In the week gone by, global stock markets witnessed volatile trade following the Geopolitical tensions (Middle East), investors focused on rising bond yields. Also hawkish comments from Federal Reserve officials furthered concerns over higher-forlonger interest rates. Powell conveyed that it would probably take "longer than expected" for inflation to reach the central bank's target of 2% to support interest rate cuts. Economic data released on Thursday painted a mixed picture, with low jobless claims and solid factory data contrasting weaker-than-expected home sales and leading economic index readings. Meanwhile, European markets ended higher as upbeat results lifted the benchmark index, offsetting uncertainties surrounding geopolitical tensions and the timing of central bank rate cuts. In Japan, inflation data showed that 2.7% monthly reading for March, just below the 2.8% consensus forecast. An increasing number of economists expect the BOJ to raise rates again in October after it stands pat next week, with most of them flagging an earlier move in July as a risk scenario. China's first-quarter GDP data came in positive, with real GDP growth accelerating to a better-than-expected 5.3% year-over-year.
Back at home, domestic markets witnessed mixed sentiments due to escalating geopolitical tensions in the Middle East and waning hopes of US rate cuts. The fourth quarter earnings season is underway and it has been a mixed one for the IT sector. While TCS' fourth-quarter numbers were better than expectations, Infosys missed estimates on revenue and FY25 guidance. Investors are adapting to the possibility of prolonged higher US interest rates due to the strength in the labor market. Additionally, volatility will likely remain elevated ahead of national elections. Going forward, the market will continue to closely watch developments in the global and domestic spheres.
On the commodity front, commodity markets experienced a slight pullback following a five-week strong rally, with the CRB index closing near 340. The Dollar Index paused around 106, while treasury yields spiked due to safe-haven buying. Gold continued its buying streak for the fifth consecutive week, with silver also maintaining its upward trend around $29. Gold and silver are expected to trade in a range of Rs.70,500-74,500 and Rs.82,000-86,000 respectively. In the energy sector, natural gas traded within a range, while crude oil prices ignited again due to geopolitical tensions. Crude oil is expected to trade in a wide range of Rs.6,700-7,500. Markets now anticipate less than two rate cuts in 2024, with a moderate demand outlook. Additionally, a rising dollar index is also hurting the rally. Base metals moved upwards, fueled by better-than-expected GDP numbers from China, a significant consumer of industrial metals. The trend is also bullish on expectations of a tighter market as a result of sanctions imposed by the UK and US, effectively banning the trading of new Russian supplies of these vital industrial metals on two of the world's largest exchanges.
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 execution of LNG SPA with Qatar Energy augers well for the Company, in terms of growth visibility. Its diversification into Poly-Propylene, Propylene, Propane, Hydrogen and Ethane by setting up new plant at a time when government is looking at making the country a petchem hub is also likely to benefit the company. Besides, the company improved operational performance on the back of higher capacity utilization indicates near term growth visibility. Thus, it is expected that the stock will see a price target of Rs.342 in 8 to 10 months' time frame on current P/BV of 2.72x and FY25 BVPS of Rs.125.70.
The company has strong order book, which indicates growth visibility for next few quarters. According to the management, the company is witnessing substantial opportunities of over Rs.25000 Crores for T&D projects in the domestic market most of which are already floated and would be awarded in next few quarters. Its civil business is also reporting strong growth on the back of robust execution across all the segments. Thus, it is expected that the stock will see a price target of Rs.855 in 8 to 10 months' time frame on current P/BV of 4.64x and FY25 BVPS of Rs. 184.18.
The stock closed at Rs.1428.60 on 19th April, 2024. It made a 52-week low of Rs.1247.9 on 20th March, 2024 and a 52-week high of Rs.1875.45 on 08th September 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 1524.
The stock has consolidated at lower levels and formed an inverted head and shoulders pattern on the daily chart, typically a bullish sign once the neckline is broken. On the weekly chart, the stock has rebounded from support, and the RSI indicator shows a positive divergence, reinforcing the potential upward momentum for the stock in the coming sessions. Therefore, one can buy the stock in the range of 1410- 1430 levels for the upside target of 1600-1620 levels with SL below 1290 levels.
The stock closed at Rs.3106.70 on 19th April, 2024. It made a 52-week low at Rs.1932.05 on 27th April, 2023 and a 52-week high of Rs.3440.15 on 11th October 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.2821.
