*WABCO INDIA LTD.* | *CMP* Rs. 7177 | *M Cap* Rs. 13613 Cr | *52 W H/L* 7872/4750
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 491.9 Cr (-30.9% QoQ, 196.4% YoY) vs QoQ Rs. 712.3 Cr, YoY Rs. 166 Cr
EBIDTA came at Rs. 42.1 Cr (-49.5% QoQ, -247.2% YoY) vs QoQ Rs. 83.5 Cr, YoY Rs. -28.6 Cr
EBITDA Margin came at 8.6% vs QoQ 11.7%, YoY -17.2%
Adj. PAT came at Rs. 21.4 Cr vs QoQ Rs. 47.6 Cr, YoY Rs. -31.4 Cr
Quarter EPS is Rs. 11.3
Share is trading at P/E of 60.2x FY22E EPS
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 491.9 Cr (-30.9% QoQ, 196.4% YoY) vs QoQ Rs. 712.3 Cr, YoY Rs. 166 Cr
EBIDTA came at Rs. 42.1 Cr (-49.5% QoQ, -247.2% YoY) vs QoQ Rs. 83.5 Cr, YoY Rs. -28.6 Cr
EBITDA Margin came at 8.6% vs QoQ 11.7%, YoY -17.2%
Adj. PAT came at Rs. 21.4 Cr vs QoQ Rs. 47.6 Cr, YoY Rs. -31.4 Cr
Quarter EPS is Rs. 11.3
Share is trading at P/E of 60.2x FY22E EPS
Maruti Suzuki Q1FY22 Con-call Update
(Nirmal Bang Retail Research)
Outlook: Neutral
• The company had sold 353614 units in Q1FY22.; Net sales were at Rs. 16,798.7 Cr
• PAT for Q1FY22 stood at Rs. 440.8 Cr which compared to a loss of Rs. 249.4 Cr YoY but Rs. 11661 Cr due to lower sale volumes and commodity prices (inflation at 3.5%) increasing steeply but the company has cost reduction efforts in place.
• For Q1FY22, the company had domestic sales of 308,095 units while exports were 45,519 units
• The company had announced a price hike in April of 1.6% and also in the month of July across segments and may increase further in the coming months
• The company has been negatively impacted by the global semi-conductor shortage and supply issues in India due to various restrictions and lockdowns in various states
• The company expects a recovery in demand in not only rural but urban as well
• The first-time buyer in Q1FY22 came down to 45.4% as against 46.9% YoY and the company expects the replacement demand to increase 25-26%
• The company has seen improved demand in the CNG technology by customers but there was shortage of CNG cylinder production and used for industrial use
• The company has pending order of 170000 units and network stock is at 135000-138000 units.
• The retail booking in the month of July has been flat Vs June but is expected to increase in the coming months
• The company has retail market share of 40% and wholesale market share of 46%
• Market share without SUV segment, 65.4% (grew by 5.7%), PCR 62.9% (up 4.8%), MPV 69.2%(up 14.24%) and in vans 97.2% (up 1.4%)
• The new plant in Gujarat commenced with a capacity of 250000 units per year but is at half its capacity in this quarter
• The capex for FY22 is expected at Rs. 4500 Cr but maybe altered depending on the pandemic
Share is trading at a P/E of 33.2x FY22EPS
(Nirmal Bang Retail Research)
Outlook: Neutral
• The company had sold 353614 units in Q1FY22.; Net sales were at Rs. 16,798.7 Cr
• PAT for Q1FY22 stood at Rs. 440.8 Cr which compared to a loss of Rs. 249.4 Cr YoY but Rs. 11661 Cr due to lower sale volumes and commodity prices (inflation at 3.5%) increasing steeply but the company has cost reduction efforts in place.
• For Q1FY22, the company had domestic sales of 308,095 units while exports were 45,519 units
• The company had announced a price hike in April of 1.6% and also in the month of July across segments and may increase further in the coming months
• The company has been negatively impacted by the global semi-conductor shortage and supply issues in India due to various restrictions and lockdowns in various states
• The company expects a recovery in demand in not only rural but urban as well
• The first-time buyer in Q1FY22 came down to 45.4% as against 46.9% YoY and the company expects the replacement demand to increase 25-26%
• The company has seen improved demand in the CNG technology by customers but there was shortage of CNG cylinder production and used for industrial use
• The company has pending order of 170000 units and network stock is at 135000-138000 units.
