Month: May 2024

Flipkart Wholesale launches festive sale for B2B customers; check details

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Festive sales: Flipkart Wholesale, the digital B2B wholesale platform of e-commerce platform Flipkart, on Thursday, announced the launch of the Diwali Shopotsav festive season sale for its B2B members from October 25 to November 12. The sale would be live across the 26 Flipkart stores and the Flipkart Wholesale app.

The sale event will provide deals on various items for business customers across categories, including home and kitchen appliances. The platform has planned flash sales to provide various products for one rupee.

In other initiatives to support small businesses, Flipkart runs the Samarth initiative focused on artisans, weavers and small entrepreneurs, which registered a 300 per cent growth in sellers over the last year. According to the company, the program has positively impacted 15 lakh lives.

Also read: Flipkart’s seller count crosses 1.4 million ahead of Big Billion Days sale this festive season

Moreover, sellers under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi) — a growth and learning platform from the controlling stakeholder of Flipkart, comprising training and support for MSMEs have recorded a year-on-year increase of over 70 per cent in sales through Flipkart’s Big Billion Days Sale, the company had said in a statement. Launched in 2019, Walmart Vriddhi said it has empowered 40,255 MSMEs across the country, providing them with the tools and knowledge needed to thrive in the digital age.

Also read: Indian suppliers, partners to help Walmart export $10B of Indian goods annually by 2027: CEO Doug McMillon

On Wednesday, Amazon Business, the wholesale unit of e-commerce company Amazon in India had also announced offerings for its business customers during its current Great Indian Festival Sale 2023. The company had said that customers on Amazon Business can save up to 28 per cent extra with GST invoice and 40 per cent more with bulk purchase discounts on over 15,000 GST-enabled products.

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Share Market HIGHLIGHTS: Sensex ends in red, Nifty at 17007 in volatile trade; HDFC twins, Kotak Bank drag

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market indices BSE Sensex and NSE Nifty 50 ended in the red on Tuesday, after oscillating between gains and losses. BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007. Stocks of Tata Steel, Titan Company, Kotak Mahindra Bank, State Bank of India, Housing Development Finance Corporation (HDFC), HDFC Bank, Tech Mahindra among others were top Sensex draggers. On the flip side, IndusInd Bank, Power Grid Corporation of India, HCL Technology, Infosys were among top index gainers.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates

15:36 (IST) 27 Sep 2022 Sensex, Nifty end flat with negative bias

BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007.

14:45 (IST) 27 Sep 2022 Gautam Adani says global turbulence accelerates opportunities for India; China to feel increasingly isolated

Billionaire Gautam Adani on Tuesday expressed confidence in India’s growth story, saying that global turbulence has accelerated opportunities for the nation. “It has made India one of the few relatively bright spots from a political, geostrategic, and market perspective,” Gautam Adani said at the 20th Forbes Global CEO Conference 2022 in Singapore. India is on the path to be the world’s third largest economy by 2030, the billionaire said. Read full story

14:39 (IST) 27 Sep 2022 Bank Nifty in red

Bank Nifty was trading 250 points down around 38300

14:24 (IST) 27 Sep 2022 FY23 CPI inflation estimate at 6.5%

“Inflation prints over the coming months are expected to remain elevated albeit moderating gradually to below MPC’s upper threshold of 6% in Q4FY23. With the MPC expected to continue with rate hikes, the lagged impact of monetary tightening will help curb inflation expectations. Accordingly, we expect the average CPI inflation trajectory to be lower than the RBI’s estimates by around 60 bps in H1CY23. We maintain our FY23 CPI inflation estimate at 6.5%. We retain our view that the MPC will continue with calibrated repo rate hikes towards 6% by end-CY22 with 35 bps hike in the September policy along with the shift in the operating target from SDF to repo rate by end-FY23.”

~Suvodeep Rakshit, Senior economist at Kotak Institutional Equities

14:15 (IST) 27 Sep 2022 Markets volatile; Nifty, Sensex hold in green

Sensex is up 229.00 points or 0.40% at 57374.22, and the Nifty added 69.90 points or 0.41% at 17086.20.

13:33 (IST) 27 Sep 2022 Orient Bell completes expansion at Hoskote plant in Bengaluru

Orient Bell announced completion of expansion at its Hoskote plant in Bengaluru district. This expansion involved capex of around Rs 34 crore well ahead of schedule. With this the total capacity of the company has increased from 32 MSM per annum to 33.8 MSM per annum including 10 MSM per annum of the associated entities. Orient Bell was quoting at Rs 609.35, up Rs 10.45, or 1.74 per cent.

13:15 (IST) 27 Sep 2022 Pharma stocks gain

Nifty Pharma index added 0.5 per cent supported by the Granules India, Abbott India, Dr Reddy’s Laboratories

13:13 (IST) 27 Sep 2022 Crude prices to witness recovery towards USD 80 a barrel for WTI

“Crude oil prices are showing signs of stabilizing after the swift decline towards a nine-month low with markets considering the prospects of further action by the OPEC+ members at their October 5 meeting, as the oil cartel hinted at their discomfort with declining crude prices. Softening of the dollar index and uncertainty over a price cap being imposed by the EU on Russian oil are also underpinning crude oil prices. We foresee prices to witness recovery towards USD 80 a barrel for WTI while for Brent, prices look to rebound towards USD 87 a barrel.”

~Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking

13:12 (IST) 27 Sep 2022 Nifty, Sensex trade flat amid volatility

Benchmark indices were trading higher in the highly volatile market. The Sensex was up 241.24 points or 0.42% at 57386.46, and the Nifty was up 66.70 points or 0.39% at 17083.

