In the weak gone by, US markets rallied on strong bank earnings amid data showing economic resilience and a solid labor market. According to Goldman Sachs, the likelihood of a U.S. recession in the near future appears to be falling. On the data front, US Retail sales rose by 0.2% in June. Industrial production declined for a second month, dropping by 0.5%. Manufacturing output dropped 0.3%, the sharpest decline in three months. Japan’s core inflation rate, excluding those for fresh food, rose 3.3%, official data showed. The inflation rate is marginally higher than May’s figure of 3.2%. However, this was for the 15th straight month that the inflation rate was above the Bank of Japan’s 2% target. The country’s headline inflation rate in June was also at 3.3% as compared to 3.2% in May. Meanwhile, the yuan jumped after China stepped up its support for the managed currency with a stronger-thanexpected reference rate and a change to its capital curbs to lure inflows. Investors are expecting second-quarter reporting season to represent a trough in corporate earnings.
Back at home, domestic stock markets moved higher and touched all-time high led by banking, financial and FMCG stocks. To note, the good Q1 results from banks are providing an extra boost to drive to new highs. Sensex and Nifty have seen a 10% rally so far in the calendar year 2023 to all-time high levels. Actually, the sentiment remains upbeat due to the momentum led by first quarter results of fiscal 2023-24 (Q1FY24) and foreign capital inflow on India's healthy macroeconomic outlook even amid mixed global cues. As we are in the earning season, we will continue to see stock specific moment in the market. The recent guidance cut from Infosys indicates that global slowdown may continue to impact business growth of the IT companies. Going forward, market will continue to take cue from the both global and domestic markets. Markets will continue to closely watch the major economy central bank meetings in US, Europe and Japan.
On the commodity market front, small but continuous buying was observed in the CRB Index, driven by renewed buying amid weakness in the dollar index. It closed above 306 levels. Increased safe haven demand amid worsening global economic conditions may also push flows into gold in the coming months. The expected trading range for gold is between $58,500 and $61,000. For silver, the anticipated range is between $24.5 and $26.5. Chinese officials vowed to unlock more supportive policies in the coming months, after data showed that the economy barely grew in the second quarter. Base metals can see slight recovery. Crude oil and natural gas may remain trade up on renewed demand. HCOB Germany Manufacturing PMI and GfK Consumer Climate, IFO Business Climate Index of Germany, Consumer Confidence, Fed Press Conference, Durable Goods Order, GDP Growth Rate, Core Personal Consumption Expenditure Price Index, Personal Consumption Expenditure Price Index, Michigan Consumer Sentiments Final and Fed Interest Rate Decision of US, Inflation Rate of Australia, ECB Interest rate Decision and ECB Press Conference, BoJ Interest rate Decision and BoJ Quarterly Outlook Report, Inflation Rate of France and Germany and many more data and events scheduled this week, which will keep volatility on higher side in commodities.
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.
18 months from the date of execution of the PPA, the project will have a tariff of Rs 2.22/ kWh for a period of 25 years.
The company is focusing on adding renewables capacity in its power generation portfolio which augers well for the company as the government’s aim to achieve 500 GW of non-fossil fuel capacity by 2030. Given the Company’s strong balance sheet and unique positioning as an integrated power utility, the Company is well poised to pursue growth opportunities across the entire power value chain. Thus, it is expected that the stock will see a price target of Rs. 715 in 8 to 10 months’ time frame on current P/BVx of 2.68x and FY24 BVPS of Rs.267.07E.
crore. The standard asset provisions jumped 64% to Rs 36 crore. The capital adequacy ratio of the bank stood at 17.7% with Tier I ratio at 16.0% at end June 2023.
The bank has continued to exhibit strong performance on growth earnings and asset quality. The management of the bank aims to maintain return on assets above 1.5% and focus on reducing cost of funds. The business growth of the bank is as per the industry and every segment is showing good growth. Thus, it is expected that the stock will see a price target of Rs.158 in 8 to 10 months’ time frame on a target P/Bvx of 1.30x and FY24 BVPS of Rs.121.51..