• The retail booking in the month of July has been flat Vs June but is expected to increase in the coming months
• The company has retail market share of 40% and wholesale market share of 46%
• Market share without SUV segment, 65.4% (grew by 5.7%), PCR 62.9% (up 4.8%), MPV 69.2%(up 14.24%) and in vans 97.2% (up 1.4%)
• The new plant in Gujarat commenced with a capacity of 250000 units per year but is at half its capacity in this quarter
• The capex for FY22 is expected at Rs. 4500 Cr but maybe altered depending on the pandemic
Share is trading at a P/E of 33.2x FY22EPS
*Tips Industries Q1FY22 Concall Update*
(Nirmal Bang Securities)
*Outlook: Positive in long term*
• Demerger between films & music business could happen by end of Dec.
• Indian music industry is growing at 15% CAGR driven by internet platforms.
• Company has digitized its catalogue comprising over 29,000 songs in multiple Indian languages and genres with new additions every year. 60-65% of the songs were acquired in 1990s.
• Co shall add new streaming clients in the current qtr. Gaana is already a client and is due for renewal shortly. Saavn renewal happened in Dec 2020.
• 70% of music revenue accrues from digital. Out of digital, 50% is OTT & 50% is UGC (user generated content) on social media (example: Instagram Reels).
• Facebook and some OTTs pay upfront to Tips. Some OTTs pay 10 paisa per stream. Youtube shares a % of ad revenue with Tips. Thus there are 3 different payment models.
• Currently Tips estimates Facebook to be paying hardly 100-150 Cr upfront to all music labels as it is starting off with music content. Post few years this revenue could increase substantially as Facebook is making substantially more revenue from ads.
• Co has guided for 25% revenue growth in FY22 and this growth rate is expected to continue in medium term. Co is today the 5th or 6th largest music co in India and is aiming to become the No. 3 in coming years.
• # On negative side, co’s quarterly topline has been at ~Rs. 28 Cr run rate since 3 qtrs now.
*Content Acquisition*
• Co expenses out entire content acquisition cost in the first year itself and does not capitalize it (unlike Saregama). Co will stick to this conservative accounting approach.
• While acquiring content, co will also focus on maintaining its profit margins. Co refused from providing any guidance on content acquisition costs.
• Film music is bought on album wise. Range for one album is 10 lacs to 25 cr depending on the quality. Similarly for a single pop music song, cost ranges from 3 lacs to 3 cr.
• Co is also recreating old songs and monetizing them.
Stock is trading at 28.1x Q1FY22 annualised EPS
(Nirmal Bang Securities)
*Outlook: Positive in long term*
• Demerger between films & music business could happen by end of Dec.
• Indian music industry is growing at 15% CAGR driven by internet platforms.
• Company has digitized its catalogue comprising over 29,000 songs in multiple Indian languages and genres with new additions every year. 60-65% of the songs were acquired in 1990s.
• Co shall add new streaming clients in the current qtr. Gaana is already a client and is due for renewal shortly. Saavn renewal happened in Dec 2020.
• 70% of music revenue accrues from digital. Out of digital, 50% is OTT & 50% is UGC (user generated content) on social media (example: Instagram Reels).
• Facebook and some OTTs pay upfront to Tips. Some OTTs pay 10 paisa per stream. Youtube shares a % of ad revenue with Tips. Thus there are 3 different payment models.
• Currently Tips estimates Facebook to be paying hardly 100-150 Cr upfront to all music labels as it is starting off with music content. Post few years this revenue could increase substantially as Facebook is making substantially more revenue from ads.
• Co has guided for 25% revenue growth in FY22 and this growth rate is expected to continue in medium term. Co is today the 5th or 6th largest music co in India and is aiming to become the No. 3 in coming years.
• # On negative side, co’s quarterly topline has been at ~Rs. 28 Cr run rate since 3 qtrs now.
*Content Acquisition*
• Co expenses out entire content acquisition cost in the first year itself and does not capitalize it (unlike Saregama). Co will stick to this conservative accounting approach.
• While acquiring content, co will also focus on maintaining its profit margins. Co refused from providing any guidance on content acquisition costs.
• Film music is bought on album wise. Range for one album is 10 lacs to 25 cr depending on the quality. Similarly for a single pop music song, cost ranges from 3 lacs to 3 cr.
• Co is also recreating old songs and monetizing them.
Stock is trading at 28.1x Q1FY22 annualised EPS
Coforge Ltd.
