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Harsha Engineers IPO opens on September 14: Check price band, GMP, lot size, other bidding details

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The initial public offering (IPO) of Harsha Engineers International Ltd, will open for bidding on 14 September. The precision bearing cages manufacturer has set a price band of Rs 314-330 per share for its maiden public issue which will remain open for subscription till Friday, 16 September. The company plans to raise Rs 755 crore through this IPO. The anchor book will open on Tuesday, 13 September. Axis Capital, Equirus Capital and JM Financial are the lead managers to the issue. The shares of the company were trading in the grey market at a premium of Rs 140-150 a share, according to experts.

The IPO 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. Investors can make a bid for a minimum of 45 equity shares and in multiples thereafter. The company is offering a discount of Rs 31 per equity share to its eligible employees.

Harsha Engineering was founded by Rajendra Shah and Harish Rangwala in 1986. The promoters hold 99.7 percent of the company’s equity. It offers a diverse suite of precision engineering products across geographies and end-user industries, including automotive, aviation and aerospace, railways, construction, mining, renewable energy, agriculture and other industrial sectors, the DRHP said. The company claims to have a 50 per cent market share in the organised segment of the Indian bearing cages market and a 5.2 per cent market share in the global organised bearing cages market for brass, steel and and polyamide cages as of the year 2020.

The company recorded a profit of Rs 91.94 crore on revenue of Rs 1321.48 crore for the year ended March 2022. Net debt for the period stood at Rs 356.59 crore, up from Rs 322.08 crore in the year-ago period.

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

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended marginally higher on Friday. BSE Sensex gained 105 points or 0.2 per cent at 59,793, while NSE Nifty 50 index added 35 points or 0.2 per cent to settle at 17833. Stocks of Tech Mahindra, IndusInd Bank, Infosys, HCL Tech, Maruti Suzuki India, TCS, State Bank of India were among top index gainers. On the flip side, UltraTech Cement, M&M, L&T, Bajaj Finance, Titan Company settled in the red.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 9 September 2022, Friday

15:35 (IST) 9 Sep 2022 Closing bell: Sensex, Nifty end marginally higher on Friday

BSE Sensex gained 105 points or 0.2 per cent at 59,793, while NSE Nifty 50 index added 35 points or 0.2 per cent to settle at 17833 on Friday

14:56 (IST) 9 Sep 2022 EY global follows India footsteps, to rejig global consulting, audit biz units to avoid regulatory flags

Global consulting and audit firm EY has decided to split its two businesses into two distinct, multidisciplinary organisations, following partner votes approving the call. This will separate its audit operations from consulting in certain jurisdictions into two separate organisations. The firm is looking to ease regulatory concerns over potential conflicts of interest. “The next steps include ongoing engagement with partners to provide them with more information in advance of the voting process. Read full story

14:30 (IST) 9 Sep 2022 Harsha Engineers sets price band at Rs 314-330 per equity share

Harsha Engineers International has fixed the price band at ₹314 to ₹330 per Equity Share for its maiden public offer. The initial public offering of the Company will open on Wednesday September 14, 2022, for subscription and close on Friday, September 16, 2022. Investors can bid for a minimum of 45 equity shares and in multiples of 45 equity shares thereafter.

14:03 (IST) 9 Sep 2022 PVR shareholders, creditors to meet on Oct 11 to consider merger with INOX

Multiplex operator PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for the scheme of merger with rival Inox Leisure (PTI)

13:25 (IST) 9 Sep 2022 ICICI Bank, Adani Enterprises, SBI among 191 stocks to hit 52-week high on BSE, 11 scrips touch fresh lows

Domestic equity markets were holding gains on Friday amid healthy global cues. Benchmark indices NSE Nifty 50 index was hovering near 17,900 levels with a gain of 105 points, while the S&P BSE Sensex climbed around 300 points to trade near 60,000 levels. Broader markets, too, climbed in tandem as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.6%. IndusInd Bank, ICICI Bank, SBI, HUL, Tata Steel were top contributors. Sectorally, Nifty Bank and Nifty Metal indices leading the charge. A total of 191 stocks hit 52-week high on BSE intraday, while 11 securities were at fresh lows on Friday. Read full story

13:24 (IST) 9 Sep 2022 Indian stock markets to touch new high?

