Awards & Recognition

The initial public offering (IPO) of state-run ECGC, India's largest export credit insurance firm, is likely to be postponed to the next financial year due to volatile export market conditions, said sources. Factors like the Russian-Ukraine war and monetary tightening by central banks may adversely affect the company's valuation if the IPO is rushed.

The government is planning to offload up to 25% stake in IREDA. It has decided to appoint SBI Capital Markets, BoB Capital Markets and IDBI Capital Markets and Securities as merchant bankers and Saraf and Partners as legal advisor for the IPO, said the official.

Hemant Surgical is planning to issue fresh equity shares of up to 27.6 lakh at a price band of Rs 85-90 per share. The company has reserved 35% of the issue for retail investors. The company has fixed QIB quota at 50% and NII quota at 15%. The GMP of the issue is expected to be around Rs 7. The company intends to use the net proceeds for funding capital expenditure towards installation of additional plant and machinery, meeting working capital requirements

Vasa Denticity is a Dental Products E-Commerce company, having 10,000+ SKUs, 30 owned brands, and 300 domestic & international brand tie-ups. The company is selling its products through the online portal 'DentalKart.com' & through the mobile application 'Dentalkart'

Nexus Select Trust is expected to list on the exchanges on May 19 and is expected to have a marginal premium of Rs 2.50 in the unlisted market. The company is offering a pre-tax yield of 8% in FY24 at the upper price band.

Crayons Advertising plans to use the proceeds from its upcoming public offering to invest in setting up its own film and animation studios and to enhance its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR and other emerging immersive tech. The public issue proceeds will be utilised for capital expenditure on infrastructure and cutting-edge technology.

The base issue comprises up to 1.70 crore shares of the company representing 7% of the total equity, with a green shoe option of 69.88 crore shares representing 2.88% stake.

Remus Pharmaceuticals is planning to raise Rs 47 crore through its initial share sale. The company is engaged in the business of marketing and distribution of finished formulations of pharmaceutical drugs. It also deals in APIs and provides technical consultancy services to various distributors for preparation of reports on the dossiers of the products to be registered by them in various countries. The IPO comprises an issue of 3.8 lakh equity shares of face value of Rs 10 each and the company plans to raise about Rs 47 crore from

Crayons Advertising, a homegrown integrated advertising agency, is set to go public on Monday, May 22, with a price band of Rs 62-65 per share. The company plans to use the proceeds from the public issue to invest in setting up its own film and animation studios and enhancing its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR, and other emerging immersive tech.

Krishca Strapping Solutions has announced its Initial Public Offering (IPO), planning to raise Rs 18 crore. The manufacturing company, incorporated in 2017, specializes in making and selling high-quality steel straps, steel seals, strapping tools and other packaging solutions. The IPO's size consists of up to 33.2 lakh equity shares with a face value of Rs 10 each. The company has a steel strapping capacity of 18,000 MT annually and aims to use the net proceeds for setting up a new strapping line, repayment of debt and for other corporate purposes.

Nexus Select Trust, India's first retail assets-led real estate investment trust (REIT), backed by Blackstone Group, has raised over INR1.44bn ($19m), accounting for 45% of a $429m IPO, from 16 institutional investors in its fully-subscribed anchor book. The REIT owns 17 assets across 14 cities with Mumbai, Bangalore and Delhi being the primary markets. At the upper end of the IPO's price band, which was INR95-100 per unit, the issue was subscribed 6.55 times in the non-institutional investor category and 5.06 times by institutional investors.

Nexus Select Trust REIT IPO's share allotment is set to take place on May 16th, with the process being supervised by the registrar. Investors may receive shares based on a lottery basis. Investors can check their allotment status through the BSE or the registrar's website. Currently, Nexus Select Trust shares are commanding a premium of ₹2 in the unlisted market. The company aims to offer a pre-tax yield of 8% in FY24, at the upper price band, and will be India’s first REIT with rent-yielding retail real estate assets.