(Nirmal Bang Retail Research)
*Outlook – Positive*
Management has upgraded revenue guidance for FY22 to grow above 19% organic growth vs guidance of 17% guided last quarter. Increase in revenue will be supported by, good order book , Increase recognition of product eng capabilities , Foraying Into newer verticals has started to show results., however, supply side challenges for revenue growth continues. On Ebitda margin front management has maintained the guidance of 19% . Q2 the company will have margin improvement by 200 Bps . Growth in Margin will be supported by continued growth, discount reversal in travel, operating leverage , Headwinds are wage increase, increase in retention and hiring cost .
• Utilisation for the quarter dipped and came at 77% vs 81% QoQ. Decrease in utilisation is due to deals asked for upfront cost.Utilisation is expected to normalise with deals ramping up
• Employees for the quarter stood at 20491 , of these Coforge employees stood at 13529 , addition of 1138 employees
• Order executable in next 12 months came at $ 645 mn ( coforge stands at $560 mn vs QoQ $ 520 mn, YoY $ 465 mn. The company has won 3 large deals of this 2 is from BFS & insurance .Dollar revenue came at $ 199.7 mn (+7.6% organic growth )
• Share is trading at P/E of 35.5x FY23E EPS
(Nirmal Bang Retail Research)
*Outlook – Positive*
Management has upgraded revenue guidance for FY22 to grow above 19% organic growth vs guidance of 17% guided last quarter. Increase in revenue will be supported by, good order book , Increase recognition of product eng capabilities , Foraying Into newer verticals has started to show results., however, supply side challenges for revenue growth continues. On Ebitda margin front management has maintained the guidance of 19% . Q2 the company will have margin improvement by 200 Bps . Growth in Margin will be supported by continued growth, discount reversal in travel, operating leverage , Headwinds are wage increase, increase in retention and hiring cost .
• Utilisation for the quarter dipped and came at 77% vs 81% QoQ. Decrease in utilisation is due to deals asked for upfront cost.Utilisation is expected to normalise with deals ramping up
• Employees for the quarter stood at 20491 , of these Coforge employees stood at 13529 , addition of 1138 employees
• Order executable in next 12 months came at $ 645 mn ( coforge stands at $560 mn vs QoQ $ 520 mn, YoY $ 465 mn. The company has won 3 large deals of this 2 is from BFS & insurance .Dollar revenue came at $ 199.7 mn (+7.6% organic growth )
• Share is trading at P/E of 35.5x FY23E EPS
Birlasoft Ltd.
(Nirmal Bang Retail Research)
*Outlook – Positive*
Management has guided for revenue growth of being in mid teens in FY22. pent up demand will contribute to growth ahead. Discounts given was taken back before Q1 started.On margin front , in Q2 operating margins is expected to be stable inspite of the wage hike impact of 1.5% to 2% . Travel expense is expected to come back in H2 However operating margins is expected to improve With improvement in operational efficiency
• TCV for the quarter came at $153 mn , Of this $ 94 mn was new business
• Tax rate 24.9% shifted to new regime . ETR will stabilise between 26-27%
• Share is trading at P/E of 20.6x FY23E EPS
(Nirmal Bang Retail Research)
*Outlook – Positive*
Management has guided for revenue growth of being in mid teens in FY22. pent up demand will contribute to growth ahead. Discounts given was taken back before Q1 started.On margin front , in Q2 operating margins is expected to be stable inspite of the wage hike impact of 1.5% to 2% . Travel expense is expected to come back in H2 However operating margins is expected to improve With improvement in operational efficiency
• TCV for the quarter came at $153 mn , Of this $ 94 mn was new business
• Tax rate 24.9% shifted to new regime . ETR will stabilise between 26-27%
• Share is trading at P/E of 20.6x FY23E EPS
*Granules India – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
*_As the raw material availability is easing, expect 2H to be better than 1H_*
The stock is trading at 17.5x FY22E consensus earnings
• Availability of Para-aminophenol - raw material of Paracetamol was a key challenge during Q1 – however situation has started easing up from Q2 – one domestic company has started production and another company is expected to start in a few months – in addition a few plants in China are coming up, also shut down plants are expected to open up in few months
• Expansion of formulations into newer geographies has started – got approval for two of its existing products in Europe; in addition, the company continues to file more
