Global markets even though witnessed a volatile movement, as the US bond yield reached near its 14 month high level but looked upbeat after US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan. On the data front, Euro zone inflation jumped to 1.3% in March from 0.9% in February, according to a flash estimate from Eurostat. German unemployment fell in March, Federal Labour Office data showed. Another data showed that China’s economic recovery continued in March, driven by better-than-expected surge in service sector. China’s non-manufacturing purchasing managers’index (PMI) – a gauge of sentiment in the service and construction sectors – rose to 56.3 in March from 51.4 in February. Meanwhile, the official manufacturing PMI rose to 51.9 in March from 50.6 in February. Bank of Japan (BOJ) Governor Haruhiko Kuroda offered a cautiously optimistic view of the economy, saying global and Japanese growth are picking up from the damage caused by the coronavirus pandemic thanks to aggressive stimulus measures. A closely watched economic survey by the Bank of Japan shows growing optimism as the world's third-largest economy grapples with the damage from the coronavirus pandemic. The survey reported highlights a steady recovery in sentiment over the last three quarters, to levels before COVID-19 began in late 2019.
Back at home, in a truncated week markets also witnessed volatile movements due to rising bond yields, weak global cues and surge in covid cases. Domestic market may have ended on a sombre note but braved all odds this fiscal and rewarded investors with high returns as the benchmark Sensex surged more than 66 per cent despite COVID-led disruptions and concerns over its impact on the economy. On the data front, the foreign portfolio investors (FPI) have pumped in more than Rs 2.75 lakh crore ($37 billion) in the Indian equity market during FY2020-2021. This is the highest ever investment by foreign investors into Indian equities in the last two decades. The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said on Wednesday. The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2021-22 will be held from April 5 to 7. The policy will be announced on April 7. Going forward, markets are likely to respond to news relating to the economic impact of the second wave of Covid-19 and other fundamental factors. Going further, the fourth quarter results and full-fiscal corporate earnings will dictate the trend of the market. Besides, market is likely to be influenced by global cues and COVID-related updates.
On the commodity market front, for continuous three week, CRB is on correction mode due to fresh buying in dollar index and rising treasury yield. Gold is rallying after just dodging bear market territory as some investors anticipated that the weaker dollar trend can’t be too far away though the upside should be capped and it is yet to cross the technical hurdle of 45300 levels on MCX. Base metals may trade in the narrow range as a firm U.S. dollar and a new wave of coronavirus infections in Europe may weigh on the counter. IN OPEC meet, market is expecting no significant changes in production. OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and avoid a supply glut. Crude oil is expected to trade in a range of 4200-4550. RBA Interest Rate Decision, Balance of Trade of Canada, FOMC Minutes of US, Inflation Rate of Mexico etc are only few data which may give significant impact on the 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.
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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.
Operating performance of the bank remains strong and doing better than industry average during current quarter and management expects core operating performance continues to be strong. The bank has witnessed good quarter on various fronts such as asset quality, earnings, NPA management, NII, NIM, & operating income.According to the management, bank is in right direction; long term outlook is bright and aims to improve operating profit in coming quarters. Thus, it is expected that the stock will see a price target of Rs.438 in 8 to 10 months time frame on current P/Bvx of 1.45x and FY22 BVPS of Rs.302.01.
The company unveiled its 5-year strategy to achieve 15-20% top-line growth by focusing on diversification and churning the capital by monetising the assets. The company completed many prestigious projects across several states in the roads andmining sectors. This proves thatcompany’s dedication and capability in executing projects are outstanding even during testing times. The Company will continue to look into neweropportunities and keepdiversifying its order book.Thus, it is expected that the stock will see a price target of Rs.697 in 8 to 10 months time frame on a target P/BV of 2.15x and FY22 BVPS of Rs.324.32.
The stock closed at Rs 83.85 on 01st April, 2021. It made a 52-week low at Rs 20.80 on 31st March 2020 and a 52-week high of Rs. 84.40 on 01st April, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 54.82.
As we can see on charts that stock is trading in higher highs and higher lows on charts which is bullish in nature. Apart from this, stock has formed an “Ascending Triangle” pattern on weekly charts which is considered to be bullish. Last week, stock has given the pattern breakout along with high volumes and also has managed to close above the same, so buying momentum may continue for coming days. Therefore, one can buy in the range of 82-83 levels for the upside target of 94-97 levels with SL below 76.
