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Rupee held up better than others against US Dollar, says FM Nirmala Sitharaman

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Finance minister Nirmala Sitharaman on Saturday said the rupee has “held back very well” against the US dollar when compared to other currencies, adding that the “RBI and ministry are keeping very close watch on this”. The Indian Rupee plunged to a record low on Friday, hitting 81.2250 to the dollar.

Speaking at a press conference in Pune after concluding her visit to the Baramati constituency, Sitharaman said efforts were on to contain inflation within the target band of 6%.

Also read: RIL-Sebi dispute: New SC bench to hear Sebi’s plea for review

Responding to a query on shifting of the Vedanta Foxconn semiconductor project from Maharashtra to Gujarat, the minister said the Maharashtra Vikas Aghadi (MVA) government should first answer why they stalled or stopped projects such as the Asia’s biggest Nanar oil refinery in Ratnagiri, the Rs 65,000-crore Wadhawan Port in Palghar district, Ahmedabad-Mumbai bullet train and the Mumbai Metro car shed.

“They should be held responsible for stalling projects rather than complain about one project that did not come to Maharashtra,” the finance minister said, pointing out that the Mumbai Metro Phase III project costs had escalated by Rs 4,000 crore because of the delay and failure to execute the project on time.

Harsha Engineers IPO opens today, GMP strong; anchor investors put in Rs 225 crore, should you subscribe?

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The initial public offering (IPO) of Harsha Engineers International Ltd (HEIL) opened on Wednesday for subscription. The precision bearing cages manufacturer has set a price band of Rs 314-330 per share for the initial stake sale which will remain open for subscription till Friday, 16 September. Ahead of the IPO, the company raised Rs 225.7 crore through its anchor book. Harsha Engineers plans to raise Rs 755 crore through this IPO which consists of a fresh issue of Rs 455 crore and an offer for sale (OFS) of up to Rs 300 crore by shareholders and promoters. As part of the OFS, Rajendra Shah is looking to offload shares worth up to Rs 66.75 crore, Harish Rangwala up to Rs 75 crore, Pilak Shah up to Rs 16.50 crore, Charusheela Rangwala up to Rs 75 crore and Nirmala Shah up to Rs 66.75 crore. Harsha Engineers shares were commanding a grey market premium (GMP) of Rs 220 today, according to people who deal in unlisted stocks.

Also Read: Petrol, diesel price today, 14 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

Harsha Engineers International garnered Rs 225.7 crore from 23 anchor investors and 17 domestic mutual funds ahead of the IPO. The company informed the bourses that it allocated 68,40,855 shares at Rs 330 per share on Tuesday, September 13, 2022, to anchor investors. American Funds Insurance Series Global Small Capitalization Fund, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, PineBridge Global Funds – PineBridge India Equity Fund, Abu Dhabi Investment Authority-Monsoon are among the investors that participated in the anchor book.

In addition, shares have been allocated to domestic funds Whiteoak Capital, HDFC Mutual Fund, SBI Mutual Fund, Franklin Templeton India MF, UTI MF, SBI Life, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, DSP Mutual Fund, ICICI Prudential Life Insurance & L&T Investment Management are among the investors that participated in the anchor book. Out of the total allocation of 68,40,855 equity shares to the anchor investors, 38,90,610 equity shares were allocated to 9 mutual funds through 17 schemes amounting to Rs 128.4 crore i.e. 56.9% of the Total Anchor Book Size.

Should you subscribe?

“Harsha Engineers with its dominant position is well placed to capture the growing bearing cage demand across industries. We like its increasing focus on other specialized precision components and on the growing EV segment which could boost its EBITDA margins. It is valued at 32.7x FY22 P/E which is at par with its listed peers. Given growth recovery in auto/auto ancillary and strong momentum in the midcaps, we expect the IPO to do well. We suggest investors to Subscribe for listing gains,” said Motilal Oswal in an IPO note.

Harsha Engineers International Ltd is the largest manufacturer of precision bearing cages, with 50-60% market share in the organized market. It offers a diversified suite of precision engineering products across geographies and end-user industries. It operates under 2 business divisions – engineering business and solar EPC business.

