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Mahindra Lifespace Developers’ share price jumps over 2%; stocks hit a fresh 52-week high on BSE

Shares of Mahindra Lifespace Developers touched their 52-week high in the morning trade on Monday after the realty firm said it is looking to acquire a few land parcels this fiscal to build housing projects. Shares of the company opened at Rs 541.95 on Monday, then gained 2.37 percent to touch Rs 550.40, its 52-week high level on the BSE. A similar movement was seen on the NSE as well. The stock opened at Rs 539 and later touched its 52-week high of Rs 539.30 apiece.

The company’s Managing Director and Chief Executive Officer Arvind Subramanian have said it is looking to acquire new land parcels for business expansion in three focus cities — Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.

He highlighted that the company already acquired a land parcel this fiscal that has a Gross Development Value (GDV) of Rs 1,700 crore and the deal pipelines are strong. In terms of the GDV, he said the new land acquisition should be in the Rs 3,000-4,000 crore range and the company was well above the guidance in creating new business development opportunities.

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Govt sets 2022-23 grain production target at 328 mt, up 4% on year

The government on Wednesday set a food grain production target of 328 million tonnes (mt) for the 2022-23 crop year (July-June) which is 4% more than a record foodgrain output of 315.7 mt in the previous year.

Out of the total grain production, rabi crops such as wheat, mustard, and chana (gram) would contribute 164.8 mt in the 2022-23 crop year. Rabi crops are sown in the winter months of December-January and harvested from April onwards.

The government has a set target for higher food grains production for 2022-23 despite a marginal 1.2% decline in the area under all Kharif crops – paddy, pulses, oilseeds, cotton, and Nutri-cereals, etc -to 106.9 million hectares (MH) till last week. Ppaddy sowing area across the country was reported at 38.3 mh which was 5.6% less than a year ago.

“The strategies would be to enhance the area through inter-cropping, crop diversification, and productivity enhancement by introducing high yield varieties, adoption of suitable agronomic practices in low yielding regions, utilizing residual moisture, early sowing and lifesaving irrigation for rabi crops,” an agriculture ministry statement stated after the inauguration of the national conference on agriculture for rabi campaign-2022.

It noted that the priority of the government is on agroecological based crop planning for diversion of land from excess commodities like rice and wheat to deficit commodities like oilseeds and pulses and high-value export earning crops.

Last month, the government estimated overall foodgrain output in the 2021-22 crop year (July-June) had hit a record 315.7 mt, buoyed by a record rice harvest of 130.2 mt. Wheat production has dropped almost 3% to 106.84 mt.

The drop in wheat output is attributed to the heat wave between March and June that hit the crop in the northern states of Punjab and Haryana. This eventually forced the government to impose a ban on wheat exports in May to keep local supplies steady. Trade sources believe the actual wheat output could have been below 100 mt.

According to trade estimates, rice production in the next crop year (2022-23) could decline by around 6 – 10 mt because of the fall in paddy acreage in the current Kharif sowing so far because of deficiency in monsoon rainfall in key growing states of West Bengal, Bihar, Jharkhand, and Uttar Pradesh.

Record production is estimated for crops such as rice, maize, gram (chana), pulses, rapeseed and mustard, oilseeds, and sugarcane for the 2021-22 crop year, agriculture and farmers welfare minister Narendra Singh Tomar said.

In a major boost to reducing import dependence, pulse output rose by close to 27.69 mt in the 2021-22 crop year compared to 25.46 mt estimated in the previous crop year.

The output of coarse cereals such as barley, bajra, maize, and ragi is estimated to decline to 50.90 mt from 51.32 mt reported in the previous crop year.

According to the agriculture ministry, in the non-food grain category, oilseeds output rose more than 4% to 37.7 mt in the 2021-22 crop year compared to the previous year. Rapeseed/mustard seed production is estimated at a record 11.74 mt, which was 15% more than the 2020-21 crop year.

Soybean output rose by 3% to 12.99 mt compared to the previous year. India imports about 56% of its edible oil requirement.

Sugarcane production in the 2021-22 crop is estimated at a record 431.8 mt compared to 405.39 mt in the previous year while cotton output is expected to drop to 31.2 million bales (170 kg each) from 35.24 million bales.

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Rupee likely to depreciate on strong dollar, risk aversion in global markets; USDINR to trade in this range

The Indian rupee is likely to depreciate amid strong dollar, risk aversion in global markets. Asian currencies are taking a hit from dollar’s strength. USDINR pair is expected to consolidate in the range of 80.10 to 79.60 in the near term, according to analysts. In the previous session, rupee declined against the US dollar amid a lacklustre trend in domestic equities. At the interbank foreign exchange market, the local opened at 79.80, and it settled at 79.80 against the greenback, down 2 paise over its previous close. The finance ministry will hold a meeting on Wednesday with all stakeholders, including banks and officials of external affairs and commerce ministries, to discuss ways to promote cross-border trade in rupee instead of US dollar.

Dilip Parmar, Analyst, HDFC Securities

“The Indian rupee is expected to open slightly lower following overnight strength in the greenback and risk-averse moods. The forward markets indicate spot USDINR could open around 79.90 and may add gains following regional peers. On Tuesday, spot USDINR ended with a mere 1 paise loss to 79.84. The pair is expected to consolidate in the range of 80.10 to 79.60 in the short term but the bias/ trend remains bullish as long as it trades above 78.70.”

“Developed economies are taking a hit from the dollar’s appreciation to multi-decade highs in ways that were once more familiar to their emerging market peers. The Fed’s trade-weighted dollar index versus advanced economies has soared 10% this year to the strongest since 2002, while the emerging-markets measure is up a more modest 3.7% and remains well below its peak from the 2020 pandemic.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

“USDINR spot closed flat at 79.84 due to lack of fresh triggers. Corporate inflows and suspected intervention from RBI kept USDINR capped but at the same time, weakness in Chinese currency did not allow Rupee to appreciate. Over the near term we expect a rangebound price action in USDINR. Range could be 79.50 and 80.10 on spot.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee continued to trade in a narrow range despite volatility in major crosses and also as the dollar rose to its highest level in 20-years. The dollar rose after a report on the U.S. services industry in August reinforced the view that the United States was not in recession. Non-manufacturing PMI edged up to a reading of 56.9 from 56.7 in July, the second straight monthly increase after three months of declines.”

“On the other hand, pound fell even after Britain’s incoming Prime Minister Liz Truss is considering a freeze on household energy bills to try to avert a winter cost-of-living crisis for millions of households. European Union ministers will meet on Friday to discuss urgent measures to respond to a surge in gas and power prices that is hammering European industry and hiking household bills, after Russia curbed gas deliveries to the bloc. Today, volatility for the dollar could remain low as no major economic data is expected to be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.70 and 80.05.”

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