Market Makers – Eq Muscle Release Wed, 25 May 2022 09:36:32 +0000 en-US hourly 1 Market Makers – Eq Muscle Release 32 32 Market Makers – Cryptocurrency Exchanges – Law in India – Fin Tech Wed, 25 May 2022 09:13:24 +0000 To print this article, all you need to do is be registered or log in to

Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and High Court of Delhi, Partner and Head of Intellectual Property Law Division, Vaish Associates Advocates, India

There are no specific market maker laws when it comes to cryptocurrency exchanges in India. Some guidelines have been promulgated by the SEBI (Securities and Exchange Board of India), but these apply only to Shares and certain exchanges only. These rules can be viewed at,in%20each%20of%20the%20scrips.

These SEBI Market Maker Guidelines do not apply to cryptocurrencies.

In accordance with SEBI guidelines, the following criteria have been defined for market makers:

  1. Market makers could be introduced in the stock exchanges in a phased manner and, to begin with, market making would only be introduced in the stock exchanges of Bombay, Calcutta, Delhi and Madras.

  2. Market makers according to SEBI are only allowed on exchanges.

  3. Each of these SEBI-approved market makers should create a market for a minimum of 5 scrips (participation shares).Initially, market making would only be introduced for scrips that are not included in the national BSE index. Each market maker will be required to acquire at least 30,000 shares in each of the scrips. SEBI may vary the minimum number of shares to be acquired depending on the par value of the share, the average delivery per settlement, the company’s free float, etc.

    1. These guidelines apply only to Equity Shares.

Reference may also be made to RBI (Reserve Bank of India) (Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021) available at These instructions also do not apply to cryptocurrency exchanges, as they apply to OTC derivatives.

In accordance with the main direction above,

  • A Market Makers should only trade derivatives permitted under Government Guidelines.

  • Market makers may trade derivatives that have monetary instruments and/or permitted derivatives as constituents.

  • Market makers must not trade in derivatives containing a derivative as the underlying, except as expressly permitted in the terms of the Instructions governing the market.

  • Market makers must not trade in derivatives, either directly or on a back-to-back basis, the price of which they cannot independently price.

In the context of this directive, “market maker” means an entity that provides prices to users and other market makers. (Explanation: authorized persons, authorized as such under section 10(1) of the Foreign Exchange Management Act 1999 (Act 42 of 1999), authorized to undertake dealings in foreign exchange derivatives with Users and other Authorized Persons, will be treated as market makers in such transactions.) The term “Derivative” means (iv) “Derivative” shall have the same meaning as ascribed to it in Section 45U(a) of the law.

Section 45U(a) of the RBI Act defines the term “derivative” as follows:

(a) “derivative instrument” means an instrument, to be settled at a future date, the value of which is derived from the variation of the interest rate, the exchange rate, the credit rating or the credit index, of the price of the securities (also called the “underlying”), or a combination of several of them and includes interest rate swaps, forward rate contracts, currency swaps, currency swaps in Rupees, Foreign Currency Options, Rupees Currency Options or such other instruments as may be specified by the Bank from time to time.

Now, regarding cryptocurrencies, these were broadly defined in 2022 under the Income Tax Act as follows:

Section 2 Subsection (47A) “Virtual Digital Asset” means–

(a) any information or code or number or token (not being Indian or foreign currency), generated by cryptographic means or otherwise, however named, providing a numerical representation of the value exchanged with or without consideration, with the promise or representation of having intrinsic value, or of functioning as a store of value or unit of account, including its use in any financial transaction or investment, but not limited to a program investment; and may be transferred, stored or exchanged electronically;

(b) a non-fungible token or any other token of a similar nature, however named;

(c) any other digital asset, as central government may, by notice in the Official Gazette, specify:

Explanation.- For the purposes of this clause,–

(a) “non-fungible token” means any digital asset that the central government may, by notice in the Official Gazette, specify;

(b) the terms “Currency”, “Foreign Currency” and “Indian Currency” have the same meanings given to them respectively in clauses (h), (m) and (q) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).]

