Category: 阿拉爱上海

PhantomFX plans to raise funds via SME IPO

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Chennai-based creative visual effects (VFX) studio Phantom Digital Effects (PhantomFX) has decided to raise funds via an SME IPO with fresh equity shares to the public, and to get listed on the NSE-EMERGE platform.

The company said it is aiming to raise a sizeable amount through the issue. PhantomFX, which creates visual effects for feature films, webseries and commercials, has also drawn up expansion plans in India and abroad.

The company plans to set up studios in Kochi, Hyderabad, Coimbatore and Madurai. It is also eyeing expansion of it existing facilities in Chennai and Mumbai. “Currently, we are operating in a 25,000 sq ft area and the studios will be expanded to 1 lakh sq ft area by March next year,” he said.

Also read: FPIs return to Indian equities; invest Rs 1,100 crore in July

It also plans to set up studios in Vancouver and Montreal in Canada, Los Angeles and Delaware in the US, the United Kingdom, and Dubai. “We are also ambitious about exploring other potential offshore markets,” he said, adding, “in all, we will be investing about $1 million”.

PhantomFX also plans 2,000-plus placements within three years, Bejoy said. The company will collaborate with universities and other educational institutions that produce VFX talent for placements.

Markets snap week-long losing streak

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In a relief rally, Indian equities snapped their seven-day losing streak on Friday as the central bank commentary indicated that the India’s economy was on a strong footing despite global headwinds.

The Sensex ended at 57,427, up 1,017 points or 1.8%, while the Nifty 50 settled at 17,094, up 1.6%, gaining the most in a month.

The indices, however, extended losses over the week, logging the third consecutive week of declines.

FPIs have turned net sellers in September, after two consecutive months of buying in July and August. The investors have sold shares worth $0.9 billion in the month, taking the year-to-date sales to $22.3 billion, data shows.

Also Read: SC to hear Sebi’s review plea against RIL in open court on Oct 12

“What lifted the market sentiment was the RBI’s policy rate hike of 50 bps that came in as expected and its comment that India’s economy remains on strong footing despite global headwinds. The relief rally was backed by investors’ preference for growth-driving stocks from banking, automobile, realty & metal space. However, global macro factors will continue to dictate the domestic market sentiment going ahead as any fresh spell of negative news could once again trigger the downward spiral,” said Amol Athawale, deputy vice-president – Technical Research, Kotak Securities.

The RBI raised the repo rate by 50 basis points on Friday in line with market expectations.

“The RBI indicated more rate hikes are in store. Another 25-35 bps is likely in this remaining part of CY22 and will depend on the Fed outcome and evolving global situation. The comforting thing from this MPC meeting is no change in the inflation target of 6.7% (FY23) and a minor tweak in the growth rate from 7.2% to 7% for FY23,” said Aishvarya Dadheech, fund manager, Ambit Asset Management.

Shares in the Asia-Pacific ended mixed on Friday, with the Nikkei 225 sliding the most at 1.8%, following another sell-off on Wall Street overnight. European stocks were trading higher on Friday as government bond yields pulled back from recent peaks, but higher-than-expected inflation continued to weigh on markets.

The UK economy grew in the second quarter, with GDP rising 0.2%, a surprise improvement on the previous estimate of a fall of 0.1%. Euro zone inflation hit a new record high of 10% in September, up from 9.1% in August and above consensus projections of 9.7%.

“Recession talk will invite hopes of a Fed pivot at a time when the American central bank is still in the process of trying to regain its inflation fighting credibility. Still, it will take time for the labour market to weaken, which is why the best hope of a quicker-than-expected Fed change of language is a major financial accident in terms of bodies surfacing, and the risk of that is rising by the day,” said Christopher Wood, global head of equity strategy at Jefferies.

“Nifty formed an engulfing bull pattern on daily charts while forming a bullish hammer pattern on weekly charts despite a 1.35% weekly fall. This could portend an upside bounce in the coming week with 17,292 and 17,540 being the upside targets,” said Deepak Jasani, head of retail research at HDFC Securities.