In my view, if the Nifty crosses 18,200 after touching the initial hiccup of 18,000 we believe that Indian Market is going to touch a new high and I have a strong conviction that Indian market will touch a new high compare to any other market in the world be it US, Europe, China or Hang Seng. Amit Jain, Co-founder, Ashika Global Family Office Services

13:03 (IST) 9 Sep 2022 Robust macro data, healthy corporate earnings, above average monsoon providing support to Indian stock market

Sensex has crossed 60k mark once again within a month, showing strength in the market. Buying was seen at every fall suggesting the inherent strong fundamentals of the domestic market. Robust macro data points, healthy corporate earnings and above average monsoon is providing support to the market despite weak global cues. Though the aggressive rate hikes by global central banks are likely to continue in near term despite the fear of recession looming large, Indian market is showing resilience as it benefits from the from the strong domestic consumption and China+1 strategy. Even FIIs have been enthusiastic about Indian Markets since Aug’22, despite noise surrounding the global cues. FIIs have bought more than Rs 20k crore in last 40 days. Further, fall in crude Oil prices to seven-month lows aided domestic sentiments. Now it needs to sustain this momentum going forward, for further upmove towards higher levels. Sneha Poddar, AVP – Research, Broking & Distribution, Motilal Oswal Financial Services

12:58 (IST) 9 Sep 2022 MCX Gold outguns Comex on weak Indian Rupee, yellow metal may trade sideways; buy on dips for gains

Going forward, the USD is going to be a safe asset as the Euro and the pound will be getting really hurt by the gigantic energy problem that they have, and the amount of money that they’re going to have to spend in order to alleviate people’s energy bills this winter. This would be bad news for gold and we don’t expect gold to give any substantial return this year. Read full story

12:31 (IST) 9 Sep 2022 F&O outlook: Nifty may continue to march towards 17900-18000; focus on thematic moves, support at 17600

Going forward, we expect Nifty to continue this northward move towards 17900 – 18000 and then beyond the 18000 mark. On the flipside, if there is no aberration globally, 17700 – 17600 should now act as immediate support. Traders are advised to continue with an optimistic approach and use declines to add fresh longs. Read full story

12:09 (IST) 9 Sep 2022 Tamilnad Mercantile IPO share allotment: Check status via BSE, grey market premium; listing on 15 Sep

Tamilnad Mercantile Bank’s Rs 831-crore IPO, which got subscribed 2.86 times, is likely to finalise the basis of allotment on Monday, 12 September. The IPO was sold in the range of Rs 500-525 per equity share, and it received a strong response from all the categories of investors. The equity shares are expected to list on BSE and NSE on 15 September 2022. The initiation of refunds or unblocking of funds from ASBA account will take place on 13 September, and the equity shares will get credited to allottees demat account on 14 September 2022. Read full story

10:52 (IST) 9 Sep 2022 Time for stock taking and exiting out of stocks; caution needs to be exercised

It is usually seen that when we don’t enter a bear market, the reversal to previous highs is quick and almost one sided. And this seems to be happening again. I won’t be surprised if we test a new all time high very soon. However, while new highs are definitely worth cheering, it is also a time for stock taking and exiting out of stocks that have run up a great deal or where fundamentals have taken a turn for the worse. To that extent, caution needs to be exercised. Rahul Shah, Co-Head of Research, Equitymaster

10:39 (IST) 9 Sep 2022 Harsha Engineers IPO opens on September 14: Check price band, GMP, lot size, other bidding details

The initial public offering (IPO) of Harsha Engineers International Ltd, will open for bidding on 14 September. The precision bearing cages manufacturer has set a price band of Rs 314-330 per share for its maiden public issue which will remain open for subscription till Friday, 16 September. The company plans to raise Rs 755 crore through this IPO. The anchor book will open on Tuesday, 13 September. Read full story

10:37 (IST) 9 Sep 2022 Amazon’s India challenge: ‘New’ competition in high margin units, struggle to capture tier-II, tier-III growth

Even as Amazon finds profitability elusive in India despite pumping in about Rs 50,000 crore, the going will get even tougher as it will have to compete with the likes of Meesho, BlinkIt and Swiggy, to capture the next phase of growth. Amazon India will have to compete with the ‘new’ commerce players with a drastic shift from slow e-commerce to quick/instant delivery, and high margin businesses such fashion, beauty and personal care, where it has struggled so far, brokerage firm Bernstein said in a recent research note. Read full story

10:18 (IST) 9 Sep 2022 Gold Price Today, 9 September 2022: Gold gets costlier on fall in US Dollar; check MCX support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Friday, as rates in the international market soared. On Multi Commodity Exchange, gold October futures were ruling Rs 186 or 0.4 per cent up at Rs 50,542 per 10 gram. Silver December futures were up Rs 654 or 1.2 per cent to trade at Rs 54,935 per kg. Globally, yellow metal prices rose, helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as U.S. Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to tame inflation. Read full story

10:04 (IST) 9 Sep 2022 Nifty may head to 18300 this month

The 12 day trading range of 17,400-17,777 and set a positive undertone in the market. Positive market breadth and outperformance of our domestic Index in comparison to its global peers might propel to challenge the psychological level of 18,000. One can expect the Nifty to eventually head towards 18,300 in September 2022 as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium term perspective. During the day index is likely to open on a positive note amid pullback in global equity market and sharp decline in crude prices and is likely to continue with its positive momentum and challenge 18,000 levels. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

09:54 (IST) 9 Sep 2022 Sensex, Nifty off day’s high, still trade in green

BSE Sensex gave up 60,000, and NSE Nifty 50 index slipped below 17900 levels after few minutes into the trade.