Cryptocurrencies were first dealt with under Indian law, through an amendment to the Income Tax Act, in 2022, and cryptocurrencies were defined as entering in the category of virtual digital assets. Currently, with the exception of Section 2 (47A) of the Income Tax Act, cryptocurrencies have not been addressed or defined by any other law. The SEBI and RBI Master Direction guidelines regarding MARKET MAKER do not address cryptocurrencies. There is no law in India dealing with the MARKET MAKER of cryptocurrencies and these are still unregulated.


Vijay Pal Dalmia, lawyer

Supreme Court of India and High Court of Delhi

Email ID:

Mobile number: +91 9810081079



Twitter: @vpdalmia

© 2020, Vaish Associates Advocates,
All rights reserved
Advocates, 1st & 11th Floors, Mohan Dev Building 13, Tolstoy Marg New Delhi-110001 (India).

The content of this article is intended to provide a general guide on the subject. Specialist professional advice should be sought regarding your particular situation. The opinions expressed in this article belong solely to the authors of this article.

POPULAR ARTICLES ON: Technology from India

Finals Issue 18: May 2022

Ikigai law

A fintech entrepreneur walks into a bar. “Hey, what can I get you today?” asks the bartender. The entrepreneur smiles: “I’ll have my usual – a Dataquiri.

Bombardier launches latest Global 8000 ultra-long-range business jet By Reuters Mon, 23 May 2022 09:26:00 +0000

© Reuters. FILE PHOTO: Bombardier’s logo and stock chart are seen in this illustration taken May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Canada’s Bombardier (OTC:) Inc launched a new long-range business jet on Monday, as it seeks to remain competitive in a market that serves the ultra-rich and has remained robust amid the crisis. boom in COVID-19 demand for private aircraft.

The Montreal-based aircraft maker said the Global 8000 would become the world’s fastest business jet with an ultra-long range of 8,000 nautical miles (9,206 miles) and a top speed of Mach 0.94 ( 721 miles per hour).

The plane will enter service in 2025 and compete with high-end models offered by rivals General Dynamics (NYSE:) and France’s Dassault Aviation – the Gulfstream G700 and Falcon 10X, respectively. (

Bombardier said the Global 8000 will have a list price of $78 million, slightly higher than the $75 million for which its predecessor and the company’s flagship, the Global 7500, are quoted. The two rivals, the G700 and the Falcon 10X, are also priced at $75 million.

The Global 8000 jet, which is the same size as the 19-seat Global 7500, will be equipped with General Electric (NYSE:)’s Passport Engine, Bombardier added.

Bombardier’s announcement comes as business jet makers reported rising order books as the wealthy continued to fly privately during the pandemic.

Bombardier’s current Global 7500 is expected to be the largest contributor to its earnings before interest, taxes, depreciation and amortization (EBITDA) in the period to 2025.

BSEC to Tighten IPO Subscription Process for Eligible Investors Sat, 21 May 2022 16:24:00 +0000

The Securities and Exchange Commission of Bangladesh has launched an initiative to tighten the subscription of IPO shares by eligible investors by increasing the minimum stock market investment to Tk 3 crore from the existing Tk 1 crore.

The minimum investment for approved pension funds, recognized provident funds and approved gratuity fund would be raised to Tk 1.5 crore from the existing Tk 50 lakh.

BSEC officials submitted the proposals to the commission last week.

The terms, if approved, will be set forth in the consent letter of each IPO prospectus.

The BSEC also decided to require stock exchanges to register the provident fund and the bonus fund as eligible investors after evaluating the funds’ audited financial statements.

Currently, exchanges only register them by seeing the certificate of fund registration issued by the National Board of Revenue.

In addition, the DSE must also ensure that the investments of the provident fund and the gratuity fund do not exceed the total size of the fund.

Now, provident funds worth Tk 1 crore can invest Tk 2 crore or more in the primary market after borrowing through other means.

The BSEC took the initiative as it observed that many eligible investors, who have no apparent role in the secondary market, were benefiting from the IPO quota facility, depriving the assets.

In addition, he found that many provident funds and gratification funds, which either exist in name or were only opened for IPO purposes, also benefit from the IPO quota facility. stock market and earn money.

Thus, enhanced supervision would prevent such eligible investors wandering out of the market, BSEC officials said.

