In the weak gone by, global stock markets witnessed a volatile session with the biggest drag from Apple and a sell-off in chip stocks over concerns about China's iPhone curbs, while a fall in weekly U.S. jobless claims fed worries about interest rates and sticky inflation. Actually US market felt pressure from the bond market, where yields rose earlier in the week after a report showed stronger growth for U.S. services industries last month. Germany's industrial production (July) fell 0.80%, worse than expected decline of 0.40%. The Euro-zone's 2Q GDP (final) reading was revised lower to 0.10% from the previous estimate of 0.30% as even y-o-y reading at 0.50% trailed the estimate of 0.60%. Japan's economy grew less than initially estimated in the second quarter and wages slumped in July, casting doubt over central bank projections that solid domestic demand will keep the country on course for a recovery. Japan's economy grew an annualised 4.8% in April-June, the revised data showed, down from a preliminary estimate of 6.0% growth and below market forecasts for a revised 5.5% expansion.
Back at home, domestic markets moved higher following strong macro data . Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII selling. India is hosting the G20 summit and its positive impact should nudge GOI to revisit its approach to international trade. In the next week, a slew of global factors and FII activity will likely dictate the market direction. Going forward, India is strongly poised to build on its strong structural and macroeconomic fundamentals.
On the commodity market front, CRB stuck in tight range last week. Bullion couldn’t stay at higher side on terrific rise in dollar index; which surpassed 105 levels. In energy complex, crude oil prices jumped whereas natural gas futures broke the crucial support level. In an announcement, Saudi Arabia synced with allies Russia, said the million-barrels-per-day cut it introduced in July will be enforced till December, with the Kremlin contributing an additional 300,000 barrels daily. Crude oil is likely to trade in a range of 6900-7400. Bullion is now stuck in a range on mix triggers; gold and silver may trade in a range of 58000-60000 and 70500- 74000 respectively. Base metals can remain trade with fragile sentiments. Inflation rate and New Yuan Loans of China, Employment Change, GDP and Unemployment rate of UK, ZEW Economic Sentiment Index of UK and Germany, Core Inflation Rate, PPI, Retail Sales, Michigan Consumer Sentiments Prel and Inflation Rate of US, ECB Interest Rate Decision and Press Conference etc are some important data scheduled this week, which will give major impact on the commodities prices and dollar index.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
The company witnessed strong demand for its premium cement products in Q1FY2024; growth was fueled by various competences in operational excellence, supply chain management and sales & marketing excellence. The company`s focus towards cost reduction and capacity additional indicates robust operational performance going forward. Thus, it is expected that the stock will see a price target of Rs. 525 in 8 to 10 months time frame on a three year average P/BV of 2.97x and FY24 (E) BVPS of Rs.176.87.
The company has expanded its operation worldwide and continues to expand further in European Continent along with positive synergy through tie ups which would help to show strong track record in the subsequent financial years. Moreover, its Anti Diabetic products are expected to generate good double digit growth in the revenue in coming years. Thus, it is expected that the stock will see a price target of Rs.722 in 8 to 10 months time frame on current P/Bv of 4.78x and FY24 BVPS of Rs.151.12.
The stock closed at Rs 657.45 on 08th September, 2023. It made a 52-week low of Rs 457.80 on 16th March, 2023 and a 52-week high of Rs.690.85 on 13th July, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 593.
After testing its 52 week low of 457.80 in March 2023, the stock witnessed almost a V shape recovery and once again caught up a momentum above its 200 days exponential moving average on weekly charts. Few weeks ago, the stock has managed to surpass above its key resistance level of 620 levels, but on the back of profit booking once again a pullback has been seen into the prices. The stock has retested its support and bounced back once again last week. Technically the stock has given a fresh breakout above the Bullish Flag pattern on weekly charts along with positive divergences on secondary oscillators. Therefore, one can buy the stock in the range of 650-655 levels for the upside target of 700-710 levels with SL below 620 levels.
