In the week gone by, global stock market looked cautious with investors taking in fresh readings on inflation and retail sales. The Producer Price Index (PPI) rose 0.6% month-onmonth. Meanwhile, retail sales for February climbed by a seasonally adjusted 0.6%. US government bond yields climbed to the highest levels in more than a week after the producer prices data weighed on the outlook for Federal Reserve interest-rate cuts this year. Investors generally expect the Fed to hold rates steady at their next meeting. Unemployment claims fell slightly to a seasonally adjusted 209,000 for the week ended March 9th. European shares reached new highs on positive corporate updates, while UK data showed a return to moderate growth in January. China's central bank maintained interest rates and tightened liquidity, continuing its gradual stimulus approach. Japan's economy grew 0.4%, with expectations of an end to negative interest rates soon. Japan's economy has struggled with low growth for several "lost decades" following a massive asset bubble collapse in the early 1990s.
At home, domestic investors were cautious in the market as investors awaited stress test results for small and mid-cap mutual funds due to concerns about froth in these segments. On the economy front, India's economic picture remained stable. Retail inflation eased to 5.09% in February, and wholesale inflation (WPI) also dipped slightly. Fitch Ratings raised India's FY25 GDP growth forecast to 7% from 6.5%, expecting strong expansion next fiscal year. Going forward, market volatility is likely to continue in the near term. Markets will continue take direction from the domestic as well as the global factors.
On the commodity market front, the commodities market experienced notable movements this week. CRB surged to a 2024 high of 324.66. A strong rally witnessed in base metals, particularly copper, which rose above 752 from a recent low of 700. Gold on CME faced profit booking, resulting in a decline, while silver continued its impressive upward trajectory for the third consecutive week, improving the gold-silver ratio. In the energy sector, natural gas futures declined for the second consecutive week, while WTI hovered just below the $80 mark. Gold and silver can trade in a range of 64000-67000 and 73000-78000 respectively. Crude oil may trade with upside bias; upto 6950. This week, a plethora of significant economic data and events are set to unfold, impacting commodity prices across various markets. These include key indicators such as the Core Inflation Rate of the Euro Area, Interest Rate Decisions from the BoJ and Reserve Bank of Australia (RBA), ZEW Economic Sentiments for both the Euro Area and Germany, Building Permits data, Fed Interest Rate Decision along with the release of the FOMC Economic Projections and Press Conference, Inflation Rate in the US, Manufacturing PMI Flash, Business Climate in Germany, and BoE Interest Rate Decision. These data points and events are poised to exert considerable influence on commodity markets throughout the week.
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
The company is doing well with a focus on improvement of efficiency and cash accrual. Moreover, improvement in T&D business, focus on green power project and commissioning of renewable power plants would give good strength to the company. Going forward, according to the management of the company, the power sector in India is poised for continued growth and transformation. The increasing energy demand, along with the government's focus on renewable energy and sustainable practices, would drive the development of new generation capacities and the integration of clean energy sources into the grid which would give further strength to the company. Thus, it is expected that the stock will see a price target of Rs.1375 in 8 to 10 months time frame on current P/Bv of 4.78x and FY25 BVPS of Rs.287.72.
The company has effectively established a local presence through its partners, ensuring sustained business growth. Additionally, NATCO operates in various countries, including the US, Brazil, Canada, Singapore, Australia, and Philippines, through its subsidiaries and step- down subsidiaries. In Canada, the Company boasts a strong product portfolio encompassing oncology, cardiovascular, and Central Nervous System (CNS) therapies. The management of the company plans to focus more on markets like Canada and Brazil, which offer robust growth opportunities going forward. The company continues to lay good foundation for business growth in the AsiaPacific region. Thus, it is expected that the stock will see a price target of Rs.1237 in 8 to 10 months' time frame on current P/BV of 3.25x and FY25 BVPS of Rs.380.81
The stock closed at Rs.632.35 on 15th March, 2024. It made a 52-week low of Rs.457.80 on 16th March, 2023 and a 52-week high of Rs.710.60 on 12th December 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 613.