• Received approval for 1 product each in Canada and Latam and were launched through a partner
• Aiming to increase share of other products over 40% by FY25
• Glenmark US – had pre-approval inspection from USFDA – got EIR within 25 days; expect approval for 3 products
• Expect MUPs facility to be fully utilized by FY25
• GM contracted – due to reduction in margins of paracetamol as KSM prices increased
• EBITDA – margins dropped due to lower gross margins and higher logistics costs
• Filed – 1 ANDAs, 2 EU dossiers
• From Q3 onwards – should see improvement in capacity utilisation of paracetamol plant
• Launched only 1 product in US – high volume product – having $100mn market size
• R&D – 140-150 cr FY22
• 8-10 launches in FY22
• Confident of export benefit to come however expect the benefit rate to be lower than earlier
• Ibuprofen ahs declined during the quarter due to Covid the demand was impacted – management expects this to normalise going forward
• 5 core molecules to grow 8-10% and other molecules to grow by 50%
• The management has clarified again that they don’t have any plans to exit the business
*Outlook – Positive*
*_As the raw material availability is easing, expect 2H to be better than 1H_*
The stock is trading at 17.5x FY22E consensus earnings
• Availability of Para-aminophenol - raw material of Paracetamol was a key challenge during Q1 – however situation has started easing up from Q2 – one domestic company has started production and another company is expected to start in a few months – in addition a few plants in China are coming up, also shut down plants are expected to open up in few months
• Expansion of formulations into newer geographies has started – got approval for two of its existing products in Europe; in addition, the company continues to file more
• Received approval for 1 product each in Canada and Latam and were launched through a partner
• Aiming to increase share of other products over 40% by FY25
• Glenmark US – had pre-approval inspection from USFDA – got EIR within 25 days; expect approval for 3 products
• Expect MUPs facility to be fully utilized by FY25
• GM contracted – due to reduction in margins of paracetamol as KSM prices increased
• EBITDA – margins dropped due to lower gross margins and higher logistics costs
• Filed – 1 ANDAs, 2 EU dossiers
• From Q3 onwards – should see improvement in capacity utilisation of paracetamol plant
• Launched only 1 product in US – high volume product – having $100mn market size
• R&D – 140-150 cr FY22
• 8-10 launches in FY22
• Confident of export benefit to come however expect the benefit rate to be lower than earlier
• Ibuprofen ahs declined during the quarter due to Covid the demand was impacted – management expects this to normalise going forward
• 5 core molecules to grow 8-10% and other molecules to grow by 50%
• The management has clarified again that they don’t have any plans to exit the business
*UTI Asset Management Company Ltd. - S* | *CMP* Rs. 0 | *M Cap* Rs. 0 Cr | *52 W H/L*
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 344.4 Cr vs YoY Rs. 261.3 Cr, QoQ Rs. 289.2 Cr
EBITDA came at Rs. 189.6 Cr vs YoY Rs. 162.6 Cr, QoQ Rs. 159.2 Cr
EBITDA Margin % came at 55.1 YoY 62.2% vs QoQ 55%
PAT came at Rs. 155 Cr vs YoY Rs. 139.8 Cr, QoQ Rs. 133.6 Cr
AUMs (Rs. Bn) came at Rs. 1872.1 Cr vs YoY Rs. 1336 Cr, QoQ Rs. 1828.5 Cr
Quarter EPS is Rs. 6.1
Share is trading at P/E of 38.9x FY23E EPS & 7.4x trailing P/BV
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 344.4 Cr vs YoY Rs. 261.3 Cr, QoQ Rs. 289.2 Cr
EBITDA came at Rs. 189.6 Cr vs YoY Rs. 162.6 Cr, QoQ Rs. 159.2 Cr
EBITDA Margin % came at 55.1 YoY 62.2% vs QoQ 55%
PAT came at Rs. 155 Cr vs YoY Rs. 139.8 Cr, QoQ Rs. 133.6 Cr
AUMs (Rs. Bn) came at Rs. 1872.1 Cr vs YoY Rs. 1336 Cr, QoQ Rs. 1828.5 Cr
Quarter EPS is Rs. 6.1
Share is trading at P/E of 38.9x FY23E EPS & 7.4x trailing P/BV
World Markets
Dow - 128
Nasdaq + 120
Dax + 51
Nikkei + 167
Hangseng + 540
Sgxnifty + 18 (15726)
Brent Crude 73.77
Dow Fut - 15
Dollar Index 92.25
Dow - 128
Nasdaq + 120
Dax + 51
Nikkei + 167
Hangseng + 540
Sgxnifty + 18 (15726)
Brent Crude 73.77
Dow Fut - 15
Dollar Index 92.25
Stocks To Watch
Axis Bank: RBI has imposed Rs 5 crore penalty on the bank. Penalty imposed for contravention of RBI's cybersecurity framework. RBI reviewed the supervisory evaluations of the bank over the last few years, an instance of fraud and instances of suspicious transactions in June 2020. After considering the bank's responses to show cause notices and oral submissions at a personal hearing the RBI imposed the fine.