The stock closed at Rs 1085.30 on 08th September, 2023. It made a 52-week low at Rs 876.80 on 26th December, 2022 and a 52-week high of Rs 1214.90 on 11th October, 2022. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 1000
The stock has been witnessing a consolidation phase in a broader range of 960-1060 levels from last more than 6-7 months with prices seen flirting around its 200 days exponential moving average on daily charts. Last week a fresh breakout has been observed on charts as stock has managed to surpass above its key resistance zone with rising volumes. The fresh momentum into the prices along with rise in volumes suggests for next up move into the stock. Therefore, one can buy the stock in the range of 1075-1085 levels for the upside target of 1180-1190 levels with SL below 1010 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
On the weekly chart, both the Nifty and Bank Nifty indices closed with gains of over 1%. However, Bank Nifty showed weaker performance as compared to Nifty. The market saw notable outperformance in energy, infra, IT and media stocks. On the flip side, there was a trend of profit-taking in FMCG stocks. In the analysis of derivative data for Nifty, the highest call writing was observed at the 20,000 and 19,900 strikes. Conversely, the highest put open interest was found at the 19,600 and 19,700 strikes. For Bank Nifty, the highest call open interest was seen at the 46,000 strike, followed by the 45,500 strike. On the put side, the highest open interest was noted at the 45,000 strike. Turning to implied volatility (IV), call options for Nifty settled at 9.20%, while put options concluded at 10.35%. The Nifty VIX, a measure of market volatility, ended the week at 10.87%. The Put-Call Ratio Open Interest (PCR OI), standing at 1.53 for the week, indicated a higher inclination towards put writing over calls. Looking ahead to the upcoming week, it is anticipated that Nifty's trading range will be between the psychological levels of 20,000 and 19,500. Traders are advised to closely monitor the India VIX, as it is trading near a support level. A rebound in India VIX could be expected in the coming weeks. The prevailing viewpoint suggests adopting a "buy on dips" approach as long as Nifty remains above the 19,500 level.
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**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric prices are expected to trade sideways and may keep bias on positive side. Supplies have been down due to lean arrivals period. Festive buying has increased in recent weeks that prompted millers to buy turmeric at every dips in prices. Crop prospects are weaker for upcoming season as area under turmeric has dropped mainly in Maharashtra and Telangana that is supporting prices. However, crop condition is expected to improve in wake of forecast of good rainfall ahead in Sep. IMD has projected that rainfall activity is likely to be above normal over most parts of south Peninsular India and over Central India that will facilitate the crop progress. NCDEX has imposed Event based Additional Surveillance Margin (E-ASM) of all running contract of turmeric till 20thSep that will cap the gains in turmeric prices. About 227 thousand MT of arrivals was reported since Apr’23 so far as compared to of 196 thousand tonnes of previous year but most of the arrivals are inferior quality. Turmeric Oct prices are likely to trade in range of 13000-17400.
Jeera futures are likely to remain higher due to shrinking supplies in the local market. Increased festive demand and limited availability of quality crops in the market is prompting miller to buy with every dip in prices. According to FISS forecasts, cumin demand is projected to surpass 85 lakh bags this year, while the expected production stands at 65 lakh bags. Export demand has been subdued in recent weeks as Indian jeera prices remained un competitive in global market. China has reduced its buying that capped the gains in prices. During April-June 2023, jeera exports increased by 13.16% compared to the same period in 2022, reaching 53,399.65 tonnes. Pipelines are drier due to weaker crop and stocks are likely to remain tighter unless new crop touches the market. Jeera Prices are likely to trade in range of 58000-67000.
Dhaniya NCDEX Oct prices are likely to trade higher with increased export demand. India exported about 11.3 thousand tonnes of dhaniya in June’23 as compared to 2.4 thousand tonnes of previous year. India exported about 46.7 thousand tonnes during time period of Apr-June’23 against the 8.7 thousand tonnes of previous year. China, Malaysia and UAE have been the major buyers of Indian coriander in year 2023. Supplies have been declined in recent weeks as about 2589 tonnes of dhaniya arrived at major APMC mandies across India in first week of Sep’23 as compared to 4685 tonnes of last year for corresponding week. most of the stocks are with stockists. Dhaniya prices are likely to trade in range of 6900-7700.