12:33 (IST) 27 Sep 2022 RBI Monetary Policy: MPC to hike repo rate by 35-50 bps; global recession may risk growth forecast

We expect a 35-50 bps hike in repo rates in the current monetary policy next week and the projected inflation easing announcements in the coming years could provide a shot in the arm as we have witnessed a sharp fall in commodities prices. A serious global recession could present downside risks to our growth forecast due to which we could also witness volatility in our bond and equities markets. Read full story

12:13 (IST) 27 Sep 2022 Rupee depreciates 9% YTD, may fall below 82 per Dollar; RBI intervention to continue to stall INR fall

The global growth slowdown worries spare none. Over the past week, the Fed removed any remaining doubt about its commitment to getting inflation under control. As a result, both bonds and stocks sold off sharply and the debate is now whether the recent risk rally is a trend reversal or a bear market rally and whether the dollar rally continues towards 121. S&P 500 dropped to its lowest level for 2022 and the Dow and global bond market closed in the bear market. Things didn’t look better for risk markets as globally the central banks turned hawkish amid geopolitical and global recession worries. We are seeing coordinated action from global central bankers to stem US Dollar strength. Read full story

11:47 (IST) 27 Sep 2022 MCX Crude oil October futures may rise to Rs 6800/bbl this week; medium-term fundamentals still remain bearish

Cuba on a path toward Florida, threatening to become the worst storm to hit Tampa in over a century. BP Plc and Chevron Corp said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as Hurricane Ian approaches the region. We expect MCX Crude oil October futures to rise towards Rs.6,800 per bbl for the week. Read full story

11:35 (IST) 27 Sep 2022 Adani Group to invest $100 billion in next 10 years in new energy; here’s what the money will be used to build

Adani Group will invest more than $100 billion of capital in India over the next decade, with 70 percent of the investment for Energy Transition space, said the conglomerate’s founder Gautam Adani at the Forbes Global CEO Conference in Singapore today. Adding to the existing 20GW renewable portfolio of the group, the roughly $70 billion capital infusion will contribute another 45GW of hybrid renewable power generation. The group, under the banner of Adani new Industries, plans to augment the additional GWs over a 1,00,000 hectares of land, which is roughly 1.4 times the size of Singapore.

Read full story

10:56 (IST) 27 Sep 2022 Gold Price Today, 27 Sep 2022: Gold prices recover from Monday’s lows, rates may remain under pressure

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Tuesday on pullback in dollar. On Multi Commodity Exchange, gold October futures were ruling Rs 50 or 0.10 per cent down at Rs 49100 per 10 gram as against the previous close of Rs 49150. Silver December futures were up Rs 48 at Rs 55400 per kg. Globally, yellow metal prices rose as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the US Federal Reserve in its efforts to quell soaring inflation. Read full story

10:46 (IST) 27 Sep 2022 Rupee may fall to 82 level against US Dollar

We are within touching distance of the 81.8 target, which may be extended to 82. Meanwhile, we will look for inability to break 81.8 or slippages below 81.55, to ease away from the bullish view, in which case, 81.25 could be expected. Anand James – Chief Market Strategist at Geojit Financial Services

09:55 (IST) 27 Sep 2022 Dish TV shares fall 3%, shareholders reject financial results

Dish TV India Ltd said in a notice to exchanges that its shareholders had rejected four of six resolutions at an annual general meeting on Monday. The firm said its AGM adjourned without assigning a day for a further meeting and the board strength is now down to two members. The resolutions not approved by shareholders include those related to adoption of financial statements for fiscal years 2021 and 2022, appointment of new statutory auditor SN Dhawan & Co, and appointment of Rakesh Mohan as non-executive independent director.

09:53 (IST) 27 Sep 2022 JSW Energy gains around 1% as IndRa upgrades credit rating

India Ratings and Research has upgraded the rating of the company’s long-term facilities to ‘IND AA/Stable’ from lND AA-/Stable’.

09:46 (IST) 27 Sep 2022 Embassy Office REIT slips 1%; Blackstone Inc said to sell 7.7 cr shares

Blackstone Inc is slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on September 27, as per reports. The offer price of the block deal stands at Rs 345 per unit.

09:45 (IST) 27 Sep 2022 IT stocks gain

Nifty Information Technology index rose 1 per cent supported by Infosys, HCL Technologies, Wipro

09:28 (IST) 27 Sep 2022 Mahindra Logistics shares soar 4%

Mahindra Logistics shares rose around 4 per cent after the company announced that it has entered into a Business Transfer Agreement with Rivigo Services and its promoter for acquisition of its B2B express business, as a going concern, on slump sale basis. The transaction cost is Rs 225 crore and the acquisition will be completed by November 1, 2022.

09:25 (IST) 27 Sep 2022 All sectoral stocks up in green

All sectors opened with marginal gains. Nifty PSU Bank, Nifty Media, Nifty Metal, Nifty Auto indices climbed up to 1 per cent in trade.

09:24 (IST) 27 Sep 2022 Nifty top gainers, losers

Power Grid Corporation, ONGC, Coal India, Cipla and NTPC were among major gainers on the Nifty, while Hero MotoCorp, Bajaj Auto, Divis Labs, Eicher Motors and Tech Mahindra were the losers.

09:22 (IST) 27 Sep 2022 Petrol, Diesel Price Today, 27 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 27 September 2022 (Tuesday), 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. Read full story

09:22 (IST) 27 Sep 2022 Markets open in green

Bulls attempted a comeback on Dalal Street as Indian benchmark indices opened firm amid mixed global cues. BSE Sensex was up 224.23 points or 0.39% at 57369.45, and NSE Nifty 50 was up 65.70 points or 0.39% at 17082.

09:10 (IST) 27 Sep 2022 Pre-open: Nifty, Sensex up in green

Benchmark indices are trading firm in the pre-opening session. The Sensex was up 77.60 points or 0.14% at 57222.82, and the Nifty was up 142.20 points or 0.84% at 17158.50.