Past back, there was a significant development as the stock managed to close above its 200-day exponential moving average and rallied. There is a trend line resistance breakout on big time frame indicating bullishness. Also the oscillators are bullish in daily as well as weekly time frame. Therefore, one can buy the stock in the range of 3090-3120 levels for the upside target of 3550-3570 levels with SL below 2840 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
During the past week, both Nifty and Banknifty extended their corrections from their record high amid geopolitical tensions. Nifty ended with a loss of over 1.5%, while Banknifty dropped by more than 2% in last week. Profit-taking was observed across sectors, with IT, PSU Bank, and healthcare stocks lagging, while oil & gas, metal, and infra stocks stood out as the top performers. From the derivative front, Nifty options showed the highest call open interest at the 22,500 strikes, while the highest put open interest was noted at the 22,000 strike. For Bank nifty, the highest call open interest was at the 48,000 strike, while the highest put open interest was observed at the 47,000 strikes. Implied volatility (IV) for Nifty's call options settled at 12.38% and put options concluded at 13.03%. The India VIX, a crucial market volatility indicator, ended the week at 13.04%. The Put-Call Ratio Open Interest (PCR OI) stood at 0.79 for the week indicating more put writing compare than call. Currently, Nifty is trading between its 50 and 100 EMA (exponential moving average), having slipped below the 50 EMA last week. For the upcoming week, Nifty is expected to trade within a range of 22,400 to 21,700, and it's likely to face pressure while trading below the 50 EMA.
|
|
|
|
|
**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 witnessed sharp recovery during the week tracking increased buying by stockists. Arrival pace was noted slower as compared to last year due to lower production in year 2024. Production is likely to be dropped by about 14% Y-o-Y due to lower area under turmeric amid tumbling yield and may stay in between 9.2-9.5 lakh tonnes. Forecast of light to moderate rainfall in central and southern region also supported market sentiments as any rainfall at time will impact the harvest and post-harvest activities and yield. Supplies have been below normal in recent week that boosted the market sentiments and buyers remained busy in active buying. Apart from that improved export enquires is likely to lure stockists to buy turmeric at every dips in prices. Turmeric export from India dropped 15% Y-o-y to 10.49 thousand tonnes in Jan'24 wherein total export during Apr'23-Jan'24 reported at 131.6 thousand tonnes down by 3.5% from previous year. Turmeric prices are expected to trade in range of 17700- 19900.
Dhaniya prices traded higher with rise in domestic buying. Physical demand improved in wake of weaker production outlook. Robust export demand also helped prices to trade on positive bias. India exported about 83.6 thousand tonnes of coriander during Apr'23-Jan'24 compared to 24.8 tonnes of previous year up by 215% Y-o-Y. Firmness in dhaniya is likely to remain intact due to bleak supply outlook as production is likely to be down about 10-15% Y-o-Y due to fall in area and yield. Reports of recent rainfall in northern part of India are likely to impact the yield. Arrivals are expected to pick up with advancement of harvesting activities which is in last stage. Dhaniya prices are likely to trade in range of 7200-8400.
Jeera futures traded higher on weekly basis where gains were largely attributed by improved export demand. Spot prices in Unjha market showed uptrend with rising export demand and impact of the same was seen on the futures prices. Gains are likely to be limited as bumper production prospects and commencement of new crop will cap the gains. Harvesting activities are in last stage in Gujarat and Rajasthan that will lead to rise in supplies. Global supplies have been tighter due to lower production in Syria and Turkey that boosted the Indian jeera exports in recent months. India exported 12.4 thousand tonnes of jeera in Jan'24 as compared to 8.04 thousand tonnes previous year higher by 54% Y-o-Y. Jeera production in India is expected to increase by 30% Y-o-Y in year 2024. Jeera prices are likely to trade in range of 21500-30000.
