🌟Good Morning All🌟
☀️ BSC Exclusive Morning Market News & Update☀️
🔹Centrum Capital: Reserve Bank of India has granted in-principle approval to Centrum Financial Services to set up a small finance bank. The in-principle approval was given after Centrum Financial Services, in partnership with Bharat Pe, submitted an expression of interest for PMC Bank. The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank.
🔹HDFC Bank: To buy 4.99% stake in HDFC Ergo from Housing Development Finance Corporation for Rs 1,906.43 crore. HDFC Bank to buy the 3.56 crore shares at Rs 536 per share. Transaction to be concluded on an arm's length basis as HDFC Bank is a related party for HDFC Ltd. Transaction to require regulatory approval from IRDAI
and RBI. Further the bank has recommended a dividend of Rs 6.50 per share for FY21. The record date for the same is June 30.
🔹PNB Housing Finance: SEBI has put PNB Housing Finance's preferential issue on hold. The markets regulator found that the valuation of shares undertaken by the company was "ultra vires" of Articles of Association. Preferential issue shall not be acted upon till the company undertakes the valuation of shares from an independent registered valuer, SEBI said. PNB Housing Finance said it is evaluating
further steps.
🔹Reliance Jio Infocomm Ltd. added the most active users among peers in March as it snapped two straight months of decline. Jio added 7.3 million regularly paying subscribers, according to data released by TRAI. Bharti Airtel Ltd added 4.8 million such subscribers in March against the six-month average of 4.5 million. Vodafone
Idea Ltd lost 0.4 million against an average decline of 1.4 million in the last six months.
🔹Phillips Carbon Black: Commissioned 8 MW power plant at Mundra in Gujarat.
🔹Adani Power: The Committee of Creditors of Essar Power MP Ltd, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by Adani Power. EPMPL owns a 1,200 MW power plant in Singrauli District, Madhya Pradesh. The closure of the transaction
will be subject to obtaining necessary approval from the NCLT and satisfaction of conditions precedent under the resolution plan.
🔹NBCC (India): Has awarded the work order for construction of residential towers and civic amenities at Karkardooma in New Delhi on TOD Norms, EPC mode to NCC Ltd at their quoted price of Rs 859.84 crore.
🔹Bharat Heavy Electricals Ltd: Crisil has downgraded the rating on the long-term bank facilities of the company from AA/Negative to AA-/Negative. The rating on the short-term facilities has been reaffirmed at A1+.
🔹ICICI Bank: S&P has reaffirmed bank’s rating at BBB- and has changed the outlook from negative to stable. According to the rating agency, ICICI Bank's capitalisation will remain strong over the next 24 months, aided by better earnings and profit from sale of stake in subsidiaries.
🔹Jammu & Kashmir Bank: Appointed Pratik Punjabi as Chief Financial Officer of the Bank for a period of three year. Punjabi to replace Rajni Saraf as CFO.
🔹Fine Organic Industries: Made an investment by way of acquisition of 22,500 ordinary shares at a par value of THB 100 per share in the new joint venture company, Fine Organic Industries (Thailand).
🔹Elgi Equipments: To sell a property of Pattons Inc, USA, a material subsidiary of the company.
🔹Earnings: Oil India, Bharat Dynamics, Info Edge (India), HBL Power Systems, Jaiprakash Associates, MM Forgings, Pearl Global Industries, Pokarna, Rico Auto Industries, SP Apparels, TCNS Clothing Co, VST Tillers Tractors
☀️ BSC Exclusive Morning Market News & Update☀️
🔹Centrum Capital: Reserve Bank of India has granted in-principle approval to Centrum Financial Services to set up a small finance bank. The in-principle approval was given after Centrum Financial Services, in partnership with Bharat Pe, submitted an expression of interest for PMC Bank. The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank.
🔹HDFC Bank: To buy 4.99% stake in HDFC Ergo from Housing Development Finance Corporation for Rs 1,906.43 crore. HDFC Bank to buy the 3.56 crore shares at Rs 536 per share. Transaction to be concluded on an arm's length basis as HDFC Bank is a related party for HDFC Ltd. Transaction to require regulatory approval from IRDAI
and RBI. Further the bank has recommended a dividend of Rs 6.50 per share for FY21. The record date for the same is June 30.
🔹PNB Housing Finance: SEBI has put PNB Housing Finance's preferential issue on hold. The markets regulator found that the valuation of shares undertaken by the company was "ultra vires" of Articles of Association. Preferential issue shall not be acted upon till the company undertakes the valuation of shares from an independent registered valuer, SEBI said. PNB Housing Finance said it is evaluating
further steps.
🔹Reliance Jio Infocomm Ltd. added the most active users among peers in March as it snapped two straight months of decline. Jio added 7.3 million regularly paying subscribers, according to data released by TRAI. Bharti Airtel Ltd added 4.8 million such subscribers in March against the six-month average of 4.5 million. Vodafone
Idea Ltd lost 0.4 million against an average decline of 1.4 million in the last six months.
