AXY Financial News

Aarti Industries with a target price of Rs 575. The current market price of Aarti Industries is Rs 531.65.

Bank of India with a target price of Rs 125. The current market price of Bank of India is Rs 107.3.

Nifty's weekly series expires today, it was marked with long additions with an increase in price of 3.66% and increase in open interest (OI) by 8.12% where 8.61 lakh shares were added in OI, increasing from 106.06 lakh to 114.67 lakh shares as on Wednesday. The Nifty September series rollover stands at 12% with sentiment indicator Nifty Put Call Ratio (PCR) currently at 1.25, indicating a flat-to-positive movement for expiry. As for the Bank Nifty which had a weekly expiry on Wednesday, the series witnessed short covering with an increase in price of 3.87% and decrease in OI by 16% where there was shedding of over 4 lakh shares in OI, decreasing from 25.17 lakh to 21.15 lakh shares. The Bank Nifty August series rollover stands at 17%. Implied Volatility of Nifty ATM options for the current series is at 12.48%, while India Vix is at 11.63% both indicating a slightly higher Volatile movement on either side in expiry session compared to last weekly expiry, analyst Rajesh Palviya, Senior Vice President, Technical and Derivatives Research at Axis Securities said. Palviya said that the Nifty Put options OI distribution shows that 20,000 has highest OI concentration followed by 19,900 and 19,800 which may act as support for today's expiry and on the Call front 20,100 followed by 20,200 and 20,300 witnessed significant OI concentration and may act as resistance.

Small-ticket personal loans below ₹50,000 and some higher-end personal loans are seeing some stress, according to Amitabh Chaudhry, managing director of Axis Bank. Speaking to investors in Singapore, as per a Macquarie report, Chaudhry also highlighted some specific concerns about capital expenditure (capex) demand. He mentioned that securing equity for large projects is difficult, and banks are adopting a conservative stance.

MUMBAI : Banks are turning to cheaper certificates of deposit (CDs) to meet credit demand which has outpaced deposit growth, data showed. Led by public sector banks, lenders issued CDs worth ₹2.62 trillion between April and August this year against ₹2.5 trillion in the same period last year, data from Prime Database showed. CD issues rose from ₹25,813 crore in April to ₹72,785 crore in June, before moderating in July as liquidity turned surplus, and rose again in August.

NEW DELHI : After a weak start, the markets rebounded well on Wednesday, with Nifty gaining 0.38% and closing above the 20000-mark for the first time, supported by softer inflation data and strong production numbers despite weak global cues. While Nifty ended the day at the record closing high of 20070, Sensex, with gains of 0.38%, closed at 67466.99 and is inching close to its all-time high of 67619.17 seen in July. The mid- and small-caps, which had seen significant corrections on Tuesday, also ended with gains.

NEW DELHI : JSW Infrastructure Ltd, the Sajjan-Jindal-led port business, has received the approval to launch its ₹2,800 crore initial public offering (IPO) and is likely to finalize the launch by the end of this month, a person close to the matter told Mint. The port business of the $23 billion group had earlier in the year filed draft papers for a ₹2,800 crore IPO with an aim to retire the debt and furthermore fund the capacity expansion plans of the company. The entire IPO consists of a fresh issue of equity shares and there will be no dilution of the promoter’s existing equity. As of 31 December 2022, the company’s debt stood at ₹2,875 crore.

JSW Infrastructure, the ports division of JSW Group, is likely to commence public subscription by the end of this month, according to bankers. The company has filed its red herring prospectus with the Registrar of Companies. JSW Infrastructure's forthcoming public offering marks a significant milestone as the first public listing from the JSW Group in nearly 13 years.

Even as Fixed Deposit interest rates for various tenors have gone up this year, post-tax returns for many depositors are still below the expected inflation number for FY 2023-24, a calculation done by FundsIndia in its monthly Wealth Conversations Report (September 2023) shows.

Nifty brushed aside pessimism from the previous session and saw increased buying activity in various sectors on Wednesday, September 13, over upbeat macroeconomic data. Sensex finally closed with a gain of 246 points, or 0.37 per cent, at 67,466.99 while the Nifty ended 77 points, or 0.38 per cent, higher at 20,070.

Siddhartha Khemka, Vice President, Head of Research, MOFSL, says “the premium is now about 15-20% and mid and smallcap space is where one needs to be cautious. We do not believe that there is going to be a full large scale selling in the mid and small caps but a healthy profit booking is definitely advisable and that is something that we have been talking to customers about but it is not a broad-based profit booking that we are advising.”Are you recommending booking profits anywhere? We are seeing quite a cool-off in some of the capital goods names, power financiers, railway and even defence stocks.What has been happening is we have been sounding some cautiousness in the broader market, be it the midcaps or smallcaps, given that the kind of rally that they have seen in the last couple of months and also because if you look at the valuations, our midcap index is trading at about 24 times one year forward 24 to 25 times roughly on a one-year forward basis – compared to Nifty which at 20,000 is trading at about 21 times on a FY24 peak.

