In the week gone by, subdued global sentiment due to mayhem in the global financial sector continued to spoil the enthusiasm of market participants. In another development, the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector. Actually Fed Chair Jerome Powell has a tightrope to walk, balancing the need to fight inflation with the need to maintain stability in the financial system. The recent economic data showed jobless claims are inching lower and new home sales posting a surprise gain, providing fresh evidence that the economy is yet to show the kind of softening that would lend itself to cooling inflation. Comments from the Bank of England that inflation will probably quickly fade also helped fuel hopes of light at the end of the central bank tightening tunnel. The BoE's commentary "paints a picture of a global central banking system that's ready to slow the pace of their hiking. On the economy front, China economic data is showing signs of recovery with manufacturing PMI rising to 11-year-high and property prices starting to stabilise. Manufacturing activity in China, the world's second-largest economy, expanded at the fastest pace in more than a decade in February as production increased after the lifting of Covid restrictions in December.
Back at home, domestic market too witnessed volatile trade mirroring the weak trends across the globe as lingering concerns over banking systems pushed investors on the edge. Meanwhile, India’s trade deficit moderated to 6.1% in February from 6.2% in January, helped by sequential fall in non-oil non-gold imports while the fall in global crude prices is likely to offer a respite for India’s current account deficit management. On the Domestic central bank front, it is expected that Reserve Bank of India will raise the repo rate by 25 basis points in April before it goes for a pause. Overall, Indian markets are expected to remain range-bound due to a lack of triggers. The global environment continues to remain volatile as uncertainties persist amid the banking crisis. FIIs too have been consistent sellers for the last few days, which may keep the market under pressure.
Market took a pause after a two week fall; the key event was of course Fed meet. Gold and silver, both are trading in upper territory. The upside is expected to be continued as dollar index is looking bearish. Gold and silver can trade in a range of 57000-61000 and 68500-71500 respectively. Crude oil may face resistance near 5800-5900 and support is near 5450-5400 levels. Base metals will continue to trade mix on their own fundamentals. Agri commodities saw some rebound in arrival season due to untimely heavy rain which is creating fear of crop and yield loss. Ifo Business Climate, Inflation Rate, Unemployment Rate, Unemployment Change and GfK Consumer Confidence of Germany, Consumer Confidence, Core PCE Price Index, PCE Price Index and Michigan Consumer Sentiment Final of US, Core Inflation Rate of Euro Area, Core Inflation Rate of Italy, etc are important data which will give further direction to the commodities.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true.
SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.
DISCLAIMER: This report is for informational purpose only and contains information, opinion, material obtained from reliable sources and every effort has been made to avoid errors and omissions and is not to be construed as an advice or an offer to act on views expressed therein or an offer to buy and/or sell any securities or related financial instruments, SMC, its employees and its group companies shall not be responsible and/or liable to anyone for any direct or consequential use of the contents thereof. Reproduction of the contents of this report in any form or by any means without prior written permission of the SMC is prohibited. Please note that we and our affiliates, officers, directors and employees, including person involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) may trade in this securities in ways different from those discussed in this report or (c) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instrument of the company (ies) discussed herein or may perform or seek to perform investment banking services for such Company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential conflict of interest with respect of any recommendation and related information and opinions, All disputes shall be subject to the exclusive jurisdiction or Delhi High Court.
SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
The company's financial performance remains strong on account of healthy profitability and return indicators, negligible borrowings, comfortable liquidity and strong debt coverage metrics. Also, the company is well positioned to benefit from rising defence expenditure supported by strong execution track record and a strong order book providing healthy revenue visibility ahead. Thus, it is expected that the stock will see a price target of Rs.103 in 8 to 10 months’ time frame on a current P/BV of 5.17x and FY24 BVPS of Rs.19.90.
The company has been witnessing improvement in its average room rate and occupancy level. According to the management of the company, it has delivered a strong performance on the back of strong domestic business travel, a rebound of the MICE segment and very strong Average Room Rates. Led by sectoral tailwinds, its aggressive growth plans and a focused strategy for value creation, support the growth. Its cost optimization has led to improvement in EBITDA margin, which augers well for the company in terms of more cash generation to fund part of its capex through internal accruals. Thus, it is expected that the stock will see a price target of Rs.428 in 8 to 10 months’ time frame on 1 year average P/BVx of 5.03x and FY24 BVPS of Rs.85E.