08:37 (IST) 9 Sep 2022 Nifty tough resistance at 17992

“Nifty rose on September 8 after a two day fall. Nifty opened gap up and then remained in a 102 point range through the day. At close, Nifty was up 0.99% or 174.35 points at 17798.75. Among sectors, Banks and IT gained the most, while Metals and Realty fell the most. Broad market indices i.e. Midcap and Smallcap indices rose less than the Nifty, thus underperforming. Advance decline ratio was positive at 1.56:1 Nifty broke above the recent high of 17777 easily. Now the next tough resistance is 17992. On falls, 17651 could be the support.”

~ Deepak Jasani, Head of Retail Research, HDFC Securities

08:35 (IST) 9 Sep 2022 Stocks in focus today

IndiGo: Passenger airline IndiGo operator InterGlobe Aviation co-founder Gangwal family sold 2.74% stake in the company through open market transactions.

Vodafone Idea: The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above.

Future Lifestyle Fashions: The company has received a three-month extension from the Registrar of Companies for holding its Annual General Meeting.

Read full story

08:30 (IST) 9 Sep 2022 Nifty may rally till 17900-18000

“Positive global cues helped markets rebound from 2-day losses led by banking stocks. India’s growth resilience is something that investors are betting on considering concerns of global slowdown amid rising interest rates. Technically, the Nifty took support near 17690 and reversed thereafter. On daily charts, the index has formed a small bullish candle and has reclaimed the 20 day SMA (Simple Moving Average) level as well. For the trend following traders now the 20 day SMA or   17650 would act as a key support level. Above which, the index could rally till 17900-18000. On the flip side, below 17650, bulls may prefer to exit from the long positions.”

~ Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

08:07 (IST) 9 Sep 2022 Nifty short-term trend positive, may move to 18000 once 17800 breached; 5 things to know before opening bell

Indian equity markets are likely to extend gains on Friday. SGX Nifty hinted at positive start for BSE Sensex, NSE Nifty 50 as Nifty futures traded 86 points, or 0.48% higher at 17,905.50 on the Singapore Exchange ahead of today’s trading session. “Nifty likely to continue northward move towards 17900 – 18000 and then beyond the 18000 mark. On the flip side, if there is no aberration globally, 17700 – 17600 should now act as immediate support. Traders are advised to continue with an optimistic approach and use declines to add fresh longs. One can continue to focus on thematic movers and also, and the broader market remains the real flavor,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

Read full story

07:41 (IST) 9 Sep 2022 Asian stocks edge higher

Markets in Asia-Pacific were mostly higher even as investors digest Federal Reserve Chair Jerome Powell’s latest comments as he vowed to raise rates to tackle inflation “until the job is done.” In Japan, the Nikkei 225 rose 0.61 percent and the Topix rose 0.35 percent. In South Korea, the Kospi was up 0.33 percent and the Kosdaq rose 1.25 percent. In Australia, the S&P/ASX 200 also gained 0.25 percent.

07:40 (IST) 9 Sep 2022 US stocks gain despite Powell’s hawkish stance

Wall Street’s main indices posted gains on Thursday mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month. Indices bounced back and forth in choppy trading as concerns over the Federal Reserve’s next steps to tame a surging inflation remain. The Dow Jones Industrial Average rose 193.24 points, or 0.61 percent, to 31,774.52, the S&P 500 gained 26.31 points, or 0.66 percent, to 4,006.18 and the Nasdaq Composite added 70.23 points, or 0.6 percent, to 11,862.13.

07:40 (IST) 9 Sep 2022 Markets on Thursday

The BSE Sensex jumped 659 points to 59,688, while the Nifty50 rose 174 points to 17,799, which was above the five-day consolidation range, and formed a small-bodied bullish candle on the daily charts.

India launches reference fuel, to cut import dependency

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India on Thursday launched its first reference fuel in collaboration with state-run Indian Oil Corporation (IOC), becoming the third country to do so. The domestic production is likely to reduce India’s import dependency.

“We used to import 1,000 kilolitre (of reference fuel), our consumption is just 150 kilolitre,”said Minister of Petroleum and Natural Gas, Hardeep Singh Puri. “Soon we will look at stopping the import and also becoming a major exporter.”

The imported reference fuel costs at Rs 800-850 a litre. Indigenous production of this fuel will cut down this cost to around Rs 500 per litre.

These reference gasoline fuels will be available in E0, E5, E10, E20, E85, and E100 from the Paradip refinery. “Reference diesel fuel shall be available in B7 grade from Panipat refinery,” the government said.

In addition, the government said that it has achieved its target of blending 12% ethanol with petrol for the current ethanol supply year 2022-23 which will end in October.