09:10 (IST) 27 Sep 2022 Rupee opens higher

Indian rupee opened 14 higher paise at 81.48 per dollar on Tuesday against the previous close of 81.62.

09:00 (IST) 27 Sep 2022 FII and DII data

Foreign institutional investors (FIIs) net offloaded shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,532.18 crore on September 26, according to the provisional data available on the NSE.

08:57 (IST) 27 Sep 2022 Markets likely to take a breather from recent corrections

“Markets are likely to take a breather from the recent corrections and start Tuesday’s session on a higher note, tracking recovery in SGX Nifty and select Asian indices even as US markets in overnight trades continued the declining trend. However, markets may continue to wobble intra-day amidst escalating risks of a global recession, driven largely by aggressive monetary tightening around the world to suppress elevated inflation. Also, the recession warning in the US is getting louder with the fact that the 10-year US bond yield is trading at 11-year high and 2-year bond yield at 15-year high.”

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:56 (IST) 27 Sep 2022 Markets likely to open in green, Nifty, Bank Nifty support at 16900, 38250 respectively

“Benchmark Indices are expected to open on a positive note today as suggested by trends on SGX Nifty. US markets slid further on Monday led by FED’s aggressive stance against inflation. Asian markets are trading mixed in the early Tuesday trade with Nikkei trading +0.8% up, Chinese markets trading +0.4% up while Korean and Taiwan markets trading in the red zone. Some stock specific actions can be witnessed in stocks such as Mahindra Logistics, Filatex India, Jubilant Foodworks. On the technical front, Immediate support and resistance in Nifty 50 are 16900 and 17400 respectively. Bank Nifty immediate support and resistance are 38250 and 39250 respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

08:53 (IST) 27 Sep 2022 Rupee likely to depreciate further on strong dollar, weak Asian peers; may slip to 82 per USD

The Indian Rupee is expected to depreciate further on strong dollar, weak Asian peers, and risk aversion in markets. Rupee is likely to open at 81.40, and trade in a range of 81.20 to 81.70 for the day, according to forex analysts. The local unit may slip to 82 per dollar soon, they added. In the previous session, rupee tumbled to a record low of 81.66 against the US dollar as various risky assets continued to be pounded by concerns of a looming recession in developed economies that have prompted a worldwide hardening of interest rates. The US dollar has gained against several currencies, including the rupee. An indication of its global strength is being reflected in the Dollar Index which vaulted to a new 20-year high of 114.53.

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08:52 (IST) 27 Sep 2022 RBI can’t go aggressive in selling, and hence rupee can move towards 82.50

” RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. If RBI keeps selling more on the spot, it will further make the worst adverse and can do severe damage to the economy. Therefore, the RBI can’t go aggressive in selling, and hence the rupee can be seen moving towards 82.00-82.50 levels, further as now importers will buy in a rush and exporters shall get complacent. But no surprise, the rupee was overvalued against its peers and this correction was long overdue. It will be a tough job for RBI to juggle multiple balls at the same time and would be interesting to see what measures are been taken in the upcoming meeting.”

~Amit Pabari, MD, CR Forex Advisors

08:50 (IST) 27 Sep 2022 USDINR may trade between 81.20-82.00

“The rupee touched a new low of 81.65 and is a tad bit lower from another psychological mark of 82.00. Today, the pair is likely to open slightly stronger around 81.40 levels and shall trade in a range of 81.20-82.00 levels. Unlike the previous episodes of RBI’s solid intervention, this time, RBI seems to shy away unwantedly amid the current liquidity crunch. RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. This passive buying of the rupee, along with being on a hiking spree to tame inflation and follow the Fed, has led to a severe liquidity scarcity in the banking system which went into a deficit of over Rs. 27,000 crores from a surplus of Rs. 8.03 lakh crores.”

~Amit Pabari, MD, CR Forex Advisors

08:38 (IST) 27 Sep 2022 Opportunities for long-term investors

“India has been in a relatively sweet spot despite the hawkish environment but in sympathy has to increase rates to avoid capital outflow. The Reserve Bank has also sacrificed nearly 20% of the reserves in trying to defend the rupee but when the liquidity flows out of Emerging markets nothing really can stop the flow. The risk now is a currency contagion with the USD strengthening on a daily basis.  For long-term investors, there are opportunities to be had in such an environment. This is not the first or is likely to be the last crisis. If you are invested in good businesses and are following a framework for your investing, there need not be too much worry as once the dust settles, India should re-emerge as a very strong capital magnet. Staying with strength in the market remains one of our favourite ways to not predict the market yet ride the wave as and when we get it.”

~ Alok Jain, smallcase manager & Founder, Weekend Investing

08:03 (IST) 27 Sep 2022 17150 and 17200: Immediate hurdle for the bulls

“The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.”

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

08:02 (IST) 27 Sep 2022 Sharper bounce back in Indian equities cannot be ruled out

“Taking a glance at the US markets, we will not be surprised to see some relief in key indices there as they have been on a continuous declining spree for a month. Any rebound could certainly provide the much-needed cushion for our domestic markets, and since we are relatively stronger, a possibility of a sharper bounce back cannot be ruled out. As far as supports are concerned, 17000 – 16900 – 16800 is to be seen as a sacrosanct cluster, whereas on the flip side, 17200 followed by 17350 are to be seen as intraday resistances.”

~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:01 (IST) 27 Sep 2022 Nifty at the critical zone

“The benchmark index Nifty has now entered a cluster of key moving averages i.e. 89-day EMA and 200-day SMA. Also, the previous breakout point coincides around 16800; hence, as of now, we do not expect the correction to extend below these levels. If it gets breached, we may have to revisit our view; but as of now, we would like to believe we are very much close to the sacrosanct supports, and since markets are extremely oversold, it’s advisable to trim existing shorts and start nibbling into quality propositions.”

