concerns about demand from top consumer China and its property sector in particular, though activity is muted last week as China celebrates the Lunar New Year.
In agricultural commodities, castor seed continued its upward trend for the second week, while sunoil also recovered for a second consecutive week. Cotton experienced a pause in its downward movement, while cotton candy remained strong for the fifth week. Cotton oil seed cake saw buying at lower levels, and kapas prices bounced back after seven weeks of decline. ICE cotton rose sharply with tightness in supply and improved export prospects. In latest USDA report, exports were raised by 200k bales to 12.30 million bales as compared to 12.10 million bales of previous estimates. Guar witnessed buying after a few weeks of decline. Among spices, jeera retreated further and closed below 26000 levels, while turmeric surprised the market with a strong upside due to weaker production outlook for upcoming season. Emerging festive demand and tighter stocks supported firmness in prices. Dhaniya closed bearish like jeera, and mentha was just a few points away from reaching 900 levels.
The policy decisions of the US Federal Reserve hold significant weight not only forthe US economy, but also globally.Interestrates in the United States have an obvious effect on the world's economy. When the economy slows, the central bank will often loosen creditto provide stimulus to the economy.If an economy is growing quickly,the monetary authority becomes more likely to raise rates or tighten creditto slow down growth before it accelerates too fast.
Fight against inflation continue
Impact on commodities
The Indian Rupee maintained a narrow trading range around the 83.00 mark despite increased volatility in global markets. The Dollar Index reached a three-month high of 104.70 following upbeat US January CPI numbers. Factors like rising oil prices were offset by improvements in India's trade deficit figures. India's service surplus soared to $16.8 billion in January, the highest since April 2011, while the trade deficit shrank to a 9-month low of $17.5 billion, indicating a narrowing current account deficit. Technically 82.90 is seen as a crucial support level for the USD/INR pair, with multiple resistances above 83.00 on a weekly basis. On the global front, the euro somehow managed the $1.07 handle after the US retail sales, which declined by 0.8% in January which have led futures to fully price in a 25 bps rate cut in the June FOMC meeting. For EURINR key support is at 88.90 - 89.00, with a break below potentially pushing it towards 88.00 in coming days. Meanwhile the pound somehow managed its losses despite disappointing Q4 2023 growth figures, which placed the UK in a shallow recession. Futures indicate the Bank of England may make its first rate cut in June due to inflation persisting above pre-pandemic levels. Looking ahead, next week's key PMI data from the Eurozone and the Federal Reserve's January meeting minutes will influence the dollar's movement. Despite the current stability, there is still potential for the dollar index to rally from its present level.
USDINR (FEB) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 83.1. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 46 on the daily chart. Major support is seen around 82.8 levels, while resistance is expected near 83.35 levels.
One can buy near 82.85 for the target of 83.35 with the stop loss of 82.65
GBPINR (FEB) pair is currently in an Mild Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 104.95. However, the pair is in Neutral territory with a Relative Strength Index (14- day) value of 45 on the daily chart. Major support is seen around 103.75 levels, while resistance is expected near 105.5 levels.
One can sell near 104.75 for the target of 103.75 with the stop loss of 105.25
EURINR (FEB) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 89.89. However, the pair is in Borderline territory with a Relative Strength Index (14- day) value of 40 on the daily chart. Major support is seen around 88.8 levels, while resistance is expected near 90 levels.
One can buy near 89.2 for the target of 90.2 with the stop loss of 88.7
JPYINR (FEB) pair is currently in an Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 56.26. However, the pair is in Borderline territory with a Relative Strength Index (14- day) value of 33 on the daily chart. Major support is seen around 55 levels, while resistance is expected near 56.2 levels.
One can sell near 55.75 for the target of 54.75 with the stop loss of 56.25
Mumbai-based Juniper Hotels announced its Rs.1,800 crore Initial Public Offer (IPO) will open on February 21 at a price band of Rs.342-360 a share. The offer will open for subscription on February 21 and investors can apply for a minimum of 40 shares and its multiples thereafter. The issue closes on February 23 and is entirely a fresh issue of 5 crore shares with a face value of Rs.10. Juniper Hotels is a luxury hotel development and ownership company; and is the largest owner, by number of keys, of "Hyatt" affiliated hotels in India as of last year. The company aims to use Rs.1,500 crore from the proceeds of the issue for part repayment of the debt.