🔹Phillips Carbon Black: Commissioned 8 MW power plant at Mundra in Gujarat.
🔹Adani Power: The Committee of Creditors of Essar Power MP Ltd, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by Adani Power. EPMPL owns a 1,200 MW power plant in Singrauli District, Madhya Pradesh. The closure of the transaction
will be subject to obtaining necessary approval from the NCLT and satisfaction of conditions precedent under the resolution plan.
🔹NBCC (India): Has awarded the work order for construction of residential towers and civic amenities at Karkardooma in New Delhi on TOD Norms, EPC mode to NCC Ltd at their quoted price of Rs 859.84 crore.
🔹Bharat Heavy Electricals Ltd: Crisil has downgraded the rating on the long-term bank facilities of the company from AA/Negative to AA-/Negative. The rating on the short-term facilities has been reaffirmed at A1+.
🔹ICICI Bank: S&P has reaffirmed bank’s rating at BBB- and has changed the outlook from negative to stable. According to the rating agency, ICICI Bank's capitalisation will remain strong over the next 24 months, aided by better earnings and profit from sale of stake in subsidiaries.
🔹Jammu & Kashmir Bank: Appointed Pratik Punjabi as Chief Financial Officer of the Bank for a period of three year. Punjabi to replace Rajni Saraf as CFO.
🔹Fine Organic Industries: Made an investment by way of acquisition of 22,500 ordinary shares at a par value of THB 100 per share in the new joint venture company, Fine Organic Industries (Thailand).
🔹Elgi Equipments: To sell a property of Pattons Inc, USA, a material subsidiary of the company.
🔹Earnings: Oil India, Bharat Dynamics, Info Edge (India), HBL Power Systems, Jaiprakash Associates, MM Forgings, Pearl Global Industries, Pokarna, Rico Auto Industries, SP Apparels, TCNS Clothing Co, VST Tillers Tractors
🔹 *Eyes 👀 on today*
• India’s NTPC Beats Net Income Ests. on Change in Tax Expense
• India Rate Setters See Risk From Energy, Commodity Inflation
• India Total Mobile Users Rise 1.1% M/M to 1.18B at March End
• Indian Regulator Orders PNB Housing to Halt Fundraising Plan
• Growth Pangs Gain Precedence for India’s Inflation-Targeting RBI
• India Forex Reserves Rise $3.1b to $608.1b in Week to June 11
o India Official Reserves Rise to Record in June
• RBI Evaluating Aspects of Green Financing: Deputy Governor Jain
• Centrum Gets Nod for Small Finance Bank After PMC Bank Bid
• HDFC Bank Proposes To Buy 4.99% Stake In HDFC ERGO: BQ
• Global Funds Buy Net INR26.8B of India Stocks on June 18: NSE
o Domestic funds buy net 4.46b rupees of stocks
• Foreign Investors Sell Net INR9.14B of Indian Equities June 17
• Foreigners Sell Net INR3.62B Indian Equity Derivatives June 18
• Emerging- Market Bulls Pin Currency Hopes on Hawks Outpacing Fed
• India Collating Information on Sectors that Need Help: FM on Times Now
o Studying Need for Help to Hospitality, Tourism Sector
• Govt open to more measures to boost economy: CEA: PTI
• Zydus Cadila Likely to Seek EUA for Covid Vaccine Next Week: PTI
• Authum Declared Preferred Bidder for Reliance Home Finance: ET
• RateGain Travel Tech Picks Banks for Possible IPO: Mint
• Bharti Airtel (BHARTI): Adds net 4.1m mobile users in March: TRAI
• Centrum Capital (CECA): Centrum: Small Fin. Bank Approval as Part of PMC Bank Revival
• GMR Infrastructure (GMRI): 4Q net loss 7.23b rupees vs 11.3b t/y; Sales 16.3b vs 19.5b y/y
• ICICI Bank (ICICIBC): Says S&P changes ICICIBC’s outlook to stable from negative; reaffirms rating at BBB-
• India Glycols (IGLY): To consider raising funds on June 25
• NTPC Ltd. (NTPC): 4Q net income 44.79b rupees, beats est. 33.48b; revenue 265.7b; dividend per share 3.15 rupees
• Reliance Industries (RIL): Reliance Jio adds net 7.9m mobile users in March
• Vodafone Idea (IDEA): Adds net 1.1m mobile users in March: TRAI
• India’s NTPC Beats Net Income Ests. on Change in Tax Expense
• India Rate Setters See Risk From Energy, Commodity Inflation
• India Total Mobile Users Rise 1.1% M/M to 1.18B at March End
• Indian Regulator Orders PNB Housing to Halt Fundraising Plan
• Growth Pangs Gain Precedence for India’s Inflation-Targeting RBI
• India Forex Reserves Rise $3.1b to $608.1b in Week to June 11
o India Official Reserves Rise to Record in June
• RBI Evaluating Aspects of Green Financing: Deputy Governor Jain