Gold prices experienced a weekly decline driven by the sustained strength of the U.S. dollar and stable Treasury yields. This trend was primarily influenced by robust U.S. economic data, which raised concerns that the Federal Reserve would maintain higher interest rates for an extended period. The U.S. dollar was on the cusp of its lengthiest weekly winning streak in nine years, fuelled by a series of resilient economic indicators. A noteworthy development was the unexpected drop in new state unemployment benefit claims to their lowest level since February. Concurrently, U.S. Treasury yields initially rose following positive jobs data but subsequently receded as investors closely monitored statements from various Federal Reserve officials. New York Fed President John Williams adopted a cautious approach to future interest rate policies, acknowledging a decline in inflation and a more balanced economy. This suggests that there may be no rush to implement a rate hike later in the month. Dallas Fed President Lorie Logan, on the other hand, suggested that while skipping an interest rate increase in September could be considered, additional policy tightening would likely be necessary to bring inflation down to the target of 2% in a timely manner. Furthermore, China's gold reserves increased from 68.69 million ounces at the end of July to 69.62 million fine troy ounces by the end of August, as indicated by data. In addition, the Commodity Futures Trading Commission (CFTC) reported that speculative net positions in gold reached 123.3K, a significant increase compared to the previous figure of 101.9K. Comex Gold and Silver exhibit bearish trends within ranges (Gold: $1910-$1950, Silver: $21.100-$24.300). MCX Gold faces selling pressure (57000-60000), while MCX Silver suggests selling near resistance (67000-74000).
Crude oil prices surged to their highest levels since November as Saudi Arabia and Russia extended their voluntary production cuts until year-end, sparking concerns of winter supply shortages. While market expectations foresaw an extension into October, the unexpected three-month prolongation raised worries. Front-month Brent and WTI contracts traded at their widest premiums to future deliveries since November, indicating a tightening supply for immediate demand, a market condition known as backwardation. This resulted from the Saudi cuts initiated in July and optimism surrounding the U.S. economy, diminishing the likelihood of a severe recession and bolstering oil demand and prices. Since the end of June, both Brent and WTI futures have witnessed remarkable gains, surging over 20%. However, fears lingered about increased oil output from Iran and Venezuela, potentially offsetting some of the cuts by Saudi Arabia and Russia, and thus limiting the market's upside potential. Ahead in the week, prices may continue to trade with positive bias, but at present rally looks overstretched and some profit booking is expected from the higher levels, prices may take support near 6850 levels and face resistance near 7480 levels. Natural gas prices have slipped to a two-week low as the temporary surge driven by storms has subsided. Furthermore, concerns about the Australian workers' strike have eased for the time being. Looking ahead, price movements will be chiefly influenced by weather patterns and the typical seasonal weakening trend that prevails leading into October. In its latest report, the EIA has disclosed a stockpile increase of 33 bcf, which falls short of the expected 41 bcf and is well below the five-year average gain of 60 bcf. Ahead in the week prices may continue to trade in the wider range of 195-225 levels where buying near support and selling near resistance advised.
Base metals may trade with negative bias as weak Chinese economic data and property woes amid rising inventories may continue to dampen risk sentiment, though expectations of further policy may support the metal prices. A privatesector survey showed on Tuesday that China's services activity expanded at the slowest pace in eight months in August as weak demand continued to disturb the world's second-largest economy and stimulus failed to meaningfully revive consumption. In euro zone, the decline in business activity accelerated faster than initially thought last month. Copper may trade in the range of 710-740. China's copper imports declined 5% in August from a year earlier, customs data showed, hit by a faltering economy and depressed demand while domestic producers boosted output. Copper inventories in LME-registered warehouses piled up to their highest level since October 2022 to 133,850 tons. Global copper smelting activity was largely flat in August, with a rebound in top refined producer China offset by weak readings elsewhere, data from satellite surveillance of metal processing plants showed. Zinc can trade in range of 210-230 levels. China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market. China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads. Lead can move in the range of 183-192 levels. Aluminium can trade in the range of 194-208 levels. Steel long (Oct) is likely to trade in the range of 45700- 47300 levels. India's steel exports have plummeted by 33% due to sluggish international demand and intensified competition from Chinese steel producers.
