*Some interesting latest Data points*
- Debt has come down
- You would be surprised to know many companies have become debt free.
- Though PE multiple is historically highest but enterprise value to cash flow is 15.8 times which is historically average low in last 20 yrs (Avg has been generally 16)
- In 2008, enterprise value to cash flow was 25, so from here also there is a 60% value discount.
- Debt to equity ratio is just 0.16, we have never seen this India.
- Bonds yield GSEC is giving 6.2% and if you inverse the cash flow from enterprise value i.e. cash yield is 6.3%, rarely in India we have seen cash earnings yield higher than bond yield in last 20 years.
- In 2008 bond yields were 8% and cash yields were 4%, 50% discount still there.
- Many corporates are planning to double there capacity & that too without leveraging them.
_*- In 2003 to 2007 we had the best bull run but atleast in a year we have seen 15% correction every year or twice a year. So 15% to 20% correctiom is very much possible in any bull market run.*_
- It is not that market might not do well if the FED rises rates infact in interest rate rise cycle if you observe from bottom to top cycle market seems to do well as bond lose value in interest rate rise cycle so allocation increases towards equity and economy is also booming. Rising interest rates are good for market, it's when it touches the peak then it become little worry some.
- Debt has come down
- You would be surprised to know many companies have become debt free.
- Though PE multiple is historically highest but enterprise value to cash flow is 15.8 times which is historically average low in last 20 yrs (Avg has been generally 16)
- In 2008, enterprise value to cash flow was 25, so from here also there is a 60% value discount.
- Debt to equity ratio is just 0.16, we have never seen this India.
- Bonds yield GSEC is giving 6.2% and if you inverse the cash flow from enterprise value i.e. cash yield is 6.3%, rarely in India we have seen cash earnings yield higher than bond yield in last 20 years.
- In 2008 bond yields were 8% and cash yields were 4%, 50% discount still there.
- Many corporates are planning to double there capacity & that too without leveraging them.
_*- In 2003 to 2007 we had the best bull run but atleast in a year we have seen 15% correction every year or twice a year. So 15% to 20% correctiom is very much possible in any bull market run.*_
- It is not that market might not do well if the FED rises rates infact in interest rate rise cycle if you observe from bottom to top cycle market seems to do well as bond lose value in interest rate rise cycle so allocation increases towards equity and economy is also booming. Rising interest rates are good for market, it's when it touches the peak then it become little worry some.
Adani Enterprises’ Subsidiary Signs Share Subscription Agreement With Flemingo, MTRPL; Shares Advance
Shares of Adani Enterprises Ltd. rose nearly 3% to Rs 1,480 apiece after the company said that its wholly owned subsidiary Adani Airport Holdings Ltd. signed share subscription agreement with Flemingo Travel Retail Pvt (Flemingo) and Mumbai Travel Retail Pvt (MTRPL) for the purpose of strategic partnership to operate duty free outlets in airports and seaports.
In an exchange filing, Adani Enterprises said that the strategic partnership would allow the company to operate duty free outlets in airports and seaports by Flemingo and Adani Airport Holdings Ltd.
On completion of the transaction, Adani Airport Holdings will subscribe to 28,49,000 equity shares of face value of Rs 10 each constituting 74% of share capital of MTRPL for an aggregate investment of Rs 28.49 crore.
Shares of Adani Enterprises Ltd. rose nearly 3% to Rs 1,480 apiece after the company said that its wholly owned subsidiary Adani Airport Holdings Ltd. signed share subscription agreement with Flemingo Travel Retail Pvt (Flemingo) and Mumbai Travel Retail Pvt (MTRPL) for the purpose of strategic partnership to operate duty free outlets in airports and seaports.
In an exchange filing, Adani Enterprises said that the strategic partnership would allow the company to operate duty free outlets in airports and seaports by Flemingo and Adani Airport Holdings Ltd.
On completion of the transaction, Adani Airport Holdings will subscribe to 28,49,000 equity shares of face value of Rs 10 each constituting 74% of share capital of MTRPL for an aggregate investment of Rs 28.49 crore.
