*OPENING BELL*
🔔〽️🔔〽️🔔〽️🔔
🔸Dr. Reddy's Laboratories: The company, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 and certain related assets. Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
🔸Mahindra & Mahindra Financial Services: The company’s disbursements in August were at Rs 2,150 crore, 57% higher from a year earlier. Collection efficiency was at about 97%, compared with 95% in July. The company witnessed a meaningful reduction in the NPA contracts in August as customer cash flows improved. It expects downward trajectory to continue in September and in months to come. Liquidity position comfortable as on date, Mahindra Financial said.
🔸Reliance Industries: The wholly owned subsidiary of the company, Reliance Strategic Business Ventures, has acquired 2.28 crore equity shares of Strand Life Sciences for Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The investment is part of Reliance’s digital health initiatives.
🔸HealthCare Global Enterprises: The company has divested its entire equity holding of 34.5% (on fully diluted basis) in Strand Life Sciences to Reliance Strategic Business Ventures for Rs 157 crore. The company has also acquired Hospital Lab Management and Clinical Research Site Management business through a Business Transfer Agreement from Strand for Rs 81 crore with a set-off of Rs 7 crore towards receivables.
🔸ICICI Lombard General Insurance Company: IRDAI has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance Company to ICICI Lombard by way of a scheme of arrangement. The demerger and transfer of general insurance business, as envisaged in the scheme, shall be effective
within three days from the date of the final approval, the insurer said. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%.
🔸Jindal Steel and Power: Shareholders have approved divestment of entire shareholding of the company in its subsidiary Jindal Power. More than 90% of the minority shareholders voted in the favour of the deal.
🔸HFCL: The board has approved raising up to Rs 750 crore by way of issue of equity shares/preference shares/ bonds/debentures/non-convertible debt instruments/warrants/any other securities.
🔸PNB: The meeting of board of directors to consider the proposal for raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof has been re-scheduled to September 10.
🔸Engineers India: The company has received an order worth Rs 1,039 crore from Chennai Petroleum Corporation. Engineers India has been entrusted with execution of EPCM-1 with MPMC and EPCM-3 services for 9 MMTPA Cauvery Basin Refinery project in Tamil Nadu.
🔸Force Motors: The company’s total production in August stood at 2,148 units. It reported domestic sales of 1,487 units and exports of 500 units.
🔸Jammu & Kashmir Bank: RBI has accorded approval to Government of Jammu and Kashmir to acquire 16.76 crore fully paid-up equity shares on preferential basis, representing 74.24% of equity capital of the bank, subject to compliance of regulatory requirements.
🔔〽️🔔〽️🔔〽️🔔
🔸Dr. Reddy's Laboratories: The company, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. to sell its rights to anti-cancer agent E7777 and certain related assets. Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
🔸Mahindra & Mahindra Financial Services: The company’s disbursements in August were at Rs 2,150 crore, 57% higher from a year earlier. Collection efficiency was at about 97%, compared with 95% in July. The company witnessed a meaningful reduction in the NPA contracts in August as customer cash flows improved. It expects downward trajectory to continue in September and in months to come. Liquidity position comfortable as on date, Mahindra Financial said.
🔸Reliance Industries: The wholly owned subsidiary of the company, Reliance Strategic Business Ventures, has acquired 2.28 crore equity shares of Strand Life Sciences for Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis. The investment is part of Reliance’s digital health initiatives.
🔸HealthCare Global Enterprises: The company has divested its entire equity holding of 34.5% (on fully diluted basis) in Strand Life Sciences to Reliance Strategic Business Ventures for Rs 157 crore. The company has also acquired Hospital Lab Management and Clinical Research Site Management business through a Business Transfer Agreement from Strand for Rs 81 crore with a set-off of Rs 7 crore towards receivables.
🔸ICICI Lombard General Insurance Company: IRDAI has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance Company to ICICI Lombard by way of a scheme of arrangement. The demerger and transfer of general insurance business, as envisaged in the scheme, shall be effective
within three days from the date of the final approval, the insurer said. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%.
🔸Jindal Steel and Power: Shareholders have approved divestment of entire shareholding of the company in its subsidiary Jindal Power. More than 90% of the minority shareholders voted in the favour of the deal.
🔸HFCL: The board has approved raising up to Rs 750 crore by way of issue of equity shares/preference shares/ bonds/debentures/non-convertible debt instruments/warrants/any other securities.
🔸PNB: The meeting of board of directors to consider the proposal for raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof has been re-scheduled to September 10.
🔸Engineers India: The company has received an order worth Rs 1,039 crore from Chennai Petroleum Corporation. Engineers India has been entrusted with execution of EPCM-1 with MPMC and EPCM-3 services for 9 MMTPA Cauvery Basin Refinery project in Tamil Nadu.
🔸Force Motors: The company’s total production in August stood at 2,148 units. It reported domestic sales of 1,487 units and exports of 500 units.
🔸Jammu & Kashmir Bank: RBI has accorded approval to Government of Jammu and Kashmir to acquire 16.76 crore fully paid-up equity shares on preferential basis, representing 74.24% of equity capital of the bank, subject to compliance of regulatory requirements.