After hitting 52 week high of 710.60 in December 2023, the stock witnessed a series of profit booking as once again prices are seen retraced below its 200 DEMA on daily charts. Since then a series of consolidation has been witnessed into a stock as prices seen fluctuating in broader range of 560-620. At current juncture, once again stock has given a renewed momentum above its 200 DEMA on daily charts with fresh breakout seen above Ascending Triangle pattern as well. The momentum is likely to carry towards north after a breakout on back of follow up buying. Therefore, one can buy the stock in the range of 630-635 levels for the upside target of 725-730 levels with SL below 570 levels.
The stock closed at Rs.1220 on 15th March, 2024. It made a 52- week low at Rs.738.85 on 29th March, 2023 and a 52-week high of Rs.1222.80 on 15th March 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.993.
The Stock has been maintaining its bull run and can be seen trading in a rising channel with formation of higher high pattern. Last week, the stock also marked its 52 week high of 1222.80 as continued momentum kept the stock lifted. On short term charts stock has given a fresh break above the Symmetrical Triangle pattern as rising volume along with price action suggest for more upside from hereon. Therefore, one can buy the stock in the range of 1200-1220 levels for the upside target of 1360-1370 levels with SL below 1100 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 previous week, Nifty experienced a correction of over 2% following its all-time high. Profit booking was notable in midcap and small-cap segments, which were the primary losers. The Bank Nifty recorded a weekly loss exceeding 2.5%. Prominent sector trends witnessed IT stocks outshining others, while media, realty, and PSU bank stocks fell behind. In the Nifty options, the highest call open interest was observed at the 22,000 strike, followed by the 22,200 strike. On the put side, the highest open interest was at the 22,000 strike, followed by the 21,800 strike. For Banknifty, the highest call open interest was at the 47,000 strike followed by 47,500 strike and the highest put open interest was at the 46,500 strike. Implied volatility (IV) for Nifty's call options settled at 13.03%, and put options concluded at 13.89%. The India VIX, a crucial market volatility indicator, ended the week at 13.62%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.21 for the week. For the upcoming week, Nifty may trade within the range of 21800 - 22200, with potential breakout on either side dictating market direction. Traders are recommended to monitor these levels closely. Additionally, the volatility index (India VIX) could significantly influence upcoming sessions, with an increasing India VIX can indicate further profit booking.
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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 remained extreme volatile during the week following cues from lingering weather uncertainty and supply concerns in major producing states. Harvesting of turmeric has commenced and expected to pick up in wake of drier weather condition ahead. Supplies have been below normal in recent week that boosted the market sentiments and buyers remained busy in active buying. Impact of lower production is being seen on arrival pace as about 25.61 thousand tonnes of arrivals touched the major APMC market so far in Mar'24 against the 38.44 tonnes of turmeric of previous year. Festive demand has improved wherein supply has been tighter due to lower production and delayed harvest in Telangana and Maharashtra. Prevailing supply tightness is likely to lure stockists to buy turmeric at every dips in prices. Prices seasonality of turmeric suggests prices remains higher during Mar mainly due to festive buying. 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. However, reports of bleak exports in recent months is likely to cap the excessive gains as India exported about 121.17 thousand tonnes of turmeric during Apr'23-Dec'23 down by 2.27% Y-o-Y. Turmeric prices are expected to trade in range of 14800- 20000.
Dhaniya prices traded down due to profit booking triggered with increased supplies in the market. Commencement of new arrivals in the market and higher carry forward stocks boosted overall supplies that put pressure on prices. Losses are likely to be limited due to fear of yield losses sparked with recent rainfall in northern and central part of India supported buying activities in physical market. Production is likely to be down about 10-15% Y-o-Y due to fall in area and yield. India exported about 78.47 thousand tonnes of coriander during Apr-Dec in year 2023 compared to 24.8 tonnes of previous year up by 215% Y-o-Y. Dhaniya prices are likely to trade in range of 7400-8500.
Jeera futures traded down with increased supply outlook. Bumper production prospects and commencement of new crop weighed on market sentiments. However, losses are likely to be limited as Jeera prices have turned competitive at prevailing rates that will boost overall export at prevailing rate. Exports seasonality of jeera suggest that export demand remains higher during Mar due to strong demand prospects ahead in wake of series of festivals in Mar-Apr. Jeera export from India rose in Dec'23 with increased demand as India exported about 12.23 thousand tonnes in Dec'23 as compared to 11.79 thousand tonnes of previous year. Gains are likely to be limited in expectations of a bumper crop. Production for the year 2024-25 is likely to be increased by 65%-70% Y-o-Y to 10.3 million bags as per FISS with a substantial rise in cultivation area. Jeera prices are likely to trade in range of 21000-32500.