~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:00 (IST) 27 Sep 2022 RBI MPC to determine market trend in medium term

“Panic gripped Dalal Street as the risk of recession was on the front and center in financial markets across the globe. The street suspects that the Fed moving so aggressively on rate hikes could cause a recession. The other biggest headwind which stock markets world over facing is inflation. In this backdrop, investors await the RBI MPC’s move on rate-hike decision this Friday, which would determine the trend in the medium term. Technically speaking, the biggest support for Nifty to watch will be 16907 and if the index holds this level, there is a bright chance that Nifty could bounce to 17451 and then at 17727 mark.”

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

07:59 (IST) 27 Sep 2022 Fed officials stare down markets, say inflation top focus

US Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. In recent weeks, Fed officials have been adamant that they will push rates as far as needed to cool off inflation – even at the cost of rising unemployment and a possible recession. The S&P 500 is down 12 per cent just in the month that Fed Chair Jerome Powell delivered a stern message at a central bank symposium in Wyoming about the economic ‘pain’ required to curb the fastest price increases since the 1980s.

07:59 (IST) 27 Sep 2022

Infosys: The IT major on Monday inaugurated its new digital centre in Calgary, Alberta in Canada and said it would create 1,000 jobs over the next two years.

Embassy REIT: Blackstone Inc is reportedly slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on Tuesday.

Jubilant FoodWorks: The Dominos operator informed in an exchange filing on Monday that it has acquired a 29.24 per cent stake on a fully diluted basis in Roadcast Tech Solutions Pvt Ltd.

Read full story

07:48 (IST) 27 Sep 2022 Will bears drag Nifty to 16800 or bounceback on cards? 5 things to know before market opening bell

After Monday’s rout, the Indian share market may witness a slight bounce back amid mixed global cues. Early trends in the SGX Nifty hinted at a flat to positive opening for NSE Nifty 50 and BSE Sensex. “The RBI’s decision and the outlook would hold great importance post the rate hikes announced by many Central Banks globally following the US Fed aggressive outcome. Even the monthly F&O expiry this Thursday would keep the markets volatile. Fragile global factors and FII outflows would continue to keep the pressure on the market and thus 17000 level would act as a key support level, below which the weakness could intensify,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Read full story

07:40 (IST) 27 Sep 2022 Asian markets in green

Shares in the Asia-Pacific were higher on Tuesday after a sharp fall on Monday. The Nikkei 225 in Japan rose 0.65 per cent, and the Topix index gained 0.66 per cent. In Australia, the S&P/ASX 200 added 0.46 per cent. South Korea’s Kospi was marginally up, and the Kosdaq gained 0.64 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.

07:39 (IST) 27 Sep 2022 Wall Street indices extend losses, end in red

Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve’s aggressive campaign against inflation could throw the US economy into a sharp downturn. The Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04. The Nasdaq Composite dropped 0.6 per cent to 10,802.92.

07:39 (IST) 27 Sep 2022 SGX Nifty hints at a positive start for Indian equities

Nifty futures were trading 27 points, or 0.16% higher at 17,048 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

Three new basmati rice varieties show high yield

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Three new basmati rice varieties, which possess in-built resistance to bacterial blight and blast diseases, thus ensuring lesser usage of pesticides, sown for the first time by farmers of Punjab, Haryana and western Uttar Pradesh this kharif season, have shown promise.

Just a few weeks prior to harvesting, the crop conditions look robust and yields are expected to be higher this season, according to preliminary assessment by Indian Agricultural Research Institute (IARI), Pusa, Delhi.

“Increase in adoptability of new basmati rice varieties amongst farmers in the next couple of seasons, would help recapitulate the country’s basmati rice exports to European Union (EU) which had been hit by several rejection of export consignments due to presence of pesticide residue,” Singh of IARI, an institute affiliated to the Indian Council for Agricultural Research, told FE.

Also read: MCX crude oil Oct futures: Wait for crude to cross Rs 7,150/bbl; check key levels to watchout for next week

Exports of aromatic and long grain rice to the EU have declined to 0.2 million tonne (mt) annually from 0.5 mt a few years back.

IARI had provided seeds of new basmati varieties to around 10,000 farmers in key growing regions in three northern states for helping in seed multiplication from the next season onwards. The varieties have been sown in around 5,000 acres in the current kharif season.

“There has not been any pest attack so far and the crop condition of PB1847 variety is far better than other varieties,” Harpreet Singh, a farmer from Sangrur district, Punjab, who has sown the rice variety in 1.5 acre of his 10 acre of land, said.

According to IARI scientists, new varieties would gradually replace the existing basmati rice varieties PB1121, PB1509 and PB6, which are cultivated in more than 90% of the about two million hectares of aromatic and long-grain rice-grown area.

“Existing key varieties over the years have been susceptible to bacterial blight and blast diseases, leading to excessive use of pesticides by farmers, thus increasing reports of rejection of export consignments due to presence of pesticide residue,” Singh of IARI said.

Also read: Sky-high valuations of unicorns likely to start heading south

Scientists say that for managing bacterial blight disease and blast, farmers use antibiotics and fungicides, which is not a sustainable approach

“Newly-introduced basmati rice varieties are expected to hugely reduce pesticide consumption and improve the quality of rice,” Vijay Setia, former president of the All India Rice Exporters Association and an exporter, said.

Rupee likely to depreciate on strong dollar, bond yields; USDINR to trade with positive bias in this range

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The Indian rupee is likely to depreciate on Monday amid strong dollar, bond yields, and risk aversion in equity markets. USDINR(Spot) may trade positive and quote in the range of 81.05 and 81.50. Rupee depreciated 30 paise to close at a fresh lifetime low of 81.09 against the US dollar in the previous session, while it slumped by 83 paise on Thursday, its biggest single-day loss in around seven months. Finance Minister Nirmala Sitharaman on Saturday said that rupee ‘held up very well’ against the US dollar in comparison to other currencies. “If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” Sitharaman said.