Gold Price Today, 26 Sep 2022: Gold falls to over 2-yr low on strength in US Dollar; check support, resistance

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading weak in India on Monday, on the back of the strength in US Dollar. On Multi Commodity Exchange, gold October futures were trading low at Rs 49,425 per 10 gram. Silver December futures were ruling Rs 521 or 1 per cent down at Rs 55,712 per kg. Globally, yellow metal prices fell to a new 2-1/2-year low weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation, according to Reuters. Spot gold was down 0.3% at $1,638.59 per ounce, after hitting its lowest level since April 2020 earlier in the session. U.S. gold futures fell 0.6% to $1,645.8.

Also read: S&P Global projects India’s FY23 GDP growth at 7.3%; estimates inflation to fall to 5% in next fiscal

Gold is trading at 2.5 year low in COMEX. The big news is GBP falling to an all time low after unveiling a mini budget on Friday. Indian rupee followed its peers and opened at fresh all time low giving some cushion to gold prices in MCX. Looks like this dollar rally is not peaking. The current market environment will likely remain unsettling. With the Dow touching the lowest level of the year on Friday and more volatility ahead, gold is unlikely to see a strong rally in the short term. $1600 is the new support and breach below that would push prices to $1540. The only positive note for gold is that these levels have attracted buyers. It makes physical gold cheaper but the issue is weak currency is not making gold cheaper to all countries as their currencies are also depreciating. 48950 is the support in MCX while 50175 is the resistance. Any dip near 48800 should be used as an entry point for a long position in gold.

Also read: Nifty may hit 18300 in Oct, Bank Nifty looks positive ahead of RBI MPC, monthly F&O expiry; Buy SBI, Titan

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

The yellow metal dropped to a new 2-1/2-year low, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Fed’s to bring down inflation. Comex gold is now down by more than 20% from $2,000 an ounce it hit in March 2022. Holdings of SPDR Gold Trust, the world’s largest gold-backed ETF, fell 0.31% to 947.23 tonnes on Friday. Looking at the fundamental and technical set up, we may see further decline in the precious metals nonetheless, India celebrates Navratri from today onwards and buying gold during these days is considered an auspicious activity. Hence we do not deny possibilities of a rebound. For intraday, Rs. 49,800 per 10 gram is likely to level on the up side.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices fell to a new 2-1/2-year low, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation.The dollar index continues to make fresh 20 year highs, amidst a hawkish Fed. Atlanta Fed President Raphael Bostic said he still believes the U.S. central bank can tame inflation without substantial job losses given the economy’s continued momentum. There are a lot of updates regarding geo-political tensions between Russia-Ukraine, North and South Korea which has grabbed a few eyeballs although market participants are awaiting further clarity on the same. Spike in Dollar Index, Yields, interest rate do increase distress in the market, weighing on the safe haven assets. A downturn in business activity across the euro zone deepened in September, according to a survey which showed the economy was likely entering a recession as consumers rein in spending amid a cost of living crisis. This week will be important as market participants along with focusing on comments from officials of major central banks will also keep their eyes on U.S. GDP, Core PCE. Broader trend on COMEX could be in the range of $1620-1670 and on domestic front prices could hover in the range of Rs 49,000-49,675.

Pritam Patnaik,Head – Commodities, HNI and NRI Acquisitions, Axis Securities

Gold prices have breached, and continue to trade below the physiological level of $1650, largely because of a surging dollar index, which sits on a new high of 113.567 and an overtly hawkish outlook painted by the US Fed. The fact that central banks globally are ready to sacrifice growth to rein in inflation, have clearly paved the path for a higher interest rate regime, which doesn’t augur well for a non interest yielding gold prices. Adding to that, recession fears have further added to the safe haven appeal of the USD, propelling it higher. The pain will continue for gold in the short term.

(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.)

Sebi extends two-factor authentication for mutual fund subscription transactions

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In order to further safeguard interest of investors, capital markets regulator Sebi on Friday decided to extend the two-factor authentication for subscription transactions in units of mutual funds.

The new framework will come into effect from April 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular.

