*Morning Action @ 7am – Tuesday, November 23rd 2021.*
*7 AM GLOBAL UPDATE:*
# SGX NIFTY (-74, 17372)
# Dow (+17, 35619)
# Nasdaq (-203, 15855)
# Bovespa (-913, 102122)
# Nikkei (CLOSED, 29774)
#. Hang Seng (-98, 24951)
Overnight at Wall Street, the key benchmarks did celebrate the likely continuation of Jerome Powell as the Federal Reserve's chair, but the party streamers ran out by the closing bell.
All of the major U.S indices turned tail late in the overnight session, giving up most or all of their early gains. The *Dow Jones Industrial Average* squeaked by with a marginal gain to 35,619. The *S&P 500* -- on pace to set a new record high for most of the day -- lost 0.3% to 4,682, and the *Nasdaq* coughed up 1.3% to finish at 15,854.
*MARKET TRENDS:*
# Global: Negative
# FII: Negative (-3439 Cr)
# DII: Positive (+2051 Cr)
# F&O: 17000 – 17800 zone
# INDIA VIX: 17.47
# Market Breadth: Negative
# Sentiment: Precarious
# Technicals: Bearish
# Outlook: Negative.
*CRUCIAL LEVELS: NIFTY & BANK NIFTY:*
*NIFTY (CMP 17416):*
# SUPPORT: 17013/16821
# RESISTANCE: 17635/17881
# RANGE: 17251-17701
# BIAS: Negative
*BANK NIFTY (CMP 37129):*
# SUPPORT: 36655/35627
# RESISTANCE: 37613/38751
# RANGE: 36011-37657
# BIAS: Negative.
*NEED TO KNOW:*
# U.S. stock benchmarks finished mixed on Monday as investors kicked off a holiday-shortened week, with the Dow Jones snapped a three-day losing streak and the Nasdaq Composite posted its biggest daily drop in almost two weeks.
# The announcement of Biden nominating Powell to a second 4-year term removed some uncertainty for financial markets as investors hoped to maintain continuity in the Fed’s top leadership during the economic recovery from the COVID-19 pandemic. Powell, viewed as a moderate Republican with a career in investment banking, originally was nominated to be chairman in 2017 by Donald Trump.
# Some doubts about Powell being renamed to the head of the Fed were lingering, with investors anxious about rising inflation and talk of the need for more aggressive Fed monetary policy.
*Disclaimer:* This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this blog being used for actual investments.
President Joe Biden did what pundits largely expected Monday, nominating Powell for another four-year term as the head of America's central bank as it navigates a period of rising inflation.
*7 AM GLOBAL UPDATE:*
# SGX NIFTY (-74, 17372)
# Dow (+17, 35619)
# Nasdaq (-203, 15855)
# Bovespa (-913, 102122)
# Nikkei (CLOSED, 29774)
#. Hang Seng (-98, 24951)
Overnight at Wall Street, the key benchmarks did celebrate the likely continuation of Jerome Powell as the Federal Reserve's chair, but the party streamers ran out by the closing bell.
All of the major U.S indices turned tail late in the overnight session, giving up most or all of their early gains. The *Dow Jones Industrial Average* squeaked by with a marginal gain to 35,619. The *S&P 500* -- on pace to set a new record high for most of the day -- lost 0.3% to 4,682, and the *Nasdaq* coughed up 1.3% to finish at 15,854.
*MARKET TRENDS:*
# Global: Negative
# FII: Negative (-3439 Cr)
# DII: Positive (+2051 Cr)
# F&O: 17000 – 17800 zone
# INDIA VIX: 17.47
# Market Breadth: Negative
# Sentiment: Precarious
# Technicals: Bearish
# Outlook: Negative.
*CRUCIAL LEVELS: NIFTY & BANK NIFTY:*
*NIFTY (CMP 17416):*
# SUPPORT: 17013/16821
# RESISTANCE: 17635/17881
# RANGE: 17251-17701
# BIAS: Negative
*BANK NIFTY (CMP 37129):*
# SUPPORT: 36655/35627
# RESISTANCE: 37613/38751
# RANGE: 36011-37657
# BIAS: Negative.
*NEED TO KNOW:*
# U.S. stock benchmarks finished mixed on Monday as investors kicked off a holiday-shortened week, with the Dow Jones snapped a three-day losing streak and the Nasdaq Composite posted its biggest daily drop in almost two weeks.
