ALEMBIC PHARMA: CO GETS APPROVAL FOR ERLOTINIB TABLETS, HAVE AN ESTIMATED MARKET SIZE OF US$ 37M
MAX FINANCIAL SERVICES: GOVERNMENT OF SINGAPORE BOUGHT 1.74% STAKE IN CO DURING Q.
BHEL WINS ORDER WORTH 1400 CR: AWAAZ SOURCES TV.
BHEL WINS ORDER WORTH 1400 CR: AWAAZ SOURCES TV.
*JSW ISPAT SPECIAL STEEL- HUGE SCOPE TO INCREASE UTILIZATION - STRONG RERATING (50% UPSIDE)POTENTIAL FROM CURRENT LEVELS- TRADES AT 40% DISCOUNT TO JSW STEEL FY23E EV/EBITDA VALUATIONS*
(CMP INR 40/Share, TGT INR 60/Share, Mcap INR 4,000 crore, Net Debt INR 2,500 crore)
KEY TRIGGERS
1.) *Solid Management (Led by JSW Steel) Track Record*- A consortium of AION Investments Private II Ltd., (AION) and JSW Steel acquired a majority stake in MIEL (Currently known as JSW ISPAT SPECIAL STEEL), and along with lenders, provided the funds for capital expenditure and working capital
2.) *Good Potential Capacity- Replacement Cost of INR 12,000-15,000 crore*- JISPL owns a 1 million ton steel plant with potential to increase it to 1.5 million ton. Also it has 0.8 million ton of Sponge Iron, 2.2 million ton of pellet, 0.96 million ton sinter plant and a 230 MW captive power plant.
3.) *Currently in Ramp up stage*- JISPL is operating its pellet plant at 80-85% utilization in FY21 and its steel plant at 40% utilization. With better demand and improving RM availability utilization is expected to increase significantly. JSW guides for 0.6 MT production of steel in FY22E and possibly 1 MT in FY23E.
4.) *JSW Groups Iron ore mines to help increase utilization*- JSWSL was declared as the “Preferred Bidder” for four operational mines recently auctioned in Odisha in Jan-Feb 2020. The estimated iron ore reserves of the above mines are around 1,131 million tonnes. Post-execution of the Mine Development and Production Agreement and all statutory clearances, JSWSL is expected to start the mining operations by 3QFY22. The proximity of these mines to JSW Ispat steel plant in Chhattisgarh is expected to increase the raw material availability for JSW Ispat. Post ramp up of iron ore mines JSW Ispat utilization is expected to hit 90-100%
5.) *Marketing synergies with JSW Steel Limited* - JSW Steel extend to using its Neosteel brand. Additionally JSWSL’s manufacturing facilities are located in the Southern and Western parts of the country. JSW ISpat strategic presence in the Eastern part of the country will enable the JSW Steel Group to tap the markets in Central, Northern and Eastern parts of India.
6.) *Earnings tailwinds from better pellet spreads*- JSW Ispat reported INR 200 crore EBITDA in 4QFY21, strong earnings will continue as pellet demand remains extremely strong and as spreads are also much higher.
7.) *FY23E to see full utilization & peak earnings*- With full utilization of capacities JSW Ispat can report INR 1,200 crore EBITDA in FY23E i.e INR 1,000 crore from its 1 MT Steel Capacity at (Steel margin assumption - INR 10,000 EBITDA/Ton) and INR 200 crore EBITDA from its 1 MT Pellet which will be sold externally (Pellet Margin Assumption- INR 2,000/Ton)
8.) *Quotes at a significant (40-45%) discount to JSW Steel* JSW Ispat is expected to do INR 1,200 crore EBITDA & INR 600 crore PAT in FY23E i.e. it quotes at 5x FY23E EV/EBITDA & 8x FY23E P/E, JSW Steel is currently quoting at 8x FY23E EV/EBITDA which is almost a 40% premium.
9.) *Potential Merger with JSW Steel*- JSW group is the most efficient converter of steel globally, and may eventually merge JSW Ispat with itself.
10.) *Good Interest in Recent OFS*- AOIN Group recently came up with an OFS to sell INR 10 crore shares at a floor price of INR 27/Share, which got executed at INR 35/Share.
