*Ajanta Pharma – Q4FY21 Concall – Nirmal Bang Sec.
*Outlook – Positive*
The stock is trading at 21.8xFY22E consensus earnings
The company arranged its maiden concall for the quarter. The company witnessed 11% sales growth for the quarter driven by growth across markets except branded generics in emerging markets which was impacted due to supplies issues, which is expected to normalise soon. Ajanta witnessed improvement in gross margins to 78% against 75% in FY20 due to favourable product mix. The management sounded confident of maintaining current levels for future except some inflation on API cost. Other expenses have normalised in 2H (vs lower in 1H on account of limited field activities) and likely to remain in the same range for future. EBITDA margins have improved to 34% during Q4 vs 22% last year and 32% in Q3. For FY22, the management is hopeful of maintaining the margins barring slight increase in R&D cost which is likely to improve to 6% of sales from currently 5%. Last year due to lockdown the industry lost 5-6 months in terms of activity, hence ANDA filings were less, however it is likely to pick up in current year and the management is targeting 10-12 filings. The company has done capex of Rs 155 cr in FY20 and has guided for Rs 250 cr in FY22 mainly on maintenance, on new corporate office and some expansions in the facility. Its balance sheet continues to remain healthy with cash and equivalents of Rs 375 cr and zero debt. During the year the company has witnessed improvement in receivables however inventory levels have moved up which according to company is a conscious decision to streamline the supply issues.
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*Outlook – Positive*
The stock is trading at 21.8xFY22E consensus earnings
The company arranged its maiden concall for the quarter. The company witnessed 11% sales growth for the quarter driven by growth across markets except branded generics in emerging markets which was impacted due to supplies issues, which is expected to normalise soon. Ajanta witnessed improvement in gross margins to 78% against 75% in FY20 due to favourable product mix. The management sounded confident of maintaining current levels for future except some inflation on API cost. Other expenses have normalised in 2H (vs lower in 1H on account of limited field activities) and likely to remain in the same range for future. EBITDA margins have improved to 34% during Q4 vs 22% last year and 32% in Q3. For FY22, the management is hopeful of maintaining the margins barring slight increase in R&D cost which is likely to improve to 6% of sales from currently 5%. Last year due to lockdown the industry lost 5-6 months in terms of activity, hence ANDA filings were less, however it is likely to pick up in current year and the management is targeting 10-12 filings. The company has done capex of Rs 155 cr in FY20 and has guided for Rs 250 cr in FY22 mainly on maintenance, on new corporate office and some expansions in the facility. Its balance sheet continues to remain healthy with cash and equivalents of Rs 375 cr and zero debt. During the year the company has witnessed improvement in receivables however inventory levels have moved up which according to company is a conscious decision to streamline the supply issues.
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*Laurus Labs – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
_The management is targeting $1bn sales by FY23, implying 24% CAGR. In addition, the company has earmarked Rs 1500-1700 cr capex over two years for growth beyond these years. This shows management’s confidence and conviction towards the demand and revenue visibility_
The stock is trading at 17x FY23E on our earnings
• FY21 – done exceptional well; Q4 revenues at Rs 1412 cr grew by 68% yoy;
• Due to better product mix gross margins improved significantly to 55%
• Done capex of Rs 700 cr in FY21 (50% in API, 30% in FDs, 20% in CRAMS & Bio)
• *Capex for FY22 and 23 - Total 1500-1700 cr capex for next 2 yrs* (addition of ~Rs 500 cr from last guidance) – 50% in APIs, 25% FDs and 25% in Custom Synthesis - *mostly from the internal accurals*
• Likely to maintain R&D expense of 4% of sales for FY22
• *Don’t need more capex to reach the aspirational sales tgt of $1bn by FY23E*
• *Confident of maintain 30% EBITDA margins for FY22*
• ATR is 1.5x
• Most of the capex is brownfield hence the impact of bottom-line won’t be so much
• *_Formulations – Q4FY21 revenues of Rs 430 cr_*
o Recently got approval for triple combination anti-retroviral combo drug containing Tenofovir Alafenamide; *expect to service this order in 1HFY22* - it has $10 mn opportunity this year however next year it could be big
o Seeing growth in developed markets
o Commenced mktg of in-licensed products, out of 5 products 2 are launched and remaining would be done in next 6 months
o In US, the company has a total of 9 final approvals and 8 tentative approvals, out of the 26 ANDAs filed
o In Canada, it has 8 approvals and 4 launched and2 would be launched soon
o In EU, 2 additional products have been validated as part of CDMO expansion – expect significant upside in FY23; also got approvals for 5 products, 2 are launched and the company is in the process of launching others shortly
o Ongoing Brownfield expansion would be operational by Oct’21 in phase manner and would be fully operational by end of FY21
o Debottlenecking of facilities was done in March and commercialised in April; * Expect strong traction in FDs in 2H once the new facility commercialised in Oct*
o TLE 400 market opportunity is $120-150mn and has 3 players. TLE 600 market is very small
• *_APIs – Rs 797 cr revenues_*
o ARVs done very well; *Expect good ARV API sales in FY22 as well*
o Due to increase in demand for third-party APIs, the company is expanding API capacity
o Onco - Creating dedicated block for Non-ARV APIs including expansion for High Potent capacity at Unit 4, *expect onco business to grow fairly well in coming quarters as well*
o Big jump on other API sales in FY23, though partly in FY22 as well on the back of on-going capex
• *_Synthesis – Rev of Rs 176 cr_*
o Laurus is pursuing several active projects in the late-stage clinical programs, as well as the commercial supplies of four products, which are ongoing.
