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Subscribe to Life Insurance Corporation of India: Motilal Oswal

4. May 2022 sandeep Stock Market Research (0)

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Motilal Oswal has come out with its report on Life Insurance Corporation of India. The research firm has recommended to ''Subscribe'' the ipo in its research report as on May 02, 2022.

Subscribe to Life Insurance Corporation of India: Motilal Oswal

Motilal Oswal IPO report on Life Insurance Corporation of India

Largest life insurer in India: Life Insurance Corporation of India (LIC) is the largest life insurer in India, with a 62%/61% market share in terms of Gross Written Premium (GWP)/New Business Premium (NBP). It is ranked 5 th globally by life insurance GWP and 10th globally in terms of total assets. It has the biggest AUM of INR40tn as of 9MFY22 – 1.1x entire Indian MF industry AUM and 3.2x total AUM of all private life insurers in India.

Valuation and Outlook

LIC with its dominant position is well placed to capture the highly underpenetrated life insurance industry in India. We like its increasing focus on non-par products which could boost its VNB margins. It is valued at 1.1x 1HFY22 EV which is at significant discount to its private listed peers. Hence we suggest investors to Subscribe to the IPO.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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One confirmed XE case in India, no reports of clusters in country: INSACOG

3. May 2022 sandeep Stock Market Research (0)

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In the bulletin for April 18 and 25, INSACOG mentions that one case of coronavirus XE varient has been confirmed in the country.

India now has a confirmed case of a person infected with the XE variant, according to Indian SARS-CoV2 Genomics Sequencing Consortium (INSACOG) bulletin. The location is not known yet.

INSACOG is a network of national testing laboratories set up by the government. In the bulletin for April 18 and 25, INSACOG mentions that one case of XE has been confirmed in the country. The location of the person is not yet known, and the Union Health Ministry is yet to issue any statement on the matter.

In the latest bulletin, INSACOG said that Omicron (BA.2) is the dominant variant in India till date. “As compared to the previous week, 12 states have shown an increase in cases, while nineteen states have shown a decline,” it said, adding that suspected recombinant sequences are under further analysis.

“BA.2.10 and BA.2.12 are BA.2 sub-lineages that have been detected and many old BA.2 sequences have been reclassified into these new sub-lineages. So far these sub-lineages are not reported to be associated with increased severity of disease,” the bulletin said.

Detailing the distribution of the variants of concern (VoC), INSACOG bulletin said there were 4266 Alpha variants, 220 Beta, 3 Gamma, 43928 Delta, 5607 of B.1.617 and B.1.617.3, 20450 AY series, 45359 Omicron, and 1 XE variant in the total 119,834 samples sequenced.

Therefore, one case of XE is confirmed in the country.

Experts have said that the XE sub-variant is 10 per cent more transmissible than the dominant BA.2 variant of Omicron, which had triggered the third wave in the country in January.

So far there are no reports of XE clusters across India.

The BA.2.12.1, the Omicron sub-lineage that is causing the rise in Covid-19 cases in the National Capital Region (NCR), has a mutation in the spike protein which is akin to a mutation found only in the Delta lineage. Whether this causes any severity in infections is to be seen, but so far, clinicians claim that most Covid-19 positive cases are asymptomatic or mild.

Speaking to Business Standard, Shahid Jameel, ssenior research fellow at Green Templeton College at Oxford University explained that Omicron now has two main lineages – the BA.1 and the BA.2 – both with several sub lineages. “As a group, BA.2 spreads about 20 percent better than BA.1,” he said, adding that there are two key mutations in the spike in BA.2.12.1.

“There are two key mutations in Spike in BA.2.12.1 that are missing from BA.2.12 and other sub lineages. These are L452Q and S704L. Of these a similar (not identical) mutation L452R is found only in the Delta lineage,” Jameel explained.

How the XE variant behaves in terms of spread and degree of infection is yet to be seen.

