Morning Market Insight Report – 03 Mar 2021

Bank Nifty Intraday Outlook

In yesterday’s trading session, Bank Nifty gained 0.35%, with PSU Banks losing 0.17% and Private Banks gaining 0.54%.

We expect intraday range could be 34,923-35,918 with sideways momentum & broader range could be expected between 34,617 to 36,206 zone for this week.

Nifty Intraday Outlook

In yesterday’s trading session, Nifty had a volatile session, closing the day in green, mainly supported by auto and IT sector.

We expect intraday range could be 14,698-15,144 with sideways momentum while broader range could be 14,516 to 15,319.

Short and Long term moving averages

Daily market statistics

Major global & domestic economic events

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Ashapuri Gold Ornament Limited SME FPO- Date, Price, Review & Details

View – Long Term Investors Can Apply

Issue Highlights

Ashapuri Gold Ornament Limited is all set to come up with a second round of public offer, with a goal to raise funds of INR 30 crores. It is already listed on BSE SME Platform.

Issue Details

Company Strengths

  • Good reputation and trust in the market
  • Most designs are very antique and unique
  • Showroom located at a prime location – C.G Road, Ahmedabad
  • Understanding of Customer Preferences
  • Supplier to Reputed Retail Show Rooms (Companies)
  • Experienced promotors with two decades of experience in jewelry industry.


  • Limited geographical area of Operations
  • Family owned unit resulting in Lack of Professionalism.
  • Uncertainty in market fluctuations


  • Started in house manufacturing unit
  • Tie-up with large chain jewelry retail stores for supply of jewelry
  • Recruitment of sales team to cover the wide region.


  • May face competition from organized and unorganized sector.
  • Dealing in lifestyle products, economic slowdown will reduce the demand and hamper the growth of the Company.
  • Fluctuation in raw material, since the prices are going up and there‘s volatility in prices of gold.


The company reported its EPS at INR 1.15 for the period ending on September 2020. The company is getting listed at a PE of 35.2x on the basis of annualized FY 21 EPS.

Utilization of Funds

Background highlights of the Company in brief

  • Ashapuri Gold Ornament Ltd was originally incorporated as Ashapuri Gold Ornament Private Limited, as a private limited company under the provisions of Companies Act, 1956.
  • Subsequently, it was converted in to a public limited Company pursuant to a special resolution passed by the company’s shareholders at the EGM held on January 09, 2019 and consequently the name was changed to Ashapuri Gold Ornament Limited.
  • On March 27, 2019, shares of the company got listed and traded pursuant to Initial Public Offering on SME Platform of BSE Limited.
  • The company is reckoned as one of the prominent manufacturer and wholesaler of gold jewelry.
  • It has been 20 years of this remarkable journey serving jewelers from metro cities to even many parts of urban locations and unrivalled quality of jewelry.
  • The company’s manufacturing expertise, large inventory of designs & high quality of service has made it possible to be in league of top jewelry suppliers.
  • The company’s exquisite collection is spread across the Indian markets.
  • The Company is engaged in the business of wholesale trading of Jewelry. The Jewelries are manufactured on Job-work basis at Ahmedabad and Rajkot.
  • It has a showroom of 2945 sq. feet on prime location of C.G. Road, Ahmedabad, the newly developed main market for buying Gold and Diamond Jewelry.
  • The Company has also purchased premises at Navrangpura, Ahmedabad, measuring 2194.02 sq. ft for starting manufacturing unit in the month of March 2019.
  • The company’s product portfolio includes Wedding Jewelry, Festive Jewelry, Rings, Chain, Earrings, Ear Chain, Nose-rings/Nose pins, Waist belts, Mangalsutra, Anklet, Zuda, Toe Ring, Pendant Set/ Pendant, Bracelet and Bangles.
  • It has appointed sales team for different region/city like Delhi, Rajasthan, Punjab, Uttar Pradesh, Kolkata, Chennai, Bangalore, etc for further expansion of business.
  • As on November 30, 2020, the Company had employed 108 employees (including skilled, semi-skilled and unskilled employees).

Briefing about directors & Key Managerial Personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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Bullion Markets Under Pressure As Investors Incline Towards Riskier Assets

Prices of base metals such as Aluminum (+4.1%), Copper (+9.2%), Iron Ore (+0.7%), Lead (+1.7%) and Zinc (+1.1%) continued its uptrend for the third consecutive week, with bulls making their mark in the COMEX Market on the back of buoyant demand. As for precious metals, both, gold and silver rallied on Monday and Tuesday, however, they lost all the gains during the rest of the week, losing 0.5% and 1.0% respectively as compared to the closing prices of the week before.

Gold and Silver made new lows of $1,734 and $26.67 respectively on Friday as the 10 year US bond yields continued to rise, returning to the pre-pandemic levels of last year after FED Chairman vowed to keep the accommodative policy to support economic recovery. US Dollar as well continued to become stronger, being the best alternative to gold amid a crash in equity indices in the second half of the week.

Crude oil prices reached to the highest levels in more than 11 months on Thursday, after the U.S. Federal Reserve assured that interest rates would stay low for a while and also supported by lower crude production in the US, after a rare winter storm in Texas. However, the prices are expected to weaken, as the OPEC Plus group will discuss a modest easing of oil supply curbs from April.

We expect the precious metal prices to trade volatile in sideways to marginally negative trend in the current week. The investors will have to keep an eye on the most important data – the Non-farm Payrolls report and the Average Hourly Earnings portion during the week, which has an inverse relationship with gold. Along with that, the COVID-19 vaccination drive expansion may also continue to weigh on gold and silver.

For the week, we expect gold in COMEX market to be in the range of $1,680 to $1,790, while silver is expected to be in the range of $26.2 to $28.0. Whereas, for bullion market traders, we assume gold futures to trade in the range of 45,550 – 45,300 to 46,500 – 46,800.

Page 8, NavGujarat Samay, 2nd March’21

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