Gold prices have been on an upward trajectory, marking their fifth consecutive weekly gain, as investors seek refuge in safe-haven assets amidst escalating political tensions in the Middle East. This surge comes despite looming concerns over the potential impact of sustained higher U.S. interest rates. The recent announcement of new sanctions by the U.S. on Iran, specifically targeting its unmanned aerial vehicle production following an attack on Israel, has further fueled geopolitical uncertainties, driving investors towards assets like gold. The Federal Reserve's stance on interest rates has been a focal point for market observers. Policymakers have signaled a cautious approach, emphasizing the need to maintain borrowing costs at their current levels amid sluggish progress on inflation and the backdrop of a resilient U.S. economy. However, Atlanta Federal Reserve Bank President Raphael Bostic has hinted that if inflationary pressures persist, central bankers may need to reassess their stance and consider raising interest rates. Silver experienced a remarkable 26% surge in March-April, fueled by the bullish momentum in gold and the strength exhibited by copper. Despite expectations of a technical correction, silver's bullish trend remains intact, buoyed by supportive factors. On the COMEX, gold faces resistance around the $2430 mark, with support levels seen near $2380 and $2340. Silver, on the other hand, is anticipated to witness buying interest from lower levels, with a projected trading range of $26.50 to $30.00 per ounce. Looking ahead, both gold and silver are poised for continued positive momentum in the coming week. Gold prices are expected to find support in the range of 71000 to 73500, while silver could trade within the range of 81500 to 84500.
Crude oil prices faced losses amidst a gradual easing of the geopolitical risk premium and concerns over rising U.S. inventories signaling weak demand. The market continued to shed the risk premium it had accrued since early April when Israel's attack on Iran's embassy in Syria led to fears of escalated conflict in the Middle East. Iran's retaliatory actions over the weekend, involving hundreds of drones and missiles targeting Israel, were largely intercepted, resulting in minimal damage and no immediate Israeli response. This development alleviated concerns about a wider regional conflict. The EIA report of a largerthan-expected 2.7-million barrel increase in U.S. oil inventories further dampened market sentiment, underscoring worries about subdued demand. However, the Biden Administration's renewal of sanctions on Venezuela's oil exports provided some support to prices. WTI crude futures rebounded by over 2% to near $85 per barrel, reclaiming most of the losses incurred earlier in the week following reports of significant explosions in Iran, Iraq, and Syria, suspected to be Israeli strikes. Looking ahead, oil prices are anticipated to witness mixed movements, heavily influenced by news developments. The expected trading range is projected to be between 6800 and 7200. Meanwhile, natural gas prices saw moderate gains as underground storage levels increased by 50 billion cubic feet to 2,333 Bcf, significantly surpassing the five-year average by 36%. Despite a decline in U.S. gas production by approximately 10% this year, due to delayed well completions and reduced drilling activities by companies like EQT and Chesapeake Energy, prices are expected to trade within the range of 139 to 155 amid near-normal weather forecasts until April 26, followed by above-average temperatures from April 27 to May 3.
The bullish trend in base metal prices may continue while prices climbed on multi month high due to robust industrial activity, supply disruption mid sanctions on Russian metals and improved demand in the world's largest consumer of the metal. The demand is also expected to rise dramatically from Europe and the US, due to these countries potentially seeing an upswing in economic and industrial recovery. The LME banned from its system Russian metal produced on or after April 13 to comply with new US and UK sanctions imposed for Russia's invasion of Ukraine. LME cancelled warrants - inventories earmarked to be delivered out of the bourse warehouses - surged for copper, aluminium and lead, latest exchange data showed. Copper may trade in the range of 825-855 levels. The rise in demand is further supported by Chile's state-run copper miner Codelco's efforts to enhance production, with expectations to surpass its 2023 output despite facing challenges in the previous quarter. Antofagasta's first-quarter copper production in 2024 experienced an 11% year-over-year decline. Despite the production setback, Antofagasta has maintained its full-year production guidance, anticipating an increase of 1% to 7% year-over-year, aiming for 670- 710 kilotons. Zinc can trade in range of 235-260 levels. Zinc consumption is heavily affected by the global industrial production cycle, reflecting its primary role in galvanising steel and its heavy use in the manufacturing, construction and automotive sectors. Lead can move in the range of 184-194 levels. Aluminium can trade in the range of 230-250 levels. Steel long (May) is likely to trade in the range of 47000-48500 levels with positive bias. Stainless steel prices in Asia are robust and rising due to a significant market recovery.
It closed at Rs.846.15 on 18th Apr 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.814.31. On the daily chart, the commodity has Relative Strength Index (14-day) value of 81.600. Based on both indicators, it is giving a buy signal.
One can buy near Rs.845 for a target of Rs. 890 with the stop loss of 825.
It closed at Rs.6896.00 on 18th Apr 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs. 6963.84. On the daily chart, the commodity has Relative Strength Index (14-day) value of 68.358. Based on both indicators, it is giving a buy signal.