11.) *Tax Exemption to help save Cash flows*- Given that JSW Ispat is an NCLT case, it won’t have to pay tax for few years which will result in INR 150-200 crore savings which could be utilized to expand capacity
(CMP INR 40/Share, TGT INR 60/Share, Mcap INR 4,000 crore, Net Debt INR 2,500 crore)
KEY TRIGGERS
1.) *Solid Management (Led by JSW Steel) Track Record*- A consortium of AION Investments Private II Ltd., (AION) and JSW Steel acquired a majority stake in MIEL (Currently known as JSW ISPAT SPECIAL STEEL), and along with lenders, provided the funds for capital expenditure and working capital
2.) *Good Potential Capacity- Replacement Cost of INR 12,000-15,000 crore*- JISPL owns a 1 million ton steel plant with potential to increase it to 1.5 million ton. Also it has 0.8 million ton of Sponge Iron, 2.2 million ton of pellet, 0.96 million ton sinter plant and a 230 MW captive power plant.
3.) *Currently in Ramp up stage*- JISPL is operating its pellet plant at 80-85% utilization in FY21 and its steel plant at 40% utilization. With better demand and improving RM availability utilization is expected to increase significantly. JSW guides for 0.6 MT production of steel in FY22E and possibly 1 MT in FY23E.
4.) *JSW Groups Iron ore mines to help increase utilization*- JSWSL was declared as the “Preferred Bidder” for four operational mines recently auctioned in Odisha in Jan-Feb 2020. The estimated iron ore reserves of the above mines are around 1,131 million tonnes. Post-execution of the Mine Development and Production Agreement and all statutory clearances, JSWSL is expected to start the mining operations by 3QFY22. The proximity of these mines to JSW Ispat steel plant in Chhattisgarh is expected to increase the raw material availability for JSW Ispat. Post ramp up of iron ore mines JSW Ispat utilization is expected to hit 90-100%
5.) *Marketing synergies with JSW Steel Limited* - JSW Steel extend to using its Neosteel brand. Additionally JSWSL’s manufacturing facilities are located in the Southern and Western parts of the country. JSW ISpat strategic presence in the Eastern part of the country will enable the JSW Steel Group to tap the markets in Central, Northern and Eastern parts of India.
6.) *Earnings tailwinds from better pellet spreads*- JSW Ispat reported INR 200 crore EBITDA in 4QFY21, strong earnings will continue as pellet demand remains extremely strong and as spreads are also much higher.
7.) *FY23E to see full utilization & peak earnings*- With full utilization of capacities JSW Ispat can report INR 1,200 crore EBITDA in FY23E i.e INR 1,000 crore from its 1 MT Steel Capacity at (Steel margin assumption - INR 10,000 EBITDA/Ton) and INR 200 crore EBITDA from its 1 MT Pellet which will be sold externally (Pellet Margin Assumption- INR 2,000/Ton)
8.) *Quotes at a significant (40-45%) discount to JSW Steel* JSW Ispat is expected to do INR 1,200 crore EBITDA & INR 600 crore PAT in FY23E i.e. it quotes at 5x FY23E EV/EBITDA & 8x FY23E P/E, JSW Steel is currently quoting at 8x FY23E EV/EBITDA which is almost a 40% premium.
9.) *Potential Merger with JSW Steel*- JSW group is the most efficient converter of steel globally, and may eventually merge JSW Ispat with itself.
10.) *Good Interest in Recent OFS*- AOIN Group recently came up with an OFS to sell INR 10 crore shares at a floor price of INR 27/Share, which got executed at INR 35/Share.
11.) *Tax Exemption to help save Cash flows*- Given that JSW Ispat is an NCLT case, it won’t have to pay tax for few years which will result in INR 150-200 crore savings which could be utilized to expand capacity
Oversubscription figures:
GR Infraprojects 102x
Clean Science 93x
The total funds locked in these 2 IPOs together is 2.42 lakh crores💰 (or) equivalent to India’s annual budget for healthcare 🙈⚡⚡
#cleanscience #GRINFRAPROJECTS
GR Infraprojects 102x
Clean Science 93x
The total funds locked in these 2 IPOs together is 2.42 lakh crores💰 (or) equivalent to India’s annual budget for healthcare 🙈⚡⚡
#cleanscience #GRINFRAPROJECTS
Clean Science & Technology
Applications – 26,94,299 applications
Allotment ratio - 3:20
GR Infraprojects
Applications – 23,80,229
Allotment Ratio – 2:19
Applications – 26,94,299 applications
Allotment ratio - 3:20
GR Infraprojects
Applications – 23,80,229
Allotment Ratio – 2:19
Another Pune success story.