The stock closed at Rs.111.50 on 21stJuly, 2023. It made a 52- week low of Rs.83 on 26th September, 2022 and a 52-week high of Rs.113.95 on 16th May, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs. 102.50.
After making a 52 week low of 83 in a month of September 2022, the stock has shown a smart recovery and once again caught a momentum above its 200 days exponential moving average on daily charts. At current juncture, the stock has formed a Cup & Handle pattern on the weekly charts and is on verge of fresh breakout above the same. Sudden rise in volumes with rise in prices suggest a fresh up move into the stock from the current levels. Therefore, one can buy the stock in the range of 110-111 levels for the upside target of 127-128 levels with SL below 100 levels.
The stock closed at Rs.170.55 on 21st July, 2023. It made a 52- week low at Rs.121.50 on 28th September, 2022 and a 52-week high of Rs.171 on 21st July, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs. 154.
The Stock can be seen steadily inclining on weekly and daily charts with formation of higher bottom pattern, as prices have witnessed a decent rally from 130 levels towards 170 levels over the period of months. The prices are also holding well above its all-important moving averages, with multiple supports on downside. At current juncture stock has given a fresh breakout above the Ascending triangle pattern as stock has marked its fresh 52 week high of 171 during last week trading session. The positive divergences on secondary oscillators along with price volume action suggest for a next upswing into the prices. Therefore, one can buy the stock in range of 168-170 levels for the upside target of 185-187 levels with SL below 158 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 last Friday's session, the Nifty index came close to 18,000 level before experiencing a correction. Both major indices closed in green with the Bank Nifty outperforming the Nifty and ending with significant gains of over 2.8%. On the flip side, the Nifty closed with a more modest gain of around 1%. During the past week, the Energy, Healthcare and Media sectors witnessed substantial gains, while the IT index saw a sharp decline. Analysing derivative data, it had observed that the highest open interest for call options in Nifty was at the 19,900 level, followed by 20,000, while for put options, the highest open interest concentration remained at the 19,800 strike. Based on open interest, the current trading range for Bank Nifty is expected to remain between 46,000 and 47,000 levels. The implied volatility (IV) for call options concluded at 10.88%, while put options closed at 11.35%. The Nifty VIX, a measure of market volatility, ended the week at 11.79%. The Put-Call Ratio Open Interest (PCR OI) settled at 1.37 for the week, indicating positive sentiment of the market participants. Traders are advised to keep a close watch on upcoming major result announcements from heavyweight companies, as this could lead to stock-specific movements in the market. As for the Nifty, the major expected range lies between 19450-20000 levels.
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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 extended their gains on growing concerns of crop damage due to excess rainfall in Maharashtra and in recent days. Sowing season has already been delayed due to slower monsoon progress in June and now heavy rainfall affecting the crop progress adversely in major producing states. Stockists are very active and going for aggressive buying in wake of bleak supply outlook ahead. Area under turmeric is estimated to be down by 15-20% in year 2023 due to monsoon concerns at the time of sowing that is prompting millers and stockists to go for aggressive buying. Spot prices have jumped more than 15% in last 2 weeks and ruling at 11900 at Nizamanbad market. Export demand for turmeric has also improved in recent months that will also support market sentiments. India exported about 39.42 thousand tonnes of turmeric during the time period of Apr-May’23 as compared to 30.9 thousand tonnes of previous year, higher by 28% Y-o-Y. Turmeric Aug contract is likely to trade in range of 10000- 14000.
