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  • Titagarh Rail Systems Extends Gains For Second Straight Day On Rs 170 Crore Order Win From Defence Ministry – News18

    Titagarh Rail Systems Extends Gains For Second Straight Day On Rs 170 Crore Order Win From Defence Ministry – News18


    Curated By: Business Desk

    Last Updated: February 19, 2024, 18:18 IST

    Titagarh Rail Systems stocks have gained over 359 per cent in the last one year.

    In a strategic move last month, Titagarh Rail Systems partnered with Delhi’s Amber Group to venture into the railway component and sub-system business.

    Titagarh Rail Systems closed more than 3 per cent higher on Monday after the company announced about receiving an order worth Rs 170 crore from the Defence Ministry. In a filing to the stock exchanges, the company said that it has received the order from the Defence Ministry for manufacturing and supplying 250 specialised wagons.

    The execution of the order is slated to commence 12 months after signing the contract and expected to be fulfilled within 36 months, the company informed the exchanges.

    After the announcement, the stock gained as much as 8.47 per cent to hit an intraday high of Rs 1,037.55 apiece on BSE from its closing price of Rs 956.5 per share on Friday. The stock closed 3.24 per cent higher at Rs 987.45 apiece on BSE.

    Titagarh Rail Systems Limited witnessed a sharp rise in net profit during the third quarter of the financial year 2023–24, recording a 91.3 per cent increase at Rs 75.03 crore compared to Rs 39.22 crore in the same quarter of the preceding financial year.

    In a strategic move last month, Titagarh Rail Systems partnered with Delhi’s Amber Group to venture into the railway component and sub-system business. This collaboration is aimed at strengthening the companies’ presence in the European market, signalling growth opportunities.

    Titagarh Rail Systems has turned out to be a multibagger stock with returns of more than 350% in the last one year. The stock has surged 359 per cent in the last one year and a massive 1874 per cent in the last three years.

    As investors navigate the dynamic stock market landscape, Titagarh Rail Systems emerges as a promising investment opportunity, driven by substantial contracts and strategic collaborations, offering the potential for significant returns. The company is the largest private sector manufacturer of wagons and a leading player in the passenger coaches segment. Titagarh Rail Systems manufactures and supplies railway wagons, passenger and freight rolling stock, components and metro coaches.

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  • PSX crosses 60,000 points milestone | The Express Tribune

    PSX crosses 60,000 points milestone | The Express Tribune


    Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP




    KARACHI:

    The Pakistan Stock Exchange (PSX) smoothly crossed the psychological barrier of 60,000 points during the early trading hours of Tuesday. 

    The gains came due to rich individuals and institutional investors making significant new investments in expectation of deep cuts in interest rates and the availability of stocks at low prices.

    The PSX benchmark KSE-100 Index hit a new all-time high level of 60,745 points, rising by 1.56% or 934 points before mid-day from Monday’s close at 59,811 points. Penny stocks were the volume leader in the rally including textile, technology, food, bank and steel stocks.

    Speaking to The Express Tribune, Arif Habib Limited Head of Research Tahir Abbas said: “The high expectation for a deep 7% cut in the key policy rate (interest rate) by the State Bank of Pakistan over the one-year agreed investors to take new possessions”.

    “The central bank is expected to cut its key policy rate to 15% by December 2024 from record high 22% at present…ahead of a potential deceleration in inflation reading next year,” he added

    Abbas mentioned that the interest rate cut expectations have made rich individuals and institutional investors relocate their investments to the stock market from fixed-income instruments these days.

    Topline Securities CEO Muhammad Sohail said in a comment on X (formerly Twitter) that the PSX is breaking records and the development is “still not surprising.”

    The market has gained 50% in only five months to over 60,000 points from 40,000 points. “This is the fastest 50% rise in a few months after 2004,” he wrote.

    Read PSX hits fresh record, nears 60k milestone

    “When you have an unbelievably low valuation, a price-to-earnings ratio of 3-4%, such recovery is not at all surprising,” Sohail further commented.