According to the current IPO subscription requirement by eligible investors, each eligible investor who intends to submit an application must maintain a minimum investment of Tk 50 lakh for approved pension funds, provident funds recognized and approved bonus funds and other EIs of Tk 1 crore in the securities quoted at market price at the end of a business day which is immediately preceded by five business days from the first day of commencement of subscription to the ‘Initial Public Offering.

Exchanges should send the list of BO accounts that have applied for IPO to Central Depository Bangladesh Limited (CDBL).

The CDBL shall send a report to the exchanges based on the list of BO accounts provided by the exchanges regarding the holding of EI in listed securities and the exchanges will ensure compliance in this regard.

Eligible investors, including mutual funds, are granted a 25% quota in the IPO under the fixed price method and the bookbuilding method in accordance with the issuance rules public of the BSEC.

Eligible investors are investment bankers and portfolio managers, portfolio management companies, UCITS and UCITS, securities dealers, banks, financial institutions, insurance companies, fund managers alternative investment funds, alternative investment funds, market makers, issuers of listed securities, residents or non-resident Bangladeshis, and other institutions approved by the BSEC.

Synopsys Surpasses Q2 EPS By 13c By Wed, 18 May 2022 20:56:57 +0000

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Food inflation pain puts emerging markets between a rock and a hard place By Reuters Tue, 17 May 2022 04:29:00 +0000

© Reuters. FILE PHOTO: People shop at a fresh produce market in Istanbul, Turkey December 20, 2021. REUTERS/Dilara Senkaya

By Karin Strohecker, Ezgi Erkoyun and Sarah El Safty

LONDON/ISTANBUL/CAIRO (Reuters) – As with millions of people in developing and emerging countries around the world, buying basic foodstuffs has gone from a necessity to a luxury for Selcuk Gemici.

The 49-year-old, who works at a car repair shop in Turkey’s biggest city, Istanbul, and lives with his wife and two children in his father’s house, says fresh produce is often out of stock. reach, her family living on pasta, bulgur and beans. .

“Everything has become so expensive that we can’t buy and eat what we want – we only buy what we can afford now,” Gemici said. “My children are not properly fed.”

Global food prices have soared for two years, fueled by COVID-19-related disruptions and inclement weather. Grain and oil supply shocks caused by Russia’s invasion of Ukraine hit an all-time high in February and then again in March.

Inflation rates have soared, with rising energy prices adding to the pressure. Turkey or Argentina with annual inflation of 70% and around 60% could be outliers, but the readings are in the double digits in countries from Brazil to Hungary. This makes US inflation at 8.3% modest by comparison.

Rising food prices are a hot topic in emerging markets, raising the risk of civil unrest with echoes of the Arab Spring and putting policymakers at an impasse between intervening with fiscal support to ease the pain of their people or preserve public finances.

Food is the largest category in inflation baskets – the selection of goods used to calculate the cost of living – in many developing countries, accounting for around half in countries like India or Pakistan and on average some 40% in low-income countries, International Monetary Fund data shows.

Food producers have become more protective: India announced a ban on wheat exports over the weekend while Indonesia halted palm oil exports to control soaring prices at home in late April.

Soaring wheat and rising food prices are fueling inflation

And with the war in Ukraine disrupting not only food but also fertilizer supplies, food inflation could be more sustainable, Marcelo Carvalho, head of global emerging markets research at BNP Paribas (EPA:) told Reuters.

“It’s here to stay,” Carvalho said. “Food is very salient – ​​when there is a change in food prices, the perception of inflation is amplified – which fuels inflation expectations which are more easily unanchored.”


For Um Ibrahim, a 60-year-old widow who sells scarves outside a mosque in the middle-class neighborhood of Madinet Nasr in Cairo, the Egyptian capital, feeding her four children has become much more difficult.

“All prices have gone up – clothes, vegetables, poultry, eggs – what am I going to do?” she asked, spreading her dishes on a tablecloth.

Egypt, one of the world’s biggest wheat importers, saw inflation soar more than 13% in April and is expected to raise interest rates again at a meeting this week after devaluing the currency by 14% in mid-March.