Jeera futures traded higher on shrinking arrivals at major trading centers. Heavy rainfall in Gujarat and Rajasthan impacted arrival pace adversely. Moreover drier pipeline of Jeera also supported prices. Most of the millers are going for need based buying and preferring procurement on any dip in prices. However, gain in jeera is likely to be limited as export enquires has been slower in the recent weeks due to improved global supply outlook with commencement of fresh arrivals in Turkey from Aug. Export jumped for 2 consecutive months of Apr-May reported at 47 thousand tonnes as compared to 23 thousand tonnes of previous year but now export is likely to be down in coming months. Slowdown in festive and wedding season demand will also cap the excessive gains in this counter. Jeera Aug prices are likely to trade in range of 55000 – 63000 levels.
Dhaniya NCDEX Aug prices are likely to trade higher mainly due to slower arrival pace in the market. Heavy rainfall in central and western region on India has impacted the arrival pace adversely. Moreover, increased export enquire will also help prices to trade on positive bias. India exported about 35.4 thousand tonnes during time period of Apr-May’23 against the 6.23 thousand tonnes of previous year. Dhaniya NCDEX Aug futures are likely to trade in range of 6900-8000.
Gold prices have seen a steady increase for the third consecutive week, driven by optimistic expectations that the U.S. Federal Reserve will halt its interest rate hikes after the July meeting. The market anticipates a 25-basis point rate increase at the upcoming meeting, which would signal the end of the current tightening cycle and has contributed to the upward movement in gold prices. The U.S. dollar index was trading not far from 15-month lows, while China’s yuan gained after authorities adjusted cross-border financing rules and major stateowned banks were seen selling dollars. China's yuan strengthened in response to firmer central bank guidance, but its movement was limited as investors awaited further details on potential stimulus measures. In Asia, Japan’s core consumer inflation re-accelerated in June and stayed above the central bank’s 2% target for the 15th straight month, heightening the chance the Bank of Japan (BOJ) will revise up this year’s inflation at the July 27-28 policy meeting. In Russia, gold reserves reached 74.9 million troy ounces in early July, according to the central bank's report. These developments highlight the market's responsiveness to central bank actions and expectations, influencing both gold prices and currency movements. Looking at specific price levels, COMEX Gold faces a hurdle near $1990, and a break above this level could lead to further gains towards $2060. Silver, in comparison to gold, is trading positively and is slightly above the support level of $24.600. In the week ahead, gold prices on MCX may continue to attract buying interest, finding support near 58000 levels and encountering resistance around 62000 levels. Meanwhile, silver is expected to trade within the range of 72000-77000 levels, with a buying strategy near support levels.
Crude oil saw positive gains over the course of the week, as market participants hoped for a potential pause in the US Federal Reserve's interest rate hikes during its upcoming meeting. There is widespread anticipation that the two-day meeting of the Federal Reserve might result in a 25-basis point increase in interest rates. However, after this expected hike, the market predicts that the Federal Reserve will keep interest rates unchanged at 5.5% for the remainder of 2023. The market's expectation of a rate hike pause is partly influenced by weaker-than-expected US inflation data, which contributed to the upward movement of oil prices in July. A potential halt in rate increases could further boost crude oil prices in the market. Additionally, the price of crude oil has been supported by the possibility of stimulus measures by the Chinese government to bolster its economy. An official from China's National Development and Reform Commission recently mentioned the implementation of policies to revitalize and expand consumption in the Chinese market, providing further support to crude oil prices. Overall, the positive movement in crude oil prices throughout the week has been influenced by the market's anticipation of a pause in US interest rate hikes and the potential stimulus measures in China to support economic growth. Ahead in the week prices may continue to witness both side movements, and the possible trading range would be 6000-6450. Natural gas prices surged on strong demand due to scorching heat and anticipated increase in consumption. Ahead in the week, prices may continue to trade higher where it may take support near 215 and could face resistance near 240. Buying near support is advised for both the counters.