LIC IPO: Over 70% of anchor allotment made to domestic mutual funds

3. May 2022 sandeep Stock Market Research (0)

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LIC raises a total of Rs 5,627 crore in anchor book; overseas funds pour in just Rs 1,624 crore

Life Insurance Corporation of India (LIC) on Monday raised Rs 5,627 crore from anchor investors ahead of its mega initial public offering (IPO), with 71 per cent of the amount coming from domestic mutual funds (MFs), shows a late disclosure made by the company.
In total, the state-owned insurance giant allotted nearly 59.3 million shares to 123 investors at Rs 949 apiece.
“Out of the total allocation of 59,296,853 equity shares to the anchor investors, 42,173,610 equity shares (71 per cent of the total allocation) were allotted to 15 domestic mutual funds through 99 schemes,” LIC said in a stock exchange disclosure.
SBI Mutual Fund subscribed to shares worth over Rs 1,000 crore via four different schemes. ICICI Prudential MF subscribed to shares worth over Rs 700 crore through over half a dozen schemes and HDFC MF subscribed to shares worth over Rs 650 crore of the insurer via 10 different schemes. Aditya Birla Sun Life MF and Axis MF were other major subscribers among domestic fund houses.
Among foreign funds, the Singapore government’s sovereign wealth fund (GIC) subscribed to shares worth over Rs 400 crore through three funds and BNP Investments subscribed to shares worth nearly Rs 450 crore.
A little over Rs 1,600 crore came from overseas funds. The low demand from foreign funds is on the back of ongoing risk aversion among foreign portfolio investors (FPIs). So far this year, foreign portfolio investors (FPIs) have sold shares worth Rs 1.3 trillion ($17.3 billion), according to data provided by NSDL.
To benefit LIC, the Securities and Exchange Board of India (Sebi) has deferred the implementation of the stricter 90-day lock-in period for anchor investors in the case of large IPOs (over Rs 10,000 crore in size) until July 1. Investors who have subscribed to LIC’s shares under the anchor category will have to adhere to only a 30-day lock-in period.
The insurer’s IPO will remain open from May 4 to May 9. After accounting for the anchor book, the IPO still has to generate bids for shares worth nearly Rs 15,000 crore.
The company is relying heavily on bids from small investors. Over Rs 8,500 crore worth of shares are reserved for retail investors (those placing bids worth up to Rs 200,000), policyholders, and employees in the IPO. Besides, rich individuals can also bid in the non-institutional investor (NII) category.
Due to demand uncertainty, the government has reduced the equity dilution in the IPO from 5 per cent to 3.5 per cent. The issue size has also been reduced significantly from an estimated Rs 60,000 crore to just Rs 20,557 crore (after accounting for policyholder and retail discounts).
Despite the reduced size, LIC’s IPO will be India’s biggest ever, surpassing the Rs 18,300-crore IPO by One97 Communications (Paytm) in November 2021. The digital payments major, however, had a larger anchor book, worth Rs 8,235 crore. This was because Paytm didn’t meet the profitability criteria and hence had to set aside a larger portion of shares for institutional investors.
“The IPO of LIC will be a landmark event for Indian capital markets and is likely to attract several first-time investors. This is also likely to give momentum to the disinvestment agenda of the government. External factors, as well as inflationary pressures, will continue to keep our markets volatile in the immediate future and thus companies with a strong profit record or scalable business model may only be able to attract investors for IPO in the near term,” said Sandip Khetan, partner and financial accounting advisory services leader, EY India.
The price band for LIC’s IPO is Rs 902-949 per share. At the top end, the company will have a market cap of Rs 6 trillion, 1.1 times its embedded value of Rs 5.4 trillion as of September 2021.
Most domestically listed private sector life insurers trade between 2.4 times and 3.8 times. However, some of the big global insurance companies trade at a market cap-to-embedded value of less than one.
Post-listing, LIC will be India’s fifth most valuable firm ahead of Hindustan Unilever and ICICI Bank, and slightly below Infosys.
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Tata Chemicals surges 7% in weak market on strong Q4 performance

2. May 2022 sandeep Stock Market Research (0)

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The management said the operating performance reflects higher volumes, realisations, and favorable market conditions.

Shares of Tata Chemicals have rallied 7 per cent to Rs 1,002.80 on the BSE in Monday’s intra-day trade in otherwise a weak market. The surge comes after the company reported a consolidated profit after tax (PAT) of Rs 470 crore in March quarter, against Rs 29 crore in the corresponding quarter of last year.