o By FY23, the division would be self-reliant in all aspects
• *_Bio_*
o Completed the acquisition in Jan’21
o Laurus Bio is on the course of commissioning a large-scale fermentation capability, 180,000 liters in the next two weeks and also planning to acquire additional land for further expansion by creating close to a 1 mn liters of fermentation capacity.
o Rs 60 cr capex in FY22E (including in above capex guidance) – for 180,000 litres – for additional capacity, would need more capex
o Current owners would continue to run the operations
o *The division is likely to double the revenues in FY22*
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*Outlook – Positive*
_The management is targeting $1bn sales by FY23, implying 24% CAGR. In addition, the company has earmarked Rs 1500-1700 cr capex over two years for growth beyond these years. This shows management’s confidence and conviction towards the demand and revenue visibility_
The stock is trading at 17x FY23E on our earnings
• FY21 – done exceptional well; Q4 revenues at Rs 1412 cr grew by 68% yoy;
• Due to better product mix gross margins improved significantly to 55%
• Done capex of Rs 700 cr in FY21 (50% in API, 30% in FDs, 20% in CRAMS & Bio)
• *Capex for FY22 and 23 - Total 1500-1700 cr capex for next 2 yrs* (addition of ~Rs 500 cr from last guidance) – 50% in APIs, 25% FDs and 25% in Custom Synthesis - *mostly from the internal accurals*
• Likely to maintain R&D expense of 4% of sales for FY22
• *Don’t need more capex to reach the aspirational sales tgt of $1bn by FY23E*
• *Confident of maintain 30% EBITDA margins for FY22*
• ATR is 1.5x
• Most of the capex is brownfield hence the impact of bottom-line won’t be so much
• *_Formulations – Q4FY21 revenues of Rs 430 cr_*
o Recently got approval for triple combination anti-retroviral combo drug containing Tenofovir Alafenamide; *expect to service this order in 1HFY22* - it has $10 mn opportunity this year however next year it could be big
o Seeing growth in developed markets
o Commenced mktg of in-licensed products, out of 5 products 2 are launched and remaining would be done in next 6 months
o In US, the company has a total of 9 final approvals and 8 tentative approvals, out of the 26 ANDAs filed
o In Canada, it has 8 approvals and 4 launched and2 would be launched soon
o In EU, 2 additional products have been validated as part of CDMO expansion – expect significant upside in FY23; also got approvals for 5 products, 2 are launched and the company is in the process of launching others shortly
o Ongoing Brownfield expansion would be operational by Oct’21 in phase manner and would be fully operational by end of FY21
o Debottlenecking of facilities was done in March and commercialised in April; * Expect strong traction in FDs in 2H once the new facility commercialised in Oct*
o TLE 400 market opportunity is $120-150mn and has 3 players. TLE 600 market is very small
• *_APIs – Rs 797 cr revenues_*
o ARVs done very well; *Expect good ARV API sales in FY22 as well*
o Due to increase in demand for third-party APIs, the company is expanding API capacity
o Onco - Creating dedicated block for Non-ARV APIs including expansion for High Potent capacity at Unit 4, *expect onco business to grow fairly well in coming quarters as well*
o Big jump on other API sales in FY23, though partly in FY22 as well on the back of on-going capex
• *_Synthesis – Rev of Rs 176 cr_*
o Laurus is pursuing several active projects in the late-stage clinical programs, as well as the commercial supplies of four products, which are ongoing.
