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HDFC Life completes merger of Exide Life a day after Irdai's approval

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he entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months

HDFC Life

A day after  regulator Irdai's final approval,   on Friday announced completion of Exide Life merger.

This marks the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life  sector,  said in a statement.

 had completed the acquisition of Exide Life in January 2022.

The entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months, it said.

"Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos," it said.

This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets, it said.

In January this year, HDFC Life acquired 100 per cent stake in  Company from its parent firm Exide Industries for Rs 6,687 crore in order to increase its presence in the south India market.

With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.

Last month, the insurer had received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for merger of Exide Life into itself.



Five factors that help India retain the shine amid global gloom

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The Central Government has pushed the pedal on capital expenditure (capex) in the last three years. Capex share in overall expenditure has increased from 12 percent in FY18 to 19 percent in FY23 (budgeted).What should investors do as India looks to shine amid global gloom? |  Business Standard News

There are several trends which have helped India remain resilient amidst global turmoil. We will have to build on these to remain one of the fastest-growing economies over the next decade.

The world economy is going through a tumultuous phase. Aggressive tightening by major advanced economies’ central banks has led to a bleak outlook for global growth. Against this backdrop, the World Bank recently cut India's GDP forecast for FY23 to 6.5 percent (from 7.5 percent earlier). However, India will still remain one of the fastest-growing major economies in the world. This brings us to the question that what has worked in India’s favour for it to maintain decent growth amidst global gloom. We identify five reforms/policies which have helped India to grow faster and will continue to aid growth in the medium term.

India's low external debt

The first and the most important has been India’s low external debt which has insulated it from external volatility in times like these. In recent weeks there has been a lot of buzz around India's inclusion in the global bond indices. Historically, India has always been uncomfortable about foreign investors owning Indian debt, hence through capital controls, has kept foreign ownership at bay.

On the sovereign front, India's exposure to foreign ownership of government debt has historically ranged between 1 percent and 2 percent. India's debt exposure to foreign ownership is far lower than most of its peers. The only major economy that has a lower debt exposure is China. This has worked well in India's favour where most of its debt is domestically held and hence not prone to huge movements in currency in times of heightened uncertainty.

Shift within financial savings

The second trend has been the perceptible change in the composition of financial savings of households. Though overall household savings to GDP has been on a decline, the share of financial savings in overall household savings has increased lately. However, the shift in financial savings has been more interesting.

RBI's quarterly household financial savings data suggests, between Q4FY20 and Q4FY22, mutual funds owned by households grew by a whopping 34 percent per annum compared to currency held (14 percent growth) and bank deposits (10 percent growth).

Covid-related fears also led to growth in life insurance funds purchased by households; it grew by 17 percent per annum during the same period. The share of bank deposits within financial savings has been declining and that of other products increasing. This trend will eventually lead to a deepening of both debt and equity markets in the long run.

Low corporate debt

The third positive trend has been the improvement in corporate debt and profitability in recent years. India's investment sentiment since FY12 was plagued by what is called the twin balance sheet problem where corporates were overleveraged and banks were saddled with high non-performing assets (NPAs). These trends are looking much better now with corporate debt the lowest in the last 15 years and banks’ NPAs under control.

Also read - Rush for booking profit drives small-caps, mid-caps down over 2%

If the uncertainty in demand outlook were to subside, corporates' ability to drive capex and banks’ ability to fund it is much better than it was 5 years ago.

Success of DBT

The fourth transformation which has taken place in India is the revolution called the Direct Benefits Transfer (DBT). The amount disbursed under DBT has increased substantially over the years. In FY22, the Government transferred a total of Rs 6.3 trillion, or roughly 3 percent of GDP, through the DBT route (up from Rs 1.9 trillion in FY18).

Since the adoption of the scheme, more than 50 ministries have used DBT to transfer money in as many as 319 schemes. This has led to total savings of Rs 2.2 trillion. This also helped Government to expand the welfare state efficiently.

Undoubtedly, the DBT became a potent tool during the pandemic which helped the Government provide benefits to millions in need which cushioned consumption at the bottom of the pyramid.

