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Tech View: Nifty stuck in narrow range. What should traders do on Wednesday

March 26, 2024 - 6:33pm
Broadly trading in the range of 21,880- 22,200 since the last three trading sessions, Nifty on Tuesday ended 92 points lower at the 22K-mark.Immediate support was seen at 21,850, a break of which would again tilt the set-up in favor of the bears. One needs to take an open-minded approach in such a scenario. Support for the Nifty is now seen at 22,000 and 21,800-850 levels. On the higher side, immediate resistance for Nifty is at 22,075 levels and the next resistance is at 22,200-250 levels, said Tejas Shah, Technical Research, JM Financial & BlinkX.Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,100 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price.What should traders do? Here’s what analysts said:Rajesh Bhosale, Angel OneNifty has been oscillating within a range defined by the 20 and 50-day EMA since last week. A breakout from this range will likely dictate the next directional move. As of now, with no major traction, prices are expected to remain within this range. Consequently, it is advisable to adopt a cautious approach, focusing on buying on dips and exiting long positions on rallies while the range persists. Immediate support levels are seen at 21,900-21,850, while 21,700 is a key support level. On the upside, resistance is anticipated around 22,200-22,250.Tejas Shah, Technical Research, JM Financial & BlinkXFor the last many days, Nifty has been stuck within the 21,800-22,200 zone. There have been many attempts both by the bulls and bears to trigger a breakout but both have been unsuccessful so far. It seems only on a close above the resistance zone of 22,200-250 will the bulls be in complete control of the set-up. Till then one will have to be very stock-specific and look at long trades in some of the outperforming stocks/sectors only.Jatin Gedia, SharekhanOn the daily charts, we can observe that Nifty is broadly trading in the range of 21,880- 22,200 since the last three trading sessions. The range-bound action is likely to continue in the absence of any near-term triggers. Also, as we near the monthly expiry of the March series derivative contracts, the volatility seems to have dried down resulting in range-bound moves. The contraction of the hourly Bollinger bands also suggests sideways price action. Thus, multiple parameters suggest that Nifty is likely to witness subdued price action over the next few trading sessions. Stock-specific action is likely to continue during this period.(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

Companies flock to public markets as IPO fundraising jumps 19% to nearly Rs 62,000 cr in FY24

March 26, 2024 - 5:29pm
Buoyed by positive investor sentiment and listing gains, more companies have shown their appetite to raise funds through the primary market in FY24 compared to the previous year.About 76 companies accessed the public markets in FY24, raising nearly Rs 62,000 crore through mainboard IPOs. This is 19% higher than the Rs 52,116 crore mobilized by 37 companies in 2022-23, according to primedatabase.com.However, excluding the mega LIC IPO that came out in 2022-23, IPO mobilisation increased by 58% from the last fiscal.The overall public equity fundraising, including from FPOs, OFS, and other avenues, increased by 142% to Rs 1.86 lakh crore in FY24 from Rs 76,911 crore in FY23.While FY24 saw companies from varied sectors tapping the IPO market, BFSI had a limited presence, with just Rs 9,655 crore being raised by companies from this sector. This accounts for about 18% of the total IPO fundraising, compared with 51% in FY23.After a flurry of tech startup IPOs in the last two fiscal years, there were few and far between in FY24. Only three new-age companies Yatra, Mamaearth, and Zaggle hit the markets in the reporting year.Of the 75 IPOs, 54 IPOs received a mega response of more than 10 times (of which 22 IPOs more than 50 times), while 11 IPOs were oversubscribed by more than three times. The balance of 10 IPOs was oversubscribed between one to three times.In comparison to FY23, the response of retail investors increased tremendously. The average number of applications from retail increased to 13.17 lakh, compared to 5.57 lakh in the preceding year.The highest number of applications from retail were received by Tata Technologies (52.11 lakhs) followed by DOMS Industries (41.30 lakhs) and INOX India (37.34 lakhs).The public offer of Mankind Pharma was the largest of the fiscal year 2024, which mopped up around Rs 4,326 crore, closely followed by Tata Technologies at Rs 3,043 crore and JSW Infrastructure at Rs 2,800 crore.Apart from the big ticket names, more smaller companies than in the last two years came up with their IPOs. The average deal size of IPOs was reduced significantly to Rs 815 crore in comparison to Rs 1,409 crore in 2022-23 and Rs 2,105 crore in 2021-22.Listing gainsIn line with the subscription demand, listing gains didn't disappoint investors. The average listing gain increased to 29%, during the year against 9% in FY23.Vibhor Steel gave a stupendous return of 193%, followed by BLS E-Services (175%) and Tata Technologies (163%). 51 of the 75 IPOs are trading above the issue price with an average return of 65%.
Categories: Business News

