In the past weak, global markets moved higher as investors continued to bet on interest rate cuts following a key reading on consumer inflation. October’s Personal Consumption Expenditures Index, the Fed’s favored inflation gauge, fell to its lowest level since the spring of 2021. This slowdown in inflation is a positive sign for the markets. Meanwhile, annualized inflation in the Eurozone expanded by 2.4% in November, with core inflation also increasing less than expected. On the Japanese front, Japan's factory activity shrank at the fastest pace in nine months in November. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) was at 48.3 in November. Japan’s businesses increased investment modestly over the summer as profits continued to grow, indicating resilience even as the economy shrank.
Back at home, domestic markets moved higher as faster-than-expected economic growth in the September quarter added to optimism over the global interest rate outlook. Exit polls results indicate a high possibility of political stability after the general elections. Furthermore, the robustness in the market has been bolstered by active participation from broader segments. The bold performance of global markets and IPO listings are adding glitter to mid & small caps. In another development, India's benchmark bond yield posted its biggest monthly drop in six months in November, tracking a plunge in U.S. small and mid-cap stocks, which outperformed their larger peers in the current rebound. Strong domestic flows brought stability to the market amid raging volatility in markets abroad. With an infusion of Rs 8,147.85 crore on November 30 alone, foreign investors continued to be net buyers in the domestic markets. A mixed trend on the sectoral front and rollover of derivatives positions kept traders busy, with the realty and pharma sectors putting up a good show. On the development front, India strengthened its position as the fastest-growing major economy by recording a 7.6 percent GDP growth in the September quarter, mainly led by the robust performance of the manufacturing sector. The latest GDP data surpassed the Reserve Bank of India's Monetary Policy Committee projection. The economy grew 7.8 percent in the first quarter of FY24 and 6.3 percent in the second quarter of FY23.
On the commodity market front, following a three-week decline, CRB experienced a resurgence in buying activity, while the Dollar Index encountered its third consecutive week of downturn, attempting to recover some losses. Taking advantage of the fall in the dollar index, gold continued its upward trajectory, outperforming silver. Gold and silver may exhibit an upside bias within the ranges of 61,000-63,500 and 75,000-78,500, respectively. In the energy sector, natural gas traded within a range, and crude oil prices showed marginal gains. However, oil prices retraced some of their weekly gains after OPEC+ producers agreed to voluntary output cuts for the first quarter, falling short of market expectations. Crude oil is anticipated to remain within a range of 6,200-6,600 levels. Natural gas prices may find support around 230 and could move towards 245 levels. This week's important data and events include ISM Services PMI, Non-Farm Payroll, Unemployment Rate, and Michigan Consumer Sentiment in the US, RBAInterest Rate Decision, BoC Interest Rate Decision, GDP Growth Rate in Australia, Japan, and the Euro Area, as well as inflation rates in Mexico and Germany.
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.
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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 management of the company has an ambitious target of reaching 20 GW of installed generation capacity and 40 GWh / 5 GW of energy storage by 2030 along with 1 GW of solar module manufacturing by April 2025. This growth will result in balance sheet size to grow at 22% CAGR from FY 2023-30. These targets are in line with its mission to become carbon neutral by 2050. The Company is well on track to achieve its capacity growth target of 10 GW much ahead of the stated timeline of FY 2025 and being future-ready with increased share of renewables and new energy solutions. Thus, it is expected that the stock will see a price target of Rs.482 in 8 to 10 months’time frame on current P/BV of 3.51x and FY25 BVPS of Rs.137.20.
The bank is showing healthy business growth supported by strong growth in advances. The bank’s target to increase business through digital product auger well for the future growth. The bank aims to maintain the NIM above 3% and Gross NPA ration below 6% and credit cost around 0.6%. Thus, it is expected that the stock will see a price target of Rs.134 in 8 to 10 months time frame on a current P/BV of 0.82x and FY25 (E) BVPS of Rs. 163.5.
The stock closed at Rs.1685.95 on 01ST December, 2023. It made a 52-week low of Rs.1215 on 28th March, 2023 and a 52- week high of Rs.1688.70 on 01st December, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.1532.