Government's thrust on capex

Finally, the Central Government has pushed the pedal on capital expenditure (capex) in the last three years. Capex share in overall expenditure has increased from 12 percent in FY18 to 19 percent in FY23 (budgeted). Focusing on capex is a welcome move as it has a higher multiplier effect.

According to data from the National Institute of Public Finance and Policy (NIPFP), a rupee spent on capex can bring in output worth Rs 2.45 in the same year and by a cumulative Rs 4.8 in the next 7 years.

Although India will not remain insulated from the global turmoil in this inter-connected world (especially on the exports front and financial market volatility), these five trends will help maintain a decent growth rate in the coming years.

We will need to build on these to cement India’s position as the fastest growing major economy in the next decade.

Share Market Closing Note | Indian Stock Market Trading View For 14 October 2022

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Topic :- Share Market Closing Note

The key benchmark indices bounced back with panache in opening trades this morning taking cues from the global peers. Indian Indices End Flat Amid Volatility; Asian Paints, Axis Bank, HUL Top  Losers | Mint


The S&P BSE benchmark index soared to a high of 58,435 in intra-day deals led by strong gains in IT major Infosys and the HDFC twins.

Infosys rallied over 5 per cent to a high of Rs 1,494 on the back of healthy Q2 performance and Rs 9,300 crore share buyback. Analysts expect the stock to log further gains in the coming trading sessions.

The key indices pared gains in the latter half of the trading sessions as the overall sentiment remained cautious in the backdrop of a high inflation scenario globally. The Sensex eventually ended 685 points higher at 57,920. Thanks to the Friday-rally, the BSE index was able to trim its weekly loss to 271 points.

The NSE Nifty 50 index rallied past the 17,300-level in early deals, but finally settled at 17,186 - up 171 points.

The broader indices erased the entire days gain towards the close. The BSE Midcap index was up 0.1 per cent, while the Smallcap index ended unmoved.

Sectorally, the BSE IT and Bankex surged 1.7 per cent each. The Capital Goods index was the other notable gainer. On the other hand, Oil & Gas and Power indices slipped over a per cent each.

The overall breadth was marginally positive, with 1,835 stocks advancing versus 1,608 declining shares on the BSE.

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Topic :- Time:3.05 PM

Nifty spot if holds above 17140 level on closing basis then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the Nifty.

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Topic :- Time:3.00 PM

Just In:

India will be able to produce 25% of its oil demand by 2030, says Petroleum Minister

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 662.15.If it breaks and trade below 661.80 level then expect some further decline in it and if it manages to trade and sustain above 663.20 level then some upmove can be seen in Copper.

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Topic :- Time:12.30 PM

Just In:

FEDERAL BANK Q2 : ST NET PROFIT AT 700 CR V 420 CR (YOY).

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 17360 level then expect some further upmove in the market and if it breaks and trade below 17300 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 Am

News Wrap Up:

1. Sensex up 1,000 points; Infosys surges 5% post strong Q2

2. Anand Rathi Wealth hits record high, soars 8% on strong Q2 results

3. Singapore Airlines confirms Vistara-Air India merger discussions

4. Asian govts spent $50 bn in Sept to defend currencies from strong US dollar

5. India to become worlds third-largest economy by FY28, says IMF

6. Infosys does not support dual employment; have fired violators: Parekh

7. Sebi issues framework for dealing with suspension of rating agencies

8. In a first, Indias monthly mobile phone exports touched $1 bn in September

9. Russia warns of World War 3 if Ukraine joins Nato military alliance

10. Apollo Micro surges 10%; boards okays warrants issue up to Rs 185 crore

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 14 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17060 level then expect some upmove in the market and if it breaks and trade below 16940 level then some further decline can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

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Uddhav Vs Shinde | With new symbols Shiv Sena factions prepare for poll battle

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Armed with new poll symbols, both the factions of the Shiv Sena will test their strength in the upcoming assembly bypoll, followed by the elections to the BMC

Uddhav Vs Shinde | With new symbols Shiv Sena factions prepare for poll  battle

As Uddhav Thackeray, the direct familial heir of the Shiv Sena founded by his late father Bal Thackeray in 1966, stood up to address party workers in Uran, near Mumbai, this week, he would have recalled an unpleasant political episode from 1985. “We will teach our detractors a lesson, a befitting lesson,” Thackeray exhorted his party workers, days after the party’s name and symbol had been dramatically changed. The new name, allotted by the election commission, is a mouthful: ‘Shiv Sena – Uddhav Balasaheb Thackeray’, and the party’s 38-year-old symbol of bow-and-arrow has been replaced with the flaming torch (mashaal).