Sources told ET that the total IPO size would be Rs 900 - 1,100 crore, and the company may consider a Pre IPO placement of Rs 123 crore.

The issue received over 155,000 applications and the institutional investor portion was subscribed 5.06 times while the other investor portion witnessed 6.55 times subscription at the upper end of the price band of ₹95-100 per unit.

Nexus Select Trust's Rs 3,200-crore Initial Public Offering (IPO) that aims to establish India's first retail assets-led Real Estate Investment Trust (REIT), has been successful, with a total subscription of 5.74 times. The REIT had raised over Rs 1,440 crore through its anchor book, which was subscribed to by 16 institutional investors. The issue received over 1.55 lakh applications, while the institutional investor portion was subscribed 5.06 times, and the investor portion witnessed 6.55 times subscription at the upper end of the price band of Rs 95-100 per unit.

India's Rs 3,200 crore ($435m) initial public offering (IPO) of Blackstone-backed Nexus Select Trust, a real estate investment trust (REIT), was fully subscribed on the third day of bidding. The institutional investor segment was subscribed 1.32 times with other investors seeking 1.87 times. The issue is a mix of fresh-share offer and an offer for sale portion, gaining Rs 1,440 crore on the day before the issue opened from institutional investors. If the IPO touches the upperband of Rs 100, Nexus will have a market cap of Rs 15,150 crore, offering a pre-tax yield of 8% in FY24.

The ports business of the Sajjan Jindal-led JSW Group plans to deploy the proceeds of the public issue to retire its debt and fund capacity expansion projects. The IPO is entirely a fresh share issue.

Nexus Select Trust, the first Real Estate Investment Trust (REIT) backed by rent-yielding retail real estate assets, has been subscribed 57% on the second day of the Rs3,200 crore ($434m) Initial Public Offering (IPO), according to an update. The non-institutional investors' category has been fully subscribed while the qualified institutional buyer’s share was subscribed 17%. Blackstone sponsors the REIT, which has a portfolio of 17 operational shopping malls, two hotels and office spaces across 14 cities in India including New Delhi's Select City Walk. The issue runs until 11 May.

The JSW Infrastructure IPO is the third public listing by the JSW Group and follows 13 years after the public listing of JSW Energy in January 2010. JSW Infrastructure Promoters will not be diluting their current stake.

At Tuesday's closing price, Mankind Pharma was valued at a price-to-earnings ratio of 43 times its FY22 earnings. Mankind is now India's fifth largest pharma company by market value of ₹57,046 crore. Sun Pharma, Divi's Lab, Dr. Reddy's Lab, and Cipla are currently valued between ₹75,284 crore and ₹2.31 lakh crore.

Nexus Select Trust real estate investment trust (REIT), which includes a fresh offering and OFS portion, was subscribed 28% on the first day of the IPO. The REIT has a price band of Rs 95-100 per unit and closed on May 11. A day ahead of the IPO, Nexus raised Rs 1,440 crore from anchor investors. At the upper band of Rs 100 per unit, the company has a market cap of Rs 15,150 crore and offers a pre-tax yield of 8% in FY24. It is the largest mall platform in India and includes 17 high-quality assets.

Nexus Select Trust plans to raise Rs 3,200 crore through an 3-day IPO opening on 9 May. The firm is the owner of India's largest mall platform consisting of 17 assets. The trust will become India's first REIT with rent-yielding retail estate assets, with the IPO comprising a fresh offering and OFS portion worth up to Rs 1,800 crore.

Mankind Pharma is set to list on May 9 with a premium of Rs 120 apiece according to grey market trends. The company is valued at a price-to-earnings ratio of 30 times FY22 earnings and has a market capitalisation of Rs 44,000 crore. The initial share sale of the company was subscribed 15.32 times with strong interest from QIBs and is the largest IPO so far this year. The company has 25 manufacturing facilities across India, a dedicated in-house R&D centre and a team of over 600 scientists.

