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New Delhi, Allied Blenders and Distillers Ltd, the maker of Officer's Choice Whisky, on Monday said it has raised Rs 449 crore from anchor investors a day before its initial share-sale opening for public subscription. Nippon India Mutual Fund (MF), LIC MF, JM Financial MF, Jupiter India Fund, Societe Generale, Goldman Sachs (Singapore) Pte, Wipro Commercial (India) Ltd and Troo Capital were among anchor investors who were allotted shares, according to a circular uploaded on BSE website. The company has allotted 1.6 crore equity shares to 17 funds at Rs 281 apiece, which is also the upper end of the price band. This translates into a transaction size of Rs 449 crore, it added. The Rs 1,500-crore issue with a price band of Rs 267 to Rs 281 per share will open for public subscription during June 25-27. The initial share sale comprises fresh issuance of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of shares worth Rs 500 crore by promoters. As a part of the OFS, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev and Neesha Kishore Chhabria will sell shares. Broking firms have pegged the company's market capitalisation to Rs 7,860 crore post-issue. Proceeds from the fresh issue worth Rs 720 crore will be used for the payment of debt, and a portion will be used for general corporate purposes. The total debt on the company's books was around Rs 808 crore as of December 2023. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors. Further, investors can bid for 53 shares and in multiples thereof. With a market share of over 8 per cent in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in Fiscal 2023, Allied Blenders and Distillers is engaged in the manufacturing, marketing and sale of alcoholic beverages in India and abroad. The product portfolio of the firm comprises several brands of IMFL in whisky, brandy, rum and vodka. Some of the major brands of the company include Officer's Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum and Class 21 Vodka. ICICI Securities Ltd, Nuvama Wealth Management Ltd and ITI Capital Ltd are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and NSE.

Soon after the grand inauguration ceremony was held in Ayodhya, head priest Acharya Satyendra Das on Monday said the Ram Mandir's roof started leaking after the city witnessed heavy rainfall adding that there is no proper way to drain it."It is very surprising. So many engineers are here and the Pran Pratishtha was held on January 22, but water is leaking from the roof. Nobody would've thought this," the head priest told news agency PTI.The 'Pran Pratishtha' ceremony of Lord Ram was held on January 22, with the main rituals performed by Prime Minister Narendra Modi. The idol of Ram Lalla was unveiled after the rituals.Why is Ram Mandir facing leakage troubles?The major issue with the architecture of Ram Mandir is exposure to the sky. However, the committee members believe that the problem will be solved with the completion of Skihar. In a statement to ANI, Sri Ram Mandir Construction Committee Chairman, Nripendra Mishra speaks on the alleged water leakage at the Shri Ram Temple; and says, "I am in Ayodhya. I saw the rainwater dropping from the first floor. This is expected because Guru Mandap is exposed to the sky as the second floor and completion of Shikhar will cover this opening. I also saw some seepage from the conduit as this work on the first floor is in progress. On completion, the conduit will be closed. There is no drainage in the Sanctum Santorum because all the Mandaps have measured slope for clearance of water and the water in Sanctum Santorum is manually absorbed. Moreover, the devotees are not performing Abhishek on the deity. There is no design or construction issue. The Mandaps which are open may get rainwater drops which was debated but the decision was to keep them open as per Nagar architectural norms."Ram Katha Sangrahalaya construction:Sri Ram Mandir Construction Committee Chairman Nripendra Mishra informed that the work for Ram Katha Sangrahalaya has begun adding that a guest house will also be constructed to ensure convenience for saints and seers. He said that the committee is working with a target to complete the temple construction by December 2024."In every meeting, we analyse our progress because we are working with a target to complete the temple construction by December 2024. We are also planning to construct an auditorium, for which the foundation laying will be done in July and will be completed in nearly a year. A guest house will also be constructed to ensure convenience for saints and seers. Work for Ram Katha Sangrahalaya has begun," Mishra said.According to the Ministry of Tourism data, last year, 8.5 crore tourists visited Varanasi (Kashi), around 4.5 crore people visited Prayagraj and more than 1.5 crore people have visited the Ayodhya Ram temple since the consecration ceremony. Many experts feel Varanasi will outdo Goa, Agra, and Shimla."The government of Uttar Pradesh is promoting the new golden triangle of Prayagraj, Kashi and Ayodhya as a golden triangle of religious tourism(with agency inputs)

New Delhi: India and the US held discussions on the co-production of American javelin missiles in India to meet the requirements of the Indian military.The discussions on the joint production of the missiles took place recently during a high-level visit from the US to India, defence sources told ANI.India and the US have been discussing expanding their cooperation, including joint production of military equipment. Sources said the requirement of the Army for the latest anti-tank guided missiles is quite significant and the force had to acquire a limited number of Israeli Spike ATGMs under emergency procurement to meet its requirements.The requirement for third-generation ATGMs has been there for a long time and attempts to acquire the weapon systems through a global route have not been successful.The work of acquiring the ATGMs through the Indigenous route is ongoing, as the Defence Research and Development Organisation is also going to carry out trials of its Man-Portable Anti Tank Guided Missile (MP-ATGM) soon to meet the requirements of the Army, the defence officials said.The Indian MPATGM Weapon System has been field evaluated in different flight configurations several times with the objective of proving the technology's superiority.The system consists of the MPATGM, Launcher, Target Acquisition System, and Fire Control Unit.The Indian forces are looking at shoulder-fired missile systems that are less in weight and can be carried in difficult terrain by troops without engaging too many of them to carry it, the sources said.The sources said the Indian partner for joint production of the missile system would be identified at a later stage, as discussions have just started. The American side had earlier also showcased the capability of the Javelin missiles to the Indian side but the project did not materialise.Javelin is developed and produced jointly by American defence majors Raytheon and Lockheed Martin.The missiles have been sold to various partner countries by the US and have seen action in multiple past and ongoing conflicts.