From the last four months, the stock has been trading in a broader range of 1450-1650 levels while moves were seen on bullish side as the stock has been witnessing a series of higher bottom pattern on weekly interval. Last week, the stock made its 52 week high of 1688.70 and given a fresh breakout above the Ascending Triangle pattern visible on weekly interval. The renewed momentum is likely to pick on the back of follow up buying into a stock after a breakout. Therefore, one can buy the stock in the range of 1675-1685 levels for the upside target of 1860-1870 levels with SL below 1560 levels.
The stock closed at Rs.565.40 on 01st December, 2023. It made a 52-week low at Rs.412.10 on 20th March, 2023 and a 52- week high of Rs.567.40 on 29th November 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.510
Consistent recovery has been witnessed into the prices since last few months, as stock has regained up move above its 200 days exponential moving average on weekly charts with formation of higher high and higher low pattern, since last few months. On the short term charts, the stock has given a fresh breakout after a prolong consolidation phase in the range of 500-550 levels. Last week, the stock has also marked its 52 week high of 567.40.The positive divergences on secondary oscillators along with price volume action suggest the next upswing into the prices. Therefore, one can buy the stock in the range of 560-565 levels for the upside target of 630-635 levels with SL below 525 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.
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In the past week, the Indian stock markets witnessed a robust performance, with both Nifty and Banknifty indices recording gains of more than 2%. The Nifty, in a significant move, breached the psychological level of 20,000. Oil & gas and commodities sectors demonstrated relative strength in comparison to the overall market, while IT and pharma sectors lagged behind. Analysing Nifty's derivative data revealed notable call writing at the 20,400 and 20,300 strikes. Conversely, put writers displayed activity, particularly at the 20,200 and 20,100 strike points. In Banknifty, the highest call open interest was observed at the 45,000 strike, while on the put side, it was concentrated at the 44,500 strike. Implied volatility (IV) for Nifty's call options settled at 10.79%, while put options concluded at 11.67%. The India VIX, a key indicator of market volatility, concluded the week at 12.69%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.37 for the week. Presently, the Nifty's rollover rate has experienced a decrease as compared to the previous month. In the prior month, the rollover rate was at 83%, whereas this month it has fallen to 73%. The rollover rate for the December series is lower than the average of the past three months. Conversely, Banknifty has seen a somewhere same rate of rollover to 80%, aligning somewhat with the average of the last three months. Based on this rollover data, we can anticipate sluggish momentum in Nifty, while Banknifty's behaviour remains consistent with that of the preceding months. Nifty is expected to trade in a range of 20,000 - 20,400 in upcoming week. The strategy of "buy on dips" is recommended as long as Nifty trades above the 20,000 mark.
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**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 mixed to higher on weaker production outlook. Overall production is likely to remain down as compared to current year (2023-24) production of 10.45 lakh tonnes. In wake of lower acreages under turmeric, it seems overall production for year 2024-25 is likely to drop at least by 8%-10% Y-o-Y. With recent fall in turmeric prices, turmeric export is expected to increase in coming months as per export seasonality that will cap the major downfall in turmeric prices. Indian turmeric exports tumbled in Sep’24 by 35% Y- o-Y to 9.0 thousand tonnes with fall in imports in Bangladesh. Bangladesh has been largest importer of Indian turmeric but cut its imports by 70% Y-o-Y to 1083 tonnes. Turmeric prices are likely to trade in range of 12000 -13900 in coming week.
Jeera prices are expected to trade mixed to higher with emerging buying in local market. Supplies have been tighter that prompting stockists to go for aggressive buying on recent fall in prices. Impact of lower supplies is being seen on total export as Jeera export dropped again in Sep’24 by 65% Y-o-Y to 5.9 thousand tonnes as compared to 17.15 thousand tonnes of previous year. Total Jeera exports have slumped 32% Y-o-Y during Apr’23-Sep’23. Prices will track ongoing sowing activities which have picked up in Gujarat as 2.44 lakh Ha was sown under jeera as on 28th Nov’23 in Gujarat as compared to 1.13 lakh Ha of previous year. Better return over cost of cultivation and conducive sowing prospects will cap the excessive gains. Jeera Prices are expected to trade in range of 40500- 51500 in near term.