o By FY23, the division would be self-reliant in all aspects
• *_Bio_*
o Completed the acquisition in Jan’21
o Laurus Bio is on the course of commissioning a large-scale fermentation capability, 180,000 liters in the next two weeks and also planning to acquire additional land for further expansion by creating close to a 1 mn liters of fermentation capacity.
o Rs 60 cr capex in FY22E (including in above capex guidance) – for 180,000 litres – for additional capacity, would need more capex
o Current owners would continue to run the operations
o *The division is likely to double the revenues in FY22*
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*Central Depository Services (India) Ltd.* | *CMP* Rs. 810 | *M Cap* Rs. 8465 Cr | *52 W H/L* 827/211
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 103.1 Cr (19.7% QoQ, 72.1% YoY) vs expectation of Rs. 90.7 Cr, QoQ Rs. 86.1 Cr, YoY Rs. 59.9 Cr
EBIDTA came at Rs. 63.4 Cr (13.2% QoQ, 145.7% YoY) vs expectation of Rs. 57.3 Cr, QoQ Rs. 56 Cr, YoY Rs. 25.8 Cr
EBITDA Margin came at 61.5% vs expectation of 63.2%, QoQ 65%, YoY 43.1%
Adj. PAT came at Rs. 51.7 Cr vs expectation of Rs. 52.6 Cr, QoQ Rs. 53.7 Cr, YoY Rs. 28.6 Cr
Quarter EPS is Rs. 5
Share is trading at P/E of 43.2x FY22E EPS
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*Result ahead of expectation*
Revenue from Operations came at Rs. 103.1 Cr (19.7% QoQ, 72.1% YoY) vs expectation of Rs. 90.7 Cr, QoQ Rs. 86.1 Cr, YoY Rs. 59.9 Cr
EBIDTA came at Rs. 63.4 Cr (13.2% QoQ, 145.7% YoY) vs expectation of Rs. 57.3 Cr, QoQ Rs. 56 Cr, YoY Rs. 25.8 Cr
EBITDA Margin came at 61.5% vs expectation of 63.2%, QoQ 65%, YoY 43.1%
Adj. PAT came at Rs. 51.7 Cr vs expectation of Rs. 52.6 Cr, QoQ Rs. 53.7 Cr, YoY Rs. 28.6 Cr
Quarter EPS is Rs. 5
Share is trading at P/E of 43.2x FY22E EPS
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Andhra Pradesh Pollution Control Board (AP PCB) on Saturday ordered immediate closure of plants belonging to Amara Raja Batteries Limited (ARBL) at Karkambadi and Nunegundlapalli villages in Chittoor district.
The board attributed closure orders to severe pollution caused by ARBL plants in the surrounding villages. Negative
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The board attributed closure orders to severe pollution caused by ARBL plants in the surrounding villages. Negative
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Forwarded from Books - Make India Read (Shreyansh Sheth)
ETWealth-Shield-Your-Goals-From-Tax-Shocks-20210503.pdf
4.9 MB
ETWealth-Shield-Your-Goals-From-Tax-Shocks-20210503.pdf
DOW JONES DOWN 186
NASDAQ DOWN 120
DOW FUTURE UP 137
NASDAQ FUTURE UP 45
SGX NIFTY DOWN 77
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NASDAQ DOWN 120
DOW FUTURE UP 137
NASDAQ FUTURE UP 45
SGX NIFTY DOWN 77
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Deccan Chronicle: Andhra Pradesh PCB orders closure of Amar Raja Batteries.
