Jio Financial Services shares recover after hitting lower circuit limits for five days

Shares of Jio Financial Services Ltd, the demerged financial services unit of Reliance Industries, bounced back on Friday to settle in the positive territory on the NSE after unabated selling pressure since its market debut on Monday.

Recovering from a four-day slide, JFSL ended at Rs 214.50, up 0.49 per cent on the NSE. During the day, it had fallen 4.98 per cent to hit the lower circuit limit of Rs 202.80.

During early trade, shares of the firm hit the lower circuit limit of Rs 205.15. The company commands a market valuation of Rs 1,34,848.46 crore.

Shares of JFSL listed on the bourses on Monday, with the stock falling nearly 5 per cent to hit the lower circuit limit.

It fell 5 per cent to hit the lower circuit limits on Tuesday, Wednesday and Thursday.

JFSL demerged from Reliance last month.

On Thursday, BSE said that since the stock has hit lower circuit limit for two consecutive days — Thursday and Friday — the removal of the company from all the S&P BSE indices will be postponed by another three days.

“JFSL will now be removed from all the S&P BSE indices effective prior to the open of trading on Friday, September 1,” the bourse said.

Additionally, should JFSL not hit the lower circuit limit on either of the next two days but hits the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE indices will be postponed, it said in a notice.

Asia Index Private Ltd had earlier announced that effective prior to the opening of trading on Tuesday, August 29, JFSL will be removed from all the S&P BSE indices following its listing on Monday, August 21, due to its spin-off from its parent, Reliance Industries.

Asia Index is a joint venture between BSE and S&P Dow Jones indices.

Reliance Industries demerged its financial services undertaking into Reliance Strategic Investments Ltd, which was renamed as JFSL.

Investments via P-notes rise to Rs 1.23 lakh crore in July-end, highest since December 2017

Investment in the Indian capital markets through participatory notes rose to close to a six-year high at Rs 1.23 lakh crore in July-end, making it the fifth consecutive monthly increase, on the back of stable macroeconomic fundamentals.

The amount has reached the highest level since December 2017 — when investment through the route stood at Rs 1.25 lakh crore, data with the Securities and Exchange Board of India (Sebi) showed.

Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly.

They, however, need to go through a due-diligence process.

According to Sebi data, the value of P-note investments in Indian markets — equity, debt, and hybrid securities — stood at Rs 1,22,805 crore at the end of July as compared to 1,13,291 a month earlier.

In comparison, investment through the route was Rs 1,04,585 crore in May-end, Rs 95,911 crore in April-end, Rs 88,600 crore in March-end, Rs 88,398 crore in February-end and Rs 91,469 crore in January-end.

The growth in P-notes generally aligns with the trend in FPI flows. When there is a global risk to the environment, investment through this route increases, and vice-versa.

Market analysts said one of the prime factors for the growth in P-notes investments is the stable Indian economy amid an uncertain global macro backdrop.

Additionally, the slowdown in the Chinese economy has led investors to shift their focus towards India.

Of the total Rs 1.22 lakh crore invested through this route till July, Rs 1.13 lakh crore was invested in equities, Rs 9,531 crore in debt and Rs 299 crore in hybrid securities.

In addition, assets under custody of the FPIs grew to Rs 57.53 lakh crore in July-end from Rs 55.63 lakh crore in the preceding month.

Meanwhile, FPIs’ investment in Indian equities was at Rs 46,618 crore in July, while they also infused Rs 3,726 crore in the debt market.

Cyclone Biparjoy: High waves hit Mumbai! Gujarat braces itself as sea turns rough – See Pics

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The extremely severe cyclonic storm ‘Cyclone Biparjoy’ weakened on Tuesday into a very severe cyclonic storm, the India Meteorological Department (IMD) informed. Currently, the cyclone is centered approximately 290 km southwest of Gujarat’s Porbandar and is moving northwards at a speed of five kilometers per hour. According to the weather department, Biparjoy is expected to make landfall in Gujarat’s coastal region as well as adjoining Pakistan coasts on Thursday. NDRF teams have been deployed in Mumbai and Gujarat as the states prepare for impact. Here we bring to you a glimpse of these sea-side areas where people are evacuating as part of safety measures. (PTI Photo)

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A man stands at Bandra beach while the high tidal waves lash the shore as the Biporjoy cyclone intensifies into a severe cyclonic storm, in Mumbai. (PTI Photo/Kunal Patil)