Cainiao Network Technology's initial public offering (IPO) plan comes after Alibaba flagged in late March it would split its business into six units and that most of them would explore capital raisings or market debuts to help fund future growth.

RR Kabel proposes to utilise the net proceeds towards the funding of repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financial institutions estimated to be Rs 170 crores.

The government wants Vedanta to list Balco (formerly Bharat Aluminium Co) so that it can offload a part of its stake through the initial public offer (IPO) route before exiting the company fully in due course, said the persons cited above.

India's first retail asset offering, Nexus Select Trust, will launch its IPO on May 9, closing on May 11, with a price band for its initial shares of between INR 95-100 ($1.28-$1.35). The company, which has 17 high-quality mall assets in 14 cities across India with a total leasable area of 9.2 million sq ft, is the country's largest mall platform. The IPO comprises a fresh issue of shares worth INR 1,400 crore and a sale of existing shares of up to INR 1,800 crore.

Nexus Select Trust is India’s largest mall platform of 17 high-quality assets, strategically located in dense residential catchments across 14 prominent cities such as Delhi (Select Citywalk), Navi Mumbai (Nexus Seawoods), Bengaluru (Nexus Koramangala), Chandigarh (Nexus Elante), Ahmedabad (Nexus Ahmedabad One) among others.​

Tata Play and drone maker ideaForge Technology have both received regulatory approval from the Securities and Exchange Board of India (Sebi) to raise funds through initial public offerings (IPOs). Tata Play was the first company in India to use the confidential pre-filing of draft papers option for an initial share sale in December 2022, and obtained the regulator's observation letter on April 26.

The public issue comprises a fresh issue of Rs 300 crore and an offer for the sale of 48.69 lakh equity shares. The offer also includes a reservation for a subscription by eligible employees.

The IPO comprises fresh issues of up to Rs 625 crore and an offer for sale (OFS) aggregating up to 1.7 crore equity shares by promoter and investor selling shareholders.

The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on February 16.

Mankind Pharma's Rs 4,326 crore initial public offering (IPO), the largest by a domestic drug maker so far in 2021 and with a 15.32 times subscription rate, will have share allotments made on 3 May via a lottery. Retail investor bids for the offer-for-sale fell below 100%. The IPO values Mankind Pharma at a price/earnings ratio of 30 times FY22 earnings, with its shares said to command a Rs 95-98 premium in the unlisted market, indicating an expected premium of 9% for the company when it lists. Mankind Pharma has 25 manufacturing facilities in India.

The portfolio is 96% leased with a diversified tenant base of over 1,000 national and international brands like Apple. Zara, H&M, Uniqlo, Sephora, Superdry, Lifestyle, Shoppers Stop, Starbucks, McDonalds among others across around 3,000 stores.

Industry experts predict that in FY24, more small and medium-sized (SME) companies will plan to go public, further increasing the amount of money raised, following over 100% YoY growth. In FY2022-23, IPOs collectively raised over INR 2,200 crore ($296m). This was achieved through 125 issues, and it is expected that 150-200 companies from this sector could list on Indian stock exchanges in FY24. Hem Securities has supported around 80 SMEs to become listed, with many instances of over 100% returns. The objective of the SME IPO Conclave was to encourage entrepreneurs to list and share success stories.

The portfolio is 96% leased with a diversified tenant base of over 1,000 national and international brands like Apple. Zara, H&M, Uniqlo, Sephora, Superdry, Lifestyle, Shoppers Stop, Starbucks, McDonalds among others across around 3,000 stores.

The conglomerate, controlled by billionaire Mukesh Ambani, is in talks with Indian regulators to secure the necessary approvals for the market debut of Jio Financial Services Ltd. in Mumbai, one of the people said, asking not to be identified as the information is private. The parent is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit, according to an exchange filing in March.

This will be one of the largest public issues by a domestic drug manufacturer after the ₹6,480-crore IPO of Gland Pharma in 2020. The qualified institutional buyers (QIB) category was subscribed 49 times, while the non-institutional investors or high net-worth individuals' portion was subscribed 3.8 times. However, the retail investor's portion was under-subscribed at 92%.