Engg exports to Russia doubled till Feb: EEPC

March 26, 2024 - 5:19pm
India's engineering exports to Russia doubled to USD 1.22 billion till February during the 2023-24 fiscal, Engineering Export Promotion Council (EEPC) of India said on Tuesday. The shipments to the country stood at USD 616.68 million in the previous fiscal, it said. The exports to the US dipped seven per cent year-on-year to USD 15.95 billion during this period, EEPC said in a statement. In case of China, engineering shipments to that country saw a marginal decline to USD 2.38 billion from USD 2.40 billion in the period under review, it said. Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to USD 5.22 billion, while those to Australia was higher by five per cent at USD 1.30 billion. Cumulative engineering exports during April-February (2023-24) stood at USD 98.03 billion as against USD 96.84 billion in the corresponding period a year ago, the statement said. "In the last few months, engineering exports from India have been on a steady growth path. The remarkable performance of the sector in the last three months made it possible for the cumulative exports to record high growth. "As India's current economic performance stabilises, we are hopeful that with the positive turn of tide in global trade, India's exporting community will be able to lift exports to a new high," EEPC India Chairman Arun Kumar Garodia said.
Categories: Business News

47k wheat sacks go missing in Pak's Sindh

March 26, 2024 - 5:09pm
As many as 47,000 wheat sacks worth Pakistan currency (PKR) 800 million which were produced by the Sindh government, have gone missing from the government's warehouse in Sindh's Khairpur district, ARY News reported on Monday. Taking action on the matter, the Sindh Food Department has suspended three food officers. The suspended officials include the district food controller in Khairpur, food supervisor in charge and food inspector.The Pakistan-based media outlet reported that this is not the first time that wheat stocked at the government warehouses in Sindh has vanished.In 2022, thousands of metric tons of wheat vanished from Sindh government warehouses in Naushehro Feroze, ARY News reported. On March 20, the Sindh cabinet decided to set the wheat procurement target at 900,000 tonnes.The meeting was held at CM House and was attended by provincial ministers - Sharjeel Memon, Dr Azra Fazal Pechuho, Nasir Shah, Sardar Shah, Saeed Ghani, Jam Khan Shoro, Zia Lanjar, Mohammad Bux Mahar, Haji Ali Hassan Zardari, Zulfiqar Shah, Advisors- Babal Khan Bahyo, Ehsan Mazari, Najmi Alam, Advisors, new Chief Secretary Asif Hyder Shah, Advocate General, Prosecutor General, and others.
Categories: Business News

IRDAI tweaks regulation on surrender charges

March 26, 2024 - 4:53pm
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BJP names three more Lok Sabha candidates

March 26, 2024 - 3:47pm
Categories: Business News

NSE Rejig: $94 million cumulative passive inflows seen in NTPC, 2 other PSU stocks, says Nuvama

March 26, 2024 - 3:33pm
State-run NTPC, NHPC and NLC India will see their weights go up on the Nifty CPSE following a semi-annual rejig in the index, effective from Thursday, March 28. The adjustment will likely trigger passive cumulative inflows of $94 million according to estimates by Nuvama.A lion's share will be contributed by NTPC ($71 million) followed by NHPC and NLC India. NTPC's weight on the Nifty CPSE will go up 20% versus the current weight of 17.9%. As for NHPC and NLC, the new weights post the readjustment will be 4.6% and 1.2%, respectively, versus 4.2% and 0.9%, now. Eight stocks will see their weights go down resulting in passive outflows of $93 million, this report said. ONGC is expected to see the highest outflows at $29 million, followed by Coal India at $28 million and Bharat Electronics (BEL) at $20 million.Others include Oil India (OIL, $6 million), Power Grid Corporation ($4 million), SJVN ($2 million), NBCC ($2 million), Cochin Shipyard ($2 million). <iframe title="Nifty CPSE rejig" aria-label="Table" id="datawrapper-chart-dt4Jf" src="https://et-infographics.indiatimes.com/graphs/dt4Jf/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="424" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>The semi-annual rejig in indices happens based on the performance of stocks. NTPC has rallied nearly 93% over the past 12 months while multibaggers NHPC and NLC have returned 120% and 203%, respectively, during the time. The adjustments in the index will take place on Wednesday after the market closes.Not just this, Nifty heavyweight HDFC Bank, Jio Financial Services and Adani Power will also be in focus ahead of the Thursday rejig in Nifty indices. These stocks are expected to be among the biggest beneficiaries of the latest adjustment exercise that could trigger cumulative inflows of over $650 million, according to estimates by Nuvama.HDFC Bank will likely be the second-biggest gainer from the pack with inflows of $94 million and will only be behind Shriram Finance ($260 million), which makes its Nifty debut on Thursday replacing UPL. Meanwhile, Jio Financial Services will likely see inflows of $80 million and Adani Power $45 million, the Nuvama note said.The rejig exercise will also see significant inflows in six other stocks viz. NTPC ($66 million), Power Finance Corporation (PFC, $45 million), REC ($43 million), Mahindra & Mahindra (M&M, $42 million) Bharti Airtel ($26 million) and Indian Railway Finance Corporation (IRFC $23 million).Read More: HDFC Bank, Jio Financial, Adani Power to be in focus ahead of Nifty rejig on Thursday(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