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Children play as high tides crash at the sea front at Colaba, ahead of cyclone Biparjoy’s landfall in Kutch, in Mumbai. (PTI Photo)

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High tides crash at the sea front at Colaba, ahead of cyclone Biparjoy’s landfall in Kutch, in Mumbai. (PTI Photo)

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Satellite image showing the location of Cyclone Biparjoy in the Arabian Sea on Monday. Meanwhile, IMD said that the cyclone may cause extensive damage and Gujarat’s Kutch, Devbhumi Dwarka, Jamnagar districts are likely to be most impacted. (PTI Photo)

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A fisherman colony wears a deserted look ahead of the landfall of Biparjoy cyclone, at Jakhau port in Kutch district. Additionally, the IMD on Tuesday issued an Orange alert for Saurashtra and Kutch coasts in Gujarat as the cyclonic storm Biparjoy is set to cross the Jakhau Port in Gujarat by the evening of June 15 as Very Severe Cyclonic Storm. (PTI Photo)

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Fishing activities along Gujarat’s south and north coasts have been suspended and authorities began evacuating people in districts by the sea in view of cyclone ‘Biparjoy’. (PTI Photo)

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Villagers leave Jakhau village during evacuation ahead of cyclone Biparjoy’s landfall. The Gujarat government has picked up evacuation efforts with the aim to evacuate people within 10 km from the coast in view of the approaching very severe cyclonic storm. (PTI Photo)

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National disaster response force (NDRF) personnel brief citizens ahead of cyclone Biparjoy’s landfall, at Mandvi, in Kutch. A total of 12 teams each of the NDRF and SDRF have been deployed in the districts that are likely to be affected by the cyclone and arrangements have been made for the accommodation, food and medicine of the evacuated people. (PTI Photo)

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Police personnel on patrol while high tidal waves lash the shore as the Biporjoy cyclone intensifies into a severe cyclonic storm. Meanwhile, PM Modi and Amit Shah have attended separate review meetings in order to ensure cyclone preparedness. (PTI Photo)

NCCF procures 2,826 tonnes onion from farmers for buffer stock; to scale up buying in coming days

The National Cooperative Consumers’ Federation of India (NCCF) on Saturday said it has purchased 2,826 tonnes of onion at Rs 2,410 per quintal directly from farmers in the last four days mostly from Maharashtra as it resumed procurement of the bulb for a higher buffer stock.The government enhanced the onion buffer stock target from 3 lakh tonnes to 5 lakh tonnes this year.

Two cooperatives, NCCF and NAFED, have been mandated to procure 1 lakh tonnes each directly from farmers at Rs 2,410 per quintal to avoid panic selling amid the imposition of an export curb to control domestic prices.The two cooperatives are also disposing of the government’s buffer stock of onion in both wholesale and retail markets to control the rising retail prices of onion, which at present are ruling up to Rs 60 per kg depending on the quality in Delhi and other cities.

The 11 states and union territory include Delhi, Andhra Pradesh, Telangana, Odisha, Assam, Kerala, Tamil Nadu, Karnataka, Punjab, and West Bengal, she added.”We are retailing the onion buffer stock both through physical and e-auction mode to bring greater transparency. The first e-auction of onion was done on August 25 in Delhi-NCR and 36 tonnes were sold,” Joseph Chandra said.This will be replicated in two cities of Punjab in the coming days, she said and added that the cooperative is also trying to wholesale onion through NCDFI and Bhim portals.

On the retail front, NCCF said it has already started selling onions in Delhi-NCR and Hyderabad on a limited scale. This will be scaled up in the coming week.”Onions are being sold at a subsidised rate of Rs 25/kg without quantitative restrictions,” she added.On August 19, the government imposed a 40 per cent export duty on onions to restrict outward shipments and boost local availability amid apprehension about the Kharif output.

Ant Group sells 3.6% stake in Paytm for Rs 2,037 crore

A subsidiary of Chinese fintech giant Ant Group on Friday sold a 3.6 per cent stake in Paytm for Rs 2,037 crore through open market transactions.

The shares of Paytm’s parent One97 Communications was sold by Antfin (Netherlands) Holding BV.

Antfin offloaded a total of 2,27,54,823 shares in 14 tranches, amounting to a 3.58 per cent stake in One97 Communications, according to the block deal data available with the BSE.