The stock closed at Rs 1472.70 on 01st April, 2021. It made a 52-week low of Rs 490.29 on 07th April, 2020 and a 52-week high of Rs. 1534.95 on 15th February, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 1061.04.
Short term, medium term and long term bias are looking positive for the stock as it is trading in higher highs and higher lows on charts and formed a “Cup and Handel” pattern, which is bullish in nature. Last week, stock has given the pattern breakout along with high volumes, so further buying is anticipated in the stock. Therefore, one can buy in the range of 1455-1460 levels for the upside target of 1560-1600 levels with SL below 1390.
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.
SOURCE: RELIABLE SOFTWARE
Charts by Reliable software
Indian markets ended the week on a positive note as bulls took the charge and lifted the sentiments for Nifty and Bank Nifty. Nifty ended the week above 14850 mark while leading banking names like Axis bank, ICICI bank and Kotak Bank provided a boost to Banking index. The Implied Volatility (IV) of calls closed at 20.57 % while that for put options closed at 21.13%. The Nifty VIX for the week closed at 20.65%. PCR OI for the week closed at 1.67 indicates more puts writing than calls. From the derivative front, 14600 & 14700 strikes seen adding hefty open interest in puts while call writers were seen shifting to higher bands which points towards strength in current rally from lower levels. On higher side, 15000 levels would act as major hurdle for Nifty in upcoming sessions while on downside bias will remain in favour of bulls as far Nifty holds above 14600-14550 zone.
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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 futures (Apr) is expected to witness consolidation & remain sideways in the range of 8000-8800 levels. The prices of the yellow spice had increased last month because supplies were lower than demand. Arrivals, so far this year, have been 10.15 lakh bags (50 kg each) against 11.50 lakh bags last year and 14 lakh bags in 2019. In places such as Nanded in Maharashtra, arrivals are at least 40 per cent lower. As supplies have increased now, the market is trying to find a balance to periodic correction. In news, the Erode market will be shut from April 2 for 10 days. On the demand side, the stockists expect it to rise, if the second wave of Covid-19 becomes serious. On top of lower production, the quality of the arrivals is only average. Besides, the stocks in the pipeline have also been lower this year after turmeric exports increased. Export orders have come from Bangladesh and Gulf and shipments will begin from April onwards. Jeera futures (Apr) is likely to witness sell on rise, as it seen making lower high’s since past 3-weeks & facing resistance near 14800 levels. The sentiments are mildly bearish due to a slowdown in demand and expectations of rise in arrivals on account of peak harvest season. However, we may not see any sharp correction as there is shortage of quality supplies for jeera prices this year, while demand for Indian spice is robust in world markets. Meanwhile, the business activities in Unjhamandi, will resume from tomorrow. Dhaniya futures (Apr) is expected to witness steep correction towards 6900-6800. It is reported that export orders were halted due to rains in the producing belts of Kota and Jodhpur divisions, as the buyers won’t make deals over wet supplies.
Bullion prices rebound from the three-week low hit on 30th Mar, as the U.S. dollar and Treasury yields eased, while President Joe Biden's $2 trillion-plus jobs plan further supported the metal's appeal as a hedge against inflation. The dollar index pulled back after hitting a five-month high, making gold less expensive for holders of other currencies. But still, the bullion counter-trend for the short term is negative; the upside for Gold is capped near 45550 levels whereas silver is not showing strength on the higher side. The WTO slightly raised its growth forecast for global goods trade this year but said the outlook was clouded by risks from the rollout of coronavirus vaccines and the possible emergence of vaccine-resistant strains. The U.S. dollar will remain strong for coming to few sessions. Japanese big manufacturers' sentiment improved to pre-pandemic levels in the first quarter and companies stepped up capital spending plans. China's factory activity expanded at a faster-than-expected pace in March, official data showed, as factories that had closed for the Lunar New Year holiday resumed production to meet improving demand. U.S. consumer confidence surged in March to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months. The International Monetary Fund will raise its forecast for global economic growth in 2021 and 2022 after last year's 3.5% contraction. Ahead in this week, we may continue to witness huge volatility and gold may trade with bearish bias and range would be 42600-45600 levels whereas, Silver may trade in the range of 62300-68500 levels. Whereas on COMEX gold may trade in the range of $1660-$1740 levels and Silver may trade in the range of $22.90-$26.40 levels.
