In the week gone by, global stock markets witnessed extreme volatile movements I as concerns about extended economic lockdowns in Europe, potential US tax hikes and escalation of EU-China Tensions weighed on investor sentiment. The European Union joined Washington's allies this week in imposing sanctions on officials in China's Xinjiang region over allegations of human rights abuses, prompting retaliatory sanctions from Beijing. U.S. President Joe Biden held his first formal news conference in which he reiterated that his next major bill will address infrastructure and said that he would now double his Administration's vaccination rollout plan after reaching the previous goal of 100 million shots 42 days ahead of schedule. On the brighter side, the number of Americans filing new claims for unemployment benefits dropped to a oneyear low last week as economic activity rebounds after weather-related disruptions in February. China left its benchmark lending rates unchanged; the one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent. Among key economic elements, the Japan government slashed its assessment of exports for the first time since May, saying they were increasing at a slower pace. Meanwhile, its views on business sentiment as well as the trend of bankruptcies were lifted amid signs of improvement.
Back at home, domestic market witnessed high volatility due to sudden spike in Covid19 cases India in the past one week and selling by FIIs amid other factors. In another development, to make delisting process more transparent and efficient, SEBI has decided that promoters should disclose their intention to delist the company by making an initial public announcement. Moreover, SEBI has approved proposals that will give more flexibility to venture capital funds to invest in, and remove friction arising out of multiple definitions of startups. On the economy front, the International Monetary Fund has said ahead of its next month’s spring meeting with the World Bank that India’s economy is on the path of gradual recovery. Finance Minister Nirmala Sitharaman said India enjoys an investment grade rating and she does not see a rating downgrade because of higher spending. The Reserve Bank of India Governor has reiterated that RBI is fully committed to use all policy tools to secure a robust recovery of the economy from the debilitating effects of the pandemic. Indian fundraising via IPOs is at a 13-year high as a flood of foreign money and unprecedented interest from investors spur more listings, making India one of the hottest IPO markets in 2021. Going forward, global news flows and sector specific development will be key monitorables. Needless to say, the US bond yields will remain in focus as any further uptick may trigger a decline in the equity markets again.
On the commodity market front, CRB remained weak for second consecutive week on fall in energy, base metals and in bullion, some agri commodities continued to trade firm, which limited the downside. Upside in dollar index exerted pressure on commodities. After a dramatic move crude should trade in a range, though there is an event risk of OPEC+ meeting on April 1st. Given the persistent demand worries and falling prices, expectations are growing that Opec+, will roll over their current supply curbs into May. A slump in Europe’s travel industry could have a knock-on effect for oil and gas as lockdowns spread across Europe once again. Bullion may trade in range on mixed fundamentals. Global edible oil prices are nearing their peak but may be slow to decline to previous levels due to low stocks, a slow recovery in output and higher global use in biofuel production. Inflation Rate YoY and Unemployment Rate of Germany, Consumer Confidence, Manufacturing PMI Final, Non Farm Payrolls, Unemployment Rate and ISM Manufacturing PMI of US, Manufacturing PMI of China, GDP Growth Rate of UK, Core Inflation Rate YoY of Euro Area etc are few important triggers for commodities this 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.
Despite a challenging external environment this year, strong distribution reach and portfolio from the mass to premium end helped the company achieve good growth. The company has delivered strong volume and revenue growth during Q3FY21 driven by broad based performance across major markets and categories. Thus, it is expected that the stock will see a price target of Rs.710 in 8 to 10 months time frame on a target P/BV of 4.30x and FY22 BVPS of Rs.165.12.
NHPC is actively exploring opportunities for the development of pumped storage schemes in potential rich states like Maharashtra, Karnataka, Odisha etc. The diversity also minimises risks associated with geographical concentration. The company continued to remain comfortable by low overall gearing and stable debt coverage metrics. Thus, it is expected that the stock will see a price target of Rs.27 in 8 to 10 months time frame on a one year average P/BVx of 0.77x and FY22 BVPS of Rs.34.86.