Emerging market policymakers, who have raised interest rates by hundreds of basis points cumulatively since 2020 to dampen price pressures and secure a higher US bond yield premium for investors, must find a balance between controlling inflation and maintaining fragile growth at a level during periods of rising global interest rates.

Emerging economies could grow by just 4.6% this year, according to World Bank forecasts, down from an earlier forecast of 6.3%.

Emerging Markets Inflation

Polina Kurdyavko, head of emerging debt at BlueBay Asset Management, says governments have three options: give consumers bigger subsidies or bite the bullet to let prices rise and deal with inflation and social unrest, or do something in between.

“There are no easy solutions,” Kurdyavko said.

A series of countries have introduced measures: Turkey raised the minimum wage by 50% in December to deal with a currency crash and soaring inflation. Chile will also raise the minimum wage this year.

The South African government is debating whether to increase a social assistance grant launched in 2020 and make the program permanent.

Economists fear that emerging economies will face a new wave of unrest following the latest food price hikes. North Africa, where food inflation contributed to the Arab Spring revolts a decade ago, looked particularly vulnerable, said Beata Javorcic, chief economist at the European Bank for Reconstruction and Development.

“The irony of this war is that while everyone expected Russia to have a crisis, it is actually the countries of North Africa that are closer to having an emergency. due to high food prices,” she said.

But the pain is expected to spread further: Three-quarters of countries expected to be at high or extreme risk of civil unrest by the fourth quarter of 2022 were middle-income countries, the cabinet said last week. risk consultancy Verisk Maplecroft.

Easing inflationary pressures through spending will have a fiscal cost that could lead to problems later, BNP’s Carvalho said.

“In emerging markets, tax sins are forgiven but not forgotten,” he said. “For the past two years, everyone felt like they had a blank check…partly because rates were so low. Now that interest rates are going up, it’s getting a little more complicated .”

This dividend stock recently raised its forecast and is near its 52-week high. Is it a purchase? Sun, 15 May 2022 12:40:00 +0000

Stocks were beaten in 2022, and the S&P500 is down 17% since the start of the year. Given the current environment, it’s hard to find stocks that haven’t been reversed.

However, some stocks can perform well even in this market. In particular, valuing the actions and dividend stocks haven’t seen nearly the declines that their growth stock counterparts are experiencing.

Data by YCharts.

One dividend-paying stock that has posted strong earnings and impressed investors with its predictions is the group insurance company Unum Group (NYSE:UNM). While the company struggled when the pandemic started in 2020, things are starting to look up for the company.

The pandemic has caused major headwinds for Unum in 2020

Unum Group offers life insurance along with other benefits such as dental and vision coverage primarily to employer networks.

Two people look at a paper held by a professional.

Image source: Getty Images.

The emergence of the global pandemic in 2020 has hurt Unum Group’s earnings in various ways. The unemployment rate in the United States reached 14% at the start of the pandemic and falling employment levels led to slower premium growth for Unum Group. The company has also faced higher payouts due to the pandemic, as the elderly have been hit the hardest by the pandemic. Finally, low interest rates have been a headwind for the insurer, which has struggled to generate much interest income from its holdings.

Unum turn the corner now

The workforce has largely recovered since then and Unum Group delivered a strong quarter of profits in the first quarter of 2022. The insurer saw its premium income increase by 1% compared to the same quarter of the ‘last year. More importantly, Unum saw its first-quarter adjusted operating profit increase 31% year-over-year.

What made investors optimistic was the management updated tips for 2022. Unum expects adjusted operating earnings per share to grow 15% to 20% for the year. This is a significant increase from its previous growth forecast of 4% to 7%. The increase in forecasts made investors optimistic and the day after the earnings release, Unum Group’s share price jumped almost 14%.

Headwinds have become tailwinds that can work in favor of Unum

What works in Unum Group’s favor is a reversal of the issues that plagued it when the pandemic first emerged. CEO Richard McKenney commented on how “the current business environment is favorable for our business, with higher interest rates and a strong labor market, which is translating into an improved earnings outlook” .

Going forward, Unum executives expect premium growth to remain solid and COVID-19-related claims to decline. Lower unemployment rates mean more employees in the workforce, which would increase the amount companies will pay for benefits – which is great for Unum Group.