The stock closed at Rs 744.50 on 24th March, 2023. It made a 52-week low of Rs 575.65 on 20thJune, 2022 and a 52-week high of Rs. 823.80 on 11th April, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 728.57.
After forming “Double Bottom” pattern around 640 levels on daily charts, the stock recovered sharply and once again reclaimed a momentum above 700 levels in short span of time. From last two months, the stock has been trading in a broader range of 700-745 while flirting around its 200 days exponential moving average. Last week, the stock has caught up a momentum above the “rectangle pattern” after a prolong consolidation phase. The price action is accompanied with positive divergences on secondary oscillators which points towards next upswing into the prices. Therefore, one can buy stock in the range of 740-745 levels for the upside target of 810-820 levels with SL below 700 levels.
The stock closed at Rs 151.40 on 17th March, 2023. It made a 52-week low of Rs 129.25 on 26th December, 2022 and a 52- week high of Rs.251.50 on 07th April, 2022. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 154.50.
After making a 52 week low of 129.25 in late December 2022, the stock made a smart recovery, from its lows and bounced back once again to regain a momentum towards north with formation of a rising channel on daily charts. Last week, the stock has witnessed good volumes with rise in price, which suggests some long build up into the stock. Technically, the stock is on a verge of getting, fresh momentum above its 200 days exponential moving average on daily interval. The positive divergences on secondary oscillators with rise in prices suggests for next round of upside momentum into the stock. Therefore, one can buy stock in the range of 150-152 levels for the upside target of 170-172 levels with SL below 138 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
Indian markets fell for the third consecutive week, as Nifty ended the week below 17000 mark while Bank Nifty slipped back below the crucial support level of 39600 once again, as selling pressure at higher levels mounted, as fear of a rising inflation rate was seen as a main hurdle, which pulled down the market in the later part of the week. From derivative front, put writers were seen got trapped at 17000 PE strike, which further added selling pressure into the market. The Implied volatility (IV) of calls closed at 13.56% while that for put options closed at 14.59%. The Nifty VIX for the week closed at 14.49%. PCR OI for the week closed at 0.74. Technically both the indices are holding well below its 200 days exponential moving averages on daily charts and can be seen fluctuating in broader range. For upcoming week, we keep our stance bearish for Nifty and expect markets to remain volatile as well. On the lower side, 16650 would act as a major support for the index, below which we could witness further downside into the prices.
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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 NCDEX Apr futures are expected to trade in the range with bullish bias due to good domestic and export demand. Spice millers are showing interest in buying after sharp fall in prices. Quality of arrivals has improved that is prompting stockists to buy turmeric at current levels. Arrival pace has picked up in major market like Nizamabad, Sangli, Selam and Erode with advancement of harvesting activities. However, cumulative arrivals at major mandies have been down by about 57% Y-o-Y so far in Mar’23. About 33 thousand tonnes were arrived during 1-10th March’23 at major mandies as compared to 77 thousand tonnes of previous year. But higher production prospects will weigh on the market sentiments. The Spices Board has pegged turmeric production at 1.33 mln tn, up 18.4% on the year. Turmeric Apr contract is expected to find support near 6800 and expected to move up towards 7600 in near term.
Jeera NCDEX Apr futures are likely to trade higher due to improved export demand and unseasonal rains in the Rajasthan and some part of Gujarat that cast a shadow over the quality and yield of jeera. In the Unjha market yard, wherein it is widely traded, the price of jeera soared from Rs 34,775 per quintal to Rs 38,000 per quintal from March 1-20 - up 10 % in less than a month, according to the Agmark portal. However, gains are likely to be limited with rising fresh arrivals and higher production estimates. Total production is estimated to increase by 28% Y-o-Y to 384 thousand tonnes in year 2023 as Federation of Indian Spices Stakeholder. Jeera prices are likely to trade in the range of 32000-37500 levels.