One can buy near Rs.6950 for a target of Rs.7250 with the stop loss of 6800.
It closed at Rs.11055.00 on 18th Apr 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.10688.70. On the daily chart, the commodity has Relative Strength Index (14-day) value of 61.228. Based on both indicators, it is giving a buy signal.
One can buy above Rs.11200 for a target of Rs.11600 with the stop loss of 11000.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
Commodity markets experienced a slight pullback following a five-week strong rally, with the CRB index closing near 340. The Dollar Index paused around 106, while treasury yields spiked due to safe-haven buying. Gold continued its buying streak for the fifth consecutive week, with silver also maintaining its upward trend around $29. The global silver deficit is expected to rise by 17% to 215.3 million troy ounces in 2024 due to a 2% growth in demand, led by a robust industrial consumption and a 1% fall in total supply, the Silver Institute Industry Association said. In the energy sector, natural gas traded within a range, while crude oil prices dipped despite geopolitical tensions. Oil prices are now down nearly 10% from their highs as fears over higher interest rate policy spread. With markets now seeing less than 2 rate cuts in 2024, demand outlook is moderate. According to JP Morgan estimates, worldwide oil consumption so far in April has averaged 101 million bpd, or 200,000 bpd below its own forecast. Base metals moved upwards, fuelled by better-thanexpected GDP numbers from China, a significant consumer of industrial metals. U.S. economic activity expanded slightly from late February through early April and there were fears among firms that progress in lowering inflation would stall, a Federal Reserve survey showed. Industrial meals rose on better growth numbers in US and China. Trend was also bullish on expectations of a tighter market as a result of the sanctions after the UK and US introduced sanctions that in effect ban the trading of new Russian supplies of the vital industrial metals on two of the world's largest exchanges. Russia is a key producer of all three metals, generating 6 per cent of the world's aluminium, 4 per cent of copper and 11 per cent of high purity nickel metal, according to Citigroup. Energy and bullion saw spike again on geopolitical tensions on later part of the week.
Castor oil continued its decline due to sluggish exports of castor meal and muted crushing demand, while sun oil saw an increase supported by rising peer oil prices. Cotton oilseed cake futures remained stable, but kapas prices experienced selling pressure. Guar prices received much-needed support due to shrinking supplies in the market. Millers are struggling to get quality produce in the market as farmers and millers are not interested to release new crop. Export enquires of gum has improved that will lead to rise in guar seed prices as well. In the spice market, jeera prices declined, turmeric prices rebounded after a five-week decline, and dhaniya futures showed marginal buying. Mentha oil prices paused their declines after several weeks of losses.
Silver is known as precious metals as well as an industrial commodity. This is most versatile metal from industrial use to decoration; technology, photography and medicine. The increase in silver usage builds on a rebound from a slump during the early period of the covid-19 pandemic. The demands of the home working economy, a boom for consumer electronics, 5G infrastructure investments, and inventory build along the supply pipeline and rising end-use in the green economy supported the overall demand. Almost 60 per cent of global consumption of silver is accounted for industrial usage and the rest is for investment purposes.
Global Silver supply
Global Silver demand
The Indian Rupee continued its weekly downtrend to trade near record lows of 83.50. However the domestic unit prevented from falling below 83.55 to a dollar convincingly aided by central bank intervention throughout the week as risk-off sentiment spooked the Asian markets amid on-going Israel and Iran conflicts lifted oil prices notably the Brent benchmark near to $90.00 which could put further pressure on rupee. What is notable is that historically Iran engaged in conflicts through proxy alliance but this time they were directly involved against Israel which may create a new landscape in the mideast. Markets will closely monitor the development in the mideast. Moreover, it's a double dilemma for Rupee that Fed has no scope for rate cuts, even few Fed officials are throwing narratives for rate hikes and Mideast conflicts keep stoking inflation fear across the globe. Not only Rupee, every emerging market currency is facing the heat similar to the Russia-Ukraine phase. Apparently there are no greenshoots for rupee but as the geopolitical risk fades in coming weeks, we might see rupee trading range between 83.20 to 83.80 as well with a negative bias. On a global front, the Dollar Index closed the week with volatility driven by geopolitical events, notably showing strength against the Euro due to the ECB's dovish stance and safe-haven bids amid Middle East tensions, pushing the DXY above 106.30. Next week, markets will closely watch Middle East developments and key economic data, particularly core-PCE, a key inflation gauge for the Fed, to gauge the rate path and broader dollar movement.