Dhaniya prices traded higher on reports of surging exports and bleak global supplies. Sowing activities are slower so far in year 2023 due to delayed sowing in Gujarat as only 56 thousand Ha was sown under dhaniya in Gujarat as on 28th Nov as compared to 1.57 lakh Ha of previous year. India exported about 4 thousand tonnes of dhaniya in Sep’23 against the 2.5 thousand tonnes of last year whereas overall export was reported at 66.2 thousand tonnes during Apr’23-Sep’23 higher by 297% Y-o-Y. Dhaniya prices are likely to trade in range of 7700-8750.
Gold marked its third consecutive weekly increase, driven by indications of easing inflation in the U.S. that strengthened expectations for an upcoming interest rate cut. Recent data revealed a moderate rise in U.S. consumer spending for October, coupled with the smallest annual increase in inflation in over 2.5 years. The Federal Reserve's potential shift towards rate cuts gained traction, supported by cooling inflationary pressures and a more relaxed labor market, as highlighted by two Fed officials this week. Traders adjusted their predictions for a rate cut by the U.S. central bank, with CME's FedWatch Tool showing a shift from an 80% chance in May to a one-in-two chance in March. Lower interest rates contributed to gold's appeal, as they decrease the opportunity cost of holding non-interest-bearing assets like bullion. Additionally, month-end flow and seasonal trends favoring gold gains between November and December played a role. The dollar index and 10-year Treasury yields saw declines, with the dollar recording its weakest monthly performance in a year in November. Geopolitical developments in the Middle East, particularly regarding Israel's plans to resume conflict with Hamas, were monitored by markets. The U.S. PCE price index rose 3% in October compared to a year ago, indicating a slowdown from the 3.4% gain observed in the preceding three months. On COMEX, gold prices continued their upward trend, potentially finding support near $2020 and facing resistance around $2090. Silver also witnessed bullish movement, with expected support near $23.00 and potential resistance around $27.10. Looking ahead, gold prices on MCX were anticipated to trade in the range of 60500 to 63400, while silver could fluctuate between 74000 and 81000, with a buying-on-dips strategy advised.
Crude oil prices sustained their downward trajectory, marking the sixth consecutive week of declines, as the voluntary output cuts agreed upon by OPEC+ producers fell short of market expectations. OPEC+, a coalition responsible for more than 40% of global oil production, has been prioritizing output reduction in response to declining prices, which dipped from around $98 in late September. Concerns about sluggish economic growth in 2024 and the anticipation of a supply surplus have been contributing factors. The agreed-upon voluntary output reduction of 900,000 barrels per day (bpd) was accompanied by an extension of the existing 1.3 million bpd production cuts. Earlier discussions had considered the possibility of implementing up to 2 million bpd in new output curbs. The market had priced in a substantial probability of additional cuts, including the potential for a more extended and official non-voluntary cut. Notable oil-producing nations, including Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan, and Algeria, clarified that the cumulative cuts, totalling 2.2 million bpd, would be gradually unwound after the first quarter, contingent on market conditions. In a separate development, Brazil announced its intention to join OPEC+ next year, though such a decision would not bind the South American giant to production cuts. Looking ahead, crude oil prices are expected to face continued selling pressure, potentially finding support near 6000 and encountering resistance around 6500. Meanwhile, natural gas experienced modest gains, influenced by long-term forecasts indicating limited cold weather to stimulate heating demand. However, the upside is constrained by factors such as abundant storage levels, record production, and reduced demand. In the upcoming week, natural gas prices may fluctuate within a broader range of 220-250.