The Shiv Sena was stripped of its identity in June when the late Thackeray’s loyalist Eknath Shinde stunned Uddhav by splitting its legislative wing. The split, a guerrilla operation, apparently had the blessings — logistical and otherwise — of the Bharatiya Janata Party (BJP). Within days, Shinde and BJP’s Devendra Fadnavis formed the Maharashtra government replacing the one led by Uddhav Thackeray.

However, Shinde did not function like the other turncoats in the Shiv Sena, who had walked out alone or with only a handful of loyalists which did not shake the very foundation of the party; Shinde’s rebellion was larger, and led to the party losing its name and symbol. A non-Thackeray, a local satrap, claimed to be the true heir of Bal Thackeray’s politics. To Uddhav Thackeray, Shinde’s blow would have hurt as much as when his cousin Raj Thackeray walked out of the party in 2005.

The Thackerays, Uddhav and son Aaditya, are staring at contesting elections — an assembly seat from suburban Mumbai in three weeks’ time and the all-important general body of the forthcoming Brihanmumbai Municipal Corporation elections — with a depleted organisation, and without its ubiquitous ‘bow-and-arrow’ symbol.

The flaming torch has appeared in various avatars in the party’s newspaper Saamna and other sundry material. It is not an unfamiliar symbol to Shiv Sainiks — of both the Thackeray and Shinde factions. The question is: Can Uddhav Thackeray make it resonate with the party cadre and local leaders who have chosen to side with him, and ensure that the party’s committed voters recognise it too? It will take all of Uddhav Thackeray’s smart moves — and more — to swing the assembly bypoll which will be bellwether for the BMC elections.

How India's toy story can help boost economy

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India’s toy market has the potential to grow to $2-3 billion by 2024 (from $1.7 billion in 2017), and for every $100 million investment in the sector, 20,000 direct jobs, and 8,000 indirect jobs can be createdHow India's toy story can help boost economy

If one had walked into a toy store in India a few years ago, there would be an 80 percent chance they would be laying their hands on a ‘Made in China’ product. This is because the Indian market was flooded with imported toys, with eight out of 10 toys sold being predominantly imported from China. Even though the Indian toy industry boasts a rich heritage, Indian manufactured toys contributed to just 20 percent of the domestic market.

At Rs 328 crore and Rs 1,936 crore respectively, the import of toys was six times more than the export in 2014-15. The industry was languishing due to a lack of investment and technology, and competition from cheap im­ports. Traditional toys had long been forgotten, and local industry was fragmented.

Even though the industry had recorded double-digit growth in 2014-15, around 40 percent of Indian toy manufacturing units had closed down, and another 20 percent were on the verge of closure. The ones remaining were either static, or their productivity levels were declining.

Then in the last three years, something changed. From being a net importer, the Indian toy industry turned into a net foreign exchange earner. India’s import of toys fell by 70 percent from $371 million in 2018-19 to $110 million in 2021-22, while exports rose by 61.4 percent, from $202 million to $326 million in the same period. In the quarter ending April-August 2022, the country’s toy export registered a 636 percent growth, over the same period in 2013!

State Of Play

COVID-19-induced supply disruptions in 2020 would have sent an industry that was largely dependent on imports for its survival to its grave had it not been for two key interventions by the Government of India.

First, in February 2020, the government increased basic customs duty from 20 percent to 60 percent. A year later, in January 2021, the government issued the Toys (Quality Control) Order, making it mandatory for all toy manufacturers, from India and overseas, to get BIS (Bureau of Indian Standards) certification for selling toys in India.

Combined, the two measures helped deter both cheap and high-quality imports, while allowing local manufacturing to flourish. Sending the right signal to India’s major markets like the United Kingdom, Germany, and the Netherlands vis-a-vis maintenance of international standards, longstanding public health concerns around Chinese toys — 67 percent of which had been found to be highly-toxic were also alleviated. The new BIS rules encouraged many toy importers to get into manufacturing, and turn exporters to markets in Africa and West Asia.

