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Latent View Analytics IPO Subscription Status: Day 3 Live Updates
The broader indexes underperformed their larger peers with the S&P BSE MidCap index adding nearly 0.6% and the S&P BSE SmallCap gaining 0.25%. All the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Information Technology and S&P BSE Teck indexes rising over 2%
The market breadth was skewed neither in the favour of bulls nor bears. About 1,659 stocks advanced, 1,655 declined and 150 remained unchanged.
September Quarter Results (Consolidated, QoQ)
Net loss at Rs 7,132.3 crore vs net loss of Rs 7,319.1 crore (Bloomberg Consensus Estimate: Net loss of Rs 7,293 crore)
Revenue at Rs 9,406.5 crore vs Rs 9,152.3 crore (Estimate: Rs 9,322 crore)
Total costs at Rs 16,577.6 crore vs Rs 16,682.8 crore
Other income at Rs 29.1 crore vs Rs 33.5 crore
Mobile ARPU at Rs 109, up 4.8% QoQ
EBITDA up 4.2% at Rs 3862.9 crore vs Rs 3707.7 crore (Estimate: Rs 3844.8 crore)
EBITDA margins at 41.1% vs 40.5% (Est 41.2%)
Source: Exchange Filing
Second Quarter Numbers (Consolidated, QoQ)
Net Profit at Rs 3,417 crore vs Rs 2,787 crore (Bloomberg Consensus Estimate: Rs 2,779 crore)
Revenue at Rs 47,665 crore vs Rs 41,358 crore (Estimate: Rs 44,424.8 ccrore)
EBITDA at Rs 8,048 crore vs Rs 6,790 crore (Estimate: Rs 6,157 crore)
Margins at 16.9% vs 16.4%
Commentary and Context
Hindalco to acquire Polycab's 100% equity stake in Ryker Base.
Results driven by strong performance by Novelis and India business, favourable macros, strategic product mix, higher volume and stability in operations.
Source: Exchange Filing
Of the 29 analysts tracking the company, 28 maintained 'buy' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 23.3%.
Trading volume on the stock was 1.3 times the 30-day average volume, for this time of the day.
Shares of Karur Vysya Bank Ltd. rose for the eighth straight day, on track for the longest winning streak since the period ended March 18, 2016.
Karur Vysya Bank has gained a total of 22% during the streak while the S&P BSE Sensex index increased 0.6%.
The relative strength index on the stock was at 77; suggesting it may be overbought.
Second Quarter Results (Consolidated, QoQ)
Revenue up 13% at Rs 2,386 crore Vs Rs 2,108 crore (Bloomberg Estimate: Rs 1,625 crore)
Net profit up 76% at Rs 270 crore Vs Rs 153 crore (Bloomberg Estimate: Net profit of Rs 189 crore)
Ebitda up 13% at Rs 510 crore Vs Rs 450.8 crore (Bloomberg Estimate: Rs 433 crore)
Ebitda margin at 21.4% Vs 21.4%
Source: Exchange Filing
September Quarter Results (Consolidated, QoQ)
Revenue up 2% at Rs 1,018.3 crore Vs Rs 1,000.2 crore (BBG estimate : Rs 1,280.4 crore)
Net profit down 2% to Rs 144.7 crore from Rs 146.9 crore (BBG estimate : Rs 179.1 crore)
EBITDA down 2% to Rs 239.1 crore from Rs 244.2 crore (BBG estimate : Rs 306.5 crore)
Margins at 23.5% Vs 24.4% (BBG estimate : 23.9%)
EPS at Rs 1.5 per share Vs Rs 1.52 (BBG estimate : Rs 1.69)
Source: Exchange Filing
Shares of Alkem Laboratories Ltd. advanced over 4%, the most intraday gain in nearly two weeks, to Rs 3,673.55 apiece after the company reported net income and revenue above the average analyst estimate, in the September quarter.