Jana Small Finance Bank shares disappointed investors on the debut, declining 11 percent on February 14. The stock opened lower at Rs 396 on the NSE, down 4.3 percent against the issue price of Rs 414. The stock never saw its issue price in the entire trading session, while its intraday high was Rs 409 and low at Rs 365. It closed the day at Rs 368.15 falling 11.07 percent with a volume of 55.74 lakh equity shares. The stock on the BSE settled with an 11.06 percent loss at Rs 368.20 after trading with a volume of 2.95 lakh shares. The Bengaluru-based small finance bank mopped up Rs 570 crore through its public issue, which comprised of fresh issue of shares worth Rs 462 crore and an offer-for-sale of Rs 108 crore worth of shares. The price band for the offer, which was subscribed 18.50 times during February 7-9, was at Rs 393-414 per share. The fourth largest financial service provider is going to utilise fresh issue proceeds mainly for augmenting the Tier-1 capital base to meet its future capital requirements. Apart from Jana Small Finance Bank, Capital Small Finance Bank and Rashi Peripherals were also listed on the bourses on Wednesday, falling 7 percent and rising 3 percent, respectively.
Rashi Peripherals made a decent market debut on February 14, listing at a 9.16 premium over the IPO price. The stock opened at Rs 339.5 on the National Stock Exchange and Rs 335 on the BSE against the issue price of Rs 311. The company will use Rs 326 crore to pay off loans and Rs 220 crore to meet working capital requirements. The remaining funds will be used for general corporate purposes. The company's net profit for the six months ended September FY24 rose 6.9 percent on-year to Rs 72 crore. The revenue in H1FY24 came in at Rs 5,468.5 crore, growing 8.8 percent over a yearago period. As of November 30, 2023, the company had outstanding borrowings of Rs 1,569.36 crore on a consolidated basis. The debt-to-equity ratio stood at 1.82 times. Rashi Peripherals is a national distribution partner for global technology brands in India for information and communication technology (ICT) products. It primarily operates the following two business verticals — Personal Computing, Enterprise and Cloud Solutions (PES) and Lifestyle and IT Essentials (LIT).
Rudra Gas Enterprise stock made a strong debut on February 15, listing at a 90 percent premium to the IPO price. The stock opened at Rs 119.7 against the issue price of Rs 63 on the BSE SME. The offer, which opened for subscription on February 8 and closed February 12, was subscribed 350 times. The price for the issue was fixed at Rs 63 share. The company raised Rs 14.16 crore though the IPO which was entirely a fresh issue of 22.48 lakh shares. The company plans to use the proceeds to meet the working capital requirements and for general corporate purposes. Rudra Gas Enterprise is engaged in gas distribution network projects, fibre cable networks, construction equipment and vehicle rental. The company provides services in the fields of pipeline construction, civil works, and operation and maintenance of pipeline networks for city gas distribution.
The Alpex Solar stock made an impressive debut, listing at a 186 percent premium over the IPO price on February 15. The stock opened at Rs 329 against the issue price of Rs 115 on the NSE SME platform. The offer was subscribed 324 times with the retail portion booked 350 times. The public offer opened for subscription on February 8 and closed on February 12. The price band for the issue was fixed at Rs 109-115 per share. Through the IPO, the company raised Rs 74.52 crore. The offer was entirely a fresh issue of 64.8 lakh shares. The company's promoters are Ashwani Sehgal, Monica Sehgal and Vipin Sehgal. Corporate Capitalventures was the book-running lead manager, Skyline Financial Services was the registrar and Ss Corporate Securities was the market-maker for the issue. The company plans to use the fresh issue proceeds to fund capital expenditure for the upgrade and expansion of the existing solar module manufacturing facility by increasing 750 MW and setting up a new manufacturing unit for the aluminium frame for the solar module. The remaining funds will be used to meet the working capital requirements of the company and general corporate expenses.