“It has now been decided to extend the Two-Factor Authentication for subscription transactions in the units of mutual funds as well,” Sebi said.

Also read: US Stocks: Futures edge higher ahead of key inflation data

In case of subscription and redemption of units, two-factor authentication (for online transactions) and signature method (for offline transactions) will be used for authentication.

One of the factors for such authentication for non-demat transactions will be a one-time password sent to the unit holder at his/her email or phone number registered with the AMC.

In case of demat transactions, the process of two-factor authentication as laid down by the depositories will be followed.

Sebi has clarified that in case of systematic transactions, the requirement of such authentication will be applicable only at the time of registration.

Infosys, Tata Motors among 5 technical stocks to buy; watch these key support, resistance levels for Nifty

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By Shrikant Chouhan

Nifty AUTO, METALS and INFRA indices helped the market to close higher. From the basket of defensive sectors, we saw solid gains for the IT index. FMCG and PSU Banks marginally closed in the negative territory. Yesterday, the market did well mainly due to exceptional strength in the global markets and weakness in the dollar index. Commodities have again started recovering from lows and have boosted the sentiment of the market. The Nifty closed above the level of 15100 and the Sensex ended at 51348 levels.

Technical Picks are:-

Infosys: BUY, CMP 1303.55, TARGET 1370, SL 1275

Post profit taking from all-time highs of 1392 stock was into consolidation and it has given a breakout from triangle formation with a strong bullish candle on the daily chart with incremental volume activity.

Jindal Steel and Power: BUY, CMP 307.15, TARGET 320, SL 300

Fresh breakout with higher high and higher low formation and closing above 50 day SMA on the daily chart indicates upward momentum to persist in the short term.

Tata Motors: BUY, CMP 335.95, TARGET 353, SL 328

The stock had been a consistent outperformer in its space from the last few weeks and after the breather of the last three trading sessions it strongly reversed its up move by forming a bullish continuation chart pattern on the daily chart.

Asian Paints: BUY, CMP 2416.85, TARGET 2540, SL 2365

Post correction stock is in a range bound movement and it has formed a good base around the 2370 zone. Hence reversal from its double bottom chart formation is visible along with decent volume activity on the daily chart.

Titan Company: BUY, CMP 1541.7, TARGET 1620, SL 1510

A breakout from inverse head and shoulder chart formation near 50 day SMA with incremental volume activity is evident on the daily chart.

(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)

Nissanka, Samarawickrama fifties propel Sri Lanka to 8-wicket win; England near elimination

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England’s reign as the 50-over World Cup champion sunk into serious jeopardy as resolute fifties by Pathum Nissanka and Sadeera Samarawickrama along with a set of on-the-money bowlers spurred tenacious Sri Lanka to an eight-wicket victory here on Thursday.

England, opting to bat first, suffered a baffling batting implosion and were bundled out for a paltry 156, courtesy the five wickets shared among themselves by comeback man Angelo Mathews (2/14) and impressive Lahiru Kumara (3/35).

With just two points from five matches, England retain a mere theoretical chance to make it to the semifinals, while the Islanders, who now have four points, can eye a few stronger outings in the remaining four matches.

England might have hoped for a miracle when they dismissed opener Kusal Perera and Lankan captain Kusal Mendis through left-arm pacer David Willey to reduce their opponents to 23 for 2.

But Nissanka and Samarawickrama, two of SL’s best ODI batters this year, combined to produce a solid partnership to ease Lanka’s nerves.

The right-handers are capable of elegance but with a victory very much in need the pair traded flair for compactness for a good part of their alliance.

Flashes of their natural batsmanship, though, were there. Samarawickrama delectably drove Wiley through the covers, while Nissanka waltzed down the track and smoked leg-spinner Adil Rashid over long-on for a huge six.

Nissanka brought up his fifty, his fourth in the tournament, with a flowing cover drive off pacer Mark Wood and Samarawickrama reached his second half-century of this edition with a wristy single to mid-wicket off Chris Woakes.

But otherwise, the Lankans batted within themselves and gathered runs in a determined fashion to keep England bowlers at bay.