    Abbas further said the listed companies have booked record high growth in profit of 46% in the first nine months ending September 2023 and added that “accordingly, dividend payments by them rose robustly by 42% in the same period. This is another factor that has attracted new investment at PSX”.

    The market is expecting foreign currency inflows worth around $1.5-2 billion from multilateral creditors like the World Bank and Asian Development Bank soon after the IMF executive board approves the release of its second tranche of $700 million to Pakistan in December 2023.

    This is another factor for the record-buying spree at PSX.

    He anticipated the market reaching 75,000-80,000 points by the end of December 2024 considering all goes well including political stability in the country, economic growth, and global commodity prices remaining stable.

    “The next six months seem stable at least”, he maintained.





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  • PSX crosses 56,000 points as rupee continues downward trend | The Express Tribune

    PSX crosses 56,000 points as rupee continues downward trend | The Express Tribune



    KARACHI:

    The Pakistan Stock Exchange (PSX) surpassed another milestone of 56,000 points to reach a new all-time high, extending the record-making spree on Monday.

    At the same time, the Pakistani rupee dropped to a six-week low of Rs288 against the US dollar in the inter-bank market due to an increase in demand for the greenback.

    The PSX benchmark KSE-100 index hit a new historical high of 56,238 points in the early trading hours on Monday, up by 1.5% or around 850 points from Friday’s close.

    The stock market has added over 3,000 points in the past week to date in the wake of a smooth IMF review of the local economy under ongoing its $3 billion loan programme.

    Investors cheer the expected IMF approval for the next tranche of $710 million as Islamabad has adhered to all of the fund’s conditions for the review.

    Besides, the market is expecting the central bank to cut its benchmark policy rate sooner than expected, potentially in December 2023, after the rate of return on the government debt securities dropped sharply by up to 180 basis points last week.

    The policy rate cut would provide a breather to the struggling economy and bank financing at an interest rate to businesses which would enable them to initiate new investment projects.

    This will happen at a time when the listed companies are already reporting record-high profits at PSX.

    The market is also going up on expectations for renewed foreign buying in local stocks ahead MSCI’s semi-annual review of global stocks on Tuesday.

    PSX is likely to gain weight in the review among peer countries. The development would encourage foreign investors to take new possessions at PSX.

    The local currency, however, lost another Rs0.77 to a six-week low of Rs287.80 against the greenback, as it maintained a downward trend on the fifteenth consecutive working day on Monday.

    The currency has cumulatively lost nearly 4% or Rs11 in the 15 days.





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  • SME IPOs: Here’s Why You Should Be Cautious Before Investing In SME stocks – News18

    SME IPOs: Here’s Why You Should Be Cautious Before Investing In SME stocks – News18


    Curated By: Business Desk

    Last Updated: October 13, 2023, 18:58 IST

    SME IPO price manipulation is done for a premium listing of the stock.

    Market regulator SEBI has raised concerns regarding the unprecedented volatility in the value of SME IPOs and stocks.

    SME IPOs are in the spotlight currently after two regulatory reforms by market watchdog Securities and Exchanges Board of India (SEBI). In September, 37 small and medium enterprises (SMEs) went public raising over Rs 1,000 crore through initial public offerings (IPOs), according to Moneycontrol. However, on September 25, SEBI included SME stocks under the Additional Surveillance Measures (ASM) and Trade-to-Trade Settlement (T2T) due to concerns about price manipulation and irregular trading volumes.

    There is a significant potential for manipulation both in SME stocks and SME IPOs. Therefore, it’s advised that whenever you consider investing in an SME IPO, be sure to conduct thorough research.

    History of SME Platforms in India

    The National Stock Exchange (NSE) and BSE launched the NSE Emerge and BSE SME, platforms respectively, in 2012. The objective was to provide smaller companies with an opportunity to raise funds from the open market. On these platforms, small and medium-sized companies can get listed and raise the necessary capital for their businesses. However, today, many SME IPO promoters reportedly use the platforms as a means to hike stock prices and then sell them with the help of operators. According to experts, they often collaborate with operators to execute this practice, with retail investors suffering the most losses.