The stock closed at Rs 518.15 on 26th March, 2021. It made a 52-week low at Rs 201.05 on 25th March 2020 and a 52-week high of Rs. 566.70 on 02nd March, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 369.32.
Short term, medium term and long term biases are looking positive for the stock as it is trading in higher highs and higher lows on charts. Apart from this, it is forming a “Bull Flag” pattern on weekly charts, which is bullish in nature. Moreover, technical indicators such as RSI and MACD are also suggesting uptrend for the stock. Therefore, one can buy in the range of 510-514 levels for the upside target of 560-575 levels with SL below 480 levels.
The stock closed at Rs 2272.75 on 26th March, 2021. It made a 52-week low of Rs 970.10 on 25th March, 2020and a 52- week high of Rs. 2650 on 08th December, 2020. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 2057.07.
After massive upside move, stock has consolidated in narrow range with positive bias, formed a “Symmetrical Triangle” on weekly charts which is considered to be bullish. Last week, stock tried to give the breakout of same but couldn’t hold the high levels due to market volatility but bias is still positive for the stock. Therefore, one can buy in the range of 2230-2240 levels for the upside target of 2420-2450 levels with SL below 2160 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.
SOURCE: RELIABLE SOFTWARE
Charts by Reliable software
Nifty indices reclaimed 14500 levels in Friday's session after ending March series on negative note. Traders showed some buying interest at lower levels as metal stocks along with FMCG counter surged along with some mid cap names. From derivative front, 14300 put strike witnessed some hefty open interest build up while 14700 & 14800 strike hold strong open interest build up in calls. The Implied Volatility (IV) of calls closed at 21.21% while that for put options closed at 23.49%. The Nifty VIX for the week closed at 22.70% and is expected to remain volatile. PCR OI for the week closed at 2.08. From the technical front, Nifty can be seen trading in downward sloping channel with formation of lower bottoms, which suggests that selling pressure is likely to persist on higher levels. Additionally prices are holding well below its short term moving averages as well on daily charts. The current setup suggests that markets are likely to remain under pressure as far prices are holding below 14800 levels. On downside, bears are likely to grip the markets once a slide below 14300 levels seen. The strong support for Nifty is seen at 14000 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 futures (Apr) is expected to regain the upside strength and move upside towards 9000-9200, taking support near 8100 levels. On the spot market, the stockists are expecting domestic demand to be back in full force next month for new bookings and it will push prices higher. Forecast of a smaller crop and lower carryover stocks in the current year has been boosting prices. Production is likely to decline 10-15% in the 2020-21 (Jul-Jun) season.The overall trend of jeera futures (Apr) is bullish & any dip around 14600-14400 levels can be taken as a buying opportunity, eyeing upside levels of 15000-15200, as exports outlook has brightened, against lower crop estimations. Cumin production in Turkey was around 15,000 tonne last year, and the country may produce lesser this year as estimated by traders and industry persons. Similar situation is seen in Syria, where production is estimated be lower because of political instability. Afghanistan also produces small quantity of cumin and has a negligible share in the exports market. This implies that India will have the advantage of supplying most of the world’s requirements of cumin this year. Trade sources say that cumin exports from India may surpass 2 lakh tons in next few months. Dhaniya futures (Apr) is expected to hold on the support near 690 level & trade with an upside bias. There is tightness in supply-demand scenario and this phenomenoncould attract domestic buyers as well as exporters. Millers and stockiest are actively participating in spot market auctions. Buyers from Karnataka, Maharashtra, Madhya Prasdesh and Delhi are making purchases as well.