Base metals may trade in range as market expects demand will improve after authorities in top consumer China issued measures to boost some economic sectors while gains in price could be limited as Chinese economic growth is still seen slower than expected. Beijing authorities unveiled measures to boost consumption of auto and electronics items, both account for a sizable portion of metals consumption, as part of a broader drive to shore up China's faltering economy. However, there are no signs so far that the government will offer stimulus measures like infrastructure and housing support that would lift flagging metals demand. Copper may trade in the range of 722-745. China's weak copper consumption reflected in weak spot buying in the market and increase in inventories. Demand from the power sector is expected to grow slower in the second half of this year, after posting a healthy gain in the second quarter, according to CITIC Futures. Zinc can trade in range of 208-225. Lead can move in the range of 180-189 levels. Aluminum may trade in the range of 190-208 levels. Global primary aluminium output rose by 1.8% year-on-year to 34.212 million metric tons in the first half of 2023 mainly due to higher production in China, data from the International Aluminium Institute (IAI) showed. In June, global output rose 0.85% to 5.699 million metric tons, of which China delivered 3.377 million, the IAI said. Steel long (Aug) is likely to trade in the range of 43500- 45500 levels with weak bias on NCDEX. China's slowed economic growth and the on-going property crisis have affected steel prices and demand.
Cotton prices are likely to trade on positive bias due to reports of fall in sowing area under cotton in year 2023. Sowing area gap between current year and last year has widened to 11% by end of 14th July as compared to 5% of prior week. Gujarat, Madhya Pradesh and Rajasthan witnessed significant rise in are but sowing has been delayed in Maharashtra and Telangana due to monsoon concerns. Growing fear of crop damage due to heavy rainfall in central part of India will also keep prices elevated in near term. Cotton MCX July prices are likely to trade in range of 54000-58000 levels. Similarly, Kapas Apr’24 futures are likely to trade in range of 1500-1560 levels.
Cotton seed oil cake NCDEX July futures are likely to trade on positive note due to slower arrival pace in the market. Reports of fall under acreages will support firmness in prices. Surging prices of rival oil meals are likely to keep market sentiments up for cotton seed oil cake. Cotton seed oil cake Aug prices are likely to trade in range of 2350-2650 levels.
Guar seed Aug futures is likely to trade on mixed to higher on prevailing weather uncertainty as heavy rainfall in western Rajasthan sparked the fear of crop damage. About 19.85 lakh Ha was sown under guar in Rajasthan as on 18th July’23 as compared to 16.79 Lakh Ha of previous year higher by 18%. Similarly, sowing area under guar rose almost four times in Gujarat reported at 57.5 thousand Ha as on 17th July Vs 11.1 thousand Ha of previous year. Guar gum export dropped by 43% Y-o-Y to 24 thousand tonnes during Apr’23-May’23 as compared to 42.1 thousand tonnes of previous year. Guar seed prices will trade in range of 5800-6250 in near term wherein Guar gum prices are likely to trade in range of 11300-13000 levels.
Mentha oil July contract is likely to trade down with rise in supplies of new crop. Supplies have increased in Uttar Pradesh and Bihar as harvesting activities has picked up. Production prospects have improved with rising yield supported by favorable weather condition. Moreover, reports of slack export of menthol will put pressure on prices. Mentha oil prices are likely to trade in range of 860-920.
Castor seed prices are likely to trade mixed to down on reports of rise in area under castor in Gujarat. Castor Sowing activities are running on positive note as about 56 thousand Ha was sown under castor in Gujarat as on 17th July Vs 13.5 thousand Ha of previous year higher by almost 330% higher Y-o-Y. Moreover, slack demand of castor oil will also keep prices down in near term. India exported about 120 thousand tonnes of castor oil during Apr’23-May’23 Vs 143 thousand tonnes of previous year down by 16% Y-o-Y. China has been the major importer of castor oil but its buying dropped by 7% Y-o-Y to 63 thousand tonnes during above mentioned period. However, prevailing weather uncertainties in Gujarat will restrict the losses. Castor seed Aug prices are likely to trade in range of 6000- 6550levels.