Around nine brokerages have given "subscribe" recommendations on the issue, with some of them seeing the potential in the long term. Analysts say the growth opportunities outweigh the concerns around not so cheap valuations.

Doms Industries, an Indian stationery company majority-owned by Fabbrica Italiana Lapis ed Affini, is preparing to file for an IPO in Mumbai. The proposed offering, which could fetch between $200m to $300m, could be launched as early as this year. Since Doms’ founding in 1975, it has grown a global reach of over 50 countries, running over 15 production facilities throughout India. Representatives for Doms and Fabbrica Italiana Lapis ed Affini did not comment on the matter.

Mankind Pharma's initial public offering (IPO), which will close on January 19, has been subscribed by 32% on Day 2 with non-institutional investors and qualified institutional buyers subscribing the most. Retail investors' quota had 16% bids. Nine brokerages recommended the issue, saying that growth opportunities outweigh concerns about high valuation. Mankind Pharma has raised around Rs 1,297 crore by allocating 1.2 crore equity shares to 77 anchor investors, which include Goldman Sachs, Canada Pension Plan and Government of Singapore. At the higher end of the price band, Mankind Pharma valued at 30x FY22 EPS.

The Rs 4,300-crore IPO, solely an offer for sale (OFS), will be available for public to bid till April 27. Investors can bid for 13 shares in 1 lot and in multiples thereof.

Indian pharma giant Mankind Pharma has launched its initial public offering (IPO), with around 40 million equity shares available for sale. Analysts have warned that the pricing, around 32-33 times the FY23 earnings, is a little higher than average. ICICI Direct has nevertheless issued a "subscribe" recommendation, pointing to the company's strong foothold in affordable product offerings and experiencing EBITDA growth despite input costs, but added that the valuations were "not really cheap".

Business: Unlike its peers, Mankind Pharma started in rural India and is now expanding to urban India. The company earns 97% of its revenues from India. It has also been a uniquely successful player in building branded consumer product portfolios. The company is a market leader in multiple categories - male condoms with its brand Manforce, pregnancy detection kits with PregaNews, and emergency contraceptives with its pill Unwanted-72.

​​The anchor allocation was done at Rs 1,080 per share, under which Goldman Sachs, Canada Pension Plan, Government of Singapore, and Fidelity Investment Trust, among others, have participated.

Additionally, the company may consider a further issue of specified securities through a private placement aggregating up to Rs 1200 crore. If such placement is completed, the fresh issue size will be reduced.

The company has fixed a price band of Rs 1,026-1,080 for its IPO, which is completely an offer for sale (OFS) of 40 million equity shares by promoters and other existing shareholders.

In February last year, TVS Supply Chain filed the draft papers with the market regulator for an IPO with a fresh equity issue of up to ₹2,000 crore and an offer for the sale of up to 59.5 million equity shares by the promoter and existing investors. Last May, the company got Sebi's nod to launch the IPO.

Roughly $25 billion worth of IPOs priced globally in March and April, nearly twice the amount seen in the first two months of the year when listings virtually ground to a halt, according to data compiled by Bloomberg.

Gold prices increased slightly on Monday, following a surge of over 1% last week. The rise came after the U.S. Federal Reserve Chair Jerome Powell gave less hawkish comments. The uncertainty over the U.S. debt ceiling outcome and the stability of the banking sector also added to the safe-haven bullion's boost. At the moment, spot gold is up 0.2% at $1,979.79 per ounce, while U.S. gold futures were steady at $1,981.00.

Oil prices increased slightly on Monday due to a weaker dollar and supply cuts made by Canada and OPEC+ producers. Brent crude futures rose by 0.2% to $75.72 per barrel, and U.S. West Texas Intermediate crude rose 0.2% to $71.84 per barrel. Last week saw gains of around 2% for both oil benchmarks, following Alberta fires, which cut off a significant amount of crude supply in Canada, and voluntary OPEC+ production cuts. A lack of crude supply may threaten the success of a new Nigerian facility, the Dangote Petroleum Refinery, where oil rig counts have reduced in the U.S.