Cotton prices are likely to trade sideways to down in anticipation of betterment of crop condition as IMD has projected good rainfall ahead in central India during Sep. Gujarat witnessed fresh shower of monsoon spell in recent weeks and expected to see normal rains in coming weeks as well that will facilitate the crop progress. However, reports of lower acreages will cap the downfall in prices. Cotton area across India reported at 122.99 Lakh Ha as on 1st Sep in year 2023 Vs 125.64 lakh Ha of previous year. Bleak export demand and muted industrial buying will put pressure on prices. However, losses are likely to be limited in wake of weaker production prospects of upcoming season. Cotton MCX Nov prices are likely to trade in range of 59500-64300 levels. Similarly, Kapas Apr’24 futures are likely to trade in range of 1580-1700 levels.
Cotton seed oil cake NCDEX Dec futures are likely to trade mixed to down on sluggish buying in domestic market. However, reports of fall in area under cotton will cap the losses. Price seasonality of cotton seed oil cake suggest prices fall in Sep. Cocud prices are likely to trade in range of 2700-2950 levels.
Guar seed Oct futures are expected to trade higher because of increased spot demand. Stockists are active in anticipation of fall in production and yield as drier weather condition in Rajasthan has hit the crop progress badly. Area under guar is already down by 10%-12% in year 2023 and now a bleak yield prospect is likely to keep production down. Demand of guar derivative products has increased that will support guar prices. India exported about 132.7 thousand tonnes of guar meal during Oct’22-Jun’23 as compared to 92.7 thousand tonnes of previous year. Guar seed prices are likely to face resistance near 6800 whereas support is likely to be seen at 600. Gum prices are likely to trade in range of 11400-14500 levels.
Mentha oil Sep contract is expected to higher on active demand in physical market. Stockists are showing buying interest with emerging fresh export enquires for menthol. Overall production of mentha oil is likely to be down on yearly basis due to lower acreages that will cap the downfall in prices. Mentha oil prices are likely to trade in range of 950- 1040.
Castor seed prices are likely to trade mixed to down on reports of rise in area under castor in Gujarat. Reports of higher area under castor will keep prices under pressure as about 8.53 lakh Ha was sown under castor as on 1st Sep across India Vs 7.26 lakh Ha of previous year. However, prevailing weather concerns in Gujarat will cap the losses. Castor seed Oct prices are likely to trade in range of 5900-6600 levels.
It closed at Rs. 221.95 on 07th Sep 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 218.321. On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.269. Based on both indicators, it is giving a sell signal.
One can sell near Rs.221 for a target of Rs. 210 with the stop loss of 227.
It closed at Rs. 7227.00 on 07th Sep 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.6525.78. On the daily chart, the commodity has Relative Strength Index (14-day) value of 66.518. Based on both indicators, it is giving a buy signal.
One can buy near Rs.7130 for a target of Rs.7650 with the stop loss of 6950.
It closed at Rs.13208.00 on 07th Sep 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.12506.60 On the daily chart, the commodity has Relative Strength Index (14-day) value of 55.521. Based on both indicators, it is giving a buy signal.
One can buy near Rs.12950 for a target of Rs. 14000 with the stop loss of 12350.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
CRB stuck in tight range last week. Bullion couldn’t stay at higher side on terrific rise in dollar index; which surpassed 105 levels. Gold prices moved little on Thursday, coming under pressure from strength in the dollar and Treasury yields as signs of sticky inflation pushed up concerns that the Federal Reserve will maintain its hawkish rhetoric. The prospect of higher rates bodes poorly for gold, given that they push up the opportunity cost of investing in bullion. A stronger dollar also diminishes the per-ounce value of the yellow metal. In the energy complex, crude oil prices jumped whereas natural gas futures broke the crucial support level. The Saudi quest to get to $90 oil came through on Tuesday when the kingdom, in an announcement synced with allies Russia, said the million-barrels-per-day cut it introduced in July will be enforced till December, with the Kremlin contributing an additional 300,000 barrels daily. The four-week average of U.S. gasoline consumption — the best gauge of fuel demand — was at 9.033M barrels per day for the week ended Aug. 25 versus the year-ago level of 8.874M. Base metals prices were under pressure. Copper futures snapped three week gain on weaker economic indications. Lead was in range with downside bias. Aluminum and zinc prices slipped lower. However, data on Wednesday showed that U.S. service sector activity grew more than expected in August. Weak economic data in Europe raises concerns about base-metal demand. Germany's manufacturing orders fell more than expected in July, further indicating declining demand for goods from the key manufacturing sector of Europe's largest economy.