A graph shows the unemployment rate over 30 years.

Image source: Federal Reserve Economic Data.

The company also expects to see its earnings ratio fall. The benefit rate is a key metric for insurers like Unum Group. This indicator measures the ratio of claims paid to total premiums collected from customers.

Unum’s group life insurance benefit ratio peaked at around 96% in 2021 (the lower the ratio, the better). The insurer expects this ratio to improve to 80% to 85% this year and settle in its historical range of 70% to 75% in the coming years.

A chart shows the Unum Group life and accidental death and dismemberment benefit ratio.

Image source: Unum Group.

A solid balance will also help

Another thing that works in Unum Group’s favor is its strong balance sheet. The company currently has $1.3 billion in cash and available assets and is 25% leveraged, its lowest level since 2014.

This strong capital position allows the insurer to work cash into higher interest assets and return cash to shareholders through share buybacks and dividends.

Unum’s board has approved $200 million in share buybacks per year, and the dividend is earning investors a solid 3.5%. The company is trading at a cheap valuation with a price-earnings ratio of just 7.5. This company has tailwinds for its business, making it a solid stock you can add as part of a diversified portfolio.

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NV5 Global: Best Infrastructure Builder (NASDAQ: NVEE) Fri, 13 May 2022 20:58:00 +0000

Pgiam/iStock via Getty Images

Investment thesis

This article will use NV5 Global, Inc. (NASDAQ: NVEE) as an illustration of our continued search for the most likely identification of near-term capital gain prospects and their potential capital loss risks.

We employ behavioral analysis identify the outlook for gain and loss for individual securities over predictable time horizons of several months rather than the several years normally previously used in 20th century valuations.

If you are new to this analysis, please temporarily explore this brief explanation.

Active investment in infrastructure construction stocks

Company description, growth prospects

“NV5 Global provides professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, utilities, construction, real estate and environmental markets in the United States and internationally. It operates through three segments: Infrastructure; Buildings, Technology & Science; and Geospatial Solutions. The company was formerly known as NV5 Holdings, Inc. and changed its name to NV5 Global, Inc. in December 2015. NV5 Global, Inc. was founded in 1949 and is headquartered in Hollywood, Florida.

Source: Yahoo Finance

Street analyst estimates

Yahoo finance

Infrastructure construction services Stocks at present are good vehicles for active investing, as a recognized deficiency in national maintenance is the target of public spending programs to avert recent tragic failures of highways, bridges and public buildings. The era of information technology continues to demand these activities with ever-increasing capabilities for technology capability and public mobility demands.

Setbacks and intermediate failures keep opportunity valuations in flux among many companies. Physical development timelines and marketing efforts under government regulations and peer review progress vary from country to country. Competitive pressures from burgeoning successes of new organizations can impact established businesses.

The investment result is that there is far more price-changing activity for short-term capital gains and losses than can be gained with the “long-term growth and income” strategies of the Twentieth century. What is needed to seize opportunities and minimize losses is a demonstrated stock-by-stock outlook of the expected market price range today and in the near future. The type we find in the behavior of commercial transactions in volume.

Thus, we have specific, honest and unbiased predictions of future price limits, both up and down, driven by self-serving competing interests of participants in open market trading.

These limits can help define potential investment reward and risk on an issue-by-issue basis that is directly comparable between alternatives, regardless of their underlying competitive or economic circumstances. These essential details were subsumed in the hedging negotiations.

Figure 1 uses these predictions to make Risk and Reward price comparisons between alternative investments.

Figure 1

MM Reward Risk Comparisons

(used with permission)

Each stock is positioned on this chart by its intersection of typical upside price change forecasts (on the green horizontal scale) and downside price exposures (on the red vertical scale) after past forecasts like that of today. Any issue above the dotted diagonal has more potential risk than reward at its current price.

A market benchmark by SPDR S&P 500 Trust ETF (SPY) is at the location [4]. Notably, none of the marketing services stocks have less downside risk than SPY, but most of them have higher return prospects. The most expedient, on a reward-risk basis, is [3] NVEE.