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"The lower levels of India's VIX reflect market stability, instilling investor confidence and promoting long-term investments," Vinod Nair, Head of Research at Geojit Financial services.

​Aggressive New Long positions indicate a bullish sentiment in the market, as the average traded and delivered quantity for 5 days, along with the cumulative open interest and price for the underlying stock, increased. ​

BEL's net profit rose nearly 20% to Rs 1,382 crore for the fourth quarter, while revenue from operations increased 2% to Rs 6,479 crore.

The removal of India's ₹2,000 banknotes from circulation is expected to increase liquidity in the nation's banking system and result in a decline in borrowing rates for government and corporate entities. The Reserve Bank of India said there is around INR3.62tn ($49bn) worth of the banknotes in circulation as of the end of next March.

Transworld holds a 70.44% stake in SSL. The delisting is expected to give Transworld greater operational and financial flexibility. The price for the delisting will be determined through the reverse book-building mechanism. NovaaOne Capital is the manager of the delisting process. The delisting is subject to various conditions.

​Nifty has a strong base around 18,050, which also coincides with the support zone of the short-term moving average. Its sustainability would fuel gradual recovery and help the index to retest 18,500- 18,700. In case of a breakdown, 17,850 would offer cushion.

Several large global structured credit and special situations funds are among potential bidders for the distressed airline. However, it is unlikely there will be many bidders for the airline, so all efforts are being made to bring in a good strategic investor through the National Company Law Tribunal route.

Even if a deal is struck before the last minute, the long uncertainty could drive up borrowing costs and further destabilize already shaky financial markets. It could lead to a pullback in investment and hiring by businesses when the U.S. economy is already facing elevated risks of a recession and hamstring the financing of public works projects.

Some 61% of the 234 money managers, analysts and traders surveyed said they expect to increase exposure to developing assets in the next 12 months, even as concern mounts about a potential downturn and the Federal Reserve's path ahead. The asset class, they say, stands to offer shelter if the central bank's fight against inflation tips the US into a recession.

Another wild card: the fitful negotiations in Washington over raising the debt limit to avoid a potentially catastrophic default as soon as next month that would almost certainly alter the Fed's path.

The euro, Swiss franc and sterling are predicted to rise further versus the US currency, potentially spelling trouble for the Stoxx 600 equity index which, according to data compiled by Bloomberg, relies on North America for nearly a third of its sales.

Investor meets are considered a soft indicator of their interest in the stocks, and in many cases in the past, institutional holding rose in those stocks post the meetings.

Axis Bank features on the buy lists of most investors seeking a slice of Indian top-draw private banking. Since Amitabh Chaudhry stepped into the corner office in 2019, the stock is up nearly 50%, although it still trails peers. In an interview with Saloni Shukla and MC Govardhana Rangan, Chaudhry says that growth triggers are in place that could make it as good as the leader. Edited excerpts:

Bankers are anxious about the operational challenges of exchanging the ₹2,000 currency notes and are keen not to repeat the mistakes of the first few days of demonetisation in 2016. Although this time the percentage of notes being exchanged is much smaller, banks will have to deploy staff and are likely to provide a separate exchange counter for the exercise.

BPCL's subsidiary BPRL Ventures BV had entered into a 50:50 joint venture with Videocon's subsidiary Videocon Energy Brazil for oil and gas exploration in the South American country. As a JV partner, it has the first right to match any offer that lenders receive for VOVL oil basins as per the contractual arrangements governed by Brazilian law.

In September 2022, Reliance Power entered into an indicative memorandum of understanding with Varde Partners for availing debt of up to ₹1,200 crore for the settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power. In June 2021, Varde Partners invested ₹550 crore in Reliance Infrastructure.