The stock of Tata Group commodity chemicals company had hit a 52-week high of Rs 1,158 crore on October 18, 2021. At 09:16 AM, it traded 6 per cent higher as compared to 0.59 per cent fall in the S&P BSE Sensex.

Tata Chemicals reported consolidated revenue growth of 32 per cent year on year (YoY) to Rs 3,480.7 crore against Rs 2,636 crore in Q4FY21, led by growth in the basic chemical segment. The growth in the basic chemical was mostly led by improved realisations across key geographies.

The management said the operating performance reflects higher volumes, realisations, and favorable market conditions. These results have been achieved in the context of a challenging input cost & energy environment, it added.

“The company witnessed an improvement in soda ash realisation across all units. Since there is an improvement in the demand environment across end user industries along with no large capacity addition across the globe to support soda ash prices ahead,” ICICI Securities said in a note.

That apart, while the global demand environment continues to be positive across their products and applications, Tata Chemicals said, the supply-side environment, especially energy and input costs, remain at elevated levels along with logistic challenges. The company has planned for Phase II capacity expansion of soda ash (~ 300 kt) and bicarb (70 kt) and specialty silica capacity by 50kt for a capex outlay of around Rs 2,000 crore in India.

Tata Chemicals is a leading supplier of choice to glass, detergent, industrial and chemical sectors. The company has a strong position in the crop protection business through its subsidiary company Rallis India.

"On a one-year forward basis, Tata Chemicals traded at an average EV/EBITDA of 8.8x over the last 10 years. It is now trading at 10.6x FY23E EV/EBITDA, implying a premium of 20 per cent. We expect a revenue/EBITDA/PAT CAGR of 14 per cent / 13 per cent / 6 per cent over FY22-24. Factoring the strong operating performance in Q4-FY22, we have raised our FY23/FY24 EBITDA estimate by 5 per cent each. We maintain our Neutral rating with a SoTP-based target price of Rs 1,045/share," wrote analysts at Motilal Oswal Securities in a post result note.

Also Read:- India's factory output looks up, manufacturing PMI rises to 54.7 in April

India's factory output looks up, manufacturing PMI rises to 54.7 in April

2. May 2022 sandeep Stock Market Research (0)

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At 54.7, India's manufacturing PMI for April erased much of the decline it posted in March, when it had fallen to 54.0 - the lowest since September 2021.

The S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose in April, coming in at 54.7, up from 54.0 in March.

A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction.

According to IHS Markit, the compiler of the PMI, Indian manufacturing activity in April saw a marked increase in new orders and production, with international sales growing "solidly" after having contracted for the first time in nine months in March.

"Factories continued to scale up production at an above-trend pace, with the ongoing increases in sales and input purchasing suggesting that growth will be sustained in the near-term," noted Pollyanna De Lima, economics associate director at S&P Global.

IHS Markit completed its merger with S&P Global on Febraury 28, leading to the renaming of the PMI for India as well as some other countries.

Manufacturers continued to stock inputs, with April seeing the largest increase since November.

The improvement in activity levels did not do much for employment in the manufacturing sector, with most firms saying their workforce levels were unchanged in April because of little capacity pressures. However, on the whole, there was a "mild increase" in employment last month.

On the price front, concerns remained. Manufacturers experienced higher costs for chemicals, electronic components, energy, metals, plastics, and textiles compared to March. Higher transportation fees and the war between Russia and Ukraine were cited as the primary reasons for input cost inflation rising to a five-month high in April.

Consumers felt the price rise too, with manufactuers passing on some of the increased cost burden. This resulted in selling price inflation hitting a one-year high.

"This escalation of price pressures could dampen demand as firms continue to share additional cost burdens with their clients," De Lima added.

The rise in consumer prices will not come as a surprise, with inflation based on the Consumer Price Index (CPI) surging to a 17-month high of 6.95 percent in March, data released last month showed. Economists expect CPI inflation crossed 7 percent in April, putting the Reserve Bank of India's Monetary Policy Committee deeper into a corner.

The rate-setting panel is increasingly expected to start raising the policy repo rate in June to cut down inflation pressures and avoid failing to meet its mandate.

The committee is deemed to have failed to meet its mandate if average CPI inflation is outside the 2-6 percent band for three consecutive quarters.