⚙⚙SANSERA ENGINEERING LISTING
BSE Scrip Code - 543358
SYMBOL - SANSERA
Listing Dt. 24-09-2021
ISIIN No. INE953O01021
ISSUE PRICE : RS. 744
BSE Scrip Code - 543358
SYMBOL - SANSERA
Listing Dt. 24-09-2021
ISIIN No. INE953O01021
ISSUE PRICE : RS. 744
Vedanta : Vedanta Limited to delist its American depositary shares; to concentrate all trading of shares on NSE & BSE
Bulk Deal as on 23-09-21
Bse Yet Not Updated the Bulk Deal
Cantabil Retail
+ 1 Lk @ 555.36 Gagan Dinanath Chaturvedi
+ 1.5 Lk @ 554.96 Winro Commercial India Ltd
Home First Finance Co India Ltd
- 4.75 Lk @ 575.15 Bnp Paribas Arbitage
Rswm Ltd
+ 7 Lk @ 310 Bharat Investment Growth Ltd
+ 4.50 Lk @ 310 Lnj Financial Services Ltd
- 11.50 Lk @ 310 Jhunjhunwala Ravi
Bse Yet Not Updated the Bulk Deal
Cantabil Retail
+ 1 Lk @ 555.36 Gagan Dinanath Chaturvedi
+ 1.5 Lk @ 554.96 Winro Commercial India Ltd
Home First Finance Co India Ltd
- 4.75 Lk @ 575.15 Bnp Paribas Arbitage
Rswm Ltd
+ 7 Lk @ 310 Bharat Investment Growth Ltd
+ 4.50 Lk @ 310 Lnj Financial Services Ltd
- 11.50 Lk @ 310 Jhunjhunwala Ravi
Accenture Reports good set of numbers for the quarter
Q1FY22 - Expects revenues to be in the range of $13.90 billion to $14.35 billion, an increase of 18% to 22% yoy in local currency
For fiscal 2022- Expects revenue growth to be in the range of 12% to 15% in local currency. Accenture expects operating margin for the full fiscal year to be in the range of 15.2% to 15.4%, an expansion of 10 to 30 basis points from fiscal 2021.
The company expects its annual effective tax rate to be in the range of 23.0% to 25.0%.
The company expects GAAP diluted EPS to be in the range of $9.90 to $10.18, an inmnease of 13% to 16% over adjusted FY21 diluted EPS.
New bookings are $15.0 billion , a record $59.3 billion for full year, ( 20% increase over 2020 new bookings)
Revenue from Operations came at $ 13419.2 Mn (1.2% QoQ, 23.8% YoY) well in the guided range $13.1 billion to $13.5 billion
EBIDTA came at $ 1958.7 Mn (-7.5% QoQ, 26.8% YoY) vs QoQ $ 2118.6 Mn, YoY $ 1544.7 Mn
EBITDA Margin came at 14.6% vs QoQ 16%, YoY 14.3%
Adj. PAT came at $ 1417.2 Mn vs QoQ $ 1549.4 Mn, YoY $ 1287.9 Mn
Quarter EPS is $ 2.24
*Positive for Indian IT Companies*
Q1FY22 - Expects revenues to be in the range of $13.90 billion to $14.35 billion, an increase of 18% to 22% yoy in local currency
For fiscal 2022- Expects revenue growth to be in the range of 12% to 15% in local currency. Accenture expects operating margin for the full fiscal year to be in the range of 15.2% to 15.4%, an expansion of 10 to 30 basis points from fiscal 2021.
The company expects its annual effective tax rate to be in the range of 23.0% to 25.0%.
The company expects GAAP diluted EPS to be in the range of $9.90 to $10.18, an inmnease of 13% to 16% over adjusted FY21 diluted EPS.
New bookings are $15.0 billion , a record $59.3 billion for full year, ( 20% increase over 2020 new bookings)
Revenue from Operations came at $ 13419.2 Mn (1.2% QoQ, 23.8% YoY) well in the guided range $13.1 billion to $13.5 billion
EBIDTA came at $ 1958.7 Mn (-7.5% QoQ, 26.8% YoY) vs QoQ $ 2118.6 Mn, YoY $ 1544.7 Mn
EBITDA Margin came at 14.6% vs QoQ 16%, YoY 14.3%
Adj. PAT came at $ 1417.2 Mn vs QoQ $ 1549.4 Mn, YoY $ 1287.9 Mn
Quarter EPS is $ 2.24
*Positive for Indian IT Companies*
Dow rises for a second day, adding 450 points as market continues to reclaim September losses
U.S. stocks jumped for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer.