“(Oil) Secretary Pankaj Jain told me that we have already done 12 per cent this month, which was our target, and we are well towards reaching our target of 20 per cent biofuel blending by the calendar year 2025,” he said adding that 5,000 petrol pumps are already selling the 20% ethanol-blended fuel.

In the ethanol supply year 2022-23 (Dec-Oct), the government has set a target of achieving 12% ethanol blending with petrol. This target for the year 2023-24 (Nov-Oct) has been set at 15%.

The government is now moving towards maize as a supplement to be used in ethanol blending. In August, the percentage of ethanol blended with petrol was 11.3%, according to the latest data by Petroleum Planning and Analysis Cell. “The cumulative ethanol blending during December 2022- August 2023 was 11.7%,” the report said.

The government had earlier stopped the supply of rice to ethanol distilleries due to lack of domestic availability.

Further, talking about energy transition, the minister said that global turbulence forces the market to move towards cleaner fuels.

“The upcoming 10 KTA (kilo tonnes per annum) green hydrogen plant at Panipat will further augment green energy transition,” the minister said.

The number of countries from where India imports energy has gone up to 39 from 37, Puri said while talking about India’s energy supplies. “We have increased India’s exploration and production footprint.”

The energy security strategy adopted by India to make the country ‘energy-independent’ by 2047 includes diversification of energy supplies, increasing exploration and production footprint, alternate energy sources, and meeting energy transition through gas-based economy, and green hydrogen and EVs, Puri said.

The government is also ambitious in its target of achieving the green energy transition target of 2047 and plans to expand green hydrogen-powered buses by December.

Sensex, Nifty snap 2-day gaining streak ahead of US Fed outcome; here’s how to trade on F&O expiry day

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BSE Sensex and NSE Nifty 50 ended half a per cent down on Wednesday, as investors booked profit ahead of the US Federal Reserve’s monetary policy outcome, which is due later tonight. BSE Sensex fell 263 points or 0.4 per cent to 59,457, while NSE Nifty 50 ended 98 points or 0.6 per cent down at 17718. Index heavyweights such as Housing Development Finance Corporation, L&T, Infosys, Tata Consultancy Services, and Kotak Mahindra Bank, among others, dragged the index the most. Broader markets underperformed equity frontliners. S&P BSE Midcap index fell 0.6 per cent or 162 points to settle at 25,778, while S&P BSE SmallCap index ended 204 points or 0.7 per cent down at 29,239. Sectorally, Bank Nifty index fell 0.6 per cent to settle at 41,203.45, India VIX, the volatility index, gained 2.8 per cent to settle at 19.33 levels.

Also read: Adani Enterprises, ACC, Ambuja Cements share prices tank over 7% after share pledge by Adani group

Markets across the globe were trading with considerable volatility ahead of the Fed policy announcement. A 75bps hike by FED was factored in by the markets, while reports of mobilising Russian forces in Ukraine has escalated geopolitical tension and fears of rising inflation. Any military escalation will have a significant effect on the world & domestic economy. This will have an influence on the near-term trend of the global market and implications on the local market can be high as it is trading at premium prices compared to the world.

Ajit Mishra, VP – Research, Religare Broking

Markets traded volatile for yet another session and lost over half a percent. After the initial positivity, the Nifty index pared all its gains as the session progressed and finally settled at 17718.35; down by 0.5%. Barring FMCG and media,most of the sectoral indices traded in tandem with the benchmark and ended lower. Markets will first react to the Fed meet outcome in early trades on Thursday. Besides, the scheduled weekly expiry would add to the volatility. Amid all, indications are in the favour of further consolidation so we suggest traders to stay light and focus more on the risk management part. On the index front, 17,400-17,500 zone would act as a cushion in Nifty while rebound towards 17,900-18,000 zone may attract selling pressure.

Also read: Gautam Adani beats Mukesh Ambani to become India’s richest, adds Rs 1600 crore to fortune every day in 1 year

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

Domestic market consolidated ahead of the FOMC outcome expected late on Wednesday. Markets will react to the Fed’s interest rate hike decision while the 75 bps have been factored in, an aggressive commentary or sharper rate hike of 100bps could lead to higher volatility and pressure on the market. An inline rate hike can bring relief to the market. Stock specific action was seen in sectors like defence, FMCG, capital goods and Healthcare. Indian equities witnessed volatility amid weak global cues. Nifty opened with minor cuts and remained under pressure throughout the day to close with loss of 98 points at 17719 levels. India VIX was up by 3.4% at 19.4 levels. Except for FMCG, all other sectors ended in the red.