Agri commodities were too under pressure. Castor seed closed below 6300 due to sluggish buying in domestic market amid reports of higher area under castor. Cotton oil seeds September futures declined and December futures rose; hence spread between two contracts declined. In spices, it was only jeera which gave opportunity to buyers; turmeric and coriander closed in red territory in wake of improved crop condition in central and southern region. Coriander prices closed in bearish territory for nonstop sixth week. Gaurseed and guargum prices were under pressure. Area under guar already down by 10%- 12% in year 2023 and now bleak yield prospects is likely to keep production down. Demand for guar derivative products has increased that will support guar prices. India exported about 132.7 thousand tonnes of guar meal during Oct’22-Jun’23 as compared to 92.7 thousand tonnes of previous year.
The Department of Agricultural Research and Education (DARE), Ministry of Agriculture and Farmers Welfare organised the workshop from September 4 to 6, which was attended by about 100 delegates including those from the G20 member states, invited countries, and international organisations, an official release said. The workshop aligns with the theme of the G20 Indian Presidency, "One Earth, One Family, and One Future," emphasizing unity and harmony for a better world.
Some of the highlights of workshop
The dollar index is on a remarkable eighth consecutive weekly advance, surging towards the 105 mark. Robust economic data has provided the Federal Reserve with more room to maintain a hawkish stance for an extended period. In a surprising turn, new unemployment claims in the United States dropped to their lowest level in over six months during the final week of August, defying market expectations of a modest increase. This data challenges recent indicators suggesting a slight softening in the US labor market. The dollar index has been in an uptrend since hitting a low of 99.2 in mid-July this year. It recently broke through the 104.63 swing high, indicating strength in the dollar's move towards the 105 level. However, the current trading setup above 105 is considered overbought, suggesting limited upside potential for now. This may result in a correction or consolidation in the coming sessions. If the dollar index experiences a small correction or consolidation from this overbought territory, it could return to neutral territory, reaffirming its overall bullish trend. In the upcoming week, major events like the US inflation report, expected to remain stable, and the ECB Interest Rate Decision, where a rate hike pause is anticipated, may influence the dollar index's movement above the 105 threshold. The USD/INR pair is also influenced by the dollar index's momentum, pushing it towards the 83.28 levels in the near month futures contract. Weakness in Asian currencies like the Japanese yen and Chinese yuan, both trading at multi-month lows, has added pressure to the Indian rupee. Currently, all three major Asian central banks (Japan, China, and India) are focused on maintaining currency volatility and stability through interventions, as all three currencies are trading near multi-month lows.
USDINR (SEPT)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 82.85. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 64.2 on the daily chart. Major support is seen around 82.7 levels, while resistance is expected near 83.45 levels.
One can buy near 82.9 for the target of 82.5 with the stop loss of 82.6
GBPINR (SEPT)pair is currently in an Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 104.6. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 37.7 on the daily chart. Major support is seen around 103 levels, while resistance is expected near 104.6 levels.
One can sell near 104 for the target of 103 with the stop loss of 104.5
EURINR (SEPT) pair is currently in an Bearish trend as trading below its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 89.7. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 40 on the daily chart. Major support is seen around 88.2 levels, while resistance is expected near 90.25 levels.
One can sell near 89.5 for the target of 88.5 with the stop loss of 90
JPYINR (SEPT) pair is currently in an Sideways trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 56.75. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 39.5 on the daily chart. Major support is seen around 55.2 levels, while resistance is expected near 57.5 levels.
One can buy near 56 for the target of 57 with the stop loss of 55.5
(2/5)
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The company intends to utilize the net proceeds from
the issue towards the funding of the following objects:
Funding of working capital requirements of the
company; and
General corporate purposes.
Considering the P/E valuation, on the upper end of the price band of Rs.211, the stock is priced at pre issue P/E of 9.44x on FY23 EPS of Rs.22.36. Post issue, the stock is priced at a P/E of 10.78x on its EPS of Rs.19.57. Looking at the P/B ratio at Rs.211, pre issue, book value of Rs. 100.81 of P/Bvx 2.09x. Post issue, book value of Rs. 114.56 of P/Bvx 1.84x.
