Exchange option accepted to launch Bitcoin and Ethereum ETN market

• London Stock Exchange said it will accept applications for trading these crypto ETNs from April 8, 2024. However, the market will be subject to the approval of the UK regulator, the Financial Conduct Authority (FCA).

Bitcoin prices have jumped 67.11% so far this year.
The London Stock Exchange has announced the launch of a market for Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETN). In a notice issued on Monday, the United Kingdom’s major stock exchange said that the Crypto ETNs will be rolled out on May 28.

The stock exchange had earlier revealed that it would accept applications for the admission to trading of Bitcoin and Ethereum Crypto ETNs in the second quarter of 2024.
In the latest update, the London Stock Exchange said it will accept applications for trading these crypto ETNs from April 8, 2024.

However, the market will be subject to the approval of the UK regulator, the Financial Conduct Authority (FCA).
“We have decided to launch the market in Crypto ETNs on 28 May 2024 to enable the maximum number of issuers to be present in the market on the first day of trading," the London Stock Exchange notice said.

Issuers that are proposing to establish a Crypto ETN programme to list their securities on the main market must submit the necessary documentation, including a base prospectus for FCA approval, latest by April 15, 2024.
Exchange Traded Notes or ETNs are also traded on a stock exchange similar to Bitcoin Exchange Traded Funds (ETFs).
However, ETNs are unsecured debt securities that are backed by the issuer’s credit, while ETFs are investment funds directly holding the assets they track, providing direct exposure. Consequently, ETNs entail credit risk absent in ETFs, given their value hinges on the issuer’s solvency, while ETF values are directly linked to their underlying assets.

Bitcoin prices have seen a sharp rally boosted by a slew of positive developments in the sector. The primary factor leading to gains in cryptocurrency prices is the strong inflows in the Bitcoin ETFs and the expectations of Bitcoin halving later this year.
The dovish commentary by the US Federal Reserve and the expectation of the central bank of three rate cuts in 2024 saw bulls pumping Bitcoin prices.

At 2:20 pm, Bitcoin price was trading at $70,580.24, 5.48% higher over the past 24 hours, as per Coindesk data. The token’s market capitalization surged to $1.39 trillion. Bitcoin prices have jumped 67.11% so far this year.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Lloyds Enterprises: Up 2337%, this penny stock turned ₹1 lakh into ₹24 lakh in 4 years

Penny stock Lloyds Enterprises has posted multibagger returns in the last 4 years, rising from ₹1.19 in March 2020 to around ₹28.8 currently. This implies a return of almost 2337%.

Penny stock Lloyds Enterprises has posted multibagger returns in the last 4 years, rising from ₹1.19 in March 2020 to around ₹28.8 currently. This implies a return of almost 2337%.
Penny stock Lloyds Enterprises has posted multibagger returns in the last 4 years, rising from ₹1.19 in March 2020 to around ₹28.8 currently. This implies a return of almost 2337%.

An investment of ₹1 lakh in this stock in March 2020 would have turned into over ₹24 lakh now.
Lloyds Enterprises Limited trades in iron and steel products in India. It also designs and manufactures heavy equipment, machinery, and systems for hydrocarbon, and oil and gas sectors, as well as steel plants, power plants, nuclear plant boilers, turnkey projects, etc. The company was formerly known as Shree Global Tradefin Limited and changed its name to Lloyds Enterprises Limited in September 2023. Lloyds Enterprises Limited was incorporated in 1986 and is headquartered in Mumbai, India.

Rehash - Multibagger Alert! SJVN soars 490% in 4 years, jumps from ₹20.75 to 122.4

The stock has surged over 333 percent in the last 1 year and lost over 24 percent in 2024 YTD, giving negative returns in 2 of the 3 months this year so far.
It has shed over 24 percent in March so far, after an over 3 percent decline in February and an over 3 percent surge in January this year.
Currently trading at ₹28.8, the stock is almost 40 percent away from its record high of ₹47.75, hit on October 17, 2023. Meanwhile, it has soared over 371 percent from its 52-week low of ₹6.12, hit on March 29, 2023.

The substantial surge in value indicates a robust wave of market confidence and favorable sentiment towards the stock, marking a noteworthy achievement for the company in the present market conditions.

Rehash - Multibagger! This FMCG penny stock surged 2400% since March 2020
Earnings

In the December quarter (Q3FY24), the company posted a significant multifold surge in its net profit at ₹48.20 crore as against ₹1.27 crore in the year-ago period. Meanwhile, the company's revenue also soared to ₹122.72 crore versus ₹1.81 crore in the same period of the previous fiscal year.

Brokerage view

As per ICICI Direct's analysis, the company is experiencing an increase in net cash flow and cash generated from its operational activities. Moreover, it has also posted good quarterly growth in the recent results. Also, the stock passes the majority of CANSLIM Investment criteria, added the brokerage

Meanwhile, its weaknesses, as per the brokerage are -

- Negative Breakdown First Support (LTP < S1)
- Weak performer: Stock lost more than 20 percent in 1 month
- Weak momentum: Price below Short, Medium and Long Term Averages

Read here: Multibagger! This penny stock turned ₹10k to over ₹2 lakh in just 2 years
What are penny stocks?

Penny stocks are shares of small companies trading at low prices, often tied to startups or those facing financial challenges. These stocks are known for their low market capitalisation, limited trading volume, and speculative nature. Typically associated with early-stage ventures, they carry heightened risks due to their volatile price movements and difficulties in buying or selling shares without impacting prices.
Furthermore, penny stocks often operate in a regulatory environment with less oversight compared to larger firms, leaving them vulnerable to potential fraud or manipulation. While their low cost may attract investors seeking high returns, caution is necessary. Diligent research, thorough analysis, and effective risk management are essential when considering investments in penny stocks to navigate the inherent uncertainties and minimise potential losses.