Inflation averaged 6.3 percent in January-March. The central bank's latest forecast pegs average CPI inflation at 6.3 percent in April-June and 5.8 percent in July-September.

DoT's top decision-making body okays TRAI's 5G base price suggestions: Rpts

30. April 2022 sandeep Stock Market Research (0)

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While deciding that the spectrum should be auctioned for a period of 20 years, the inter-ministerial panel also decided against alloting spectrum directly to corporate bodies for private 5G networks

The Digital Communications Commission (DCC), the highest decision-making body of the Department of Telecommunications, on Friday accepted Telecom Regulatory Authority of India's (TRAI) recommendations on the base prices of 5G airwaves, according to a report in the Economic Times.

While deciding that the spectrum should be auctioned for a period of 20 years, the inter-ministerial panel also decided against alloting spectrum directly to corporate bodies for private 5G networks - as recommended by TRAI - suggesting instead that they join hands with licensed telcos, thereby accepting a key demand of operators. Telcos have been pushing for an auction of the spectrum but while Bharti Airtel has suggested it should be bundled with 5G spectrum, Reliance Jio wants it to go up for auction independently.

The TRAI proposal had come under fire from telcos, who said it would kill the business case for 5G spectrum as it would dent revenue from enterprises.

The Minister of Communications Ashwini Vaishnaw said on Thursday that the DoT is working to resolve industry concerns on 5G.

The auctions , which will pave the way for 5G services in the country, are likely to be held in early June and services are expected to be rolled out by August-September this year

Also Read:- 84 years at same company: Meet 100-year-old world record holder

84 years at same company: Meet 100-year-old world record holder

30. April 2022 sandeep Stock Market Research (0)

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Walter Orthmann from Brazil advised young professionals to work for good establishments, in areas where they feel motivated.

84 years at same company: Meet 100-year-old world record holder

A 100-year-old man from Brazil has earned a Guinness World Record for the longest career at the same company. Walter Orthmann has been working at a textile company for 84 years.
Orthmann was born in Brusque, a town with a large German population. As a teenager, he began working at Industrias Renaux S.A, which is now known as ReneauxView.
"Back in 1938, kids were expected to work to help support the family," Orthmann was quoted as saying by Guinness. "As the oldest son of five, my mother took me to find a job at the age of 14."
He started off as a shipping assistant and was soon promoted to a sales position. Eventually, he became a sales manager.
In his 50s, Orthmann began travelling across the country, discovering new places and fostering professional relationships that became friendly.
In his career spanning decades, Orthmann has witnessed many changes -- at home and abroad. That, he said, taught him that it was important to be adaptable.
Orthamann turned 100 on April 19 this year and his coworkers and family threw a big party to celebrate his life.
Reflecting on his long stint at the same place, Orthmann said when people do what they enjoy, they don't see the time go by.
His advice for young professionals is to work for good establishments, in areas where they feel motivated.
Orthmann said that he does not bother himself with too much planning or worrying about the future.
"All I care about is that tomorrow will be another day in which I will wake up, get up, exercise and go to work; you need to get busy with the present, not the past or the future," he told Guinness. "Here and now is what counts. So, let’s go to work!"

Centre asks state-run companies to consider buying Russian oil assets

29. April 2022 sandeep Stock Market Research (0)

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Oil ministry also asked OVL, the overseas investment arm of Oil and Natural Gas Corp, to consider buying a 30% stake held by Exxon Mobile Corp, in the Sakhalin 1 project in Russia's Far East

India has asked state-run energy companies to evaluate the possibility of buying European oil major BP's stake in sanctions-hit Russian firm Rosneft, two people familiar with the matter said.

BP has announced it is abandoning its 19.75% stake in Rosneft.

The oil ministry last week conveyed its intent to ONGC Videsh Ltd (OVL), Indian Oil Corp., Bharat Petro Resources Ltd (BPRL), Hindustan Pertoleum's subsidiary Prize Petroleum Ltd, Oil India Ltd and GAIL (India) Ltd, the sources said.

Indian companies and the oil ministry did not respond to Reuters emails seeking comment.

While Western nations have imposed sanctions against Russia over the war in Ukraine, India has not explicitly condemned Moscow's actions there.

The world's third biggest oil importer and consumer, India imports about 85% of its 5 million barrels per day (bpd) of oil needs.