List of SGBs up for final redemption in 2024

March 26, 2024 - 3:26pm
Categories: Business News

ET website No. 1 in biz news readership

March 26, 2024 - 3:18pm
Data confirm what business news readers have long been aware of: EconomicTimes.com has remained the premier Indian destination for business, market, and financial news, recognized not only in India but also across the globe.According to Comscore data from February 2024, The Economic Times website stands out as the top choice globally for individuals seeking prompt, comprehensive, and reliable news coverage spanning business, markets, personal finance, and the economy, not only in India but also among readers in key nations such as the United States of America.108791245In February 2024, The Economic Times website attracted 31.53 million Unique Visitors from both India and the USA, surpassing Moneycontrol.com and Livemint.com, which recorded 29.08 million and 27.93 million viewers respectively.Our two counterparts didn't perform poorly either, but they still have ground to make up.The Comscore data from February 2024 simply confirms the trust and dependence readers place in ET's reporting.
Categories: Business News

Congress condemns Chinese claims on Arunachal

March 26, 2024 - 2:53pm
Categories: Business News

Luxury residential sales records 1.5x growth

March 26, 2024 - 2:39pm
The luxury property market in India has recorded over 1.5 times growth in the sales value of luxury homes priced at Rs 50 crore and above reaching Rs 4,319 crore in 2023 as against the value of Rs 2,859 crore recorded in 2022, showed a JLL India analysis.This surge in sales value was accompanied by a rise in the number of transactions, with at least 45 luxury homes sold in 2023, compared to 29 homes sold in the previous year. Out of the 45 transactions, 58% were apartments and the rest 42% were bungalows.The country’s financial capital, Mumbai emerged as the leader in this segment, witnessing a total of at least 29 luxury homes sold, with a combined value of Rs 3,031 crore. Delhi-NCR followed with at least 12 luxury homes worth Rs 1,043 crore, while Bengaluru also witnessed at least 4 transactions in this segment, amounting to a sales value of Rs 245 crore.“In the first two months of 2024, at least four homes priced at Rs 50 crore and above have already been sold with a combined worth of Rs 397 crore. We foresee an upward trend in luxury residential transactions in 2024,” said Ritesh Mehta, Senior Director, JLL India.According to him, with a growing segment of high-net-worth individuals seeking exclusive and opulent living spaces, the demand for luxury properties is expected to surge. Moreover, with the growing number of high networth individuals in the country, he expects the demand for these homes to grow further.The luxury housing sector demonstrated its robustness and vitality, recording a total sales value of approximately Rs 7,177 crore between 2022 and 2023. This upward trend in sales mirrors the solid economic foundation of the luxury property market and the increasing desire for unique living experiences among wealthy homebuyers.“The increase in the number of luxury residential transactions in 2023 demonstrated the robust demand for such high-end properties in India. Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of Rs 100 crore and above, with majority or 79% of them in Mumbai,” said Samantak Das, Chief Economist and Head Research & REIS, India, JLL.He expects the interest for such properties to strengthen in future as there is both the aspiration for high-end bespoke living and the confidence of affluent buyers in the long-term value that these properties hold.Mumbai witnessed most transactions, primarily in the Malabar Hill and Worli micro markets. Golf Links and Vasant Vihar were the top performing submarkets in terms of luxury residential sales in Delhi-NCR along with Gurgaon that saw a couple of such deals.It is interesting to note that in terms of transaction breakdown, apartments accounted for 58% of the total luxury deals, while bungalows made up the remaining 42%. Twenty-six apartment transactions were closed, the majority or 92% of them in Mumbai. Whereas most of the bungalow transactions were recorded in Delhi-NCR. The average size of apartments sold increased by 18% compared to the previous year, indicating a preference for larger homes.
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