Dhaniya NCDEX Apr prices are expected to trade down as the recent isolated rainfall & hailstorm in certain regions of Rajasthan and MP has not posed a significant threat to the recently harvested Coriander crops. Overall production of Dhaniya is estimated to be higher by 18%-20% that will reflect as sharp rise in arrivals in Mar-Apr. Demand has been subdued as major buyers and spices millers are avoiding bulk buying with rising supplies of new arrivals in major mandies. Dhaniya exports during Apr-Jan 2023, dropped by 10.53 percent at 36,823.43 tonnes as compared to 41,153.95 tonnes exported during Apr-Jan 2022. Dhaniya NCDEX Apr prices are likely to trade in range of 6900-7550 levels.
Gold prices posted positive returns in the past week, after the Federal Reserve signaled a potential end to its monetary tightening cycle could be on the horizon. The thought of peak U.S. rates being within reach is bolstering prices of the zeroyielding precious metal. As long as market expectations for a 2023 rate cut remain intact, gold may well revisit the psychologically-important $2000 mark. The Fed raised rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs given concerns about the banking sector after two U.S. lenders collapsed earlier this month. Fed policymakers believe beating back inflation may require just one more interest rate hike this year. The key focus is still on the banking crisis in the U.S., they’re looking at whether there’s further contagion to that effect. However, Fed Chair Jerome Powell in his news conference warned that the Fed would do “enough” to bring inflation down to 2%, and raise rates higher if it needed to. Meanwhile, the Bank of England raises interest rates by 25 bps for the 11th time in a row. Gold prices on COMEX now facing resistance near $2010, a successful break above the levels will give a push to prices towards $2070 whereas it on the lower side $1890 remains key levels to watch. Silver will also follow the footsteps of Gold and the chart looks impressive, the possible trading range would be $20.900-24.650. Ahead in the week, gold prices on mcx may continue to trade with bullish bias where it may take support near 58000 levels and face resistance near 62000 levels. Silver prices may continue to trade higher and the possible trading range would be 67000-73000 levels.
,Crude oil prices posted gains as dollar weakness supported energy prices after the dollar index dropped to a 6-week low. Also, the strength in crude oil demand from India, the world’s third-largest crude consumer, is bullish for prices. Crude oil prices maintained moderate gains on mixed EIA inventory report. Rising crude demand in India is bullish for oil prices. India's oil ministry reported that India Feb crude oil imports rose +8.5% y/y to 19.1 MMT, the most in seven months. In a bearish factor, Vortexa reported that the amount of crude stored on tankers that have been stationary for at least a week rose +2.6% w/w to 82.71 million bbl in the week ended March 17. A bearish factor for crude was last Wednesday's monthly report from the International Energy Agency (IEA) that said global crude supplies would "comfortably" exceed demand in the first half of this year. The IEA reported that global oil inventories surged by 52.9 million bbl in Jan to 7.8 billion bbl, the highest in 1- 1/2 years. OPEC crude production in February rose by +120,000 bpd to 29.24 million bpd. On the bullish side, EIA gasoline stockpiles fell -6.40 million bbl, a larger draw than expectations of -2.36 million bbl. Also, EIA distillate supplies fell -3.31 million bbl, a larger draw than expectations of -1.5 million barrel. Ahead in the week, prices may witness selling pressure and the possible trading range would be 5400-6100. Natural gas posted negative returns in the previous week, as inventories are above 22.0% of their 5-year average as of March 17. Forecaster Atmospheric G2 said below-normal temperatures are expected across most of the northern and western U.S. from March 28-April 1. Ahead in the week prices may trade in the wider range of 155-210.