Considering the P/E valuation, on the lower end of the price band of Rs.200, the stock is priced at pre issue P/E of 8.94x on FY23 EPS of Rs.22.36. Post issue, the stock is priced at a P/E of 10.22x on its EPS of Rs.19.57. Looking at the P/B ratio at Rs.200, pre issue, book value of Rs. 100.81 of P/Bvx 1.98x. Post issue, book value of Rs. 114.56 of P/Bvx 1.75x.
Incorporated in 2012, EMS Limited previously known as EMS Infracon, is engaged in the business of providing water and wastewater collection, treatment, and disposal services. As on March 24, 2023, EMS is operating and maintaining 13 projects including WWSPs, WSSPs, STPs & HAM aggregating Rs. 13890.90 Crore & 5 O&M projects aggregating to Rs. 992.80 Crore i.e. unbilled amount as of February 28, 2023, spread across five states.
In house designing, engineering and execution team: The company has been focusing on design capabilities for complex and critical projects such as process description, process calculations, hydraulic calculations, design codes and standards, master drawing schedule, drainage design, STP facilities layout, process flow diagram, hydraulic flow diagram, mass balance diagram, process & instrumentation diagram, tentative single line diagram and electrical load list. Its engineering and design team reduces its dependence on outsourcing engineering and design work to third party consultants. Its quality control managers are responsible for conducting regular inspection and tests at every project site for quality control monitoring and management.
Strong execution capabilities with industry experience: Since incorporation, EMS Limited has completed 67 projects. Apart from this, currently EMS Limited is handling 18 Projects & 5 O&M Projects together 23 projects. Its focus is to leverage its strong project management and execution capabilities to complete projects in a timely manner while maintaining high quality of engineering and execution. World Bank Funded Projects: India has 18 percent of the world’s population, but only 4 percent of its water resources, making it among the most water-stressed in the world. A large number of Indians face high to extreme water stress, according to a recent report by the government’s policy think tank, the NITI Aayoga.
Scalable and Asset Light Business Model supported by Strong Financial Position: EMS Limited believes it asset light business model result in efficient utilisation of capital resulting in lower debt and regular income, allowing it to have higher return on capital employed. As on March 31, 2023, EMS Limited has total borrowing Rs. 45 crore for HAM Project of Mirzapur Ghazipur apart from this it doesn’t not have any borrowings, net of cash and cash equivalents, other bank balances as on March 31, 2023 was Rs. 121.22 crore, allowing it to seek further debt financing, as and when required for big projects.
Increasing the size of projects and pre-qualification: Its primary focus is to strengthen its prospects in executing WWSP and WSSP projects. It has started with 4 MLD size of project & increased its capacity to 60 MLD i.e. the maximum capacity of Minimal Liquid Discharge for STPs. The company will continue to focus on the designing, construction, operation and maintenance of Projects while seeking opportunities to further increase the size of its projects. The company will continue to bid for WWSPs and WSSPs both on EPC and HAM basis.
Expansion of footprint: EMS Limited has successfully completed 67 projects as on July 31, 2023 including partnership firm namely M/s Satish Kumar which was taken over by this company on June 30, 2012. across states of Bihar, Uttarakhand, Madhya Pradesh, Rajasthan, Haryana. EMS Limited gradually intends to expand its business operations to other regions of the country, especially the North-East and South India. It plans to continue its strategy of diversifying and expanding its presence in these regions for the growth of its business.
Continue to enhance core strengths by attracting, retaining and training qualified personnel: EMS Limited believes that its ability to effectively execute and manage projects is crucial to continued success. As competition for qualified personnel increases among engineering and construction companies in India, it seeks to improve competitiveness by increasing its focus on training its staff.
EMSL is in the business of Sewerage solutions and related services provider. It has orders worth Rs. 1845 cr. on hand and many in pipelines. With diversified portfolio and strong track record, the company is expected to see a good growth in long term.