Base metals may trade sideways with bullish bias on hopes that top metals consumer China will extend support measures for its economy. However, gains may be limited as disappointing Chinese official manufacturing data, which showed factory activity contracted for a second straight month in November and at a quicker pace, indicated more policy support measures are needed to help shore up economic growth. Data showed profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting more policy support from Beijing is needed. China imported 353,000 metric tonnes of refined copper in October, which was the highest monthly volume this year. Copper may trade in the range of 705-735 levels. The massive demand boom for industrial metals from green energy is topping out in term of growth rates while weakness in China's property sector will also weigh on demand. Healthier near-term demand for copper has narrowed the discount for cash metal over the three-month contract to about $88 a ton from 31-year highs above $100. Zinc can trade in range of 215-235 levels. Nyrstar's decision to temporarily close mines in the U.S. due to inflation impacts added to concerns about future zinc production, as did operational halts in Ireland and Portugal. Lead can move in the range of 182-190 levels. Aluminium can trade in the range of 195-212 levels. A global aluminium producer has offered Japanese buyers a premium of $95 per metric ton for January-March primary metal shipments, down 2% from a premium of $97 per ton of the current quarter. Steel long (Dec) is likely to trade in the range of 41700-44300 and sell on rise should be strategy
Cotton prices are likely to trade on weaker production estimates and emerging winter season demand of cotton supported firmness in prices. About 46 lakh bales of cotton have arrived by end of Nov’23 against the 50 lakh bales of previous year. Gains are likely to be limited due to slower export pace. Un Competitiveness of Indian cotton prices making export unviable at prevailing rates. Arrivals of new crop are likely to pick up further with advancement of harvesting activities that will restrict the excessive gains in near futures.
Weather condition is favorable for harvesting that will boost supplies of new crop in the market. The Committee on Cotton Production and Consumption estimated cotton production in the current season (October 2023 to September 2024) to be 316.57 lakh bales (170 kg each) as against 336.60 lakh bales in 2022- 2023. Cotton MCX prices are likely to trade in range of 55000-58700. Similarly, Kapas Apr’24 futures are likely to trade in range of 1540-1600 level. Similarly, cotton seed oil cake (Cocud) will trade down with increased availability of alternative meals in the market. Improved supply prospects will weigh on prices. Cocud prices are expected to trade in range of 2720-3050 levels.
Guar seed futures are expected to trade higher on shrinking supplies in market. Overall production of guar has been down as compared to last year that prompting stockists for aggressive buying on every downfall in prices. Domestic demand of guar meal also increased that will lead to rise in demand of guar seed at prevailing levels. Guar gum export dropped by 16% M-o-M in Aug’23 to near 17 thousand tonnes due to limited buying by USA. Guar seed prices are likely to find support near 5450 whereas resistance is seen at 6100. Similarly, Guar gum prices
Mentha oil prices are likely to trade on positive bias with improved buying interest against limited availability in the market. Supplies have dropped with fall in production in year 2023 and that will support firmness in prices ahead. However, sluggish export of mentha oil is still major concerns for exporters that will cap the gains. India exported about 692 tonnes of mentha oil during Apr23- Aug’23 as compared to 886 tonnes of previous year down by 21% Y-o-Y. Mentha oil prices are likely to find support near 890 and resistance can be seen at 955 levels.
Castor seed prices are likely to trade sideways to higher with shrinking supplies in the market. Reports of rise in export of castor meal are likely to support firmness in prices. Castor seed prices are likely to trade in range of 5800-6300 levels.
It closed at Rs. 722.00 on 30th Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.719.44. On the daily chart, the commodity has Relative Strength Index (14-day) value of 60.872. Based on both indicators, it is giving a buy signal.
One can buy near Rs.718 for a target of Rs. 736 with the stop loss of 708.
It closed at Rs. 6407.00 on 30th Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.6424.40. On the daily chart, the commodity has Relative Strength Index (14-day) value of 43.639. Based on both indicators, it is giving a sell signal.
One can sell near Rs.6400 for a target of Rs.5800 with the stop loss of 6650.
It closed at Rs.6066.00 on 30th Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs. 6032.29. On the daily chart, the commodity has Relative Strength Index (14-day) value of 49.959. Based on both indicators, it is giving a sell signal.