Bullion prices are trading down throughout the week, as U.S. Treasury yields nudged up and the dollar hit a four-month high, denting the non-yielding metal's appeal. U.S. Treasury yields also jumped after the Treasury Department saw tepid interest for an auction of seven-year notes. The dollar index, hit its highest level since Nov. 13 at 91.92, making gold more expensive for other currency holders. U.S. President Joe Biden set a new goal of administering 200 million doses of COVID-19 vaccine in his first 100 days in office, after his initial 100 million targets was met ahead of schedule. Sentiment in wider financial markets remained weak as investors grew wary about the economic outlook following a new round of coronavirus restrictions in the euro zone and potential U.S. tax hikes. Countries in Europe are reenforcing COVID-19 restrictions as Germany, Europe's largest economy, saw the highest surge in coronavirus cases since January, further raising doubts about the pace of economic recovery. Recent Swiss customs data showed that in February the nation exported 56.5 tonnes of gold to India, 11.2 tonnes to Thailand, 2 tonnes to mainland China and 1 tonne to Hong Kong. That is the largest total export to India for any month since April 2019. Data showed the number of Americans filing new claims for unemployment benefits dropped to a one-year low. Ahead in this week, we may continue to witness huge volatility and gold may trade with bearish bias and range would be 42200-45500 levels whereas, Silver may trade in the range of 61900-68800 levels. Whereas on COMEX gold may trade in the range of $1640-$1760 and Silver may trade in the range of $23.20-$26.90.
Soybean futures on the national bourse in on life time high since inception & going ahead, this bullishness shall prevail as it has the potential to test 5900- 6000 levels. It is estimated that exports of soymeal would be higher in March as demand is growing from Iran and supply of the oilseed is slowing down with the advent of the lean arrival season. However, we need to stay cautious ahead of the USDA report of 2021 planting intentions, schedule to release on March 31. An international survey of U.S. planting intentions indicated that producers expect to plant more soybean as compared to a year ago. Soy oil futures (Apr) is expected to witness consolidation in a broader range of 1200- 1300 & similarly, CPO futures (Apr) may trade sideways in the range of 1020- 1120 levels. The sentiments of edible oils are in tug of war between increased use for biofuel as well as in industrial sectors Vs demand destruction in retail market due to higher prices. In the international market, soybean oil prices are gaining grounds as its on high demand from tyre companies as its use could improve flexibility across temperatures. Secondly, renewable fuel targets set by President Joe Biden's administration is adding support for soyoil. Back home, on steps taken to address the price rise in edible oils, an InterMinisterial Committee on Agri Commodities is in place to closely monitor the duty structure of edible oils and other commodities in addition to their price and availability keeping in view the interests of farmer, industry and consumer. Mustard futures (Apr) is expected to trade with a positive bias in the range of 5600-5900. The counter is taking positive cues from lifetime high prices of soybean in the domestic market & rally in edible oils.
Crude Oil prices skidded wild move as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal. Prices had tumbled on worries about tighter pandemic curbs in Europe and vaccine delays stalling growth in demand for fuel, but sharply reversed on 24th of Mar with the grounded ship in the Suez Canal potentially blocking 10 tankers carrying 13 million barrels of oil. However, those factors supporting the market were short-lived, even as tugs struggled to free the stranded Suez Canal ship. And while the focus was on Europe, also have rising COVID-19 cases in places like India and Brazil, developing economies which are really critical to the story for sustainable oil demand growth. India reported its highest one-day tally of new infections and deaths and said a new "double mutant" variant of the coronavirus had been found. Ahead in this week crude price may witness huge volatility and continue to trade with bearish bias within the range of 4080-4620, where sell near resistance would be the strategy. Natural Gas prices rebounded from the support after worries over a potential supply disruption due to a stranded container ship blocking natural gas and crude oil carriers in the Suez Canal. However, gains are being capped by weak weather-driven demand. The weather is expected to be warmer than normal throughout most of the US for the next 8-14 days. Ahead in this week, we may expect prices may trade within a range where support is seen near 186 and resistance is seen near 205.