Also Read: Share Market LIVE: Nifty, Sensex likely to open in red amid weak global cues; Harsha Engineers listing today

“Rupee fell to fresh all-time lows on Friday as the dollar continued to strengthen as fears grew that a Fed prescription of raising interest rates to tame inflation will drag major economies into recession.The pound weakened further after the UK govt announced huge debt-financed tax cuts that will boost borrowing, sending UK bond yields vaulting higher in their biggest daily increases in decades. The currency is now down 10% since the start of July and on track for its worst quarter since 2008, pressured by the strong dollar, sluggish British growth and red hot inflation.”

“During the weekend, North Korea fired a ballistic missile towards the sea off its east coast ahead of planned military drills by South Korean and U.S. forces involving an aircraft carrier and a visit to the region by U.S. Vice President Kamala Harris. Also, political instability in China has disturbed the overall economic sentiment and is keeping the Chinese Yuan weighed down. We expect the USDINR(Spot) to trade positive and quote in the range of 81.05 and 81.50.”

Suvodeep Rakshit, Senior economist at Kotak Institutional Equities

“The INR was trading in a range of 79-80 against the USD prior to the September FOMC meeting. After the FOMC meeting, a distinctly more hawkish Fed implied a strengthening dollar. The INR range also had to shift higher which has been supported by RBI interventions. We expect the INR to range between 79-83 for rest of FY23 on the back of USD strength, risks for CAD remaining wider than usual and limited room for lesser FX interventions and let the INR depreciate gradually to address external imbalances. Some of the favourable factors could be lower crude and other commodity prices and FPI debt flows in case of an announcement of bond index inclusion.”

Amit Pabari, MD, CR Forex Advisors

“Indian Rupee tested all-time-low on Friday. After hitting a low of 81.22, it was seen recovering back to 80.77, probably RBI hammered a few yards of USD. But still, it was seen closing at 80.98 as importers rushed to cover USD. Amid a liquidity deficit of more than 21,000 crores in the banking system, RBI will have lesser room to step in and curb rates and volatility. Despite the deficit, RBI might have used its reserves as FX storage fell by another $5.22 billion to $545.65 billion.”

Also Read: Will bears drag Nifty to 17150 or bulls stage a comeback? 5 things to know before market opening bell

“The upcoming RBI’s monetary policy, which is due on the 30th Sep will be important as the announcement on the repo rate hike, cut in CRR, and changes in stance will be watchful. Nonetheless, currency market players want an early dose of injection to calm down the shaky nerves. However, further strength in the USD globally could not keep the Rupee trading at an exceptionally fine. Overall, we expect the USDINR pair to remain volatile with downside support at 80.50 and strong bullish momentum could not rule out 82.50 levels on the upside,” Pabari added.

(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.)

WAPCOS files IPO papers with Sebi; government to divest stake

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Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, Government of India, according to the Draft Red Herring Prospectus (DRHP).

WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. The company also provides its services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control.

Also read| Harsha Engineers premium listing on BSE, NSE, shares gain 36% from IPO price: debut at Rs 450 on bourses

Some of the listed peers in the segment are Ircon International, Rites, Engineers India, NBCC, and Va Tech Wabag. As on March 2022, the company’s order book stood at Rs 2,533.93 crore and Rs 18,497.33 crore for construction contracts. So far in the current fiscal, the Centre has collected Rs 20,557 crore by way of divestment proceeds through the Life Insurance Corporation of India IPO and Rs 3,000 crore from minority stake sale in ONGC.

Also read| How do new internet IPO companies fare when it comes to valuation and profitability?

The government has pegged divestment target at Rs 65,000 crore for the current financial year. IDBI Capital Markets & Securities Ltd and SMC Capitals Ltd are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE

Gold Price Today, 20 Sep 2022: MCX gold falls ahead of US Fed policy decision; check support, resistance

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading tepid in India on Tuesday, on muted global cues as investors awaited US Fed policy outcome. On Multi Commodity Exchange, gold October futures were trading Rs 28 down at Rs 49,274 per 10 gram, as against the previous close of Rs 49,302. Silver December futures were ruling at Rs 56,897per kg, up Rs 213 or 0.4 per cent. Globally, yellow prices traded in a tight range as investors maintained a cautious stance ahead of this week’s policy meeting by the Federal Reserve where the U.S. central bank is likely to hike interest rates to tame high inflation, according to Reuters. Spot gold held its ground at $1,676.80 per ounce, while U.S. gold futures rose 0.5% at $1,686.70.

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COMEX gold trades marginally higher above $1685/oz supported by a pause in the US dollar and bond yields amid positioning ahead of central bank decisions. Fed’s 0.75% rate hike has been factored in and market players are now assessing the possibility of a surprise move. While some believe there is a possibility of a bigger hike, we believe that the Fed may maintain the pace given signs of improvement in the inflation situation. Amid reduced expectations of a surprise move by the Fed, gold and other commodities have edged up and could see some extended gains.

Tapan Patel, Senior analyst — Commodities, HDFC Securities

Gold prices traded steady on Tuesday with spot gold prices at COMEX were trading near $1676 per ounce in the morning trade. MCX Gold October futures opened firm near Rs. 49438 per 10 gram in line with positive global prices. Gold prices kept range bound trading ahead of the US FOMC meet as the US FED will kickstart two days of meetings from today. The dollar index was marginal down which supported yellow metal to trade firm. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1660 and resistance at $1690 per ounce. MCX Gold October support lies at Rs. 49100 and resistance at Rs. 49700 per 10 gram.