Base metals may trade in the range with bullish bias as the market is still assessing wider banking sector turbulence and the U.S. Federal Reserve's policy decision for a price direction while hopes for Chinese demand recovery may also boost sentiment. Economic activity in China picked up in the first two months of 2023 as consumption and infrastructure investment drove recovery from pandemic disruption despite challenges of weak global demand and a downturn in the property sector. Copper may trade in the range of 765-800 levels. The world's refined copper market had a 103,000-tonnes surplus in January, compared with a 10,000-tonnes surplus the previous month, the International Copper Study Group said in its latest monthly bulletin. Worries about copper supplies on the LME market have resurfaced as cancelled warrants -- metal earmarked for delivery -- are at 45% of the total at 73,475 tonnes compared with 29% a week ago. Zinc can trade in the range of 247-268. Chinese spot treatment charges for zinc concentrate slipped from their highest in more than two years in March and will likely fall further on high smelter utilisation rates and a demand recovery in its biggest consuming market. The global zinc market deficit fell to 18,300 tonnes in January from a revised deficit of 80,300 tonnes a month earlier, data from the International Lead and Zinc Study Group showed. Lead can move in the range of 178-187 levels. Aluminum may trade in the range of 198-215 levels. Weakening consumption in Europe and the US will negatively impact China’s aluminum product exports, lowering demand for primary aluminium. Steel long (Apr) is likely to trade in the range of 47500-49500 levels on NCDEX with bearish bias.
Cotton/Kapas prices are expected to trade sideways due to rise in arrivals in markets and export demand for yarn. Gujarat's cotton exporters have been witnessing an unexpected rise in demand for yarn from Turkey and Europe since February. In the past two months, the share of Turkey and Europe in India's total cotton export has increased from around 15% to 30%. However, Cotton arrivals in India have begun to increase to a three-year high across agricultural produce marketing committee yards in the growing regions in March. According to data from Agmarknet, increasing arrivals have left the market confused over the exact production of cotton this season (October 2022-September 2023). But some big farmers and stockists are holding their quality crop in expectation of further rise in prices. Kapas Apr NCDEX prices are likely to trade in range of 1530- 1590 levels. MCX cotton is likely to trade in the range of 60000-62000 levels.
Cotton seed oil cake NCDEX Apr futures are likely to trade sideways with bearish bias due to rising supplies at major trading centers as the arrivals of cotton is increasing. But ginning activities have been down due to limited export demand of cotton that has impacted cotton seed production badly in year 2022-23. Cotton seed oil cake prices are likely to trade in range of 2500- 2850 levels.
Guar seed Apr futures are expected to trade sideways to higher due to shrinking supplies at major local markets. The rise in exports of guar split from India is also supporting the counter. India’s guar split exports increased in Feb ’2023 by 19% to 4,420 tonnes compared to 3,711 tonnes in previous month. Milling demand of guar seed has been increased due to expected rise in crude oil production that has boosted the export prospects of gum. US crude production is set to rise from 11.9 million barrels per day (bpd) in 2022 to 12.4 million bpd in 2023 and 12.6 million bpd in 2024, according to the US Energy Information Administration. But profit booking at higher level cannot be denied. Guar seed prices will trade in range of 5300-6000 in near term wherein Guar gum prices are likely to trade in range of 10500-13000 levels.
Mentha oil Apr contract is likely to trade lower on weaker demand due to recession fears and global banking turmoil. The recent rainfall in northern part of India has lowered the temperature that is likely to boost the sowing activities. Prices may witness downside to 995 levels and will honor the resistance of 1030 levels in near term.
Castor seed Apr prices are expected to trade sideways to lower due to adequate supplies in the market. Daily arrivals have increased wherein crushing demand is still poor due to sluggish export of castor oil. Bleak export demand is still a major concern for castor oil traders as domestic stocks are surging up with fall in export. According to the primary survey results, India's total castor output for 2022-23 will be 19.46 lakh tonnes, up 15% from 16.94 lakh tonnes in 2021-22. Going forward, castor seed prices are likely to trade in range of 6100-6500 levels.
It closed at Rs. 257.55 on 23rd Mar 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 270.71. On the daily chart, the commodity has Relative Strength Index (14-day) value of 38.295. Based on both indicators, it is giving a buy signal.
One can buy near Rs. 256 for a target of Rs. 270 with the stop loss of 249.
It closed at Rs. 5790.00 on 23rd Mar 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 6252.99. On the daily chart, the commodity has Relative Strength Index (14-day) value of 36.455. Based on both indicators, it is giving a sell signal.