Since price change risk is a dynamic and not a constant, these exposure relationships will change over time. It is these changes that provide new opportunities for active investment capital gains on a recurring, shorter-term basis. Besides downside price exposure, there may be other investment attributes that investors will want to consider. Figure 2 shows some of them.

Figure 2

detailed comparative data

(used with permission)

Column price range prediction limits [B] and [C] be defined by MM’s hedging actions to protect the firm’s capital which must be exposed to the risk of price changes from volume trade orders placed by large $”institutional” clients.

[E] measures the potential upside risks for the short MM positions created to fill these orders and rewards the potentials for the buy positions thus created. Past forecasts like this provide a history of relevant risk of lower prices for buyers. The most severe actually encountered are found in [F]during the periods of maintenance in the effort to reach [E] earnings. This is where buyers are most likely to accept losses.

[H] indicates what proportion of the [L] sample of similar past predictions made gains by causing the price to reach its [B] target or be above sound [D] cost of entry at the end of a maximum holding period limit of 3 months.

[ I ] gives the net gains-losses of those [L] experiences and [N] suggests how much [E] can be compared to [ I ].

Other reward-risk trade-offs involve the use of [H] win odds with loss odds 100 – H as weights for N-conditioned [E] and for [F]for a combined yield score [Q]. The typical job retention period [J] on [Q] provides a symbol of merit [fom] ranking measure [R] useful in portfolio position preference. Figure 2 is ranked on R among candidate titles, with TTGT ranked first.

For perspective, along with candidate-specific stocks, these selection considerations are provided for the averages of over 3,300 stocks for which MM price range predictions are available today. Top 20 ranked (by of) of these forecasts, and the forecast for the S&P500 Index ETF as a proxy for the stock market can also be noted.

The 52 bps/day outlook of NVEE when compounded over a year of 252 market days, adds to the 320% gain in [K] if maintained for one year. But its high price target over the next 3 months of $133.91 at +22% above the current expected price of $110 leaves the remaining +295% to be made up of other select investments capable of making gains at same rate of 52 bp/day in the remaining 216 market days of the year, if it takes the previous average of 31 days to gain that +22%.

All of these ifs are what make it easy to track scores by simply adding up the base points achieved and the days it takes to achieve them, then dividing them by each other to get an average CAGR for your portfolio.

Among the top 20 of today’s 3,203 MM price range predictions, their high win odds (87 out of 100) and short holding periods (36 days) drive their average CAGR to 240%. Here, NVEE compares quite favorably at +323%, in contrast to MM’s predicted population CAGR of 22% and SPY at +57%.

Recent Trends in NVEE Price Range Predictions

Figure 3 shows the daily forecast of the MM hedging implied price range for the past 2 years as vertical lines. Unlike the “technical analysis charts” only of past prices these are forward-looking expectations prizes yet to come in the coming months. These are weekly selections of forecasts made daily over the past two years.

Each forecast is divided into upside and downside price change prospects by the big dot of the stock market’s closing price on the day the forecast was made. They are records of direct expressions of what is reasonably expected and where capital has been put at risk, not hypothetical hopes of past price repeats.

figure 3

MM Price Range Weekly Forecast

(used with permission)

The small image at the bottom of Figure 3 shows the daily record for the past 5 years of where market quotes divide each forecast into up and down proportions. The current Range Index of 3 indicates that less than one-twentieth of the full forecast range is down, and more than 19-twentieths is up. Typical NVEE valuations have averaged much higher than the current outlook, an indication of a likely higher price.


The above comparison of NV5 Global, Inc. with its top competitors indicates that a purchase of the stock at this time should provide capital gain satisfactions in the coming months..

PNB stock plunges 10% on Q4 flop: Weighs bank Nifty PSU down, index tanks 4% Thu, 12 May 2022 04:46:19 +0000

By Malvika Gurung — Public Sector Lender Stocks National Bank of Punjab (NS:) fell 10% to Rs 29.8 at the time of writing and hit a fresh 52-week low at Rs 29.5 each in early trading on Thursday.

The fall in PNB shares dragged the indexes lower, falling 3.7% and 2.17% respectively. PSU Bank is the sector’s worst performer in the Nifty basket.

