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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.

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.

Stock Market Graph

Saurabh Mukherjea Discards Multibagger, Picks New Smallcap

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Saurabh Mukherjea Picks Vijaya Diagnostic Centre over Gujarat Ambuja Exports. Said, the huge network of hubs and spokes built by the company in the vicinity of Hyderabad gave it an edge in corporate tie-ups as well as in wellness packages.

Making changes to his small-cap portfolio Saurabh Mukherjea recently picked Vijaya Diagnostic Centre NSE 4.76 per cent and discarded Gujarat Ambuja Exports NSE – 0.64 per cent. Since then, a fall of around 30 per cent is seen in the shares of Vijaya Diagnostic Centre, listed at Rs 542.30 on September 14, 2021 from its 52-week high of Rs 672.50.

Dalal Street’s top fund manager’s team which runs Marcellus PMS fund noted the two key competitive advantages of Vijaya:

Radiology and pathology both as an integrated business model offers one-stop convenient solutions for clients. Furthermore, the huge network of hubs and spokes built by the company in the vicinity of Hyderabad allows Vijaya an edge in corporate tie-ups as well as in wellness packages.

With the high-end equipment quality and the quality of the radiologists employed by it, gives Vijaya’s quality edge over its peers.

Considering the two factors, Team Mukherjea said that Vijaya could gain a market share of around 20 per cent in Hyderabad and capturing other cities of Andhra Pradesh and Telangana in recent years. Accommodating the diagnostic stock, Saurabh sold multibagger Gujarat Ambuja Exports, which crossed over 300 per cent in the last five years.

“Gujarat Ambuja Exports secured lowest score in our position sizing framework for the portfolio and comparatively Vijaya Diagnostic Centre score was good,” said Marcellus on the rearrangement its portfolio of smallcap stocks.  One year data shows that the fund has performed well leaving its own benchmark BSE Smallcap behind by giving a return of 8.8 per cent as against the index’s return of 7.3 per cent.

TEJAS Network

Tejas Network To Merge Its Subsidiaries

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Saankhya Labs shareholders to be issued 3,871,084 equity shares of Tejas Networks. Swap ratio of 112 shares of Tejas Networks for 100 shares of Saankhya Labs will be applied as per a company statement.

Saankhya Labs Private Limited and Saankhya Strategic Electronics Private Limited to be merged via process approved by the National Company Law Tribunal (NCLT), informed Tejas Networks in an announcement. 64.40 percent of shares of Saankhya Labs Private Limited were acquired by Tejas Networks in July 2022.

According to a statement given by the company, 3,871,084 equity shares of Tejas Networks will be issued to shareholders of Saankhya Labs holding 35.60 percent equity shares. Swap ratio of 112 shares of Tejas Networks for 100 shares of Saankhya Labs will be applied to complete the transaction.

Expectedly the amalgamation will help Tejas for the expansion of wireless network with the help of 5G Open Ran (ORAN). The deal will also allow Tejas improve its expertise in fabless semiconductor chip designs. ORAN is a 5G cellular broadcast and satellite communication product.

Acquisition of 93,571 equity shares of Saankhya Labs (Saankhya) at a price of Rs 454.19 per equity share via secondary purchase was done Tejas Networks in last August, as per a leading media house report.

Mandatory approval for the proposed deal is yet to be received from markets regulator like Securities and Exchange Board of India (SEBI), company’s shareholders, Saankhya Labs, Saankhya Strategic, NCLT and other statutory and regulatory bodies.

20211130_091350

Indian Shares Rise 1%

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The NSE Nifty 50 index rises 1.1 per cent to 17,816.25 and the S&P BSE Sensex ended up 0.98 per cent at 59,719.74

Indian shares ended up 1 per cent on Tuesday in broad-based buying, led by a surge in pharma stocks, even as global markets remained muted, anticipating hefty interest rate hikes from a host of central banks.

The NSE Nifty 50 index rose 1.1 per cent to 17,816.25 and the S&P BSE Sensex ended up 0.98 per cent at 59,719.74.

“People think that the inflation problem in India is not as severe as abroad. Other thing is that we have enough domestic liquidity. We don’t have any large initial public offerings that are sucking out money,” said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.

“Many of the defensives have done well today on concerns of over valuation,” he added.

Foreign investors on Monday sold $435.6 million worth of Indian equities, Refinitiv Eikon data showed.

Much of the foreign selling is in the large-cap space, Emkay Wealth Management said in a note.

“While the selling by overseas investors has been there in all the emerging markets, the extent to which the currency depreciated is also comparatively less in the case of the domestic economy,” Emkay said.

The Nifty pharma index was the top gainer, rising 3.1 per cent

The Nifty bank index, metals index and auto index were the other big movers, adding 1.4 per cent, 1.6 per cent and 1.7 per cent, respectively.

Shares of Indian hospital chain operator Apollo Hospitals Enterprise was the top gainer in Nifty 50 index, rising 5.8 per cent.

Meanwhile, global stocks were little changed on Tuesday, with all eyes on the US Federal Reserve, which is expected to raise rates when a two-day meeting ends on Wednesday.
 
 (Reuters)

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