Gold prices experienced their first weekly decline in four weeks, spurred by unexpectedly high U.S. inflation data, hinting at a potential reduction in Federal Reserve rate cuts and a delay in the initial cut beyond June. The inflation reading, coupled with resilient consumer inflation, intensified pressure on the Fed to maintain elevated interest rates, dampening the appeal of non-yielding assets like gold while bolstering bond attractiveness and strengthening the dollar. In February, U.S. producer prices surged beyond expectations, fueled by rising costs of essentials such as gasoline and food, heightening concerns of accelerating inflation. Concurrently, 10-year Treasury yields surged by nearly 20 basis points to 4.2824% for the week, with the dollar index marking a more than 0.7% weekly gain, its most substantial since mid-January. Additionally, recent data indicated a rebound in U.S. retail sales, albeit below analyst forecasts, alongside a decrease in unemployment claims. Market sentiment regarding a rate cut at the Fed's June meeting has diminished, now standing at a 61% probability, down from approximately 75% the previous week. Similarly, expectations for 2024 foresee approximately three rate cuts, down from the prior estimation of three to four. On the COMEX, gold prices are encountering resistance near $2200 and finding support around $2120, suggesting buying opportunities on dips. Conversely, silver is anticipated to trade within the range of $24.700 to $26.900. Looking ahead, Gold on MCX is projected to fluctuate between 64500 to 67000, with any decline seen as a favourable buying opportunity. Silver, although yet to show significant movement, may witness an upside potential, reaching the range of 72000-77900.
Crude oil saw a significant gain of almost 4% for the week, propelled by the International Energy Agency (IEA) raising its 2024 oil demand forecasts and an unexpected decrease in U.S. stockpiles. The IEA revised its 2024 oil demand outlook upwards for the fourth time since November due to disruptions in Red Sea shipping caused by Houthi attacks. Anticipating a rise of 1.3 million barrels per day (bpd) in 2024 demand, up by 110,000 bpd from the previous month, the IEA also predicted a slight supply deficit this year following extended cuts by OPEC+ members. Refineries, having resumed operations post a shutdown in January due to winter conditions, are contributing to European refinery margins picking up, indicating signs of a tightening market balance. Despite the U.S. dollar strengthening at its fastest pace in eight weeks, crude oil stocks unexpectedly dropped last week, with gasoline inventories plummeting amidst rising demand, as reported by the Energy Information Administration. On the demand front, China's central bank maintained a key policy rate unchanged, prioritizing currency stability amid uncertainties over the expected Federal Reserve interest rate adjustments. Lower interest rates, expected to stimulate consumer borrowing and economic growth, could potentially bolster oil demand. While some indicators suggest a slowdown in U.S. economic activity, the Federal Reserve is unlikely to consider interest rate cuts before June, especially in light of a larger-than-expected increase in producer prices last month. Looking ahead, crude oil prices are expected to remain on the higher side, with potential support near 6400 and resistance near 7100. Natural gas, having rebounded from a two-week low with an 8% gain, may continue its recovery with support anticipated near 137 and potential resistance near 155.
Base metals may trade with bullish bias due to tight global supply and weaker U.S. dollar. But the lacklustre demand for base metals from China's property sector and the lack of details on Chinese stimulus measures could definitely dampen the overall bullish bias. In the latest sign, the crisis is not over as Moody's downgraded China's No.2 property developer Vanke to a "junk" rating. Copper may trade in the range of 748-775 levels. The trigger for the price break-out is news that China's copper smelters have agreed to curb output in response to a much tighter-than-expected raw materials market. Chinese smelters had been hit by a sharp fall in the fees to process copper concentrate during the seasonal peak of Chinese smelting maintenance. More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed. Zinc may trade in range of 217-230 levels. The zinc price may continue higher due to 20% production cut at Young Poong Corp's Seokpo smelter in South Korea. Lead can move in the range of 178-187. Aluminium can trade in the range of 200-212 levels with bullish bias due to seasonally stronger demand, but ample supplies from top producer China may likely to cap gains. Aluminium inventory has grown 85% so far this year to 184,358 metric tons in warehouses monitored by the Shanghai Futures Exchange. Steel long (Apr) is likely to trade in the range of 41000-43000 levels with negative bias. Global scrap prices fall under pressure from uncertainty in the steel market.