It closed at Rs. 183.85 on 20th Jul 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 184.84. On the daily chart, the commodity has Relative Strength Index (14-day) value of 51.918. Based on both indicators, it is giving a buy signal.
One can buy near Rs.181.00 for a target of Rs. 186.00 with the stop loss of 179.00.
It closed at Rs. 224.60 on 20th Jul 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 213.06. On the daily chart, the commodity has Relative Strength Index (14-day) value of 62.212. Based on both indicators, it is giving a buy signal.
One can buy near Rs.215.00 for a target of Rs. 250.00 with the stop loss of 200.
It closed at Rs. 6395.00 on 20st Jul 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 5919.46. On the daily chart, the commodity has Relative Strength Index (14-day) value of 83.181. Based on both indicators, it is giving a buy signal.
One can buy near Rs. 6200.00 for a target of Rs. 6500.00 with the stop loss of 6070.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
In the week gone by, small but continuous buying was observed in the CRB Index, driven by renewed buying amid weakness in the dollar index. It closed above 306 levels. Bullion counters gained strength with COMEX gold breaking the resistance level of $1980 but closed near $1972. Silver traded near $25.5 levels. Gold on MCX was close to reaching the 60000 level, while silver closed near 76600. Gold prices rose, hitting an over two-month high as weak UK inflation data fed more bets that global interest rates were close to peaking, while some weakness in the dollar also helped. The energy counter experienced slight gains, with Brent crude futures flirting with $80 per barrel. Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious. China's imports of crude oil from Russia hit an all-time high in June, Chinese government data showed on Thursday, even as discounts against international benchmarks narrowed. Industrial metals prices retreated from their highs due to bearish news, despite a rate cut by the People's Bank of China (PBOC). However, they tried to recover some of their weekly losses later on. Steel prices continued to decline for a few weeks due to weakness in China. Metal markets were largely focused on an upcoming Fed meeting, with the central bank widely expected to raise rates by 25 basis points. While weak economic readings from world no.1 copper importer China drove steep losses in the red metal this week, markets were now awaiting more stimulus measures in the country to push up growth.
Castor continued its upward trend for the fourth consecutive week and closed near 6400 levels on growing fear of crop damage in wake of heavy rainfall in Gujarat and other producing states. About 73.5 thousand Ha was sown under castor in Gujarat as on 13th July Vs 13.7 thousand Ha of previous year. The price of cotton oil seed cake breached the mark of 2400 due to weaker physical demand. Guar tried to establish a base for potential future movements. It was a positive week for spices, with turmeric and coriander witnessing significant upside movements. Reports of crop damage and fall in acreages under turmeric prices elevated. Sowing season has been delayed due to due to monsoon concerns. Area under turmeric is estimated to be down by 15-20% in year 2023. Dhaniya prices rose on weather concerns in Rajasthan and other producing states that affected arrival pace adversely. Increased export enquires also supported firmness in dhaniya prices. India exported about 35.4 thousand tonnes during time period of Apr-May’23 against the 6.23 thousand tonnes of previous year. Deal allowing the safe Black Sea export of Ukraine's grain for the past year expired on Monday after Russia quit and warned it could not guarantee the safety of ships in a move the United Nations.
Turmeric is a very important spice in India from ancient times. India is the biggest producer with account of nearly 90% of the world's total production and consumes 80% of it.
Recently, turmeric prices have climbed to a near 13-year high driven by lower area under the crop this year, shortage of seeds in some regions for farmers to re-sow and consistent demand from the export market, spice and powdered spice companies. Fall in arrivals along with delay in sowing and unfavourable weather have also propelled the rally in turmeric prices.
