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NSE to allow WTI crude oil, natural gas trading in rupees, signs pact with CME

NSE to allow WTI crude oil, natural gas trading in rupees, signs pact with CME

The National Stock Exchange (NSE) will list, trade, and settle rupee-denominated NYMEX WTI Crude Oil and Natural Gas (Henry Hub) derivatives contracts for Indian market participants. It has signed a data licensing agreement with derivatives marketplace CME Group to allow this trading in India.

The futures contracts will be listed on the stock exchange, bolstering its commodity segment, once the Securities and Exchange Board of India (SEBI) gives its approval. This agreement will help NSE broaden its energy basket. The exchange stated that it is hopeful that these contracts will be beneficial for the Indian market participants to meet their price risk management activities as well as trading objectives.

Shri Sriram Krishnan, Chief Business Development Officer, NSE said, “On receiving approval from SEBI, NSE would make available trading in futures of these two global benchmarks, which will be settled in INR, on the NSE platform. The NYMEX WTI Crude Oil and Natural Gas (Henry Hub) contracts are amongst the world’s most traded commodity derivatives contracts generating interest from across the globe.”

Will traders move from MCX?

However, some analysts predict that the MCX will continue to hold in the favor of non-agro commodity traders. “For Indian participants who want to trade in commodities, MCX is already offering MCX Crude oil and MCX Natural Gas derivatives on their platform. The majority of the participants who trade in non-agro commodities choose the MCX platform, while for agro commodities, NCDEX is their preferred exchange. So NSE is offering these products to lure commodity participants to their exchange,” said Bhavik Patel, Commodity and Currency Analyst, at Tradebull Securities.

“Introduction of WTI Crude oil and Natural Gas (Henry Hub) derivatives will certainly give Indian participants more choices to trade but we believe MCX will still hold their market share in Crude and Natural Gas despite NSE offerings. MCX is also offering options derivatives in both Crude and Natural Gas future contracts and participants have embraced it as we can see high volumes. Habits are also hard to change and traders who prefer to trade in one exchange seldom shift to another exchange. So in essence, MCX Crude and Natural Gas will continue to remain the preferred trade for commodity traders,” he added.

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Drone maker ideaForge files for IPO: A side-by-side look vs DroneAcharya’s bumper IPO; issue size, more

Drone maker ideaForge files for IPO: A side-by-side look vs DroneAcharya’s bumper IPO; issue size, more

Drone maker ideaForge Technology filed papers with capital markets regulator Sebi to raise capital via an initial public offering. The drone designer and manufacturer boasted of approximately 50% market share in Indian unmanned aircraft systems. The IPO comprises fresh issues of shares worth Rs 300 crore as well as an offer-for-sale (OFS), with the promoters and shareholders offloading 48.7 lakh shares with a face value of Rs 10 each. The proceeds from its fresh issuance to the tune of Rs 50 crore will be utilized for repayment/prepayment of certain debts, Rs 135 crore will be towards funding working capital requirements, and Rs 40 crore for investment in product development and general corporate purposes.

ideaForge Technology’s products and services range from UAVs, batteries, and communication systems to drone-related software and solutions, catering to customers’ applications for surveillance, mapping, and surveying. The firm’s debut on the bourses would be the first-ever listing of a drone manufacturing company. JM Financial and IIFL Capital are the book-running lead managers for the Infosys and Qualcomm-backed companies.

Over the last three years, ideaForge’s revenue from operations grew at 237.48% CAGR, and the company turned profitable in Q2FY23, driven by sales to the Indian defense sector. A 1Lattice Report referenced in the DRHP estimated that the drone industry is worth $21 billion, growing at a 20% CAGR. India’s drone industry seeks to establish itself as an important drone hub by 2030.

Drone startup DroneAcharya Aerial Innovations was listed on BSE SME platform in December 2022, listing at a bumper premium of 90%. DroneAcharya stock made its market debut at Rs 102 on the BSE, as compared to the public issue price of Rs 54. The scrip shortly after that rose to Rs 107 per share, up 98%. DroneAcharya’s issue size was approximately 12.5% of ideaForge’s issue size, clocking in at fresh issues of Rs 34 crore. The aerial innovations company provides a high-end ecosystem of drone solutions, such as training, surveys, data processing, and surveillance.

