Markets open on high note | WeForNews | Latest News, Blogs Markets open on high note – WeForNews | Latest News, Blogs
Connect with us

Business

Markets open on high note

Published

on

Sensex equity Nifty

Mumbai, Oct 10: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE opened at 34,493.21 points, touched a high of 34,500.03 and a low of 34,346.50, after closing at 34,299.47 points on Tuesday.

The Sensex is trading at 34,486.44 points up by 186.97 points or 0.55 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,331.85 points after closing at 10,301.05 points on Tuesday.

The Nifty is trading at 10,329.85 points in the morning.

IANS

Business

Centre allows 5 states to procure 13.77L tonnes of pulses, oilseeds

Published

on

By

The Centre has allowed five states to procure 13.77 lakh tonnes of pulses and oilseeds in the current Kharif season (2020-21), the Union Ministry of Agriculture & Farmers Welfare said in a statement on Monday. The five states are Tamil Nadu, Karnataka, Maharashtra, Telangana and Haryana.

The Kharif Marketing Season (KMS) 2020-21 has just begun and the government will continue to procure crops from the farmers at minimum support price (MSP) as per its existing MSP schemes like the previous seasons, said the statement.

Based on the proposal from the states, approval has been accorded to the states of Tamil Nadu, Karnataka, Maharashtra, Telangana and Haryana for the procurement of 13.77 lakh tonnes of pulses and oilseeds for KMS 2020-21, as per the statement.

For the other states/Union Territories, approval will be accorded on receipt of proposals for Kharif pulses and oilseeds and procurement will be made as per the Price Support Scheme (PSS) if market rates go below their MSP, the ministry said.

As per reports, up to September 24, the government through its nodal agencies has procured 34.20 MT of moong having MSP value of Rs 25 lakh, benefiting 40 farmers in Tamil Nadu.

Similarly, 5,089 MT of copra (the perennial crop) having MSP value of Rs 52.40 crore has been procured, benefiting 3,961 farmers in Karnataka and Tamil Nadu against the sanctioned quantity of 95.75 LMT for Andhra Pradesh, Karnataka, Tamil Nadu and Kerala.

The procurement of paddy during KMS 2020-21 has just started from September 26, and up to September 27, 5,637 MT having MSP value of Rs 10,643 crore at MSP of Rs 1,868 per quintal has been procured from 390 farmers in Haryana and Punjab, said the Agriculture Ministry.

The procurement of paddy for the remaining states has been allowed to commence from Monday.

The procurement of cotton for the 2020-21 season shall commence from October 1, 2020 and the Cotton Corporation of India (CCI) will start purchase of FAQ grade cotton from October 1 onwards, as per the statement.

Source: IANS

Continue Reading

Business

Fake currency notes worth Rs 1 crore deposited in RBI

Published

on

By

Reserve Bank of India

Fake currency notes worth Rs one crore have been deposited in various banks which then deposited the same in the Reserve Bank of India.

The assistant manager of Reserve Bank of India in Lucknow’s Metropolitan Kotwali has filed a complaint after fake notes worth Rs one crore were deposited in several banks between 2017 and 2018.

Assistant manager Ranjana Maravi said that 15,436 fake notes were deposited in the currency chest of the Reserve Bank of India between October 2017 and March 2018.

During the investigation, 9,753 notes of Rs 500 and 5,783 notes of Rs 1,000 were found to be fake. The total fake notes recovered is close to Rs 1.05 crore.

Ranjana Maravi has also asked the metropolitan police to conduct a forensic examination of the seized notes.

Inspector Mahanagar Yashkant Singh said a case has been registered on the complaint of Ranjana Maravi, and an investigation was underway.

(IANS)

Continue Reading

Blog

Market Watch – Markets not yet out of the woods

Published

on

By

Sensex Stock Market Update UP and Low

Markets behaved on expected lines and fell on the first four trading days with a sell-off on expiry day. They recovered on Friday the first day of the new futures series which is of five weeks duration. BSESENSEX lost 1,457.16 points or 3.75 per cent to close at 37,388.66 points while NIFTY lost 454.70 points or 3.95 per cent to close at 11,050.25 points. The broader markets saw BSE100, BSE200 and BSE 500 lose 3.98 per cent, 4.14 per cent and 4.24 per cent respectively. BSEMIDCAP lost 4.73 per cent while BSESMALLCAP lost 5.26 per cent. There was panic across the board on Thursday and it was selling by FII’s and liquidation by momentum traders which led to the mayhem. The recovery on Friday was equally sharp and about a third of the losses of four days have been recovered.

The Indian Rupee lost 17 paisa or 0.23 per cent to close at Rs 73.61 to the US Dollar. After a volatile week, Dow Jones closed with losses of 520.46 points or 1.88 per cent at 27,657.42 points.