• Centrum Gets Nod for Small Finance Bank After PMC Bank Bid
• HDFC Bank Proposes To Buy 4.99% Stake In HDFC ERGO: BQ
• Global Funds Buy Net INR26.8B of India Stocks on June 18: NSE
o Domestic funds buy net 4.46b rupees of stocks
• Foreign Investors Sell Net INR9.14B of Indian Equities June 17
• Foreigners Sell Net INR3.62B Indian Equity Derivatives June 18
• Emerging- Market Bulls Pin Currency Hopes on Hawks Outpacing Fed
• India Collating Information on Sectors that Need Help: FM on Times Now
o Studying Need for Help to Hospitality, Tourism Sector
• Govt open to more measures to boost economy: CEA: PTI
• Zydus Cadila Likely to Seek EUA for Covid Vaccine Next Week: PTI
• Authum Declared Preferred Bidder for Reliance Home Finance: ET
• RateGain Travel Tech Picks Banks for Possible IPO: Mint
• Bharti Airtel (BHARTI): Adds net 4.1m mobile users in March: TRAI
• Centrum Capital (CECA): Centrum: Small Fin. Bank Approval as Part of PMC Bank Revival
• GMR Infrastructure (GMRI): 4Q net loss 7.23b rupees vs 11.3b t/y; Sales 16.3b vs 19.5b y/y
• ICICI Bank (ICICIBC): Says S&P changes ICICIBC’s outlook to stable from negative; reaffirms rating at BBB-
• India Glycols (IGLY): To consider raising funds on June 25
• NTPC Ltd. (NTPC): 4Q net income 44.79b rupees, beats est. 33.48b; revenue 265.7b; dividend per share 3.15 rupees
• Reliance Industries (RIL): Reliance Jio adds net 7.9m mobile users in March
• Vodafone Idea (IDEA): Adds net 1.1m mobile users in March: TRAI
Adani Ports
Sector Outlook
95% of Indian trade by volume & 70% by value is via maritime transport
12 Major ports & 200 non-major
As of Jan 2021, 178 projects valued at 2L Cr. under dev.
Cargo traffic CAGR 4% over 5 yrs
The capacity addition at ports is expected to grow at a CAGR of 5-6%
FM proposed to double ship recycling capacity of ships of 4-5 million LDT by 2024
Union Budger 2021 announced subsidy to shipping cos. worth INR 1624 Cr.
Major Port Authorities Bill, 2020 passed in Feb 2021 to align international best practises
Management
CEO: Karan Adani
MD & Chairman: Mr. Gautam S Adani (2nd richest Asian)
Focused on growth through investments & acquisitions
Targets to achieve 500MT by 2025
CFO Mr. Deepak Maheshwari resigned w.e.f. 5 May 2021
Future Outlook
The company targets consolidated revenue of 16K-16.8K Cr. in FY22
This should result in EBITDA around 10.2K-10.7K Cr.
Improvement in port EBITDA margins to 71-71.5%
The company is targeting 500MMT cargo throughput by 2025
Strategic partnership with Flipkart
APSEZ grew by 11% (Cargo Volume) in FY21 despite 5% decline in industry
Significant increase in market share
Expecting cargo volume to exceed 310 MMT in FY22
Expected CAPEX for ports INR 3100 – 3500 Cr.
Overhauled cost structure towards variable cost
Growth through Acquisitions
Company has announced to acquire 89.6% in Gangavaram Port
And 100% in Krishnapatnam Port Company Limited
The company set up a new vertical of rail track business with the acquisition of Sarguja Rail Corporation
APSEZ acquired Dighi Port through IBC
Sector Outlook
95% of Indian trade by volume & 70% by value is via maritime transport
12 Major ports & 200 non-major
As of Jan 2021, 178 projects valued at 2L Cr. under dev.
Cargo traffic CAGR 4% over 5 yrs
The capacity addition at ports is expected to grow at a CAGR of 5-6%
FM proposed to double ship recycling capacity of ships of 4-5 million LDT by 2024
Union Budger 2021 announced subsidy to shipping cos. worth INR 1624 Cr.
Major Port Authorities Bill, 2020 passed in Feb 2021 to align international best practises
Management
CEO: Karan Adani
MD & Chairman: Mr. Gautam S Adani (2nd richest Asian)
Focused on growth through investments & acquisitions
Targets to achieve 500MT by 2025
CFO Mr. Deepak Maheshwari resigned w.e.f. 5 May 2021
Future Outlook
The company targets consolidated revenue of 16K-16.8K Cr. in FY22
This should result in EBITDA around 10.2K-10.7K Cr.
Improvement in port EBITDA margins to 71-71.5%
The company is targeting 500MMT cargo throughput by 2025
Strategic partnership with Flipkart
APSEZ grew by 11% (Cargo Volume) in FY21 despite 5% decline in industry
Significant increase in market share
Expecting cargo volume to exceed 310 MMT in FY22
Expected CAPEX for ports INR 3100 – 3500 Cr.