The shares were sold at an average price of Rs 895.2 apiece, taking the combined transaction value to Rs 2,037 crore.

Post the transactions, Antfin shareholding has declined to 20.21 per cent from 23.79 per cent stake in the company at the end of June quarter, as per shareholding data available with the exchange.

Shares of One97 Communications fell 0.54 per cent to close at Rs 899.30 per piece on the BSE.

Ant Group is part of Jack Ma’s Alibaba Group.

Last week, Antfin transferred its 10.3 per cent stake in One97 Communications to the fintech firm’s founder and CEO Vijay Shekhar Sharma.

The deal turned One97 Communications, which operates under Paytm brand name, into a majorly indian-owned company from being majorly owned by Chinese entities.

However, Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma.

In January this year, Alibaba’s affiliate Alibaba Singapore E-commerce divested a nearly 3 per cent stake in mobile payments and financial services company for Rs 1,031 crore

Closing Bell: Nifty off weekly high, closes below 19300; Sensex closes at 64831; FMCG, Financials under pressure

The benchmark equity indices ended Thursday’s trading session in negative territory. NSE Nifty 50 closed at 19,253.80, while the Sensex closed the trading session at 64,831.41. Bank Nifty shed as many as 243.45 points or 0.55% to settle at 43,989.15. Smallcaps continued to gain, with Nifty Smallcap 250 and Nifty Smallcap 50 adding 1.04% and 0.36%, respectively. Nifty PSU Bank, FMCG, and Financial Services were among the top losers in the sectoral indices, while the gains were led by Nifty Realty and IT.

The top losers included Adani Enterprise, BPCL, Adani Ports, Britannia Industries, and Eicher Motors, while the gainers for the day included JRF, Maruti Suzuki, HDFC Life Insurance, Cipla, and Tata Steel.

“We are seeing a gradual fall in the index amid mixed global cues however buoyancy on the broader front combined with selective buying across sectors is compensating in the interim. Participants should continue with the stock-specific approach until we see a decisive sign of reversal in the index. Besides, keep a close watch on the global front for further cues,” Ajit Mishra added.

Nifty 50 technical view

“The Nifty faced persistent resistance at the 21-day Exponential Moving Average (21EMA), which resulted in a market correction. Two consecutive unsuccessful attempts to surpass the critical 21EMA level led to an increase in selling pressure. The overall sentiment remains pessimistic, with the likelihood of any upward rallies being met with selling activity. On the downside, the initial support level is placed at 19,200. If the index falls below the 19,200 level, it could potentially move towards the 19,000 mark. The sell on rise strategy is expected to favour the traders until the Nifty convincingly surpasses the 19,500 level,” said Rupak De, Senior Technical analyst at LKP Securities.

Bank Nifty to consolidate at 43600–44700

“Bank Nifty has also witnessed follow-through selling pressure and has closed in the negative for the second consecutive day. The daily and the hourly momentum indicators are providing a divergent signal and hence a consolidation is likely. Daily Bollinger bands are also contracting indicating that there could be some consolidation in the near term. The range of consolidation is likely to be 43,600 – 44,700,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Uttar Pradesh: Heatwave turns fatal, death toll in Ballia rises to 68 – SEE PHOTOS

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A scorching heat wave in the country’s most populous state, Uttar Pradesh, has overloaded hospitals, filled a morgue and disrupted power.In the state, reportedly, 68 people have died from heat-related illnesses over the last several days. In Ballia district in Uttar Pradesh, the largest hospital is unable to accommodate more patients.A two-member team will look into what caused a large number of deaths and investigate how many of them are directly related to heat, said state health minister, Brajesh Pathak, on Sunday, reported AP. Here are some shocking photos.

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An elderly person suffering from heat related ailment lies on a stretcher waiting to get admitted outside the overcrowded government district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Shiela Mishra wipes the hand of her ailing brother to keep him cool from the heat wave using a wet cloth at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A man splashes water on his face to cool himself on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)

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People suffering from heat related ailments crowd the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Elderly men wait in queue for patient registration at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A nomadic woman walks eating a fruit on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)

Heating equipment maker JNK India files draft papers with Sebi to float IPO

Heating equipment maker JNK India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an Offer for Sale (OFS) of up to 84.21 lakh equity shares by promoters and an existing shareholder, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

Those offloading shares in the OFS are of promoters — Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co. Ltd. and Mascot Capital and Marketing Pvt Ltd. — and shareholder Milind Joshi.The Mumbai-based company may consider an issue of equity shares aggregating up to Rs 60 crore in the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.