Q. Gold and silver prices fell last week, why is that? Also, downbeat US housing data came out too. How does it fit into the picture? What will be the trend this week? Naveen Mathur: The fall in precious metals was seen largely on Friday partly due to profit booking moves on mildly upbeat US PMI numbers for last month but the prices still ended up on a weekly average basis.New housing construction data released last week showed that it dropped to the lowest level in nearly four years in May. This combined with tepid retail sales in last month and rising initial jobless claims suggest economic activities have remained moderate in the second quarter. Geopolitical issues also continue, with Israel indicating to continue to target Hamas while may not back the cease-fire deal as was proposed by the US several weeks ago.Despite Friday’s mildly higher print in PMIs, markets continue to pin hopes on a September rate cut from the Fed. According to the CME’s FedWatch Tool, rate traders are still pricing in around 65% odds of at least a quarter-point rate trim at the Federal Open Market Committee’s (FOMC) September 18 rate decision.Watch the full video interview here: https://economictimes.indiatimes.com/markets/etmarkets-live/commodity-talk-:-gold-and-silver-outlook/streamsrecorded/streamid-npnfcqfg6k,expertid-111.cmsQ. What about the dollar index? Will there be volatility this week?Naveen Mathur:The US dollar index surged to two-month highs on bullish economic data following mildly positive PMI data indicating moderate economic growth and cooling price pressures. Globally, the US Dollar is on the front foot due to weakness seen in the Euro as uncertainties persist over election outcomes in France's elections due next week. US yields are stable, waiting for the next data set, but reflecting the possibility of two cuts this year. This week’s US PCE inflation is a critical data point, in the context of signs of moderating labor markets. It may show continued disinflationary forces, adding to the case for Fed rate cuts.Q. ⁠How to go about gold and silver this week?Naveen Mathur: With loads of data points including durable goods orders, US GDP, and Core PCE Index, any 1-2 dips in prices could remain a buying opportunity given moderating economic activities keeping rate cut hopes alive.Q. Which levels to watch out for this week?Naveen Mathur: Sure, for gold - a strong support level of 71200, and 72900 level is for a strong resistance level are there. Buy on dips for gold, silver, and crude oil. For Natural Gas, Copper - it is sell on the rise. Below are the levels to watch out:

Nifty ended Monday’s trading session with a gain of 37 points to form a bullish piercing type candle pattern in the last week of June derivative series.The short-term trend of Nifty remains positive amid range movement. Having bounced back from near the lower range of 23,300 levels, there is a possibility of Nifty testing the upper range of 23,650-23,700 in the short term. Immediate support is at 23,350, said Nagaraj Shetti of HDFC Securities.Open Interest (OI) data showed that on the call side, the highest OI was observed at 23,700 and 24,000 strike prices. On the put side, the highest OI was at 23,000 strike price.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesNifty slipped lower in early trades, but bulls were able to defend around the 55-EMA on the hourly chart. The trend remains positive for the short term as long as it remains above 23,300, where a buy-on-dips strategy might favor traders. On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.Tejas Shah, JM Financial & BlinkXNifty formed a bullish candle on the daily chart. The market is respecting both the support and resistance levels. The Nifty closed above the critical resistance level of 23,350 for two consecutive weeks and accordingly we believe that it is likely to test the next resistance zone of 23,750-800 in the next few days. The short-term moving averages are just below the price action and should continue to support the indices on any decline. The bulls are in full control of the markets at the current juncture and are using every minor correction to create long positions. Support for the Nifty is now seen at 23,500 and 23,300-350 levels. On the higher side, the immediate resistance zone is at 23,600-625 levels & the next resistance zone is at 23,750-800 levels.Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty has been broadly trading in the range of 23,200 – 23,700 for the last 10 trading sessions. Dips towards the lower boundary should be used as a buying opportunity with a trailing stop loss of 23,200. The hourly momentum indicator has triggered a positive crossover, which is a buy signal. Thus, we shall continue to ride the upmove till there is weakness on the price front.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