September Quarter (Consolidated, QoQ)
Net profit at Rs 544.26 crore vs Rs 468.12 crore (Bloomberg Consensus Estimate: Rs 440 crore)
Revenue at Rs 2,799.99 crore vs Rs 2,731.36 crore (Estimate: Rs 2,644 crore)
Total costs at Rs 2,260.41 crore vs Rs 2,221.89 crore
Other income at Rs 41.96 crore vs Rs 46.65 crore
Of the 21 analysts tracking the company, 15 maintained 'buy', five maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 14.8%.
The broader indexes underperformed their larger peers with the S&P BSE MidCap index adding 0.2% and the S&P BSE SmallCap index little change. Fifteen of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Information Technology index and S&P BSE Utilities rising over 1%.
The market breadth was skewed neither in the favour of bulls nor bears. About 1,564 stocks advanced, 1,611 declined and 156 remained unchanged.
September Quarter Results (Consolidated, QoQ)
Net profit down 25.12% at Rs 216.86 crore vs Rs 289.63 crore
Revenue down 13.71% at Rs 14,076.39 crore vs Rs 16,312.13 crore
Total costs at Rs 14,001.29 crore vs Rs 15,809.40 crore
Other income at Rs 87.14 crore vs Rs 154.78 crore
Commentary & Context
Higher working capital requirements in 2Q due to irregular production trends by OEMs
Net Debt to EBITDA ratio has increased to 1.32x
Operating performance aided by cost controls along with partial revenue recovery in India
Sharp drop in OEM production across key geographies due to supply chain constraints continued to adversely impact revenue and profitability
Awaiting NCLT approval for next steps of proposed re-organization
Global demand for passenger vehicles remains strong although supply side challenges likely to continue in 3Q as well
Raw material prices remain elevated, although contractual lag in pricing is expected to narrow
Of the 29 analysts tracking the company, 19 maintained 'buy', seven maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9.3%
Shares of Capacit'e Infraprojects Ltd. rose nearly 5% in intraday trade to Rs 181.05 apiece ratings agency India Ratings & Research hailed the company's clean debt servicing track record since August 23.
India Ratings said it would review the existing rating of 'INDD' after November 21, when the 90-days cooling period from date of curing of delays ends.
Recent measures by Capacit'e Infraprojects demonstrates management's intent to address internal policy and control-related issues.
Auto-debit facility and creation of debt service reserve would reduce manual intervention and any process related issues.
Indian government bonds stay in a narrow range ahead of a Rs 24,000 crore ($3.2b) bond auction. The rupee gains along with with Asian peers.
10-year yields down 1bp to 6.36% after rising 3bps Thursday
USD/INR down 0.1% to 74.4438
Source: Bloomberg
Adani Enterprises Ltd. has signed initial joint MoU with four Israeli companies - Capital Nature Ltd., Chevron Mediterranean Ltd., Konnect and Enlight Renewable Energy Ltd., to participate in partnership for establishing new technological incubators, a programme under Israel innovation authority.
Source: Exchange Filing
RailTel Corporation of India Ltd. terminates contract awarded to Margo Networks, a subsidiary of Zee Entertainment Enterprises Ltd.
The contract pertained to providing Content on Demand service in all mail/express and suburban trains and Wi-Fi enabled railway stations.
Zee Entertainment said its subsidiary has initiated appropriate legal proceedings against the notice of termination.
Happy that RBI has taken a number of steps keeping the common person in mind.
Schemes being launched today will help the investment culture and make it easier for retail investors to invest.
Retail investors can buy government bonds via retail direct scheme rather than go via vehicles like mutual funds.
All investment can now happen online via the mobile phone.
In turn, government will be able to draw longer term funds for infrastructure development.
The government has taken a number of steps to strengthen the banking sector.
The problem of bad loans has been dealt with decisively.
Resolution, recovery and recapitalisation has been prioritised.
Governance in public sector banks has been strengthened.