https://www.deccanchronicle.com/nation/politics/010521/andhra-pradesh-pcb-orders-closure-of-amar-raja-batteries.html
https://www.deccanchronicle.com/nation/politics/010521/andhra-pradesh-pcb-orders-closure-of-amar-raja-batteries.html
Deccan Chronicle
Andhra Pradesh PCB orders closure of Amar Raja Batteries
PCB requested AP SPDCL to disconnect power to ARBL-run MVRLA, automotive batteries division, small battery unit, tubular unit, and unit 3
Economic Times
Business Standard
Ø RBI to strengthen risk-based supervision of banks, NBFCs
Ø India Inc's foreign borrowings jump 24 percent to $9.23 billion in March
Ø 462 infrastructure projects show cost overruns worth Rs 4.36 lakh crore
Ø Engineering goods exports jump sharply in April
Ø Blackstone betting big on India-its most profitable market
Ø Lenders brace for deterioration in asset quality metrics
Ø Exports up 197% YoY in April; trade deficit widens to $15.24 billion
Ø Govt extends income tax, GST compliance timelines to ease Covid-19 pain
Ø FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April
Ø Franklin Templeton unitholders to get Rs 2,489 cr in next tranche
Ø Tech Mahindra, Reagene to file patent for coronavirus attacking molecule
Business Line
Mint
Ø Budget carrier flydubai posts $194 mn loss due to pandemic
Ø Covid wave to shrink cotton consumption by 8 per cent
Ø Telecom infra operation, maintenance work running smoothly amid curfews: TAIPA
Ø GST mop-up hits record ₹1.41-lakh crore in April
Ø Singareni Collieries shines in April despite Covid disruptions
Ø Ola to take e-scooter to international markets this fiscal
Ø Biden’s $4.5 trillion spending plan faces deficit test
Ø Tesla’s German plant delayed until next year: Report
Ø Warren Buffett defends Berkshire’s moves over pandemic year
Ø Consumer appliances firms scale back production as covid dents demand
Ø India's fuel sales drop in April on Covid wave
Ø Covid-19:Railways deploys nearly 4,000 isolation coaches with almost 64,000 beds
Financial Express
Business World
Ø Govt appoints Rabi Sankar as next RBI deputy governor
Ø Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment
Ø FHRAI Requests Govt For Special Credit Guarantee Window Under ECLGS For Hospitality Sector. https://t.me/marketswizard
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Business Standard
Ø RBI to strengthen risk-based supervision of banks, NBFCs
Ø India Inc's foreign borrowings jump 24 percent to $9.23 billion in March
Ø 462 infrastructure projects show cost overruns worth Rs 4.36 lakh crore
Ø Engineering goods exports jump sharply in April
Ø Blackstone betting big on India-its most profitable market
Ø Lenders brace for deterioration in asset quality metrics
Ø Exports up 197% YoY in April; trade deficit widens to $15.24 billion
Ø Govt extends income tax, GST compliance timelines to ease Covid-19 pain
Ø FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April
Ø Franklin Templeton unitholders to get Rs 2,489 cr in next tranche
Ø Tech Mahindra, Reagene to file patent for coronavirus attacking molecule
Business Line
Mint
Ø Budget carrier flydubai posts $194 mn loss due to pandemic
Ø Covid wave to shrink cotton consumption by 8 per cent
Ø Telecom infra operation, maintenance work running smoothly amid curfews: TAIPA
Ø GST mop-up hits record ₹1.41-lakh crore in April
Ø Singareni Collieries shines in April despite Covid disruptions
Ø Ola to take e-scooter to international markets this fiscal
Ø Biden’s $4.5 trillion spending plan faces deficit test
Ø Tesla’s German plant delayed until next year: Report
Ø Warren Buffett defends Berkshire’s moves over pandemic year
Ø Consumer appliances firms scale back production as covid dents demand
Ø India's fuel sales drop in April on Covid wave
Ø Covid-19:Railways deploys nearly 4,000 isolation coaches with almost 64,000 beds
Financial Express
Business World
Ø Govt appoints Rabi Sankar as next RBI deputy governor
Ø Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment
Ø FHRAI Requests Govt For Special Credit Guarantee Window Under ECLGS For Hospitality Sector. https://t.me/marketswizard
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GM jsk stock in news Trend,supremepetro,tatachem,lnttech,guj alkali,sbilife,vbl,adaniport,biocon,tech mah,natco. Negative stocks eicher,ashokley,escorts,yesbk,indusindbk,mah holiday,tatamot,indianhotel. Nifty range 14450-14750.
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World Markets
Dow - 186
Nasdaq - 120
Dax - 18
Nikkei - 241
Hangseng - 174
Sgxnifty - 102 (14558)
Brent Crude 67.03
Dow Fut + 130
Dollar Index 91.18
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Dow - 186
Nasdaq - 120
Dax - 18
Nikkei - 241
Hangseng - 174
Sgxnifty - 102 (14558)
Brent Crude 67.03
Dow Fut + 130
Dollar Index 91.18
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Pledge Share Details
JSW Steel: Promoters (Sahyog Holdings, JSW Holdings and JSW Techno Projects Management) revoked pledge of 92.10 lakh shares between April 26 and 28.
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 3.55 lakh shares between April 26-27.
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JSW Steel: Promoters (Sahyog Holdings, JSW Holdings and JSW Techno Projects Management) revoked pledge of 92.10 lakh shares between April 26 and 28.
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 3.55 lakh shares between April 26-27.
