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ADAG stocks crack up to 7% as Sebi bans Anil Ambani from markets for 5 yrs

ADAG stocks crack up to 7% as Sebi bans Anil Ambani from markets for 5 yrs

by | Aug 23, 2024 | Share Market


Sebi has also imposed a penalty of Rs 25 crore on Ambani

2 min read Last Updated : Aug 23 2024 | 11:47 AM IST


Reliance ADAG stocks in focus: Shares of Anil Dhirubhai Ambani Group (ADAG) companies saw a sudden fall in their prices in Friday’s intraday trade. The decline came amid a report that market regulator Securities and Exchange Board of India (Sebi) has barred Anil Ambani from accessing capital markets for five years.


According to a PTI report, Sebi has barred Anil Ambani, and 24 other entities, from the securities market for a period of five years, to reprimand them for diversion of funds from the company.


Sebi has also imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years, the report said.


It also barred Reliance Home Finance from the securities market for six months and imposed a fine of Rs 6 lakh.


Among individual stocks, Reliance Power share price fell 2.9 per cent (Rs 35.19 per share), Reliance Home Finance 4.9 per cent (Rs 4.46), and Reliance Infrastructure 6.9 per cent (Rs 219).


Trading in shares of Reliance Communications, Reliance Capital, and Reliance Naval and Engineering remains suspended. By comparison, the BSE benchmark Sensex index was up 108 points at 81,161 level at 11:40 AM.


Why did Sebi ban Anil Ambani from stock markets?


Sebi’s ban on Anil Ambani came after the regulator found that Ambani, with the help of Reliance Home Finance’s (RHFL’s) key managerial personnel, orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him.


This happened even as the Board of Directors of RHFL issued strong orders to stop such lending practices.


“This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani. We believe the company RHFL itself should not be held equally responsible as the individuals involved in the fraud. Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL,” Sebi said in its 222-page report.

First Published: Aug 23 2024 | 11:47 AM IST



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Spandana Sphoorty board to consider raising funds via NCDs; stock up 2%

Spandana Sphoorty board to consider raising funds via NCDs; stock up 2%

by | Aug 23, 2024 | Share Market


3 min read Last Updated : Aug 23 2024 | 10:59 AM IST


Spandana Sphoorty stock gains: Shares of Spandana Sphoorty surged as much as 1.86 per cent to hit an intraday high of Rs 631.30 per share on Friday, August 23, 2024. 


The rise in the Spandana Sphoorty stock price came after the company announced that its board of directors will meet on August 27 to consider raising funds via Non Convertible Debentures (NCDs) on a private placement basis. 


NCDs are financial instruments that companies use to raise long-term funds through public issues.


In an exchange filing, Spandana Sphoorty said, “It is hereby informed that a meeting of the Management Committee of the Board of Directors of Spandana Sphoorty Financial Limited is scheduled to be held on Tuesday, August 27, 2024, inter-alia to consider and approve, the issue and offer of Non-Convertible Debentures on private placement basis.   


Financial performance 


Spandana Sphoorty reported a major 53 per cent year-on-year (Y-o-Y) decline in its net profit for the June quarter (Q1FY25), at Rs 56 crore. The drop in profit was primarily attributed to increased credit costs. Sequentially, the net profit plummeted 57 per cent.


The company’s asset quality also witnessed a downturn, influenced by seasonal factors, the general elections, and a severe heat wave. At the end of the quarter, the gross non-performing assets (GNPA) and net non-performing assets (NNPA) stood at 2.60 per cent and 0.53 per cent, respectively. In Q1FY24, these metrics were 1.63 per cent and 0.49 per cent. Spandana Sphoorty anticipates a return to normalcy in business operations by the second half of the fiscal year.


Management described Q1FY25 as a particularly challenging period due to the extensive 7-phase general elections, extreme heat across the country, and higher attrition rates in certain regions, which impacted portfolio quality.


Spandana Sphoorty Financial is a rural-focused non-banking financial company (NBFC) and microfinance lender (NBFC-MFI), operating with a diverse presence across India. The company provides income-generating loans through the joint liability group (JLG) model, primarily to women from low-income households in rural areas.


Established as an NGO in 1998 in Guntur, Spandana transitioned to an NBFC in 2004 and became an NBFC-MFI licenced by the Reserve Bank of India in 2015.


According to Bombay Stock Exchange (BSE), Spandana Sphoorty’s market capitalisation stands at Rs 4,420.56 crore.