Sahaj Agrawal, Head of Research – Derivatives, Kotak Securities

Nifty has been in a corrective phase since the last few trading sessions. We have not seen a short term reversal attempt succeeding and hence maintain a negative bias for the near term. Monthly support is only seen at 17000. US Fed comments are expected to keep volatility high in the near term. Expect consolidation to correct in the near term as the broader market sentiment has also turned negative. FII and PRO positions also suggest reduction in net shorts suggesting limited downside in near term. For Nifty, maximum OI buildup is seen at 17000 Put and 18000 Call Option. For Bank-Nifty, maximum OI buildup is seen at 40500/41000 put and 41500/42000 call options. For the expiry day, expect nifty to trade with resistance of 17950 – any move above the same can invite short covering.

Kunal Shah, Senior Technical Analyst, LKP Securities

The Bank Nifty index continued to face resistance at a higher level where 42,000 will act as a hurdle. The index is stuck in a broad range between 40,500-42,000 and a break on either side will decide the trend for the index. On the derivative front, the highest open interest on the call side is built up at 42,000 and immediate support is visible at 41,000 where fresh put writing has been observed.

Brokers on edge as Sebi account settlement deadline looms

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The Securities and Exchange Board of India (Sebi) diktat on running account settlement is expected to result in outflows of thousands of crores in cash balances of brokers on October 7, impacting trading volumes the next few days and the broking business.

According to earlier regulations, brokers had to settle the client’s unused funds lying in the trading accounts at least once in 90 days (every quarter) or 30 days. This was on a rolling settlement basis and referred to as ‘running account settlement’ or ‘quarterly settlement of funds’. The aim was to prevent misuse of excess cash by brokers.

Under the new norms, the entire industry has to do the quarterly or monthly settlement on a specific date, which is the first Friday of each quarter or the first Friday of every month. If the first Friday is a trading holiday, such settlement will happen on the previous trading day.

Accordingly, the running account of funds are slated to be settled on October 7; January 6, 2023; April 6, 2023, and so on, for all the clients who have opted for quarterly settlement. Clients’ running accounts will be considered settled only by making actual payment into their bank accounts and not by making any journal entries. Clients are to be intimated by SMS and email.

“Sebi had found that a lot of brokers were not settling clients’ accounts on time or that the process to do so had become cumbersome. The new norms are aimed at bringing uniformity and ensuring that the entire industry has one single day to work towards the settlement process,” a broker said on condition of anonymity.

The move, however, may have industry-wide ramifications. 

Also Read: Sebi puts Fairfax Group-backed Go Digit’s IPO in ‘abeyance’

On October 7, every broker in the country, irrespective of what has happened before, will have to settle cash balances of all clients on the same day. This is a departure from the earlier practice of a rolling settlement, which ensured that surplus funds were available in the system on any given day despite the sundry settlement obligations.

“The entire industry will suddenly lose a large amount of cash balance running into thousands of crores on the same day,” said the broker quoted above. “Regular traders may bring back some of the cash in the next few days post settlement. Others may take several days or not come back at all. The market volumes may get severely impacted, at least for a few trading days after the settlement date.”

Brokers typically keep the excess cash collected from customers as fixed deposits with clearing corporations and that serves as margin money.

“This will result in a stress test for brokers,” said Ashish Rathi, head of risk and compliance at HDFC Securities. “If brokers have to pay all customers in the evening of a single day, they will have to break all the FDs and give it back to customers depending on customer obligation. This may lead to a liquidity crunch as the entire amount that has gone out may not come back in the next few days because of factors such as limits on banking transactions.”

He added that brokers who don’t have adequate funding capabilities will bear the brunt of the new norms.

Industry bodies have reached out to Sebi to express some of these concerns, said people in the know, and are hopeful that the regulator will issue a clarification soon. An email sent to Sebi did not get a response.

In 2021, Sebi had held extensive consultations with stock exchanges and industry representatives to devise a framework to mitigate the risk of misuse of client’s funds. “The intent of the online system is to discourage trading members from retaining excess funds of clients after settlement of running account, by considering all the client obligations across exchanges. The responsibility of monitoring settlement of running account compliance of members may be shared among stock exchanges,” the 2021 circular had said.

Meet Mukesh Ambani, Asia’s richest man; know about his lifestyle, net worth, businesses, family, and Disney deal

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Mukesh Dhirubhai Ambani, an Indian billionaire businessman and Asia’s richest man, is the chairman and managing director of Reliance Industries. He runs $110 billion (revenue) Reliance Industries, which has interests in petrochemicals, oil and gas, telecom, retail and financial services.

Mukesh Ambani’s early life

Born on April 19, 1957, in Yemen into a Gujarati Hindu family to Dhirubhai Ambani and Kokilaben Ambani, Mukesh Ambani has a younger brother Anil Ambani, and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaonkar.

Mukesh Ambani’s family

In the 1970s, Mukesh Ambani and his family used to live in a two-bedroom apartment in Bhuleshwar, Mumbai. Eventually, Dhirubhai Ambani bought a 14-floor apartment block called Sea Wind in Mumbai’s Colaba area.

