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Technical charts indicate a continuation of the positive trend going ahead, with the India VIX currently trading below 12. Any market dip presents a buying opportunity, as technical analysts predict Nifty will move towards the 22,800-23,000 levels soon. Stocks such as Vedanta, Hindalco, JSW Steel, City Union Bank, Canara Bank, HDFC Bank, ABB, ITC, HUL, Hindustan Zinc, Hindustan Copper, Siemens, and Godrej Properties are recommended by analysts for short-term trades.RAJESH PALVIYA HEAD TECHNICAL DERIVATIVES, AXIS SECURITIESWhere is the Nifty headed this week? On weekly chart, Nifty has formed a “Doji” candlestick pattern that indicates indecisiveness among market participants on the direction of the market. If Nifty crosses and sustains above the level of 22,650, it would witness buying, leading the index towards 22,800-23,000 levels. Conversely, if the index breaks below the 22,400 level, it would witness selling, taking it towards 22,200- 22,100. The weekly strength indicator RSI is about to cross over above its reference line, indicating a potential change in the trend to positive. What should investors do? Investors can look for stocks such as Vedanta, Hindalco, JSW Steel, City Union Bank, Canara Bank, HDFC Bank, ABB, Siemens, and Godrej Properties, as they are likely to exhibit bullish behaviour. Traders can use the moderately bullish Bull Call Spread strategy of April 10 weekly expiry. Buys one lot of 22,550 Calls at Rs 107 and simultaneously sell one lot of 22,750 Call at Rs 34. The net outflow or maximum loss will be restricted to up to Rs 3,650. If Nifty closes above 22,623 at expiry, the strategy will start making profit. The maximum gains will be restricted up to Rs 6,350.ARPAN SHAH ANALYST, MONARCH NETWORTH CAPITALWhere is the Nifty headed this week? Indian markets outperformed the global markets last week, which indicates a continuation of upside in the coming week as well. Traders may witness increased volatility in the market as we are heading into the general elections. India VIX, which is trading below 12, is likely to go up in the coming days. Any dip in the market during this volatile period is a buying opportunity as we are heading towards the 22,800- 23,000 level in the coming days. Bank Nifty has also given a fresh breakout led by HDFC Bank, and is heading for fresh high of 49,200-50,000. What should investors do? Traders are advised to focus on large-cap stocks as they may outperform broader markets in the April Series. The IT index was an underperformer in March, but it has been closing with doji formation for the last two weeks. Traders can look to add HCL Tech and Tech Mahindra at current levels and expect a short covering rally before the results. Kotak Bank has witnessed buying interest from Rs 1,725 level and closed with a bullish candlestick. The stock is heading for the Rs 1,850-1,900 levels in coming weeks. Any dip in HDFC Bank towards Rs 1,510 is also a buying opportunity. From the FMCG pack, ITC and HUL are buying opportunities. From an investment perspective, Investors can look to accumulate Sula, Timken, HDFC Life and PVR Inox.MEHUL KOTHARI ANALYST, ANAND RATHI INVESTMENT SERVICESWhere is the Nifty headed this week? Nifty is trading above the S3 Camarilla pivot, and it found support at this level in the previous trading session. Additionally, since the index is trading significantly above its 21-day and 50-day exponential moving averages (DEMA), there is a possibility of reversion towards the next support levels of 22,340 and 22,200. Nifty Bank emerged as a notable performer in the past week, gaining almost 1,300 points and closing with a substantial increase of 2.90% for the week. Looking ahead, the level of 48,636 poses an immediate resistance as it represents the previous high reached in December 2023. What should investors do? Traders should focus on Nifty Bank index as it seems to be a clear outperformer. Also, there are many individual stock opportunities. With silver breaking out above Rs 80,000 on MCX, metal stocks would again be under the limelight. Hindustan Zinc and Hindustan Copper are our top picks for the coming months. One can accumulate Hindustan Zinc on dips around Rs 335–325 for a target of Rs 360 and Rs 400 over 3-6 months with a stop loss below Rs 300 on a daily closing basis. Hind Copper can be accumulated at Rs 320–310 for a target of Rs 360-400 with the same time frame. The stop loss can be Rs 280.

Mumbai: Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of the development said."Phoenix ARC has bought the debt from IIFL for ₹1,500 crore in an open auction," one of the sources told ET.It has offered 15% cash and 85% security receipts for the loans that include one project in Noida and another in Jogeshwari, Mumbai. Phoenix ARC was the only participant in the open auction, the source said. Both Phoenix ARC and IIFL spokespersons did not respond to a request for comment until press time Sunday.Higher write-offs and loan sales to asset reconstruction companies (ARCs) helped IIFL bring down gross and net stage-3 assets to 1.8% and 1.1%, respectively, of its loan book as of March 31, 2023, from 3.2% and 1.8%, respectively, a year earlier. Stage 3 assets are loans that are overdue for more than 90 days.IIFL's net stressed book, including net stage 3 and net security receipts stood at 3.3% of the loan book and 12.9% of its net worth as of March 31, 2023. While the real estate book declined to 4% of assets under management (AUM) and 26% of the net worth as of March 31, 2023 (6% and 37%, respectively, including the investment in AIFs) from 8% and 78%, respectively, as on March 31, 2022, these exposures remain vulnerable to slippages, an Icra Ratings report said.After the Reserve Bank of India ordered IIFL Finance to cease and desist from sanctioning and disbursing gold loans or assigning/securitising/selling any of its gold loans, rating firms have put the company's rating under watch.Fairfax India - which has been a long-term strategic investor in IIFL Finance and currently holds 15.1% in the company - had provided a liquidity line of ₹1,560 crore commitment in February."In the near term, this restriction on the gold loan business will lead to a reduction in overall AUM, while other key businesses of the group viz, home loans, microfinance, loan against property and others, are not directly impacted by this RBI directive," Crisil said in a recent note.