    How does the stock manipulation strategy work?

    According to a Moneycontrol report, for this manipulation, the entire IPO subscription process is manipulated. Thousands of applications are submitted in an SME IPO. In this process, a big operator is involved and they have a network of more than 50 smaller operators. These operators focus on increasing the IPO’s subscription. This manipulation is undertaken as it increases the likelihood of getting a listing premium. Main operators assist small operators in this work. Thereafter, promoters give a significant share of the profit to the main operators. In contrast, small operators receive commissions of up to 20 per cent.

    In this way, applications are submitted to increase the IPO’s subscription. A deal is cracked with small operators for each application, typically in the range of Rs 10,000 to Rs 15,000. The applicant sells their application to the operator and takes the money from the deal. Most notably, regardless of whether the IPO is listed at a premium or a discount, they receive the predetermined amount. However, any gains from premium listings are not passed on to the applicant. Conversely, the operator gets the amount agreed upon earlier, which is generally higher than the bidding amount of the applicants.

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  • Paper, Sugar, Fertiliser Stocks Witness Huge Buying

    Paper, Sugar, Fertiliser Stocks Witness Huge Buying



    Paper stocks gained on Wednesday with several counters moving up. 



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  • Stocks dragged down by nearly 780 points over investor pessimism | The Express Tribune

    Stocks dragged down by nearly 780 points over investor pessimism | The Express Tribune



    KARACHI:

    The Pakistan Stock Exchange (PSX) on Monday dived into the red zone as the KSE-100 index was marked by collective pessimism over the latest round of rupee depreciation coupled with disclosure of President’s statement regarding refusal to sign the Pakistan Army and Official Secrets Bills law.

    The market began on a positive note touching an intra-day high of 48,234.25 points but soon the bourse began its downward trajectory.

    The benchmark index, after midday, succumbed to selling pressure owing to lack of positive triggers which kept investors cautious throughout the trading session.

    The fresh depreciation prompted bearish sentiment. Furthermore, investors’ concerns for dismal data of $809 million current account deficit, weak earnings outlook and speculations of further hikes in industrial power tariff kept the market under pressure.

    Announcement of the Refinery Policy defeated investor incentives as they were lower than expectations.

    In addition, profit-taking in other sectors prevented the index from staying in the green and the KSE-100 index was unable to maintain its 48,000- point mark and touched an intra-day low of 47,432.71 points during final hour to close the day in red.

    “Stocks fell across the board amid uncertainty over outcome of President alarming disclosure on refuting to signing of the Pakistan Army and Official Secrets Bills laws approved.”” said Arif Habib Commodities CEO Ahsan Mehanti.

    “Slump in rupee, investor concerns for dismal data of $809m current account deficit in Jul’23 and weak earnings outlook amid expected further hike in power tariff and POL prices played a catalyst role in bearish close.”

    At close, the benchmark KSE-100 index registered a decrease of 770.54 points, or 1.6%, and settled at 47,447.95.

    Topline Securities in its report, stated that Monday was “a day full of pessimism.”

    Pakistan Equities commenced the week with a modestly positive opening only to succumb to a rapid selling spree shortly after the market opened, it said adding that unfavourable factors weighed heavily throughout the day.

    The Current Account, which had shown a surplus for four consecutive months, faced a deficit of $0.8 billion. Concurrently, there was a consistent decline in the value of the Pakistani Rupee against US Dollar, with the day’s closing rate in inter-bank trading at 297.13, reflecting a further 0.45% decrease.

    Read also: Stocks remain volatile in shortened week

    The announcement of the Refinery Policy came with incentives that were lower than expected by investors, and there has been no update thus far regarding the Circular Debt Management Plan.

    These factors are likely contributors to the bearish trend observed, Topline added.

    Arif Habib Limited (AHL) stated that the 46-47k support zone is now within touching distance following a weak Monday session.

    “The main contributors to the declines were United Bank (-3.57%), Oil and Gas Development Company (-2.87%), and Habib Bank (-2.66%),” it said, adding that in the FTSE Rebal, Pakistan Petroleum has been moved from Mid to Small Cap, MCB Bank has been moved from Small Cap to Micro, and Meezan Bank has been added to Micro Cap with an effective date of September 15.