One can sell near Rs. 5800 for a target of Rs. 5400 with the stop loss of 5950.
It closed at Rs. 7174.00 on 23rd Mar 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs 7409.14 On the daily chart, the commodity has Relative Strength Index (14-day) value of 52.076. Based on both indicators, it is giving a buy signal.
One can buy near Rs. 7100 for a target of Rs. 7600 with the stop loss of 6850.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
Market took a pause after a two week fall; the key event was of course Fed meet. The Fed hiked interest rates by 25 basis points on Wednesday, but softened its rhetoric on tightening monetary policy- signaling that it may be considering an eventual pause in policy tightening to prevent further economic headwinds. The bank also trimmed its economic growth forecast for the year. While the Fed hiked interest rates as expected and said it was committed to curbing inflation, changes in the Fed’s language saw markets betting that the central bank’s terminal rate was within sight. This pulled the dollar to a seven-week low against a basket of currencies, benefiting commodities priced in the greenback. The prospect of a less hawkish Fed also boosted the outlook for non-yielding assets such as gold. The Fed’s potential shift in policy comes in the wake of a potential banking crisis, which saw several U.S. banks collapse amid a sharp rise in interest rates. The event saw investors pile into gold as a safe haven, with the prospect of slowing U.S. economic growth and a less dovish Fed furthering the case for the yellow metal. MCX gold made new highs of 60320 and comex gold breached $2000 and touched almost $2015 after many months. Investment bank Goldman Sachs said in a note that gold remains the best safe haven asset, and hiked its target price for the yellow metal to $2050 an ounce from $1950 an ounce. Silver breached the mark of 70000. Base metals were mix. Copper headed for north on supply tightness issue after a fall of almost a month whereas lead and zinc trio were almost three week down on fragile economic sentiments whereas aluminum saw marginal gain. In energy counter, crude oil saw minor recovery after a sharp fall in previous week whereas natural gas ignored all the positive news and broke the support of 195 levels.
In agri, cotton oil seeds cake continued its upward journey while cotton traded in slim spread. Gaur counter witnessed strong bounce as milling demand of guar seed has increased. Jeera prices continued to move up for nonstop third week due to improved export demand. Dhaniya was in consolidation mode with upside bias in fear of yield losses. Reports of crop damage in northern part of India due to heavy rainfall hailstorm are likely to support firmness in prices in near term. Quality of arrivals has improved that is prompting stockists to buy turmeric at current levels. Turmeric hit 7000 levels last week. Castor saw some recovery; however; Bleak export demand is still a major concern for castor oil traders as domestic stocks are surging up with fall in export.
Steel industry is often considered as an economic indicator of any country’s development because of its critical role in infrastructural and overall economic development. In India, around 60% of the Steel production is for Long Products used mainly for the Construction activities. Balance 40% of the Steel produced is for flat products, used for the electrical, automobile & engineering purpose. Steel application across segments will see a quantum jump, and moreover newer areas of usage such as the integration of artificial intelligence (AI) and drone technology will provide ample opportunities to the steel players.
Indian scenario
World scenario
Outlook
International steel prices are expected to remain elevated due to high input costs, primarily iron ore and coking coal, and the ongoing geopolitical crisis. The domestic steel prices are expected to directionally follow the global prices and strengthen due to continued strong domestic demand driven by continued thrust on infrastructure development and pick-up in the real estate and construction activities amid an overall economic revival and increase in input prices.
Robust infrastructure development in China alongside the transition to low-carbon energy sources has led several analysts to maintain a bullish outlook for the commodity. Steel production in India will be driven by an increase in allocation of capex by 37.4% y-o-y at Rs. 10 lakh crore in Union Budget 2023-24. Government’s push for infrastructure development through Gati-Shakti Master Plan, ‘Make-in- India’ initiative for manufacturing sector, Pradhan Mantri Awas Yojna (PMAY) etc. would provide impetus to the demand and consumption of steel in the country.