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

Gold prices traded in a tight range, as investors maintained a cautious stance ahead of this week’s policy meeting by the Federal Reserve where the U.S. central bank is likely to hike interest rates to tame high inflation. The U.S. Fed, at the conclusion of its two-day policy meeting on Wednesday, is expected to raise interest rates by 75 basis points, with markets even seeing a ~20% chance for a 100 bps increase. Gold prices weakened, hovering toward a 29-month low hit on Friday, as the U.S. dollar and Treasury yields firmed on expectations of a hefty Fed rate hike. Dollar index hovered around its 20 year high, while U.S. Yields held close to its highest level in over a decade on Monday. This week apart from the Fed, focus will also be on the BOE policy meeting, speech from Governor Powell and preliminary PMI data points. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.30% to 957.95 tonnes on Monday from 960.85 tonnes on Friday. Broader trend on COMEX could be in the range of $1640-1705 and on domestic front prices could hover in the range of Rs 49,100-49,750.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices came off their intraday lows to end marginally lower on Monday lows, as higher U.S. dollar index and rising bond yields limited buying interest in the precious metals to start the trading week. For Tuesday, gold has support at $1664-1656, while resistance is at $1686-1798. Silver has support at $19.18-18.95, while resistance is at $19.62-19.85. In INR terms gold has support at Rs 49,020-48810, while resistance is at Rs49,480, 49,640. Silver has support at Rs55,750-55,240, while resistance is at Rs57,180–57,510.

(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.)

UPSI: SC junks Sebi plea in Bajaj Auto case

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The Supreme Court on Monday rejected the Sebi’s appeal seeking to penalise a former stock broker in the case of circulation of unpublished price sensitive information (UPSI) through WhatsApp messages in the scrip of Bajaj Auto.

A Bench led by Chief Justice UU Lalit dismissed the Sebi’s appeal against the Securities Appellate Tribunal’s (SAT) order in March last year that had set aside the penalty of Rs 15 lakh imposed on Shruti Vora for allegedly forwarding UPSI of six companies on WhatsApp.

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“They are secondary chain. They have just forwarded the messages. It would mean upsetting everything and putting the burden again on them, which we are not willing to do… On the facts and circumstances of the case, we find no reason to entertain the appeal,” the CJI said, adding that the investigative machinery was not able to find the source of information.

UPSI refers to any information related to a company or its securities that is not generally available and is likely to materially affect the price of the securities.

Senior counsel CU Singh, appearing for Sebi, argued that the identified messages “accurately” matched the financial results finally published by the companies and as per the PIT norms, any person who is in possession of UPSI is regarded as an insider. He said that Vora being insider (stock broker) had communicated the UPSI related to Bajaj Auto as she was also advising insurance companies. This is in violation of PIT (Prohibition of Insider Trading) Regulations, he contended.

Sebi had initiated a preliminary examination on circulation of UPSI through WhatsApp groups, during which search and seizure operations for 26 entities were conducted and approximately 190 devices, records etc, were seized. The investigation revealed that Kumar and Vora communicated the UPSI related to Bajaj Auto – total income, EBITDA and PAT for the quarter ended March 2017 a few days before the results were due. Bajaj Auto was one of the firms whose quarterly financial results for the fourth quarter of 2016-17 closely matched the messages circulated in the WhatsApp chats.

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SAT, while ruling in favour of the two individuals, had observed that the source of these messages could not be established by Sebi and it could not find any leakage of information. It had accepted the stand of Vora and Agarwal that the messages had originated from brokerage houses or some platforms and were already available in the public domain.

The tribunal had held that ‘information constituted UPSI only when the person getting such information was aware that such information was unpublished, and price sensitive in nature’ and that such knowledge can be established on the basis of preponderance of probabilities on attendant circumstances.

Share Market Highlights: Nifty settles above 19040, Sensex over 63780; Bank Nifty adds over 500 points

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended the week’s last trading session in the positive territory. The NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80. The broader indices ended higher with Smallcap stocks leading the gains. The Bank Nifty index added as much as 501.85 points or 1.19% to settle at 42,782. PSU Bank and Media stocks led the gains among the other sectoral indices and surged over 4.11% and 2.58%, respectively. Coal India, HCL Tech, Axis Bank, State Bank of India and Bajaj Auto were the top gainers, while the top laggards included UPL, ITC, Hindalco Industries, BPCL and Asian Paints. The volatility index (India Vix) ended down 7.03%.

(Source: NSE)

13:43 (IST) 27 Oct 2023 Bajaj Finserv Q2 profit rises 23.9%

Bajaj Finserv on Friday posted second quarter profit at Rs 1,928.96 crore, up 23.9% in comparison to Rs 1,556.93 crore during the corresponding quarter of last year. It posted a total income for the quarter ended September 2023 at Rs 26,022.66 crore, up 25.1% as against Rs 20,803.33 crore during the second quarter of FY23.

13:25 (IST) 27 Oct 2023 BOJ meets as rising global yields, inflation test yield cap

The Bank of Japan will face growing pressure at its policy meeting next week to shift further away from its controversial bond yield control, amid rising global bond yields and persistent inflation, reported Reuters. A spike in the US Treasury yields has pushed up the 10-year Japanese government bond (JGB) yield near the BOJ’s 1% cap set just three months ago, testing the bank’s resolve to prevent an excessive market-driven surge in borrowing costs.

12:48 (IST) 27 Oct 2023 Isha, Akash, Anant Ambani get shareholders’ nod for appointment on RIL board

Reliance Industries on Friday announced that its shareholders have approved the appointment of Ambani scions Akash Ambani, Isha Ambani and Anant Ambani on board of the company, it said in a regulatory filing. While Isha Ambani got 98.21 % of votes, Anant Ambani received 98.06% votes, Anant Ambani got 92.75% votes for being appointed as the non-executive director of the Company.