“In terms of valuations, the post-issue P/E works out to 32.7x FY22 EPS (at the upper end of the issue price band). Company’s consolidated PAT has grown at a CAGR of ~105% over FY20-22 on back of margin expansion. HEIL has a diverse product portfolio and strong expertise; we believe that these positives are yet to be factored in the valuations commanded by the company. Thus, we have a SUBSCRIBE rating on the issue,” said brokerage Angel One in its note.

Also Read: Rupee may fall on strong dollar, elevated oil prices, risk aversion in markets; USDINR to trade in this range

“At a higher price band, Harsha Engineers is demanding EV/Sales multiple of 2.2x, which is discounted to peer average of 5.6x. Above peer list includes large well established bearing manufacturers, which are trading at higher valuations thereby distorting the peer average. Excluding these highly valued manufacturers, still the demanded valuation by Harsha Engineers is discounted to the peer average. Thus the issue is attractively priced. Considering the future growth outlook of the bearing market; HEIL’s dominant position in the bearing cage market and the demanded attractive valuations, we assign a “SUBSCRIBE” rating for the issue,” said Choice Broking.

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Gold prices to trade sideways this week, support at Rs 48500; all eyes on US Fed meet, 75bps rate hike likely

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By Tapan Patel

Commodity prices traded lower with most of the commodities in the non-agro segment witnessed decline during last week except silver which rallied on higher demand. Crude oil prices fell by nearly 2% on demand growth concerns over slowdown fears. Base metals ended in red on China demand worries as COVID worries continued to haunt the investment sentiments.

Also read: Indian economy to grow at 6.8% this fiscal, CAD may widen to 5.5% of GDP in Q2 FY23

Silver prices traded higher with spot silver prices at COMEX surged by 3.88% to $19.59 per ounce for the week. MCX Silver December futures rose by 3.03% to Rs. 56720 per KG for the week. Silver prices extended rally over higher demand prospects and lower supply worries despite weakness in base metals and gold. The CFTC data showed that Money managers have decreased their bearish silver bets by 17173 lots in the last week.

Bullion prices traded under pressure as prices struggled to hold strength ahead of the US FED rate decision and stronger dollar. Gold prices fell below the crucial support range $1680 per ounce while silver prices pared gains following weak cues after disappointing US CPI data. Last week’s hot inflation data, combined with a strong labor market and retail sales numbers, prompted some to forecast a full percentage point hike. The dollar index traded higher as two days ago the US FOMC meet from Tuesday to set interest rates expectations for a super- sized rate increase of 75 basis points. The Fed is committed to tackle inflation reaching 40-year highs on rising energy and food costs. The dollar index ended 0.70% up at 109.76 for the week. 

Also Read:Nifty likely to head towards 18300 in October, Bank Nifty looks to hit 41800; buy SBI, Bharti Airtel for gains

We expect gold prices to trade sideways to down in this week with COMEX spot gold resistance at $1700 per ounce and support at $1640 per ounce. At MCX, Gold October prices have near term resistance at Rs. 49800 per 10 grams and support at Rs. 48500 per 10 gram. COMEX Spot silver has near term resistance at $20.10 per ounce with support at $18.90 per ounce. MCX Silver December has important resistance at Rs. 58500 per KG and support at Rs. 54000 per KG.

(Tapan Patel, Senior Analyst (Commodities), HDFC Securities. Views expressed are the author’s own.)

MCX Gold October futures may rise to Rs  51300 per 10 gram in coming sessions ahead of festive season

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By Jigar Trivedi

Comex gold traded near two-year lows at around $1,670 an ounce, remaining under pressure from a strong dollar and surging Treasury yields that reflected expectations for tighter monetary policy and slowing global growth. The US Federal Reserve led a raft of central bank rate hikes this week, delivering its third straight 75 basis point rate increase to bring down inflation. The European Central Bank is also expected to raise rates further, with ECB board member Isabel Schnabel saying that elevated inflationary pressures in the eurozone are likely to be more persistent than anticipated. Higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Also read: Rupee likely to fall further, dollar index may rise to 114 if US Fed hikes rate by 75 bps in November

Dollar hovers near 20-year high on Fed boost

The dollar index held above 111, hovering near a 20-year high of 111.81 hit on Thursday, underpinned by expectations that the Fed will remain aggressive in fighting inflation even at the risk of a recession. The Fed raised interest rates by 75 basis points for a third time in a row on Wednesday and projected rates to peak at 4.6% next year with no cuts until 2024, defying market speculations that the central bank could ease policy in 2023 to better manage the economy.