The call on Indian companies to explore buying the stake in Rosneft came after BP CEO Bernard Looney met Indian oil minister Hardeep Singh Puri in March.

BP declined to comment.

Oil ministry also asked OVL, the overseas investment arm of Oil and Natural Gas Corp, to consider buying a 30% stake held by Exxon Mobile Corp, in the Sakhalin 1 project in Russia's Far East. Exxon is the operator of the project.

OVL already holds a 20% stake in the project.

Exxon said on March 1 it would exit about $4 billion in assets and discontinue all its Russia operations, including Sakhalin 1.

OVL also holds 26% stake in Vankorneft, owner of the Venkor field in the West Siberian Basin.

Separately, a consortium of Oil India, IOC, and BPRL, the exploration arm of state refiner Bharat Petroleum Corp, holds a 23.9% stake in Vankorneft and a 29.9% stake in Taas-Yuryakh in east Siberia.

One of the sources said Indian companies hope to get stakes in Russian assets at discounted rates given the risk involved, dubbing the potential transactions "distress sales".

A second source said Indian companies needed to study the impact of sanctions on potential investments and yet to start a process of due diligence.

"The fear is that this investment could get stuck in Russia as sanctions might bar us from bringing equity oil and gas to India."

"Our effort has been to see how we can stabilise economic transactions, economic engagements with Russia in the current context ... There are of course constraints, there are sanctions by some countries, and we will have to kind of work through that," India's foreign ministry spokesperson Arindam Bagchi told a news conference.

Exxon said on Wednesday its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers.

Also Read:- What will Elon Musk's ownership of Twitter mean for 'free speech' on the platform?

What will Elon Musk's ownership of Twitter mean for 'free speech' on the platform?

29. April 2022 sandeep Stock Market Research (0)

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In a surprise capitulation, the board of Twitter has announced it will support a takeover bid by Elon Musk, the world’s richest person. But is it in the public interest?

What will Elon Musk's ownership of Twitter mean for 'free speech' on the platform? : Newsdrum

In a surprise capitulation, the board of Twitter has announced it will support a takeover bid by Elon Musk, the world’s richest person. But is it in the public interest?

Musk is offering US$54.20 a share. This values the company at US$44 billion (or A$61 billion) – making it one of the largest leveraged buyouts on record.

Morgan Stanley and other large financial institutions will lend him US$25.5 billion. Musk himself will put in around US$20 billion. This is about the size of a single bonus he is expected to receive from Tesla.

In a letter to the chair of Twitter, Musk claimed he would “unlock” Twitter’s “extraordinary potential” to be “the platform for free speech around the globe”.

But the idea that social media has the potential to represent an unbridled mode of public discourse is underpinned by an idealistic understanding that has surrounded social media technologies for some time.

In reality, Twitter being owned by one person, some of whose own tweets have been false, sexist, market-moving and arguably defamatory poses a risk to the platform’s future.

Can Twitter expect a total overhaul?

We see Musk’s latest move in a less-than-benign light, as it gives him unprecedented power and influence over Twitter. He has mused about making several potential changes to the platform, including:

reshuffling the current management, in which he says he doesn’t have confidence

adding an edit button on tweets

weakening the current content moderation approach - including through supporting temporary suspensions on users rather than outright bans, and

potentially moving to a “freemium” model similar to Spotify’s, whereby users can pay to avoid more intrusive advertisements.

Shortly after becoming Twitter’s largest individual shareholder earlier this month, Musk said “I don’t care about the economics at all”.

But the bankers who lent him US$25.5 billion to eventually acquire the platform probably do. Musk may come under pressure to lift Twitter’s profitability. He claims his top priority is free speech – but potential advertisers may not want their products featured next to an extremist rant.

In recent years, Twitter has implemented a range of governance and content moderation policies. For example, in 2020 it broadened its “definition of harm” to address COVID-19 content contradicting guidance from authoritative sources.

Twitter claims developments in its content moderation approach have been to “serve the public conversation” and address disinformation and misinformation. It also claims to respond to user experiences of abuse and general incivility users must navigate.

Taking a longer-term view, however, it seems Twitter’s bolstering of content moderation could be seen as an effort to save its reputation following extensive backlash.