12:01 (IST) 27 Oct 2023 Infosys signs 5-year deal with smart Europe GmbH

Infosys on Thursday said it has signed a five-year partnership with smart Europe GmbH, a premium EV maker, to improve the latter’s direct-to-customer (D2C) business model in Europe. Infosys will help the EV maker boost digital sales and improve customer experience.

In a filing with the BSE, the company said it will provide enhanced customer experience, data-driven personalisation and engagement for the existing EV models like smart #1, smart #3 and other upcoming all-electric models from the iconic brand.

12:00 (IST) 27 Oct 2023 Reliance Industrial Infrastructure Q2 profit up 40.7%

Reliance Industrial Infrastructure Ltd (RIIL), an entity of Reliance Industries, posted its Q2 earnings with profit at Rs 3.18 crore, up 40.7% on-year. It had posted Q2 profit for FY23 at Rs 2.26 crore. The company recorded revenue from operations at Rs 14.36 crore, down 13.6% in comparison to Rs 16.62 crore during the second quarter of the previous year.

11:59 (IST) 27 Oct 2023 TTK Prestige Q2 profit drops 29.3%

TTK Prestige on Friday posted its second quarter earnings for the financial year 2023-24 with profit at Rs 59.27 crore, down 29.3% as against Rs 83.85 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 729.47 crore, down 13.4% as against Rs 842.35 crore during the quarter ended September 2022. The company’s EBITDA stood at Rs 80.9 crore, down 31.7% on-year.

11:32 (IST) 27 Oct 2023 Market Statistics

(Source: NSE)

11:21 (IST) 27 Oct 2023 Rollover – October Series

“Sharp spike in the US 10-year bond yield towards 5% triggered a bout of intense profit booking this week. Series on series, the Nifty is down by 3.4%, largely contributed by the selling observed in the current week. The index is down by 3.5% week-to-date. The stupendous outperformance observed in the mid-cap space over Nifty took a pause as the NSE Mid-cap index declined by 5% this series. The Nifty rollover stands at 83%, higher than its last three series average of 79%. The series has started with a cumulative future open interest of 11.6 million shares as against last three series average of 11.5 million shares. The Bank Nifty rollover stands at 79%, lower than its last three series average of 80%. The series has started with a cumulative future open interest of 2.5 million shares as against last three series average of 2.3 million shares,” said Neeraj Agarwal, Technical & Alternative Research, JM Financial.

10:41 (IST) 27 Oct 2023 Gold movement

“COMEX Gold prices pared early advance and closed with marginal gains on Thursday, amid robust US economic activity coupled with delay in the Israeli ground invasion. US gross domestic product accelerated to a 4.9% annualized rate in the last quarter, the fastest since 2021, while new orders for manufactured durable goods surged by 4.7% m/m in September 2023. Meanwhile, ECB paused the rate hikes, reflecting a more cautious “wait-and-see” stance among policymakers. Today, US PCE price index and UoM consumer sentiments will be in focus,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.

10:27 (IST) 27 Oct 2023 PSU Bank stocks shine

The Nifty PSU Bank index soared 3.05% during early trade on Friday. Canara Bank led the gains with a surge of 5.72%, while Bank of India and Union Bank of India advanced over 4% each.

09:49 (IST) 27 Oct 2023 Derivative outlook

Nifty weekly contract has highest open interest at 18,900 for Calls and 18,850 for Puts while monthly contracts have highest open interest at 18,900 for Calls and 18,850 for Puts. Highest new OI addition was seen at 18,900 for Calls and 18,850 for Puts in weekly and at 18,900 for Calls and 18,850 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 58.60%, increased future index shorts by 20.80% and decreased index options by 51.69% in Call longs, 27.78% decrease in Call short, 49.81% decrease in Put longs and 34.33% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

09:48 (IST) 27 Oct 2023 Markets offer opportunity to long-term investors

“After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. Shorting in the FPI overweight segments like banking and IT have contributed significantly to the sharp market correction. The US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective. On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors. History tells us that corrections triggered by geopolitical events were opportunities to buy,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:20 (IST) 27 Oct 2023 Markets at open

The NSE Nifty 50 opened at 18,928.75 up 0.37%, while the BSE Sensex opened at 63,559.32 up 411.17 points.

09:13 (IST) 27 Oct 2023 Technical View

“According to the daily chart, Nifty is maintaining a bearish trajectory, targeting 18,400 in line with correction wave C. The immediate resistance is at 18,650. However, if the price closes above 19,000, a bounce towards 19,200 could be anticipated. For Bank Nifty, the immediate support is near 42,000 and 41,900, while on the flip side, 42,600 and 42,800 act as immediate resistance levels. In a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments,” said Mandar Bhojane, Research Analyst, Choice Broking.

08:57 (IST) 27 Oct 2023 USD-INR

“The USD-INR futures contract for October 27th showed strength by surpassing the 83.22 level. According to the daily technical chart, the pair is trading above its moving average trend-line support level of 83.20, and the RSI is above the 50 level. However, it’s worth noting that the MACD is displaying a negative divergence. Additionally, the pair has breached its resistance level at 83.22. Based on the daily technical chart, the pair has support at 83.15-83.00 and resistance at 83.35-83.50. If the pair maintains levels above 83.22, it could exhibit further strength, potentially reaching the 83.35-83.50 range. In today’s session, we anticipate that the pair may trade within the range of 83.15-83.45,” said Rahul Kalantri, VP Commodities, Mehta Equities.