The bearish trend of cotton futures (Apr) is expected to deepen & test 20000- 19500, owing to concerns over export demand. The quality of Indian cotton has emerged as a major issue in the export market with importing nations becoming reluctant to purchase the natural fibre from India. On the international market, ICE cotton futures has dropped to the lowest in more than a month on a stronger dollar and expectations that rainfall in Texas would be beneficial for the natural fiber crop.Also, there are talks that textile orders from the EU (European Union) are being either postponed or canceled as another economic shutdown looms. Guar seed (Apr) is expected to take support near 3700, while guar gum (Apr) is expected to hold steady on above 5750. Despite weakness in crude oil prices in the international market, not much of selling is being witnessed in these counters due to lower arrivals. On the spot, the market participants are expecting prices to recover in the current season. The new crop will not be available before October&hence millers would need to maintain sufficient stocks so they can ensure gum production for next six months. So they are finding current prices very attractive. Chana futures (Apr) may witness consolidation in the range of 4850-5100 levels. Nafed has announced procurement of Chana from Madhya Pradesh from 27th March onwards. Currently Chana MSP is 5100 Rs/Qtl while prevailing spot rates in Madhya Pradesh are below the MSP, which will direct farmers to sell goods to NAFED at higher prices instead of selling in Mandis at lower prices. It will potentially impact the supply anticipated to come in mandis from fresh harvest.
Base metals may trade with bearish bias as soaring US Treasury bond yields, potential U.S. tax hikes, extended lockdowns in Europe that delay a global economic revival and higher Sino-U.S. tensions may weigh on counter. Copper can move towards 635 levels and facing resistance near 680 levels. FreeportMcMoRan Inc will sign a $2.8 billion deal with China’s Tsingshan Holding Group on March 31 to build a copper smelter in Indonesia’s Weda Bay. The smelter will have an input capacity of 2.4 million tonnes of copper concentrate and an output capacity of 600,000 tonnes. Zinc may trade in the range of 210-222. Lead can trade in the range of 155-165. China plans to restrict its use of lead batteries in low-speed electric vehicles (EVs) from September this year in favour of lithium alternatives. Nickel may trade with sideways to bearish bias in the range of 1150-1240. Indonesia will now grant miners export permit for unrefined mineral ores but excluded nickel ore exports, which were banned last year to encourage foreign firms to help Indonesia's bid to build a full supply nickel supply chain, from extraction to production of electric vehicles. Aluminum may trade in the range of 172-184 levels. According to the latest data from International Aluminium Institute (IAI), world primary aluminium production increased by almost 6% year-on-year during the first two months of this year, chiefly driven by China's strong growth. Chinese unwrought aluminium and aluminium products imports remained elevated during the first two months. Meanwhile, China is considering selling about 500,000 metric tons of aluminum from state reserves in a move that would help cool the market and meet the Asian nation’s emissions objectives.
NATURAL GAS MCX (APR) contract closed at Rs. 190.90 on 25th Mar’2021. The contract made its high of Rs. 223.00 on 18th Feb’2021 and a low of Rs. 179.80 on 18th Mar’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs 193.20. On the daily chart, the commodity has Relative Strength Index (14-day) value of 43.296.
One can buy above Rs. 194 for a target of Rs. 207 with the stop loss of Rs. 188.
COPPER MCX (APR) contract closed at Rs. 657.85 on 25th Mar’2021. The contract made its high of Rs. 732.70 on 25th Feb’2021 and a low of Rs. 657.85 on 25th Mar’2021. The 18- day Exponential Moving Average of the commodity is currently at Rs. 675.16. On the daily chart, the commodity has Relative Strength Index (14-day) value of 48.233.
One can sell near Rs. 675 for a target of Rs. 645 with the stop loss of Rs. 690.
GUARGUM (APR) contract was closed at Rs. 5897.00 on 25th Mar’2021. The contract made its high of Rs. 6525.00 on 09th Feb’2021 and a low of Rs. 5865.00 on 26th Mar’2021. The 18-day Exponential Moving Average of the commodity is currently at Rs. 6019.67. On the daily chart, the commodity has Relative Strength Index (14-day) value of 35.513.
