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Godfrey Phillips India rises the most in more than a year after the cigarette maker reported a profit for the March quarter that was nearly double that from a year earlier, with lower spending on advertising among the reasons.
Shares rise as much as 14.3%; most since April 2020
Trading vol. 28.6x 3-month full-day avg.; set for fifth day of gains
For March quarter, the company reported profit of Rs 95.43 crore versus Rs 48.26 crore a year earlier and Rs 114 crore in the immediate prior quarter, according to its earnings statement released Friday
Revenue rose 22% YoY to Rs 822 crore while advertising costs declined 41% YoY to Rs 23.27 crore
The company also announced dividend payout of Rs 24/share for fiscal year ended March
Shares of Allcargo Logistics Ltd. gained as much as 14.22% as the company posted strong fourth-quarter results.
The Mumbai-based logistics firm reported a revenue of Rs 3,349.31 crore for the quarter ended March 2021, up 79% from the year-ago period. Net profit was also up 3.19% at Rs. 53.71 crore.
ICICI Securities upgraded its rating on the stock to ‘buy’ and also raised its target price to Rs 189 from Rs 131. It cited the turnaround of Gati Ltd, the express courier firm that Allcargo Logistics acquired in 2020, as rationale for its change. “The management appears to be on the right track in Gati to deliver through divestment of non-core assets and bring about operational improvements to increase ‘express’ segment Ebitda to 12% in the next 3-5 quarters,” it said in a note dated June 24.
Of the eight analysts tracking the stock, five have a ‘buy’ rating, two suggest a ‘hold’ and one recommend a ‘sell’, according to Bloomberg data.
Indraprastha Gas reported net income for the fourth quarter that missed the average analyst estimate.
Net income Rs 331 crore, +31% YoY, estimate Rs 364 crore (Bloomberg Consensus)
Revenue Rs 1,710 crore, estimate Rs 1,560 crore
Total costs Rs 1,300 crore, -7.1% YoY
Other income Rs 27.98 crore, -10% YoY
Ebitda Rs 492 crore, +31% YoY, estimate Rs 529 crore
Dividend per share Rs 3.60
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The fungicide and herbicide maker was subscribed 28.96 times as of 4:00 p.m. on June 25, according to exchange data.
The three-day IPO will see the chemical firm selling shares at Rs 290-296 apiece. The maiden offer comprises a fresh issue of up to Rs 100 crore and an offer-for-sale worth up to Rs 700 crore, according to its red herring prospectus.
Subscription Details
Institutional subscription: 42.95 times.
Non-institutional investor subscription: 51.88 times.
Retail subscription: 11.15 times.
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Indian sovereign bonds decline ahead of a Rs 26,000 crore ($3.5b) debt sale later on Friday. The rupee trades steady, while most other emerging market peers advance.
10-year yields rise 2bps to 6.03%; up 3bps on the week; yields on 5-year bond up 8bps this week amid concerns higher oil prices may add to inflation
USD/INR steady at 74.1725 on Friday; pair rises 0.4% on the week
Shares of Steel Authority of India Ltd. gained as much as 5.6%, the most since May 7, after Kotak Institutional Equities initiated coverage on the stock with ‘buy’ rating.
The brokerage firm said SAIL is well-placed to benefit from strong steel prices coupled with elevated iron ore prices given its high costs and captive iron ore. “Its expansion projects should help deliver volume growth in a tight domestic market and provide operating leverage benefits,” it added.
It cited Chinese policy changes that have structurally elevated steel prices and margins as a potential upside for the stock. It also expects SAIL’s net debt to reduce further to Rs 21,800 crore by FY22 aided by current strong prices. Hence, SAIL would likely end FY22 with the strongest balance sheet, after being the most leveraged steel major in FY20.
Of the 25 analysts tracking the stock, 18 have a ‘buy’ rating, four suggest a ‘hold’ and three recommend a ‘sell’, according to Bloomberg data. The average of 12-month consensus price targets implies an upside of 22.1%.
Kotak has set a 12-month target price for the stock at Rs 170 apiece.
The stock was the best performer among its peers.
Trading volume was 5.57 million shares, triple the 20-day average of 1.67 million shares for this time of day.
The relative strength index on the stock was above 70, indicating it may be overbought.
The shares are up 12% in the past 5 days and rose 29% in the past 30 days.
Laurus Labs trades at 31 times its estimated earnings per share for the coming year. It trades at 36 times trailing EPS.
Analysts have eight buy, no hold, and three sell recommendations on the stock.
The price target of Rs 487 represents a 27% decrease from the last price
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Shared of the Blackstone backed company rose as much as 14.7% in early trade but soon pared most of the gains.
The auto parts maker gained 24.2% over its issue price on its debut trade on Thursday.
Sona Comstar’s Rs 5,550-crore initial public offering was subscribed 2.3 times after a three-day share sale.
The IPO comprised fresh issue of shares amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,250 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc. The company plans to use Rs 241 crore from the fresh issue’s proceeds to pare debt.
To read what brokerages had to say, click here
Shares of the drugmaker fell 10% for second straight session. The stock is down around 23% this week.
Promoter Dhanuka Laboratories proposed to sell 32,80,115 equity shares, representing 8.04% of total paid-up equity via offer for sale, on June 24 for non-retail investors and June 25 for retail investors, according to a filing on exchanges.
Minimum price for the share sale has been set at Rs 375 apiece
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