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Rupee Posts 8 Paise Up To 81.60 Against USD Led By Foreign Capital Inflows

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In the previous session on 28 November, the rupee surged 3 paise to end at 81.68 against the dollar. Brent crude futures being the global oil benchmark, rose 1.39 per cent to USD 84.35 per barrel. The dollar index slipped 0.38 per cent to 106.28. It measures the greenback’s strength against a basket of six currencies

The rupee went 8 paise up to 81.60 against the US dollar during early trade on 29 November. This is followed by boosted investor sentiments due to foreign capital inflows and a firm trend in the domestic equity market.

According to the forex dealers, apart from this, a weak American currency in the overseas market helped the domestic unit.

The local unit opened strong at 81.58 against the dollar. However, later it inched lower to quote at 81.60 which registered a rise of 8 paise from its previous close, at the interbank foreign exchange.

In the previous session on 28 November, the rupee surged 3 paise to end at 81.68 against the dollar.

The dollar index slipped 0.38 per cent to 106.28. It measures the greenback’s strength against a basket of six currencies.

Brent crude futures being the global oil benchmark, rose 1.39 per cent to USD 84.35 per barrel.

The 30-share BSE Sensex was traded 164.06 points or 0.26 per cent higher at 62,668.86. On the similar lines, the broader NSE Nifty went up 59.10 points or 0.32 per cent to 18,621.85, in the domestic equity market.

Foreign Institutional Investors (FIIs) sold shares worth Rs 935.88 crore, which made them net sellers in the capital markets on 28 November, revealed the exchange data.

Also, on 28 November, S&P Global Ratings reduced the economic growth forecast of INdna for the current fiscal year to 7 per cent. It, however said that the domestic demand-led economy will be less impacted by the global slowdown.

Business men giving a handshake. Business concept

Ramamurthy Becomes MD, CEO of BSE, SEBI approves appointment

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Previously, Sundararaman Ramamurthy has served as the senior vice president of the National Stock Exchange (NSE) after which he took up the position of chief operating officer at Bank of America, India. The senior position at BSE has been vacant since July following the resignation from its last managing director Ashish Kumar Chauhan

The Securities and Exchange Board of India (SEBI) approved the appointment of Sundararaman Ramamurthy as managing director and chief executive officer of Bombay Stock Exchange, as per the disclosure made by the exchange on 28 November.

The said appointment will require shareholder’s approval, the market regulator added in the disclosure.

Previously, Ramamurthy has served as the senior vice president of the National Stock Exchange (NSE) after which he took up the position of chief operating officer at Bank of America, India, according to social media accounts.

The senior position at BSE has been vacant since July following the resignation from its last managing director Ashish Kumar Chauhan who held the position to join rival exchange NSE as its CEO.

Former deputy governor of the Reserve Bank of India (RBI), SS Mundra is currently the chairman of BSE. The board comprises of six other directors which excludes Ramamurthy. Out of six, five of them are public interest directors, whereas one of them is a shareholder director.

rupee

Rupee Went 16 Paise Up To 81.54 Against USD During Early Trade

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The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November. The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel

The rupee improved 16 paise to 81.54 against the US dollar during early trade on 25 November. This is after the weakness witnessed in the broad dollar weakness along with its Asian peers.

The domestic unit opened at 81.69 against the dollar, at the interbank foreign exchange. Later it reached 81.54. which registered a surge of 16 paise over its previous close.

The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November.

According to experts, the American currency has softened from its elevated levels considering Federal Open Market Committee (FOMC) minutes.

The dollar index, went 0.23 per cent down to 105.82. It measures the greenback’s strength against a basket of six currencies.

Apart from this development, investors’ sentiment is also aided by steady crude oil price.

The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel.

The 30-share BSE Sensex was traded at 39.89 points or 0.06 per cent lower at 62,232.79. On similar lines, the broader NSE Nifty fell 12.65 points or 0.07 per cent to 18,471.45, in the domestic equity market.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 1,231.98 crore, which made them net buyers in the capital markets on 24 November, according to exchange data.

rupee

Rupee Strengthens 26 Paise To 81.67 Against Dollar

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The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. The rupee showed strength in offshore trading on broad-based dollar weakness. The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel

The rupee surged 26 paise to 81.67 against the US dollar during early trade on 24 November. as the American currency softens from its elevated levels.

The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. Later, it gained ground to touch 81.67 and registered a rise of 26 paise in its previous close.

The rupee showed strength in offshore trading on broad-based dollar weakness. Expectedly it will trade in a range of 81.55-81.85 with sideways price action, according to a media report.

The dollar index went 0.41 per cent down to 105.63, post the weak US data and dovish Fed minutes. It measures the greenback’s strength against a basket of six currencies.

The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel.

The 30-share BSE Sensex traded 180.14 points or 0.29 per cent higher at 61,690.72. On the similar lines, the broader NSE Nifty went up 66.50 points or 0.36 per cent to 18,333.75, in the domestic equity market.