Co-operative banks too have been strengthened
Source: PM Speech At Launch
Latent View Analytics IPO Subscription Status: Day 3 Live Updates
Godrej Consumer Q2 Review: Shares Drop As Most Brokerages Cut Target Price
October Auto Sales (MoM)
Passenger cars: 103,829 units, up 62% MoM
Passenger vehicles: 226,353 units, up 41.4 % MoM
Utility vehicles: 112,112 units, up 28% MoM
Two-wheelers: 1,541,621 units, up 0.86% MoM
Motorcycle: 1,017,874 units, up 7.3% MoM
Scooter: 467,161 units, down 9.6% MoM
Chip shortage and steep hike in raw material cost have been a major spoilsport for the industry in the festive season.
Manufacturers were banking on the festive season to recover from the severe drop in sales in early part of FY22.
Source: Society of Indian Automobile Manufacturers
Most yields along the India sovereign yield curve fell, with 5-year bonds moving the most in Friday morning trading.
The 4-year yield fell 1.1bps to 5.368%
The 10-year yield fell 1.4bps to 6.354%
The 30-year yield remained unchanged at 6.926%
The 4-year-10-year yield spread was 98.6bps, vs previous close 98.9bps
Source: Bloomberg
Astral raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 2,682
Page Industries raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 48,425
Page Industries cut to 'sell' from 'reduce' at Kotak Securities; price target: Rs 35,400
Source: Bloomberg
Cadila Healthcare Ltd.'s U.S. subsidiary Zydus Pharmceuticals (USA) Inc. received tentative nod from U.S. FDA to market Eluxadoline tablets in the strengths of 75 mg and 100 mg, the company said in an exchange filing.
These tablets will be manufactured in the company's formulation manufacturing facility at Ahmedabad.
One97 Communications Ltd., which operates Paytm, sold 85.1 million shares at Rs 2,150 apiece, the top of a marketed ranged, according to terms of the deal seen by Bloomberg News
Settlement expected on November 17 Wednesday
Trading starts November 18 Thursday.
Morgan Stanley, Goldman Sachs, Axis Capital, JPMorgan, Citigroup, ICICI Securities and HDFC are bookrunning lead managers.
Source: Bloomberg
Indian online auto marketplace Droom Technology seeks SEBI approval to raise Rs 2,000 crore ($269 million) via a fresh issue of shares.
Droom founder plans to sell Rs 1,000 crore worth of shares
Droom may consider pre-IPO sale of up to Rs 400 crore of shares.
ICICI Securities, Axis Capital, Edelweiss Financial Services, HSBC and Nomura are the banks managing the IPO
Source: Draft Red Herring Prospectus
(Corrects an earlier version that misstated the IPO size)
Shares of Fino Payments Bank Ltd. fell on market debut.
The stock listed at Rs 543.25 apiece, a 5.8% discount to its IPO price of Rs 577.
Source: Bloomberg
Shares of Ramkrishna Forgings Ltd. rose 2.6% in intraday trade to Rs 1,043 apiece after the company signed MoU with ePropelled (US), a Massachusetts-based tech firm specialising in electric propulsion systems.
The two companies will jointly develop products and solutions to raise power efficiency in electric vehicle batteries, enabling manufacturers to reduce size and cost.
Of the five analysts tracking the company, four maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 35.6%.
Shares of Tata Steel BSL Ltd. rose over 3% in intraday trade, the most in over a week, to Rs 89.05 apiece.
The amalgamation scheme of Bamnipal Steel Ltd. and Tata Steel BSL Ltd. into and with Tata Steel Ltd. was filed with Registrar of Companies, and became effective as on November 11, according to the company's exchange filing.
The scheme was approved and sanctioned by the National Company Law Tribunal, Mumbai bench vide order dated October 29.
Fino Payments Bank’s pre-market discovery price at Rs 548 per share, compared to its IPO price of Rs 577.