Quantum Mutual Fund has filed a draft for a small cap fund. Quantum Small Cap Fund will be an open-ended equity scheme predominantly investing in small cap stocks. The scheme will be benchmarked against S&P BSE 250 Smallcap TRI. Chirag Mehta and Abhilasha Satale will manage the scheme. According to the scheme information document, the investment objective of the scheme is to generate capital appreciation by investing predominantly in small cap stocks. The scheme will have direct and regular plans. It will have only the growth option. The investment strategy of the scheme will be to invest in a basket of stocks after using intensive fundamental analysis, both quantitative and qualitative, monitor the portfolio actively but not so as to engage in excessive trading, and control risk by keeping the portfolio adequately diversified. The scheme will allocate 65-100% in equity and equity-related instruments of small cap companies, 0-35% in equity and equity-related instruments of companies other than small cap companies, and 0-35 % in debt and money market instruments.
DSP Mutual Fund announced the launch of DSP Multi Asset Allocation Fund (DSP MAAF), an open-ended scheme that aims to offer investors long-term returns like what equities may offer but with added resilience against market falls. DSP MAAF aims to benefit investors by diversifying their investments between asset classes like domestic equities, international stocks, debt instruments, gold ETFs, other commodities and ETF & Exchange Traded Commodity Derivatives (ETCDs), aiming to reduce overall risk. Historical data has repeatedly shown that the best-performing asset class can vary significantly over the years, making it difficult to predict the winner each year. Hence one’s best bet is to invest across asset classes. DSP MAAF will allocate assets based on 3 key but simple factors – long-term expected returns from different asset classes, their realized volatility and the correlation among each asset class. The key idea is that when assets with low correlation among one another are added into a portfolio, even if one asset class faces a downturn, another one might perform well, potentially smoothening out the investor experience. Further, historical returns of a multi asset model portfolio have shown returns similar to those from domestic equities with significantly lesser volatility than equities.
Samco Mutual Fund has filed a draft for a balanced advantage fund. Samco Balanced Advantage Fund will be an open-ended dynamic asset allocation fund. The scheme will be benchmarked against NIFTY50 Hybrid Composite Debt 50: 50 Index. Paras Matalia, Umeshkumar Mehta, Dhawal Ghanshyam Dhanan (overseas investment) will manage the scheme. The investment objective of the scheme is to generate income/long-term capital appreciation by investing in equity, equity derivatives, fixed income instruments, foreign securities and units of REITs, INVITs. The allocation between equity instruments and fixed income will be managed dynamically so as to provide investors with long-term capital appreciation while managing downside risk. According to the scheme information document, the minimum application amount will be Rs 5,000 and in multiples of Re 1 thereafter. The minimum application amount for month SIP will be Rs 500 and in multiple of Re 1 with 12 instalments and Rs 1,000 and in multiple of Re 1 with six instalments. The minimum application amount for quarterly SIP will be Rs 1,500 and in multiple of Re 1 with four instalments. The minimum application amount for half-yearly SIP will be Rs 3,000 and in multiple of Re 1 with two installments.
Old Bridge Capital Management (OBCM), a portfolio management firm, has received the final nod from markets regulator Sebi to commence its mutual fund business.Its asset management business has been named as Old Bridge Mutual Fund. We are delighted to receive this license to commence operations for Old Bridge Mutual Fund and will be launching our maiden actively managed equity scheme. As we move forward with our newly acquired license, we remain committed to providing investors with long term investment solutions on its mutual funds platform as well,” said Kenneth Andrade, Founder, Old Bridge Capital Management. Andrade used to manage mutual fund schemes for 10 years during his earlier stint at IDFC Mutual Fund. He was also considered a star mutual fund manager. One of his schemes, IDFC Premier Equity Fund, delivered a CAGR growth of 22.3% over the ten-year period. He left the fund house in 2015 to start his own portfolio management scheme.
Zerodha Asset Management Ltd, one of India’s newest fund houses, is getting to ready to launch mutual fund schemes, nearly a month after it got its final license by the Securities and Exchange Board of India (SEBI). In keeping with its mandate to launch passive scheme, Zerodha has filed draft offer documents with the market regulator to launch two schemes -- Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and Zerodha Nifty Large Midcap 250 Index Fund (ZN250). Both the schemes would be benchmarked against Nifty Large Midcap 250 Index Fund. While one is a normal diversified equity fund, the ELSS scheme is a tax saver scheme that will give the Section 80C tax deduction benefits, up to an investment of Rs 1.5 lakh. As per its business plan, Zerodha AMC will launch passive schemes. According to industry officials, the fund house will launch a mix of index funds as well as Exchange-Traded Funds (ETF).
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