USDINR (MAR) pair is currently in a Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 83.37. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 56 on the daily chart. Major support is seen around 83.15 levels, while resistance is expected near 83.75 levels
GBPINR (MAR) pair is currently in a Mild Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 104.63. However, the pair is in Borderline territory with a Relative Strength Index (14-day) value of 34 on the daily chart. Major support is seen around 102.75 levels, while resistance is expected near 104.5 levels.
EURINR (MAR) ppair is currently in a Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 89.51. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 36 on the daily chart. Major support is seen around 88 levels, while resistance is expected near 89.65 levels.
JPYINR (MAR) pair is currently in a Mild Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 54.62. However, the pair is in Oversold territory with a Relative Strength Index (14-day) value of 31 on the daily chart. Major support is seen around 53.25 levels, while resistance is expected near 54.5 levels.
JNK India sets price band at Rs 395-415 for IPO opening on April 23
Maharashtra-based JNK India Ltd has set the price band at Rs 395-415 a share for its public issue opening for subscription on April 23. The IPO will close on April 25, while anchor investors will be free to place their bids on the 22nd. Basis of allotment will be on April 26, refunds and credit of equity shares will be on April 29 and the stock will list on exchanges on April 30, according to the schedule the company has planned. The IPO consists of fresh shares of Rs 300 crore and an offer-for-sale of up to 8.42 million shares by its existing shareholders and promoters. On the upper price band, the issue size will be Rs 650 crore and the post-issue market capitalisation is likely to be Rs 2,300 crore. The OFS comprises up to 1.12 million shares by Goutam Rampelli, up to 2.43 million by JNK Global, up to 4.4 million by Mascot Capital and Marketing and up to 4.68 lakh shares by Milind Joshi. The proceeds from the fresh issue will be used for funding the working capital requirements. IIFL Securities and ICICI Securities are the lead managers to the issue. The company manufactures heating equipment for process industries like oil refineries and petrochemical plants. It handles everything from design to installation, serving both the domestic and international markets. Its biggest rival in India is Thermax Ltd. It has also expanded into flares, incinerator systems, and is planning to venture into the renewable sector with green hydrogen. For FY23, the company reported a revenue of Rs 407.32 crore as against Rs 296.40 crore a year ago. Its oil and gas segment contributed 77 percent of the revenue. Net profit for the fiscal stood at Rs 46.36 crore versus Rs 35.98 crore last year. As of the nine months ended 2023, total debt of the firm stood at Rs 56.73 crore. As of December 31, 2023, its order book totalled Rs 845.03 crore, with 86.29 percent from India and 13.71 percent from overseas. This robust order book, equivalent to 2.50 times its annualised revenue for the same period, shows strong revenue visibility, supported by ongoing contract negotiations for prospective projects.
Kronox Lab Sciences receives Sebi approval to float IPO
Speciality chemicals company Kronox Lab Sciences has received Sebi's go ahead to raise funds through an initial public offering (IPO). The proposed offer comprises an offer-for-sale (OFS) of 96 lakh equity shares by promoters -- Jogindersingh Jaswal, Ketan Ramani and Pritesh Ramani. The offer represents up to 26 percent of the paid-up equity share capital of Kronox Lab Sciences, according to the draft red herring prospectus (DRHP). The company, which filed preliminary IPO papers with Sebi in January this year, obtained its observations on April 12, the latest update showed. Vadodara-based Kronox is a manufacturer of high-purity specialty fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others. It has three manufacturing facilities and Research, Development and Testing (RDT) laboratory, in Vadodara, Gujarat. Additionally, the company has acquired land at Dahej, Gujarat, to set up a new manufacturing plant. The company has more than 120 products under various phases of research and development. The company exports to more than 20 countries with major exports to the USA, the UK, Mexico, Australia, and Egypt, among others. Pantomath Capital Advisors is the sole book-running lead manager. The company's equity shares are proposed to be listed on the BSE and the NSE.