Sachin Saluja, a CA student in 2014, became interested in finance after attending a class on derivative trading in Delhi. Eventually, his passion for trading overtook his interest in finance and he is now a full-time trader, earning 90-95% of his profits by betting on index falls, known by the community as a "bear". Saluja uses directional trading and focuses more on bearish trades as down moves are faster. His trading strategies have given him consistent profits.

Blackstone on Sunday said that it has acquired International Gemological Institute (IGI) from China's Fosun and Roland Lorie, part of the founding family for an undisclosed sum. Sources in the know said Blackstone is paying $570 million as enterprise value for the company, inclusive of cash/ debt.

Indian equities ended the week with gains, Nifty ending with gains of 0.4% or 73 points, while Nifty Midcap 100 ended with a marginal loss. Analysts had a mixed view on the market trend with some predicting Nifty will remain choppy,however, if a bullish hammer pattern confirms, Nifty is expected to approach the crucial resistance band of 18,400-18,500 again. US stocks closed lower as the optimism for the US economy suggests policy rates may be elevated for a while.

InterGlobe Aviation, SpiceJet, Jet Airways, and Global Vectra Helicorp are companies listed on Indian stock exchanges. InterGlobe Aviation has a 55.7% market share, SpiceJet has 6.9%, and Jet Airways is currently non-operational due to financial problems. Emkay Global Financial Services has recommended purchasing shares of InterGlobe Aviation with a target price of Rs 2,700. The last traded price of its shares was Rs 2,264.35. Global Vectra Helicorp issued shares for Rs 185 but its last traded price was Rs 59.45. SpiceJet was traded at Rs 29.20 with a 52-week high and low of Rs 52.45 and Rs 26.35, respectively.

The Securities and Exchange Board of India (SEBI) proposed in a consultation paper late on Sunday that if a share in the futures and options segment falls or rises by 10% a day, trading would be suspended for an hour, up from the current 15 minutes, and then allowed to move only a further 2%, down from the current 5%.

The Supreme Court-appointed expert committee investigating Adani Group's shares trading prior to the Hindenburg report's release found no evidence of price manipulation by firms linked to the group. However, the committee has identified six entities, including four FPIs, for suspicious trading, with a build-up of short positions in the Adani Group shares before the release of the negative report. The committee found substantial profits were booked as Adani shares crashed after the report's publication, and further investigations are being carried out in respect of the trading of the identified entities.

The cumulative profit of public sector banks in India reached Rs 1 lakh crore during the financial year ending March 2023, with State Bank of India accounting for half of the total earnings. The banks posted a combined net loss of Rs 85,390 crore in 2017-18, but turned things around to achieve profits of Rs 1,04,649 crore in 2022-23. Twelve public sector banks reported a 57% YoY increase in total profits. Analysts said higher interest income and improved management of non-performing assets contributed to the increase, while several reforms and initiatives by the government also supported the banks' growth.

Zomato's shares will be watched closely as the foodtech company's losses narrowed in Q4 to Rs 188 crore. The stock's support levels are around Rs 58-55, while resistance lies at Rs 75-80, according to Sumeet Bagadia, executive director of Choice Broking. He adds that short-term prospects of the stock may appeal to risk-taking investors. Meanwhile, M&M could move towards Rs 1,325 if it surpasses its resistance at Rs 1,285.

Foreign Portfolio Investors (FPIs) have invested Rs 30,945 crore in the Indian equities in May, taking net inflows to Rs 16,365 crore this year, according to data from depositories. Experts believe the investment trend will continue, given India's bright prospects for economic growth and corporate earnings. The pause in Reserve Bank of India's rate hike was the main trigger for inflows, according to Divam Sharma, founder at Green Portfolio PMS. FPIs have also been buyers in sectors such as autos, capital goods, FMCG, healthcare, telecom, real estate and oil & gas.

