Tag: Best nifty tips provider in India

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PVR raises Rs 800 cr from investors via QIP

Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece.

“The fund raise committee of the company… approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore,” PVR said in a regulatory filing late on Monday night. PVR said the issue opened on January 27, 2021 and closed on February 1, 2021.

Shares of the company were trading 0.29 per cent higher at Rs 1,529.30 a piece on the BSE.

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RIL shares jump 3%, Future Retail, Future Enterprises hit upper circuit post SEBI nod on RIL-Future deal

Reliance Industries Ltd (RIL) share price surged over 3 per cent to Rs 2,119.80 apiece in a strong trade on BSE today. While shares of Future Retail Ltd and Future Enterprises Ltd hit their respective 5 per cent upper circuit of Rs 81.35 apiece and Rs 12.01 apiece, respectively. This surge in share prices was seen after the capital market regulator SEBI approved the Future Group’s proposed multi-billion dollar deal with RIL. Yesterday, market regulator gave a nod to Future Group’s scheme of arrangement and sale of assets to Reliance Industries. Moreover, Bombay Stock Exchange (BSE) also granted its ‘no adverse observation’ report to the Rs 24,713-crore deal. Last year in August, Reliance Retail Ventures Ltd (RRVL) announced plans to acquire the retail and wholesale business and the logistics and warehousing business from the Future Group.

Aditya Kondawar, Founder and COO, JST Investments told Financial Express Online that Sebi’s nod came as a dismay to Amazon who had written several letters to the market regulator and other regulatory agencies to not grant the deal a no-objection certificate. The Securities and Exchange Board of India has allowed the deal with some riders.

Since the middle of September 2020, RIL shares have corrected nearly 12 per cent. Last year in March, RIL hit a 52-week low of Rs 867.82 apiece led by a global sell-off due to COVID-19 pandemic. The Sebi’s nod to Future Retail and Reliance Industries Ltd deal has been a blessing in disguise for Future Retail investors, as AR Ramachandran, Co-founder & Trainer, Tips2Trade, told Financial Express Online that it allows them to have a better exit from the stock. “A close above Rs 82.5 could lead to a rally up to Rs 94 per share and even to Rs 100 per share in the coming sessions. While Rs 70 will act as strong support for Future Retail,” he added.

Meanwhile, S&P BSE Sensex was ruling at a record high of 50,184.01, up nearly 400 points, while the broader Nifty 50 index rallied to a fresh all-time high of 14,753.55.

“Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities are subjected to lock-in for the remaining period post scheme,” Sebi said. It also added that it was observed that there were certain ongoing litigations/arbitration/legal proceedings against the draft scheme.

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The limited upside in markets after the rally, Nifty to be at 15,000 by December 2021: Bofa Securities

After the strong rally since April, there is a limited upside in Indian equities and the markets will end 2021 with a low single digit gain, an American brokerage said on Wednesday.

Bofa Securities said it is ‘not as bullish’ and gave a target of 15,000 points for the 50-share benchmark Nifty by the end of the newly started year.

Markets have rallied by 80 per cent since April after a heavy 40 per cent correction following the announcement of the COVID-19-related restrictions. Many analysts, including RBI Governor Shaktikanta Das, have raised concerns over the over-heating in the markets.

The benchmark Nifty was trading 0.6 per cent up at 14,607 points at 1259 hrs on Wednesday. ”We are giving a target of 15,000 on the Nifty, which means there is a limited upside now. We are still bullish, but not as bullish,” its India equity strategist Amish Shah told reporters. He mentioned the strong rally witnessed by the markets in the immediate past for its more conservative view on the markets.

The brokerage is overweight on sectors including financials, metals and steel, and industrial, he said, adding that information technology, energy, consumer discretionary and auto are the sectors on which it is underweight.

Within the financial sector, Shah said the brokerage feels the banks are adequately provided for the possible asset quality reverses and called the prediction of a jump in the dud assets by RBI in its biannual Financial Stability Report as conservative. He said the valuations of banking and financial companies are also lower from the historical highs which make it an attractive bet, and adde d that there is also a chance of higher credit growth fueling earnings for select lenders which will make it an attractive bet.

On the metals and steel and industrials sectors, the call is driven more from a likely surge in capital expenditure from the government, real estate and infrastructure sectors which we should be seeing, he said.

The upcoming budget will have an expansionist bias in the fiscal policy while the inventory levels will dip in the realty sector, leading to a surge in new projects, he said. Shah, however, said that a full private sector capital expenditure cycle recovery is still two years away and it will be select sectors which will be seeing a growth in investments in 2021.

The target on the benchmarks also assumes a net addition of USD 10 billion to the foreign portfolio flows into the country, over and above the USD 22 billion in 2020, he said.

The foreign flows will continue on the back of stimulus measures and easy monetary policies in the developed world, he said, adding that Joe Biden will continue with such measures in the US on taking charge.

Shah also said that the government will continue on its reforms agenda in the new year as well and specifically pointed out power sector where there can be greater private sector play in distribution.

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Petrol, diesel prices hiked again, scale new highs

Petrol and diesel prices on Thursday were hiked by 25 paise per litre each, the second straight day of increase in rates that took the prices to new highs. Petrol now costs Rs 84.70 per litre in Delhi and diesel is priced at Rs 74.88, according to a price notification from oil marketing companies. This is the second straight day of a price increase. Rates were hiked by 25 paise each on Wednesday after a five-day hiatus.

In Mumbai, the price of petrol was increased to Rs 91.32 a litre from Rs 91.07 previously, while diesel rates went up from Rs 81.34 to Rs 81.60 per litre. Petrol price is at a record high in Delhi and is just a shy away from the highest ever rate of Rs 91.34 in Mumbai. Diesel price in Mumbai is at an all-time high.

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6, resumed daily price revision after nearly a month-long hiatus.

Rates were hiked on two consecutive days – totalling 49 paise for petrol and 51 paise for diesel – before they hit a pause button again.

The price increase cycle resumed on Wednesday, after international oil prices rose to their highest level since February 2020, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.

Rates, however, eased a bit on Thursday with Brent down 11 cents to USD 55.95 per barrel while NYMEX light sweet crude was down 10 cents at USD 52.81.

The highest ever rate of diesel in Delhi was touched on October 4, 2018, when it touched Rs 75.45 a litre mark. On that day petrol was priced at Rs 84. In Mumbai, the highest level for petrol was also on the same day when it scaled to Rs 91.34.

The government had responded to the situation in October 2018, by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

This after they adjusted a Rs 13 per litre hike in excise duty on petrol and Rs 15 a litre on diesel, against a decrease in the retail selling price that was warranted by crude oil prices falling to an average of USD 19 per barrel in April.

Excise duty totals Rs 32.98 per litre in petrol and Rs 31.83 in diesel. VAT in Delhi totals to Rs 19.32 a litre on petrol and Rs 10.85 on diesel.

With international oil prices rebounding from the lows of April, retail rates in India too were revised. Since May 2020, petrol price has risen by Rs 15.04 per litre and diesel by Rs 12.59 a litre, price notifications of oil companies showed.

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