It closed at Rs.75226.00 on 14th Mar 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.73071.30. On the daily chart, the commodity has Relative Strength Index (14-day) value of 69.7262. Based on both indicators, it is giving a buy signal.
One can buy near Rs.74500.00 for a target of Rs.77500.00 with the stop loss of 73000.
It closed at Rs.6698.00 on 14th Mar 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs. 6507.58. On the daily chart, the commodity has Relative Strength Index (14-day) value of 59.763. Based on both indicators, it is giving a buy signal.
One can buy near Rs.6580 for a target of Rs. 7000 with the stop loss of 6400.
It closed at Rs.18744.00 on 14th Mar 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.17400.28. On the daily chart, the commodity has Relative Strength Index (14-day) value of 59.504. Based on both indicators, it is giving a sell signal.
One can sell near Rs.18300 for a target of Rs.15000 with the stop loss of 19800.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
The commodities market experienced notable movements this week. CRB surged to a 2024 high of 324.66. A strong rally witnessed in base metals, particularly copper, which rose above 752 from a recent low of 700. Gold on CME faced profit booking, resulting in a decline, while silver continued its impressive upward trajectory for the third consecutive week, improving the gold-silver ratio. Gold prices were headed on Friday for their first weekly fall in four as surprisingly hot U.S. inflation readings suggested that the Federal Reserve could reduce the number of rate cuts this year and may push the first cut beyond June. U.S. producer prices increased more than expected in February amid a surge in the cost of goods such as gasoline and food, which could fan fears that inflation is picking up again. Other data showed U.S. retail sales rebounded last month, but were below analyst estimates, as households grapple with inflation and higher borrowing costs, while fewer people sought unemployment claims. In the energy sector, natural gas futures declined for the second consecutive week, while WTI hovered just below the $80 mark as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.
Agricultural commodities showed mixed performance, with castor seed bouncing back due to tightness in supplies at major trading centers. Tumbling crush margin for millers is likely to keep crushing demand subdued. Sun oil futures are marking a fourth consecutive weekly increase, and cotton oil seeds cake prices are appreciating marginally. However, cotton candy experienced a slight downturn after an eight-week rally. Aggressive buying by Cotton Corporation of India at MSP also helped prices to stay firm. During the cotton season 2023-24, CCI has procured 3265971 bales under MSP operation as on 21st Feb'24. In the spices market, turmeric prices surged, contrasting with subdued trading in jeera and weak performance in dhaniya. Increased price spread in between futures and spot prices led to some profit booking at NCDEX platform. Prices spread between turmeric futures and spot prices at Nizamabad market is ruled in between 1000-1500 points usually but it expanded up to 3000 level as turmeric prices hovered near 16000 at Nizamabad market and noted at 19000 at futures platform. Supplies has started improving with advancement of harvesting activities but still remained below normal due to lower production. Supplies of new Jeera crop have started with advancement of harvesting activities that weighed on market sentiments. The guar counter saw marginal gains overall as farmers are reluctant to release their produce at prevailing rate that may support firmness in prices.
MCX iCOMDEX Bullion Index is one of the sectoral indices in the MCX iCOMDEX family, and the index is based on the liquid gold and silver futures contracts traded on MCX. The Index is an efficient tool for investors looking to manage their investments in bullion. Its composition is weighted average of MCX Gold 1 Kg and MCX Silver 30 Kg contract at a ratio of 66.66% and 33.34%.
MCX COMDEX is a significant barometer for the performance of commodities market and would be an ideal investment tool in commodities market over a period of time. This is the maiden flagship real-time Composite Commodity Index in India based on commodity futures prices. Commodity Index is attractive investment and trading tool for retail traders, who would like to avoid a single commodity exposure by allocating huge margin. Commodity indices are best to diversify risk with low margins and most importantly they are all cash settled. The Bullion Index gives users the ability to efficiently hedge commodity and inflation exposure and lay off residual risk. Protection can be established regardless of overall market direction.
