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Chandigarh-Ambala highway reopens

March 5, 2024 - 3:42pm
After 22 days of closure due to ongoing farmers' protests, the Ambala-Chandigarh Highway has reopened to vehicular traffic following the removal of barricades by the Haryana administration. However, tensions persist as farmers plan to intensify their demonstrations by traveling to New Delhi by bus and train, starting Wednesday. The farmers, who initiated the "Delhi Chalo" march last month to demand legal assurance of Minimum Support Price (MSP) for crops, were halted by security forces at the Haryana-Punjab border, approximately 200 kilometers from Delhi, after clashes erupted at the Shambhu and Khanauri border points.Farmer leaders Sarwan Singh Pandher and Jagjit Singh Dallewal have issued a nationwide call for farmers to converge in Delhi on March 6 for protests. Additionally, they have announced a four-hour 'rail roko' agitation on March 10 to amplify their demands. Both leaders have vowed to intensify protests at existing sites until their demands are met.The Kisan Mazdoor Morcha (KMM) is spearheading the "Delhi Chalo" march, emphasizing the need for the government to guarantee MSP for agricultural produce. Pandher stressed the importance of farmers from distant states traveling to Delhi via trains and other means, particularly for those unable to access the capital with tractor trolleys.Regarding ongoing protests at Shambhu and Khanauri, Pandher reaffirmed the demonstrators' commitment to continuing their agitation until their demands are addressed. Pandher called for solidarity among Punjab panchayats, urging them to pass resolutions in support of the farmers' demands. He also encouraged villages to send tractor trolleys to bolster the protests at border points.
Categories: Business News

Retail investors take JG Chemicals IPO past full subscription on Day 1. Check GMP and other details

March 5, 2024 - 3:20pm
The initial public offer (IPO) of Zinc Oxide maker JG Chemicals, which opened for subscription earlier today, was fully booked so far on the first day of bidding. The retail portion of the issue was fully subscribed, while NII category followed closely with 93% subscription.There were no bids yet in the QIB category of the IPO, which closes on March 7.JG Chemicals IPO reviewAnalysts advised investors to subscribe to the issue as the company is a market leader with a strong customer base. At the upper price band, the issue is valued at an EV/EBITDA of 12.3x based on FY23 earnings."The favorable demand outlook in automotive, rubber and ceramics, along with expected revival of the chemical industry in early FY25, positions JG Chemicals for sustained growth and market leadership," said Arihant Capital, while recommending a subscribe.JG Chemicals IPO opens for subscription. Should you bid?JG Chemicals IPO price bandJG Chemicals has fixed a price band of Rs 210-221 per share for its maiden public offer. At the upper end, the company plans to raise Rs 251 crore.JG Chemicals GMPIn the unlisted market, the company's shares are trading with a GMP of Rs 60.Other detailsJG Chemicals Ltd is India's largest zinc oxide manufacturer, employing the French (indirect) process for production. It holds a 30% market share in India and is among the top ten global manufacturers.Offering over 80 grades, its products serve diverse industries including rubber, ceramics, paints, pharmaceuticals, and more. With decades of experience, it has built strong relationships with customers worldwide.Its subsidiary, BDJ Oxides, holds the coveted IATF certification, making it a preferred supplier for tyre manufacturers. The company caters to 200 domestic customers and 50 global customers spanning across more than 10 countries.For the nine months ended December 2023, the company's total income stood at Rs 491 crore and profit after tax was at Rs 18.5 crore. In FY23, total income jumped 27% year-on-year to Rs 794 crore, while profit increased 32% to Rs 56.8 crore.Centrum Capital, Emkay Global Financial Services, and Keynote Financial Services are the book-running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Palm oil imports at 9-month low in February