Lower area and less production estimates
According to data by Spice Board of India, the production of turmeric is estimated to be at 11,61,025 tonnes in 2022-23, declining 4 percent from 12,21,717 tonnes in 2021-2022. According to the estimates provided by the Spice Board of India, there is a projected decline of 10-20 percent in the sowing area of turmeric in
Maharashtra. Similarly, in Tamil Nadu, the sowing is expected to decrease by 10-15 percent. In Andhra Pradesh and Telangana, a decline of 18-22 percent is anticipated compared to the previous year (2021-2022). Sowing activities in certain turmeric growing regions in Telangana, Tamil Nadu, Andhra Pradesh and Maharashtra have been progressing at a slower pace over the past few weeks compared to the previous season, as there is a huge rainfall deficiency in Marathwada and Vidarbha regions of Maharashtra. Additionally, untimely rains in various places in Andhra Pradesh have caused damage to turmeric crops, leading to supply disruptions.
Higher exports
Turmeric exports, which have picked up after the Covid pandemic due to its medicinal properties, increased 11 per cent year on year to 1,70,085 tonnes in the 2022-23 fiscal. Turmeric exports during Apr-May 2023 rose by 27.55 per cent at 39, 418.73 tonnes as compared to 30,903.38 tonnes exported during
Apr- May 2022. In May 2023 around 19,827.86 tonnes of turmeric was exported as against 19,590.87 tonnes in April 2023 showing a rise of 1.21%. In May 2023 around 19,827.86 tonnes of turmeric was exported as against 17,138.35 tonnes in May 2022 showing a rise of 15.69%. Exporters have started buying better quality turmeric due on fears of unavailability in the future. There is good export demand from Malaysia, Bangladesh, the USA and other countries.
The overall outlook for turmeric prices remains bullish due to the expected weakness in monsoon rains and the anticipated decrease in acreage, which will likely impact turmeric production. Besides unseasonal rains in March have affected the quality of the crop and as a result, quality turmeric has been in demand over the last couple of months, pushing up prices.
The dollar index remained steady above the 100 mark on Friday and is on track to gain nearly 1% this week in what seems to be a technical rebound. Investors are closely monitoring the latest US data to gauge the Federal Reserve's monetary policy outlook. Recent data revealed that weekly jobless claims in the US declined to a two-month low, indicating robust demand for workers, although continuing claims saw the most significant increase in over three months. These data points have solidified expectations that the Federal Reserve will raise interest rates by 25 basis points next week. Despite the prospect of a rate hike, traders have been reducing their bets on further policy tightening after July, as market pricing suggests the possibility of rate cuts next year due to easing US inflation. Additionally, investors are keeping an eye on the interest rate decisions from the European Central Bank and the Bank of Japan next week, which could further impact the dollar's performance. Concerning the USD/INR pair, it has been hovering around the 82 mark for the past few sessions and is currently positioned below its short-term moving averages, indicating some weakness. However, it is worth noting that the pair is facing a significant support zone formed by the 200-day moving average and the support zone from a symmetrical triangle formation that has been in place for the last 9-10 months. Considering the overall strong longterm upward trend of the pair, there is an expectation that the support zone will hold firm and not break easily. In terms of technical indicators, the 14-period RSI for the currency pair is trading in the borderline territory near 41-42 with a downward momentum, suggesting a possibility of a limited downward movement towards the 81.80-81.85 levels. However, given the current scenario, the upside potential is also restricted, with the immediate resistance seen at the short-term 21-day moving average around 82.20 levels. If the pair manages to sustain above 82.20, it may resume its upward rally once again.
USDINR (JUL) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 82.2. However, the pair is in borderline territory with a Relative Strength Index (14- day) value of 43.92 on the daily chart. Major support is seen around 81.7 levels, while resistance is expected near 82.6 levels.
One can buy near 81.8 for the target of 82.6 with the stop loss of 81.4.
GBPINR (JUL) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 105.6. However, the pair is in borderline territory with a Relative Strength Index (14- day) value of 50.91 on the daily chart. Major support is seen around 104.5 levels, while resistance is expected near 106 levels.
One can sell near 105.5 for the target of 104.5 with the stop loss of 106.