Artificial intelligence-based travel company LE Travenues Technology, backed by SAIF Partners India IV, Peak XV and Micromax has refiled the draft papers with the SEBI for fundraising through an initial public offering. The IPO is a mix of fresh issuance of shares worth Rs 120 crore and an offer-forsale (OFS) of 6,66,77,674 equity shares by the existing shareholders, as per the preliminary papers filed on February 14. SAIF Partners India IV and Peak XV Partners Investments V (formerly known as SCI Investments V) will be the biggest selling shareholders in the OFS of the professionally managed company with 1.94 crore equity shares and 1.3 crore shares, respectively. Aloke Bajpai and Rajnish Kumar will be offloading 1.19 crore equity shares each in the OFS, while the remaining shares 1.03 crore shares will be sold by Micromax Informatics, Placid Holdings, Catalyst Trusteeship (erstwhile Milestone Trusteeship Services) as the trustee of Madison India Opportunities Trust Fund and Madison India Capital HC. Earlier, the Gurugram-based travel aggregator had filed a draft red herring prospectus with the regulator in August 2021 to raise Rs 1,600 crore via a maiden public issue. The IPO consisted of a fresh issue of shares worth Rs 750 crore and an OFS of Rs 850 crore worth of shares by the existing shareholders. The AI-based travel app Ixigo was launched in 2007 by Aloke Bajpai and Rajnish Kumar and competes with the likes of listed peers EaseMyTrip and Yatra Online. The online travel agency (OTA) helps Indian travellers to plan, book and manage their trips across rail, air, buses and hotels.
Ullu Digital, an over-the-top streaming platform, has filed draft papers with the BSE SME to raise fund through an initial public offering (IPO). Sources said the company is looking to raise Rs 135-150 crore through the IPO, which will be purely a fresh issue of around 62.6 lakh shares. If the approved, it will be the biggest ever SME IPO in terms of size. The Spectrum Talent Management offer which raised Rs 105 crore is the largest IPO in the SME segment. Aashka Hospitals which garnered Rs 101.6 crore comes next, Baweja Studios (Rs 97 crore), Khazanchi Jewellers (Rs 97 crore) and Wise Travel India raised Rs 94.7 crore, data from Chittorgarh.com shows. The Mumbai-based OTT platform engages in the distribution, exhibition, promotion, marketing and delivery of diverse content on its platform/app Ullu, which offers web series, short films and shows. The Vibhu Agarwal and his wife Megha Agarwalowned firm, which competes with listed entities like Zee Entertainment Enterprises and Shemaroo Entertainment, is planning to spend Rs 30 crore of the proceeds for production of new content, Rs 20 crore for purchase of international shows, and Rs 15 crore for investment in technology. A sum of Rs 50 crore will be used to meet working capital requirements of the company and the remaining funds will be used for general corporate purposes.
|
Edelweiss Mutual Fund has launched Edelweiss Technology Fund. The scheme is an open-ended equity scheme investing in technology and technologyrelated companies. The new fund offer (NFO) of the scheme is open for subscription and will close on February 28. The scheme provides exposure to India and US-listed technology companies and also provides global exposure in a tax-efficient way for investors, according to the press release by the fund house. The investment objective of the scheme is to provide long-term capital appreciation by investing predominantly in equity and equity-related securities of technology and technology-related companies. The fund's performance will be benchmarked against S&P BSE TECk TRI. The scheme would be managed by Trideep Bhattacharya, Sahil Shah and Amit Vora (overseas investments). The scheme will offer regular and direct plans with both growth and IDCW options.
Union Mutual Fund launched the Union Business Cycle Fund, an open-ended equity scheme, which follows a business cycles-based investing theme. The new fund offer of the scheme opened for subscription today and will close on February 27. The scheme will be managed by Sanjay Bembalkar and Hardick Bora. It will be benchmarked against Nifty 500 Index TRI. The minimum investment amount is Rs 1,000 and in multiples of Re 1 thereafter. The exit load is 1% if units are redeemed/switched out on or before completion of 1 year from the date of allotment and nil if redeemed or switched out after completion of 1 year from the date of allotment of units. The scheme will offer direct and regular plans with growth and Income Distribution Cum Capital Withdrawal (IDCW) Option. The scheme aims to take active aggressive allocation between leading sectors (sectors outperforming the broader market) and lagging sectors (sectors underperforming the broader market) based on the stage of the business cycle in the economy. It will invest 80-100% in equity and equity related instruments selected on the basis of business cycle, 0-20% in equity and equity related instruments of companies other than business cycle, 0-20% in debt and money market instruments including units of debt oriented mutual fund schemes, and 0-10% in units issued by REITs and InvITs.