FY22 Revenue
DroneAcharya: Rs 3.59 crore
ideaForge Technologies: Rs 1,59.43 crore

FY22 Profit
DroneAcharya: Rs 40.65 lakhs
ideaForge Technologies: Rs 44 crore

Fresh Issue

DroneAcharya: Rs 34 crore
ideaForge Technologies: Rs 300 crore

OFS
DroneAcharya: Nill
ideaForge Technologies: 4,869,712 shares

Board
DroneAcharya: SME Board
ideaForge Technologies: Main Board

However, in its DRHP, ideaForge did not mention DroneAcharya among its peers. “There are no listed companies that exclusively undertake the manufacturing of drones. Hence, basis factors such as the scale of the business, exposure to the defense sector, manufacturing of electronics products, a proxy set of listed peers of MTAR Technologies Limited, Data Patterns (India) Limited, and Astra Microwave Products Limited have been identified for our Company,” stated the Mumbai-based drone manufacturer.

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India’s unwavering appetite for Russian crude oil lifts January inflows to record high

India’s unwavering appetite for Russian crude oil lifts January inflows to record high

India’s appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1 percent in India’s import basket before the start of the Russia-Ukraine conflict, Russia’s share of India’s imports rose to 1.27 million barrels per day in January, taking a 28 percent share, according to energy cargo tracker Vortexa.

India, the world’s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine. From a market share of just 0.2 percent in India’s import basket before the start of the Russia-Ukraine conflict, Russia’s share of India’s imports rose to 28 percent in January 2023.

Officials attending India Energy Week (IEW) 2023 here said India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs. The executive body of the European Union has asked its 27 member countries to cap the price of Russian oil at USD 60 as part of the West’s attempt to squeeze Moscow’s oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady.

“Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So, anyone who can arrange for shipping, insurance, and financing outside of the EU can buy oil,” an official said. The price caps are part of the EU’s plan to use its clout in insurance and shipping industries to crimp Moscow. “We will continue to buy oil from anywhere in the world, including Russia,” he said.

Under the price-cap system that kicked in on December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and brokerage services if they sell the oil at or under USD 60. Industry sources said crude shipments being purchased by Indian companies were below the G7’s price cap of USD 60 per barrel.

“So for all practical purposes, if I can send a ship, cover insurance, and device a mode of payment, I can continue to buy oil from Russia,” an official said, explaining how the mechanism works. “All options are on the table.” For Russia to keep oil sales going, it and its buyers need to use ships, insurance, and financing outside the jurisdiction of the G-7. The US is comfortable with Russia selling its oil outside the cap but using non-Western shipping, insurance, and banking services, which will likely be more costly.

Russia’s market share in January was an improvement over 26 percent in December. Iraq, which was relegated to the second spot in October 2022, supplied some 20 percent of all the oil India imported. Saudi Arabia shipped 17 percent while the US improved its share to 9 percent from 7 percent in December. UAE supplied 8 percent crude. All three middle-east suppliers improved their market share by one percentage point each, which came at the expense of Africa, whose share fell from 9 percent to 6 percent in January.

The rising share of Russian crude sales to India has also taken a toll on the country’s appetite for African crude. This, combined with a tighter market structure, as well as increased volatility in freight markets has led to the share of West African crude dropping from 12.5 percent in 2021. Russian crude traded at a record discount of up to USD 40 per barrel in the aftermath of Russia’s invasion of Ukraine as key buyers in Europe shunned Moscow’s oil. The bulk of Russia’s crude exports flowed to refiners in Asia, with China and India being its key customers.

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ITC stock value moving to FMCG from cigarettes; proof, sharp rise after Budget 2023

ITC stock value moving to FMCG from cigarettes; proof, sharp rise after Budget 2023

ITC share price saw a volatile day of trade on Wednesday due to the tax hike in cigarettes, announced in Budget 2023. The ITC scrip saw a 6.6% fall intraday before soaring to a fresh 52-week high at Rs 365.65 on the BSE, up 3.7%. The tobacco giant continued to extend its gains on Thursday, gaining 7.4% over the course of two sessions. The share price traded at a discount of 0.5% at Rs 376.65 on Friday, ahead of its Q3FY23 earnings.