In the MCXBULLDEX charts, a base formation around the 13500 to 16880 levels has been established since Mar'2021 to Mar'2024. After reaching a high of 16880 in May 2023, prices hit a low of 14827 in Oct 2023, and since then, they have been forming higher highs and higher lows. The price level of 16880 had been acting as a significant hurdle for a considerable time, and currently, prices are trading around 16700 levels. The MACD (Moving Average Convergence Divergence) is also trading near the zero line and indicates the possibility of a bullish crossover. If this occurs, prices are likely to move quickly, and we may see them reach the new high 17500 and 18700 levels.
Overall foodgrain production for both kharif and rabi seasons (monsoon and winter crops) has been pegged lower on year due to patchy monsoon, weighing on water reservoir levels and shifting the crop calendar. Lower crop output may keep the prices of some crops such as rice, tur, urad and maize firm, adding to the inflationary pressure.
The Indian rupee encountered downward pressure this week, retreating below the 82.85 mark amidst speculations of a delay in a Federal Reserve rate cut. Additionally, there were indications of central bank interventions to limit the rupee's upside, with a cap observed around 82.70. Further adding to the rupee's challenges was a substantial outflow of $2 billion due to the British American Tobacco's stake sale in ITC. Despite these headwinds, the rupee found some support from dollar sales by exporters at lower levels. Looking ahead to next week, all eyes will be on the monetary policy meetings of the Bank of Japan and the Federal Reserve. Of particular interest is the possibility of the Bank of Japan ending its negative rates policy with a strong hawkish stance. Such a move could potentially lead to a decline in the euro against the yen and the dollar. If this scenario unfolds, USDJPY might trend towards 143-145 levels in the event of a robustly hawkish stance from the Bank of Japan. Consequently, this could have a cascading effect on the Indian rupee, pushing it towards depreciation below the 83.00 mark. Moreover, Asian markets may gradually shift towards a risk-off sentiment in response to these developments. The euro and pound's performance hinges significantly on the outcome of the Federal Reserve's March FOMC rate decisions. While the Fed is anticipated to maintain rates unchanged, attention is on Chair Powell's comments and the policy rate dot plot. Futures suggest a 60% probability of a 25-bps cut in June, despite higher-thanexpected U.S CPI and PPI figures, as markets view the inflation uptick as seasonally adjusted.
USDINR (MAR) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 82.92. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 45 on the daily chart. Major support is seen around 82.75 levels, while resistance is expected near 83.1 levels.
One can Sell near 83.15 for the target of 82.65 with the stop loss of 83.35
GBPINR (MAR) pair is currently in an Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 105.35. However, the pair is in Neutral territory with a Relative Strength Index (14- day) value of 54 on the daily chart. Major support is seen around 104.9 levels, while resistance is expected near 106.2 levels.
One can Buy near 105.2 for the target of 106.1 with the stop loss of 104.75
EURINR (MAR) pair is currently in an Mild Bearish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 90.15. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 52 on the daily chart. Maj
One can Buy near 89.75 for the target of 90.75 with the stop loss of 89.25
JPYINR (MAR) pair is currently in an Mild Bearish trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 55.95. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 51 on the daily chart. Major support is seen around 55.3 levels, while resistance is expected near 56.35 levels.
One can Buy near 55.5 for the target of 56.5 with the stop loss of 55
Pune E-Stock Broking makes solid market debut, lists at 57% premium
Shares of Pune E-Stock Broking Limited made a bumper debut on the bourses on March 15, listing at Rs 130, a 57 percent premium over the issue price of Rs 83 on the BSE SME. The Pune E-Stock Broking IPO garnered immense investor interest, receiving a subscription rate of over 300 times by the end of the subscription period. The IPO comprised 46 lakh fresh equity shares as the company seeks to raise Rs 38 crore from the public. Proceeds from the IPO will be allocated towards fulfilling working capital needs, general corporate expenses, and covering the costs associated with the public issue. Set up in 2007, Pune E-Stock Broking Limited (PESB) is a corporate broking house offering a range of financial services. The company provides client broking services, enabling users to invest or trade in shares through its platform. It also offers depository services to equity trading clients through CDSL, serving a client base of 23,155. The company provides various mutual fund investment options, including equity, debt, and hybrid funds, to cater to diverse investment needs.