EURINR (JUL) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 90.85. However, the pair is in borderline territory with a Relative Strength Index (14- day) value of 59.16 on the daily chart. Major support is seen around 90.5 levels, while resistance is expected near 92.5 levels.
One can buy near 91 for the target of 92 with the stop loss of 90.5.
JPYINR (JUL) pair is currently in an Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 58.57. However, the pair is in neutral territory with a Relative Strength Index (14-day) value of 41.06 on the daily chart. Major support is seen around 57.25 levels, while resistance is expected near 58.5 levels.
One can sell near 58.25 for the target of 57.25 with the stop loss of 58.75.
Yatharth Hospital & Trauma Care Ltd has set a price band of Rs 285-300 per share for its initial share sale, which will open for public subscription on July 26, according to market sources. The public issue will conclude on July 28 and the bidding for anchor investors will open on July 25, according to the red herring prospectus (RHP). The IPO comprises a fresh issue of equity shares aggregating up to Rs 490 crore and an offer-for-sale (OFS) of up to 65.51 lakh equity shares by the company's promoters and promoter group entities. The firm intends to utilize the net proceeds for repayment of debt, funding capital expenditure expenses, funding inorganic growth initiatives through acquisition and other strategic initiatives, and for general corporate purposes. At the upper end of the price band, the issue is expected to fetch Rs 677 crore and at the lower end Rs 687 crore. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Earlier this month, Yatharth Hospital, which operates and manages private hospitals in the Delhi-NCR region, raised Rs 120 crore from institutional investors.
Flair Writing Industries has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise about ₹745 crore through an initial public offering. The issue will comprise a sale of fresh shares aggregating up to ₹365 crore and an offer for the sale of shares worth up to ₹380 crore by existing shareholders. Flair Writing is a leading player in the pens segment, with a revenue of ₹754 crore in FY23 from the pens writing instruments segment in India. The company proposes to utilise the net proceeds of the fresh issue towards setting up a new manufacturing facility for writing instruments funding capital expenditure, working capital requirements and repayment of borrowings. Nuvama Wealth Management and Axis Capital are bankers to the issue.
Credo Brands Marketing, the owner of apparel wear Mufti Jeans has filed draft papers with market regulator Sebi to raise funds through an IPO. The IPO is a completely an offer for sale (OFS) of up to 19.63 million shares by promoters and other selling shareholders. The OFS comprises up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, among others. Other selling shareholders include Concept Communications, Bela Properties, Jay Milan Mehta and Sagar Milan Mehta. Mufti is now into its 25th year, catering to the contemporary Indian man, offering a wide array of wardrobe solutions with a range of products such as shirts, tshirts, jeans, chinos, and more. Bennett Coleman and Co currently holds 12.36% stake in the company, the third largest shareholder after Kamal Khushlani, who has 33.84% stake and Poonam Khushlani (27.62%).
Oriana Power plans to come out with an Initial Public Offering (IPO) by the end of this month or early August to raise up to Rs 60 crore, its CEO Rupal Gupta said on Friday. The proceeds will be utilised towards working capital, asset building and technology upgradation, Gupta said at a press conference. The Draft Red Herring Prospectus (DRHP) has been filed for listing of shares on NSE Emerge. Gupta said the IPO is expected to hit the market by the end of this month or the first week of August. We aim to raise around Rs 55-60 crore from the IPO," he added. As per the DRHP, the three promoters (Rupal Gupta, Anirudh Saraswat and Praveen Kumar) currently hold 83.40 per cent in the company. Post issue, the promoters' stake in the company will reduce to 61.41 per cent. Noida-based Oriana Power is a leading solar energy solution providers for their industrial and commercial customers.