Soybean futures (Apr) is expected to maintain its bullish stance and test 6200- 6300 levels on the higher side, supported by demand for soymeal overtaking the supplies. Since Indian soymeal is not genetically modified, Indian-origin soymeal commands a higher demand from importers over its American counterpart. U.S soybean futures (May) is expected to hold on the support near 13.70 and trade with positive bias. The U.S. Department of Agriculture’s forecasts for soybean plantings fell below market expectations, sending futures on CBOT to a new 6 1/2 year high at $14.56 a bushel. Farmers plan to sow 87.600 million acres with soybeans, the most since 2018. The market was expecting the report to show that farmers intended to plant 89.996 million acres of soybeans, according to the average of estimates gathered in a Reuters poll. Also, the report highlighted that U.S. soybean stocks are projected to shrink to a mere 9-1/2 days’ supply ahead of the next harvest. Soy oil futures (Apr) is likely to trade higher towards 1300-1320 levels, taking support near 1260, while CPO futures (Apr) may test 1110-1120 levels. U.S soybean oil is looking strong amid soaring demand from crushers. Mustard futures (Apr) will probably continue to remain stable in the range of 5600-5900 levels & witness lower level buying on every dip, supported by rise in consumption of its oil. In recent times, the demand for this oilseed has increased after the food standard regulator, FSSAI, has banned blending of any kind of edible oil with mustard oil w.e.f June 8, 2021. Secondly, higher prices of edible oils in the international market are boosting mustard oil rates on the spot markets. Lastly, the prices will be cushioned as the Haryana government will start procuring at the minimum support price (MSP).
Crude Oil prices slipped on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, but a draw in U.S. crude inventories limited the fall. The main focus is on OPEC - how much of an accommodation are they going to give Russia and how much the Saudis are going to shoulder. OPEC+ is currently curbing output by just over 7 million bpd in a bid to support prices and reduce oversupply. Saudi Arabia has added to those cuts with an additional 1 million bpd. OPEC oil output rose in March as higher supply from Iran countered reductions by other members under a pact with allies, a headwind for its supply-limiting efforts if Tehran’s boost is sustained. U.S. crude oil production fell to 11.08 million barrels per day in January, from a revised 11.101 million bpd in December, according to a monthly report from the Energy Information Administration. Ahead in this week, crude price may witness huge volatility and continue to trade with bearish bias within the range of 4180-4660, where sell near resistance would be the strategy. Natural Gas prices rebounded from the support after but failed to sustain above the resistance of 198. Gains are being capped by weak weather-driven demand. Natural gas production in the lower 48 increased slightly to 102,847 million cubic feet per day in the month, from 102,714 in the previous month. Output rose in top-producing states, Pennsylvania and Texas. The weather is expected to be warmer than normal over the next two weeks, which is likely to reduce heating demand. Ahead in this week, we may expect prices may trade with bearish bias where support is seen near 180 and resistance is seen near 198.
Cotton futures (Apr) may witness consolidation in the range of 21200-21900 with a bearish bias. The sentiments are sour after the announcement of Pakistan rejected the offer to lift on a two-year ban on Indian cotton imports. The bearish trend in guar seed (Apr) may deepen as it may fall towards 3600- 3500. Similarly, in guar gum (Apr) we may see 5600-5500 levels on the lower side. It is reported that that the guar gum millers are not getting much interested for fresh buying as the export demand is not picking up. Current prices of gum, korma and choori were not profitable for millers so many millers have already halted production. Choori prices are under pressure as cheaper cattle feed are being blended so demand came is lackluster there also. Hence, the cues coming from the spot market is depicting that these counters are not likely to find support in current scenario. Secondly, the cues from the international market are not encouraging after a panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021, signaling a more negative view of the market. The OPEC+ Joint Technical Committee now estimates that global oil demand will expand by 5.6 million barrels a day this year, down from 5.9 million previously. Chana futures (Apr) is expected to see high levels of 5100-5150, taking support near 5000. The sentiments are positive as the government started procuring the commodity in some major growing states at the minimum support price. Madhya Pradesh, the largest grower of chana, started the procurement drive from last week. Around 1.45 million tons of chana will be procured in the state. Rajasthan will start procuring chana from yesterday.