September series expired with losses of 753.70 points, or 6.52 per cent at 10,805.55 points. This was the lowest closing of NIFTY during the month. On an intra-day basis, the NIFTY on expiry day had touched a low of 10,790.20 points while the low on the BSESENSEX was 36,495.98 points.

The week gone by was about the primary market with three issues opening and closing for subscription and one new listing. Shares of Route Mobile made their debut on Monday and closed at Rs 651.10, a gain of Rs 301.10 or 86.03 per cent. Shares were issued at Rs 350. The striking feature of the day’s trading was the delivery percentage of 97.74 per cent of the non-anchor portion. This effectively means that almost everybody who got allotment of shares, sold on day one. 25 per cent of these shares were bought by two institutional investors and this saw the share gaining further ground to close at Rs 938.60, a gain of Rs 168.17 per cent.

Computer Age Management Services Limited which had tapped the capital markets with its offer for sale saw subscription of 46.99 times. The QIB portion was subscribed 73.18 times, HNI portion subscribed 111.85 times and Retail portion subscribed 46.99 times. The price band was Rs 1229-1230. Shares would list on 1st of October.

The second issue was from Chemcon Speciality Chemicals Limited and shares were issued in a price band of Rs 338-340. The issue was subscribed 149.33 times overall. QIB portion was subscribed 113.54 times, HNI portion 449.14 times while Retail portion was subscribed 41.21 times. This issue would list on Thursday the 1st of October.

The third issue was from Angel Broking Limited and was subscribed 3.94 times overall. Shares were issued in a price band of Rs 305-306. QIB portion was subscribed 5.74 times, HNI portion undersubscribed at 0.69 times and Retail portion subscribed 4.31 times. This issue would list on Monday 5th October.

There are three issues opening next week on Tuesday the 29th of September and closing on Thursday the 1st of October. The first issue is from Mazagon Dock Shipbuilders Limited which is issuing shares in a price band of Rs 135-145. The issue is an offer for sale from the government of India for 3,05,99,017 equity shares. Being a government offer, there would be no anchor allocation. The EPS for the period ended March 2020 was Rs 21.36 and the PE multiple is 6.32 to 6.79. Mazagon Dock is into warships and submarine building and is the only shipyard in India with submarine making capability. There are two other defence PSU listed shipyard companies namely, Garden Reach Shipbuilders and Cochin Shipyard. The issue is very attractively priced and offers ample scope for appreciation. However, allotment would be only by lottery.

The second issue is from UTI Asset Management Company Limited which is through an offer for sale of 3,89,87,081 shares by NSE. The price band is Rs 552.-554. The company had earned an EPS of Rs 21.53 for the year ended March 2020. The PE multiple based on March 2020 numbers is 25.64-25.73. The net asset value or NAV is Rs 212.88 as on 31st March 2020. There are two listed peers for the company, HDFC AMC and Nippon Life India Asset Management Limited. Compared to the peers, the issue is reasonably priced.

The third issue is from Likhitha Infrastructure Limited which is raising capital through a fresh issue of 51 lac shares in a price band of Rs 117-120. The EPS for the year ended March 2020 was Rs 13.59. The PE based on March 2020 is 8.61-8.83. The company is into the business of laying city gas distribution pipes and also product pipeline on a cross country basis. The company has an order book of over Rs 662 crore as of July 2020 and this would be executed over the next 24-30 months. Revenue for the year ended March 2020 was Rs 162 crore. The company gets pipes as a free item for installation from the customer, hence the revenue looks lower than the word ‘infrastructure player’ suggests. Looks an interesting company but the size of the issue and the simultaneous issues from three companies could act as a drag.

Covid-19 saw the world have 330,58,750 patients, 998,747 deaths and 244,11,772 patients recover. In India we had 59,92,532 patients, 94,534 deaths and 49,41,627 people recovering. Compared to the previous week, the world saw 20,65,770 new patients, 37,272 deaths and 18,23,867 patients recovering. In India we saw 5,91,913 new patients, 7,760 deaths and 6,38,58. This is the first time that the number of patients recovering is higher than new patients. This is the first time that the number of patients recovering is higher than new patients.

Coming to the markets, we saw the anticipated correction pan out and the price damage that it led to. We are not yet out of the woods and it would be fair to assume that after a continuation of the current one-day old rally which could last for a further day or two, expect the correction downwards to continue. While lows made on Thursday of 36,495 on BSESENSEX and 10,790 on NIFTY would act as immediate supports, the breaking of these levels could bring a sharper and swifter correction. Use rallies to sell and sharp dips to buy. Refrain from having overnight positions. The week has a trading holiday on Friday and that would bring a sharp reduction in positions on Thursday closing as we have a three-day holiday thereafter. The two new listings on Thursday would keep markets buoyant and engrossed on the last day of the week. Trade cautiously.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.