And England lacked determination on the day. It was just a matter of a couple of batsmen sticking out in the middle for the Three Lions to reach a far better and competitive total.

But none barring Ben Stokes (43) and Dawid Malan (28) did not even remotely attempt to bat with purpose for a team that was playing in a must-win match.

There was a bit of spongy bounce on the M Chinnaswamy Stadium deck and the Lankan bowlers were accurate but the shambolic way in which the England batsmen played could not be shielded.

Opener Dawid Malan who milked 45 runs with his partner Jonny Bairstow, could be excused though.

Mathews, an injury replacement for pacer Matheesha Pathirana, put him in two minds with a delivery that bounced from the length just enough to take an edge off his bat to Mendis behind the stumps.

However, Malan during his 25-ball 28 showed that the pitch is not a hard one to bat on while essaying some gorgeous drives through the off-side.

Unfortunately, several subsequent batters were culpable of playing really poor cricket.

Joe Root got run out while taking off for a non-existing single, captain Jos Buttler made an expansive drive outside the off-stump off Kumara to get caught behind and Bairstow never timed the pull off Kasun Rajitha to find Dhananjaya de Silva at mid-on.

Liam Livingstone played the wrong line off Kumara to get trapped leg-before. Moeen Ali went for a cut off Mathews when there was no width on offer, and Kusal Perera snaffled the simple offering at point.

These were batsmen who were expected to lead England’s batting charge and they failed to respond.

Stokes did try on his own. He had the assistance of fortune as well when Samarawickrama floored a tough chance at point off Kumara when the all-rounder was on 12. England were 86 for 5 then.

The left-hander played some archetypal power-packed shots through either side of the wicket, but the day was not made for a one-man show.

His dismissal, caught by substitute Dushan Hemantha, at deep of Kumara, effectively ended England’s chances of posting a challenging total.

Rashid’s comical run out while backing up too far could be taken as a symbol of England’s drudges with the bat on the day.

But the inept batting display of England should not rob the Lankan bowlers of the just credit.

Kumara has the tendency to be all over the place but when he hits his lengths correctly, the right-arm pacer is a different beast who can hustle the batters.And hustled England were indeed on the day by a vastly superior Lankan side.

Weather Update: IMD predicts fresh spell of heavy rainfall over south India; Delhi likely to experience misty mornings – Check forecast

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South Peninsular India is bracing for another round of heavy rainfall, with the India Meteorological Department (IMD) predicting a fresh spell of showers on October 29-30. The region has already witnessed the onset of the Northeast Monsoon, which began on October 21 bringing some relief from the scorching heat.

The IMD’s weather forecast indicates that rainfall activity in South Peninsular India and northwest India (excluding Uttar Pradesh) is expected to be normal to above normal during the next week. Conversely, the rest of the country is likely to experience below-normal rainfall during this period.

Isolated heavy rainfall is likely over Tamil Nadu, Puducherry, Karaikal, South Interior Karnataka, Kerala, and Mahe during the same period. This weather pattern is indicative of the active Northeast Monsoon, which brings much-needed moisture to the region.

For Andaman & Nicobar Islands, light to moderate rainfall is expected at many places throughout the next week.

Delhi to experience misty mornings till Oct 31

According to the Met Office, the national capital is likey to experience misty mornings till October 31. Delhi on Thursday reached a maximum temperature of 31.8 degrees Celsius, and its air quality remained in the ‘poor’ category for the fourth consecutive day. The India Meteorological Department reported that the national capital had a minimum temperature of 15.1 degrees Celsius, slightly below the usual for this season.

Over 12 listed firms under Sebi’s lens for accounting spinoffs

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By Ashley Coutinho

The Securities and Exchange Board of India (Sebi) is believed to be examining instances of manipulation of financial positions by more than a dozen listed companies, that includes transactions pertaining to related parties.

Also Read: Sebi comes out with guidelines for overseas investment by AIFs, VCFs

Companies are entering into transactions with related parties in the form of sale of goods or loans. The same money is transferred from one entity to another and subsequently routed back to the listed company or its promoters through those companies. In the process, all of the related party companies get their capital or net worth increased and are able to procure more financing from banks.

