PremiumThe Indian indices witnessed a negative start on Monday. The slump is likely to continue this week as investors remain worried about the Russia-Ukraine conflict and rising crude oil prices. The results for the state Assembly elections will be declared this week, which could have an impact on the Dalal Street. In Asia, market continued its downward trend as shares in major markets such as Hong Kong, Shanghai, Japan, South Korea, and Australia were trading in the red.
The number of weekly average daily fliers stood at 324k in the week ended (W.E) 5th Mar’22 vs 315k in the W.E. 26th Feb’22. For W.E. 5th Mar’22, the average number of daily departures improved to 2,506 from 2,257 in the previous week, and the number of fliers per departure declined to 130 from 140.
We expected that an RoA profile of >3%, coupled with AUM growth of 25%/35% for FY23/FY24 and gained confidence on management execution capabilities, can rerate the stock to 3.5x FY24E book.
However, the latest developments at senior management level could cap rerating in the interim at 2.25x book. We downgrade the stock to REDUCE from Buy with a revised target price of Rs214 (earlier: Rs333).
In the morning Gold has touched magical figure of 2000$, now most of the people are asking what's next.
Bears expect that rally will be over while Bulls are anticipating 2200 kind of levels.
Going by the technicals, it seems that rally is still left in the Gold and any correction till 1950 or deep correction till 1920 should be use to add metal in the portfolio for targets of 2040 before financial year ends.
Our view will negate if it manages to close below 1900$.
In domestic market any correction till 51500 and 50500 should be used to add Gold in portfolio for Targets of 56000.
View negates below 49500
Cement manufacturer JK Cement Ltd on Saturday announced its entry into the paints business via a wholly-owned subsidiary. The company is looking to invest ₹600 crore over the first five years and aims to clock revenues of ₹850 crore during the same period.
Newly listed stock CMS Info Systems has fallen about 17% in a month's period. Shares of CMS Info Systems, that made stock market debut on December 31, 2021, are however trading more than 8% higher from its initial public offering (IPO) issue price of ₹216 apiece.
Rakesh Jhunjhunwala portfolio: It's a myth that market magnets don't lose money. They also get affected by the beating at Sensex, Nifty and other indices. In fact, they bleed much in compare to normal retail investors. Latest example is Rakesh Jhunjhunwala's net worth that lost ₹400 crore in 5 minutes after slide in two Rajkesh Jhunjhunwala portfolio stocks — Titan Company and Star Health shares. Big Bull and his wife Rekha Jhunjhunwala have big investments in these two companies and any big change in these stocks lead to massive change in Rakesh Jhunjhunwala's net worth. Today, both Titan share price and Star Health share price opened with downside gap that led to around ₹400 crore dip in net worth of the market magnet.
Only 7% of women in India invest independently through self-learning, as per Women & Money Power 2022 survey released by LXME, a financial platform for women. Interestingly, this number was higher in non-metros as opposed to metros indicating a higher intent of learning from women in tier-I or tier-II cities.
Computer Age Management Services Ltd. (CAMS), financial infrastructure and services provider for mutual funds, alternative investment funds (AIF) and portfolio managers (PMS), has acquired majority stake in Fintuple Technologies Pvt. Ltd. (Fintuple).
The Indian rupee today hit a lifetime low in early trade today as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country's trade and current account deficits. The partially convertible rupee was trading at 76.92, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday. The benchmark 10-year bond yield was trading at 6.86%, up 5 basis points on the day.
Equity benchmarks Sensex and Nifty tumbled nearly 3 per cent in opening trade on Monday tracking weak global markets and elevated oil prices amid the Russia-Ukraine conflict.
Extending its downtrend for the fourth straight session on Monday, the 30-share BSE Sensex opened on a weak note and slumped 1,620.73 points or 2.98 per cent to 52,713.08.
Similarly, the broader NSE Nifty tanked 447.05 points or 2.75 per cent and slipped below the 16,000 level to 15,798.30.
Sensex tanked 1,453.51 points to 52,880.30 in opening trade, while the Nifty plunged over 400 points to 15,831.85.
From the 30-share pack, Maruti Suzuki, Mahindra & Mahindra, Larsen & Toubro and ICICI Bank were the biggest drag, tumbling up to 6.3 per cent.
Global crude oil prices neared record highs in early deals on Monday after reports said that the US and European allies are looking at banning Russian oil imports following its invasion of Ukraine.
Brent crude oil hit a high of $139.13 per barrel, before falling below the $130-per-barrel mark. Around 9.30 a.m., the May contract of Brent futures on the Intercontinental Exchange was trading at $128.46, higher by 8.76% from its previous close.
The euro tumbled to a fresh 22-month low on the dollar while commodity currencies were swept to multi-month peaks as war in Ukraine sent oil prices spiking and stoked fears of a stagflationary shock that could hammer Europe.
The euro fell as much as 1% to $1.0822 in Asia trade, its lowest since May 2020. It is down more than 4% since Russia began what it calls a "special military operation" in Ukraine and is not far from testing its 2020 trough of $1.0636.
Chinese ferrous futures rose on Monday, with iron ore hitting a six-month high while other steelmaking ingredients recouped from multi-month losses, as soaring oil prices and an annual economic forecast by the world's second-largest economy lifted sentiment.
Benchmark iron ore futures on the Dalian Commodity Exchange , for May delivery, jumped as much as 7.6% to 875 yuan ($138.39) per tonne in early session, the highest since Aug.30.
Spot prices of iron ore with 62% iron content for delivery to China rose $5 to $159 a tonne on Friday, according to SteelHome consultancy.
Netflix Inc. is shutting its operations in Russia, one of the largest media companies to pull out of the market following the attack on Ukraine.
No new customers will be able to sign up and it’s unclear what will happen with existing accounts, the company said. The service has under one million customers in Russia.
Oil surged, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the U.S. said it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market.
Brent jumped as much as 18% in a matter of minutes at the open on Monday before paring some gains. Prices last week advanced the most in almost two years as Russia’s invasion of Ukraine triggered fears of a brutal supply crunch. The U.S. is in “very active discussions" with its European allies about the ban to tighten the economic squeeze on President Vladimir Putin, Secretary of State Antony Blinken said on NBC’s “Meet the Press."
China's yuan rose to an all-time high versus its major trading peers on Monday as currency markets come to grips with the volatile situation around the Ukraine crisis.
Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.3478 per dollar, 190 pips or 0.3% weaker than the previous fix of 6.3288, the softest since Feb. 22.
However, the yuan's trade-weighted CFETS basket index rose to 106.07, the highest level since the index was introduced in early 2015, Reuters calculation based on official data.
Stocks in Hong Kong tumbled more than three percent in the first few minutes of trade Monday as investors grow increasingly worried about the impact of the Ukraine war on the global economy.
The Hang Seng Index dived 3.59 percent, or 787.13 points, to 21,118.16.
The losses mirrored hefty selling across Asian markets, with no let-up in Russia's invasion of its neighbour, which has sent the price of commodities soaring to record or multi-year highs.
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