💐 *Clean Science IPOs*
- Largest Chemical IPO in the history of IPOs
- Total Money mobilised is INR 1,00,000 Crores 😳😳+++, making it the 7th highest in the history
💐 *Clean Science IPOs*
- Largest Chemical IPO in the history of IPOs
- Total Money mobilised is INR 1,00,000 Crores 😳😳+++, making it the 7th highest in the history
DELTA CORP:
Q1 CONS NET LOSS 289.3M RUPEES VS LOSS 282M (YOY) | PROFIT 578M (QOQ)
Q1 REVENUE 758.7M RUPEES VS 483M (YOY)
Q1 CONS NET LOSS 289.3M RUPEES VS LOSS 282M (YOY) | PROFIT 578M (QOQ)
Q1 REVENUE 758.7M RUPEES VS 483M (YOY)
Moneycontrol.com: Here's why Tata Steel can rise further by 23% after surging 260% in 1 year.
https://www.moneycontrol.com/news/business/stocks/heres-why-tata-steel-can-rise-further-by-23-after-surging-260-in-1-year-7149581.html
https://www.moneycontrol.com/news/business/stocks/heres-why-tata-steel-can-rise-further-by-23-after-surging-260-in-1-year-7149581.html
Moneycontrol
Here's Why Tata Steel Can Rise Further By 23% After Surging 260% In 1 Year
CARE has upgraded long term credit rating on the company to AA+ from AA and the outlook to stable from negative. Brokerage firm ICICI Direct has a buy call on the stock with target of Rs 1,500 per share.
VLS FINANCE: BEST YET TO COME
ADD/BUY TP ₹ 500+
➡️VLS has gradually sold decent chunk of Relaxo in Q1FY22. We estimate that NP of Q1FY22 of VLS should be more than 350 Cr ( ₹ 90 EPS). All this money should be used for starting NBFC ( gold finance or HFC)
➡️➡️ Court case pertaining to ownership of 5 star hotel should also come in VLS favour
*VLS finance: DoW times update:*
*Key takeaways from Q4 performance*📑
💡Highlight: 2,800cr worth investments. Market cap just 630 cr
✅VLS *Q4 profit ₹107 Cr* (it’s *whole market cap just ₹630 Cr*)😱😱
✅Value of investments as on 31st March 2021: *₹2,800 Cr ++* ♠️♠️
✅ Value will be much higher now as on 30th june as its investments in Relaxo itself are >25% up in this June quarter
✅ *Book value: ₹629*(At cmp of ₹163, tdg at just 0.26 BV!!)😵
✅ *Q4 EPS: ₹27*🚀. FY21 EPS: ₹57🔥. PERatio 3
🎯VLS also has stake in 5 Star hotel in Connaught Place Delhi
ADD/BUY TP ₹ 500+
➡️VLS has gradually sold decent chunk of Relaxo in Q1FY22. We estimate that NP of Q1FY22 of VLS should be more than 350 Cr ( ₹ 90 EPS). All this money should be used for starting NBFC ( gold finance or HFC)
➡️➡️ Court case pertaining to ownership of 5 star hotel should also come in VLS favour
*VLS finance: DoW times update:*
*Key takeaways from Q4 performance*📑
💡Highlight: 2,800cr worth investments. Market cap just 630 cr
✅VLS *Q4 profit ₹107 Cr* (it’s *whole market cap just ₹630 Cr*)😱😱
✅Value of investments as on 31st March 2021: *₹2,800 Cr ++* ♠️♠️
✅ Value will be much higher now as on 30th june as its investments in Relaxo itself are >25% up in this June quarter
✅ *Book value: ₹629*(At cmp of ₹163, tdg at just 0.26 BV!!)😵
✅ *Q4 EPS: ₹27*🚀. FY21 EPS: ₹57🔥. PERatio 3
🎯VLS also has stake in 5 Star hotel in Connaught Place Delhi
23 years after it was founded, Pine Labs has reached a $3 billion valuation. What is next for the firm? https://www.bloombergquint.com/business/with-600-million-fundraise-pine-labs-steps-up-focus-on-merchant-payments
BloombergQuint
With $600-Million Fundraise, Pine Labs Steps Up Focus On Merchant Payments
23 years after it was founded, Pine Labs has reached a $3 billion valuation. What is next for the firm?
HCL Technologies bags IT modernisation deal from The Mosaic Company
https://www.moneycontrol.com/news/business/hcl-technologies-bags-it-modernisation-deal-from-the-mosaic-company-7152761.html
Download moneycontrol app: http://m.moneycontrol.com/mom
https://www.moneycontrol.com/news/business/hcl-technologies-bags-it-modernisation-deal-from-the-mosaic-company-7152761.html
Download moneycontrol app: http://m.moneycontrol.com/mom
Moneycontrol
HCL Technologies Bags IT Modernisation Deal From The Mosaic Company
HCL will deploy a scaled agile delivery model across North America and South America to deliver process-led services across applications, infrastructure, and business analytics environments.