One can sell near Rs. 6050 for a target of Rs. 5800 with the stop loss of 6200.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
After experiencing a three-week decline, the CRB index witnessed resurgence in buying activity. In contrast, the Dollar Index faced its third consecutive week of downturn, attempting to recover some of its losses. Seizing the opportunity created by the fall in the Dollar Index, gold continued its upward trajectory, outperforming silver. The yellow metal saw stellar gains this week as a string of Fed officials suggested that recent declines in inflation indicated the central bank would likely not raise interest rates further. Moreover, the possibility of further easing in inflation may spur the bank to cut rates in early 2024. In the energy sector, natural gas traded within a range, while crude oil prices showed marginal gains. However, oil prices shed some of their weekly gains on Thursday after OPEC+ producers agreed to voluntary oil output cuts for the first quarter of next year, falling short of market expectations. Copper prices exhibited a third consecutive week of growth, while aluminum prices disregarded positive developments, ending the week in the red for the third consecutive time. Lead experienced modest buying, but zinc prices declined. Purchasing managers' index data showed that Chinese manufacturing activity shrank more than expected in November, extending a decline as export demand dwindled. The downturn pointed to a potential cooling in copper demand, although this notion was offset by signs of tighter copper markets following major mine closures in Peru and Panama. These closures are expected to limit copper supplies in the coming months. Increased demand for electric vehicles and a green energy push are also expected to offset declining Chinese demand.
In the agricultural sector, castor seeds displayed bearish behavior for the second consecutive week, and sunflower oil also exhibited weakness. Castor seed production is estimated at 16.69 lakh tonnes in the year 2023-24, compared to 19.80 lakh tonnes the previous year, marking a 16% YoY decline. Cotton oil seeds cake concluded the week in negative territory. Among spices, turmeric and jeera faced selling pressure, resulting in weakness, whereas dhaniya presented buying opportunities for traders. Export inquiries have been slower at the prevailing rate as global buyers are not showing much interest in Indian jeera due to its price uncompetitiveness and quality issues. Sowing activities are slower so far in the year 2023 due to delayed sowing in Gujarat, with only 35,754 Ha sown under dhaniya in Gujarat as of November 20th, compared to 95,633 Ha the previous year. Robust export demand supported firmness in dhaniya. The guar market remained within a range, leaning towards a downside bias.
Crude oil prices have been falling in the recent months and officially entered a bear market in November 2023. A bear market is a period of extended market decline, typically defined as a decline of 20% or more from a recent high. In the case of oil, prices have fallen by more than 30% since their peak in early 2023.
In the month of November, the Indian Rupee experienced 0.1% decline against a softened dollar in Asian markets. As December unfolds, the Rupee faces its annual challenge with the anticipated year-end dollar demand. Despite FPI shifting to net buyers in November, injecting nearly $1.1 billion into domestic equities, Rupee remained under pressure due to persistent dollar demand. Key to watch RBI's December policy later next week to assess the weakness in the rupee and whether RBI is looking to announce any dollar swaps to prevent the rupee's fall. On the global front, the dollar index lost more than 2%, the worst monthly drop in a year after expectations that Fed may go for early rate cuts as early as in May. Parallely, euro, pound and yen witnessed a reciprocal rally notably pound recorded the largest monthly gain of 4% against dollar. However, the euro rally seems to be dented after Eurozone monthly inflation in November eased more than expected prompted ECB early rate cuts in April compared to May before the release. Yen stood out as the second most gainer in major pairs after US yields plunged from 4.48% to 4.30% in the month of November. Going forward NFP will be the pivotal for the dollar against a basket of currencies. It is expected that the rate differential is likely to support the dollar over euro in the coming days.
USDINR (DEC) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 83.3. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 57 on the daily chart. Major support is seen around 82.8 levels, while resistance is expected near 83.7 levels.
One can buy near 83.1 for the target of 83.7 with the stop loss of 82.8
GBPINR (DEC) pair is currently in an Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 103.68. However, the pair is in overbought territory with a Relative Strength Index (14- day) value of 68 on the daily chart. Major support is seen around 104 levels, while resistance is expected near 106.1 levels.
One can sell near 105.75 for the target of 104 with the stop loss of 106.25
EURINR (DEC) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 90.15. However, the pair is in Borderline territory with a Relative Strength Index (14- day) value of 68 on the daily chart. Major support is seen around 90.15 levels, while resistance is expected near 91.8 levels.