The stock plunged following a flop March earnings report was released after-market on Wednesday, with standalone net profit down 65.5% year on year to Rs 201.6 crore, missing by far Street’s estimate of Rs 1388.1 crore in the quarter.

Earnings declined due to a higher amount set aside for provisioning, although lender NPA levels in the quarter declined.

The lender’s total income edged down 1.36% YoY to Rs 21,095 crore, while NII climbed 5% YoY to Rs 7,305 crore in the March quarter.

In terms of asset quality, the nation’s second-largest bank reported improvement in the fourth quarter of FY22, as its gross NPA fell to 11.78% from 14.12% in the fourth quarter of FY21. , and net NPA or bad debts declined to 4.8% from 5.73% earlier.

At the same time, however, PNB parked a higher provision of more than 37% year-on-year for bad debts and contingencies for the March quarter at Rs 4,851.47 crore during the quarter.

The bank’s board has recommended a dividend of Re 0.64/share for FY22.

Monarch Casino Says Wall Street Market Makers (NASDAQ:MCRI) Tue, 10 May 2022 14:18:00 +0000

Pgiam/iStock via Getty Images

Investment theme

Risk and reward live in many activities. Few companies are as vocal about it as the entertainment industry. Wealth creation is the most important portfolio goal for most investors, due to the risks of unexpected financial emergencies, large planned and overly deliberate expenses. preparation for delayed retirement. The expansion of longevity through advances in bioscience technology compounds these latter financial shortfalls for many individual investors.

Difficult times in loose companies can attract the attention of depressed investors, but no matter how bad the market averages seem to be, there are always a few stocks that show just how good things can be, even now.

We monitor over 4,000 stocks, ETFs, REITs and indices each market day to see what derivatives market sharks in options, futures, swaps and other exotics identify as ways to turn certain parties from uncertainty to certainty. What weighted investors are willing to pay for insurance to get there indicates how far prices are still likely to go.

On more than half of these monitored issues, past history paints periods of rewarding picks with very believable odds. More than two decades of daily observation helps to know which ones and when to believe what they say.

Today’s Survey of Over 4,000 Stocks Reveals Hundreds of Stocks Exercise the Market-Maker [MM] capital liquidity capabilities, some of which, such as Monarch Casino & Resort (NASDAQ: MCRI) reveal strong, previously reliable indications of near-term capital gains ahead.

Opportunity target today

Company Description:

Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. The company also owns and operates Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. As of December 31, 2021, its Atlantis Casino Resort Spa had approximately 61,000 square feet of casino space; 818 rooms and suites, approximately 1,400 slot machines and video poker; around 37 table games, including blackjack, craps, roulette and others; a running and sports book; a 24-hour live keno lounge; and a poker room. Additionally, its Monarch Casino Resort Spa Black Hawk featured approximately 60,000 square feet of casino space; approximately 1,100 slot machines; approximately 40 board games; 10 bars and lounges; 4 dining options; 516 rooms and suites; banquet and meeting rooms and other support facilities. The company was founded in 1972 and is based in Reno, Nevada.

Source: Yahoo Finance

street estimates

Yahoo finance

Big Picture: Risks vs. Rewards

We have grouped MCRI with other similar gaming and resort companies that are frequently compared by individual investors. The predictions implied by the MM hedging actions facilitating bulk volume trades ordered by the big dollar funds provide a likely future price outlook for comparison. Actual market outcomes for these stocks following previous guidance with today’s higher forecast proportions add perspective to valuations.

Figure 1

Risk-reward trade-off

The trade-offs here are between short-term upside price gains (green horizontal scale) considered worth protecting by market makers with short positions in each of the stocks, and past actual price declines experienced during of the holding of these shares (red vertical scale) . Both scales are percent change from zero to 25%.

The intersections of these coordinates with the numbered positions are identified by the stock symbols in the blue field to the right. The S&P 500 Index ETF (SPY) Market Index Compromise Standard Is In Place [4], an unusually high level of decline. Our primary interest is in MCRI at [5].

The dotted diagonal line marks the points of equal upward price change predictions derived from Market-Maker [MM] hedging actions, and actual worst-case price declines from positions that could have been taken as a result of earlier MA predictions like today’s.