At 10:43 AM, the company’s shares were trading slightly up by 0.04% at Rs 620 per share, while the BSE Sensex remained stable at 81,064.33.

First Published: Aug 23 2024 | 10:51 AM IST



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Nykaa gains 4% after 1.4% equity change hands vial block deals

Nykaa gains 4% after 1.4% equity change hands vial block deals

by | Aug 23, 2024 | Share Market


Nykaa branded beauty products inside the Nykaa store in New Delhi, on July 30 | Bloomberg

3 min read Last Updated : Aug 23 2024 | 9:53 AM IST


Nykaa block deal news: Share price of FSN E-Commerce Ventures, the operator of beauty and personal care (BPC) brand Nykaa, gained 4 per cent to Rs 218.75 on the BSE in Friday’s intraday trade after 1.4 per cent equity of the company changed hands via block deals.


Till 09:20 AM, around 41.23 million equity shares, representing 1.45 per cent of total equity of Nykaa, had changed hands on the BSE, exchange data shows. The names of the buyers and sellers, however, were not ascertained immediately.


That said, Harindarpal Singh Banga, a pre-IPO investor in Nykaa, was looking to sell up to 1.4 per cent of his stake in the company at a floor price of Rs 198 per share, reports said on Thursday. Singh held a 6.4 per cent stake in Nykaa at the end of the June quarter.


On Wednesday, August 21, 2024, the stock of Nykaa had hit a two-year high of Rs 228.5, surging 18.6 per cent in the intraday trade, driven by heavy volumes. The stock had hit its highest level since October 3, 2022, and recorded its sharpest intraday rally since November 11, 2022. 


The stock had previously hit a record high of Rs 429 on November 26, 2021.


FSN E-Commerce Ventures is a consumer technology platform provider that distributes beauty, fitness, healthcare, skincare, and haircare products via online portals and physical stores. It has three operating segments: Beauty and personal care (BPC); Fashion; and Others, which include Nykaa Man, Superstore and international business.


The company expects significant growth in the BPC and fashion segments, supported by its ongoing cost optimisation and scale efficiency efforts. The expansion of retail space, brand partnerships and synergies from mergers should further enhance Nykaa’s profitability.


Last week, Nykaa reported a 152 per cent year-on-year (Y-o-Y) jump in net profit to Rs 13.6 crore for the quarter ended June 30, 2024, compared to Rs 5.4 crore in the same period last year. The company’s operating revenue for the quarter was Rs 1,746 crore, up 23 per cent from Rs 1,422 crore in the corresponding quarter of the previous year.


Management is confident of accelerating growth going forward, aided by the festival season. This suggests that revenue growth momentum for the consolidated BPC business (including e-business-to-business/eB2B) may sustain at around 30-32 per cent Y-o-Y in the near to medium term.


While the recent demand environment has not been favourable, analysts at JM Financial Institutional Securities view Nykaa as the dominant player in a segment with strong secular tailwinds and expect sustained compounding returns.


Although the brokerage firm has raised profitability estimates in the omnichannel BPC and fashion segments, it has factored in higher losses in eB2B and international operations, with cumulative losses of ~61.5 crore projected for 2024-25 through 2027-28, before turning earnings before interest, tax, depreciation, and amortisation (Ebitda)-positive in 2028-29.


“Rolling forward to September 2025, we maintain our target price at Rs 230 and reiterate our ‘buy’ rating, expecting the company to deliver robust numbers during this year’s festive period,” analysts said in a results update.

First Published: Aug 23 2024 | 9:50 AM IST



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Last Chance! Orient Tech IPO ends today: should you bid? Check GMP & more

Last Chance! Orient Tech IPO ends today: should you bid? Check GMP & more

by | Aug 23, 2024 | Share Market


3 min read Last Updated : Aug 23 2024 | 8:29 AM IST

Orient Technologies IPO GMP: The initial public offering (IPO) of Orient Technologies has received a strong response from investors, with the issue being oversubscribed 16.95 times by the end of the second day of bidding. The three-day subscription window, which opened on Wednesday, August 21, 2024, is set to conclude today. The Orient Technologies IPO is priced between Rs 195 and Rs 206 per share, with a lot size of 72 shares. Retail investors need to invest a minimum of Rs 14,832, which covers one lot of 72 shares.


Adding to the buzz, Orient Technologies shares are commanding a grey market premium (GMP) of Rs 70, or 34 per cent, at the upper end of the IPO price on Friday.