# The announcement of Biden nominating Powell to a second 4-year term removed some uncertainty for financial markets as investors hoped to maintain continuity in the Fed’s top leadership during the economic recovery from the COVID-19 pandemic. Powell, viewed as a moderate Republican with a career in investment banking, originally was nominated to be chairman in 2017 by Donald Trump.
# Some doubts about Powell being renamed to the head of the Fed were lingering, with investors anxious about rising inflation and talk of the need for more aggressive Fed monetary policy.
*Disclaimer:* This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this blog being used for actual investments.
GM jsk stock in news hfcl,iex, spicejet, on mobile,bel,tatacom,bharati,centrumcap,lykalab,zentech. Negative stocks ril,idea,finpayment. Nifty range 17250-17525.
NEW: (Bloomberg) --President Joe Biden selected Jerome Powell for a second four-year term as Federal Reserve chair while elevating Governor Lael Brainard to vice chair, keeping consistency at the U.S. central bank
Deal Details for Vedanta Ltd block deal
Promoter looking to buy 17 cr shares or 4.57% stake in block deal
Offer price at Rs 350 per share , a 6.6% premium to today's closing price
Alert: Remember last time promoters bought block at Rs 160 per share and stock rallied sharply
Promoter looking to buy 17 cr shares or 4.57% stake in block deal
Offer price at Rs 350 per share , a 6.6% premium to today's closing price
Alert: Remember last time promoters bought block at Rs 160 per share and stock rallied sharply
_*〽arket 〽⭕⭕D as on*_ 2️⃣2️⃣➖1️⃣1️⃣➖2⃣1️⃣ provisional @ 07:29 pm
*BSE Sensex-30* *_(P/E 27.42)_* *- 1,170 (58,466)* ↘️😟
*BSEmidcap-150* *_(P/E 32.17)_* *- 261 (8,753)* ↘️😟
*BSE small cap-250* *_(P/E 35.16)_* *- 107 (3,831)* ↘️😟
*NSE Nifty-50* *_(P/E 24.03)_* *- 348 (17,417)* ↘️😟
*NSE* *Bank Nifty* *_(P/E 22.94)_* *- 847 (37,129)* ↘️😟
_*Fii Cash - 3,439 Crs*_ 😭
*_Dii Cash + 2,051 Crs_* 😊
_*New 10 Yrs G'Sec. Benchmark 6.10 GS-2031 (Rs. 98.20) YTM 6.3513 %*_ 🔼☹️
*Call:* - _*3.33 % (3.44 %)*_ 🔽
*TREP* : - _*3.82 % (3.67 %)*_ ↗️
_*REPO 3.71 % (3.48 %)*_ ↗️
*BrntCrude* _*78.84*_ *$/brl* _*₹. 5,634*_ ↘️
*Gold Comex* _*1,843*_ *$/oz* *₹/10 gms* _*48,376*_ 🔽
*Silver Comexx* _*24.91*_ *$/oz* _*65,502* *₹/kg*_ 🔽
*ForeX*
*$/₹* *_74.40_* 🔽☹️
*€/₹* *_83.64_* 🔼☺️
*£/₹* *_99.76_* 🔼😊
Data Compiled by: - _*Hitesh R. Pujara*_
_*Baroda Mutual Fund*_