One can sell near 91.25 for the target of 90.25 with the stop loss of 91.75
JPYINR (DEC) pair is currently in an Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 56. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 60 on the daily chart. Major support is seen around 55.5 levels, while resistance is expected near 57.5 levels.
One can buy near 56.4 for the target of 57.4 with the stop loss of 55.9
The Tata Technologies stock surged around 168 percent from its issue price, making it the seventh highest-listed company in India. The stock opened with a 140 percent premium and traded at Rs 1,334 on the BSE, up 168 percent from its issue price, within minutes. Burnpur Cement had recorded the biggest single-day rise on the listing day, shooting up more than 286 percent in January 2008, followed by Sigachi Industries Ltd, which was up 270 percent on listing in November 2021, and Allied Computers International (Asia) that jumped 214 percent in November 2007. Paras Defence and Space Technologies had surged 185 percent, Religare Enterprises Ltd 182 percent, and Vishal Retail Ltd 179 percent on their respective listing days respectively in October 2021, November 2007, and in July 2008. Cut to the present day, when Tata Tech entered the league. Burnpur Cement was trading around 41 percent below the issue price, while Sigachi Industries was up 286 percent from its issue price. Allied Computers International, the third on the list, however, faces trading restrictions due to non-payment of annual listing fees, violating Sebi norms and exchange regulations, according to the BSE. Paras Defence was up 300 percent on November 30, 2023 from its issue price, while Religare Enterprises traded 17.4 above the IPO price, and Vishal Retail was down 15 percent.
Fedbank Financial Services stock made a subdued debut, listing at a 1.61 percent discount to the IPO price on November 30. The shares opened at Rs 137.75 on NSE and Rs 138 on BSE against the issue price of Rs 140. Soon after, the stock slipped 3.82 percent to Rs 134.65. The lacklustre opening was expected as ahead of the listing, the grey market premium (GMP) of Fedbank was wiped out on low investor interest. The grey market is an unofficial platform where shares start trading much before the allotment and continue till the listing day. Most investors track the grey market premium to get an idea of the listing price. Fedbank raised Rs 1,092.26 crore through the IPO, which comprised a fresh issuance of 4.29 crore shares worth Rs 600.77 crore and an offer-for-sale (OFS) of 3.51 crore shares worth Rs 492.26 crore at the upper end of the Rs 133-140 price band. Fedbank Financial Services raised Rs 324.68 crore through the anchor book on November 21. A total of 22 investors participated in the anchor book, including Societe Generale, Integrated Core Strategies, Marshall Wace Investment Strategies, Goldman Sachs, Segantii India Mauritius and Copthall Mauritius Investment.
Arrowhead Seperation Engineering stock listed at a 7.3 percent premium over the IPO price on November 28. The stock opened at Rs 250 against the issue price of Rs 233 on BSE SME. Soon after listing, the stock fell 5 percent from the opening price to Rs 237.5. Ahead of the listing, the stock was trading at a 10 percent premium to the issue price in the grey market, which is an unofficial ecosystem where shares start trading much before the allotment and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. Arrowhead Seperation Engineering IPO was subscribed 94.79 times on November 20, the last day of bidding. The retail portion was booked 142.3 times while non-institutional investors (NIIs) picked 46 times the allotted quota. The price for the issue, which opened on November 16, was fixed at Rs 233 per share. Through the public offer, the company raised Rs 13 crore. The offer was entirely a fresh issue of 5.58 lakh shares. The company will use the proceeds for the repayment of loans from NBFCs, and funding working capital requirements. The remaining amount will be used for general corporate purposes. Ajit Mundle and Jyoti Mundle are the promoters of the company. Aryaman Financial Services was the book-running lead manager, Cameo Corporate Services was the registrar and Aryaman Capital Markets was the market-maker for the issue. Arrowhead Seperation Engineering manufactures, trades and exports various types of dryers such as Vacuum Double Drum Dryer, Rotary Dryers, Single Drum Dryer, Double Drum Dryer, etc