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Stocks To Watch
Hero MotoCorp: To extend the shutdown at its manufacturing facilities across India, global parts Center & R&D facility in Jaipur till May 9. The plant operations to resume on May 10.
Mahindra & Mahindra: To increase its stake in Meru Travel Solutions to 100%. M&M will acquire 44.14% shares from private equity investors, True North, Bennett Coleman & Co and former Meru cabs CEO, Nilesh Sangoi, for Rs 76.03 crore and 12.66% shares from Neeraj Gupta and Farhat Gupta for Rs 21.63 crore. With this, M&M will enhance its current shareholding in Meru from 43.20% to 100%. Further, Pravin shah, former President at M&M’s automotive division to take over as CEO of Meru and its subsidiaries from May 1.
HDFC Bank: Has announced a new business structure under Sashidhar Jagdishan as MD & CEO. The bank will reorganise itself into three areas: business verticals, delivery channels and technology/digital. It will increase focus on MSME business and will continue to invest in all its delivery channels.
DCB Bank: Has acquired equity stake in India INX and India ICC. The bank has invested Rs 5 crore each in the two companies. India INX and India ICC are promoted by BSE and are the leading exchange and clearing corporation in the GIFT City IFSC at Gandhinagar.
Bank of India: Board has approved raising up to Rs 4,800 crore capital. The bank will raise Rs 3,000 crore by issuance of fresh equity capital in the form of FPO/QIP/Basel Ill Compliant Additional Tier-1 bonds (domestic and foreign currency) and Rs 1,800 crore via Basel III compliant Tier-2 bonds.
NLC India: Board has approved the proposal for issuance of bonds in the nature of debentures of up to Rs 5,000 crore in tranches.
MOIL: Has cut manganese ore prices by about 5% across all grades with effect from May 1.
Rashtriya Chemicals and Fertilizers: Has appointed Crawford Bayley along with its International consortium partner Squire Patton Boggs Singapore LLP as legal advisers for disinvestment of 10% paid-up equity capital, out of the Government of India’s shareholding, through offer for sale.
Coal India: Production in April up 3.7% year-on-year to 41.9 MT while Offtake rose 38.4% year-on-year to 54.1 MT.
Titan Company: Has incorporated TCL North America Inc. as its wholly-owned subsidiary in the State of Delaware, the USA for $300,000. TCL North America Inc. will carry on the business of jewellery retailing
Ajanta Pharma, Ipca Laboratories, Alembic Pharmaceuticals and Glenmark Pharmaceuticals have subscribed to partnership interest in ABCD Technologies (to be renamed as IndoHealth Services LLP). Ajanta Pharma and Ipca Laboratories will invest Rs 25 crore each for a 4.03% share in ABCD Technologies and Glenmark Pharmaceuticals and Alembic Pharmaceuticals will invest Rs 40 crore each for a 6.45% share.
Parag Milk Foods: Board has approved the opening of the issue of Foreign Currency Convertible Bonds, aggregating up to $11 million, on April 30. The conversion price of the FCCBs is Rs 145 per share and the floor price is Rs 111.27.
Nifty Earnings: SBI Life Insurance Company, Kotak Mahindra Bank
Non-Nifty Earnings: Godrej Properties, L&T Technology Services, IDBI Bank, Tata Chemicals, Apollo Tricoat Tubes, Home First Finance Company India, Mahindra Holidays & Resorts India, Supreme Industries, Varun Beverages. https://t.me/marketswizard
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Hero MotoCorp: To extend the shutdown at its manufacturing facilities across India, global parts Center & R&D facility in Jaipur till May 9. The plant operations to resume on May 10.
Mahindra & Mahindra: To increase its stake in Meru Travel Solutions to 100%. M&M will acquire 44.14% shares from private equity investors, True North, Bennett Coleman & Co and former Meru cabs CEO, Nilesh Sangoi, for Rs 76.03 crore and 12.66% shares from Neeraj Gupta and Farhat Gupta for Rs 21.63 crore. With this, M&M will enhance its current shareholding in Meru from 43.20% to 100%. Further, Pravin shah, former President at M&M’s automotive division to take over as CEO of Meru and its subsidiaries from May 1.
HDFC Bank: Has announced a new business structure under Sashidhar Jagdishan as MD & CEO. The bank will reorganise itself into three areas: business verticals, delivery channels and technology/digital. It will increase focus on MSME business and will continue to invest in all its delivery channels.