Overhauled cost structure towards variable cost
Growth through Acquisitions
Company has announced to acquire 89.6% in Gangavaram Port
And 100% in Krishnapatnam Port Company Limited
The company set up a new vertical of rail track business with the acquisition of Sarguja Rail Corporation
APSEZ acquired Dighi Port through IBC
Ashika Global Market Update
SGX NIFTY: -128(15622) @7:05 am *Considering Friday’s closing of 15750 (July’21 Contract)
DOW: -533(-1.58%)
DOW FUTURES: -103(-0.31%)
HANGSENG: -361(-1.11%)
SHANGHAI COMP: -9(-0.25%)
NIKKEI: -916(-3.16%)
GOLD COMEX(USD/toz): 1771.80(+0.16%)
SILVER COMEX (USD/toz): 25.99(+0.08%)
LME COPPER(USD/MT): 9145.50(-1.82%)
LME ZINC(USD/MT): 2822.50(-3.06%)
LME ALUMINIUM(USD/MT): 2385.00(-3.06%)
BRENT CRUDE(USD/bbl): 73.70(+0.26%)
WTI CRUDE OIL(USD/bbl): 71.91(+0.38%)
USDINR: 73.86(-0.30%)
DOLLAR INDEX: 92.20(-0.12%)
US 10YRS BOND YIELD: 1.42%
INDIA 10YRS BOND YIELD: 6.00%
FII: +2680
DII: +446
FII F&O: -362
BSE CASH SEGMENT TRADED VALUE (Rs Crs): 8818
NSE CASH SEGMENT TRADED VALUE(Rs Crs): 97405
NSE ADVANCE/ DECLINE: 564/1433 (0.39)
Securities in Ban Period: ADANIPORTS, BHEL, PNB, SUNTV
SGX NIFTY: -128(15622) @7:05 am *Considering Friday’s closing of 15750 (July’21 Contract)
DOW: -533(-1.58%)
DOW FUTURES: -103(-0.31%)
HANGSENG: -361(-1.11%)
SHANGHAI COMP: -9(-0.25%)
NIKKEI: -916(-3.16%)
GOLD COMEX(USD/toz): 1771.80(+0.16%)
SILVER COMEX (USD/toz): 25.99(+0.08%)
LME COPPER(USD/MT): 9145.50(-1.82%)
LME ZINC(USD/MT): 2822.50(-3.06%)
LME ALUMINIUM(USD/MT): 2385.00(-3.06%)
BRENT CRUDE(USD/bbl): 73.70(+0.26%)
WTI CRUDE OIL(USD/bbl): 71.91(+0.38%)
USDINR: 73.86(-0.30%)
DOLLAR INDEX: 92.20(-0.12%)
US 10YRS BOND YIELD: 1.42%
INDIA 10YRS BOND YIELD: 6.00%
FII: +2680
DII: +446
FII F&O: -362
BSE CASH SEGMENT TRADED VALUE (Rs Crs): 8818
NSE CASH SEGMENT TRADED VALUE(Rs Crs): 97405
NSE ADVANCE/ DECLINE: 564/1433 (0.39)
Securities in Ban Period: ADANIPORTS, BHEL, PNB, SUNTV
Bulk Deal & Insider Trade Update
Bulk Deals
*Sbicard : Ca Rover Holding Sell 48000000 Shares @ Rs. 1002
*Sbi Cards & Pay Ser Ltd : Morgan Stanley Asia (Singapore) Pte. - Odi Buy 5409522 Shares @ Rs. 1002
*Capacite : Think India Opportunities Master Fund Lp Buy 3493297 Shares @ Rs. 202
*Knr Constructions Limited : Sbi Mutual Fund Buy 4763679 Shares @ Rs. 223
*Computer Age Mngt Ser Ltd : The Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series Of Vanguard Internat Buy 348311 Shares @ Rs. 2781.82
*Ballarpur Industries Limi : Lt Finance Limited Sell 34018840 Shares @ Rs. 1.72
Ashika
Insider Trade
Acquisition
*SBI Capital Markets Limited Promoter Group Acquisition 4000 shares of Sbi Cards And Payment Services Ltd
*State Bank of India Promoter Acquisition 4000 shares of Sbi Cards And Payment Services Ltd
*GREENPLY LEASING & FINANCE PRIVATE LIMITED Promoter Group Acquisition 130000 shares of Greenlam Industries Ltd on 17-Jun-21
*Infinite Trade and Investment Ltd. Promoter Group Acquisition 1499314 shares of Adani Green Energy Ltd on 17-Jun-21
Disposal
*MEREDDY RAJESH REDDY Promoter Disposal 2000000 shares of Knr Constructions Ltd. on 18-Jun-21
*KAMIDI JALANDHAR REDDY Promoter & Director Disposal 1000000 shares of Knr Constructions Ltd. on 18-Jun-21
*KAMIDI YASHODA Promoter & Director Disposal 2000000 shares of Knr Constructions Ltd. on 18-Jun-21
*Bijal Dilipchandra Modi Director Disposal 2173 shares of Valiant Organics Ltd
*Hemchand Lalji Gala Promoter Disposal 21220 shares of Valiant Organics Ltd
*RITA JHUNJHUNWALA Promoter Group Disposal 70000 shares of Heg Ltd. on 18-Jun-21
*RISHABH JHUNJHUNWALA Promoter Group Disposal 70000 shares of Heg Ltd. on 18-Jun-21
