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GIFT Nifty records $57-billion turnover in first month

Data from the NSE IX show that July figures were higher than preceding months. June had witnessed 1.22 million contracts traded with a turnover of close to $32 billion.

Operations at GIFT Nifty have completed a month, which witnessed 1.47 million contracts traded, with turnover of more than $57 billion. The exchange on July 25 recorded its highest single-day turnover of $12.4 billion, with 314,921 contracts having been traded. Data from the NSE IX show that July figures were higher than preceding months. June had witnessed 1.22 million contracts traded with a turnover of close to $32 billion.

“July was a month of market uptrend. The indices witnessed strong rallies and foreign portfolio investment flows were also positive, which added to the market flavor. “Further, the GIFT City model also attracted investors, leading to higher flows,” said Kranthi Bathini, head of equity strategy at Wealth Mills Securities.

The months of May and April had seen 978,892 and 870,391 contracts traded, recording turnover of $18.41 billion and $18.02 billion, respectively. Earlier known as the SGX Nifty, the exchange was rebranded as GIFT Nifty starting July 3. All derivative contracts, to the tune of $7.5 billion, were shifted from Singapore to the NSE International Exchange at GIFT City. Dollar-denominated contracts of Nifty futures were also shifted to the NSE IX, and would cease trading on the Singapore Exchange, or the SGX.

“After transactions were shifted from Singapore, overall tax benefits, such as tax on transactions and STTs, go to the Indian government, which are encouraging higher participation. “This is the biggest advantage,” said Chandan Taparia, head (technical & derivatives research), Motilal Oswal Financial Services.

The NSE had, in an earlier statement, said the numbers were a reflection of growing participation from global investors.The contracts are accessible for 21 hours, spanning across market hours in Europe, the US, and Asia-Pacific.Trading at the GIFT Nifty begins at 6:30 am and remains open till 3:40 pm. The second session starts at 4:35 pm and goes on till 2:45 am, targeting investors from the US and Europe.

The GIFT Nifty essentially provides access to GIFT Nifty50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT derivatives at the international exchange. The stock exchanges that operate out of the GIFT City are permitted to trade in securities of any foreign currency, but not the rupee. The NSE IX allows trading members registered in India or overseas to set up shops at the IFSC via a subsidiary or branch. They can trade in GIFT Nifty products on behalf of clients by getting a membership of the NSE IX.

Eqwires Research Analyst

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Aeroflex Industries gets Sebi’s clearance to float IPO

The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities — Sat Industries and Itálica Global FZC, according to the draft red herring prospectus (DRHP).

Stainless steel flexible hose manufacturer Aeroflex Industries Ltd has received capital markets regulator Sebi‘s go ahead to raise funds through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities — Sat Industries and Itálica Global FZC, according to the draft red herring prospectus (DRHP).

The OFS comprises sale of 1.23 crore shares by Sat Industries Ltd and up to 52 lakh shares by Itálica Global FZC. At present, Sat Industries owns 92.18 per cent stake in the company, while Itálica Global FZC holds 6.52 per cent stake. “We have been informed by Aeroflex Industries Ltd, our subsidiary, that it has got clearance from the Securities and Exchange Board of India (Sebi) for its IPO, subject to the submission of requisite documents as per the final observation letter dated July 31,” Sat Industries said in a regulatory filing on Wednesday.

Going by the draft papers, proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions. According to merchant banking sources, the size of the IPO is estimated at Rs 350 crore.

The Mumbai-based Aeroflex is a manufacturer and supplier of metallic flexible flow solution products, catering to global markets. It exports its products to more than 80 countries including Europe, the US & others and generates 80 per cent of its revenue from exports.

For fiscal 2022, Aeroflex generated consolidated revenue from operations at Rs 240.8 crore and profit after tax (PAT) was at Rs 27.5 crore. Panto math Capital Advisors is the sole book-running lead manager to the issue. The company’s equity shares are proposed to be listed on the BSE and NSE.

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NTPC shares climb 3 per cent; hit 52-week high level after Q1 earnings.

The stock jumped 3 per cent to hit its 52-week high of Rs 216.45 on the BSE.

Shares of NTPC on Monday climbed 3 per cent to reach its 52-week high level after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24. The stock jumped 3 per cent to hit its 52-week high of Rs 216.45 on the BSE.

At the NSE, shares of the company climbed 3 per cent to reach its 52-week high of Rs 216.50. State-owned power giant NTPC on Saturday posted over 23 per cent rise in consolidated net profit at Rs 4,907.13 crore in June quarter of the current fiscal.

In the year-ago period, net profit was Rs 3,977.77 crore, NTPC said in a BSE filing. Total revenue from operations dipped slightly to Rs 43,390.02 crore from Rs 43,560.72 crore in the same period a year ago.

On a standalone basis, total income of NTPC in Q1 FY24 was Rs 39,681 crore as against Rs 40,726 crore earlier. Profit After Tax (PAT) on standalone basis was Rs 4,066 crore as against Rs 3,717 crore in Q1 FY23, registering an increase of 9.39 per cent, it stated.

Eqwires Research Analyst

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