“The money ultimately comes back to the promoter. In the listed companies’ books it is shown as provisioning of loans or the loans and transactions are written off as impairment of trade receivables. The impairment is then disclosed through the help of audit firms in the notes to accounts in the financials of the company. So, effectively the company will say everything is in the ordinary course of business and attribute it to adverse economic and business factors,” said the person.

The person added that companies are going to the extent of impairing the selling of an entire subsidiary for a paltry amount.

Also Read: Sebi mulls farmework for market making to deepen bond markets

“There has generally been a concern among investors and regulators on the use of related party transactions to transfer economic resources and benefits to one group of shareholders and their related entities to the detriment of other minority or non-promoter shareholders,” said Sai Venkateshwaran, partner, KPMG in India.

According to him, this has led to periodic review of the regulatory requirements around approval and disclosure of related party transactions, such that there is greater transparency and oversight on such transactions. “The tighter regulations also serve as a deterrent to companies undertaking any abusive related party transactions,” he said.

The recently introduced amendments to the Sebi Listing Regulations, which are partly effective now and become fully effective from April 1, 2023, moves away from a rules-based definition of related parties and covered transactions to a principle-based approach and moves from the legal form of arrangements to looking at their substance, said experts. Under these new rules, transactions undertaken with unrelated parties, where the ultimate beneficiary is a related party, would get covered.

“Greater oversight and approval requirements by the listed parent company’s audit committee and the increasing regulatory reviews of corporate filings, both by Sebi and NFRA will also bring greater rigour to compliance in this area and deter any undesirable practices,” said Venkateshwaran.

“In a bullish market, when valuations are based on revenues or multiples of revenues these kind of shenanigans are bound to happen, be it private or listed markets. This will be especially common in mid and small-cap companies which are typically under-researched,” said Shriram Subramanian, founder and MD, InGovern Research Services.

According to him, investors are often guilty of just looking at the headline numbers and not doing adequate research. “Financial influencers have also been guilty of bidding up stock prices by focussing only on metrics such as PE multiples, RoE and RoCE without digging deeper or doing channel checks. It’s only in the bear markets that most of this manipulation comes out in the open,” he said.

An email sent to Sebi late evening did not immediately get a response.

Sebi had recently settled a case with realty firm Sobha and four individuals in a case related to fraudulent trading and disclosure lapses for Rs 2.92 crore. Sebi had conducted an investigation into certain transactions by Sobha with D K Shivakumar and his family for fiscal years FY17 to FY19. It was alleged that Sobha fraudulently misrepresented the receivables with respect to the construction of residence of DKS in these years and the corresponding provisioning for the same during this time. This allegedly led to publication of manipulated financial results for the three years, which painted a false picture about the financial health of the company.

Sensex ends at nearly 1-month high, Nifty near-term support at 17807; Will Nifty hit 18100 soon?

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On the back of positive global markets, Indian stock market benchmarks BSE Sensex and NSE Nifty 50 settled more than a half a per cent up on Monday. India’s August CPI inflation, and July’s IIP data is scheduled to release later in the evening today. BSE Sensex gained 322 points or 0.5 per cent to settle at 60,115, while NSE Nifty 50 added 0.6 per cent or 103 points to finish trade at 17,936.35. Index heavyweights such as Reliance Industries, Infosys, Axis Bank, ICICI Bank, and Bajaj Finance, among others, contributed the most to the indices’ gain. Broader markets outperformed the equity frontliners. S&P BSE MidCap soared 1 per cent or 230 points to end at 26,167. S&P BSE SmallCap index added 1 per cent or 295 points to settle at 29,824.