    JS Global analyst Muhammed Waqar Iqbal commented that the bourse remained under pressure throughout the day due to a lack of positive triggers.

    Profit-taking was witnessed across the board, he added.

    “Going forward, we recommend investors to avail any downside as an opportunity to buy in the Construction and Export-oriented sectors,” the analyst said.

    Overall trading volumes decreased to 211.23 million shares compared with Friday’s tally of 254.8 million. The value of shares traded during the day was Rs7.07 billion.

    Shares of 323 companies were traded. At close, 50 stocks closed higher, 253 declined and 20 remained unchanged.

    WorldCall Telecom was the volume leader with trading in 51.4 million shares, gaining Rs0.02 to close at Rs1.27. It was followed by K-Electric with 8.4 million shares, gaining Rs0.05 to close at Rs2.23 and Oil and Gas Development Company with 7.3 million shares, losing Rs2.85 to close at Rs96.44.

    Foreign investors were net buyers of Rs388.9 million worth of shares, according to the NCCPL.





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  • Sensex Jumps 367 Points On Firm Global Trends, snaps 2-day falling streak

    Sensex Jumps 367 Points On Firm Global Trends, snaps 2-day falling streak


    The NSE Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80. (Representational)

    Mumbai:

    Benchmark equity indices Sensex and Nifty closed over half a per cent higher on Monday, snapping their two-day falling streak on buying in index majors Reliance Industries and Tata Consultancy Services and firm global trends.

    The 30-share BSE Sensex jumped 367.47 points or 0.56 per cent to settle at 66,527.67. The index opened lower but later rebounded from early lows and hit a high of 66,598.42 as power, oil, IT and FMCG shares advanced.

    The NSE Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80.

    From the Sensex pack, NTPC jumped nearly 4 per cent after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24.

    Power Grid, Tech Mahindra, Tata Steel, Tata Consultancy Services, Wipro, Maruti and JSW Steel were among the other major gainers.

    Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, ITC, Bharti Airtel and Asian Paints were among the laggards.

    In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

    European markets were trading on a mixed note. The US markets had ended in the positive territory on Friday.

    “Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone’s inflation slowing for the third consecutive month in July, coming in at 5.3 per cent, in line with market predictions,” said Vinod Nair, Head of Research at Geojit Financial Services.

    Moreover, the euro zone economy grew by 0.3 per cent during the June quarter, according to preliminary estimates, slightly surpassing market expectations, Nair added.

    Meanwhile, global oil benchmark Brent crude climbed 0.25 per cent to USD 85.20 a barrel.

    Foreign institutional investors (FIIs) offloaded equities worth Rs 1,023.91 crore on Friday, according to exchange data.

    The BSE benchmark fell by 106.62 points or 0.16 per cent to settle at 66,160.20 on Friday. The Nifty had declined 13.85 points or 0.07 per cent to finish at 19,646.05. 

    (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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  • Global Stocks Cautious Ahead of Key Inflation Readings and Earnings Season – News18

    Global Stocks Cautious Ahead of Key Inflation Readings and Earnings Season – News18


    MSCI’s global equity index ended Friday’s session virtually unchanged while the dollar was lower as government data showed that U.S. jobs growth slowed more than expected in June, easing worries about the outlook for Federal Reserve rate hikes.

    But while investors appeared to hold out hope for a less hawkish Fed, they were also looking cautiously to the week ahead, with key U.S. inflation readings due along with the start of the second-quarter earnings season.

    Official U.S. nonfarm payrolls on Friday showed employers added 209,000 new hires in June, below forecasts, while May numbers were revised down by 33,000 to 306,000. Still, the unemployment rate fell to 3.6% in June from 3.7% in May and average hourly earnings rose 0.4%, the same as May.

    On Thursday, private payroll provider ADP’s strong U.S. labor market data had sparked an equities sell-off and boosted Treasury yields.