The Indian Rupee edged below 82.00 to a dollar this week after strengthening towards 81.68 earlier this month. However, the domestic fall was limited as Rupee logged its best day in three weeks after the FOMC outcome this week. Accordingly, Fed stepped-up once again for a quarter basis-point hike ninth in a row to lift the Fed Fund rate range between 4.75% - 5.00%, the highest level since 2007. However, as per the statement, the conviction of further hikes is less based on the situation with bank credit. Further 7 FOMC officials out of 18 now see inflation risks as balanced. On top of that, Powell said during a press conference that officials had considered skipping a rate hike after banking stress intensified last week. And he hinted that Wednesday’s increase could be their last one for now depending on the extent of any lending pullback that follows a bank run earlier this month. We think USDINR may stay in a narrow range between 82.00 to 82.50 in the last week of the current financial year. Globally the market volatility shot up to the highest level since the 2007 global financial crisis notably the bond market volatility after a flip-flop statement from the US Treasury Secretary, Janet Yellen to address the ongoing banking concerns in the US. Apparently safe haven bid USD will continue to strengthen and despite the dovish Fed, equity-linked currencies euro and pound may face further weakness in the coming days until major breakthroughs in the US banking front change substantially.
USDINR (MAR)is trading between its major Exponential Moving Average indicating sideways trends for short term view. The Pair has major support placed around 81.50 levels while on higher side resistance is seen around 83.00 levels. The 21-day Exponential Moving Average of the USD/INR is currently around 82.51 Levels. On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 43.84.
One can sell near 82.50 for the target of 81.50 with the stop loss of 83.00.
GBPINR (MAR)is trading above its major Exponential Moving Average indicating upwards trends for short term view. The pair has major support placed around 100.10 levels while on higher side resistance is seen around 101.80 levels. The 21-day Exponential Moving Average of the GBP/INR is currently around 100.07. On the daily chart, the GBP/INR has Relative Strength Index (14-day) value of 58.27.
One can buy near 100.50 for the target of 101.50 with the stop loss of 100.00.
EURINR (MAR) is trading above its major Exponential Moving Average indicating upwards trends for short term view. The pair has major support placed around 87.30 levels while on higher side resistance is seen around 89.75 levels. The 21-day Exponential Moving Average of the EUR/INR is currently around 88.32. On the daily chart, the EUR/INR has Relative Strength Index (14-day) value of 58.27.
One can buy near 88.50 for the target of 89.50 with the stop loss of 88.00.
JPYINR (MAR) is trading above its major Exponential Moving Average indicating upwards trends for short term view. The pair has major support placed around 62.00 levels while on higher side resistance is seen around 64.00 levels. The 21-day Exponential Moving Average of the JPY/INR is currently around 62.07. On the daily chart, the JPY/INR has Relative Strength Index (14-day) value of 60.90.
One can buy near 63.00 for the target of 64.00 with the stop loss of 62.50.
Engineered quartz manufacturer Global Surfaces made a good debut with 17 percent premium on March 23, tracking positive mood in the markets. It was on expected lines given the good subscription numbers, and recovery in equity markets, though there are concerns with respect to falling operating margin. The natural stones processing company has received 12.21 times subscription to its maiden public issue which was opened for bidding during March 13-15, 2023. This was the second public issue in the current calendar year after Divgi TorqTransfer Systems. The initial public offering fetched Global Surfaces Rs 154.98 crore which included a fresh issuance of shares worth Rs 119.28 crore at the higher end of the price band of Rs 133-140 per share. The company, which already has two units in Rajasthan, will set up its manufacturing facility for engineered quartz in Dubai, through its subsidiary Global Surfaces FZE. Natural stones, which are produced by complex geological processes, include a number of products such as granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine, and others that are quarried from the earth.