ETFs now constitute close to 13% of the total Mutual Fund Industry AUM indicating the remarkable adoption of ETFs by retail investors in India, according to a study by Zerodha Fund House. 111233094The study reveals that the substantial share of Rs 6.95 lakh crore out of the total Rs 53.40 lakh crore signifies a shift towards more investors choosing ETFs as a preferred mode of investment.The rise from 5.33 lakh accounts (across equity and debt EFTs) in 2017 to 1.25 crore in 2023 reflects a broader acceptance and understanding of ETFs among retail investors. The increase in the number of ETF accounts, particularly among retail investors, suggests a democratization of investment opportunities. This trend could be attributed to the benefits of ETFs, such as lower costs, diversification, and ease of trading. 111233126The trading volume of ETFs has shown consistent growth, indicating enhanced liquidity and investor participation in the ETF market. The trading volume has surged from Rs 26,139 crore in FY 2016-17 to Rs 1,83,676 crore in FY 2023-24. This increase of over 600% reflects growing investor confidence and the maturation of the ETF market in India. In the last one year, the trading volume of ETFs has seen a significant growth of approximately 64,000 crores. The study reveals that the ETFs on top three broad indices i.e., Nifty 50 ETF, Nifty Next 50 ETF and Nifty Midcap 150 ETF, alone contribute more than 99% of total AUM among broad indices in the Equity ETF schemes. Nifty 50 ETFs emerge as the leading contributor among the broad based indices with 95% of the total AUM in Equity ETF schemes, as of 31st March 2024. Nifty 50 ETFs have Rs 2,77,471 crores in AUM followed by Rs 9,628 crores in Nifty Next 50 and Rs 2,284 crores in Nifty Midcap 150.The distribution of AUM across various indices shows a diversification trend among equity ETF investors, according to the study.“The ETF market in India is poised for continued growth. As more investors recognize the advantages of ETFs, the segment is likely to see increased inflows and diversification. The trend in passive investing is expected to persist, driven by retail investors in the coming years, as passive products are easy to understand, transparent & affordable,” said Vishal Jain, CEO Zerodha Fund House.Overall, Equity ETF schemes consist of eight broad based indices and 40 schemes as on date. The includes 18 schemes under Nifty 50 ETF, 7 in Nifty Next 50 ETF, 5 in Nifty Midcap 150 ETF, 4 in Nifty 100 ETF, 2 each in Nifty Midcap 100 ETF & Nifty Smallcap 250 ETF, and 1 each in Nifty MidCap 50 ETF and Nifty 500 ETF. 111233161The AUM for Equity ETFs has consistently increased, going from Rs 43,234 crores in March 2017 to Rs 5,63,176 crores in March 2024. This category has shown the most substantial growth, highlighting a strong investor preference for equity-based ETFs. Debt ETFs have also seen significant growth, from Rs 1,497 crores in March 2017 to Rs 96,163 crores in March 2024. The growth in Debt ETFs has accelerated particularly from March 2019 onwards, indicating an increasing shift towards fixed-income securities in recent years. Gold ETFs have grown steadily, from Rs 5,480 crores in March 2017 to Rs 31,224 crores in March 2024. Between 2017 and 2024, AUM in Gold ETFs has increased by 470%, which is less pronounced compared to growth in Equity (1200%+) and Debt (6300%+) ETFs.Zerodha Fund House’s latest schemes – Zerodha Nifty 100 ETF and Zerodha Nifty Midcap 150 ETF, open-ended, passive, equity Exchange Traded Funds (ETFs) have been listed on the exchanges as on 19 June 2024. 111233190The Nifty 100 ETF allows investors to get access to the top 100 companies based on full market capitalization that are part of the Nifty 500 universe which are generally considered leaders of their respective sectors. The ETF covers ~69% of the free float market capitalization. Since its inception, Nifty 100 TRI has given 17.52% CAGR returns, with 21.49% volatility as of May 31, 2024.The Nifty Midcap 150 ETF gives investors access to a diversified portfolio of emerging companies that may have good growth opportunities and can potentially become the leaders of tomorrow. This ETF covers 15% of the free float market capitalization. From its inception, Nifty Midcap 150 TRI has given 18.11% CAGR return with 21.10% volatility as of May 31, 2024.

The Reserve Bank of India's gold reserves parked overseas dropped to the lowest in six years at the end of March--47% of the total—since it started accumulating the precious metal in December 2017. Data show that the RBI started bringing the gold to India in March 2022, coinciding with the start of the Russia-Ukraine war. This is in line with the trend of central banks globally that have turned cautious after the US government froze Russian foreign currency assets as the conflict began in February 2022. News that the RBI had brought back 100 tonnes of gold from the UK to India emerged at the end of last month. Governor Shaktikanta Das said this was because there is enough domestic storage capacity and nothing more should be read into it. At the end of March, the RBI’s total gold holdings amounted to 822.1 tons. A December 2023 survey by global investment manager Invesco of 57 central banks and other asset managers showed that they had increased exposure to gold 8-10 years ago, keeping it London and using it for swaps and to enhance yields, but that they were now moving the reserves back to their own countries, underscoring its role as a safe-haven asset. From 50% in 2020, the share of gold reserves held in their own countries is estimated to have gone up to 68% by December 2023 and will likely rise to 74% within the next five years, according to the survey. The RBI’s reserves follow a similar pattern. From 39% in September 2021, the share of gold held at home went up to 53% by March 2024. This marks a turnaround from 1991 when India had to fly gold overseas as part of a pledge to avoid defaulting on payments.