At the same time, with an aim to boost traditional toy-making, and integrate the manufacturing and production ecosystem of toys, 19 toy clusters were approved.

Toying With New Ideas

India’s protectionist push for the toy industry may have come at a time when the country was witnessing intense skirmishes with China, yet, given India’s vast export potential, the size of its domestic market (above 300 million children), and the employment potential of the toy industry, the ‘aatmanirbhar’ is a welcome one.

The measures taken so far are however a very small beginning in self-reliance, and if India wants to become a global player in toy manufacturing, building its image as a trustworthy destination for quality manufacturing may be a better way to move ahead, than just curbing imports.

The scope is immense. Given the right impetus, the Indian toy market has the potential to grow to $2-3 billion by 2024 (from $1.7 billion in 2017), and for every $100 million investment in the sector, 20,000 direct jobs, and another 8,000 indirect jobs can be created.

The Challenges

The toy industry is still highly fragmented, dominated by local producers (60 percent of India’s 4,000 toy manufacturers are unorganised), and lack innovation, and resources to invest in equipment and technology. Supply chains in the country are still highly fragmented.

To encourage competitiveness, the Centre could support the industry in setting up more clusters, subsidies on exports, and production-linked incentives for their manufacture, as well as toys to be incorporated in India’s Free Trade Agreements (FTAs). The Centre’s support in the form of incentives, as well as inputs on technology upgrade, can go a long way in helping the domestic industry grow swiftly.

Re-skilling the 7 million artisans in the country to help them meet the evolving demands of the industry while framing labour laws and regulations that protect workers’ rights can also help reap dividends.

Toy manufacturing is an ideal sector to revive a slowing economy. Solving for quality, skilling, and supply chain issues, the projected growth of the Indian toy industry looks imminent.

Share Market Closing Note | Indian Stock Market Trading View For 13 October 2022

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Share Market Closing Note

Indian benchmark indices ended on negative note on October 13 amid volatility.Stock market holidays 2022: BSE, NSE to remain shut on these 3 days in  October - Hindustan Times

At Close, the Sensex was down 390.58 points or 0.68% at 57,235.33, and the Nifty was down 109.30 points or 0.64% at 17,014.30. About 1283 shares have advanced, 2054 shares declined, and 130 shares are unchanged.

Wipro, Adani Ports, SBI, SBI Life Insurance and L&T were among the top Nifty losers. HCL Tech, Sun Pharma, Coal India, Britannia and Tata Motors were the top gainers.

Barring metal and healthcare, all other sectoral indices ended in the red.

BSE Midcap index and Smallcap indices fell 0.5 percent each.

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Topic :- Time:3.15 PM

Nifty spot close above 17000 level will result in some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open positions for tomorrow.

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Topic :- Time:12.50 PM

Just In:

AB Money reports Q2 earnings:

Net profit up 51.1% at ₹9.7 cr vs ₹6.4 cr (YoY)

Revenue up 18.5% at ₹68.2 cr vs ₹57.5 cr (YoY)

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 650.50.If it manages to trade and sustain above 651.20 level then expect some further upmove in it and if it breaks and trade below 649.50 level then some decline can follow in it.

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Topic :- Time:12.15 PM

Just In:

UK wants stronger trading relationship with India, foreign minister Cleverly says:

British foreign minister James Cleverly said on Thursday Britain wanted to have an even stronger trading relationship with India after reports that remarks by a fellow minister about Indian immigrants could put a future deal in doubt.

Asked about the comments made by interior minister Suella Braverman about Indian migrants in Britain and the possible impact, Cleverly said: We do want to have an even stronger, and its strong already, but an even stronger trading, relationship with India.