Deepak Builders & Engineers files draft papers with Sebi to raise funds via IPO
Engineering and construction company Deepak Builders & Engineers India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. This is the first company to file the draft papers with Sebi for floating a maiden public issue in the current financial year (2024-25). The initial public offering (IPO) is a combination of 1.2 crore fresh issue of equity shares and an Offer For Sale (OFS) of 24 lakh equity shares by promoters -- Deepak Kumar Singal and Sunita Singal, according to the Draft Red Herring Prospectus (DRHP). At present, promoters and promoter group entities hold 100 per cent stake in the city-based company. Funds to the tune of Rs 95 crore will be used for working capital requirements of the company and Rs 30 crore for payment of debt, besides, a portion will be utilised for general corporate purposes, as per the draft papers filed last week. Deepak Builders & Engineers India is an integrated engineering and construction company, specialising in execution and construction of administrative & institutional buildings, hospitals and medical colleges, industrial buildings, historical memorial complex, stadiums and sports complex, and residential complex. It has diversified in undertaking specialised structural work such as flyovers, approach roads, rail under bridges, rail over bridges and development and redevelopment of railway stations.
Healthcare provider Nephro Care India files DRHP with NSE Emerge
Nephro Care India, a leading multi-speciality healthcare provider in East India, has announced the filing of its Draft Red Herring Prospectus (DRHP) with National Stock Exchange (NSE) Emerge. The company's initial public offering comprises a fresh issuance of 45,84,000 Equity Shares, each with a face value of Rs 10. Corporate Capital Ventures is the sole Book Running Lead Manager to the Issue, and Bigshare Services is the Registrar. Corporate Capital Ventures has completed a string of successful SME IPOs in the recent months, including Trust Fintech, Creative Graphics, Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Droneacharya and Crayons Advertising, among others. In December 2023, Nephro Care India successfully closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC, Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Rajendra Agarwal, Founder and MD of Macleods Pharmaceuticals, among others. The Kolkata-headquartered healthcare provider offers a wide range of clinical and lifestyle solutions and renal insufficiency treatment to patients. The company is also in the process of opening three satellite clinics at Alipurduar and Shyambazar in West Bengal and Balasore in Odisha. According to DRHP, Nephro Care intends to utilise net proceeds from the IPO to set up a multi-speciality hospital, 'Vivacity Multi Speciality Hospital', at Madhyamgaram in Kolkata, West Bengal, and for general corporate purposes. The new hospital will be a unit of Nephro Care India and is proposed to include 100 inpatient beds, including a 30-bed Critical Care unit having ICU, HDU, RTU and NICU facilities. Vivacity will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology and many others, including an advanced renal transplant unit in East India. Nephro Care posted a revenue of Rs 19.90 crore and earned a profit (PAT) of Rs 3.4 crore during the first nine months of FY 2023-24, compared to a revenue of Rs 17.09 crore, with a profit (PAT) of Rs 1.94 crore in FY 2022-23.
Raghuvir Exim files IPO papers with Sebi
Textile company Raghuvir Exim Ltd has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO). The fresh capital will be used to fund expansion plans, it said. The company's IPO comprises fresh issue of 1.4 crore equity shares and an offer for sale (OFS) of 45 lakh equity shares by promoter Sunil Agarwal, according to the draft red herring prospectus (DRHP). At present, promoters own 100 per cent stake in the company. Going by the draft papers filed last week, proceeds from the fresh issue to the tune of Rs 113 crore will be used to set up two stitching units in Ahmedabad, while a portion will be used for general corporate purposes. The Ahmedabad-based company is engaged in the business of processing semifinished fabrics into finished fabrics. It manufactures home furnishing products. Unistone Capital Pvt Ltd is the sole book running lead manager of the issue. The equity shares of the company will be listed on the BSE and the NSE.
|
Motilal Oswal Mutual Fund has filed draft documents with Sebi for five funds: Nifty MidSmall Financial Services Index Fund, Nifty MidSmall Healthcare Index Fund, Nifty MidSmall IT and Telecom Index Fund, Nifty MidSmall India Consumption Index Fund, and Quant Fund.
Motilal Oswal Nifty MidSmall Financial Services Index Fund will be an open-ended fund replicating/tracking the Nifty MidSmall Financial Services Total Return Index. The investment objective of the scheme will be to provide returns that, before expenses, correspond to the total returns of the securities as represented by the Nifty MidSmall Financial Services Total Return Index, subject to tracking error. The scheme will be benchmarked against Nifty MidSmall Financial Services Total Return Index. The scheme will be managed by Swapnil Mayekar, Rakesh Shetty. The scheme will offer regular and direct plans both with growth options. The scheme will invest 95-100% in constituents of Nifty MidSmall Financial Services Total Return Index and 0-5% in units of liquid schemes and money market instruments.