After creating 150,000 direct jobs in around two and a half years, the Apple ecosystem has shifted focus to providing residential facilities to factory employees, in line with the China and Vietnam models of industrial housing.Government officials told ET that Apple’s contract manufacturers and suppliers, including Foxconn, Tata and Salcomp, are planning homes for their employees. These are being built under a public-private partnership scheme in the largest such private sector initiative. Over 78,000 units are to be constructed under the scheme, of which Tamil Nadu will get the maximum of about 58,000 units. 109113085Efficiency and securityMost of the housing units are being built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT). The Tata Group and SPR India are also building homes.As part of the scheme, the central government will provide 10-15% of the funding while the rest will come from state governments and entrepreneurs. The construction and handover to the private sector is likely to be completed in this fiscal year ending March 31, 2025, the officials said.“The massive employee housing is aimed at improving efficiency and providing security, mainly to migrant women employees, majority of whom are in the age-group of 19-24 years,” an official said.Such a large employee housing project in a single location, especially for women employees, is a first for India, the officials said. Most employees stay at rented locations and travel for hours in buses to reach the factories. Since many employees are women, this also gives rise to security issues.As per officials, the electronics industry is location sensitive and needs to be near a large airport, so that the cargo can be flown out easily. The government wants to ensure comfortable housing for the workers as many of them come from different parts of the country.“That is why you need to ensure that they are given good-quality housing somewhere close to the factory as that improves productivity, conditions of work and it also results in better welfare outcomes for the workers,” ministry of electronics and IT (Meity) secretary S Krishnan told ET.Apple’s largest iPhone supplier in India, Foxconn, which is based in Sriperumbudur, Tamil Nadu, will utilise nearly 35,000 of these units. Foxconn currently employs 41,000 employees, 75% of them women.Tata Electronics is building 11,500 units for use by its employees at its Hosur facility. Tata primarily manufactures iPhone enclosures for domestic use and exports.Salcomp, which manufactures power adaptors, enclosures and magnetics for Apple, will utilise 3,969 housing units.Apple, Foxconn and Salcomp didn’t respond to queries.The US tech giant has been doubling down on India — the world’s second-largest smartphone market — amid geopolitical tensions, having also witnessed a slump in its key US and China markets.The company began manufacturing iPhones in India in 2017 and scaled up local production under the production linked incentive (PLI) scheme, which started in August 2021. Since then, it has worked with suppliers to assemble the latest iPhone models through its contract manufacturers — Foxconn, Wistron and Pegatron — and also produce an increasing number of components locally.The housing project is being driven by Apple, said the people cited above. It had faced employee issues and factory shutdowns at the Wistron facility in Narasapura, Karnataka, in 2020 and at the Foxconn factory in Tamil Nadu in December 2021.Wistron, now owned by Tata, is expected to create the homes near its factory. The company employs nearly 27,000 employees directly.

Mumbai: ICICI Bank has provided a ₹2,675 crore debt facility to Tata Steel for a term of three years to repay its existing debt, said people aware of the development.Tata Steel has raised ₹2,700 crore through unsecured fixed-rate bonds at 7.79%, show documents filed with National Securities Depository Ltd.Tata Steel will make a bullet payment to both investors on March 27, 2027, as per the documents.ICICI Bank and Tata Steel did not respond to ET's request for comment.The bonds are finely priced - at 72 basis points over three-year government securities - more so because these are unsecured bonds, said a bond trader. Three-year G-sec was traded at 7.07% last week."The company has successfully refinanced around 60% of its debt obligations for FY24 and is expected to complete another tranche of refinancing (around 40% of its debt obligation for the year) by H1FY24," CareEdge Ratings said in a July 2023 report. The report said that the management was expecting to achieve its repayment target of $1 billion.Tata Steel is among the top three steel producers in India with 21.6 million tonnes per annum of crude steel capacity on a standalone basis. The company targets to expand its total capacity to 40 mtpa by FY30. A large part of the balance capacity is likely to be brownfield as each of its India plant locations is capable of accommodating additional capacity, a report by India Ratings released in February said.India Rating expects Tata Steel's liquidity to be supported by strong cash accruals and on-balance sheet liquidity of ₹10,800 crore in the nine months ended December 2024. It has scheduled annual consolidated repayments of ₹16,000 crore in FY25.India Ratings pointed out that Tata Steel's consolidated financial profile is likely to benefit from the restructuring of TSL's UK operations, which have been a drag on the company's cash flows. TSL is expected to replace its blast furnaces with more cost-efficient and environment-friendly electric arc furnace-based 3mtpa steelmaking capacity by FY27. The management has conveyed to the rating agency that the UK government has agreed to fund up to GBP500 million of the planned capex of GBP1.25 billion.The agency expects fixed cost overheads to reduce from FY26, resulting in positive cash accruals in the UK business.