Base metals may trade in the narrow range as a firm U.S. dollar and a new wave of coronavirus infections in Europe may weigh on the counter. China’s factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand. A U.S. tax hike is likely to translate into a firmer dollar, which in turns make greenback-priced more expensive and less appealing to holders of other currencies. Copper may trade in the range of 640-690. Chile’s copper mines produced 430,100 tonnes in February, a decline of 4.8%, government statistics agency INE said, dragged down by a decline in the extraction and processing of the country’s key export. China’s Jiangxi Copper Co, aimed to boost copper cathode output by 5.3% year-on-year to 1.73 million tonnes in 2021. Canada’s Turquoise Hill Resources Ltd said its Oyu Tolgoi mining unit in Mongolia declared force majeure on some Chinese copper concentrate contracts due to COVID-19 related restrictions. Zinc may trade in the range of 216-224 levels while Lead can move in the range of 158-166 levels. Nickel may trade in the range of 1150-1220 levels. As the world’s big automakers begin scaling up the production of EVs, nickel and the batteries it goes into are expected to be in high demand. With the largest reserves of nickel deposits in the world, Indonesia is no longer content to simply export its raw ore. Aluminum may move in the range of 173-182 levels. The European Commission has set anti-dumping duties of between 21.2% and 31.2% on Chinese producers of aluminium extrusions in the form of bars, rods, profiles or tubes.
NATURAL GAS MCX (APR) contract closed at Rs. 191.10 on 31st Mar’2021. The contract made its high of Rs. 223.00 on 18th Feb’2021 and a low of Rs. 179.80 on 18th Mar’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs 192.76. On the daily chart, the commodity has Relative Strength Index (14-day) value of 44.445.
One can sell near Rs. 194 for a target of Rs. 180 with the stop loss of Rs. 201.
COPPER MCX (APR) contract closed at Rs. 667.95 on 31st Mar’2021. The contract made its high of Rs. 732.70 on 25th Feb’2021 and a low of Rs. 657.85 on 25th Mar’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs. 672.53. On the daily chart, the commodity has Relative Strength Index (14-day) value of 46.799.
One can sell near Rs. 670 for a target of Rs. 645 with the stop loss of Rs. 682.
JEERA NCDEX (APR) contract was closed at Rs. 14,710.00 on 31st Mar’2021. The contract made its high of Rs. 15035.00 on 16th Mar’2021 and a low of Rs. 12810.00 on 02nd Feb’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs. 14542.99. On the daily chart, the commodity has Relative Strength Index (14-day) value of 51.571.
One can sell below Rs. 14350 for a target of Rs. 13700 with the stop loss of Rs 14675.
For continuous three week, CRB is on correction mode due to fresh buying in dollar index and rising treasury yield. Following a spike in benchmark Treasury yields, which touched a 14-month high on Tuesday, the greenback is up about 3.5% this year. Trillions of dollars in expected government infrastructure spending and a robust U.S. economic recovery will likely keep bond yields rising and the dollar well-supported in the near-term. Energy pack was weak and crude saw continuous forth week decline in the prices. Oil futures settled lower as uncertainty continued to surround the outlook for energy demand, with Mohammad Barkindo, secretary general of OPEC on Wednesday calling the economic environment "challenging." However, prices ended higher for the quarter. Oil prices fell on the day despite the Energy Information Administration reporting a drop of 876,000 barrels for crude stockpiles last to last week, compared with analysts' expectations for a build of 107,000 barrels. Natural gas prices were down on outlook for above-normal U.S. temperatures, which should reduce heating demand for the same. Bullion too traded weak. Despite the rebound, gold still finished down for a third straight month, losing about 1% for March. For the quarter, it fell almost 10%, the largest since the fourth quarter of 2016. Since the start of this year, the run in the yellow metal has worsened despite the Biden administration issuing another Covid-19 relief of $1.9 trillion. Base metals ignored the positive news of stimulus and closed the week in negative territory on weak data from China. China’s factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, but underlying economic conditions remained positive even as input and output inflationary pressures intensified for manufacturers. The Caixin/Markit Manufacturing PMI dropped to 50.6 last month – the lowest level since April 2020 – from February’s 50.9.