(Not Responsible for Any Error)
*Baltic Exchange Dry Index + 98 (2,552)* ↗️
*_DJIA Future_* _*+ 163 (35,765)*_ 🔼🙂
*NASDAQ Future* _*+ 81 (16,654)*_🔼🙂
_*BTC / US$*_ Future *- 100 (58,750)* 🔽
*BSE Sensex-30* *_(P/E 27.42)_* *- 1,170 (58,466)* ↘️😟
*BSEmidcap-150* *_(P/E 32.17)_* *- 261 (8,753)* ↘️😟
*BSE small cap-250* *_(P/E 35.16)_* *- 107 (3,831)* ↘️😟
*NSE Nifty-50* *_(P/E 24.03)_* *- 348 (17,417)* ↘️😟
*NSE* *Bank Nifty* *_(P/E 22.94)_* *- 847 (37,129)* ↘️😟
_*Fii Cash - 3,439 Crs*_ 😭
*_Dii Cash + 2,051 Crs_* 😊
_*New 10 Yrs G'Sec. Benchmark 6.10 GS-2031 (Rs. 98.20) YTM 6.3513 %*_ 🔼☹️
*Call:* - _*3.33 % (3.44 %)*_ 🔽
*TREP* : - _*3.82 % (3.67 %)*_ ↗️
_*REPO 3.71 % (3.48 %)*_ ↗️
*BrntCrude* _*78.84*_ *$/brl* _*₹. 5,634*_ ↘️
*Gold Comex* _*1,843*_ *$/oz* *₹/10 gms* _*48,376*_ 🔽
*Silver Comexx* _*24.91*_ *$/oz* _*65,502* *₹/kg*_ 🔽
*ForeX*
*$/₹* *_74.40_* 🔽☹️
*€/₹* *_83.64_* 🔼☺️
*£/₹* *_99.76_* 🔼😊
Data Compiled by: - _*Hitesh R. Pujara*_
_*Baroda Mutual Fund*_
(Not Responsible for Any Error)
*Baltic Exchange Dry Index + 98 (2,552)* ↗️
*_DJIA Future_* _*+ 163 (35,765)*_ 🔼🙂
*NASDAQ Future* _*+ 81 (16,654)*_🔼🙂
_*BTC / US$*_ Future *- 100 (58,750)* 🔽
Redbox India@REDBOXINDIA
FII SELL NET RUPEES 3438.76 CR OF INDIA SHARES TODAY
DII BUY NET RUPEES 2051.18 CR
6:52 PM · Nov 22, 2021·Twitter Web App
FII SELL NET RUPEES 3438.76 CR OF INDIA SHARES TODAY
DII BUY NET RUPEES 2051.18 CR
6:52 PM · Nov 22, 2021·Twitter Web App
DLF Cyber City Developers, the rental arm of DLF raises NCD of Rs.1,000 crore at 6.7% annual coupon (~6.5% papm) from Debt Capital Markets https://t.co/l9Qhuwoihr
Twitter
CNBC-TV18
DLF Cyber City Developers, the rental arm of DLF raises NCD of Rs.1,000 crore at 6.7% annual coupon (~6.5% papm) from Debt Capital Markets
India's FY22 GDP projection upgraded to 9.3%-9.6% range: SBI Ecowrap
https://mybs.in/2Zj4bx9
https://mybs.in/2Zj4bx9
Business-Standard
India's FY22 GDP projection upgraded to 9.3%-9.6% range: SBI Ecowrap
SBI Ecowrap also lists 5 growth enablers despite Modi's U-turn on farm laws
*Everest Kanto Cylinder Q2FY22 Concall Update*
(Nirmal Bang Securities)
# *Additional 4 lac brownfield capacity over and above the earlier announced 2 lac greenfield, paves way for strong growth phase beginning H2FY23*
# *Industry tailwinds remain strong*
*Outlook: Positive*
• Revenue came at Rs. 421 Cr (+26% QoQ, +71% YoY)
• India revenue came at Rs. 303 Cr (+58%), UAE at Rs. 70 Cr (+133%) and US at Rs. 49 Cr (+84%).