Kotak Mutual Fund has launched the KoTak Technology Fund, an open-ended equity scheme investing in technology and technology-related sectors that offers investors an exciting opportunity to participate in the dynamic and rapidly evolving technology sector. The new fund offer or NFO of the scheme is open for subscription and it will close on February 26. The minimum investment amount is Rs 100 and any amount thereafter. The minimum application amount for SIP is Rs 100 and any amount thereafter. The scheme will be managed by Shibani Sircar Kurian, Abhishek Bisen, and Arjun Khanna. The scheme aims to capitalise on these dynamics showing significant growth potential. “Investing in technology is no longer a choice, but a way to stay ahead in the rapidly evolving global landscape. Technology plays a pivotal role in driving the India growth story forward. The Kotak Technology Fund aligns with the increasing importance of the technology sector & provides the investors an avenue to participate in its growth potential,” said Nilesh Shah, Managing Director of Kotak Mutual Fund.
HDFC Mutual Fund has launched a NIFTY200 Momentum 30 Index Fund, an open-ended scheme replicating/tracking the NIFTY200 Momentum 30 Index (TRI). The new fund offer or the NFO of the scheme is open for subscription on February 9 and it will close on February 23. The scheme will be benchmarked against the NIFTY200 Momentum 30 Total Returns Index (TRI). The scheme will be managed by Nirman Morakhia and Arun Agarwal. The investment objective of the scheme is to generate commensurate returns (before fees and expenses) with the performance of the NIFTY200 Momentum 30 Index (TRI), subject to tracking error. The scheme will offer regular and direct plans with only growth options. The minimum application amount for purchase and additional purchase is Rs 100 and any amount thereafter. The scheme will allocate 95-100% in securities covered by the NIFTY200 Momentum 30 Index, 0-5% in debt securities and money market instruments, units of debt schemes of mutual funds.
Mirae Asset Mutual Fund has launched two passive smallcap funds: Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF and Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund. Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF is an open-ended scheme replicating/tracking Nifty Smallcap 250 Momentum Quality 100 Total Return Index. These schemes are India’s first multi-factor based ETF on Nifty Smallcap250 Index which aims to provide investors with sector-agnostic exposure within the smallcap category by leveraging a combination of factors, a press release by the fund house said. Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund is an open-ended fund of fund scheme investing in units of Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF. The New Fund Offer (NFO) for Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF will open for subscription on February 12 and it will close on February 21. While Mirae Asset Nifty. Smallcap 250 Momentum Quality 100 ETF Fund of Fund will open for subscription on February 15 and will close on February 28. The schemes will be managed by Ekta Gala and Vishal Singh. The minimum initial investment during NFO in both the schemes will be Rs 5,000 and multiples of Re 1 thereafter.
Parag Parikh Mutual Fund announced the launch of Parag Parikh Dynamic Asset Allocation Fund. Parag Parikh Dynamic Asset Allocation Fund will be an openended dynamic asset allocation fund. The new fund offer or NFO of the scheme will open for subscription on February 20 and February 22. The scheme reopen for continuous sale and repurchase on February 28. The investment objective of the scheme is to generate income/long-term capital appreciation by investing in equity, equity derivatives, and fixed-income instruments. The allocation between equity instruments and fixed income will be managed dynamically to provide investors with long-term capital appreciation while managing downside risk. The scheme will be benchmarked against the CRISIL Hybrid 50+50 Moderate Index and will be managed by Rajeev Thakkar, Raunak Onkar, Raj Mehta, Rukun Tarachandani, and Mansi Kariya. The scheme will invest 0-100% in equity and equity derivatives, 0-100% in debt securities, and money market instruments including units of debt-oriented mutual fund schemes. The minimum application amount will be Rs 5,000 and any amount thereafter. The minimum application amount for additional purchase will be Rs 500 and any amount thereafter.
|
|
