New Delhi, Jan 21 | Essar Capital Ltd, the investment manager of Essar Global Fund Ltd, announced the appointment of Anil Kumar Chaudhary as Chief Executive Officer for the Metals & Mining business. He will be the member of the Executive Committee, and will play a key role in driving the investment strategy and growth in the Metals & Mining Vertical, domestically and globally.
Chaudhary was formerly the Chairman and Managing Director of Steel Authority of India Limited (SAIL) and has been the Chairman of International Coal Ventures Ltd. (ICVL) and junction services Ltd. He had also been the President of Steel Research and Technology Mission of India (SRTMI). Currently, he is the Chairman of Minerals and Metals Committee of PHDCCI.
Chaudhary, a seasoned professional with more than 37 years of experience, has an impressive record with leading Metals and Mining businesses. In his current role, he will be driving and implementing a strategic business plan for Essar Capital’s Metals & Mining Vertical and its growth and value creation.
Speaking on the appointment, J. Mehra, Vice Chairman and Operating Partner, Metals and Mining, said, “We welcome Anil to the Essar family and firmly believe that he will bring his impeccable track record in areas of leadership and business operations and will take the Metal & Mining business to new heights. We at Essar look forward to his significant contribution and fresh perspectives that he will bring to the table.”
Essar Capital’s Metals and Mining Vertical is committed to deliver greener solutions that focus on providing pellets. The Vertical is at an advanced stage of developing and executing projects in India and the US. In addition to that, Vertical is foraying into iron and steel making, both in India and in the Middle East region.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India