Shree Karni Fabcom lists at 14% premium over IPO price on NSE Emerge
The stock of Shree Karni Fabcom listed with a 14 percent premium, opening at Rs 260 against the issue price of Rs 227, on the NSE Emerge platform on March 14. The issue, which opened for bidding on March 6 and closed March 11, was subscribed 296.43 times. The offer price was fixed at Rs 220-227 a share with a minimum lot size for an application at 600 shares. Incorporated in March 2018, Shree Karni Fancom produces customised knitted and woven fabrics for luggage, medical arch support, chairs, shoes and apparel. It specialises in woven, knitted and coated fabrics, 100 percent polyester, and sources yarn, resin, acrylic and coating chemicals to produce specialised technical textiles. In FY23, the company's revenue increased by 51.87 percent and profit after tax by 7.85 percent from the previous year.
Transrail Lighting files IPO documents; fresh issue size Rs 450 crore
Engineering and construction company Transrail Lighting has filed draft papers with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). The offer comprises a fresh issue of shares worth Rs 450 crore and an offer-for-sale of 1.01 crore shares by promoter Ajanma Holdings. The company may consider a pre-IPO placement aggregating up to Rs 50 crore and the fresh issue size will be reduced accordingly. Of the fresh proceeds, Rs 250 crore will be used to meet working capital requirements and Rs 90.9 crore to support capital expenditure. The remaining will be used for general corporate purposes. INGA Ventures, Axis Capital, HDFC Bank and IDBI Capital Markets & Securities are the lead managers to the issue. Link Intime India is the registrar for the issue. Ajanma Holdings, Digambar Chunnilal Bagde and Sanjay Kumar Verma are promoters. In FY23, the company's revenue (including other operating revenue) rose 34.13 percent from the previous year to Rs 3,152.15 crore in the year-ago period. Profit after tax jumped 66.2 percent to Rs 107.56 crore. In the six-month period ended September 30, revenue stood at Rs 1,846.8 crore and PAT at Rs 85.88 crore. Net debt was at Rs 474.55 crore and debtto equity ratio was 0.62 times. Transrail Lighting's listed peers are Kalpataru Projects International, KEC International, Skipper, Bajaj Electricals and Patel Engineering. Transrail is an engineering, procurement and construction company with integrated manufacturing facilities for lattice structures, conductors, and monopoles and with over four decades of experience in providing comprehensive solutions on a turnkey basis globally. The business has four verticals — powertransmission and distribution (including substations), civil construction, poles and lighting and railways.
Manba Finance files draft papers with SEBI for IPO
Maharashtra-based non-banking finance company (NBFC) Manba Finance has filed papers with the capital markets regulator to raise funds through an initial public offering (IPO). The offer will purely be a fresh issue of 1,25,70,000 shares with no offer-for-sale component. Manba is 100 percent owned by the promoter and promoter group. Manish Kiritkumar Shah, his wife, Nikita Manish Shah, and Manba Investments & Securities are the largest shareholders with 17.41 percent, 13.29 percent and 36.92 percent stake, respectively. The NBFC, which offers new vehicle, used cars, small business and personal loans, will use the proceeds to augment its capital base to meet its future capital requirements towards onward lending. Manba has consistently maintained a minimum capital to risk-weighted assets ratio (CRAR). It was 27.02 percent in financial year 2022-23 and 26.62 percent for the six months period ended September FY24. The financial solutions provider recorded a 70.2 percent on-year growth in net profit at Rs 16.58 crore in FY23, with the net interest income rising 46.1 percent to Rs 69.5 crore during the same period. Net interest margin expanded to 12.31 percent in FY23, from 9.28 percent in FY22. Assets under management (AUM) at Rs 633.7 crore in FY23 grew by 27.80 percent over the previous year but was down 6.47 percent to 495.8 crore compared from FY21. Net profit for six months period ended September FY24 stood at Rs 16.8 crore, with net interest income at Rs 38.65 crore and total income at Rs 88.3 crore, while the AUM was Rs 733.7 crore. Manba Finance competes with listed peers like Baid Finserv, MAS Financial Services, and Arman Financial Services. Hem Securities is the book running manager to the issue.