The Foreign Institutional Investors (FIIs) sold shares worth Rs 789.86 crore which made them the net sellers in the capital markets, according to exchange data release on 23 November.

rupee

Rupee 14 Paise Up To 81.65 Against US Dollar During Early Trade

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The Indian rupee started at 81.72 against the dollar and further was recorded at 81.65. Brent crude futures, moved 0.50 per cent up to USD 87.89 per barrel, it is the global oil benchmark

The rupee went up by 14 paise to 81.65 against the US dollar during early trade on 21 November. This came after the American currency withdrew from its elevated levels.

According to the Forex traders, foreign fund outflows and a lowered trend in domestic equities pulled-on the local unit and restricted the appreciation bias.

The Indian rupee started at 81.72 against the dollar and further was recorded at 81.65. It registered a rise of 14 paise as compared to its previous close at the interbank foreign exchange.

The rupee depreciated by 5 paise, closing at 81.79 against the US dollar, on 21 November.

At the same time, the dollar index, fell 0.24 per cent to 107.57. It measures the greenback’s strength against a basket of six currencies, on 21 November.

Expectedly, the Indian rupee may trade in a range-bound manner along with the boosted American currency and cautiousness in the markets. This came after the fears of a return to stricter COVID restriction measures in China, which weighed on Asian currencies, according to the experts.

Brent crude futures, moved 0.50 per cent up to USD 87.89 per barrel, it is the global oil benchmark.

The 30-share BSE Sensex traded at 52.74 points or 0.09 per cent higher at 61,197.58. The broader NSE Nifty surged 13.25 points or 0.07 per cent to 18,173.20, in the domestic equity market.

Foreign Institutional Investors (FIIs) sold shares worth Rs 1,593.83 crore, resulting in being the net sellers in the capital markets on 21 November, revealed the exchange data.

green energy

Inox Green Collects Rs 333 Cr From Anchor Investors Before IPO

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Prior to its initial share-sale, the funds were raised that opened for public subscription on 11 November. The funds collected by the company will be allocated 5.12 crore shares to anchor investors at Rs 65 apiece. The initial public offering (IPO) of Inox Green of worth Rs 740-crore consists of fresh issue and an offer for sale of Rs 370 crore each

The Inox Green Energy Services, has collected Rs 333 crore from anchor investors. It is the subsidiary of Inox Wind.

Prior to its initial share-sale, the funds were raised that opened for public subscription on 11 November. The issue will come to an end on 15 November.

The funds collected by the company will be allocated 5.12 crore shares to anchor investors at Rs 65 apiece. The value of the transaction would total to Rs 333 crore, as per a circular uploaded on the website of Bombay Stock Exchange late night on 10 November.

The anchor investors of the company include Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF

The initial public offering (IPO) of Inox Green of worth Rs 740-crore consists of fresh issue and an offer for sale of Rs 370 crore each.

The company has decided a price bracket of Rs 61-65 per share for its IPO. The proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes.

The Inox Green is into providing a long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.

The shares of the company will be listed on the Bombay Stock Exchange and National Stock Exchange.

economy

HCC Q2 Net Profit Up 129% To Rs 319 Cr

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The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE

Backed by improved operational efficiencies, Hindustan Construction Company Limited (HCC) has reported a 129 per cent increase in its consolidated net profit at Rs 319.03 crore for the quarter ended September 30, 2022. The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE. 

The consolidated income during July-September period, however, dropped to Rs 2,515.15 crore, from Rs 2,834.84 crore in the year-ago period. The company’s consolidated expenses declined to Rs 2,423.88 crore, as against Rs 2,736.23 crore earlier, the filing added. HCC’s strong operational performance and earnings during the quarter were achieved due to improved operational efficiencies through a leaner and efficient organisational structure, the company said in a statement. 

According to HCC, the company successfully concluded its debt resolution plan during the quarter, duly supported by 23 banks and financial institutions. HCC has transferred Rs 2,856 crore of lenders’ liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore as consideration to a Special Purpose Vehicle (SPV), the statement added. 

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Poonawalla Fincorp AUM Grows 21% YoY In Sept Qtr

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The total disbursement for Q2FY23 stood around Rs 3,720 crore going up 44 per cent YoY and eight per cent quarter-on-quarter (QoQ) at a consolidated level.

Poonawalla Fincorp’s (PFL) consolidated assets under management (AUM) saw growth by 21 per cent year-on-year (YoY) to Rs 18,550 crore at September end 2022 (Q2FY23). Despite a sharp reduction in the discontinued loan book, it witnessed the growth.

Consecutively, expansion in its consolidated asset portfolio was recorded by five per cent over Rs 17,660 crore at June 2022 end (Q1FY23).

The total disbursement for Q2FY23 stood around Rs 3,720 crore going up 44 per cent YoY and eight per cent quarter-on-quarter (QoQ) at a consolidated level. The company said that such performance portrayed the highest-ever quarterly and monthly disbursement during Q2FY23 and September 2022 respectively.