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Topic :- Time:12.00 PM

Nifty is declining however it is trading near its key support. Nifty spot if breaks and trade below 16940 level then expect some further decline in the market and if it manages to trade and sustain above 17000 level then some pull back can be seen.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex extends slide, down 450pts; Nifty50 below 17,050

2. Indias share in venture capital funding falls sharply; China surges ahead

3. Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr

4. Wipros secret of reducing attrition: Quarterly promotions, salary hikes

5. Centre allows exports of 397,267 tonnes broken rice backed by LoC

6. Adani Wilmar falls 4% on low single digit revenue growth guidance for Q2

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 13 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17160 level then expect some upmove in the market and if it breaks and trade below 17080 level then some further decline can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

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The world is selling US treasuries and that is bad for the RBI

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The RBI is exposed to the double whammy of valuation risk due to the dollar's rise, as well as interest rate risk from the rise in bond yields

The world is selling US treasuries and that is bad for the RBI

In the decade after the 2008 financial crisis, global central banks and institutions have been bingeing on US treasury bonds because they ticked all the boxes of safety, liquidity, and returns. This trend is now reversing as the relentless rise of the greenback has triggered central banks to take measures for their own economies.

That has meant that the biggest buyers of US treasuries are now turning sellers as they step in to shore up their own markets.

In 2021, Japan, China, United Kingdom, Ireland, and France were the top buyers of US treasury notes that have turned net sellers in the first seven months of 2022, data from the US treasury department shows.

In total, foreign investors and institutions sold a massive $246 billion worth of US treasuries during this period. That’s a 3.2 percent drop in their holdings within a few months as against a 9 percent build-up in the year 2021. The treasury department will release data for August next week and it is expected that the holdings will come down further.

This selling pressure is one of the reasons behind the sharp 13 percent fall in the US Treasury total return index this year. In short, holding US treasuries has been disastrous for investors.

What does this have to do with the Reserve Bank of India (RBI)? The RBI invests its foreign exchange in securities that are liquid and safe, such as government bonds and bank deposits. As of July, India held $202 billion worth of US government bonds. That translates to roughly 27 percent of the forex reserve pile at that time.

The RBI must mark its holdings to market prices at the end of every week per its accounting policy. The mounting mark-to-market losses due to the surge in US treasury yields has eroded the value of the central bank’s foreign exchange pile. Indeed, Governor Shaktikanta Das had pointed out that more than half the fall in forex reserves has been due to valuation changes. The RBI is exposed to valuation risk due to the dollar’s rise, as well as interest rate risk from the rise in bond yields.

Sure, the erosion from the mark-to-market hit on bonds is optical as the losses booked are notional. That said, an optically worsening forex reserve position is enough to worry the market.

Forex reserves have dropped by $105 billion in the past one year, triggering anxiety that the central bank is losing its firepower to defend the rupee. As global central banks continue to sell US treasury bonds, the RBI will have to face the double whammy of valuation erosion and mark-to-market hit on its forex reserves portfolio.

At the same time, the RBI has been buying US treasury notes during the period when other major investors were net sellers. As such, for the RBI there aren’t many options to invest its forex reserves in. After all, the US bond market is the largest and most liquid globally.

Compared to the pain across UK government bonds in recent weeks, US treasuries look better by way of a smaller loss to investors. That said, as institutions globally continue dumping government bonds of major economies, the ones holding these papers, such as the RBI, would need to contend themselves with big losses in the short-term. Tactical purchases and active management may reduce the pain somewhat. But when large bond markets bleed, India’s central bank would need to feel the pain too.

Adani Wilmar crashes as company warns of low revenue growth

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The company said, “Rising interest rates, slow uptick in rural demand, and delayed withdrawal of monsoon in major parts of India impacted business in the quarter gone by.

Adani Wilmar crashes as company warns of low revenue growth

FMCG firm Adani Wilmar’s share price tumbled over 3.6 percent on October 13 after the management said that overall revenue in the September quarter is expected to grow in low single digit and volumes in the first half of the fiscal will clock low double-digit growth.

At 10 am, the stock was quoting at Rs 683 on the National Stock Exchange. This year so far, it has been one of the best performing stocks surging over 150 percent.

Follow our live blog for all the market action

In an exchange filing, the company said, “Rising interest rates, slow uptick in rural demand, and delayed withdrawal of monsoon in major parts of India impacted business in the quarter gone by.”

Leveraging the pan-India distribution of edible oil business, food & FMCG basket for the company continued its growth trajectory, expanding over 40 percent. “Edible oil business witnessed higher volume growth in the masstige category rather than the premium category as a result of downtrading,” the filing added.