In 1985, Mukesh Ambani married Nita Ambani. The couple have two sons, Akash and Anant, and a daughter, Isha. They live in Antilia, a private 27-storey building in Mumbai, which was valued at US$1 billion and was the most expensive private residence in the world at the time it was built.

Mukesh Ambani’s education

Mukesh Ambani went to the Hill Grange High School in Mumbai’s Peddar Road. He attended the school with his brother and Anand Jain, who later became his close associate. The billionaire then went to St. Xavier’s College and received a BE degree in chemical engineering from the Institute of Chemical Technology.

He then did his MBA from Stanford University but withdrew in 1980 to help his father build Reliance.

Mukesh Ambani’s career

Reliance was founded by his late father Dhirubhai Ambani, a yarn trader, in 1966 as a small textile manufacturer. In 1981, he came back to India to help his father Dhirubhai Ambani with their family business – Reliance Industries Limited. After his father died in 2002, Ambani and his younger sibling Anil divvied up the family empire.

Mukesh Ambani’s deal with Disney

Mukesh Ambani’s RIL is reportedly nearing a deal to acquire Disney India’s television and digital businesses, in what could be the largest such deal in the Indian entertainment landscape.

Jio Platforms, Network18 Group, Reliance Petroleum, Hathway Cable & Datacom, DEN Network, etc., are some of the principal subsidiaries of the conglomerate.

Mukesh Ambani’s net worth

As per Forbes, Mukesh Ambani has an estimated net worth of $86.9 billion.

Sensex ends at nearly 1-month high; Nifty may hit 18100, momentum indicator enters into bullish crossover

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BSE Sensex and NSE Nifty 50 settled the weekly F&O expiry at nearly one month high, gaining 1 per cent. BSE Sensex gained 659 points or 1.12 per cent to settle at 59,688, while the NSE Nifty 50 surged 1 per cent to finish trade at 17,798.75. Index heavyweights such as ICICI Bank, Axis Bank, Infosys, HDFC Bank, State Bank of India (SBI), among others contributed the most to the indices gain. Broader markets too ended in green on Thursday. S&P BSE MidCap settled 0.3 per cent or 76 points up at 25,895, while BSE SmallCap gained 0.6 per cent or 176 points to finish at 27,475.

Also read: Govt to acquire Vodafone Idea stake after share price stabilises above this level; board offer at par value

The domestic financial market experienced a wave of optimism tracking strength across global markets as oil prices eased, cooling investor concerns about rising inflation. Despite premium valuations, consistent FII inflows are aiding Indian bourses to stay resilient. On the sectoral front, auto stocks were in focus as retail sales of automobiles grew 8.31% YoY in august while banking stocks moved in sync.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty moved above the falling trendline on the daily chart. The setup looks bullish after the trendline breakout. Also, the index has moved above its recent consolidation on the daily timeframe. The momentum indicator has entered into a bullish crossover. Over the short term, the trend is likely to remain positive with a potential to reach 18100. On the lower end, support is visible at 17700.

Also read: FM Sitharaman’s fight against inflation: Centre, state govts collectively responsible to tame rising prices

Deepak Jasani, Head of Retail Research, HDFC Securities

Asian stocks (except China and Hongkong) rode a global rally on Thursday, making broad gains as oil prices steadied at lower levels not seen since before Russia’s invasion of Ukraine. European stock markets traded higher Thursday, boosted by the positive close on Wall Street, with investors focusing on the latest European Central Bank policy-setting meeting. Nifty broke above the recent high of 17777 easily. Now the next tough resistance is 17992. On falls, 17651 could be the support.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Positive global cues helped markets rebound from 2-day losses led by banking stocks. India’s growth resilience is something that investors are betting on considering concerns of global slowdown amid rising interest rates. Technically, the Nifty took support near 17690 and reversed thereafter. On daily charts, the index has formed a small bullish candle and has reclaimed the 20 day SMA (Simple Moving Average) level as well. For the trend following traders now the 20 day SMA or 17650 would act as a key support level. Above which, the index could rally till 17900-18000. On the flip side, below 17650, bulls may prefer to exit from the long positions.

Kunal Shah, Senior Technical Analyst, LKP Securities

The Bank Nifty index surpassed the crucial hurdle of 40,000 on a closing basis which clears the room for further upside on the index. The index momentum oscillators are in the strong buy zone which confirms the internal strength. The index is likely to test the level of 41,000-41,500 on the upside and the lower end support remains at the 39,000 level.

Strong macros, falling crude attract FPIs to equities

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By Ashley Coutinho

Foreign portfolio investors (FPIs) have shopped for equities worth $8 billion since July, aided by a correction in commodity prices and India’s relatively strong macro fundamentals. This is after yanking out $33.5 billion between October and June.

India’s relative outperformance vis-à-vis other emerging markets has gained traction in recent weeks and the outperformance is now highest since 1999-2000 period, said the brokerage. The 50-share Nifty is trading at a valuation of 19x its 12-month forward P/E as on September 7.