The SME IPO, which was open to bids from November 22 to 24, saw overwhelming subscription levels with 201.42 times buying in the retail category, 47.4 times in QIPs, and 459 times in NIIs. The Rs 21-crore IPO was an entire fresh issue of 15 lakh shares. The company plans to use the net proceeds for working capital needs and brand positioning, marketing, and advertising. Corporate Capitalventures Pvt Ltd managed the IPO, with Bigshare Services Pvt Ltd as the registrar and Ss Corporate Securities as the market maker for Rockingdeals Circular Economy IPO. Established in 2005, Rockingdeals specialises in bulk trading of excess and open-boxed inventory, offering services to help companies efficiently dispose of surplus stock. Their seamless and transparent process benefits both sellers and buyers, creating a win-win scenario. With over 18 categories of Stock Keeping Units (SKU), Rocking Deals deals with electrical appliances (Syska, Havells, LG, etc.), apparel & footwear (Zara, Nike, etc.), speakers (Boat, JBL, Gizmore), mobiles, accessories, and various other products. These items are sourced from e-commerce vendors like Snapdeal (Juscorp), Flipkart, Amazon affiliates, companies like GO Auto, Salora International, Zazz Technology Connect Private Limited, and dealers/distributors like Matrix Housewares, Raj Agency, Sudhi Enterprises, etc. For FY23, the firm reported a net profit of Rs 1.54 crore against Rs 14.37 lakh a year ago. Revenue for the year stood at Rs 15.18 crore versus Rs 15.33 crore last year.
Fintech player One Mobikwik Systems Ltd has chosen the banks for its upcoming $84-million initial public offering (IPO), Bloomberg has said.The Gurugrambased fintech unicorn is collaborating with DAM Capital Advisors Ltd and SBI Capital Markets Ltd for the IPO preparations, with plans to submit an initial prospectus in December, the news agency cited sources as saying. MobiKwik had received approval from the market regulator for its Rs 1,900-crore IPO, involving a fresh issue of Rs 1,500 crore and an Offer-for-Sale (OFS) of Rs 400 crore. The Draft Red Herring Prospectus (DRHP) for the IPO was filed with Sebi in July. Nevertheless, MobiKwik's IPO ambitions came to a halt in November 2022, following the challenging IPO experience of Paytm. The fintech firm recorded a consolidated profit of Rs 5 crore in the September 2023 quarter. Its revenue grew 52 percent to Rs 208 crore during the reported quarter from Rs 136.9 crore in the September 2022 quarter.
Speciality chemicals manufacturer Kronox Lab Sciences has filed draft papers to raise funds through an initial public offering (IPO). The firm is likely to mobilise around Rs 150 crore through the offer. The IPO will comprise a fresh issue of shares worth Rs 45 crore and an offer-for-sale (OFS) of 78 lakh equity shares by promoters,the draftred herring prospectus filed with the Securities and Exchange Board of India (Sebi) on November 24 says. Promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani are the selling shareholders. The company is 100 percent owned by these promoters, with Jaswal and Ketan Ramani holding a 34.99 percent stake each. Pritesh Ramani holds 30 percent and the rest ofthe shares are held by families of Jaswal and Ramani.TheGujarat-based company will spend Rs 30.4 crore from the fresh issue proceeds for its working capital requirements and the remaining will be kept aside for general corporate purposes. Speciality fine chemicals manufactured by Kronox find use in diverse industries such as pharmaceutical, biotech, agrochemical, personal care, metalrefineries and animal health products. The company supplies more than 185 products, including phosphate, sulphate, acetate, chloride, citrate, nitrates, nitrites, carbonate, EDTAderivatives, hydroxide, succinate, and gluconate,to customers in India and more than 20 countries.
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Axis Mutual Fund has launchedAxis India Manufacturing Fund, an open-ended equity scheme representing the India manufacturing theme.The new fund offer or NFO of the scheme will open for subscription on December 1 and it will close on December 15. The investment objective of the scheme is to provide long term capital appreciation by investing in equity and equity related securities of companies engaged in manufacturing themes. The scheme will be benchmarked againstNIFTYIndia ManufacturingTRI.The scheme will be managed by Shreyash Devalkar andNitinArora.The minimum application amount will be Rs 500 and in multiples of Rs 1 thereafter. The scheme will allocate 80-100% in equity and equity related instruments selected based on the manufacturing theme, 0-20% in other equity and equity related instruments, 0-20% in debt and money marketinstruments, and 0-10% in units issued by REITs & InVITs.