The company’s IPO was subscribed 2.03 times.
Source: Bloomberg
September Quarter Results (Consolidated, QoQ)
Revenue up 12.9% at Rs 60,282.78 crore Vs Rs 53,371.81 crore (BBG estimate: Rs 59,034.7 crore)
Net profit up 33.8% at Rs 11,918.11 crore Vs Rs 8,906.95 crore (BBG estimate: Rs 11,199.2 crore)
Ebitda up 2.1% at Rs 16,456.12 crore Vs Rs 16,110.46 crore (BBG estimate: Rs 19,025.4 crore)
Margin at 27.3% vs 30.2%
Brokerages cite the consistent performance of European division and the latest price hikes which lend support to the margins in Indian business are key reasons for their bullish view on Tata Steel. The impact of the reduction of coking coal costs is also expected to be visible from Q4 onwards.
Of the 34 analysts tracking the company, 29 maintained 'buy', four maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 34.8%
Trading volume on the stock was 5.7 times the 30-day average volume, for this time of the day.
The broader indexes almost mirrored their broader peers with the S&P BSE MidCap and the S&P BSE SmallCap adding 0.4%. All the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Metal index gaining 1%.
The market breadth was skewed in the favour of bulls. About 1,655 stocks advanced, 771 declined and 97 remained unchanged.
Go Fashion India Ltd. has set a price range of Rs 655-690 for its initial public offering that could raise as much as Rs 1,014 crore ($136 million), according to a public notice in Financial Express newspaper Friday.
The women’s apparel retailer is selling new shares worth as much as Rs 125 crore in the IPO, while its shareholders plan to sell up to 12.88 million shares
The IPO will take subscriptions Nov. 17-22
JM Financial, DAM Capital Advisors and ICICI Securities are the banks managing the share sale
Indigo has 4.24 million shares change hands in a pre-market trade.
Details of buyers and sellers are not known.
Source: Bloomberg
Indian bond traders are awaiting key inflation data for October that is expected to accelerate. The government is forecast to sell Rs 24,000 crore ($3.22 billion) of bonds.
India’s headline inflation probably quickened for the first time in five months in October, according to a Bloomberg survey of economists; print inched up to 4.41% from 4.35%, according to the median estimate of the survey
USD/INR rose 0.2% on Thursday to 74.5163; up 0.1% so far this week
10-year yields rose 3bps Thursday to 6.37%
PM Modi to launch retail trading of sovereign bonds Friday
Global funds sell net Rs 1,640 crore of India stocks Thursday: NSE
They sold Rs 8 crore of sovereign bonds under limits available to foreign investors, and offloaded Rs 61 crore of corporate debt
State-run banks bought Rs 910 crore of sovereign bonds on Nov. 11: CCIL data. Foreign banks sold Rs 719 crore of bonds
Source: Bloomberg
The amalgamation scheme of Bamnipal Steel Ltd. and Tata Steel BSL Ltd. into and with Tata Steel Ltd. was filed with Registrar of Companies, and became effective as on November 11.
The scheme was approved and sanctioned by the National Company Law Tribunal, Mumbai bench vide order dated October 29.
Source: Exchange Filing
Zomato To IRCTC: Seven Stocks In, Two Out Of MSCI India Index
Ola is finalizing talks to raise $250 million-$500 million before its IPO, Economic Times reported, citing people it didn’t name.
A deal could take Ola’s valuation to about $7 billion, according to the report
IIFL Wealth Management, Edelweiss Private Equity as well as existing investors Warburg Pincus and SoftBank are expected to participate in the funding round, the newspaper said
Suprajit Engineering raised to 'buy' from 'reduce' at Spark Capital Advisors; price target: Rs 425
Oil India raised to 'add' from 'hold' at ICICI Securities; price target: Rs 238
Minda Industries cut to 'hold' from 'buy' at Sytematix Shares; price target: Rs 780
Source: Bloomberg
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