“India’s sustained growth momentum and the relatively benign inflation in the context of continued global disarray on account of tensions in Ukraine and the Taiwan straits, have attracted FPIs back to Indian equities,” said UR Bhat, director at Alphaniti Fintech.

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India is seen as the favourite among emerging markets because of the relative resilience of the rupee and forex reserves, as also relatively low levels of external debt, current account and fiscal deficits.

“On a growth adjusted basis, Indian equities are better placed vis-à-vis competing emerging markets while offering much better sector diversity and a huge domestic market for goods and services,” said Bhat.

India’s weightage in the MSCI EM index has shot up to about 14.49% now from 8.1% at the end of October 2020. The number of constituents in the MSCI EM Standard Index is now at 108 stocks, compared with 87 as of October 2020.

“The two factors that have driven fresh inclusions and an uptick in the weightings of existing Indian constituents are the new regime on foreign ownership limit taking effect in the November 2020 review and domestic stocks’ strong outperformance to other EM counterparts,” said Abhilash Pagaria, head of Edelweiss Alternative and Quantitative Research.

FPIs have now turned their attention to domestic-facing sectors such as banks and consumption stocks which are immune to global shocks, according to Hitesh Jain, lead analyst – institutional equities at YES Securities. India’s thrust on manufacturing and a rebound in industrial output are also drawing investments in capital goods.

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The Nifty Bank and Nifty Consumption indices have risen 17.6% and 20%, respectively, in the last three months.

“FPIs’ under-ownership of Indian equities compared to historical levels, exodus of investments from Russia finding an alternative in India and funds looking at diversifying investments away from China are some of the factors prompting resumption of FPI inflows in Indian equities,” he said.

An increase in global crude oil prices, aggressive tightening by the US Federal Reserve and an upmove in the dollar index, however, could play spoilsport and impact FPI flows, said experts.

Rupee remains best performer against other global market currencies; watch out for these levels in INR

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The Jackson Hole last month delivered a fatal blow to the markets and proved to be a complete turnaround for fiat. Powell seemed quite “focused” on taking “firm measures” (vigorous hikes) to bring the inflation to Fed’s 2% target as the economy’s health with a strong labor market and robust growth supported the same. In addition, on the QT front, the Fed has been moving slowly and well behind schedule, where between June to Aug, $147.5 billion of balance sheet reduction was expected, but only $31.5 billion was achieved in the first two months. Plus, as the Fed is doubling the size of QT to $95 billion from this month, it will have to ramp up its balance sheet reduction program to meet the shortfall of previous months if they intend to hit the monthly caps. This will create a natural dollar shortage in the system inflating the dollar further.

As seen in the above tables, in the past 3 weeks, the DXY has risen by 3.66% whereas, amongst the Developed market currencies, the Japanese Yen is the worst hit with a nearly 7% fall followed by the New Zealand dollar, Pound with over a 5% fall each. The second largest traded currency EUR is also hit by a 2.8%

Also read: Gold Price Today, 8 Sep 2022: MCX gold may trade at Rs 50100-50750; all eyes on ECB monetary policy

For GBP, with the kingdom surrounded with majorly all sorts of crises, good news for those struggling with soaring energy costs comes with the latest GBP 130 billion relief announced by new PM Liz Truss. Well, the markets are reading this as another stimulus boost for the economy at a time of already strong inflation. The more cash the PM promises in terms of tax cuts or any fiscal support, the greater pressure it’ll create on the Bank of England to hike the rates larger and faster. As the economy goes into recession this year and the BoE is faced with the trade-off between high inflation and very low economic activity, the window for hiking rates seems to be getting closed more quickly than expected. Hence, creating more room for the pound to fall past 1.1450 toward 1.1000 and 1.0500, the levels last seen in the 1980s.

Whereas for EUR, while the data remains not so ugly as expected, new troubles are unveiled with every passing day challenging the stability of the currency. The pair have been struggling post-Russia completely shut its gas supply to Germany from the Nord stream. The pressure is growing on the EU as soaring energy prices are going to be a major problem for Europe, not just this year but in the years to come as well as nearly $2 trillion Surge in Europe’s energy bills is expected by 2023. That apart, energy trading exchanges in Europe are stressed by the requirement of $1.5 trillion margin calls to secure trades, sucking up capital and putting pressure on governments to provide more liquidity buffers. Rising prices have led to fear of defaults and hence the energy crisis deepens creating massive problems for the EU. Finland has warned of a “Lehman Brothers” type situation, with power companies facing sudden cash shortages. All in all, clouds remain darker with currently no light on the horizon keeping the EUR vulnerable with dives close to 0.9500 to 0.9200 levels remaining on cards.

Impact on USDINR amid the domestic and global fundamentals

As seen in the table above, the rupee has remained the best performer vs other developed market and Emerging market currencies against the dollar, with the currency weakening merely by 0.83%, the lowest amongst the rest.