DCB Bank: Has acquired equity stake in India INX and India ICC. The bank has invested Rs 5 crore each in the two companies. India INX and India ICC are promoted by BSE and are the leading exchange and clearing corporation in the GIFT City IFSC at Gandhinagar.
Bank of India: Board has approved raising up to Rs 4,800 crore capital. The bank will raise Rs 3,000 crore by issuance of fresh equity capital in the form of FPO/QIP/Basel Ill Compliant Additional Tier-1 bonds (domestic and foreign currency) and Rs 1,800 crore via Basel III compliant Tier-2 bonds.
NLC India: Board has approved the proposal for issuance of bonds in the nature of debentures of up to Rs 5,000 crore in tranches.
MOIL: Has cut manganese ore prices by about 5% across all grades with effect from May 1.
Rashtriya Chemicals and Fertilizers: Has appointed Crawford Bayley along with its International consortium partner Squire Patton Boggs Singapore LLP as legal advisers for disinvestment of 10% paid-up equity capital, out of the Government of India’s shareholding, through offer for sale.
Coal India: Production in April up 3.7% year-on-year to 41.9 MT while Offtake rose 38.4% year-on-year to 54.1 MT.
Titan Company: Has incorporated TCL North America Inc. as its wholly-owned subsidiary in the State of Delaware, the USA for $300,000. TCL North America Inc. will carry on the business of jewellery retailing
Ajanta Pharma, Ipca Laboratories, Alembic Pharmaceuticals and Glenmark Pharmaceuticals have subscribed to partnership interest in ABCD Technologies (to be renamed as IndoHealth Services LLP). Ajanta Pharma and Ipca Laboratories will invest Rs 25 crore each for a 4.03% share in ABCD Technologies and Glenmark Pharmaceuticals and Alembic Pharmaceuticals will invest Rs 40 crore each for a 6.45% share.
Parag Milk Foods: Board has approved the opening of the issue of Foreign Currency Convertible Bonds, aggregating up to $11 million, on April 30. The conversion price of the FCCBs is Rs 145 per share and the floor price is Rs 111.27.
Nifty Earnings: SBI Life Insurance Company, Kotak Mahindra Bank
Non-Nifty Earnings: Godrej Properties, L&T Technology Services, IDBI Bank, Tata Chemicals, Apollo Tricoat Tubes, Home First Finance Company India, Mahindra Holidays & Resorts India, Supreme Industries, Varun Beverages. https://t.me/marketswizard
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Trading Tweaks
Price Band Revised From 10% To 5%: Future Enterprises, Morepen Laboratories
Price Band Revised From 20% To 10%: Jay Bharat Maruti
Record Date Buyback: Quick Heal Technologies
Ex-Date Dividend: Stovec Industries
Move Into Short-Term ASM Framework: Centrum Capital, Avadh Sugar & Energy, RattanIndia Enterprises
Move Out Of Short-Term ASM Framework: Emami Paper Mills, Dishman Carbogen Amcis
Move Into ASM Framework: Future Enterprises, Supreme Petrochem, Jet Airways (India)
Move Out Of ASM Framework: Greenpanel Industries, Sequent Scientific, Fineotex Chemical, NIIT, Jain Irrigation Systems, Tejas Networks, Panama Petrochem, Poly Medicure, HBL Power Systems, Orchid Pharma. https://t.me/marketswizard
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Price Band Revised From 10% To 5%: Future Enterprises, Morepen Laboratories
Price Band Revised From 20% To 10%: Jay Bharat Maruti
Record Date Buyback: Quick Heal Technologies
Ex-Date Dividend: Stovec Industries
Move Into Short-Term ASM Framework: Centrum Capital, Avadh Sugar & Energy, RattanIndia Enterprises
Move Out Of Short-Term ASM Framework: Emami Paper Mills, Dishman Carbogen Amcis
Move Into ASM Framework: Future Enterprises, Supreme Petrochem, Jet Airways (India)
Move Out Of ASM Framework: Greenpanel Industries, Sequent Scientific, Fineotex Chemical, NIIT, Jain Irrigation Systems, Tejas Networks, Panama Petrochem, Poly Medicure, HBL Power Systems, Orchid Pharma. https://t.me/marketswizard
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Disclaimer : We are not SEBI Registered. Please consult your financial advisor before investing.
All the posts appearing in the channel are only for educational and informational purposes.
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Disclaimer : We are not SEBI Registered. Please consult your financial advisor before investing.
All the posts appearing in the channel are only for educational and informational purposes.
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Money Market Update
The rupee ended at 74.06 against the U.S. Dollar on Friday as compared to Thursday's closing of 74.03.