*Advanced Vital Enzymes Private Limited Promoter Group Disposal 3115000 shares of Advanced Enzyme Technologies Ltd
*SBI Capital Markets Limited Promoter Group Disposal 4000 shares of Sbi Cards And Payment Services Ltd
*Bijal Dilipchandra Modi Director Disposal 2323 shares of Valiant Organics Ltd
*SAURABH MITTAL Promoter & Director Disposal 130000 shares of Greenlam Industries Ltd on 17-Jun-21
*Anil Gupta Promoter & Director Disposal 400000 shares of Kei Industries Ltd. on 16-Jun-21
*SARLA SHANTILAL SHAH Promoter Disposal 5000 shares of Aarti Industries Ltd. on 14-Jun-21
Invoke
*Essel Media Ventures Private Limited Promoter Invoke 10000000 shares of Zee Learn Ltd. on 15-Jun-21
*25FPS Media Private Limited Promoter Invoke 16000000 shares of Zee Media Corporation Limited on 15-Jun-21
*A J Tolls Pvt. Ltd. Promoter Group Invoke 110000 shares of Mep Infrastructure Developers Ltd on 16-Jun-21
Pledge
*Siddheshwari Tradex Private Limited Promoter Group Pledge 19000000 shares of Jsw Energy Ltd on 17-Jun-21
*SIDDESHWARI TRADEX PRIVATE LIMITED Promoter Group Pledge 875000 shares of Jsw Holdings Limited on 17-Jun-21
Revoke
*Zuari Global Limited Promoter Revoke 300000 shares of Chambal Fertilisers & Chemicals Ltd. on 16-Jun-21
Dividend Update
*Info Edge (India) Ltd. Interim Dividend Rs. 8 Ex Date 21-Jun-2021
*Sky Industries Ltd. Dividend Rs. 1 Ex Date 21-Jun-2021
*Supreme Industries Ltd. Final Dividend Rs. 17 Ex Date 21-Jun-2021
*Bhansali Engineering Polymers Ltd. Dividend Rs. 1 Ex Date 22-Jun-2021
*Adani Ports and Special Economic Zone Ltd. Dividend Rs. 5 Ex Date 24-Jun-2021
*Adani Gas Ltd. Dividend Rs. 0.25 Ex Date 24-Jun-2021
*Torrent Power Ltd. Final Dividend Rs. 5.5 Ex Date 24-Jun-2021
*Vinati Organics Ltd. Dividend Rs. 6 Ex Date 24-Jun-2021
*R Systems International Ltd. Interim Dividend Rs. 2.5 Ex Date 25-Jun-2021
*Supreme Petrochem Ltd. Final Dividend Rs. 12.5 Ex Date 25-Jun-2021
*Vimta Labs Ltd. Dividend Rs. 2 Ex Date 25-Jun-2021
Bulk Deals
*Sbicard : Ca Rover Holding Sell 48000000 Shares @ Rs. 1002
*Sbi Cards & Pay Ser Ltd : Morgan Stanley Asia (Singapore) Pte. - Odi Buy 5409522 Shares @ Rs. 1002
*Capacite : Think India Opportunities Master Fund Lp Buy 3493297 Shares @ Rs. 202
*Knr Constructions Limited : Sbi Mutual Fund Buy 4763679 Shares @ Rs. 223
*Computer Age Mngt Ser Ltd : The Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series Of Vanguard Internat Buy 348311 Shares @ Rs. 2781.82
*Ballarpur Industries Limi : Lt Finance Limited Sell 34018840 Shares @ Rs. 1.72
Ashika
Insider Trade
Acquisition
*SBI Capital Markets Limited Promoter Group Acquisition 4000 shares of Sbi Cards And Payment Services Ltd
*State Bank of India Promoter Acquisition 4000 shares of Sbi Cards And Payment Services Ltd
*GREENPLY LEASING & FINANCE PRIVATE LIMITED Promoter Group Acquisition 130000 shares of Greenlam Industries Ltd on 17-Jun-21
*Infinite Trade and Investment Ltd. Promoter Group Acquisition 1499314 shares of Adani Green Energy Ltd on 17-Jun-21
Disposal
*MEREDDY RAJESH REDDY Promoter Disposal 2000000 shares of Knr Constructions Ltd. on 18-Jun-21
*KAMIDI JALANDHAR REDDY Promoter & Director Disposal 1000000 shares of Knr Constructions Ltd. on 18-Jun-21
*KAMIDI YASHODA Promoter & Director Disposal 2000000 shares of Knr Constructions Ltd. on 18-Jun-21
*Bijal Dilipchandra Modi Director Disposal 2173 shares of Valiant Organics Ltd
*Hemchand Lalji Gala Promoter Disposal 21220 shares of Valiant Organics Ltd
*RITA JHUNJHUNWALA Promoter Group Disposal 70000 shares of Heg Ltd. on 18-Jun-21
*RISHABH JHUNJHUNWALA Promoter Group Disposal 70000 shares of Heg Ltd. on 18-Jun-21
*Advanced Vital Enzymes Private Limited Promoter Group Disposal 3115000 shares of Advanced Enzyme Technologies Ltd