The company is hopeful of sequential improvement in demand trends. Consumption may see an uptick in the second half of the fiscal on the back of festivities and softening of prices across food categories, the management said.

Brokerage firm Ventura Securities has a buy rating on Adani Wilmar with a target price of Rs 949: “The food category is a large space that is significantly underpenetrated and has decadal growth opportunities ahead. Adani Wilmar is sacrificing immediate profitability to grow rapidly and gain market share."

Share Market Closing Note | Indian Stock Market Trading View For 12 October 2022

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 Share Market Closing Note

Nifty ends above 17,100, Sensex gains 500 pts; all sectors in the green.What Is a Stock Exchange? Definition and Examples

All the sectoral indices are trading in the green. BSE midcap index rose 0.6 percent and smallcap index ended on flat note.

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Topic :- Time:3.00 PM

Nifty spot close above 17080 level will result in some further upmove in the market and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open short positions for tomorrow.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50928. If it manages to trade and sustain above 50120 level then expect some further upmove in it and if it breaks and trade below 50880 level then some decline can follow in it.

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Topic :- Time:2.25 PM

Just In:

TVS Motor vrooms past Hero MotoCorp to be 6th most-valued auto company.

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Topic :- Time:2.20 PM

Just In:

Supported iPhones to get 5G-related software update by December: Apple

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 17100 level then expect some quick upmove in the market and if it breaks and trade below 17080 level then some decline can follow.

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Topic :- Time:1.30 PM

NATURALGAS Trading View:

NG is trading at 546.If it breaks and trade below 543 level then expect some decline in it and if it holds above 543 level then it can rise till 555-558 levels quite soon. Buy on every dip is recommended till evening session.

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Topic :- Time:1.10 PM

Just In:

Route One Fund divest 1.54% stake in IndusInd Bank for ₹1,401 cr

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Topic :- Time:1.00 PM

Nifty is trading near to its critical support area. Nifty spot if manages to trade and sustain above 17060 level then expect some pull back in the market and if it breaks and trade below 17040 level then some decline can follow in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 655.20.If it manages to trade and sustain above 656.20 level then expect some further upmove in it and if it breaks and trade below 654.50 level then some decline can follow in it.

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 17100 level then expect some further upmove in the market and if it breaks and trade below 17080 level then some decline can be observed in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days high, up 100pts; Nifty50 above 17,000

2. Travelling to Europe? Now make hassle-free payments using UPI on your phone

3. Liquidity slips into deficit on high credit growth, festival loan demand

4. Vietnam giving India a run for its money in the China Plus-One game

5. Crypto industrys winter deepens as trading volumes plunge, funds dry up

6. Indias green energy firms join hands to develop carbon-credit market

7. M&M gains 2%; firm strengthens pact with Jio-bp for EV charging points

8. Biocon falls 12% in 5 days on one major deficiency alert for API unit

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Topic :- Stocks under F&O ban on NSE

1. Delta Corp

2. Indiabulls Housing Finance

3. India Cements

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Topic :- Results on October 12

Wipro, HCL Technologies, Sterling and Wilson Renewable Energy, 7NR Retail, Artson Engineering, Mangalam Industrial Finance, Mega Nirman and Industries, National Standard (India), Nxtdigital, Sanathnagar Enterprises, Standard Capital Markets, and Yash Chemex will be in focus ahead of quarterly earnings on October 12.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 12 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17000 level then expect some up move in the market and if it breaks and trade below 16920 level then some further decline can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

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Interview | Hero Future Energies will expand offerings, geographies after KKR funding: CEO

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Company is waiting for the government's green hydrogen policy and in the meantime is in active discussions with customers in India and the UK for pilot projects in green hydrogen, says Srivatsan Iyer.No more interested in plain vanilla solar or wind: Hero Future Energies CEO  | Business Standard News

Hero Future Energies (HFE), the Hero Group’s green energy arm, aims to diversify its offerings portfolio and geographical presence supported by the recent $450 million investment by global private equity major KKR, Srivatsan Iyer, global Chief Executive Officer (CEO) of HFE said. In an exclusive interview with Moneycontrol’s Rachita Prasad and Sweta Goswami, Iyer talks about supply chain issues faced by the industry and the opportunities in the new energy space. While he held his cards close to his chest on a possible initial public offering of the company, Iyer said that as the business demands they will continue to raise equity funding.