In agri commodities, Soybean futures on the national bourse in on life time high since inception. It is estimated that exports of soymeal would be higher in March as demand is growing from Iran and supply of the oilseed is slowing down with the advent of the lean arrival season. MCX CPO rose in line with BMD traded firm on strong March palm oil exports. Chana prices rose on procurement news. Nafed has announced procurement of Chana from Madhya Pradesh from 27th March onwards. Currently Chana MSP is 5100 Rs/Qtl while prevailing spot rates in Madhya Pradesh are below the MSP. Cotton saw sharp rebound after a massive fall of three week on fresh buying. The U.S. Department of Agriculture estimates all cotton planted area for 2021 at 12.0 million acres, compared to a Reuters poll forecast of 11.905 million acres.
The BDI tracks the prices of bulk carriers which are the life-blood of global trade, carrying everything from iron ore, coal to grain. It represents the cost paid by an end customer to have a shipping company transport raw materials across seas on the Baltic Exchange, the global marketplace for brokering shipping contracts. The Baltic Exchange is similar to the NYMEX in that it is a medium for buyers and sellers of contracts and forward agreements (futures) for delivery of dry bulk cargo. The exchange maintains prices on several routes for different cargoes and then publishes its own index, the BDI, as a summary of the entire dry bulk shipping market. This index can be used as an overall economic indicator as it shows where end prices are heading for items that use the raw materials that are shipped in dry form. The Baltic Dry Index takes into account 23 different shipping routes carrying coal, iron ore, grains and many other commodities.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, is trading above 2000 points, and posted its biggest quarterly rise since June 2020 propelled by strong gains for larger vessels, with the panamax segment marking its best quarter in over six years on robust U.S. grain exports. The index gained more than 20% for the March month and nearly 50% for the quarter. The capesize index gained nearly 50% in March. For the quarter, the index registered a gain of over 10%.
Indian Rupee posted the lowest level in three weeks as financial year end flows as well as Importer led buying drifted rupee lower from the top slot amongst Asian currencies. Globally the greenback finished its best quarter since 2018. Again of 4% has allowed the currency to regain more than half of its loss from 2020. The push higher for the US dollar has been fueled by signs of strong US growth and the higher Treasury yields relative to global peers followed by President Biden announcement of $2 trillion stimulus plan. We do think rupee may face further sell-off in coming days in the wake of higher US yields. Next week RBI policy will be key for rupee to move further, however we don’t think RBI will change its accommodative stance immediately. From the majors, Sterling is up slightly versus USD as market focuses on month-end rebalancing flows. While euro remains subdued amid quarter-end rebalancing by global investors. There is strong support at the technical level of $1.1700. While USDJPY has posted its best month since November 2016 on higher US Treasury yields and on expectations of more US stimulus supporting the US economy.
USD/INR (APR) contract closed at 73.4150 on 31-Mar-2021. The contract made its high of 73.9075 on 30-Mar-2021 and a low of 73.0025 on 30-Mar-2021 (Weekly Basis). The 21-day Exponential MovingAverage oftheUSD/INR is currently at 73.3255.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 50.74. One can buy at 73.25 for the target of 74.25 with the stop loss of 72.75.
GBP/INR (MAR) contract closed at 101.0800 on 31-Mar-2021. The contract made its high of 101.6000 on 31-Mar-2021 and a low of 100.5400 on 30-Mar-2021 (Weekly Basis). The21-dayExponentialMovingAverageoftheGBP/INRiscurrentlyat101.3451
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 36.43. One can buy at 100.75 for a target of 101.75 with the stop loss of 100.25.
| 01st APR | Japanese business sentiment rebounds despite Covid-19 woes |
| 31th MAR | Eurozone inflation hits highest level since start of pandemic |
| 31th MAR | UK household savings rise sharply, fuelling rebound optimism |
| 31th MAR | China’s currency set for worst month since US trade war |
| 31th MAR | UK calls for world to ‘get tough’ with China as part of global trade shake-up |
| 30th MAR | Prepare for emerging markets debt crisis, warns IMF head |
| 30th MAR | Europe’s ‘green and just’transition starts with its recovery fund |
| 29th MAR | Biden urged to ‘desist’from threat of tariff war with UK |
| 29th MAR | UN chief warns of coming debt crisis for developing world |
EUR/INR (APR) contract closed at 86.2375 on 31-Mar-2021. The contract made its high of 86.7625 on 30-Mar-2021 and a low of 86.0100 on 30-Mar-2021 (Weekly Basis). The 21-day Exponential MovingAverage ofthe EUR/INR is currently at 87.2068.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 32.76. One can sell at 86.50 for a target of 85.50 with the stop loss of 87.00.