Six of the top 10 most valued companies witnessed a decrease of Rs 70,486.95 crore in their market valuation last week. The weak trend in equities caused Reliance Industries and Tata Consultancy Services (TCS) to suffer the biggest loss. ICICI Bank, Hindustan Unilever, Infosys and Bharti Airtel were the only gainers while Reliance Industries continued to dominate the list of most valued firms followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, HDFC Bank, and Bharti Airtel.

The Reserve Bank of India (RBI) is expected to maintain its pause on monetary tightening through FY24, despite markets anticipating rate cuts. Soft inflation, real policy rates above 1%, easing external balance pressures and global monetary tightening at its peak have signaled a dovish turn by the RBI MPC, but concerns over monsoon and oil prices and resilient growth could cause further pause. Liquidity conditions are expected to ease in 2QFY24 with government spending trends continuing, but tighten yet again in 2HFY24 with seasonally higher currency in circulation leakage. The focus is on how the RBI will manage liquidity conditions and policy stance.

Several popular companies such as ONGC, M&M, Vodafone Idea, HUDCO, Shree Cements, BPCL, LIC, Nykaa, and Hindalco among others, are expected to release their quarterly earnings report later this week. The list of companies to report their results on each day include names such as Ashok Leyland, Sun Pharma, Aditya Birla Fashion and Retail, Grasim Industries, Radico Khaitan, Finolex Industries, and Hindustan Tin Works amongst others, during the period of May 22-27.

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The persistent bearishness towards equities could be fuelling a market rally in stocks, as investors who bet against the market are forced to unwind their positions. Despite the S&P 500's 17% rally since October, sentiment among money managers remains low, and their cyclical holdings are at their lowest level since October, according to Goldman Sachs. Hedge funds are sticking to their guns by betting on safe stocks such as technology and shedding their investments in banks and economically sensitive shares. However, even the hint of good news, such as progress towards debt-ceiling talks, has the power to spark a market rally.

"When it comes to determining the price of an option, the current market price of the underlying asset is the key factor. When it comes to call options (right to buy), as the market price of the underlying asset rises, the value of the call option usually follows suit. Conversely, for put options (right to sell), as the market price of the underlying asset drops, the value of the put option generally increases."

Spot gold experienced a 1.7% weekly loss, closing at $1,977.80, due to shifting risk sentiments, sharp moves in yields, and reassessments of the Fed's monetary policy path. The coming week is going to be yet another week of high volatility in gold prices, though as such presently bears have the upper hand. Support is at $1950 followed by $1930. Resistance comes at $2000/$2023/$2035.

The Supreme Court panel's clean chit in the Adani-Hindenburg case indicates that the committee has run due diligence and found nothing untoward. The panel is now waiting for regulations from the Sebi. The fundamentals of the company have not been impacted by the allegations and if no wrongdoings are found, confidence should gradually return, says Deven Choksey.

SEBI's new norms on mutual fund expense ratios may seem negative, but the overall trend for mutual fund investments in the country has been positive, according to market expert Mahantesh Sabarad. He believes the industry has been successful in weathering previous storms and doesn't see any issues in terms of fund size growing. Urban consumption volume growth is still tepid, but rural growth may start bouncing back with favorable weather and decreasing inflation.

Volatility is expected in the Indian stock market as investors react to RBI's decision to recall Rs 2,000 banknotes. A number of companies will release their quarterly results in the coming week which should drive individual stock prices. The US Federal Reserve will reveal the minutes of its meeting and discussions around the raising of the debt ceiling in the US will be closely watched. The week will also see the expiry of the May derivative series, which will likely create market volatility.

The initial public offering (IPO) of state-run ECGC, India's largest export credit insurance firm, is likely to be postponed to the next financial year due to volatile export market conditions, said sources. Factors like the Russian-Ukraine war and monetary tightening by central banks may adversely affect the company's valuation if the IPO is rushed.

India's capital markets regulator, Sebi, has proposed to reduce the time taken for the listing of shares on stock exchanges after initial public offerings (IPOs) to three days from six days at present. The move is expected to be beneficial to issuers and investors. Sebi has sought input from the public until 3 June on the proposal, which came after extensive tests and simulations involving stakeholders such as sponsor banks, depositories, registrars, NPCI and stock exchanges.