HDFC: Updated its existing Medium Term Note Programme for an amount of up to $2.8 billion to enable the corporation to issue rupee/foreign currency denominated bonds in the international capital markets, subject to regulatory approvals.
Amara Raja Batteries: Andhra Pradesh High Court on July 26 heard the matter pertaining to the closure orders received by the company from Andhra Pradesh Pollution Control Board. The high court has extended the interim suspension of said orders of APPCB by four weeks. The next hearing is scheduled on August 16. The company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh had received closure orders from APPCB.
Canara Bank: Subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
HCL Technologies: Appointed Jill Kouri as Global Chief Marketing Officer.
Isgec Heavy Engineering: Isgec Hitachi Zosen (a joint venture of Isgec Heavy Engineering and Hitachi Zosen Corporation) received a major order for a PTA Reactor for a public sector petrochemical project from Technip Energies, Noida.
Astec LifeSciences: Appointed Anurag Roy as Chief Executive Officer for a term of 3 years with effect from July 28.
Earnings: Tech Mahindra, Colgate-Palmolive (India), Indus Towers, Container Corporation Of India, TVS Motor Company, Deepak Nitrite, Laurus Labs, Eris Lifesciences, Ajanta Pharma, JK Lakshmi Cement, LIC Housing Finance, Union Bank Of India, Aegis Logistics, AAVAS Financiers, EIH, EPL, Genus Power Infrastructures, Great Eastern Shipping Co., Jindal Stainless (Hisar), Solar Industries India, Jyothy Labs, ADF Foods, DFM Foods, Future Retail, Firstsource Solutions, Shriram City Union Finance, Motilal Oswal Financial Services, Dhanuka Agritech, CCL Products (India), Andhra Paper, Dwarikesh Sugar Industries, GHCL, Garware Hi-Tech Films, Hawkins Cookers, Home First Finance Company India, KSB, Mahindra Holidays & Resorts India, Mangalore Refinery & Petrochemicals, Oberoi Realty, Olectra Greentech, Orient Electric, Parag Milk Foods, Poly Medicure, Privi Speciality Chemicals, Prism Johnson, Punjab & Sind Bank, PVR, Raymond, Shoppers Stop, Shree Digvijay Cement Co., Stove Kraft, Vaibhav Global, Vardhman Textiles, Welspun Corp, Welspun Enterprises
Axis Bank: RBI has imposed Rs 5 crore penalty on the bank. Penalty imposed for contravention of RBI's cybersecurity framework. RBI reviewed the supervisory evaluations of the bank over the last few years, an instance of fraud and instances of suspicious transactions in June 2020. After considering the bank's responses to show cause notices and oral submissions at a personal hearing the RBI imposed the fine.
HDFC: Updated its existing Medium Term Note Programme for an amount of up to $2.8 billion to enable the corporation to issue rupee/foreign currency denominated bonds in the international capital markets, subject to regulatory approvals.
Amara Raja Batteries: Andhra Pradesh High Court on July 26 heard the matter pertaining to the closure orders received by the company from Andhra Pradesh Pollution Control Board. The high court has extended the interim suspension of said orders of APPCB by four weeks. The next hearing is scheduled on August 16. The company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh had received closure orders from APPCB.
Canara Bank: Subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
HCL Technologies: Appointed Jill Kouri as Global Chief Marketing Officer.
Isgec Heavy Engineering: Isgec Hitachi Zosen (a joint venture of Isgec Heavy Engineering and Hitachi Zosen Corporation) received a major order for a PTA Reactor for a public sector petrochemical project from Technip Energies, Noida.
Astec LifeSciences: Appointed Anurag Roy as Chief Executive Officer for a term of 3 years with effect from July 28.