*SBI Capital Markets Limited Promoter Group Disposal 4000 shares of Sbi Cards And Payment Services Ltd
*Bijal Dilipchandra Modi Director Disposal 2323 shares of Valiant Organics Ltd
*SAURABH MITTAL Promoter & Director Disposal 130000 shares of Greenlam Industries Ltd on 17-Jun-21
*Anil Gupta Promoter & Director Disposal 400000 shares of Kei Industries Ltd. on 16-Jun-21
*SARLA SHANTILAL SHAH Promoter Disposal 5000 shares of Aarti Industries Ltd. on 14-Jun-21
Invoke
*Essel Media Ventures Private Limited Promoter Invoke 10000000 shares of Zee Learn Ltd. on 15-Jun-21
*25FPS Media Private Limited Promoter Invoke 16000000 shares of Zee Media Corporation Limited on 15-Jun-21
*A J Tolls Pvt. Ltd. Promoter Group Invoke 110000 shares of Mep Infrastructure Developers Ltd on 16-Jun-21
Pledge
*Siddheshwari Tradex Private Limited Promoter Group Pledge 19000000 shares of Jsw Energy Ltd on 17-Jun-21
*SIDDESHWARI TRADEX PRIVATE LIMITED Promoter Group Pledge 875000 shares of Jsw Holdings Limited on 17-Jun-21
Revoke
*Zuari Global Limited Promoter Revoke 300000 shares of Chambal Fertilisers & Chemicals Ltd. on 16-Jun-21
Dividend Update
*Info Edge (India) Ltd. Interim Dividend Rs. 8 Ex Date 21-Jun-2021
*Sky Industries Ltd. Dividend Rs. 1 Ex Date 21-Jun-2021
*Supreme Industries Ltd. Final Dividend Rs. 17 Ex Date 21-Jun-2021
*Bhansali Engineering Polymers Ltd. Dividend Rs. 1 Ex Date 22-Jun-2021
*Adani Ports and Special Economic Zone Ltd. Dividend Rs. 5 Ex Date 24-Jun-2021
*Adani Gas Ltd. Dividend Rs. 0.25 Ex Date 24-Jun-2021
*Torrent Power Ltd. Final Dividend Rs. 5.5 Ex Date 24-Jun-2021
*Vinati Organics Ltd. Dividend Rs. 6 Ex Date 24-Jun-2021
*R Systems International Ltd. Interim Dividend Rs. 2.5 Ex Date 25-Jun-2021
*Supreme Petrochem Ltd. Final Dividend Rs. 12.5 Ex Date 25-Jun-2021
*Vimta Labs Ltd. Dividend Rs. 2 Ex Date 25-Jun-2021
*Good Morning*
• India’s NTPC Beats Net Income Ests. on Change in Tax Expense
• India Rate Setters See Risk From Energy, Commodity Inflation
• India Total Mobile Users Rise 1.1% M/M to 1.18B at March End
• Indian Regulator Orders PNB Housing to Halt Fundraising Plan
• Growth Pangs Gain Precedence for India’s Inflation-Targeting RBI
• India Forex Reserves Rise $3.1b to $608.1b in Week to June 11
o India Official Reserves Rise to Record in June
• RBI Evaluating Aspects of Green Financing: Deputy Governor Jain
• Centrum Gets Nod for Small Finance Bank After PMC Bank Bid
• HDFC Bank Proposes To Buy 4.99% Stake In HDFC ERGO: BQ
• Global Funds Buy Net INR26.8B of India Stocks on June 18: NSE
o Domestic funds buy net 4.46b rupees of stocks
• Foreign Investors Sell Net INR9.14B of Indian Equities June 17
• Foreigners Sell Net INR3.62B Indian Equity Derivatives June 18
• Emerging- Market Bulls Pin Currency Hopes on Hawks Outpacing Fed
• India Collating Information on Sectors that Need Help: FM on Times Now
o Studying Need for Help to Hospitality, Tourism Sector
• Govt open to more measures to boost economy: CEA: PTI
• Zydus Cadila Likely to Seek EUA for Covid Vaccine Next Week: PTI
• Authum Declared Preferred Bidder for Reliance Home Finance: ET
• RateGain Travel Tech Picks Banks for Possible IPO: Mint
• Bharti Airtel (BHARTI): Adds net 4.1m mobile users in March: TRAI
• Centrum Capital (CECA): Centrum: Small Fin. Bank Approval as Part of PMC Bank Revival
• GMR Infrastructure (GMRI): 4Q net loss 7.23b rupees vs 11.3b t/y; Sales 16.3b vs 19.5b y/y
• ICICI Bank (ICICIBC): Says S&P changes ICICIBC’s outlook to stable from negative; reaffirms rating at BBB-
• India Glycols (IGLY): To consider raising funds on June 25
• NTPC Ltd. (NTPC): 4Q net income 44.79b rupees, beats est. 33.48b; revenue 265.7b; dividend per share 3.15 rupees