Going into the debt ceiling, if you look at 2011 when we had the last big fracas where the US lost its AAA rating, the S&P 500 went down 20%, the bond yields went down by 120 bps from 3% to 1.8%.

India's Securities and Exchange Board is calling for asset management companies to set up surveillance and internal control systems as part of measures against market abuse and fraudulent transactions. Among the proposals put forward by the regulator, AMCs were urged to customise their surveillance systems and internal controls. Sebi also wants senior managers to be responsible for making sure a system is in place to detect potential misconduct. The regulator's move follows two instances in which front-run deals saw Axis AMC and Life Insurance Corporation of India fall foul of Sebi.

From the BSE500 pack of stocks, 64 companies have seen over 100% year-on-year profit growth during the March quarter, shows ETMarkets analysis.

"It is a necessary and desirable move because it accelerates the exit of the 2000 rupee notes, especially those that are in storage. Because there has been no printing of these notes since 2018-2019, their quality has been deteriorating and therefore, it is a necessary and desirable step."

​But in less than a year, they have bounced back to deliver handsome returns of over 100%. Nifty Bank in the same period has delivered around 32% returns.​

A daily round-up of the most interesting articles to help jump-start the day.

A daily round-up of the most interesting articles to help jump-start the day.

A daily round-up of the most interesting articles to help jump-start the day.

A daily round-up of the most interesting articles to help jump-start the day.

Star Health’s premium valuation is justified given its favourable product mix, large distribution channel, healthy solvency profile, and improving profitability

Growth in health business will improve the insurer’s overall underwriting performance and reduce the expense ratio

Divi#39;s Labs#39; Q4 net profit and EBITDA margin missed the Street#39;s estimates, however, revenue for the quarter was better-than-expectations.

The 18,050-18,000 level was safeguarded firmly, showcasing the importance of pivotal support and is expected to act as a sheet anchor in the comparable period. On the higher end, 18,400-18,450 is likely to act as the sturdy wall and a decisive breach would only trigger fresh longs in the system in future

Agarwal said the move is in line with Prime Minister Narendra Modi’s vision on eradicating corruption completely.

The asset quality improved with gross non-performing assets falling 228 bps sequentially to 4.87% and net NPA down 69 bps to 1.17% for Q4FY23.

AAI has reported a profit for the first time after the coronavirus pandemic that had significantly impacted air traffic and the aviation sector as a whole.

Prime Minister Narendra Modi will inaugurate the newly-constructed Parliament building on May 28.

Regarding loan sanctions, the company is aiming at Rs 35,000 crore while the disbursement target is about Rs 20,000 crore during the current financial year, IIFCL managing director P R Jaishankar told PTI.

Regarding loan sanctions, the company is aiming at Rs 35,000 crore while the disbursement target is about Rs 20,000 crore during the current financial year, IIFCL managing director P R Jaishankar told PTI.

About 51 per cent of Indian respondents have fallen victim to online scams while trying to save money when booking travel, according to the #39;Safer Holidays#39; Travel report by McAfee Corp.

In his video message at the 76th session of the World Health Assembly in Geneva, Switzerland, Modi said the pandemic also highlighted a need to boost global health equity while India showed its commitment to international cooperation by shipping almost 300 million vaccine doses to more than 100 countries.

Amit Shah made these comments while addressing a function to launch various projects of the BJP-ruled Ahmedabad Municipal Corporation at Chharodi village on the outskirts of the city.

Amit Shah made these comments while addressing a function to launch various projects of the BJP-ruled Ahmedabad Municipal Corporation at Chharodi village on the outskirts of the city.

Stocks to Watch: Check out the companies making headlines before the opening bell today.

Stocks to Watch: Check out the companies making headlines before the opening bell today.

Stocks to Watch: Check out the companies making headlines before the opening bell today.