JPY/INR (MAR) contract closed at 66.4375 on 31-Mar-2021.The contract made its high of 67.0375 on 30-Mar-2021 and a low of 66.37200 on 31-Mar-2021 (Weekly Basis). The 21-day Exponential Moving Average of theJ PY/INR is currently at 67.4864.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 27.22. One can sell at 66.75 for a target of 65.75 with the stop loss of 67.25.
Rakesh Jhunjhunwala-backed mobile gaming company Nazara Technologies had a stellar debut as the share opened with a massive 80.74 percent premium on March 30. The impressive start was expected considering that the IPO was subscribed 175.46 times, the company's strong revenue growth trajectory with a successful business model, rising smartphone penetration with more youngsters taking to gaming and a strong portfolio of premium intellectual properties. Analysts had expected the listing premium of 50-67 percent. The company raised Rs 583 crore through its public issue during March 17-19, which was an offer for sale by shareholders. Nazara Technologies is a leading India-based diversified gaming and sports media platform with a big presence in the domestic market and across emerging and developed markets, offering interactive gaming, eSports and gamified early learning ecosystems. The company owns some of the most recognisable IP, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay Technologies and Qunami in skill-based, fantasy and trivia games. It has market-first positions in India across sports simulation and eSports. The eSports content business for Nazara grew by 60 percent in FY20 from FY19 and has grown by 9x times in the last three financial years. After reporting a 1.4 percent decline in revenue in FY19, the company posted strong revenue growth of 45.9 percent in FY20 to Rs 247.5 crore The company had already reported a revenue of Rs 200 crore for the six months period ended September 2020. It had posted a loss since FY20 after it increased spending significantly on advertising and promotion.
Anupam Rasayan saw a tepid listing, as the share got listed at Rs 520 on NSE, a 6.31 per cent discount to its issue price of Rs 555Anupam Rasayan saw a tepid listing on Wednesday, as the share got listed at Rs 520 on NSE, a 6.31 per cent discount to its issue price of Rs 555. Anupam Rasayan manufactures a variety of intermediates and ingredients for insecticides, fungicides and herbicides for agrochemical companies. Besides, it also produces anti-bacterial and ultraviolet protection ingredients for FMCG and pharma companies. The Rs 760 crore IPO, which was sold from March 12 to 16, had received 44.06 times bids, with the HNI quota (NII) receiving 97.42 times subscription, the QIB quota 65.74 times and the retail quota 10.77 times. At the issue price, the scrip commanded a PE of 95.2 times trailing 12-month basis on a restated EPS of Rs 5.80. This is significantly higher than the peer average of 33 times.
The initial public offering of Macrotech Developers Ltd, formerly known as Lodha Developer, will open on 7 April and close 9 April. The issue price has been fixed at Rs 483-486 a share. The firm will raise Rs 2500 crore via the IPO. The company proposes to utilise an estimated Rs 1,500 crore from the net proceeds for prepayment, repayment or redemption of all or a portion of borrowings availed by the company and some of its subsidiaries. As of December, consolidated aggregate outstanding borrowings of the company stood at Rs 18,662.19 crore. The company also intends to acquire land or land development rights, primarily in the Mumbai Metropolitan Region and Pune, worth Rs 375 crore with part of the proceeds of the issue. As of December, the company had 91 completed projects comprising approximately 77.22 million square feet of developable area, of which 59.13 million square feet is in affordable and mid-income housing, 12.15 million square feet is in premium and luxury housing, 5.21 million square feet in office space, and 0.74 million square feet in retail space. It has 36 ongoing projects comprising approximately 28.78 million square feet of developable area. The company reported a total income of Rs 3,160.49 crore for the period ended December compared with Rs 9,357.35 crore a year ago. Net loss stood at Rs 264.30 crore compared to a profit of Rs503.08 crore. Lodha Group, India’s largest real estate developer by residential sales, said it registered over Rs 2,500 crore of bookings in the quarter ended 31 December. The firm saw increased demand for luxury and premium homes, clocking around Rs 1,000 crore of bookings in this segment, while the mid-income and affordable business fetched Rs 1,500 crore worth of bookings during the period.
Zomato, a food delivery start-up backed by Jack Ma’s Ant Group, is planning to file the draft prospectus by April for its initial public offering that could raise about $650 million. Founded in 2008 in Delhi, the company employs more than 5,000 people, according to its website. Zomato recently raised $250 million from investors, including Kora Management and Fidelity Management & Research Co., valuing the start-up at $5.4 billion, according to an exchange filing in February by Info Edge India, an existing backer.