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Musk’s ‘town square’ idea doesn’t hold up

Regardless of Twitter’s motivations Musk has openly challenged the growing number of moderation tools employed by the platform.

He has even labelled Twitter a “de facto public square”. This statement appears naïve at best. As communications scholar and Microsoft researcher Tarleton Gillespie argues, the notion that social media platforms can operate as truly open spaces is fantasy, given how platforms must moderate content while also disavowing this process.

Gillespie goes on to suggest platforms are obliged to moderate, to protect users from their antagonists, to remove offensive, vile, or illegal content and to ensure they can present their best face to new users, advertisers, partners, and the public more generally. He says the critical challenge then “is exactly when, how, and why to intervene”.

Platforms such as Twitter can’t represent “town squares” – especially as, in Twitter’s case, only a small proportion of the town is using the service.

Public squares are implicitly and explicitly regulated through social behaviours associated with relations in public, backed by the capacity to defer to an authority to restore public order should disorder arise. In the case of a private business, which Twitter now is, the final say will largely default to Musk.

Even if Musk were to implement his own town square ideal, it would presumably be a particularly free-wheeling version.

Providing users with more leeway in what they can say might contribute to increased polarity and further coarsen discourse on the platform. But this would again discourage advertisers – which would be an issue under Twitter’s current economic model (wherein 90% of revenue comes from advertising).

Free speech (but for all?)

Twitter is considerably smaller than other major social media networks. However, research has found it does have a disproportionate influence as tweets can proliferate with speed and virality, spilling over to traditional media.

The viewpoints users are exposed to are determined by algorithms geared towards maximising exposure and clicks, rather than enriching users’ lives with thoughtful or interesting points of view.

Musk has suggested he may make Twitter’s algorithms open source. This would be a welcome increase in transparency. But once Twitter becomes a private company, how transparent it is about operations will largely be up to Musk’s sole discretion.

Ironically, Musk has accused Meta (previously Facebook) CEO Mark Zuckerberg of having too much control over public debate.

Yet Musk himself has a history of trying to stifle his critics’ points of view. There’s little to suggest his actions are truly to create an open and inclusive town square through Twitter — and less yet to suggest it will be in the public interest.

Share Market Closing Note

28. April 2022 sandeep Stock Market Research (0)

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Topic :- Share Market Closing Note

Benchmark indices after opening in the green on April 28 extended gains with Sensex surging 701.67 points or 1.23% at 57521.06, and the Nifty adding 206.60 points or 1.21% at 17245. About 1594 shares have advanced, 1729 shares declined, and 104 shares are unchanged. Stock Market Opening Bell: NSE Nifty, BSE Sensex trade tepid; Lakshmi Vilas Bank, Hindustan Copper shares gain | Zee Business

Among the sectors, FMCG, power, auto and capital goods added 1-2 percent each while the midcap & smallcap indices also ended in the green.

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 17260 level then expect some further pull back in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the market.

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Topic :- Time:2.30 PM

ZINC Trading View:

ZINC is trading at 357.90.If it manages to trade and sustain above 358.20 level then expect some upmove in it and if it breaks and trade below 357.50 level then some decline can follow in it.

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Topic :- Time:2.00 PM

Just In:

Reliance Industries Ltd (RIL) became the first Indian company to cross the $250 billion mark in market capitalisation on Thursday.

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Topic :- Time:1.55 PM

Just In:

LIC grey market premium hints at listing gain for IPO investors.

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Topic :- Time:1.30 PM

NATURALGAS Trading View:

NG is trading at 559.20.If it holds above 556.50 level then expect bounce back in Naturalgas and if it breaks and trade below 556.50 level then some decline can follow in it.

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Topic :- Time:1.15 PM

India will not take a rushed decision on cryptocurrency: Sitharaman:

India will not rush into finalizing a policy on cryptocurrencies and virtual digital assets, but take an informed decision after due deliberations across multilateral fora, finance minister Nirmala Sitharaman said while addressing an event at Stanford Medicine.

At a fireside chat organised by the University, Sitharaman said while blockchain had the potential to contribute positively to the economy, it could also be manipulated and used for money laundering or terror financing activities.