Bank of Baroda-promoted IndiaFirst Life Insurance Company has received the approval from capital market regulator Sebi to float a public issue. The IPO will comprise fresh issuance of shares worth Rs 500 crore, and an offer-for-sale of 14.12 crore equity shares by selling shareholders. Promoters Bank of Baroda and Carmel Point Investments India are going to offload 8.9 crore equity shares and 3.92 crore shares, respectively, through an offer-for-sale. Public shareholder Union Bank of India is also going to sell 1.3 crore shares through the OFS. The life insurance company is expected to raise Rs 100 crore from the pre-IPO placement, before the filing of red herring prospectus with the ROC. If the said pre-IPO placement is undertaken, then accordingly the issue size may get reduced. Bank of Baroda now owns 65 percent shareholding and Carmel Point Investments India 26 percent in the company, while Union Bank of India has 9 percent stake.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the listing of IREDA, a central public sector undertaking (CPSE) under the Ministry of New and Renewable Energy (MNRE). It finances renewable energy and energy efficiency projects. This will help raise funds for the Indian Renewable Energy Development Agency (IREDA) through issue of fresh equity shares. Department of Investment and Public Asset Management (DIPAM) will drive the listing process. IREDA is currently a wholly-owned Government of India, Mini-ratna (Category-I) CPSE incorporated in 1987 and is engaged in financing of Renewable Energy (RE) and Energy Efficiency (EE) projects in India. It is registered as a Non-banking Financial Company (NBFC) with the Reserve Bank of India (RBI).
Mumbai-based SBFC Finance Limited, a non-deposit-taking non-banking finance company (NBFC-ND-SI) has refiled draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) and reduced its Initial Public Offering (IPO) size to Rs 1200 crore from Rs 1600 crore planned earlier. The initial share sale comprises fresh issuance of equity shares worth Rs 750 crore and an Offer for Sale (OFS) of Rs 450 crore. As per the CRISIL report stated in the DRHP, the company amongst all MSME-focused NBFCs has had the highest assets under management (AUM) growth. Between FY2019 and FY2022 its growth was at a CAGR of 40 percent. It is the lowest proportion of AUM arising out from the largest state in its portfolio and has maintained so despite its growth since its inception in 2017. The lender provides financial assistance to entrepreneurs, small business owners, and selfemployed and salaried individuals. Up to 81.57 percent of its MSME loan customers have a CIBIL score above 700 at the time of origination.
Gurugram-based payment service provider MobiKwik plans to file for an Initial public offering (IPO) in the next 12-18 months, Upasana Taku - Chairperson, Cofounder & COO of the company. MobiKwik's IPO plans lapsed in November 2022. MobiKwik had approval from India's market regulator for its Rs 1,900-crore IPO, which comprised a fresh issue of Rs 1,500 crore and an Offer-for-Sale (OFS) of Rs 400 crore. However, Paytm's disastrous IPO, which the company took part in with a valuation at $20 billion, dettered MobiKwik.
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Axis Mutual Fund, the seventh largest fund house, is looking to raise at least Rs 50 crore from a new fund offer during the primary subscription period of March 22- April 5. The open-ended S&P 500 ETF fund of funds will invest in exchange-traded funds replicating the S&P 500 index. Vinayak Jayanath will be managing the fund, which will carry an exit load of 25 bps if redeemed/switched out within 30 days from the date of allotment, and no exit load if redeemed/switched out within 30 days of allotment, Raghav Iyengar, who is the chief business development officer at the fund house said, adding they hope to collect at least Rs 50 crore during the fund offer period.
Mirae Asset Mutual Fund announced the launch of Mirae Asset Nifty 100 Low Volatility 30 ETF. The New Fund Offer (NFO) is open and it will close for subscription on March 21. The scheme reopens for continuous sale and repurchase on March 27. The fund will be managed by Ekta Gala. During the NFO, an investor can invest a minimum of Rs 5,000 or any quantum above that in multiples of Re 1. Nifty100 Low Volatility 30 Index is a Smart Beta ETF that aims to measure the performance of the low volatile securities in the large market capitalization segment. Smart Beta ETFs aim to potentially combine the benefits of both active and passive investing. Nifty100 Low Volatility 30 Index is a Smart Beta ETF that aims to measure the performance of the low volatile securities in the large market capitalization segment. Smart Beta ETFs aim to potentially combine the benefits of both active and passive investing.
Edelweiss Mutual Fund will merge Bharat Bond ETF 2023 with Bharat Bond ETF 2025, the next scheme in the series. Along with this, the fund of funds (FoF) will also merge. Markets regulator Securities and Exchange Board of India (Sebi) has conveyed no objection to the proposal to merge the two schemes.
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