• EBITDA Margin came at 26.5% vs QoQ 26.4%, YoY 17.7%. Co was able to pass on increase in RM costs.
• *Co is confident of delivering sustainable margins of 22-24%* (and 27-29% on standalone basis going forward).
• Major growth over last 5 years has come from CNG (auto) and this will continue. Split between CNG (auto) & Industrial is at 60:40. CNG share will keep rising as new capacities are being put up with CNG in mind.
• CNG has higher margins.
• Industrial demand is mainly dependent on fire equipment/systems, medical, space and defense.
• EKC competes with 5-6 cos like Rama Cylinders, JFE, FJM, Euro. *EKC has the largest capacity in India with a 50% market share.*
• Life of a cylinder is 15-20 years.
• Co sources raw material / steel from China and is not facing any constraints.
• Co is planning to repay the promoter loan within a year.
• *Debt reduced from Rs. 203 Cr in March 2021 to Rs. 131 Cr in Sep 2021. Co should be debt free in FY23 and thus interest cost shall decline accordingly.*
*India*
• *Co has proposed a new brownfield expansion of 4,00,000 cylinders* by adding new manufacturing lines within its current locations (Tarapur & Kandla) with investment of Rs. 35 Cr financed completely from internal accruals and to be executed over the next eight months (commercialization by July 2023). *Co expects additional revenue of Rs. 300 Cr from this brownfield expansion.*
• *The above is in addition to the greenfield capacity of 200,000 cylinders that the co is pursuing in parallel. This 2,00,000 cylinders capacity will have potential to generate revenue of Rs. 200 Cr at a new greenfield facility in Gujarat which will cost 45 Cr and will be funded by internal accruals.* The facility will come up in 3 phases of which the first phase will complete in FY24 (will take 18 months).
• Thus current 7,17,000 cylinder capacity will increase to 13,17,000 in coming years.
*Domestic Industry Tailwinds*
• India’s natural gas consumption is targeted to rise over the next decade, from 170 mmscmd to 600 mmscmd.
• The government aims to add 100 districts and 9k CNG stations in coming years to the City Gas Distribution network which should further accelerate the pace of adoption of gas as a fuel. *Thus CNG stations will increase from current 2k to 11k by 2030.*
• Government has launched Hydrogen Energy Mission for generating hydrogen from green power. It is expected that demand for Hydrogen Cylinder will increase once trials are successful.
*UAE*
Co is targeting a growing number of emerging markets such as Egypt, other African countries, and South America.
*Hungary*
• Plans in Hungary are moving forward and co sees local production in EU allowing deeper access to this large market in the coming years.
• Co is working on expansion of 2 lacs cylinders in Hungary. It shall complete in next 18 months (by July 2023).
• Total capex required will be Rs. 134 Cr. EKC will invest Rs. 20 Cr. Govt of Hungary will provide an incentive of EUR 4.8 mn and remaining would be funded via debt.
*US*
• The recent announcements around infrastructure investments shall open new areas of expansion.
• Utilisation was at 40% in the qtr.
Share is trading at P/E of 7.6x TTM EPS
(Nirmal Bang Securities)
# *Additional 4 lac brownfield capacity over and above the earlier announced 2 lac greenfield, paves way for strong growth phase beginning H2FY23*
# *Industry tailwinds remain strong*
*Outlook: Positive*
• Revenue came at Rs. 421 Cr (+26% QoQ, +71% YoY)
• India revenue came at Rs. 303 Cr (+58%), UAE at Rs. 70 Cr (+133%) and US at Rs. 49 Cr (+84%).
• EBITDA Margin came at 26.5% vs QoQ 26.4%, YoY 17.7%. Co was able to pass on increase in RM costs.
• *Co is confident of delivering sustainable margins of 22-24%* (and 27-29% on standalone basis going forward).