The Dow Jones Industrial Average gained 463 points, or 1.3%. The S&P 500 rose 1.2% and the Nasdaq Composite gained 0.9%.
Hong Kong’s Hang Seng index rebounded more than 1% from losses this week with China property developer Evergrande Group rallying more than 17%. On Wednesday, the company eased fears a bit by resolving payment on a local bond.
But global investors are still waiting on whether the company will pay $83 million in interest on a U.S. dollar-denominated bond due Thursday. Government regulators instructed Evergrande to avoid a near-term dollar bond default, Bloomberg News reported, citing a person familiar.
At the same time, Wall Street Journal reported early Thursday that the Chinese government is asking local authorities to prep for a “possible storm” if Evergrande fails. Some of Evergrande’s bondholders did not expect payment Thursday and had not heard from the company, Reuters reported.
Also on Thursday the Labor Department reported that initial jobless claims rose last week as the U.S. labor market continues its recovery from last year’s recession. There were 351,000 claims last week, topping estimates of 320,000. The reading for the week prior came in at 332,000.
Also on Thursday the Labor Department reported that initial jobless claims rose last week as the U.S. labor market continues its recovery from last year’s recession. There were 351,000 claims last week, topping estimates of 320,000. The reading for the week prior came in at 332,000.
U.S. stocks jumped for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer.
The Dow Jones Industrial Average gained 463 points, or 1.3%. The S&P 500 rose 1.2% and the Nasdaq Composite gained 0.9%.
Hong Kong’s Hang Seng index rebounded more than 1% from losses this week with China property developer Evergrande Group rallying more than 17%. On Wednesday, the company eased fears a bit by resolving payment on a local bond.
But global investors are still waiting on whether the company will pay $83 million in interest on a U.S. dollar-denominated bond due Thursday. Government regulators instructed Evergrande to avoid a near-term dollar bond default, Bloomberg News reported, citing a person familiar.
At the same time, Wall Street Journal reported early Thursday that the Chinese government is asking local authorities to prep for a “possible storm” if Evergrande fails. Some of Evergrande’s bondholders did not expect payment Thursday and had not heard from the company, Reuters reported.
Also on Thursday the Labor Department reported that initial jobless claims rose last week as the U.S. labor market continues its recovery from last year’s recession. There were 351,000 claims last week, topping estimates of 320,000. The reading for the week prior came in at 332,000.
Also on Thursday the Labor Department reported that initial jobless claims rose last week as the U.S. labor market continues its recovery from last year’s recession. There were 351,000 claims last week, topping estimates of 320,000. The reading for the week prior came in at 332,000.
Paras Defence becomes first IPO to get 304 times subscription, at least since 2007
https://www.moneycontrol.com/news/business/ipo/paras-defence-becomes-first-ipo-to-get-304-times-subscription-at-least-since-2007-7499741.html
Download moneycontrol app: http://m.moneycontrol.com/mom
https://www.moneycontrol.com/news/business/ipo/paras-defence-becomes-first-ipo-to-get-304-times-subscription-at-least-since-2007-7499741.html
Download moneycontrol app: http://m.moneycontrol.com/mom
Moneycontrol
Paras Defence Becomes First IPO To Get 304 Times Subscription, At Least Since 2007
Sunil Singhania-owned Abakkus Emerging Opportunities Fund 1 has 1.01 percent stake (3.14 lakh shares) in the company at the time of filing prospectus. Later in the anchor book, the fund bought over additional 6.65 lakh equity shares in the company.
*Freshworks*
For being the first Indian software as a service (SaaS) company to list on NASDAQ today. Symbol *FRSH*
It is as big as the Infosys listing on Nasdaq.
Flattens the world like nothing before as *India shifts to product exports from mere manpower exports*
For being the first Indian software as a service (SaaS) company to list on NASDAQ today. Symbol *FRSH*
It is as big as the Infosys listing on Nasdaq.
Flattens the world like nothing before as *India shifts to product exports from mere manpower exports*
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Sep 24, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_T8eNqDY5QZCv_sFyI62JoA
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: Sep 24, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_T8eNqDY5QZCv_sFyI62JoA
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…