One can buy above Rs. 5960 for a target of Rs. 6300 with the stop loss of Rs 5790
CRB remained weak for second consecutive week on fall in energy, base metals and bullion, however some agri commodities continued to trade firm, which limited the downside. Upside in dollar index exerted pressure on commodities. Investors in search of a safe-haven pushed the U.S. dollar to a four-month high, reflecting fears that extended lockdowns in Europe would delay a global economic revival. Potential U.S. tax hikes and higher Sino-U.S. tensions also boosted the dollar. Crude saw the wild swings of both side on Suez Canal traffic jam and bearish news of lockdown in Europe. Crude prices settled up 6% on Wednesday on reports of a vessel blockage in the Suez Canal waterway, where at least 10% of the world’s oil passes through. In the Suez Canal, powerful winds forced a ship aground on one of its banks and producing a large traffic jam in one of the world’s most important maritime arteries. Next day prices fell as fresh coronavirus lockdowns revived worries about demand for oil products. Natural gas prices recovered in the second half of the week to some extent. Bullion traded on weaker note. Gold prices again fell down on surge in dollar Index; fall in the 10-Year US Treasury yield couldn’t give much impact. Precious metals like silver and gold are non-yielding assets, which makes them inherently sensitive to the shifting tides of bond yields and the US Dollar. Base metals were lower amid renewed concerns over the global economic recovery outlook and a surge of Covid infections. Nickel saw dramatic move on Thursday when it went up by 5.5% while other base metals were trading in a range. Later it saw correction from the higher side. Rising inventories kept copper on lower side. Inventories of copper in warehouses registered with the LME have jumped to 129,950 tonnes, the highest since December, compared to 74,000 tonnes on Feb. 3. Demand for aluminium is due to grow by 80% to around 180 million tonnes of semi-fabricated products by 2050, partly because it is needed to help other sectors cut emissions, in electric vehicles, for “green buildings” and power cabling.
CPO saw correction from the higher side, although the fundamentals are still strong. Palm oil inventories at the world's biggest grower Indonesia are also expected to shrink by almost half to 2.67 million tonnes by the end of 2021 as a rise in demand is seen outpacing production, the Indonesian Palm Oil Association said. Oil seeds firmed again. Soy meal exports in March are expected to jump sixf old on year to nearly 200,000 tn due to firm demand from traditional buyers. Exports of soymeal would be higher in March. Cotton witnessed sharp fall to the lowest in more than a month on a stronger dollar and expectations that rainfall in Texas would be beneficial for the natural fiber crop. Guar was weak on poor off take. Despite of lower arrival, weak demand of gum has discouraged millers. Throughout the week so far, the yellow spice has been feeling the heat of subdued demand and stagnant arrivals.
Oilmeals are the solid residues obtained after extracting oil from oilseeds. It is widely used as a source of protein in animal diet in sectors such as poultry, piggery and fisheries. It is also known as oilcakes. Some of the oilcakes like castor oilcakes that are toxic by nature are generally used in making of fertilizers. India is major exporter of Oil meals.
Indian oilmeal exported continued to surge for its fourth consecutive month in February with 205% year-on-year jump in shipments. The export of soybean meal jumped mainly because of better realisations thanks to tightening global supply of soybean, the lesser supply from Argentina and Brazil, coupled with good demand of non-GMO soybean meal from the US and Europe. The revival of export to Iran also resulted in an overall surge in export of soybean meal in the last four months. Rapeseed meal and other oilmeals have followed soybean meal. Bangladesh reemerged large importer of Rapeseed Meal and Ricebran Extraction. According to the data, rapeseed meal export crossed a million tonne, owing to higher purchase by South Korea, followed by Thailand and Bangladesh. Ricebran extractions export doubled due to heavy demand from Vietnam and new demand from Bangladesh due to failure of the rice crop.
The export from Kandla is reported at 929,152 tons (28%), followed by Mundra handled 811,278 tons (24%), Mumbai including JNPT handled 470,590 tons (14%), Kolkata handled 305,068 tons (9%) and Others Ports handled 842,561 tons (25%).