ITC shares rebounded on 1 February once the market calculated the overall tax increase will be a meager 2%. “Given the general inflationary environment and no-price hikes since the last two years, we believe ITC is likely to offset the impact of tax hikes through selective price hikes,” ICICI Securities said. As a result of this, HDFC Securities stated cigarette companies like ITC and its peers may see a relief rally.

ITC Stock Call: Share Price Target and Brokerage Calls

BNP Paribas

  • Buy
  • Target price: Rs 361.40

Axis Securities

  • Buy
  • Target price: Rs 410

IIFL Securities

  • Buy
  • Target price: Rs 380

Marginal hike on cigarette taxes, major relief on agri, farming, and FMCG businesses

However, the marginal tax hike isn’t the sole factor behind the cheery sentiment surrounding ITC. The positive announcements in the Union Budget that sought to thrust the agricultural sector forward have resulted in the discourse around ITC strengthening. IIFL Securities wrote that the announcements on millet and the focus on increased production in various agricultural sectors would be beneficial to ITC and they anticipate further upside movement.

More experts and analysts are moving away from the view of ITC being solely a tobacco giant, and are now recognizing its capacity across sectors, especially FMCG and hotels. As the Budget was announced, AUM Capital stated that the hike in agri credit target as well as the makeover of tourist destinations to be developed for tourists are positive for ITC.

“We expect the narrative around the ITC is getting strong on account of – 1) Stable cigarette volume growth led by market share gains and new product launches; 2) FMCG business reaching the inflection point as its EBIT margins expected to inch up from 7.7% in FY22 led by – effective implementation of WIMI strategy, driving premiumization, leveraging technology on demand and supply side; 3) Strong and stable growth in hotels, paperboard, and agribusiness,” said Axis Securities.

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Jet fuel prices hiked 4 percent; petrol and diesel prices remain unchanged

Jet fuel prices hiked 4 percent; petrol and diesel prices remain unchanged

Jet fuel (ATF) price on Wednesday was hiked by 4 percent in line with firming international oil prices but petrol and diesel rates remained on freeze for a record 10th month in the running. Aviation turbine fuel (ATF) price was increased by Rs 4,218 per kilolitre, or 3.9 percent, to Rs 1,12,356.77 per kl in the national capital, according to a price notification of state-owned fuel retailers.

The increase follows three rounds of reduction since November. The price on January 1 was reduced to Rs 1,08,138.77 per kl from Rs 1,17,587.64. Prior to that, the price was slashed by 2.3 percent on December 1 and 4.19 percent on November 1. The rate hike will increase the burden on airlines for whom fuel makes for almost 40 percent of the operating cost.

ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record tenth month in a row. Petrol costs Rs 96.72 per liter in the national capital and diesel comes to Rs 89.62.

State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international fuel prices but they haven’t done that since April 6, 2022. Prices were last changed on May 22 when the government cut excise duty to relieve consumers from a spike in retail rates that followed a surge in international oil prices. Also, the cost of commercial LPG, whose rate too is revised on the 1st of every month, remained unchanged on Wednesday.

A 19-kg commercial LPG cylinder, which is used by hotels, restaurants, and other business establishments, continues to cost Rs 1,769 in the national capital. The rate of LPG used in household kitchens remained unchanged at Rs 1,053 per 14.2-kg cylinder. Rates differ from state to state depending on the incidence of local taxes.

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  • Sebi investigating market allegations against Adani group companies: MoS Finance
    March 13, 2023
    Regulator Sebi is investigating market allegations […]
  • February fuel demand hits the highest level in 24 years on the back of cheap Russian oil
    March 10, 2023
    India’s fuel demand hit its highest level in at least […]
  • Petrol and diesel consumption grow by 12% and 13% in February after a winter lull
    March 1, 2023
    India’s fuel demand witnessed the sharpest rebound in […]
  • FirstMeridian Business, IRM Energy, and Lohia Corp get Sebi go-ahead to float IPOs
    February 28, 2023
    Three companies — FirstMeridian Business Services Ltd, […]
  • NSE gets final nod from Sebi to launch Social Stock Exchange
    February 23, 2023
    Leading bourse NSE on Thursday said it has received […]

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