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The rupee ended at 74.06 against the U.S. Dollar on Friday as compared to Thursday's closing of 74.03.
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Stocks Ban In F&O:
Sun TV
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Sun TV
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*SGX Nifty -90 pts (14570) from last trade 14660 ,*
Nikkei clsd ,
Hangseng clsd ,
Now @6.47am .
Dow +185.51 pts ,Nsdq -119.87 pts, S&P
-30.30 pts, Bovespa -1171 pts , Ftse +8 pts , Dax -18 pts , Cac -33 pts , Crude @ $63.73 brl (+0.15), Brent @ $66.95 brl (+0.29) , Gold @ 1768.00 (+0.30), Silver @ $25.905 (+0.03), Euro @ $1.2021, JPY @ $109.38, INR @ 74.075
*Today's Corporate Action*
*3rd May Ex Date*
SANGHVIFOR
Resolution Plan -Suspension
STOVACQ
Dividend - Rs. - 22.0000
*Today's Key Results/Board Meetings*
*3-May-21*
APOLLOTRI
Audited Results
CITADEL
Audited Results
COUNCODOS
General
DRA
General
GODREJPROP
Audited Results
HOMEFIRST
Audited Results
ICL
Voluntary Delisting of Shares
IDBI
Audited Results
JK AGRI
Dividend;Audited Results
JUPITERIN
Audited Results;Quarterly Results
KOTAKBANK
Dividend;Audited Results
LLFICL
Issue Of Warrants;General
LTTS
Final Dividend;Audited Results
MHRIL
Audited Results
NAVIGANT
Audited Results
NCLIND
Interim Dividend
NUTRICIRCLE
Audited Results;General
PANKAJPO
Audited Results
PILITA
Audited Results
RACLGEAR
General
REGENCY
General
SBILIFE
Audited Results
SGRL
Final Dividend;Audited Results
SUPRAP
General
SUPREMEIND
Final Dividend;Audited Results
TATACHEM
Final Dividend;Audited Results
TBZ
Final Dividend;Audited Results;General
TELESYS
General
UDAYJEW
General
UNIVARTS
A.G.M.;Audited Results;General
VARIMAN
General
VBL
Quarterly Results
*Stock under F&O ban on NSE*
*3-May-21*
1SUNTV
https://t.me/marketswizard
*Learning and earning group*
https://t.me/BooksMakeIndiaRead
*Knowledge Enhancement Group*
Nikkei clsd ,
Hangseng clsd ,
Now @6.47am .
Dow +185.51 pts ,Nsdq -119.87 pts, S&P
-30.30 pts, Bovespa -1171 pts , Ftse +8 pts , Dax -18 pts , Cac -33 pts , Crude @ $63.73 brl (+0.15), Brent @ $66.95 brl (+0.29) , Gold @ 1768.00 (+0.30), Silver @ $25.905 (+0.03), Euro @ $1.2021, JPY @ $109.38, INR @ 74.075
*Today's Corporate Action*
*3rd May Ex Date*
SANGHVIFOR
Resolution Plan -Suspension
STOVACQ
Dividend - Rs. - 22.0000
*Today's Key Results/Board Meetings*
*3-May-21*
APOLLOTRI
Audited Results
CITADEL
Audited Results
COUNCODOS
General
DRA
General
GODREJPROP
Audited Results
HOMEFIRST
Audited Results
ICL
Voluntary Delisting of Shares
IDBI
Audited Results
JK AGRI
Dividend;Audited Results
JUPITERIN
Audited Results;Quarterly Results
KOTAKBANK
Dividend;Audited Results
LLFICL
Issue Of Warrants;General
LTTS
Final Dividend;Audited Results
MHRIL
Audited Results
NAVIGANT
Audited Results
NCLIND
Interim Dividend
NUTRICIRCLE
Audited Results;General
PANKAJPO
Audited Results
PILITA
Audited Results
RACLGEAR
General
REGENCY
General
SBILIFE
Audited Results
SGRL
Final Dividend;Audited Results
SUPRAP
General
SUPREMEIND
Final Dividend;Audited Results
TATACHEM
Final Dividend;Audited Results
TBZ
Final Dividend;Audited Results;General
TELESYS
General
UDAYJEW
General
UNIVARTS
A.G.M.;Audited Results;General
VARIMAN
General
VBL
Quarterly Results
*Stock under F&O ban on NSE*
*3-May-21*
1SUNTV
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*Steel Authority of India Limited (SAIL)*
SAIL has capacity of 18m tonnes.