    While Friday’s government data was initially met with a more muted market reaction, stocks gained some ground during the session before losing ground again in afternoon trading.

    “Investors are more cautious going into a very important week with the beginning of earnings season and a very important inflation reading mid week,” said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina.

    Earlier in the session traders appeared relieved that payrolls came in “much lower than feared, based on the ADP report,” said Sam Stovall, chief investment strategist at CFRA Research, adding that investors may have concluded that they “over-reacted” on Thursday.

    “Investors still have a bullish mindset and are using near-term weakness as a buying opportunity,” Stovall added.

    However, the Dow Jones Industrial Average fell 187.38 points, or 0.55%, to 33,734.88, the S&P 500 lost 12.64 points, or 0.29%, to end at 4,398.95 and the Nasdaq Composite dropped 18.33 points, or 0.13%, to close at 13,660.72.

    MSCI’s gauge of stocks across the globe shed 0.05% after rising as much as 0.6% earlier on Friday. Emerging market stocks lost 0.41%.

    While traders still were still betting on a more than 90% chance that the Fed would raise rates by a quarter of a percentage point in late July, expectations for another hike in September fell slightly, according to CME Group’s FedWatch tool.

    The dollar slumped after the labor market data as some traders were betting that the Fed could cut rates sooner than previously expected. Also the yen jumped sharply against the dollar.

    The dollar index fell 0.795%, with the euro up 0.73% to $1.0965.

    The Japanese yen strengthened 1.40% versus the greenback at 142.10 per dollar, while Sterling was last trading at $1.2835, up 0.75% on the day.

    Some U.S. Treasury yields dialed down on Friday, although longer-dated yields were higher, after the jobs data calmed worries the Fed could become more aggressive with rate hikes.

    Benchmark 10-year notes were up 2.3 basis points to 4.064%, from 4.041% late on Thursday. The 30-year bond was last up 4.6 basis points to yield 4.0491%, from 4.003%. But the 2-year note was last was down 6 basis points to yield 4.9459%, from 5.006%.

    In commodities, oil prices rose to 6-week highs as supply concerns outweighed fears about that more rate hikes could slow economic growth and reduce demand for oil.

    U.S. crude settled up 2.87% to $73.86 per barrel and Brent finished at $78.47, up 2.55% on the day.

    Spot gold added 0.7% to $1,924.13 an ounce. U.S. gold futures gained 0.89% to $1,925.60 an ounce.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)



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  • US Stocks Mixed as Fed Chair Powell Signals Possible Interest Rate Hikes – News18

    US Stocks Mixed as Fed Chair Powell Signals Possible Interest Rate Hikes – News18


    Wall Street was mixed and the dollar rebounded on Wednesday as Federal Reserve Chair Jerome Powell suggested two more interest rate hikes are probably in the cards.

    The Nasdaq advanced, powered by megacap momentum stocks, while the S&P 500 was nominally lower and healthcare stocks pulled the Dow into negative territory.

    “There’s a lot of back and forth with the Fed and what they’re going to end up doing,” said Megan Horneman, chief investment officer at Verdence Capital Advisors in Hunt Valley, Maryland.

    In the wake of the recent stocks rally, Horneman added that “equities are not believing the Fed, and you can see that through these high PE stocks that continue to rally.”

    “I’m concerned this rally has gotten ahead of itself and these valuations are not sustainable,” she said.

    Powell, participating in a policy panel along with European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and others, suggested another two hikes to the Fed funds target rate are likely, and he did not see inflation abating to reach the 2% target until 2025.

    “You’ve got to take these people at their word, and they are concerned about getting back to core inflation targets,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

    Financial markets are pricing in an 82% probability that the central bank will raise the Fed funds target rate by 25 basis points at the conclusion of its July policy meeting, according to CME’s FedWatch tool.

    A report that U.S. officials are considering new restrictions regarding AI chips to China weighed on the semiconductor sector.

    “Anything that’s participated in this momentum-driven rally is at risk from any headline news and deeper downturns,” Horneman said. “A lot of these momentum stocks including semis are the biggest ones at risk.”