This map is a good starting point, but it can only cover some of the investment characteristics that must often influence an investor’s choice of where to invest their capital. The table in Figure 3 covers the above considerations and several more.

The main questions for all alternatives are “how likely are these outcomes to occur” and “can their impact be improved?” »

Figure 2 presents the MM price range predictions [B] for [C] for the candidate alternative investments in Figure 1, along with the results [ I ] of their last 5 years of daily forecasts with the same proportions [G] of today’s up-to-down range index [RI] prospects. The numerical value of RI is that percentage of the whole range below the current market price.

Figure 2

detailed comparative data

Contributing to this comparison are the demonstrated chances of a successful profit forecast in the column [H]its complement of 100 – H, or frequency of loss, size of net gain achieved [I] and the size of the worst loss [F] experienced during previous holding periods such that, when weighted appropriately [O] and [P]they produce the Net of [Q]. Respecting the power of composition, [Q] converted to basis points per day [J] of capital commitment to [R] has a very comparable figure of merit (of) for investment preferences whose primary objective is to build readily liquidable capital to meet emergency, retirement or other planned needs.

By its use as a ranking, the merit factor (fom) [R] for each line provides an additional measure of attraction, emphasizing the capital gain potential for MCRI. Since [H] odds on wins versus losses and [J] impact of holding periods [R]the sample sizes from which past results are drawn require careful consideration, but are comparable across all types of equity investments.

Also please note the comparison of these stocks with the S&P 500 Index ETF and with the average of the 3203 stocks for which we are compiling the population-specific forecasts here. From this population, we use the dimensions shown in Figure 2 to rank the most promising and historically attested few stocks right now, each based on past MM forecasts with both up and down balances like today.

Recent trends in MCRI forecasts by market makers

The recent weakness in MCRI’s stock price approximates much of the equity market. Apparently, it caught the attention of some institutional investment organizations. Over the past couple of days, their buy orders have supported heightened expectations for prices ahead.

The current upside target of $82 offers a forward-looking gain of +20%, but its current price of $69 is at the bottom of market professionals’ expectations of $69-$83.

picture 3

MM Price Range Forecast Trends

The small “thumbnail” image at the bottom of Figure 3 shows the frequency of the past 5 years of daily MCRI beach indices [RI]. At its current level of 3 (near the expected low of the range), almost all subsequent IRs, and their prices, have clearly been higher. In the past, there have been 19 of the 1261 daily forecasts with IRs of 3.

All but two of the 19 met their high-end forecasts. The historical odds of hitting past goals was 89 out of 100. And their average gains, net of those 2, were +15% in 37 market days (7 weeks) of capital commitment to the business – a rate of more than 170% per year. No guarantees, just a good chance for a big rate of return by being an active investor.


Comparison of Monarch Casino & Resort with its industry competitors makes it a good choice for the industry’s most desirable short-term capital gain vehicle at this point.

US Senate to vote on abortion rights bill on Wednesday, Schumer says By Reuters Sun, 08 May 2022 16:20:00 +0000

© Reuters. FILE PHOTO: Protesters supporting reproductive rights demonstrate outside the U.S. Supreme Court in Washington, U.S. May 6, 2022. REUTERS/Evelyn Hockstein

(Reuters) – The U.S. Senate will vote on Wednesday on legislation to codify the right to abortion into law in reaction to the leaked draft ruling indicating the Supreme Court is set to overturn its landmark 1973 Roe c . Wade, said Senate Majority Leader Chuck Schumer. Sunday.

“Every American will see the position of every senator,” Schumer said at a news conference with heads of state in New York. Republicans “can’t dodge it anymore. Republicans tried to dodge it.”

The Democrat said he will file a closure on Monday and the 100-seat chamber will vote on the bill on Wednesday.

Schumer called the proposed ruling an “abomination,” noting that a majority of Americans want to preserve women’s right to abortion and health care.

“The choice shouldn’t be with a handful of right-wing judges. The choice shouldn’t be with a handful of right-wing politicians. It’s a woman’s right. It’s plain and simple,” he said. -he declares.

Last week, a draft decision was leaked showing a majority of the nation’s highest court would vote to overturn Roe v. Wade, the legal precedent guaranteeing access to abortion for Americans.