Rungta Greentech gears up to launch IPO; files draft papers with NSE Emerge
Rungta Greentech Ltd, a manufacturer of recycled and virgin plastic products, on Wednesday said it has filed its draft papers to raise funds through an initial public offering. The initial public offer (IPO) is only a fresh issuance of 38 lakh equity shares, each with a face value of Rs 10 and the company shares will be listed on NSE Emerge, it said in a statement. Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, and Link Intime India Pvt Ltd is the registrar to the IPO. Proceeds from the fresh issue will be used by the company in its wholly-owned subsidiary, Rungta Eco Extrusions Pvt Ltd, for setting up a new manufacturing facility and general corporate purposes. The new facility will serve as a forward integration to Rungta Greentech Ltd (RGL) existing products by adding food-grade recycled PET Resin and recycled HDPE/ PP granules to the portfolio. The Kolkataheadquartered company manufactures recycled and virgin plastic products such as recycled PET (Polyethylene Terephthalate) Flakes (RPF), Polyester Dope-Dyed Monofilament Yarn (PMY), Nylon Monofilament Yarn (NMY), and Blow- and Injection-Molded Jars and Caps (BM & IM). It operates two manufacturing facilities in Howrah, West Bengal. The company was established by promoter duo Deepak Rungta and Praveen Rungta in August 2005. RGL recorded a revenue of Rs 23.76 crore and a profit of Rs 2.45 crore in the first half of the current financial year, which ended September 30, 2023.
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Bandhan Mutual Fund has announced the launch of the Bandhan Long Duration Fund, an open-ended, long-term debt scheme that invests in instruments such that the portfolio macaulay duration will be over seven years with relatively high interest rate risk and relatively low credit risk. The fund may offer a compelling opportunity for investors who are expecting a fall in the current near-peak interest rates, driven by structural improvements in the economy, according to the press release by the fund house. The new fund offer or NFO of the scheme will open for subscription on March 5 and will close on March 18. The scheme will be managed by Gautam Kaul (debt investments), and Sreejith Balasubramanian (overseas investments). The scheme will be benchmarked against the NIFTY Long Duration Debt Index A-III. The minimum application amount is Rs 1,000 and in multiples of Re 1 thereafter. The minimum application amount for additional purchase is Rs 1,000 and in multiples of Re 1 thereafter.
Helios Mutual Fund has launched Helios Balanced Advantage Fund, an open-ended dynamic asset allocation fund. The new fund offer or NFO of the scheme is open for subscription and it will close on March 20. The scheme will re-open for continuous sale and repurchase from March 28. The investment objective of the scheme is to capitalize on the potential upside of equities while attempting to limit the downside by dynamically managing the portfolio through investment in equity and equity related instruments and active use of debt, money market instruments and derivatives. The scheme will be benchmarked against CRISILHybrid 50+50 - Moderate Total Return Index (TRI). The scheme will be managed by Alok Bahl, Pratik Singh (equity investments) and Utssav Modi (debt investments). The scheme will allocate 0-100% in equity and equity instruments, 0-100% in debt securities and money market instruments, cash, and cash equivalents and / or units of debt oriented mutual fund schemes/ Exchange Traded Funds (ETFs). The minimum investment amount for lumpsum investment is Rs 5,000 and in multiples of Re 1 thereafter. For monthly SIP, the minimum application amount is Rs 1,000 and in multiples of Re 1 thereafter with minimum 12 instalments. If units redeemed or switched out are upto 10% (limit) of the units purchased or switched in within 3 months from the date of allotment then exit load is Nil. If units redeemed or switched out are over and above the limit within 3 months from the date of allotment then exit load of 1% of the applicable NAV. If redeemed/switched out after 3 months from the date of allotment then exit load is Nil. The maximum total expense ratio (TER) permissible under Regulation 52 (6) (c) (i) and (6) (a) is up to 2.25%. The scheme is suitable for investors who are seeking long-term wealth creation and want investment in a dynamically managed portfolio of equity and equity related instruments and debt and money market securities. The principal invested in the scheme will be at “very high” risk according to the riskometer of the scheme.