The dollar also benefited from safe-haven flows amid escalating geopolitical tensions surrounding Ukraine and growing fears about a global economic slowdown. The greenback scaled multi-decade highs against the euro and the sterling while hovering over two-year highs against the Australian and New Zealand dollars. Meanwhile, the dollar weakened against the yen after Japanese authorities intervened in the currency markets for the first time since 1998.

Indian rupee hits all-time low

USDINR weakened to an all-time low of 81.23, amid a continued rally in the US dollar after the Fed raised interest rates by another three-quarter of a percentage point and signalled it will keep rising well above the current level. Domestically, foreign portfolio outflows have also pushed the rupee lower while inflation has stayed above the upper end of the central bank’s 6% target this year. The RBI already raised borrowing costs by 140bps so far this year and has been selling dollars to prevent the rupee to fall further. Still, such intervention is weighing on the country’s foreign reserves and widening the current account deficit.

Also read: Reliance New Energy to acquire 20% stake in solar tech company Caelux Corp to produce low cost solar modules

India gears up for the festival season

Indians will be celebrating Dussehra, Diwali and Dhanteras in October when buying gold is considered auspicious. India’s love for gold is well-known. The precious metal has a central role in the country’s culture, a fundamental part of many rituals, considered to be a store of value, passed on from generations, and symbolic of Goddess Lakshmi, a mark of wealth. Usually, the second half of the calendar year reports an increase in gold demand with the onset of the festive season. In March 2022, MCX Gold hit a high near Rs. 55,4500 per 10 gram and from there it declined to the current point of approx Rs. 50,000 per 10 gram. With such a drop in prices, we may see increased food fall in the jewellers’ shops. Although the central bankers around the world are in the race to beat inflation, the dollar is up and safe haven demand has gone down, the return of Indian retail demand may push gold in the near term. MCX Gold October futures may rise to Rs. 51,300 per 10 gram in sessions to come.

(Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities. Views expressed are the author’s own.)

Bulls to stage a comeback or bears to drag Nifty below 16750? 5 things to know before market opening bell

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Indian share market is likely to open higher in the green as trends in the SGX Nifty hinted at a positive opening for domestic equities. In the previous session, the 30-pack BSE Sensex tumbled 638.11 points or 1.11% to settle at 56,788.81, and the broader NSE Nifty fell by 207 points or 1.21% to end at 16,887.35. According to analysts, any sustainable move below 16750 levels on Nifty could bring sharp negative momentum on the cards. On the upside, 17060-17100 could act as a strong hurdle for the short term. The next important support for the index is placed at 16750 levels.

Also Read: Share Market LIVE: Nifty, Sensex may open in green on positive global cues; Electronics Mart IPO opens today

Global Markets: Asian markets traded higher today morning after stocks on Wall Street rallied overnight. Japan’s Nikkei 225 rose 2.19% in early trade, while South Korea’s Kospi advanced 1.81%. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.71%. Markets in mainland China and Hong Kong are closed for a holiday. Meanwhile, in the US, the Dow Jones Industrial Average jumped 2.7%, the S&P 500 advanced about 2.6%, and the Nasdaq Composite added nearly 2.3%.

Nifty technical view: “A long bear candle was formed on the daily chart, that has engulfed more than half way mark of previous long bull candle of Friday. Technically, this pattern indicates a lack of strength to sustain the upside bounce in the market and the crucial lower support of 16750-16800 levels could be tested again. This is negative indication. Hence, a decisive slide below 16750 levels is likely to negate the bullish pattern created on Friday’s upmove and that could eventually result in further strengthening of downside momentum in the market. The short-term trend of Nifty remains weak,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “On the derivatives front, the highest call OI is at 17000 followed by 17100 strike price while on the put side, highest OI remains at 16500 strike price. Nifty Bank has witnessed continuous selling pressure and closed below the support of 38500. This indicates further bearishness in the near term. The index remains in a sell-on-rise mode with multiple hurdles at 39000-39500 where fresh call writing has been observed. The next crucial support on the downside is placed at 36600 which coincides with its 200 DMA,” said Om Mehra, Technical Associate, Choice Broking.