Edited excerpts:

Now that KKR and Hero group have committed $450 million to HFE, what is the big picture here and why now? 

India is on the cusp of a massive aspiration in renewable energy going forward. India’s 2030 target is to have half of its electricity generation come from renewables, as well as reduce its carbon intensity by at least 45 percent. To achieve both of these, renewable energy has to play a huge role. We (HFE) are going to be 10 years old later this month; we've been committed to growing renewable energy and providing clean energy solutions. With the increasing uncertainty in the energy markets globally, several countries are looking at renewable energy not just to address sustainability and climate change but also for energy independence. This is the right time for this investment for us to not just grow in India but also in other targeted geographies. We have a presence in Asia as well as in the UK. It’s a good time for us to grow in renewable energy and also test some of the newer solutions that will help decarbonisation.

We're going to participate in renewable energy – solar and wind power – and also grow in emerging technologies like battery storage, round-the-clock RE and green hydrogen. We have had discussions with our shareholders that we want to grow in conventional as well as in new technologies.

Can you cite some more tangible targets in terms of what kind of capacity you would be looking at in wind and solar? And when you're saying other forms, what kind of plans do you have there?

We've not set explicit capacity targets for ourselves because generally capacity is associated with just solar and wind. If you were to invest in battery storage, for example, you can't necessarily add that capacity only to solar and wind. We have bagged our first battery storage bid from Kerala and in that sense, we are leading the pack. There are going to be several other battery storage bids over the next six months as states look to use it to balance the grid or to maintain grid stability. We are certainly looking at upcoming round-the-clock bids.

We're waiting for the unveiling of the green hydrogen policy, which we expect sometime this month. But in the meantime, we are in active discussions with many customers in India and some in the UK for pilot projects in green hydrogen so that we know what are the levers to reduce costs going forward that would make green hydrogen economically viable versus conventional sources of energy. For us, the quickest win is to try to convert grey hydrogen projects into green hydrogen. Parallelly, we're looking at how to use green hydrogen to do things where hydrogen is not being used today. We will be a producer of green hydrogen. Our role will be to supply green hydrogen to various end users.

You don’t want to specify targets, but with the KKR investment, are you fully funded for your expansion plans? Is there an appetite to get more investors? 

We're funded for now. The good problem to have is, "Can I finish using all those monies in the next two to three years?" And if we find the right mix of projects and the right growth, we hope to use it up in the next two to three years. And then at that point, we will decide the next course of action.

The next big step for you would be going to the market at some stage. Do you have in place a plan for an initial public offer (IPO)?

No, we don't have a timeline or a deadline. At some point, we'll have to go back and raise more equity as we grow and as this market grows. Now, whether that will take the form of a market listing or whether additional equity from the same or new shareholders is yet unknown. We'll keep raising new equity every so often.

Do you have any other plans of monetization of assets?

Everything is on the table at this point. The shareholders obviously have to consider what's the best way for them to monetize their investment in the company. It can take multiple routes.

What are your expectations from the Indian government with regard to its upcoming phase II of the green hydrogen policy? 

If you rewind 10 years, the solar and wind energy tariff was as high as Rs 10-15 a unit. The government stepped in because they were keen to grow this space and they wanted to ensure the sector learns, grows and reduces cost. Today you can get solar power for as low as Rs 2.5 per unit. We're looking for something similar from the government in terms of green hydrogen as well. Whether it be demand mandates, viability gap funding or something completely revolutionary, like dollar-link contracts rather than rupee-link contracts – there’s a lot that can happen.

Indian renewable energy companies are now seeing an opportunity in the commercial and industrial (C&I) space. What is the mix of government and C&I in HFE’s portfolio? And is that a space you would be looking at increasingly? 

The corporate sector accounts for roughly half the energy consumption in India. So for us to get to the targets we have set ourselves as a country, the corporate sector has to be an important participant. Hence, C&I is going to be important for multiple reasons. One is they are looking at sustainability because they made commitments to their shareholders and the markets in terms of the overall sustainability targets or carbon footprints. Secondly, they are looking at this for the lowest cost of energy supply. Today, C&I is roughly 10 percent to 15 percent of our portfolio.