Sundaram Mutual Fund has filed a draft document for Sundaram Multi Asset Allocation Fund. The scheme will be an open-ended scheme investing in equity, debt and money market instruments, and commodity ETFs. The scheme will be benchmarked against NIFTY 500 TRI (65%) + NIFTY Short Duration Debt Index (10%) + Domestic Price of Gold (25%).The fund will be managed by Rohit Seksaria and S Bharath (equity investments), Dwijendra Srivastava and Sandeep Agarwal (debt investments) and Arjun Nagarajan (commodities investments). According to the scheme information document, the investment objective of the scheme is to generate long-term capital appreciation by investing in equity and equity related securities, debt and money market instruments and commodity ETFs. The scheme will have direct and regular plans with both growth and IDCW options. The scheme will allocate 65-80% of its assets to equity and equity related instruments, 10-25% assets to debt and money market securities, and 10-25% assets to commodity ETFs any other mode of investment in commodities.
Mahindra Manulife Mutual Fund has filed a draft document for a multi asset allocation fund. Mahindra Manulife Multi Asset Allocation Fund is an open-ended scheme investing in equity, debt, gold/silver/ Commodity Exchange Traded Funds (ETFs) and Exchange Traded Commodity Derivatives. The scheme will be benchmarked against 45% NIFTY 500 TRI + 40% CRISIL Composite Bond Index + 10% Domestic Price of Physical Gold + 5% Domestic Price of Silver (First Tier Benchmark). It will be managed by Renjith Sivaram Radhakrishnan (equity investments), Rahul Pal (debt investments), Kush Sonigara (overseas investments). The investment objective of the scheme is to generate long-term capital appreciation and income by investing in equity and equity related securities, debt and money market instruments, Gold/Silver/Commodity ETFs and Exchange Traded Commodity Derivatives (ETCDs) as permitted by SEBI from time to time. The minimum application amount will be Rs 1,000 and in multiples of Re 1 thereafter. The scheme will offer two plans - regular and direct - both with growth and IDCW options.
Aditya Birla Sun Life Mutual Fund has filed draft documents for two new target maturity schemes: Aditya Birla Sun Life Crisil IBX Gilt June 2027 Index Fund and Aditya Birla Sun Life Crisil IBX Gilt April 2033 Index Fund.IO).
Aditya Birla Sun Life Crisil IBX Gilt June 2027 Index Fund is an open-ended target maturity index fund tracking the CRISIL IBX Gilt Index – June 2027 with a relatively high interest rate risk and relatively low credit risk. The scheme will be benchmarked against Crisil IBX Gilt Index – June 2027. The investment objective of the scheme is to generate returns corresponding to the total returns of the securities as represented by the CRISIL IBX Gilt Index – June 2027 before expenses, subject to tracking errors. In line with the maturity profile of the underlying Index, the maturity of the scheme will be June 30, 2027. The scheme will offer regular and direct plans with both growth and IDCW options. The scheme will invest 95-100% in instruments forming part of the CRISIL IBX Gilt Index – June 2027, 0-5% in debt/money market instruments, cash and cash equivalent.
Aditya Birla Sun Life Crisil IBX Gilt April 2033 Index Fund is an open-ended target maturity index fund tracking the CRISIL IBX Gilt Index – April 2033 with a relatively high interest rate risk and relatively low credit risk. The scheme will be benchmarked against CRISIL IBX Gilt Index – April 2033 . The investment objective of the scheme is to generate returns corresponding to the total returns of the securities as represented by the CRISIL IBX Gilt Index – April 2033 before expenses, subject to tracking errors. In line with the maturity profile of the underlying Index, the maturity of the scheme will be April 29, 2033. The scheme will offer regular and direct plans with both growth and IDCW options. The scheme will invest 95-100% in instruments forming part of the CRISIL IBX Gilt Index – April 2033, 0-5% in debt/money market instruments, cash and cash equivalent.
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