Indian Rupee recorded another green week and outperformed its peers amid IPO euphoria as well as continuous stream of capital flows. Although some weakness was seen in rupee around 72.28 odd levels where RBI intervention and importer led buying emerges. It is expected that the modest optimism in Rupee will continue next week unless rising covid cases weigh the global risk sentiment. From the majors, GBPUSD currently sits at the 1.37 level down 1.25% this week. The pound has essentially given back some of the gains from earlier in the year when investors saw the UK economy rebounding faster than most economies. Up until recently, the UK vaccine roll out was seen as further ahead; now a vaccine shortage may limit the fast pace of vaccinations in the UK and slow the return to pre-Covid economic activity. While the euro has fallen below 1.18 on overall US dollar strength. EU leaders meet virtually to discuss an action plan to boost vaccine supplies and rollout across the bloc will further guide the euro move. The EU has been slower to vaccinate than the UK blaming AstraZeneca for not delivering the promised doses.
USD/INR (APR) contract closed at 73.0775 on 25-Mar-2021. The contract made its high of 73.2500 on 24-Mar-2021 and a low of 72.7975 on 23-Mar-2021 (Weekly Basis). The 21-day Exponential Moving Average of the USD/INR is currently at 73.2790.
On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 43.11. One can buy at 72.90 for the target of 73.90 with the stop loss of 72.40.
GBP/INR (MAR) GBP/INR (MAR) contract closed at 100.2600 on 25-Mar-2021. The contract made its high of 101.4000 on 22-Mar-2021 and a low of 100.0425 on 25-Mar-2021 (Weekly Basis). The 21- day Exponential Moving Average of the GBP/INR is currently at 100.9507
On the daily chart, GBP/INR has Relative Strength Index (14-day) value of 34.92. One can sell at 100.00 for a target of 99.00 with the stop loss of 100.51.
| 25th MAR | India's economic revival to be 'unabated' despite coronavirus surge - RBI chief |
| 25th MAR | Powell sees ‘orderly’ market adjustment to brighter US outlook |
| 25th MAR | UK meat producers fear 20% drop in exports because of Brexit rules |
| 24th MAR | India detects 'double mutant' coronavirus variant in western state |
| 24th MAR | EU prepares to tighten vaccine export rules after UK spat |
| 24th MAR | Yellen says tax rises needed to fund Biden infrastructure plan |
| 23th MAR | Japanese innovation makes healthcare resilience a reality |
| 23th MAR | UK economy: one year on from the start of the first Covid lockdown |
| 23th MAR | UK’s former top civil servant warns against vaccine protectionism |
EUR/INR (APR) contract closed at 86.4675 on 25-Mar-2021. The contract made its high of 87.1000 on 23-Mar-2021 and a low of 86.4100 on 25-Mar-2021 (Weekly Basis). The 21-day Exponential MovingAverage of the EUR/INR is currently at 87.6241.
On the daily chart, EUR/INR has Relative Strength Index (14-day) value of 27.25. One can sell at 86.75 for a target of 85.75 with the stop loss of 87.25.
JPY/INR (MAR) contract closed at 67.0950 on 25-Mar-2021. The contract made its high of 67.5375 on 24-Mar-2021 and a low of 67.0200 on 23-Mar-2021 (Weekly Basis). The 21-day Exponential MovingAverage of the JPY/INR is currently at 67.8889.
On the daily chart, JPY/INR has Relative Strength Index (14-day) value of 2842. One can buy at 66.80 for a target of 67.80 with the stop loss of 66.30
Laxmi Organic Industries made a strong debut on the bourses , at Rs 155.50, a 20 per cent premium over its initial public offer (IPO) price of Rs 130 per share. The speciality chemical manufacturer’s Rs 600-crore IPO was subscribed 107 times earlier this month. The high-net-worth investor quota had attracted 217.6 times subscription while the qualified institutional buyers’ portion was subscribed 175.4 times. The retail portion was subscribed 20 times. At the issue price, the stock was valued at a price-to-earnings (PE) ratio of 49.81.