Mumbai-based Paras Defence and Space Technologies has filed draft red herring prospectus with the capital market regulator for its initial public offering (IPO). The public issue will comprise a fresh issue of Rs 120 crore and an offer for sale of 17,24,490 equity shares by promoter and individual selling shareholders. The company, in consultation with BRLMs, could consider a pre-IPO placement of Rs 35 crore. The amount raised via pre-IPO placement will not be reduced from the fresh issue. The company intends to utilise net proceeds from the fresh issue for purchase of machinery and equipment, funding incremental working capital requirements, repaying of certain borrowings and for general corporate purposes. Paras Defence is an Indian private sector company engaged in designing, developing, manufacturing and testing of a wide-range of defence and space engineering products and solutions. It is one of the leading 'indigenously designed developed and manufactured' (IDDM) category private sector company in India which caters to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering. It is also the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India. It has two manufacturing facilities in Maharashtra, located at Nerul in Navi Mumbai and Ambernath in Thane. Anand Rathi Advisors is the book running lead manager to the issue.
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Niyo, a neobank, is keen to enter the asset management space and mulling to apply to Sebi for a mutual fund licence, a company official said on Thursday. The Bengaluru-based fintech firm, which started off with prepaid instruments, is targeting to more than double its user base to 5 million by the end of FY22 from the present 2 million on the back of new tie-ups with players in the financial services space. In December, Sebi had allowed fintech firms to apply for MF licences. Niyo had had last year announced the acquisition of Goalwise, an MF distribution platform. The company already distributes insurance policies, has a presence in wealth management through an acquisition and also offers stock buying.
Edelweiss Infrastructure Yield Plus (EIYP), an alternative investment fund from the Edelweiss Group, on Thursday snapped up a controlling 74 per cent stake in French utility Engie Group's solar assets in India for a reported USD 550 million. The Engie Group has 813 MW of operational solar assets in the country, and it plans to add up to 2 GW more over next couple of years, which once commissioned will be acquired by the EIYP, the fund said. EIYP is a Sebi-registered category I AIF investing in infrastructure like power transmission, renewables, and roads and highways among others. It is the largest yield focused infrastructure AIF in the country with capital commitments from both domestic and global investors.
Mirae Asset Investment Managers India has announced the completion of ten years of the Mirae Asset Great Consumer Fund on March 29th, 2021. The fund’s AUM has increased to Rs 1,140.20 crore as on 28th February, 2021. The number of folios in the scheme is 47,747. The fund has generated 16.81% returns since inception. Consumer is a theme which has tremendous growth potential and includes businesses in FMCG, Autos, Realty, Healthcare, Education, Media & Entertainment, Banks & Financial Services, Telecom, Transportation, Tourism & Hospitality and E-commerce. The fund's portfolio comprises of growth companies which has strong return ratio (ROE) and possess sustainable competitive advantage.
Nippon India Mutual Fund has appointed Pranay Sinha as the Senior Fund Manager in their Fixed Income investments team. He will be part of the fixed income fund management team and will be working closely with Amit Tripathi, CIO - Fixed Income Investments. In his last role, Sinha served as a Senior Fixed Income Manager at Aditya Birla Sun Life Mutual Fund where he was managing some of the flagship funds for short term, duration, and gilt schemes with a focus on portfolio management since 2014. Sinha brings with him more than 15 years of extensive experience in Fixed Income investment management space having worked across marquee organizations including ICICI Prudential AMC, Morgan Stanley Investment Management, BNP Paribas and ABSL MF.
SBI Mutual Fund has declared dividends on its Nifty and Sensex ETFs (exchange traded funds) cumulatively to the tune of 2.5% of their NAV (net asset value) in February and March 2021. In absolute terms, this works out to around Rs3,400 crore on a combined assets size of Rs137,533 crore of its two ETFs. According to a person with knowledge of the matter, the dividends were declared to enable the Employees’ Provident Fund Organization (EPFO) to realize some gains and pay out subscribers. Institutions account for 90-95% of the AUM of the schemes, the person explained. Dividends have not been declared in the retail investor dominated schemes like the ELSS fund, he added, in order to protect investor interest. However, this action of the fund house has left retail investors with a tax bill. Dividends are taxed at slab rate.
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