“Corrections, whether through consolidation over time or absolute fall, cannot be ruled out in such instances. However, at the index level, we expect mid and small-cap outperformance over large-cap to persist over the next 12 to 18 months,” says Anand Rathi, Founder & Chairman, Anand Rathi Group. In an interview with ETMarkets, Rathi, said: “Currently, the future profits prognosis for mid- and small-cap firms appears to be more promising than that of large-cap stocks” Edited excerpts:Nifty@20,000 but it seems to be finding some resistance at higher levels – What is your take on markets at present?The Indian equities market has risen throughout the current fiscal year after remaining range-bound since October 2021. In the last 12 months, the large-cap has gained roughly 12%, the midcap around 25%, and the small cap over 30%.

RR Kabel Ltd on Tuesday said it has mobilised Rs 585.62 crore from anchor investors ahead of its initial share sale. The company has allocated 56,58,201 equity shares to 54 entities at an average price of Rs 1,035 apiece, according to a circular uploaded on the BSE website. HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global are among the anchor investors. RR Kabel's Rs 1,964 crore Initial Public Offering (IPO) which comprises a fresh issue of shares worth up to Rs 180 crore and an offer for sale (OFS) of over 1.72 crore shares by promoters and other external shareholders opens for public subscription on Wednesday. Through the OFS, the promoters/promoter entities will sell 3-4 per cent of their holdings but will still continue to hold 64 per cent in the company.

Citibank India on Tuesday reported a 26% year-on-year net profit in the previous financial year, excluding the one-time gain arising from the sale of its consumer business to Axis Bank. The foreign bank's profit after tax in the year ended March 31 was at ₹13,614 crore including a post-tax one-time gain of ₹8,914 crore from the sale of the consumer banking business to Axis Bank, Citi India said in a statement. For the previous financial year, Citi India's underlying profit was at ₹4,700 crore versus ₹3,727 crore in the previous financial year. The bank's net interest margin in FY23 was at 5.15%, up from 4.65% in the previous financial year. Asset quality improved, with gross non-performing asset ratio falling to 0.41% as of March 31, from 1.07% the previous year. The net NPA ratio was at 0% versus 0.39% a year ago. As of March 31, 2023, Citibank's total assets were at ₹2.17 lakh crore. Citibank India extended loans worth ₹35,001 crore to agriculture, affordable housing, renewable energy and micro, small, and medium enterprises. «The disciplined execution of our refreshed strategy has led to strong earnings.

DHARMESH SHAHHead-Technicals, ICICI SecuritiesWHAT DO THE TECHNICAL INDICATORS INDICATE ON MID AND SMALL-CAP STOCKS? We are in a structural bull market depicted by the acceleration of upward momentum in broader market post breakout from the fi ve-year consolidations of the Nifty Midcap vs. Nifty ratio line.

RR Kabel IPO: RR Kabel has raised ₹585 crore from anchor investors a day ahead of its IPO subscription opening for bidding. RR Kabel initial public offering (IPO) will open for subscription on Wednesday, September 13 and close on Friday, September 15. The TPG-backed company has fixed the price band at ₹983 to ₹1,035 per equity share of face value of ₹5 each for the issue.

Ravi Handa is just 39 and already plain bored. His LinkedIn bio explains his status. “Sold my company, retired early, now bored. Reach out with interesting job opportunities. Will work for free/ESOPs". The founder of ‘Handa Ka Funda’, an edtech platform, reached out to various newspapers offering his crossword skills for free. Unfortunately for Handa, there are no takers, yet.

MUMBAI : L &T Finance Holdings Ltd shares ended the day 3% down at ₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake or 70 million shares in the company for ₹910 crore through a block deal. The shares were sold at ₹130 apiece.

NEW DELHI : Asharp selloff in the mid-cap and small-cap space caught investors off guard on Tuesday. The mid-cap and small-cap indices saw steep corrections of 3-4% during the day even as the Nifty ended just 0.02% lower but not before scaling the all-time high of 20110.35. Valuation discomfort is likely to have set in after a sharp rally, which is leading to heavy selling in mid-caps and small-caps, said analysts.

₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake, or 70 million shares, in the company for ₹910 crore through a block deal. Shares were sold at ₹130 apiece.

Havells India Ltd, Polycab India Ltd, KEI Industries Ltd, Finolex Cables Ltd, V-Guard Industries Ltd, Crompton Greaves Consumer Electricals Ltd, Bajaj Electricals Ltd. On an FY23 basis, Havells India Ltd, Polycab India Ltd, KEI Industries Ltd, Finolex Cables Ltd, V-Guard Industries Ltd, Crompton Greaves Consumer Electricals Ltd, Bajaj Electricals Ltd are available at a PE of 79.49, 62.57, 49.72, 34.52, 72.37, 41.81 , and 62.50, respectively. "We are the fastest growing consumer electrical company among our peers in India, growing at a compound annual growth rate (CAGR) of 43.4% between Fiscal 2021 and Fiscal 2023," said the company in its RHP.