Earnings: Tech Mahindra, Colgate-Palmolive (India), Indus Towers, Container Corporation Of India, TVS Motor Company, Deepak Nitrite, Laurus Labs, Eris Lifesciences, Ajanta Pharma, JK Lakshmi Cement, LIC Housing Finance, Union Bank Of India, Aegis Logistics, AAVAS Financiers, EIH, EPL, Genus Power Infrastructures, Great Eastern Shipping Co., Jindal Stainless (Hisar), Solar Industries India, Jyothy Labs, ADF Foods, DFM Foods, Future Retail, Firstsource Solutions, Shriram City Union Finance, Motilal Oswal Financial Services, Dhanuka Agritech, CCL Products (India), Andhra Paper, Dwarikesh Sugar Industries, GHCL, Garware Hi-Tech Films, Hawkins Cookers, Home First Finance Company India, KSB, Mahindra Holidays & Resorts India, Mangalore Refinery & Petrochemicals, Oberoi Realty, Olectra Greentech, Orient Electric, Parag Milk Foods, Poly Medicure, Privi Speciality Chemicals, Prism Johnson, Punjab & Sind Bank, PVR, Raymond, Shoppers Stop, Shree Digvijay Cement Co., Stove Kraft, Vaibhav Global, Vardhman Textiles, Welspun Corp, Welspun Enterprises
Pledge Share Details
Orient Electric: Promoters (Central India Industries and Shekhavati Investments and Traders) revoked pledge of 52.50 lakh shares between July 26-27.
Orient Electric: Promoters (Central India Industries and Shekhavati Investments and Traders) revoked pledge of 52.50 lakh shares between July 26-27.
Insider Trades
Asahi India Glass: Promoter Tarun Tahiliani sold 17,757 shares between July 16-22.
Plastiblends India: Promoter Jyoti Kabra bought 5,000 shares between July 22-26.
Asahi India Glass: Promoter Tarun Tahiliani sold 17,757 shares between July 16-22.
Plastiblends India: Promoter Jyoti Kabra bought 5,000 shares between July 22-26.
Who’s Meeting Whom
DCM Shriram: To meet Nippon India Mutual Fund on July 29.
Deepak Fertilisers and Petrochemicals Corporation: To meet BOI AXA Mutual Fund and KR Choksey on July 29
DCM Shriram: To meet Nippon India Mutual Fund on July 29.
Deepak Fertilisers and Petrochemicals Corporation: To meet BOI AXA Mutual Fund and KR Choksey on July 29
Trading Tweaks
Ex-Date Final Dividend: Alembic, Amara Raja Batteries, Andhra Paper, Balaji Amines, Dabur India, Delta Corp, Emkay Global Financial Services, Gandhi Special Tubes, ICICI Bank, Igarashi Motors India, Indo Amines, Kriti Industries (India), Sobha, Sudarshan Chemical Industries, Symphony, Timken India, VRL Logistics, Whirlpool of India, Wim Plast
Ex-Date Dividend: Bandhan Bank, IFGL Refractories, Pokarna, Quick Heal Technologies, Saksoft, Uniphos Enterprises
Ex-Date Interim Dividend: Stylam Industries
Ex-Date Bonus Issue: Power Grid Corporation of India
Ex-Date AGM: Rane Holdings, Indian Overseas Bank
Record Date Final Dividend: Computer Age Management Services, Mrs. Bectors Food Specialities, Prataap Snacks
Price Band Revised From 10% To 5%: JSW Energy
Move Into Short-Term ASM Framework: Alkyl Amines Chemicals
Move Out Of Short-Term ASM Framework: Wheels India
Move Into ASM Framework: Wheels India, Equitas Holdings
Ex-Date Final Dividend: Alembic, Amara Raja Batteries, Andhra Paper, Balaji Amines, Dabur India, Delta Corp, Emkay Global Financial Services, Gandhi Special Tubes, ICICI Bank, Igarashi Motors India, Indo Amines, Kriti Industries (India), Sobha, Sudarshan Chemical Industries, Symphony, Timken India, VRL Logistics, Whirlpool of India, Wim Plast
Ex-Date Dividend: Bandhan Bank, IFGL Refractories, Pokarna, Quick Heal Technologies, Saksoft, Uniphos Enterprises
Ex-Date Interim Dividend: Stylam Industries
Ex-Date Bonus Issue: Power Grid Corporation of India
Ex-Date AGM: Rane Holdings, Indian Overseas Bank
Record Date Final Dividend: Computer Age Management Services, Mrs. Bectors Food Specialities, Prataap Snacks
Price Band Revised From 10% To 5%: JSW Energy
Move Into Short-Term ASM Framework: Alkyl Amines Chemicals
Move Out Of Short-Term ASM Framework: Wheels India
Move Into ASM Framework: Wheels India, Equitas Holdings
Money Market Update
The rupee ended at 74.37 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 74.46.
The rupee ended at 74.37 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 74.46.
