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ASK Automotive files draft papers with Sebi to mop up funds via IPO

At present, Kuldip holds a 41.33 per cent stake in ASK Automotive and Vijay owns a 32.3 per cent stake in the firm. Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.

ASK Automotive has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is entirely an offer for sale (OFS) of 2,95,71,390 equity shares by promoters — Kuldip Singh Rathee and Vijay Rathee — according to the draft red herring prospectus (DRHP).

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking (AB) systems for two-wheelers in India with a market share of approximately 50 per cent in fiscal 2022. The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities. Its offerings are powertrain agnostic, catering to electric vehicles (EV) as well as internal combustion engine original equipment manufacturers.

The company has clients, including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are the book-running lead managers to issue. The equity shares are proposed to be listed on the BSE and NSE.

Eqwires Research Analyst

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Gold Price Today, 13 June: Gold gains, dollar slips; traders await US inflation data, Fed rate hike decision

Gold Rate Today, Gold Price in India on 13 June: Gold edged higher on Tuesday as the dollar fell, although prices moved in a tight range as traders awaited U.S. inflation data and the Federal Reserve’s policy verdict.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading with gains on Tuesday, while the silver rate is up 0.56%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,763 per 10 grams, up Rs 122 or 0.2%. Silver July futures were trading higher by Rs 406 at Rs 73,380 per kg on MCX.

Globally, the yellow metal prices edged higher on Tuesday as the dollar softened, although prices moved in a tight range as traders awaited U.S. inflation data later in the day and the Federal Reserve’s highly-anticipated policy decision on Wednesday, according to Reuters. Spot gold rose 0.2% to $1,960.59 per ounce by 0426 GMT. U.S. gold futures advanced 0.3% to $1,974.60.

MCX Gold support at 59,400
“Spot gold is likely to find support near $1940 levels and rebound towards $1974 levels amid expectation of a drop in key US CPI numbers. The US CPI YoY is expected to dip towards 4.1% against the previous reading of 4.9%. Further, rising probability of no rate hike by the Fed would also support the bullion to trim its earlier losses. MCX Gold price is likely to hold support near Rs 59,400 and rebound towards the level of Rs 59,900. MCX Silver rate is expected to follow the gold movement and rebound towards the level of Rs 74,000 as long as it holds above the 20 day EMA at 72,400,” said an ICICIdirect report.

Gold prices trade firm
“Gold rate traded firm, with spot gold at Comex was trading up by 0.15% at $1960 per ounce in the morning session. Gold prices are stuck in a narrow range ahead of important macro events. The US consumer price index print for May, which may affect the Fed decision, is due later today. The Federal Reserve, along with its peers in Europe and Japan, are expected to set key rates later this week, with the Federal Reserve’s latest policy decision to be announced on Wednesday. Lower interest rates are a benefit for non-yielding metals.

We expect a range-bound trend to continue in gold prices before the outcome of US consumer inflation data, and post-data volatility is likely to be expected. The Comex Gold price has immediate resistance at $1984 per ounce and support at $1935 per ounce. MCX Gold August future have support at Rs 59495 per 10 gram and resistance at Rs 60370 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

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SBI to raise Rs 50,000 crore in FY24

The decision in this regard was taken by the central board of the bank, the country’s largest lender said in a stock exchange filing.

State Bank of India on Friday said it will raise up to Rs 50,000 crore through debt instruments from Indian as well as overseas markets in the current fiscal. The decision in this regard was taken by the central board of the bank, the country’s largest lender said in a stock exchange filing.

SBI board has accorded approval for raising funds in INR or any other convertible currency by issue of debt instruments including, “but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crores through private placement mode to Indian and/or Overseas investors during FY24…”

SBI’s March quarter net profit zoomed nearly 90 per cent to Rs 18,094 crore on a consolidated level, helped by a robust performance on the core income front and an improvement in asset quality to the decadal best. On a standalone basis, it reported an 83 per cent jump in its net profit at Rs 16,695 crore, while the same for FY23 came 58 per cent up at Rs 50,232 crore. Both the quarterly and fiscal year profits were the highest ever.

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