    The Dow Jones Industrial Average fell 99.32 points, or 0.29%, to 33,827.42, the S&P 500 lost 3.19 points, or 0.07%, to 4,375.22 and the Nasdaq Composite added 36.93 points, or 0.27%, to 13,592.61.

    European stocks closed higher as strong U.S. economic data released on Tuesday allayed fears of a steep economic downturn, even as Lagarde warned that the ECB is still not seeing enough evidence of an inflation cool-down.

    The pan-European STOXX 600 index rose 0.70% and MSCI’s gauge of stocks across the globe gained 0.12%.

    Emerging market stocks lost 0.20%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.09% lower, while Japan’s Nikkei rose 2.02%.

    The greenback rebounded from the previous session’s softness, gaining strength as Powell said more rate hikes are “likely to be appropriate” this year.

    The dollar index rose 0.4%, with the euro down 0.36% to $1.0919.

    The Japanese yen weakened 0.17% versus the greenback at 144.32 per dollar, while sterling was last trading at $1.2648, down 0.77% on the day.

    Treasury yields softened as investors looked to Friday’s PCE price index for further signs of slowing inflation.

    Benchmark 10-year notes last rose 14/32 in price to yield 3.7136%, from 3.768% late on Tuesday.

    The 30-year bond last rose 19/32 in price to yield 3.807%, from 3.84% late on Tuesday.

    Crude prices surged as a larger-than-expected drop in U.S. crude inventories offset fears of rate hikes and slowing demand.

    U.S. crude rose 2.75% to settle at $69.56 per barrel, while Brent settled at $74.03, up 2.45% on the day.

    Gold prices touched a 3-1/2-month low as investors bet on a higher-for-longer Fed rate policy.

    Spot gold dropped 0.1% to $1,912.09 an ounce.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)



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  • PSX spikes in renewed hopes of IMF revival | The Express Tribune

    PSX spikes in renewed hopes of IMF revival | The Express Tribune



    KARACHI:

    The Pakistan stock market spiked 2.5%, or over 1,000 points, to 41,068 points before midday on Monday, as investors bet on the revival of the International Monetary Fund (IMF) programme.

    Optimism prevailed at the Pakistan Stock Exchange (PSX) after the incumbent government revised the federal budget in line with IMF’s recommendations.

    Ismail Iqbal Securities Head of Research Fahad Rauf projected that over the weekend, stock and currency markets would increase due to hope for the revival of the IMF program.

    Earlier, the global money lender presented three conditions for resuming its $6.7 billion loan programme for Pakistan including a reforms-based budget, fixing functioning at domestic currency markets and arranging gap financing of $6 billion from friendly countries.

    Hope for IMF revival also strengthened after the central bank lifted the ban on all imports immediately. This move was also in line with the lender’s recommendations.

    Investors at PSX believe that if the programme resumes before it officially expires on Friday (June 30), the country would fully mitigate the risk of default and economic activities could resume.

    Pakistan’s foreign exchange reserves are currently at a critical low of $3.5 billion. This has partially closed imports and impacted factories and also jacked up the risk of default.

    Read Rs215b new taxes imposed to placate IMF

    Pakistan has to repay $23 billion in foreign debt next fiscal year starting July 1, 2023.

    The government has improved its functioning on currency markets as well.

    Last week, uncertainty prevailed at the PSX as a lack of positive news regarding the ninth review of the IMF’s loan programme took a toll on investor sentiment, leading the market to lose over 1,200 points and settle below the 41,000 mark.

    Budget amended to appease IMF

    Yesterday, the National Assembly passed the Finance Bill 2023-24 with certain amendments to the proposed budgetary measures with a revised outlay of Rs14.48 trillion.

    The budget was approved a day after Finance Minister Ishaq Dar announced fiscal adjustments worth Rs300 billion, including fiscal tightening measures as demanded by IMF in a final push to clinch a much-delayed rescue package.

    The new measures announced by Dar, while winding up the budget debate included increasing the tax burden on the salaried class and withdrawing the $100,000 asset-whitening scheme, suggesting that the government accepted the majority of the IMF demands.





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