Indices at previous closing
Nifty50: 17,222 ▲69 (+0.4%)
Sensex: 57,593 ▲ 231 (+0.4%)
Nifty Bank: 35,710 ▲ 300 (+0.8%)
SGX Nifty: 17,386 ▲ 107 (+0.62)^
For more updates on F&O, click here.
IPO buzz resumes on D-street
Frozen meat exporter HMA Agro Industries has filed its draft red herring prospectus with the market regulator SEBI. The company plans to raise ₹480 crore through the IPO, with the fresh issue comprising ₹150 crore.
Meanwhile, edtech player Veranda Learning will launch its ₹200 crore IPO today. Click here to apply for this IPO on Upstox. Also, steel product manufacturer Hariom Pipe Industries will launch its ₹130 crore IPO tomorrow.
Coal prices may remain high
Rating agency ICRA expects that the prices of imported coal will spike 45%-55% sequentially in the June quarter. The disruption in supply triggered by the Russia-Ukraine war is expected to keep the coal prices elevated throughout FY23.
Due to the sanctions imposed on some Russian banks, buyers are reportedly unable to trade with coal suppliers from Russia. Russia is a key supplier of coal in the international seaborne market, according to ICRA.
Gold prices fall for second day
The prices of the precious metal fell on Monday as the US dollar strengthened and the US treasury yield stayed near its multi-month highs. A strong dollar makes buying gold more expensive.
Also, high interest rates usually make non-interest yielding assets like gold less attractive. This also comes at a time when experts expect the US central bank to raise the key rate by 50 bps in May. Meanwhile, investors are expected to focus on the Russia-Ukraine peace talks this week.
Fact of the day
In FY21, the combined revenue of Tata companies was ₹7.7 lakh crore
Source: Tata.com
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.