Blockchain is full of potential not just in the payments arena but also in many others. Our intention is in no way to hurt the ecosystem, or to even say that we dont need it, but to define for ourselves how we need them and in what ways their growth should be facilitated and how we are going to handle it� (This is so) because as much potential it may have for positive contribution to the economy, it also can be manipulated for not so desirable ends �whether it is money laundering or leading to financing terror, she added.

These are some of the concerns,not just for India, but for many other countries, Sitharaman said. It will take its time for all of us to be sure�within the given available information, we are taking a discerned decision� and it cant be rushed through.

On sanctions, she said that such moves always have a collateral impact on many other countries due to global interconnectivity in the digital era, and may need to be factored in during decision making.

The US has imposed several rounds of sanctions on Russia since its invasion of Ukraine on 24 February, impacting operations of banks and other entities. Sanctions always have an impact on the economy, of not just the country on which the sanction is levied, but a collateral impact on many others. I suppose that is the situation, much more so now because we are globally far more interconnected than ever before.

When decisions are taken to impose sanctions, these set of unintended consequences may have to be factored in the digital era.

On Indias stand on Russia, Sitharaman said its balanced stance was not only due to economic interests, but also the security aspect, due to the borders it shares with some countries. The balance that India has taken in every one of the decisions in this context has been because of the geopolitical location of India�as we share land borders with some of these countries. Over the decades when the situation arose� India was left to defend for itself its own economic, land and border interests.

In a separate industry event, Sitharaman assured investors in the US that India was willing to understand pain points and suitably address any bottleneck they face. Speaking at a roundtable on Investing in Indias Digital Revolution in Palo Alto, California, the minister urged the investors interested in India to engage with the startup cell of the department of promotion of industry and internal trade. FM Sitharaman encouraged constant engagement with investors to understand and address their concerns. FM said she is open to suggestions, understanding pain points, and offering necessary redressal wherever possible, the finance ministry said in a tweet.

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Topic :- Time:1.00 PM

Nifty is roaring high. Nifty spot if manages to trade and sustain above 17260 level then expect some further upmove in the market and if it breaks and trade below 17220 level then some decline can follow in the Nifty. Currently nifty is trading at 17242.

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Topic :- Time:12.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 7783.If it manages to trade and sustain above 7795 level then expect some upmove in it and if it breaks and trade below 7765 level then some decline can follow in it.

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Topic :- Time:12.00 PM

Nifty is still gaining momentum. Nifty spot if manages to trade and sustain above 17200 level then expect some further upmove and if it breaks and trade below 17140 level then some decline can follow in the market.

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Topic :- Time:11.50 AM

Just In:

Campus Activewear IPO final day | Investors bought shares 5.23 times, QIB portion booked 3.84 percent.

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Topic :- Time:11.30 AM

COPPER Trading View:

COPPER is trading at 785.20.If it holds below 787 level then expect it to decline towards 782-780 levels quite soon and if it manages to trade and sustain above 787 level then some pull back can be seen in it.

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Topic :- Time:11.15 AM

Just In:

Varun Beverages rises 3% as board to consider bonus share issue today.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Sensex erases gains, up 200 pts, Nifty near 17100; Banks weak

2. Damani eyes partners for Ambuja Cements buy; may invest up to Rs 10,000 cr

3. Sebi says no to upsizing option in LIC share sale; allows few exemptions

4. India records 3,303 coronavirus cases, 39 fatalities in 24 hours

5. Set up factories here: Indias message to semiconductor makers

6. Reliance, Apollo Global plan joint bid for Walgreens Boots biz: Report

7. Hindustan Unilever gains 4% post strong March quarter results

8. Indian Hotels surges 6% on healthy Q4 turnaround, strong demand outlook

9. BOI AXA to Nippon India: Credit risk funds shine with 17.4% returns

10. Axis Bank to announce Q4 results on Thursday

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Topic :- Time:10.30 AM

After flat to positive opening nifty is still trading in green zone. Nifty spot if manages to trade and sustain above 17100 level then expect some upmove in the market and if it breaks and trade below 17080 level then some decline can follow in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 28 April,2022:

F&O expiry today. Nifty to remain volatile and is expected to follow global cues.

Nifty spot if manages to trade and sustain above 17060 level then expect some quick upmove and if it breaks and trade below 17000 level then some 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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