Gas aggregator Matrix Gas and Renewables has filed draft papers with NSE Emerge to raise funds through an IPO. The company has also completed its pre-IPO fundraising through preferential allotment, which saw participation from renowned investors including Ashneer Grover, Gunavanth Vaid of Chhattisgarh Investments Group, and Singhvi Heritage LLP among others. The IPO comprises fresh equity issues of up to 56 lakh equity shares. The company said that it is strategically positioned to contribute significantly to India's growing energy demand by providing a reliable and competitively priced supply of natural gas from diverse sources. It is backed by Gensol Engineering's Anmol Singh Jaggi as well as BluSmart. The company proposes to utilise the net proceeds from the fresh issue towards meeting the working capital requirements for sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.
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UTI Mutual Fund has launched UTI Balanced Advantage Fund, an open-ended dynamic asset allocation fund, investing in a diversified portfolio of equity and fixed income. The portfolio of the scheme will be dynamically managed, based on valuation and fundamentals driven by in-house proprietary asset allocation model. The New Fund Offer opens for subscription today and it will close on August 4. The scheme aims to provide long-term capital appreciation and income by investing in a dynamically managed portfolio of equity and debt instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. The scheme does not guarantee/ indicate any returns. “For most investors who invest through mutual funds, the challenge is in handling the volatility. They all know the reasons why they should invest in equity and wish to participate in wealth creation through equities but don’t quite know how to handle the volatility that accompanies the journey. Investors need an asset allocation framework and a rebalancing mechanism,” said Vetri Subramaniam, CIO, UTI AMC.
Bajaj Finserv Asset Management has announced the launch of its first equity scheme, the Bajaj Finserv Flexi Cap Fund, an open-ended equity scheme that will invest across market capitalizations, based on a ‘MEGATRENDS’ strategy. Investors can benefit from the strongest megatrends that their investment experts spot across sectors, themes, market capitalization and geographies. Rather than looking at past performance, the Bajaj Finserv AMC investment team looks at megatrends that are monetizable, have a large scope and long-term impact, the fund house said. The scheme will be a true to label fund in its category with a potential high active share component. It will focus on targeting future profit pool industries and will have a relatively low turnover ratio. The scheme is being managed by Nimesh Chandan, Chief Investment Officer, and Sorbh Gupta (Equity portion) and Siddharth Chaudhary (Debt portion). The fund will be benchmarked against S&P BSE 500 TRI. Bajaj Finserv Flexi Cap Fund will follow an investment philosophy based on InQuBe – the AMC’s proprietary framework that adds the layer of behavioural finance to the Informational and Quantitative edges. By doing this, it seeks to eliminate behavioural biases in investment decision making. The stock selection can be based on multiple parameters such as company fundamentals, valuations, and most importantly MEGATRENDS across Technological, Regulatory, Economic, Nature, Demographic and Social change.
Quant Mutual Fund has filed the draft for a retirement fund. Quant Retirement Fund will be an open-ended retirement solution oriented scheme with a lock-in of five years or till retirement age, whichever is earlier. The scheme will be benchmarked against 65% S&P BSE 200 TRI + 15% CRISIL Short Term Bond Fund Index + 20% iCOMDEX Composite Index. The scheme will be managed by Sandeep Tandon, Anikt Pande, Sanjeev Sharma, and Vasav Sahgal. According to the scheme information document, the investment objective of the scheme is to provide the investment plans to grow retirement savings that serves the variable needs of the investors through long term diversified investments in different asset classes. The minimum application amount will be Rs 5,000 and Re 1 thereafter. The scheme's riskometer shows that the scheme will fall in the 'very high risk' category. The scheme will have a regular and a direct plan with growth and IDCW options. The scheme will allocate its assets of around 0-100% in equity and equity related securities, 0-100% in debt and money market instruments, 0-100% in Gold ETF, Silver ETF & any other mode of investment in commodities (excluding commodity derivatives), 0-30% in Exchange Traded Commodity Derivatives (ETCDs) & any other mode of investment in commodities, 0-35% in Foreign securities including ADRs / GDRs / Foreign equity and debt securities and Overseas ETFs, and 0-10% in units issued by REIT and InvITs.
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