The organic monthly disbursements of PFL, formerly known as Magma Fincorp, were Rs 1,290 crores, creating impactful growth trajectory for H2FY23, in September 2022. A 30 per cent YOY growth for the year has been guided by the management.

PFL, while filing with BSE said that the discontinued on-book stood at around Rs 1,300 crore at September 2022 end. It recorded a down of Rs 2,281 crore in June 2022 and Rs 2,974 crore in March 2022.

Indicating to rundown the discontinued book over the next 18 to 24 months in May 2022, the company’s discontinued book now stands at 17.9 per cent of consolidated AUM at March 2022 end.

The performance of the housing finance subsidiary Poonawalla Housing Finance Ltd (PHFL). PHFL’s AUM stood at around Rs 5,600 crore as on 30September, 2022. It went up from Rs 5,282 crore at June 2022 end, as reflected in the consolidated figures.

PFL said it has lined up asset qualification with the Reserve Bank of India’s revised norms in the reporting quarter (Q2FY23), referring to the credit quality of the book.

Expected, the lined up gross non-performing assets (NPA) on the consolidated basis may remain below 1.6 per cent by 30September 2022. The net NPAs maybe below 0.9 per cent. Approximately, the company has liquidity of Rs 4,730 crores as on 30 September 2022, the company quoted.

A rating agency revised the rating for PFL long-term bank facility from “AA+” to “AAA” with a sustained outlook, early this week.

Adani group logo

Adani Green Energy Stocks 20% Up On Heavy Volume

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Spitze Trade and Investment Limited being one of the promotors of AGEL acquired 4 million equity shares. Such shares represent 0.25 per cent of total equity of the company for Rs 935 crore.

Adani Green Energy (AGEL) shares rose 20 per cent to Rs 2,405 at the National Stock Exchange (NSE) during intra-day trade backed by great volumes on 30 September.

The stocks of Adani Group’s electric utilities company were traded 13 per cent higher at Rs 2,270, against 1.6 per cent rise in the Nifty 50, at 01:01 PM. On the counter, average trading volumes almost doubled totalling 3.8 million shares changing hands on the NSE and BSE.

As per previous trends, AGEL has underperformed and has seen market fall of 7 per cent, in comparison to 4 per cent decline in the Nifty 50. However, the stock jumped to a record high of Rs 3,048 on 19 April 2022.

One of the promoters of AGEL, Spitze Trade and Investment Limited acquired 4 million equity shares. Such shares represent 0.25 per cent of total equity of the company for Rs 935 crore. The purchase of the company effected through open market operations between September 15 and September 26, the exchange data show.

At the same time, AGEL through an announcement informed about the commissioning of 600 MW World’s largest co-located Wind-Solar Hybrid power plant ‘’Hybrid Power Plant’’ at Jaisalmer, Rajasthan on 29 September. The said plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.69/kwh for 25 years.

India’s first hybrid power plant with a capacity of 390 MW was operationalized by AGEL at Jaisalmer, Rajasthan in May 2022. And after the successful commissioning of 600 MW plant, AGEL now has a total operational generation capacity of ~6.7 GW including operational hybrid power generation capacity of 1 GW being the largest in the World. In total AGEL’s renewable portfolio of 20.4 GW well on the lines to reach its vision of 45 GW capacity by 2030, the company official said.

With an overall portfolio of 20.4 GW along with operating, under-construction and awarded assets catering to investment-grade counterparties, AGEL now has one of the largest global renewable portfolios.

The company’s portfolio includes owning, developing, building, operating and maintaining utility-scale grid-connected solar, wind farm and Hybrid plants. AGEL’s key customers list includes SECI, National Thermal Power Corporation (NTPC) and various State Discoms.

indian rupee

GAIL Indian Gives Over Rs 90 Lakh Returns

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GAIL India shares traded at a level of Rs 91.35 on the Bombay Stock Exchange on Monday

Gas Authority of India Limited (GAIL) India has given better returns to its investors with five bonus shares in the last 20 years. If a person invested Rs 1 lakh in the shares of the company 20 years ago and kept the investment, then the amount has been more than Rs 90 lakhs.

The 52-week high of GAIL India’s shares is Rs 115.67. The shares of the company were at the level of Rs 7.92 on the Bombay Stock Exchange (BSE) on 13 September 2002. GAIL India shares traded at a level of Rs 91.35 on the Bombay Stock Exchange on Monday. In such a situation, the total money would have been Rs 92.26 lakh.

GAIL India offered bonus shares in the ratio of 1:2 in October 2008. The company gave bonus shares in the ratio of 1:3 in March 2017. Subsequently, the company gave the investors bonus shares in the ratio of 1:3 in March 2018. GAIL India gave bonus shares in the ratio of 1:1 on July 2019. That is, the company gave one bonus share for every single share. The government company has recently given bonus shares in the ratio of 1:2.

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