March 5, 2024 - 1:01pm
India's palm oil imports in February plunged to their lowest levels in nine months, as higher prices prompted buyers to reduce purchases of the tropical oil and increase buying of sunflower oil, five dealers told Reuters on Tuesday. Lower purchases by India, the world's biggest importer of vegetable oils, could weigh on benchmark Malaysian palm oil futures, but will help to reduce sunflower oil inventories in the Black Sea region. February palm oil imports fell 35.6% month-on-month to 504,000 metric tons, the lowest since May 2023, according to estimates from dealers. "Palm oil imports have declined significantly due to persistently negative margins and competitive pricing of soybean and sunflower oil," said Rajesh Patel, managing partner at edible oil trader and broker GGN Research. Palm oil usually trades at a discount to rival soyoil and sunflower oil, but falling stocks have lifted its prices above rival oils, whose supplies are abundant. Crude palm oil (CPO) imports are being offered at about $965 a metric ton, including cost, insurance and freight (CIF), in India for April delivery, while soyoil and sunflower oil are offered around $950 and $928 a ton, respectively, dealers said. Sunflower oil imports surged 34% last month to 295,000 tons on lower prices, and as shipments originally expected in January arrived in February due to delays caused by Houthi attacks on Red Sea shipping lanes, they said. Soyoil imports in February fell 7.9% to 174,000 tons from a month earlier, and were far below the monthly average imports of 306,000 tons seen in the last marketing year ended Oct. 31, dealers estimated. Industry body Solvent Extractors' Association of India (SEA) is likely to publish its data on February imports by mid-March. The lower palm oil and soyoil imports pulled down India's total edible oil imports in February to the lowest level in nearly two years at 973,000 tons, down 18.4% from a month earlier, dealers said. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Categories: Business News

What's Chakshu portal? How to report fraud

March 5, 2024 - 11:24am
Categories: Business News

Rs 100L cr stock frenzy crushes record, propels India towards Rs 4 tn

March 5, 2024 - 10:57am
As the India stock rally remains unstoppable with Mr Retail behaving like the biggest bull of Dalal Street, investors have been left richer by nearly Rs 100 lakh crore in 8 months. The market capitalisation of all BSE-listed stocks, as a result, is now within kissing distance of touching the milestone of Rs 400 lakh crore for the first time.After hitting the Rs 300 lakh crore mark on 5 July 2023, India's m-cap ended Monday's session at Rs 394 lakh crore and is now just one lucky trading day away from hitting the magical figure. The fast-paced rally is driven by a handsome 15% surge in Nifty and hundreds of small and midcap stocks giving multibagger returns.The nearly Rs 100 lakh crore gain in the last 8 months also includes the impact of any new listings like IPO, FPO or any other form of equity fundraising but most of the gains have been led by the sheer rise in share prices. On the other hand, delistings reduce the market cap.India's market cap crossed the Rs 50 lakh crore mark in 2007, Rs 100 lakh crore milestone in 2014, and the Rs 200 lakh crore-mark in February 2021.In terms of wealth creation, the ongoing bull run is unprecedented in India's history.In USD terms, India's m-cap is inching closer towards the $5 trillion mark and was last at $4.8 trillion level.Also read | How India's market capitalisation skyrocketed 30 times in 20 yearsWhat's next for India stock market?In the near term, there may be little juice left as bear calls warning of overvaluations have been rising with each passing day. But if you stretch the time horizon, the stock rally is seen as doubling by 2030."Assuming market returns in line with the last 15-20 year history and new listings, India will become nearly a U$10 trillion market by 2030 - impossible for large global investors to ignore," said Mahesh Nandurkar of Jefferies.Three major factors are expected to drive equity inflows:1) Household savings - Even after the surge in retail investor interest in equities, India's household savings in stock market is just about 5%. With growing awareness around investment through mutual funds by regulators and the Finance Ministry, Jefferies expects to see much more savings flowing into India’s equity markets.2) FII flow - Analysts point out that even though India is 4th largest in terms of market cap, its ranking in the Bloomberg World Index is 8th with a weight of just 2%. There is tremendous scope for foreign investors to increase investment into the fastest growing country in the world, Jefferies said.India's weightage in MSCI EM index has doubled in the last four years.3) New listings - India is home to 111 unicorns which together command a valuation of around $350 billion. Some large unicorns like Flipkart, Swiggy, Ola Electric and PhonePe can be listed in the near term, adding to India's market cap.NSE MD and CEO Ashish Chauhan has even gone on to predict that the non-stop market rally will give India a market cap of $50 trillion by 2047 led by tech startups.Also read | India vs China battle in MSCI EM intensifies as elephant’s weight doubles in 4 years, dragon weakens(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Categories: Business News

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