*Federal Reserve Keeps Fed Funds Range Unchanged at 0.00% to 0.25%*
*Fed Discount Rate Unchanged 0.25%*
*FOMC: Voted 11-0 For Fed Funds Rate Action*
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings*
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month*
*Fed Announces Launch Of Standing Repo Facility*
*Fed Discount Rate Unchanged 0.25%*
*FOMC: Voted 11-0 For Fed Funds Rate Action*
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings*
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month*
*Fed Announces Launch Of Standing Repo Facility*
🇺🇸 *#FED: ECONOMY HAS MADE PROGRESS TOWARDS GOALS LAID OUT TO TAPER - BBG
*FED: WILL CONTINUE TO ASSESS PROGRESS IN COMING MEETINGS
*FED: WILL CONTINUE TO ASSESS PROGRESS IN COMING MEETINGS
*Fed Interest Rate Decision*:
Actual 0.25%
Forecast 0.25%
Previous 0.25%
(BREAKING: Fed holds rates near zero, says economy has gotten better even with pandemic worries)
Actual 0.25%
Forecast 0.25%
Previous 0.25%
(BREAKING: Fed holds rates near zero, says economy has gotten better even with pandemic worries)
Breaking: Fed leaves policy settings unchanged, dollar strengthens modestly #Breaking #Fed #CentralBanks
*SERNET News Update – Jul 29th 2021*
Maruti Suzuki reported net profits of Rs.441 crore for the Jun-21 quarter as against net loss of Rs.249 crore in the Jun-20 quarter. The sales of cars remained disrupted in the Jun-21 quarter due to localised lockdowns for COVID 2.0. Maruti sold a total of 353,614 units during the Jun-21 quarter of which 308,095 units were sold in India and 45,519 units were exported. Its revenues for the Jun-21 quarter were up four-fold in the Jun-21 quarter at Rs.17,771 crore. Sequentially, EBITDA margin contracted 370 bps at 8.3%.
SEBI is seriously considering restructuring IPO and preferential issue norms. Recently, SEBI had simplified the framework for minimum public shareholding to enable large companies to launch IPOs with ease. Tyagi also added that SEBI may also look at directed listing like in the US SPAC model in the Indian context. Tyagi also added that the debt market in India also needed to develop like equity markets and they were keen to provide an enabling environment, especially since bond issues are now 36% above bank credit.
Nestle India reported 10.7% growth in net profits at Rs.539 crore for Jun-21 quarter. Net sales were up 13.8% at Rs.3,463 crore. Operating performance got impacted by the 24% jump in raw material costs in Q1. EBITDA was up 10% in the Jun-21 quarter at Rs.840 crore while EBITDA margins contracted 88 bps. Nestle raised prices on a many marquee products including the popular Maggi noodles. Out of its Rs.2,600 crore investment plan, Nestle has already invested Rs.1,000 crore to expand its manufacturing capacity.
Windlas Biotech, a leading CDMO player in India, is all set to launch its IPO on 04-Aug. The IPO will consist of a fresh issue of Rs.165 crore plus an OFS of another 51.42 lakh shares by existing shareholders. Apart from the promoter, Tano India PE Fund will divest its entire 22% holding through the OFS. The price band for the IPO is yet to be announced. Windlas Biotech will use the proceeds to purchase equipment required for capacity expansion at Dehradun Plant and for repaying certain high-cost borrowings of the company.
Rakesh Jhunjhunwala plans to procure 70 aircraft in next 4 years for a new ultra-low-cost airline. Rakesh plans to invest $35 million to own 40% of the airline. The approval from the Aviation Ministry is awaited. The airline will be called Akasa Air and typical planes will carry 180 passengers. Jhunjhunwala made his billions investing in the Indian equity story and some of his major holdings like Titan and Lupin are the stuff that legends are made of. However, the challenge of high costs and post-pandemic paradigm remain.
India’s private sector weather forecaster, Skymet, raised Rs.12 crore in debt funding from Northern Arc and Caspian Impact Investments. Skymet will use the funds to boost ground observation plus accurate prediction of floods and cyclones in East India. This additional data investment will mitigate the risks and provide accurate data to farmers, especially in the East. The global weather forecasting market is expected to double to $2.70 billion by 2023. Indian weather forecasting market is pegged at nearly $100 million.