Deepak Jasani, Head of Retail Research, HDFC Securities

Also read: CPI inflation may see marginal uptick to 6.75-6.9% on fall in crude oil prices, IIP may at come in at 5.7-5.9%

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

Firm global market cues triggered an upsurge in local benchmark indices as Sensex closed above the crucial 60,000 mark on buying in IT and realty stocks. In recent sessions, falling global crude oil prices and sliding US Dollar index have encouraged domestic investors to increase their equity exposure. Technically, the Nifty has formed a shooting star kind of candle formation near the important resistance level. A trend reversal is possible only after the dismissal of 17850. Above the same, the index could touch the level of 18000-18100. On the flip side, below 17850 selling pressure is likely to increase and could retest the level of 17750-17700.

Om Mehra, Technical Associate, Choice Broking

The index formed a bullish candlestick pattern on the daily chart. The broader markets also gained momentum after a mixed trade in the previous session. India VIX ended the session at 17.94 levels as VIX below 18 suggests the market seems to be enjoying stability. OI Data indicates, on the call side the highest OI is witnessed at 18000 followed by18200 strike prices while on the put side, the highest OI was at 17800 followed by 17700 strike price. Bank nifty has support at 40000 levels while resistance is placed at 41200. We suggest riding the positive rally for the next couple of days. Sectors like IT and Realty look attractive for the short to medium term.

Also read: MCX gold price to trade sideways to weak this week, investors await US CPI inflation data; check support level

Vinod Nair, Head of Research, Geojit Financial Services

Domestic economy is witnessing strong vigour and the same is assisting a steady growth in Indian equities. A 15.5% on-year increase in bank credits during August suggests that the economy is recovering rapidly. Due to rising food prices, domestic inflation figures are predicted to show a gradual rise from 6.7% in July which could add volatility in the short-term. Meanwhile, the world equity market is ignoring the fact that the Fed will retain its aggressive rate hike strategy given high levels of inflation assuming that much is factored in.

Mohit Nigam, Head – PMS, Hem Securities

On the technical front, the key resistance level for NSE Nifty 50 index is 18,100 and on the downside 17,700 can act as strong support. Key resistance and support levels for Bank Nifty are 40,900 and 40,000 respectively.

Jubilant Foodworks Rating: Buy; Cheesy rewards to drive sales

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By I-Sec Research

We upgrade JUBI to BUY. Drivers of our optimism are (i) loyalty program potentially driving higher order frequency (~15% of Domino’s customers account for ~56% of revenues – a classic marketing case of heavy-user dependency – which is good, in our view), (ii) continued network expansion ahead of competition, (iii) likely positive surprise in Popeye’s execution and ramp-up,

We believe JUBI remains best positioned to realise industry tailwinds driven by (i) already existing digital infrastructure and delivery capability & relationships and (ii) lower competition thanks to industry consolidation (~25% of restaurants have closed as per National Restaurant Association of India).

We will monitor announcement of a refreshed strategy, if any, under new CEO. Sameer Khetarpal. Upgrade to BUY; target price at Rs 750.

Also read: Ex-RBI Governor bats for maintaining hawkish stance on rates

* Cheesy Rewards (loyalty program) likely to drive higher order frequency and retention of customers: JUBI has launched a simple milestone-based loyalty programme where customers get a free pizza after every 6th eligible orders. We believe, this loyalty programme is likely to drive higher order frequency and help JUBI retain its customers. ~56% of revenues for Domino’s comes from ~15% of its customers, indicating it’s a heavy user dependent business. Loyalty programme will likely help JUBI retain them when competition is rising among organised players and drive higher order frequency.

Secondly, loyalty programme is also likely to drive higher traffic for Domino’s app as cheesy rewards can be received across platforms but can only be redeemed through the app.

n Absolute store expansion of Domino’s continues to be higher than Pizza Hut: JUBI has indicated plans to open 250 Domino’s stores in FY23, while Sapphire Foods and Devyani have also been aggressively opening Pizza Hut Stores. JUBI has gone through the learning curve of expanding aggressively JUBI’s own delivery capability (either through own app or food aggregators) allowing it to own customer data.

Valuations and risks: Our earnings estimates are largely unchanged, modelling revenue/ Ebitda/PAT CAGR of 21/24/29(%) over FY22-24E. Upgrade to BUY with DCF-based revised TP of Rs 750.