Well, the credit for this goes to strong RBI’s foot into currency intervention, quite evidently seen from the reserves falling from over $600 billion in June to $561 billion now, though a major part of the fall in reserves comes due to currency devaluation in the basket of foreign currency assets of RBI. Moreover, the inflows for the month of August remained robust at over $7 billion which further helped in preventing the fall. Well, not to overlook the economic fundamentals back home which are quite decent with the growth of over 13%, and the economy holds up in expansion on the service and manufacturing side, which has helped build up positive investors sentiments towards India. That apart talks about India’s inclusion in JP Morgan’s global bond index would open up prospects for further inflows into the Indian Bond market, keeping the bar up on the positive side.

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However, how long these domestic factors will help to overshadow the global glooms in the face of falling Asian and western currencies is questionable. As, if the rupee is kept overvalued compared to the Chinese Yuan and other EM’s by using reserves and interventions, it will lead us to lose competitive advantage and make the exports less appealing.

Considering all the aspects globally and domestically, the pressure on the USDINR pair seems bound on the upside. The moment RBI would get lenient in its intervention, USDINR shall break 80.10 and march towards 80.50 to 81.00 levels. On the flip side, 79.40 to 79.20 shall act as a near-term base for the pair.

(Amit Pabari, MD, CR Forex Advisors. Views expressed are the author’s own.)

Gold Price Today, 29 Sep 2022: MCX gold may hover in Rs 49730-50470 range; all eyes on RBI MPC, US GDP

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading sideways on Thursday, as US dollar inched higher on recession fears. On the Multi Commodity Exchange, gold October futures were trading Rs 30 up at Rs 49,780 per 10 gram. Silver December futures were ruling at Rs 56,169 per kg, down Rs 359 or 0.6 per cent on MCX. Globally, yellow metal prices retreated as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers, according to Reuters Spot gold was down 0.2% at $1,656.59 per ounce. In the previous session, bullion rose as much as 2%. U.S. gold futures dipped 0.2% to $1,667.10.

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Gold attempted a relief rally as the dollar fell, although prospects of sharp rate hikes kept the non-yielding precious metal near a 2-1/2-year trough. Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Minneapolis Fed Bank President Neel Kashkari echoed the U.S. central bank’s pledge to focus on tackling soaring inflation. Dollar against its major crosses fell below 113 level — down 1.3% on the day for its sharpest tumble since June’22. The BOE took emergency action, unleashing a £65bn bond-buying programme aimed at stemming a spiraling crisis in government debt markets, supporting its currency. Along with the Dollar, the yield on the U.S. 10-Year Treasury note tumbled to a near one-week low of ~3.7 from a 14-year high of ~4.01. We are also witnessing updates regarding geo-political tensions supporting the metals on the lower end. Today focus will be on the important U.S. GDP, Core PCE and weekly jobless claims data. Broader trend on COMEX could be in the range of $1620-1680 and on domestic front prices could hover in the range of Rs 49730-50,470.

Abhishek Chauhan, VP — Commodity & Currency, Mandot Securities

Comex gold prices fell 0.3% to $1,655.86 in the early morning session on Thursday but saw a strong buying in the earlier session on Wednesday Both instruments Gold and Silver surged nearly 2% on Wednesday, logging their best day in two months. In Comex Gold has support at $1640-1630, while resistance is at $1680-1690. Silver has support at $18.30-18.40, while resistance is at $19.00-19.10 while  gold at MCX  has support at Rs 49400-49500 and resistance is at Rs 49900-50100. Silver has support at Rs 56200-56000, while resistance is at Rs 56800–57000.

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Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades 0.50% lower near $1661/oz after a 2% gain yesterday. The US Dollar Index witnessed a sharp correction yesterday along with the US 10-year treasury yields that closed sharply lower near 3.733% after testing near 4% in the early session. The crash in US Dollar and bond yields gave some respite to the gold bulls as the bullion recovered from the lows to close near $1670/oz. Although gold prices have recovered from the lows it will be interesting to see whether the dollar continues to slide or it’s just a blip. The rally in gold will continue only if the US Dollar sustains lower. Markets will remain cautious ahead of release of US second quarter GDP and speeches by Fed officials

Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities

MCX Gold December future saw a sharp pull back to Rs. 50,000 per gram as Comex Gold rebounded from a crucial technical support of around $1,620 an ounce after the greenback retreated. The BoE’s calculative intervention in the market has hurt the dollar but still we need further confirmation before shorting the USDINR pair. Ahead of RBI policy outcome, scheduled tomorrow, the rupee may stay flat. For Comex gold, $1,650 an ounce is a stiff resistance. The US will release GDP for Q2 later today. Hence the dollar may stay volatile. MCX Gold Dec may find support near Rs 49,850 an ounce.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)