Disclaimer: This story is for educational purposes only. Please speak to an investment advisor before making any investment decisions.

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Stock market today: Zomato share price hits lifetime high. Experts see IPL 2024 link

• Stock market today: Zomato's share price today opened upside and went on to touch a new lifetime high of ₹183.40 apiece on NSE.

Stock market today: To enjoy uninterrupted IPL matches, people are likely to increase their normal number of online food orders, say experts. (Representative image)
Stock market today: Zomato's share price has been on an uptrend for the last one year. After bottoming out at around ₹50 apiece around a year ago, Zomato share has remained an ideal 'buy-on-dips' stock for stock market investors. Zomato share price on March 26 opened upside and went on to touch an intraday high of ₹183.40 per share level on NSE, logging over 250 per cent rise in the last one year. While climbing to its intraday high during Tuesday deals, Zomato share price today touched a new high as well.

According to stock market experts, the market is expecting strong quarterly numbers next month from the online food app company. They said that demand for online food has touched the pre-COVID level, and due to the beginning of IPL 2024, Zomato's business is expected to gain momentum as people are likely to rely on online food orders to enjoy the IPL matches. They also added that Blinkit, the quick commerce arm of Zomato, has raised its charges by more than 200 per cent, which would also enable the online food delivery company to muster more revenue in its business, where it enjoys almost a monopoly. They said that Zomato share has given a breakout at ₹175 on a decisive basis and the stock may go up to ₹247 apiece if it breaches its current hurdle placed at ₹204 apiece.

IPL 2024 in focus

On how IPL 2024 has fueled the online food delivery business of Zomato, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Whenever a big sports tournament gets organised anywhere in the world, it works as a trigger for various other businesses. Today, IPL 2024 is doing the same for Zomato. To enjoy uninterrupted IPL matches, people are expected to increase their normal number of online food orders. As Zomato has almost a monopoly in the online food delivery business, the market is expecting better numbers from Zomato next month. Apart from this, its quick online arm, Blinkit has raised its charges from ₹11 to ₹35, which is more than 200 per cent. So, some addition in the balance sheet of Zomato is expected to trickle down from this hike in charges as well."

Also Read: Manoj Vaibhav Gems share price jumps 70% from 52-week low in six days
Avinash Gorakshkar added that there is a trend reversal in the online food delivery demand, and today it has touched the pre-COVID level. So, the market has gone berserk on Zomato shares. However, they need to realise that the core business of the company is still bleeding. It is the other income that has enabled the company to contain its losses.

Zomato share price target

Expecting more rally in Zomato share price, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, "Zomato share price today gave a fresh breakout on chart pattern at ₹175 on a decisive basis. The stock has a strong base placed at ₹154 apiece level. So, those who have Zomato shares in their stock portfolio are advised to maintain a strict stop loss at ₹154 per share level. Zomato share price is facing a hurdle at ₹204 apiece level. On breaching this resistance, Zomato share price may go up to ₹247 per share mark in the medium term."

On the suggestion to fresh investors, the analyst at Prabhudas Lilladher said, "Fresh investors are advised to maintain a buy-on-dips strategy maintaining strict stop loss at ₹154. They are advised to hold Zomato shares for the medium-term target of ₹247 per share."
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Dividend stock: Sundaram Clayton board approves interim dividend of ₹5.15 per share

1 min read
26 Mar 2024, 02:43 PM IST
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The record date for the interim dividend has been scheduled for April 4, 2024. On this date, only shareholders holding accounts with Sundaram-Clayton will be eligible to receive the dividend payout.

Sundaram Clayton announced interim dividend on Tuesday.
Auto parts manufacturer Sundaram-Clayton Ltd., on Tuesday, declared that its board has approved an interim dividend of ₹5.15 per share for its shareholders for the fiscal year ending March 31, 2024.
“The Board of Directors of the Company at its meeting held today, declared an interim dividend of Rs. 5.15/- per share (103%) on 2,02,32,104 equity shares of Rs.5/- each fully paid up, absorbing a sum of Rs. 10.42 Cr, for the financial year ending 31st March 2024," Sundaram-Clayton said in an exchange filing.
Also read: Lloyds Enterprises: Up 2337%, this penny stock turned ₹1 lakh into ₹24 lakh in 4 years

The company is expected to incur approximately ₹10.42 crore for the dividend payout. The record date for the interim dividend has been scheduled for April 4, 2024. On this date, only shareholders holding accounts with Sundaram-Clayton will be eligible to receive the dividend payout.
“The interim dividend declared will be paid to those shareholders, who hold shares in physical form and / or in electronic form and whose names appear in the Register of Members and / or Depositories respectively, as at the close of working hours on 4th April 2024, being the Record Date fixed by the Company for this purpose. The dividend payment will made within a period of 30 days from the declaration of interim dividend, as provided in the Companies Act, 2013," the company said.
The declared dividend equates to a total payout of 103%. According to an exchange filing, the interim dividend will be disbursed within 30 days of its declaration.

Sundaram-Clayton shares are expected to trade ex-dividend one or two days prior to the record date. On the ex-dividend date, the stock loses the value of the forthcoming dividend payment, and only shareholders registered before this date are eligible for the dividend.
Currently, Sundaram-Clayton shares are trading at ₹1352.95 apiece on the BSE, marking a 0.37% decrease. The stock has retreated approximately 24% from its 52-week high of ₹1,775 attained on January 12, 2024.

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