• Major growth over last 5 years has come from CNG (auto) and this will continue. Split between CNG (auto) & Industrial is at 60:40. CNG share will keep rising as new capacities are being put up with CNG in mind.
• CNG has higher margins.
• Industrial demand is mainly dependent on fire equipment/systems, medical, space and defense.
• EKC competes with 5-6 cos like Rama Cylinders, JFE, FJM, Euro. *EKC has the largest capacity in India with a 50% market share.*
• Life of a cylinder is 15-20 years.
• Co sources raw material / steel from China and is not facing any constraints.
• Co is planning to repay the promoter loan within a year.
• *Debt reduced from Rs. 203 Cr in March 2021 to Rs. 131 Cr in Sep 2021. Co should be debt free in FY23 and thus interest cost shall decline accordingly.*
*India*
• *Co has proposed a new brownfield expansion of 4,00,000 cylinders* by adding new manufacturing lines within its current locations (Tarapur & Kandla) with investment of Rs. 35 Cr financed completely from internal accruals and to be executed over the next eight months (commercialization by July 2023). *Co expects additional revenue of Rs. 300 Cr from this brownfield expansion.*
• *The above is in addition to the greenfield capacity of 200,000 cylinders that the co is pursuing in parallel. This 2,00,000 cylinders capacity will have potential to generate revenue of Rs. 200 Cr at a new greenfield facility in Gujarat which will cost 45 Cr and will be funded by internal accruals.* The facility will come up in 3 phases of which the first phase will complete in FY24 (will take 18 months).
• Thus current 7,17,000 cylinder capacity will increase to 13,17,000 in coming years.
*Domestic Industry Tailwinds*
• India’s natural gas consumption is targeted to rise over the next decade, from 170 mmscmd to 600 mmscmd.
• The government aims to add 100 districts and 9k CNG stations in coming years to the City Gas Distribution network which should further accelerate the pace of adoption of gas as a fuel. *Thus CNG stations will increase from current 2k to 11k by 2030.*
• Government has launched Hydrogen Energy Mission for generating hydrogen from green power. It is expected that demand for Hydrogen Cylinder will increase once trials are successful.
*UAE*
Co is targeting a growing number of emerging markets such as Egypt, other African countries, and South America.
*Hungary*
• Plans in Hungary are moving forward and co sees local production in EU allowing deeper access to this large market in the coming years.
• Co is working on expansion of 2 lacs cylinders in Hungary. It shall complete in next 18 months (by July 2023).
• Total capex required will be Rs. 134 Cr. EKC will invest Rs. 20 Cr. Govt of Hungary will provide an incentive of EUR 4.8 mn and remaining would be funded via debt.
*US*
• The recent announcements around infrastructure investments shall open new areas of expansion.
• Utilisation was at 40% in the qtr.
Share is trading at P/E of 7.6x TTM EPS
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Nov 23, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_sJ4c9d6bQpibjVdcXmFsYQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: Nov 23, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_sJ4c9d6bQpibjVdcXmFsYQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…
Live webinar on "Commodity Strategies" by Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang with Ms. Hiral Dadia, Anchor and Editor.
Click here to join: https://youtu.be/D2-n275HuPI
Click here to join: https://youtu.be/D2-n275HuPI
YouTube
Commodity Strategies with Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang
Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang in conversation with Ms. Hiral Dadia, Anchor and Editor on Commodity Strategies
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Nov 22, 2021 03:30 PM India
Topic: Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang in conversation with Ms. Hiral Dadia, Anchor and Editor.
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_50AAlgENRVywI8qatkOxmQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: Nov 22, 2021 03:30 PM India
Topic: Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang in conversation with Ms. Hiral Dadia, Anchor and Editor.