• Reliance Industries (RIL): Reliance Jio adds net 7.9m mobile users in March
• Vodafone Idea (IDEA): Adds net 1.1m mobile users in March: TRAI
• India’s NTPC Beats Net Income Ests. on Change in Tax Expense
• India Rate Setters See Risk From Energy, Commodity Inflation
• India Total Mobile Users Rise 1.1% M/M to 1.18B at March End
• Indian Regulator Orders PNB Housing to Halt Fundraising Plan
• Growth Pangs Gain Precedence for India’s Inflation-Targeting RBI
• India Forex Reserves Rise $3.1b to $608.1b in Week to June 11
o India Official Reserves Rise to Record in June
• RBI Evaluating Aspects of Green Financing: Deputy Governor Jain
• Centrum Gets Nod for Small Finance Bank After PMC Bank Bid
• HDFC Bank Proposes To Buy 4.99% Stake In HDFC ERGO: BQ
• Global Funds Buy Net INR26.8B of India Stocks on June 18: NSE
o Domestic funds buy net 4.46b rupees of stocks
• Foreign Investors Sell Net INR9.14B of Indian Equities June 17
• Foreigners Sell Net INR3.62B Indian Equity Derivatives June 18
• Emerging- Market Bulls Pin Currency Hopes on Hawks Outpacing Fed
• India Collating Information on Sectors that Need Help: FM on Times Now
o Studying Need for Help to Hospitality, Tourism Sector
• Govt open to more measures to boost economy: CEA: PTI
• Zydus Cadila Likely to Seek EUA for Covid Vaccine Next Week: PTI
• Authum Declared Preferred Bidder for Reliance Home Finance: ET
• RateGain Travel Tech Picks Banks for Possible IPO: Mint
• Bharti Airtel (BHARTI): Adds net 4.1m mobile users in March: TRAI
• Centrum Capital (CECA): Centrum: Small Fin. Bank Approval as Part of PMC Bank Revival
• GMR Infrastructure (GMRI): 4Q net loss 7.23b rupees vs 11.3b t/y; Sales 16.3b vs 19.5b y/y
• ICICI Bank (ICICIBC): Says S&P changes ICICIBC’s outlook to stable from negative; reaffirms rating at BBB-
• India Glycols (IGLY): To consider raising funds on June 25
• NTPC Ltd. (NTPC): 4Q net income 44.79b rupees, beats est. 33.48b; revenue 265.7b; dividend per share 3.15 rupees
• Reliance Industries (RIL): Reliance Jio adds net 7.9m mobile users in March
• Vodafone Idea (IDEA): Adds net 1.1m mobile users in March: TRAI
*Sharekhan Stock Idea- 3R Recommendation*
*Power Grid Corporation of India Limited*
*Higher capitalisation boosts Q4; asset monetization to continue*
*Rating: Buy*
(CMP: 233, Price Target: 290)
*Company Description*
About company Power Grid is into the power transmission business with the responsibility for planning, implementation, operation, and maintenance of inter-state transmission system and operation of the National and Regional Load Dispatch Centres. The company’s segments include transmission, telecom, and consultancy. The transmission segment includes extra-high voltage/high voltage (EHV/HV) networks and grid management.
*Key Investment Arguments*
• Q4FY21 Standalone PAT grew by 10.5% y-o-y to Rs. 3,324 crore (13.4% above our estimate) led by asset capitalisation of Rs. 6,983 crore, an 8.2% y-o-y rise in other income a 24% y-o-y fall in interest costs.
• FY21 asset capitalisation stood at Rs. 21,467 crore, surpassing guidance; the management guided for capitalisation of Rs. 17,000 crore for FY2022E. Majority of FY2022 capitalisation is back-ended and the company has work-in-hand worth Rs. 41,100 crore; thus, we expect earnings growth momentum to sustain (expect 12% PAT CAGR over FY21-FY23E).
• Company has successfully monetized 5 TBCB assets through InvIT and target to further monetise transmission assets worth Rs. 5,000 crore in 12-18 months. Lower capex guidance of Rs. 7,500 crore for FY22 provides room for higher dividend. Board recommended a bonus issue of 3:1.