The ramping up of procedure has started.
It will go upto 21m tonnes by March 2021.
SAIL has captive iron ore mines, power, coal, and cooking coal.
Steel prices have gone up but cooking coal prices, in the international market, has not really gone up, benefitting steel making companies.
SAIL has huge iron ore reserves, which cannot be measured being of unlimited quantity, but we assume 1Billion tonne, which is only 2% of the entire reserve.
Recently, government allowed to sell iron ore fines. And SAIL has estimated iron ore fines at 70 millions tonnes.
And, the Present market value of these iron ore fines is 35,000 Crores, which is of no use to SAIL.
The per annum profit from sale of these iron ore fines is likely to be Rs 2,000 crore per annum.
Recently, government of India, vide it's order has allowed SAIL, to sell 25% of current production in the open market, which is likely to be 5m tonne per annum.
Looking at the current market price, the value of iron ore of 5m tonnes, should be approximately 6,000 crores.
And EBITA from this should be 5,000 crores.
SAIL is currently making Rs 23000 per tonne on steel, which will translate into
16*23000 = Rs 36800Crore Ebitda for 21-22.
As per the recent Steel Mint report SAIL has started selling iron ore from Jharkhand mines.
If the current trend continues, SAIL is likely to post EBITDA of 37 k Crores in21-22
SAIL have debt of 35,000 crore as on march 2021 and 15000 cr by march 22.
The cost of borrowing of SAIL has come down drastically due to easy money in the market. Recently, SAIL has raised money at 3.5% - 5%, bringing down finance cost substantially.
Assuming 5x EBITDA in FY 21-22, SAIL should make ebitda of 36800 crore and 5000 crore from iron ore.
The present valuation should be:
EV 209000crore
Less debt (15000) crore
_________________________________
Hence, Equity valuation should be = 194000 crore
SAIL is available at 2 times PE multiple of 21-22 earning.
Due to strong demand of Steel and Iron Ore globally, SAIL should give a multibagger return from the current price.
Sail eps for the year21=22 approximately can be45
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*Knowledge Enhancement Group*
SAIL has capacity of 18m tonnes.
The ramping up of procedure has started.
It will go upto 21m tonnes by March 2021.
SAIL has captive iron ore mines, power, coal, and cooking coal.
Steel prices have gone up but cooking coal prices, in the international market, has not really gone up, benefitting steel making companies.
SAIL has huge iron ore reserves, which cannot be measured being of unlimited quantity, but we assume 1Billion tonne, which is only 2% of the entire reserve.
Recently, government allowed to sell iron ore fines. And SAIL has estimated iron ore fines at 70 millions tonnes.
And, the Present market value of these iron ore fines is 35,000 Crores, which is of no use to SAIL.
The per annum profit from sale of these iron ore fines is likely to be Rs 2,000 crore per annum.
Recently, government of India, vide it's order has allowed SAIL, to sell 25% of current production in the open market, which is likely to be 5m tonne per annum.
Looking at the current market price, the value of iron ore of 5m tonnes, should be approximately 6,000 crores.
And EBITA from this should be 5,000 crores.
SAIL is currently making Rs 23000 per tonne on steel, which will translate into
16*23000 = Rs 36800Crore Ebitda for 21-22.
As per the recent Steel Mint report SAIL has started selling iron ore from Jharkhand mines.
If the current trend continues, SAIL is likely to post EBITDA of 37 k Crores in21-22
SAIL have debt of 35,000 crore as on march 2021 and 15000 cr by march 22.
The cost of borrowing of SAIL has come down drastically due to easy money in the market. Recently, SAIL has raised money at 3.5% - 5%, bringing down finance cost substantially.
Assuming 5x EBITDA in FY 21-22, SAIL should make ebitda of 36800 crore and 5000 crore from iron ore.
The present valuation should be:
EV 209000crore
Less debt (15000) crore
_________________________________
Hence, Equity valuation should be = 194000 crore
SAIL is available at 2 times PE multiple of 21-22 earning.
Due to strong demand of Steel and Iron Ore globally, SAIL should give a multibagger return from the current price.
Sail eps for the year21=22 approximately can be45
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Disclaimer : We are not SEBI Registered. Please consult your financial advisor before investing.
All the posts appearing in the channel are only for educational and informational purposes.
ALL RIGHTS RESERVED!!!
Disclaimer : We are not SEBI Registered. Please consult your financial advisor before investing.
All the posts appearing in the channel are only for educational and informational purposes.
ALL RIGHTS RESERVED!!!