A positive GMP for an IPO is usually considered an indicator of strong demand and investor confidence, suggesting that the IPO is likely to list at a price higher than its issue price. It reflects bullish sentiment in the unofficial market before the stock officially trades on the exchange. If the GMP trends hold, shares of Orient Technologies may yield a return or potential listing gains of nearly 34 per cent post-listing.


Orient Technologies IPO subscription status


The Rs 215-crore public issue has received bids for 12,62,82,744 shares against 74,49,846 shares on offer, as per NSE data.


The retail category has been subscribed 24.48 times, while the Non-Institutional Investor (NII) category saw an overwhelming 20.97 times subscription. The Qualified Institutional Buyer (QIB) category recorded a 0.16 times subscription.


Should you Subscribe to the Orient Technologies IPO?

Several noted brokerage firms, including Anand Rathi Research, Geojit, Swastika Investmart, and Mastertrust, have shared their outlook on the Orient Technologies IPO for investors. READ MORE


Orient Technologies IPO details


The Orient Technologies IPO consists of a fresh issue of 5,825,243 shares, raising up to Rs 120 crore, and an offer for sale (OFS) of 4,600,000 shares, amounting to Rs 94.76 crore. Under the OFS, Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are offloading shares of the company.


Orient Technologies has announced that it has already secured Rs 64.43 crore from anchor investors on August 19, 2024, a day before the issue opened.


The basis of allotment for the IPO is scheduled for Monday, August 26, 2024, with shares expected to be credited to Demat accounts by Tuesday, August 27, 2024. The shares are tentatively set to list on the NSE and BSE on Wednesday, August 28, 2024.


Link Intime India is the registrar, and Elara Capital (India) is the book-running lead manager for this issue.

First Published: Aug 23 2024 | 8:29 AM IST



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Stock Market LIVE: Sensex, Nifty likely to start on muted note as investors await Powell's speech

Nifty Energy Index waits for decisive breakout; check what analysts predict

by | Aug 23, 2024 | Share Market


3 min read Last Updated : Aug 23 2024 | 6:49 AM IST


Nifty Energy Index


The Nifty Energy Index is currently in a consolidation phase, trading within a range of 43,650 to 43,000. This range-bound movement suggests that the market is waiting for a decisive breakout in either direction before making a significant move. For traders, this presents an opportunity to plan their strategy based on the eventual breakout. If the index closes above 43,650, it could signal a bullish breakout, with the next resistance levels expected at 43,950, 44,375, and 44,650.


In such a scenario, traders might look to enter long positions, anticipating further upward momentum as the index pushes through these resistance levels. On the other hand, if the index breaks below and closes under 43,000, it would indicate a bearish breakout. The subsequent support levels to watch would be 42,900 and 42,300.


A move below these levels could trigger further downside pressure, making it a potential opportunity for short sellers. Given the current consolidation, the best trading strategy would be to wait for a clear breakout in either direction before committing to a position.


This approach helps to minimise risk and allows traders to align with the emerging trend, whether it turns bullish or bearish. Patience and discipline will be key in navigating this range-bound market, as premature trades could lead to unnecessary losses.


Nifty Metals Index


The Nifty Metals Index is displaying bullish momentum on the charts, suggesting that the recent correction phase is likely to be followed by an outperformance in the near term. This outlook indicates that the index, along with its constituents, is poised for a recovery and potential upward movement, making it an attractive opportunity for traders. Given this bullish scenario, the recommended trading strategy is to buy the index on dips. This approach allows traders to capitalise on the expected rebound while minimising risk.


The target resistance levels to watch in this upward move are 9,450, 9,590, and 9,800. These levels represent potential points where the index might encounter selling pressure, so it’s crucial to monitor them closely. To protect against downside risk, traders should place a stop-loss below 9,100 on a closing basis.


This stop-loss level acts as a safety net, ensuring that any unexpected downturns do not result in significant losses. In summary, the best trading strategy for the Nifty Metals Index in the near term is to buy on dips, aiming for the resistance levels mentioned, while maintaining a disciplined approach with a stop-loss set at 9,100. This strategy aligns with the bullish trend on the charts and provides a structured plan for taking advantage of the expected outperformance in the index.


(Disclaimer: Ravi Nathani is an independent technical analyst. Views are his own. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.)

First Published: Aug 23 2024 | 6:48 AM IST



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