• We maintain a Buy on stock with a revised PT of Rs. 290 (valued at 1.7x FY23E book value), given earnings visibility, attractive valuation of 1.4x its FY23E P/BV (19% discount to historical P/BV), and healthy dividend yield of 5-6%.
*Power Grid Corporation of India Limited*
*Higher capitalisation boosts Q4; asset monetization to continue*
*Rating: Buy*
(CMP: 233, Price Target: 290)
*Company Description*
About company Power Grid is into the power transmission business with the responsibility for planning, implementation, operation, and maintenance of inter-state transmission system and operation of the National and Regional Load Dispatch Centres. The company’s segments include transmission, telecom, and consultancy. The transmission segment includes extra-high voltage/high voltage (EHV/HV) networks and grid management.
*Key Investment Arguments*
• Q4FY21 Standalone PAT grew by 10.5% y-o-y to Rs. 3,324 crore (13.4% above our estimate) led by asset capitalisation of Rs. 6,983 crore, an 8.2% y-o-y rise in other income a 24% y-o-y fall in interest costs.
• FY21 asset capitalisation stood at Rs. 21,467 crore, surpassing guidance; the management guided for capitalisation of Rs. 17,000 crore for FY2022E. Majority of FY2022 capitalisation is back-ended and the company has work-in-hand worth Rs. 41,100 crore; thus, we expect earnings growth momentum to sustain (expect 12% PAT CAGR over FY21-FY23E).
• Company has successfully monetized 5 TBCB assets through InvIT and target to further monetise transmission assets worth Rs. 5,000 crore in 12-18 months. Lower capex guidance of Rs. 7,500 crore for FY22 provides room for higher dividend. Board recommended a bonus issue of 3:1.
• We maintain a Buy on stock with a revised PT of Rs. 290 (valued at 1.7x FY23E book value), given earnings visibility, attractive valuation of 1.4x its FY23E P/BV (19% discount to historical P/BV), and healthy dividend yield of 5-6%.
*Sharekhan Stock Idea- 3R Recommendation*
*Tech Mahindra Limited*
*5G to forge growth trajectory*
*Rating: Buy*
(CMP: 1071, Price Target: 1250)
*Company Description*
Incorporated in 1986, Tech M was formed by a joint venture between Mahindra & Mahindra and British Telecom Plc under the name of Mahindra British Telecom. The company has been providing end-to-end services to telecom OEMs and service providers. Over the years, the company has acquired Comviva Technologies, LCC, and Hutchison Global Services to fill gaps in its service offerings in the telecom space. Notably, post the acquisition of Satyam, Tech M entered the enterprise solutions space and became the fifth largest Indian IT player.
*Key Investment Arguments*
• We maintain Buy on Tech Mahindra (Tech M) with a revised PT of Rs. 1,250, given reasonable valuation and potential strong revenue growth because of 5G opportunity.
• Management indicated that the impact of weak seasonality in Comviva business would be lower in Q1FY2022 compared to earlier years. Margin would be impacted by wage revision, visa hike, and weak seasonality.
• We expect Q1FY2021 deal win TCVs to be around 1.5x-2x higher than average quarterly deal win TCVs ($400 million - 500 million), but it would be lower compared to Q4FY2021 ($1.04 billion). The deal pipeline continues to remain healthy.
• Management remains confident on delivering double-digit revenue growth in FY2022 due to strong growth in communication, BFSI, and manufacturing verticals. The company expects EBIT margin at 15%+ despite wage revision and return of travel expenses in 2HFY2022.
*Tech Mahindra Limited*
*5G to forge growth trajectory*
*Rating: Buy*
(CMP: 1071, Price Target: 1250)
*Company Description*
Incorporated in 1986, Tech M was formed by a joint venture between Mahindra & Mahindra and British Telecom Plc under the name of Mahindra British Telecom. The company has been providing end-to-end services to telecom OEMs and service providers. Over the years, the company has acquired Comviva Technologies, LCC, and Hutchison Global Services to fill gaps in its service offerings in the telecom space. Notably, post the acquisition of Satyam, Tech M entered the enterprise solutions space and became the fifth largest Indian IT player.
*Key Investment Arguments*
• We maintain Buy on Tech Mahindra (Tech M) with a revised PT of Rs. 1,250, given reasonable valuation and potential strong revenue growth because of 5G opportunity.
• Management indicated that the impact of weak seasonality in Comviva business would be lower in Q1FY2022 compared to earlier years. Margin would be impacted by wage revision, visa hike, and weak seasonality.
• We expect Q1FY2021 deal win TCVs to be around 1.5x-2x higher than average quarterly deal win TCVs ($400 million - 500 million), but it would be lower compared to Q4FY2021 ($1.04 billion). The deal pipeline continues to remain healthy.
• Management remains confident on delivering double-digit revenue growth in FY2022 due to strong growth in communication, BFSI, and manufacturing verticals. The company expects EBIT margin at 15%+ despite wage revision and return of travel expenses in 2HFY2022.