How is the supply chain looking like right now, whether it's wind or solar, in terms of equipment? 

The supply chain is still tight globally. The only thing that has improved over the last 12 months is freight rates; container costs have come down and that part of the supply chain has stabilised globally. In non-solar space, there is still a shortage of semiconductors. This impacts RE in a fairly significant way. On the solar side, there is a global shortage all the way from polysilicon to modules. The good news is a lot of capacity is being added globally.

How effective have the production-linked incentive (PLI) schemes been overall?

The PLI scheme is certainly a step in the right direction and it has been focusing on backward integration all the way to polysilicon which is the last bit of a solar PV (photovoltaic) system. Otherwise, we are still supply-chain dependent on China. In the short term, we don't see PLI making a huge impact in the Indian market context because it would take two to three years to build capacity. But in terms of energy self-sufficiency and in terms of meeting our 10-year goal I think the PLI should help set up enough capacity in India to at least meet domestic growth. It should also allow some of the big players to export. The US is starting to put restrictions on imports from China and so I'm sure the Indian module manufacturers will look at that as an export market that's valuable for them. We really hope module prices come down. Many in the C&I sector are looking at the module prices today and say, "Look, we will just wait." It will take a little bit of time, globally, for the new capacity to come online. In the meantime, we are really looking at some kind of ALMM (approved list of module manufacturers) scheme to broaden the list of suppliers that allows the independent power producers (IPPs) to have a slightly larger range of suppliers.

Are you witnessing any kind of slowing in existing jobs?

It's very hard even for IPPs to compete with each other because we all buy modules more or less at the same price; it's not like one can outbid the other by 30 percent. We saw a lot of activity on hybrid bids and on the solar park bids but IPPs are still bidding based on the expectation of future module pricing because the tariffs that we are bidding at don't reflect today's module pricing at all. They do have a view of the future and they are bidding based on that. I expect softening of prices to happen in the 12- to 18-month range, certainly not in the coming 6 to 9 months.

The 2022 United Nations Climate Change Conference, or COP27, is happening in November. How different would the conversations be from earlier, given the changes in the energy market in the last one year?

The current volatility in the energy markets is going to be the focus of all discussions. Countries would have to defend ramping up their conventional or thermal energy generation. At the same time, I believe that the countries are going to make a deeper commitment to speed up renewables growth for precisely these reasons.

There was a lot of talk in COP26 about supporting investment for adaptation for global regions that are going to be impacted. Because of what's happening in the world around us today, I suspect that conversation may be a little more muted. I suspect it's going to be more about let's not think more about investments in adaptation, let's focus all our investments in building out renewable energy.

With the fresh funding, what is the biggest challenge you foresee for your company right now?

The biggest challenge for us as a company and also for the sector is the uncertainty in the supply chain and the price volatility. No matter what we bid for, whether it's the C&I space or a utility space, we all bid based on a 12-18-month forward outlook on module pricing. The same goes for WTGs (wind turbine generators) because steel prices have become quite volatile again over the last 24 months, and WTG is tied to steel for the most part. That is the biggest worry.

Wind energy in India has seen a decline in capacity addition growth since 2018, except for 2020. Despite having about seven windy states, projects are concentrated only in about two states. Why is that so? What is HFE’s specific plan for wind energy?

There are several factors to that. The first thing is the variability of wind speeds in India. The last three years have been about the slowest in history. If you go back four to five years back, the wind speeds were at P50, what you'd expect from a 30-year average. Now, whether the last three years' low wind speed is driven by climate change or it's just a temporary anomaly is yet to be seen. As an industry, we tend to be a little more conservative about wind generation because of what has been happening in the last three years in India. Clearly, everybody wants to run to the states that have the most wind resources and run there first. Now, Rajasthan has been very attractive for that. And so everybody has gone there. Gujarat has its own set of challenges for wind. Karnataka and Andhra had been quite popular. If you ever want to look for RTC (round-the-clock) or peak power-type projects going forward, wind is going to be a critical contributor there. The biggest challenge for wind has always been to find high wind resource sources, and in India those are limited. Our initial estimate suggests that a tariff of closer to Rs 10 a unit is needed for offshore wind to kick off.

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