JSW Cement will raise Rs.1,500 crore from two global PE funds; Apollo Global and Synergy Metals. Under the terms of the deal, CCPS will be issued to investors, convertible to equity linked to future performance of JSW Cement. JSW Cement will be able to accelerate its capacity expansion from the current level of 14MTPA to 25 MTPA by 2024. JSW Cement is planning IPO in next 18 months. JSW has a strong focus on green building materials, which appeals to global funds. JSW Cement is part of the $13 billion JSW group.
Gupshup, a messaging platform to manage customer interactions, raised $240 million in follow-on funding from investors including Fidelity Management and Tiger Global. The earlier infusion of $100 million into Gupshup by Tiger Global in Apr-21 had valued Gupshup at $1.4 billion. Gupshup use AI-powered journey of conversations to manage customer requirements.
Maruti Suzuki reported net profits of Rs.441 crore for the Jun-21 quarter as against net loss of Rs.249 crore in the Jun-20 quarter. The sales of cars remained disrupted in the Jun-21 quarter due to localised lockdowns for COVID 2.0. Maruti sold a total of 353,614 units during the Jun-21 quarter of which 308,095 units were sold in India and 45,519 units were exported. Its revenues for the Jun-21 quarter were up four-fold in the Jun-21 quarter at Rs.17,771 crore. Sequentially, EBITDA margin contracted 370 bps at 8.3%.
SEBI is seriously considering restructuring IPO and preferential issue norms. Recently, SEBI had simplified the framework for minimum public shareholding to enable large companies to launch IPOs with ease. Tyagi also added that SEBI may also look at directed listing like in the US SPAC model in the Indian context. Tyagi also added that the debt market in India also needed to develop like equity markets and they were keen to provide an enabling environment, especially since bond issues are now 36% above bank credit.
Nestle India reported 10.7% growth in net profits at Rs.539 crore for Jun-21 quarter. Net sales were up 13.8% at Rs.3,463 crore. Operating performance got impacted by the 24% jump in raw material costs in Q1. EBITDA was up 10% in the Jun-21 quarter at Rs.840 crore while EBITDA margins contracted 88 bps. Nestle raised prices on a many marquee products including the popular Maggi noodles. Out of its Rs.2,600 crore investment plan, Nestle has already invested Rs.1,000 crore to expand its manufacturing capacity.
Windlas Biotech, a leading CDMO player in India, is all set to launch its IPO on 04-Aug. The IPO will consist of a fresh issue of Rs.165 crore plus an OFS of another 51.42 lakh shares by existing shareholders. Apart from the promoter, Tano India PE Fund will divest its entire 22% holding through the OFS. The price band for the IPO is yet to be announced. Windlas Biotech will use the proceeds to purchase equipment required for capacity expansion at Dehradun Plant and for repaying certain high-cost borrowings of the company.
Rakesh Jhunjhunwala plans to procure 70 aircraft in next 4 years for a new ultra-low-cost airline. Rakesh plans to invest $35 million to own 40% of the airline. The approval from the Aviation Ministry is awaited. The airline will be called Akasa Air and typical planes will carry 180 passengers. Jhunjhunwala made his billions investing in the Indian equity story and some of his major holdings like Titan and Lupin are the stuff that legends are made of. However, the challenge of high costs and post-pandemic paradigm remain.
India’s private sector weather forecaster, Skymet, raised Rs.12 crore in debt funding from Northern Arc and Caspian Impact Investments. Skymet will use the funds to boost ground observation plus accurate prediction of floods and cyclones in East India. This additional data investment will mitigate the risks and provide accurate data to farmers, especially in the East. The global weather forecasting market is expected to double to $2.70 billion by 2023. Indian weather forecasting market is pegged at nearly $100 million.
JSW Cement will raise Rs.1,500 crore from two global PE funds; Apollo Global and Synergy Metals. Under the terms of the deal, CCPS will be issued to investors, convertible to equity linked to future performance of JSW Cement. JSW Cement will be able to accelerate its capacity expansion from the current level of 14MTPA to 25 MTPA by 2024. JSW Cement is planning IPO in next 18 months. JSW has a strong focus on green building materials, which appeals to global funds. JSW Cement is part of the $13 billion JSW group.
Gupshup, a messaging platform to manage customer interactions, raised $240 million in follow-on funding from investors including Fidelity Management and Tiger Global. The earlier infusion of $100 million into Gupshup by Tiger Global in Apr-21 had valued Gupshup at $1.4 billion. Gupshup use AI-powered journey of conversations to manage customer requirements.
Gupshup is exploring M&A opportunities to expand its business inorganically. While the platform may have evolved, Gupshup remains controversial in India.