Asian stocks were mixed Monday amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower U.S. hiring.
Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 17,403 as of 7:20 a.m.
Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 17,403 as of 7:20 a.m.
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Brokrage Reports
Nomura on Exide
Buy, TP Rs 223
CITI on Exide Ind
Buy, TP Raised to Rs 260
Investec on Exide
Buy, TP Rs 220
Equirus on Exide Ind
Downgrade to reduce, TP Rs 194 from Rs 248
UBS on Exide
Buy, TP Raised to Rs 240
CS on Steel
Stay cautious on steel price outlook in medium term
While Indian spreads have fallen, those in China & Europe have improved
Expect coking coal to revert to $160/t & ore may fall further to $100/t, reducing cost support even more
CLSA on M&M Fin
Buy, TP raised to Rs 210 from Rs 180
Citi on M&M finance maintain buy with Tgt price of 185
Nomura on hdfc life maintain neutral with Tgt price of 750
Jp Morgan on hdfc life maintain OW with Tgt price of 770
CS on hdfc life maintain neutral with Tgt price of 670
Clsa on hdfc life maintain OP with Tgt price of 790
Clsa on zeel maintain buy with Tgt price of 306
Nomura on Exide
Buy, TP Rs 223
CITI on Exide Ind
Buy, TP Raised to Rs 260
Investec on Exide
Buy, TP Rs 220
Equirus on Exide Ind
Downgrade to reduce, TP Rs 194 from Rs 248
UBS on Exide
Buy, TP Raised to Rs 240
CS on Steel
Stay cautious on steel price outlook in medium term
While Indian spreads have fallen, those in China & Europe have improved
Expect coking coal to revert to $160/t & ore may fall further to $100/t, reducing cost support even more
CLSA on M&M Fin
Buy, TP raised to Rs 210 from Rs 180
Citi on M&M finance maintain buy with Tgt price of 185
Nomura on hdfc life maintain neutral with Tgt price of 750
Jp Morgan on hdfc life maintain OW with Tgt price of 770
CS on hdfc life maintain neutral with Tgt price of 670
Clsa on hdfc life maintain OP with Tgt price of 790
Clsa on zeel maintain buy with Tgt price of 306
*Reliance Industries* has acquired Strand Life Sciences for a cash consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. the total investment will translate into 80.3% of equity share capital in Strand on a fully diluted basis.
Strand, which is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers, and pharmaceutical companies, posted a turnover was Rs 88.70 crore, and Net Profit of Rs 8.48 crore in FY 2021. Neutral
Strand, which is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers, and pharmaceutical companies, posted a turnover was Rs 88.70 crore, and Net Profit of Rs 8.48 crore in FY 2021. Neutral
*HealthCare Global (HCG)*, announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its ~38.5% stake in Strand to Reliance Industries group company. HCG received consideration of ~Rs 157cr for sale of its ownership in Strand and acquired labs and clinical research business for a consideration of ~Rs 81cr with a set-off of ~Rs 7cr towards receivables. The transactions resulted in net cash inflow of ~Rs 83cr for HCG in addition to the take-over of the labs and clinical research business. *Positive*
Coking coal prices has further increased by $20 in last week. And up by $140 since April 2021. This will increased the cost by Rs.6200 where as HRC prices remain stable between April -Aug. Post correction in recent past Iron ore prices has come back to April level. Negative for steel companies
*Ashoka Buildcon* has received an EPC contract worth Rs. 1,567 Cr for upgrading a part of the NH-19 in West Bengal. (Total order book as on Q1FY22 was at Rs. 9472 Cr.) *Positive.*
*Dr Reddy* has entered into a definitive agreement with Citius Pharmaceuticals for the sale of its entire right of investigational anti- cancer agent E7777 (denileukin diftitox) and some related assets. The company would get $40 mn as upfront payment followed by milestone payment of $40 million related to approval of CTCL indication and up to $70 million for additional indication approvals. *Positive*
*CreditAccess Grameen:* Marginal improvement in collection trends.
_CreditAccess MFI:_ Collection Efficiency (excl arrears) improved to 92.5% in August from 91.0% in July. Maharashtra remains weak at 89%. PAR 0 stood at 15.9% in August v/s 21.9% in July while PAR 90 stood at 6.3% v/s 5.7% in July.
_Madura MFI:_ Collection Efficiency (excl arrears) improved to 86% in August from 83% in July. Maharashtra remains weak at 76%. PAR 0 stood at 19.5% in August v/s 18.7% in July while PAR 90 stood at 7.3% v/s 6.2% in July.
*Neutral*
_CreditAccess MFI:_ Collection Efficiency (excl arrears) improved to 92.5% in August from 91.0% in July. Maharashtra remains weak at 89%. PAR 0 stood at 15.9% in August v/s 21.9% in July while PAR 90 stood at 6.3% v/s 5.7% in July.
_Madura MFI:_ Collection Efficiency (excl arrears) improved to 86% in August from 83% in July. Maharashtra remains weak at 76%. PAR 0 stood at 19.5% in August v/s 18.7% in July while PAR 90 stood at 7.3% v/s 6.2% in July.
*Neutral*