08:56 (IST) 27 Oct 2023 Market outlook

“Smart money on Dalal Street remains cautious, actively seeking selling opportunities during market strength, as both Nifty and Bank Nifty face significant downside risks. The suggested trades include selling Nifty in the range of 18,950-19,100 and Bank Nifty in the range of 42,500-42,750. The stock market’s near-term recovery looks unlikely due to persistent concerns such as rising US bond yields and the Israel-Hamas conflict, while FIIs have been selling in October, driven by inflation and recession fears. Also, uninspiring Q2 earnings of major Indian companies further contribute to the market’s pessimism. Nifty is expected to trade within a range of 18,500-19,500, with a crucial resistance at 19,500, and the Volatility Index stands at 11.73,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

08:48 (IST) 27 Oct 2023 Bank Nifty outlook

“The Bank Nifty index experienced continued heavy selling, resulting in a 1.29% decline. It is currently trading below its 200-day Exponential Moving Average (200EMA) placed at 43,264. This situation maintains a bearish undertone. The next immediate support level on the downside is at 42,000, where fresh put writing is evident. A breach below this level could lead to further declines, potentially targeting the 41,500-41,200 range,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

08:38 (IST) 27 Oct 2023 FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 7,702.53 crore, while domestic institutional investors (DII) added shares worth net Rs 6,558.45 crore on October 26, 2023, according to the provisional data available on the NSE.

08:31 (IST) 27 Oct 2023 Crude Oil

WTI crude prices are trading at $83.70 down 0.53%, while Brent crude prices are trading at $88.47 down 0.61%, on Friday morning.

08:31 (IST) 27 Oct 2023 US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.02% at 106.63.

08:19 (IST) 27 Oct 2023 Wall Street

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected, reported Reuters. 

The tech-heavy Nasdaq Composite tanked 225.62 points or 1.76% to 12,595.61. The S&P tumbled 49.54 points or 1.18% to 4,137.23, while the Dow Jones Industrial Average dropped 251.63 points or 0.76% to 32,784.3.

Life Insurance: Steady premium growth witnessed

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Private life insurers reported 8.9%/17.6% y-o-y growth in individual/total APE a (annualised premium equivalent) in Aug’22. Growth in individual/total APE in FY23-TD remains strong at 25.3/31% y-o-y. Life Insurance Corporation of India reported 12.5%/37% y-o-y growth in total APE in Jul’22/FY23-TD.

We witnessed disparate growth and margin performance among life insurers in Q1FY23. Tata AIA and Bajaj Allianz (BALIC) led the pack in terms of growth. Tata AIA also reported highest y-o-y growth in sum assured market share in FY23-TD. Overall VNB (value of new business) margin for players has mostly been boosted by higher non-par and lower ULIPs while retail protection remained muted in Q1FY23.

Individual/total APE grew 8.9%/18% for private life insurers in Aug’22: o In terms of total APE growth – BALIC (40% y-o-y), Tata AIA (54% y-o-y) and HDFC Life (19% y-o-y) were outperformers in Aug’22. IPRU Life reported growth of 10.5% y-o-y. SBI Life (SBLI) reported total APE growth of 1.8% y-o-y on adverse base. Max Life reported a decline of 11% y-o-y. Individual APE growth remains on similar trajectory – BALIC/Tata AIA /HDFC Life outperformed with 38%/52.3%/17% y-o-y growth while SBLI/IPRU Life/Max reported decline of 5.2%/ 14%/11.6% in Aug’22, respectively.

Overall sum assured declined 8% m-o-m while individual sum assured was up 4% m-o-m: In terms of total sum assured, Tata AIA saw maximum improvement in its market share from 4.6% in FY22-TD to 8.4% in FY23-TD followed by Kotak Life from 3.3% to 4.5%. In terms of individual sum assured, Tata AIA/SBI Life/BALIC witnessed highest improvement in their sum assured from 10.6%/7.3%/3.5% in FY22-TD to 19.4%/7.7%/4.2% in FY23-TD while HDLI/IPRU Life/ Max witnessed decline from 13.3%/ 12.1%/11.1% to 9%/ 8% /9% during the same period, respectively.

LIC lagged its private peers in terms of Aug’22 y-o-y growth but YTD performance has been very strong with 37% total APE growth and gain in market share. It reported 5.2% y-o-y growth in terms of individual APE vs 9% reported by private insurers.

SoftBank slashes valuation of OYO by 20% to $2.7 billion

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Japan’s SoftBank has cut the valuation of OYO Hotels on its books by more than 20%, Bloomberg reported on Thursday, citing sources. The downgrade comes at a time when the hotel aggregator is once again preparing for an initial public offering (IPO) early next year.

The Japanese investor, the largest shareholder in OYO, cut its estimated value for the firm to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations, the report said. OYO’s valuation had reached $10 billion in a 2019 funding round.

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On speculations that it is targeting an early 2023 IPO at a $5-billion valuation, OYO said, “We have not decided the exact timing for the IPO and the IPO valuation is also highly speculative.”

On September 19, OYO filed its earnings for FY22 and the April-June quarter of the current fiscal as addendum to its draft red herring prospectus filed earlier with the Securities and Exchange Board of India (Sebi). The hotel aggregator’s revenue from operations during the April-June period stood at Rs 1,459.3 crore, while losses were at Rs 414 crore. In FY22, with the lifting of Covid-led restrictions, its revenue from operations went up 20.7% to Rs 4,781.4 crore and losses narrowed to Rs 2,140 crore from Rs 4,103 crore in FY21.

OYO is still far behind its pre-Covid annual revenue of Rs 13,413 crore in FY20. It had registered a net loss of Rs 10,419 crore during that year.

Its total costs went up to Rs 6,984 crore in FY22 from Rs 6,937 crore in FY21. General administrative expenses at Rs 515.4 crore were down 44.4% from Rs 927 crore in FY21. The employee expenses, net of ESOP-based compensation reduced by 26.5% in FY22 to `1,117.2 crore.

Helped by travel resumption, the hospitality firm’s gross bookings value per hotel in Q1FY23 stood at Rs 3.25 lakh. During FY22, it was at Rs 2.21 lakh. Its storefronts during the April-June quarter was at 168,000 from 157,000 at the end of FY21.