IPO Watch: Consumer durables and electronics retailer Electronics Mart India’s initial public offer (IPO) to open for subscription on 4 October and close on October 7. The price band for the offer has been fixed at Rs 56-59 per share. The company has mopped up Rs 150 crore through its anchor book, ahead of the opening of its initial public offer (IPO). The company has finalised the allocation of 2.54 crore equity shares to anchor investors at a price of Rs 59 per share, as per the filing with the exchanges.

Also Read: GAIL, Bombay Dyeing, HDFC, Avenue Supermarts, Nykaa, Vedanta, Dilip Buildcon stocks in focus

Stocks under F&O ban on NSE: The National Stock Exchange has not added any stock under its F&O ban list for 4 October. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

Petrol, Diesel Price Today, 26 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 26 September 2022 (Monday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Rupee falls to new record low on strong dollar, risk aversion in equity markets; may slip to 82 per USD

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Sebi to introduce regulatory framework to facilitate online bond platform providers

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Capital markets regulator Sebi on Friday decided to introduce a regulatory framework to facilitate providers of online bond platforms that are selling listed debt securities.

Under the framework, such platforms should register as stock brokers (debt segment) with the Securities and Exchange Board of India (Sebi) or be run by Sebi-registered brokers.

Also read: PMGKAY extension: FCI wheat stocks to fall to buffer by January

Also, the board of Sebi at its meeting here on Friday cleared a proposal to reduce the face value of listed privately placed debt securities.

Further, the regulator would issue a procedural circular detailing the specifics and mechanics of the operations of the online bond platform providers, according to a release issued by Sebi after its board meeting.

In addition, the board has approved the proposals relating to the reduction in the minimum holding requirement of units from 25 per cent to 15 per cent by sponsor(s) and sponsor group(s) of the total outstanding units of the Real Estate Investment Trusts (REITs) on post-initial offer basis.

Also, it cleared the proposals relating to discontinuation of a separate regulatory framework for unlisted Infrastructure Investment Trusts (InvIT).

Also read: RBI MPC: Terminal repo rate seen at 6.25-6.40% by FY23-end; no negative surprises boost stock market

Among others, the regulator has approved the proposal to amend rules governing Alternative Investment Funds (AIF) in order to prescribe the timeline for declaring first close of a scheme of an AIF along with the minimum corpus at which the first close may be declared.

Further, the board has approved a proposal for amending norms governing clearing corporations for orderly winding down of such corporations.

Sebi said that every clearing corporation will be required to ensure that the new framework provides for the timely and orderly settlement or transfer of position and the transfer of the collateral, deposit, margin or any other asset(s) of the members to another recognised clearing corporation that would take over the operations of the clearing corporation.

Daewoo to enter India with Kelwon Electronics

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The South Korean conglomerate Posco Daewoo is strategically positioning itself for entry into the thriving Indian market. This strategic move aims to capitalize on India’s robust economic growth and surging consumer demand, making it as one of the world’s most promising consumer markets.

Daewoo has a 50-year global heritage in both the Automotive and Electronics sectors. With a significant presence already established in 110 countries, Daewoo has expanded its global reach into India through strategic brand licensing partnerships.

Chan Ryu, Director with Kelwon Electronics to spearhead Daewoo India Operations, emphasized that Daewoo, part of the Posco conglomerate, possesses a globally recognized trademark and a well-established presence in international markets including USA, Europe, China, Middle East, UAE and many more. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.

“In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices” added Ryu

Sharing the future roadmap Mr Ryu elaborated, “Furthermore, in the upcoming year, as part of our Consumer Durables portfolio, we will introduce a wide range of products including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances.

These products will offer innovative and diverse features while remaining budget-friendly. Additionally, we have plans to unveil a captivating line of e-bikes and e-cycles in the Indian market.

Ryu further highlighted that this new partnership marks the beginning of a new chapter for Posco Daewoo in India. He also emphasized India’s emergence as a global manufacturing hub and the intent to seize this opportunity by collaborating with an Indian partner who possesses substantial experience and capabilities in the manufacturing, marketing, and sales of Daewoo products in India.

