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Share Market Closing Note | Indian Stock Market trading view 24-8-2022

24. August 2022 sandeep Stock Market Research (0)

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 Share Market Closing Note

Benchmark indices ended with marginal gains in the volatile session on August 24.Share Market Highlights: Sensex rises 574 points to end at 57037, Nifty breaches 17100 on closing | The Financial Express

At Close, the Sensex was up 54.13 points or 0.09% at 59085.43, and the Nifty was up 27.50 points or 0.16% at 17605. About 2076 shares have advanced, 1259 shares declined, and 131 shares are unchanged.

Apollo Hospitals, IndusInd Bank, ONGC, NTPC and ICICI Bank were among the major Nifty gainers.

The losers included BPCL, Tata Steel, Divis Laboratories, Sun Pharma and TCS.

Among sectors, realty index added 1 percent and bank, capital goods and metal indices up 0.5 percent each.

BSE midcap and smallcap indices rose 0.5 percent each.

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Topic :- Time:3.05 PM

Nifty spot close above 17560 level will result in some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can continue in the market. Avoid open positions for tomorrow.

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Topic :- Time:3.00 PM

Just In:

Adani entitys move to acquire 29.18% stake without consent, says NDTV

NDTV or its founders were not aware of any transaction and were not part of any discussion regarding the stake sale, the company said in a statement

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 51481.If it breaks and trade below 51450 level then expect some quick decline in it and if it manages to trade and sustain above 51520 level then some upmove can follow however sell on rise till it holds below 51600 is recommended.

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Topic :- Time:2.00 PM

Nifty is showing some smart recovery. Nifty spot if manages to trade and sustain above 17580 level then expect some further upmove in the market and if it breaks and trade below 17540 level then some decline can follow. Currently Nifty spot is trading at 17551.

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Topic :- Time:1.20 PM

Just In:

NDTV shares hit upper circuit, surge to 52-week high

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Topic :- Time:1.20 PM

Just In:

India, Brazil can share best practices for mutual growth: EAM Jaishankar

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Topic :- Time:1.00 PM

Nifty is declining however pullback cant be ruled out. Nifty spot if manages to trade and sustain above 17560 level then expect some quick upmove in the market and if it breaks and trade below 17520 level then some decline can be seen in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 671.25.If it holds below 673 level then expect it to decline towards 666 level soon. Once it manages to trade and sustain above 673 level then some upmove can follow in it.

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Topic :- Time:12.00 PM

Nifty is declining again. Nifty spot if breaks and trade below 17540 level then expect some further fall in the market and if it manages to trade and sustain above 17580 level then some upmove can be seen. Currently nifty spot is trading at 17572.

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Topic :- Time:11.30 Am

News Wrap Up:

1. Sensex up 100pts, Nifty above 17,600; NDTV hits upper circuit

2. Retail investors to gain from Adanis hostile takeover of NDTV

3. Tata Sons may have to write off Rs 2,600 cr AirAsia Indias losses

4. Narendra Modis nuclear power push gains traction as NTPC eyes new plants

5.  Value of benami properties decreased by 54% in the past three years

6. Adani Groups open offer lifts NDTV to 14-year high, stock hits upper limit

7. Tejas Networks up 9%, nears 52-week high on hopes of robust revenue growth

8. Ujjivan Financial hits 52-wk high on heavy volumes; zooms 102% in 6 months

9. Sebi introduces prudential limits on PMS investments in related firms

10. Bitcoin stuck in narrow range as traders brace for Jackson hole

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Topic :- Time:11.00 AM

After negative opening nifty is now trading in green zone. Nifty spot if manages to trade and sustain above 17620 level then expect some upmove in the market and if it breaks and trade below 17580 level then some decline can follow in the Nifty.

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New ODI regulations: Govt allows investment in financial services abroad

24. August 2022 sandeep Stock Market Research (0)

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Holding less than 10% in an overseas entity not considered 'control'

Photo: Shutterstock

Indian companies not in financial services can now directly invest in financial-services firms abroad, such as brokerages, asset management funds, and credit cards under the automatic route. Banks and insurance firms have been kept out of this. Earlier, such investment was prohibited.

This is according to the new overseas direct investment (ODI) regulations notified by the finance ministry on Monday. They are aimed at easing rules for domestic firms that want to invest abroad. The move could open the door for many companies that want to do so.A company can now invest four times its profit if it has been profitable for three years. “Enabling Indian entities not engaged in financial activities to invest in financial services will improve the available avenues to deploy surplus funds. In addition to this it will also enable them to diversify in other jurisdictions,” said Moin Ladha, partner, Khaitan & Co.

An entity not in insurance can invest overseas in general and health insurance if such a business supports the core activity of the Indian outfit.

The same relaxation has been given for investment in GIFT City, where an entity not in financial services can invest in a foreign outfit registered with the International Financial Services Centres Authority.

“Opening up financial services for investment by non-financial entities and the relaxation provided for investment in GIFT City will create new opportunities for funds and fintech start-ups controlled from India,” said Bhavin Shah, partner, PwC.

The issue of control

The regime has defined “control”. Holding less than 10 per cent in an overseas entity is, inter alia, not considered “control” but has been put under portfolio investment and permitted.

Earlier, there was no threshold for investment in the unlisted space.

The rules also exempt entities from the mandatory reporting requirement except in the case of equity capital in a foreign unlisted company. The reporting requirement had earlier led to compliance challenges, particularly because financial investors did not have the right to seek information from the target firm overseas, Ladha pointed out.

In the case of equity capital, the foreign entity’s annual performance report, certified by a statutory auditor, has to be submitted every year by December 31. Additionally, overseas direct investment has been given more flexibility by expanding the scope of the automatic route.

Issuing corporate guarantees to or on behalf of a second or the next-level step-down subsidiary (SDS) of an Indian entity does not require the Reserve Bank of India’s approval. It is now under the automatic route.

Similarly, acquiring equity capital in a foreign entity on a deferred-payment basis or any disinvestment involving write-offs beyond specified limits does not require approval.

Other than these, the new regime has introduced the concept of “strategic sector”, which gives the government the powers to permit overseas investment in excess of the limits prescribed under the rules.

“The strategic sector shall include energy, natural resources and such other sectors as may be decided by the government from time to time in view of the evolving business requirements,” it said. Besides, the new regulations have removed the cap for money remitted abroad. Earlier it was $1 billion per year or 400 per cent of the net worth. However, the percentage criterion remains unchanged.

Earlier, the RBI was of the view that money transferred overseas through the ODI route could be used only for bona fide purposes.

Easing investment route

  • FinMin notification eases compliance, streamlines foreign investment structure
  • Allows portfolio investment in unlisted companies
  • Sets 10% threshold for investment in unlisted foreign companies
  • Defines control, disinvestment to ease compliance
  • Eases reporting requirement, except equity capital in unlisted foreign entity
  • Introduces strategic sectors such as energy and natural resources
  • Allows certain investments under automatic route, which were earlier through approval route

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