HDFC Mutual Fund has launched HDFC NIFTY Realty Index Fund, an open-ended scheme replicating/tracking NIFTY Realty Index (TRI). The new fund offer or NFO of the scheme is open for subscription and will close on March 21. The scheme will re-open for continuous sale and repurchase within five business days from the date of allotment of units under NFO. The investment objective of the scheme is to generate returns that are commensurate (before fees and expenses) with the performance of the NIFTY Realty Index (TRI), subject to tracking error. The scheme will be benchmarked against NIFTY Realty Index (TRI). The scheme will be managed by Nirman Morakhia, Arun Agarwal. No exit load shall be levied on bonus units and units allotted on reinvestment of IDCW. The scheme will offer regular and direct plans with growth option only. The maximum total expense ratio (TER) permissible under Regulation 52 (6)4 is upto 1%. The minimum application amount for purchase and additional purchase is Rs 100 and any amount thereafter. The scheme will provide an avenue to investors who would prefer a passive investment fund investing in companies that are constituents of the NIFTY Realty Index. The scheme will invest 95-100% in securities covered by NIFTY Realty Index and 0-5% in debt securities and money market instruments, units of debt schemes of mutual funds.
Canara Robeco Mutual Fund has filed a draft document with Sebi for a balanced advantage fund. Canara Robeco Balanced Advantage Fund will be an openended dynamic asset allocation fund. The investment objective of the scheme will be to generate long-term capital appreciation with income generation by dynamically investing in equity and equity related instruments and debt and money market instruments. The scheme will offer regular and direct plans both with growth and IDCW options. The minimum investment amount for lumpsum investment will be Rs 5,000 and multiples of Re 1 thereafter. The minimum investment amount for monthly SIP will be Rs 1000 and in multiples of Re 1 thereafter. For quarterly SIP, the investment amount will be Rs 2000 and in multiples of Re 1 thereafter. The minimum redemption amount will be Rs 1,000 and in multiples of Re 1 thereafter or the account balance, whichever is lower. The scheme will be benchmarked against CRISIL Hybrid 50+50 - Moderate Index. The scheme will be managed by Ennette Fernandes, Pranav Gokhale and Suman Prasad. An exit load of 1% will be applicable if redeemed/switched out above 12% of allotted units within 365 days from the date of allotment. No exit load will be applicable if redeemed/switched out upto 12% of allotted units within 365 days from the date of allotment, and if redeemed/switched out after 365 days from the date of allotment. The scheme will invest 65-100% in equity and equity related instruments, 0-35% in debt and money market instruments, and 0-10% in units issued by ReITs and InvITs.
Mirae Asset Mutual Fund has filed a draft document with Sebi for the Nifty MidSmallcap400 Momentum Quality 100 ETF. Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF will be an open-ended scheme replicating/tracking Nifty MidSmallcap400 Momentum Quality 100 Total Return Index. The investment objective of the scheme is to generate returns, before expenses, that are commensurate with the performance of the Nifty MidSmallcap400 Momentum Quality 100 Total Return Index, subject to tracking error. The scheme will be benchmarked against Nifty MidSmallcap400 Momentum Quality 100 TRI (Total Return Index) and managed by Ekta Gala and Vishal Singh. The creation unit size for the scheme shall be 2,10,000 units. The minimum application amount will be Rs 5,000 per application and in multiples of Re 1 thereafter. Units will be allotted in whole figures and the balance amount will be refunded. There will be no exit load for investors transacting directly with the AMC as the exit load will be levied on redemptions made by Market Makers/ Large Investors directly with the AMC. Exit load is not applicable for investors transacting on the exchange. The scheme will invest 95-100% in securities included in the Nifty MidSmallcap400 Momentum Quality 100 Index and 0-5% in money market instruments/debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds. The investment strategy of the scheme will be to invest in a basket of securities forming part of the Nifty MidSmallcap 400 Momentum Quality 100 Index in a similar weight proportion. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, considering the change in weights of stocks in the index as well as the incremental collections/redemptions in the scheme. Apart of the funds may be invested in debt and money market instruments, to meet the liquidity requirements.
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