Motilal Oswal Nifty MidSmall Healthcare Index Fund will be an open-ended fund replicating/tracking the Nifty MidSmall Healthcare Total Return Index. The scheme will be benchmarked against Nifty MidSmall Healthcare Total Return Index. The scheme will be managed by Swapnil Mayekar, Rakesh Shetty. The Scheme follows a passive investment strategy and seeks to invest in the constituents of Motilal Oswal Nifty MidSmall Healthcare Index Fund. The scheme aims to achieve returns equivalent to the benchmark subject to tracking error. The scheme would also invest in units of liquid/ debt schemes, debt and money market instruments as stated in the asset allocation table
Motilal Oswal Nifty MidSmall IT and Telecom Index Fund
Motilal Oswal Nifty MidSmall IT and Telecom Index Fund will be an open-ended fund replicating/tracking the Nifty MidSmall IT and Telecom Total Return Index. The investment objective of the scheme will be to provide returns that, before expenses, correspond to the total returns of the securities as represented by Nifty MidSmall IT and Telecom Total Return Index, subject to tracking error. The scheme will be benchmarked against Nifty MidSmall IT and Telecom Total Return Index.The scheme will be managed by Swapnil Mayekar, Rakesh Shetty.
Motilal Oswal Nifty MidSmall India Consumption Index Fund
Motilal Oswal Nifty MidSmall India Consumption Index Fund will be an open-ended fund replicating/tracking the Nifty MidSmall India Consumption Total Return Index. The investment objective of the scheme is to provide returns that, before expenses, correspond to the total returns of the securities as represented by Nifty MidSmall India Consumption Total Return Index, subject to tracking error. The scheme will be benchmarked against the Nifty MidSmall India Consumption Total Return Index. The scheme will invest 95-100% in Constituents of the Nifty MidSmall India Consumption Index and 0-5% in units of liquid schemes and money market instruments. The scheme follows a passive investment strategy and seeks to invest in the constituents of Motilal Oswal Nifty MidSmall India Consumption Index Fund. The scheme aims to achieve returns equivalent to the benchmark subject to tracking error. The scheme would also invest in units of liquid/ debt schemes, debt and money market instruments as stated in the asset allocation table.
Motilal Oswal Quant Fund
Motilal Oswal Quant Fund will be an open-ended equity scheme investing based on a quant investment framework. The investment objective of the scheme is to generate medium to long-term capital appreciation by investing in equity and equity related instruments selected based on a proprietary quantitative investment framework. The scheme will be benchmarked against the NIFTY 500 Index TRI. The scheme will offer both regular and direct plans both with growth and IDCW options. The scheme will invest 80-100% in equity and equity-related instruments, 0-20% in units of liquid fund and money market instruments (including cash and cash equivalents). The stocks will be selected on Hockey-Stick Return (HSR) investment strategy. HSR refers to a sharp and sustained rise in the price of a stock. This leads to a hockey-stick formation of the price chart, translating into returns for the stockholders. The scheme will be managed by Ajay Khandelwal and Rakesh Shetty. The minimum application amount for all these schemes will be Rs 500 and in multiples of Re 1 thereafter. The minimum application amountfor monthly SIP in allthese schemes will be Rs 500 and in multiples of Re 1 thereafter with a minimum of 12 installments.
Kotak Mutual Fund files draft document with Sebi for special opportunities fund
Kotak Mutual Fund has filed a draft document with Sebi for a special opportunities fund. Kotak Special Opportunities Fund will be an open-ended equity scheme following a special situations theme. The investment objective of the scheme will be to generate long-term capital appreciation by investing predominantly in opportunities presented by special situations such as Company Specific Event/Developments, Corporate Restructuring, Government Policy change and/or Regulatory changes, Technology led Disruption/ Innovation or companies going through temporary but unique challenges and other similar instances. The scheme will be benchmarked against Nifty 500 TRI. The scheme will be managed by Devender Singhal and Arjun Khanna. The minimum application amount for lumpsum, SIP, and additional purchase investments will be Rs 100, and any amount thereafter. The minimum redemption amount for all plans will be Rs 1,000 or 100 units or account balance, whichever is lower. The scheme will allocate 80-100% in equity and equity-related securities of special situations theme, 0-20% in equity and equity-related securities other than of special situations theme and overseas mutual funds schemes/ETFs/foreign securities, 0-20% in debt and money market securities, and 0-10% in units of REITs & InvITs.
|
|