Anupam Rasayan saw a tepid listing, as the share got listed at Rs 520 on NSE, a 6.31 per cent discount to its issue price of Rs 555Anupam Rasayan saw a tepid listing on Wednesday, as the share got listed at Rs 520 on NSE, a 6.31 per cent discount to its issue price of Rs 555. Anupam Rasayan manufactures a variety of intermediates and ingredients for insecticides, fungicides and herbicides for agrochemical companies. Besides, it also produces anti-bacterial and ultraviolet protection ingredients for FMCG and pharma companies. The Rs 760 crore IPO, which was sold from March 12 to 16, had received 44.06 times bids, with the HNI quota (NII) receiving 97.42 times subscription, the QIB quota 65.74 times and the retail quota 10.77 times. At the issue price, the scrip commanded a PE of 95.2 times trailing 12-month basis on a restated EPS of Rs 5.80. This is significantly higher than the peer average of 33 times.
Kalyan Jewellers share price opened on a tepid note as the stock fell 15 percent to Rs 73.95 compared to the issue price of Rs 87, on the National Stock Exchange, March 26. The muted subscription to its IPO and bearish trend in equity market dented sentiment. The stock declined 15.60 percent to list at Rs 73.90 on the BSE. The public issue of jewellery maker had seen a subscription of 2.61 times, while the benchmark indices had fallen more than 7 percent from their all-time high seen in February amid increasing COVID-19 cases and FII selling. Kalyan Jewellers raised Rs 1,175 crore through its maiden public offer including fresh issue of Rs 800 crore that will be utilised towards working capital requirements. The company expanded to become a pan-India jewellery company, with 107 showrooms located across 21 states and union territories in India, and also has an international presence with 30 showrooms located in the Middle East as of December 2020. It generated a significant portion of revenues from gold jewellery, accounted for 74.77 percent in FY20 followed by studded (diamond and precious stone) and other jewellery segments. The company intends to continue leveraging their extensive 'My Kalyan' network of 766 centres across India to deepen customer engagement and actively bolster their efforts to acquire a larger customer base in the markets in which they operate.
Auto-components maker Rolex Rings Ltd has filed preliminary papers with capital markets regulator Sebi to launch an initial share sale. Rolex Rings' IPO comprises fresh issue of shares worth Rs 70 crore and an offer for sale of up to 65 lakh equity stocks by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC), according to the draft red herring prospectus (DRHP). Currently, Rivendell holds 45.51 per cent stake in Rolex Rings. Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. In addition, the auto component maker expects to receive the benefits of listing of the equity shares on the stock exchanges, enhancement of its brand name amongst existing and potential customers and creation of a public market for its equity shares in India. Based at Rajkot in Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country. For the six months ended September 2020, the company posted a profit of Rs 25.31 crore and its revenue from operations stood at Rs 224.52 crore. For the fiscal year ended March 31,2020, Rolex Rings reported a profit of Rs 52.94 crore as compared to Rs 59.04 crore in the preceding fiscal. Its revenues from operations was at Rs 666 crore in fiscal year ended March 31,2020 as against Rs 904.32 crore in the last financial year.
Digital wallet and payment gateway start-up One MobiKwik System is targeting an initial public offering (IPO) before September, hoping to raise between $200 million to $250 million, approximately over Rs 1,460 crore. The Gurgaon-based company is reportedly expected to file its draft red herring prospectus (DRHP) in May 2021, at a valuation of $1 billion. The company also intends to hold a pre-IPO funding round, which could give it a valuation of around $700 million, Bloomberg reported citing sources. "Details such as the size and timing of the fundraising could change," the source was quoted as saying. MobiKwik has not commented to the development. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is one of India's leading fintech platforms and has raised $110 million in funding so far from marquee investors. The company aims to build a digital credit card for 100 million Indians.
To encourage listing of start-ups, capital market regulator Securities and Exchange Board of India (SEBI) on March 25 approved a slew of relaxations to norms, including reducing holding period for pre-issue capital. Besides, the regulator approved revamping of delisting rules and rationalising the existing framework related to reclassification of promoter and promoter group entities.
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