As of March 2023, it had an order book of about Rs 868 crore, way higher than the over Rs 143 crore order book in March 2021.In terms of financials, the company’s consolidated revenue from operations surged by 37.42 per cent to Rs 407.30 crore for the fiscal year 2023 from Rs 296.40 crore a year earlier and net profit increased by 29 per cent to Rs 46.36 crore in fiscal 2023 from Rs 35.98 crore in fiscal 2022.IIFL Securities and ICICI Securities are the book-running lead managers of the public issue. The equity shares are proposed to be listed on BSE and NSE.

Vishnu Prakash Punglia IPO Listing: Shares have bumper debut on bourses, list at 65% premium

Vishnu Prakash Punglia IPO: Vishnu Prakash Punglia shares listed at 65% premium over IPO price on NSE and BSE amid flat domestic market. The share debuted at Rs 163.3 on the BSE, as compared to the issue price of Rs 99. Vishnu Prakash Punglia shares’ grey market premium gained 60% on Tuesday, commanding a premium of Rs 60 over upper end of the IPO price, implying a listing price of Rs 159 per share.

Vishnu Prakash Punglia IPO subscription data

Vishnu Prakash Punglia IPO opened for subscription on 24 August and the issue was fully subscribed 87.82 times on the last day of subscription, helped by overwhelming participation from institutional investors. The Qualified Institutional Buyers (QIBs) category was subscribed 171.69 times, the portion for non-institutional investors received 111.03 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 32.01 times. The employee portion was bid for 12.97 times. The public offer comprises a fresh issue of 3.12 crore shares. The infrastructure player has set the price band for the IPO at Rs 94-99 per equity share.

About Vishnu Prakash R Punglia

Vishnu Prakash R Punglia was incorporated in 1986 and the company is in the business of designing and constructing infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies across 9 States and 1 Union territory in India. The company has design and engineering, procurement, project management and quality management teams along with a fleet of 499 construction equipment and vehicles. Its in-house teams deliver projects from design to completion which reduces dependency on third parties for key materials such as RMC, stone aggregates, bitumen and services such as design and engineering, transportation and logistics.

Aeroflex Industries IPO Listing: Shares have bumper debut on bourses, list at 83% premium

Aeroflex Industries IPO: Aeroflex Industries shares listed at 83% premium over IPO price on NSE and BSE amid flat domestic market. The share debuted at Rs 197.40 on the BSE, as compared to the issue price of Rs 108. Aeroflex Industries shares’ grey market premium gained 66% on Thursday, commanding a premium of Rs 71 over upper end of the IPO price, implying a listing price of Rs 179 per share.

Aeroflex Industries IPO subscription data

Aeroflex Industries IPO opened for subscription on 22 August and the issue was fully subscribed 97.11 times on the last day of subscription, helped by overwhelming participation from institutional investors. The Qualified Institutional Buyers (QIBs) category was subscribed 194.73 times, the portion for non-institutional investors received 126.13 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 34.41 times.

“On FY23 financials, the IPO is valued at 42x P/E, 26.6xEV/EBITDA and 5.3x EV/Sales. The company is likely to benefit from growth prospects in traditional industrial segments like manufacturing, automotive, oil & gas among others as well as emerging industries like solar, lithium-Ion battery management and robotics among others. Moreover, a strong track record of commercialising and scaling up new products and R&D capabilities puts the company in a good position to capture the requirements of diverse end user industrial sectors. In view of diversified product portfolio, strong financials, global footprint, focus on expanding its capacities, products and R&D capabilities, we recommend a SUBSCRIBE to the issue,” said Reliance Securities.

About Aeroflex Industries

Aeroflex Industries, a subsidiary of SAT Industries manufactures and supplies environment friendly metallic flexible flow solution products like multiple variety of hoses, tubes and hose assemblies.The company’s clientele includes distributors, fabricators, maintenance repair and operations companies (MROs), original equipment manufacturers (OEMs), and companies operating in a wide range of industries. Moreover, the company has recently forayed into manufacturing products made of bronze. The company’s products replace flow solutions made of rubber and polymers. Flexible flow solutions made with stainless steel corrugation are becoming a preferred solution because of their advantages. The company recorded more than 1,700 product SKUs (Stock Keeping Units) in its product portfolio.