HS Bhatia, the Managing Director of Kelwon Electronics & Appliances stated, “We are delighted to welcome Daewoo, a revered Korean brand, into our brand portfolio. Daewoo boasts a rich history of innovation and enjoys the trust of millions of consumers worldwide. We are enthusiastic about harnessing our innovation capabilities and extensive distribution network to unlock new opportunities for both the brand and our valued customers. This long-term partnership forms the cornerstone for our company’s sustained growth in the years ahead.”

Bhatia remarked, “Today, the entire world is turning its attention to India and its growing market, as our nation is on track to becoming the third largest economy in the world. Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India toward this significant economic milestone.

With an emphasis on the automotive and energy-related sectors, Daewoo aims to provide cutting-edge products and solutions that align with India’s growing demand for sustainability and technological advancement. India is the world’s fourth-largest retail market and the 16th-ranked country on the 2023 FDI Confidence Index. The retail industry in India accounts for more than 10 percent of the country’s GDP and employs approximately eight percent of the population.

‘Delhi Future Stars’; an initiative to elevate youth football in the capital

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The Directorate of Education of the Government of NCT Delhi, in collaboration with the Delhi Soccer Association (DSA) and HCL, a prominent global conglomerate, has introduced an initiative called ‘Delhi Future Stars.’ This programme is geared towards revolutionising youth football in the capital region by creating opportunities for young footballers to exhibit their talent and enhance their skills, according to an official release.

Delhi Future Stars aims to transform three significant leagues: the Delhi Youth League, the Delhi School League and the Delhi Grassroots League. Scheduled to kick off on October 30, 2023, the league will feature participation from more than 6,500 players and over 400 football teams spanning Delhi NCR, the release mentioned.

Anticipated to captivate an audience exceeding 10 lakh people, this initiative will involve active participation from parents, schools and academies, all pivotal in the league’s success. Matches are slated to take place at 35 different venues across Delhi NCR, offering ample opportunities for players to exhibit their talents and compete at a heightened level, as per the release.

“The collaboration between the Directorate of Education of Government of NCT Delhi, DSA and HCL demonstrates a unique partnership working together to create a brighter future for young footballers. Together, we aim to nurture talent, promote inclusivity, and foster a love for football among the youth in Delhi,” Anuj Gupta, president, Delhi Soccer Association, said.

Sahara India Commercial Corporation: SC stays SAT order lifting Sebi’s attachment directive

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The Supreme Court on Friday stayed the order of the Securities Appellate Tribunal (SAT) that had lifted Sebi’s attachment order on Sahara India Commercial Corporation (SICCL) and its directors, including Subrata Roy, subject to the company depositing Rs 2,000 crore with the markets regulator.

This lifting order, according to Sebi, is in contravention of the SC’s 2012 and 2013 orders that had directed Sebi to take all legal remedies, including attachment and sale of properties and freezing of bank accounts, for realisation of Rs 25,781 crore collected by the two Sahara firms – SICCL and Sahara India Real Estate Corporation – from three crore investors with interest in case of default in payment by them.

Also Read: Share Market HIGHLIGHTS: Sensex ends 105 pts up, Nifty at 17833 amid volatility; Infosys, TCS, SBI stocks jump

A bench led by Justice SA Nazeer while staying the SAT’s order also sought response from Sahara India Commercial Corporation, Subrata Roy and others on the Sebi’s appeal against the tribunal’s decision. It also tagged the case with the cases already pending before it.

The SAT in November asked SICCL and then directors, including Subrata Roy, to deposit Rs 2,000 crore with Sebi. Following the deposit of the amount, the attachment order against the company and its directors would be lifted. The fund was to be kept in an escrow account by the market regulator. Besides, the tribunal had also directed SICCL and Sahara India to provide a full inventory of all the assets and properties and details of all the bank accounts in India and abroad, demat accounts and holding of mutual funds/shares /securities (in physical or in demat form) to Sebi within four weeks.

In April last year, Sebi’s recovery officer had issued a demand notice directing SICCL and its then directors to deposit Rs 14,106 crore within 15 days, failing which recovery would be made. As Sahara group company failed to comply with its orders, the recovery officer issued an attachment order in October 2021 directing the banks to attach the accounts and demat accounts of the firms. This was challenged by SICCL before the SAT.

Sahara group has been locked in a prolonged legal battle with Sebi for allegedly breaching norms in raising over Rs 25,000 crore through bonds. Roy and two group directors are out on parole since May 2016, after spending two years in Delhi’s Tihar Jail.