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_50AAlgENRVywI8qatkOxmQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Mr. Kunal Shah, Head - Commodity Research at Nirmal Bang in conversation with Ms. Hiral…
Commodity Strategies
BHARTI AIRTEL HIKES PRICES
Bharti Airtel Hikes Prepaid Tariffs Effective November 26
Entry level prepaid tariffs up 25% from Rs 79 to Rs 99
Airtel hikes prepaid tariffs by approx 20% (other than entry level)
Bharti Airtel also hikes tariff of data top-up plans by 20-21%
This is the second hike, last was announced in July 2021
Pricing of entry level pack is up 25%; Rest is average 20% higher
Maintains ARPU needs to be at Rs 200 and ultimately at Rs 300
ARPU at end of Q2 stood at Rs 153
Bharti Airtel Hikes Prepaid Tariffs Effective November 26
Entry level prepaid tariffs up 25% from Rs 79 to Rs 99
Airtel hikes prepaid tariffs by approx 20% (other than entry level)
Bharti Airtel also hikes tariff of data top-up plans by 20-21%
This is the second hike, last was announced in July 2021
Pricing of entry level pack is up 25%; Rest is average 20% higher
Maintains ARPU needs to be at Rs 200 and ultimately at Rs 300
ARPU at end of Q2 stood at Rs 153
Market mood volatile, Global cues neutral, Crude trades around 78.3
Cues for Today
👉 Global Market update
- Dow down 6 pts
- Nasdaq up 63 pts
- Hang Seng down 32 pts
- Dow Fut up 87 pts
👉 Crypto regulations expected in Winter session of Indian Parliament, May point to an Income Tax as well as GST levy.
👉 China’s central bank signaled possible monetary and fiscal easing measures to aid the economy’s recovery as growth weakens, Any easing steps would likely be targeted toward small businesses and green finance. The central bank is also likely to guide credit growth to accelerate next year. The chance of a reduction in the reserve requirement ratio will rise in coming months.
👉 This week Fed meeting minutes will be released, Fed chair appointment will be announced
👉 Investors also will keep a close eye on the coronavirus numbers as new lockdowns and restrictions were announced in Europe
👉 Reliance, Saudi Aramco to re-evaluate oil-to-chemicals investment proposals
👉 PM Modi announced all 3 farm laws to be repealed, In coming Parliament session constitutional measures to repeal these farm laws, PM Modi said
SGX NIFTY (adjusted) - 52 Pts
Cues for Today
👉 Global Market update
- Dow down 6 pts
- Nasdaq up 63 pts
- Hang Seng down 32 pts
- Dow Fut up 87 pts
👉 Crypto regulations expected in Winter session of Indian Parliament, May point to an Income Tax as well as GST levy.
👉 China’s central bank signaled possible monetary and fiscal easing measures to aid the economy’s recovery as growth weakens, Any easing steps would likely be targeted toward small businesses and green finance. The central bank is also likely to guide credit growth to accelerate next year. The chance of a reduction in the reserve requirement ratio will rise in coming months.
👉 This week Fed meeting minutes will be released, Fed chair appointment will be announced
👉 Investors also will keep a close eye on the coronavirus numbers as new lockdowns and restrictions were announced in Europe
👉 Reliance, Saudi Aramco to re-evaluate oil-to-chemicals investment proposals
👉 PM Modi announced all 3 farm laws to be repealed, In coming Parliament session constitutional measures to repeal these farm laws, PM Modi said
SGX NIFTY (adjusted) - 52 Pts
Star Health: Star Health's Rs 7,500 cr IPO likely to open by Nov-end - The Economic Times https://m.economictimes.com/markets/ipos/fpos/star-healths-rs-7500-cr-ipo-likely-to-open-by-nov-end/articleshow/87838567.cms
The Economic Times
Star Health's Rs 7,500 cr IPO likely to open by Nov-end
Star Health and Allied Insurance Company plans to launch its Rs 7,500-crore initial public offering during the last week of November, according to investment banking sources. The IPO will be the third-largest in 2021 after Paytm and Zomato, which raised Rs…