Markets
Bandhan Bank Rating: Neutral – In a position to better growth trajectory
Collection trends in the total portfolio improved to ~96%. Bandhan Bank released its quarterly business update highlighting the trends for Q4FY21. Advances (on book + off book + TLTRO investments) grew by 21.2% y-o-y (8.5% q-o-q). This growth would have been enabled by both the MFI and HFC book...
Energy: Q4 preview-Steep q-o-q decline likely for OMCs
We note Dahej’s volume has improved over the quarter with March utilisation rate > 100% which augurs well for Q1FY22e. We expect RIL to report 11% q/q Ebitda growth driven by O2C and retail. Subscriber adds in Jio, renewed lockdown in retail and petrochemical margins are key. OMC operating...
Infosys Rating: Buy – A weak quarter for company in relative terms
Consequently, we think the Q1FY22e results will be the key trigger and provide some visibility on the sustainability of the recent upcycle. Infosys reported relatively weak results for Q4FY21 with revenue up 2% q-o-q compared with the strong 4-5% growth for the past two quarters. However, the result doesn’t...
What is Dogecoin, how to buy in India and why the Elon Musk-supported crypto is no more a mere ‘joke’
Created in 2013 by software engineers Jackson Palmer and Billy Markus, Dogecoin was intended to make fun of all the crypto craze that time led by Bitcoin. (Image: Bloomberg) What started as a satirical alternative to Bitcoin, cryptocurrency Dogecoin has been on fire of late following multiple cryptic tweets...
PNC Infratech Rating: Buy; Nomura says GAEPL deal will unlock value for firm
We believe the re-opening of the economy and subsequent improvement in toll collections have revived the interest in the deal from Cube Highways. PNCL has announced that the company along with other partners has reached an agreement with Cube Highways (unlisted) to divest the GAEPL (Ghaziabad Aligarh Expressway Pvt...
Glenmark Life Sciences files IPO papers with SEBI; plans to sell over 73 lakh shares via OFS
According to the shareholding pattern of Glenmark Pharmaceuticals Ltd, the promoter and promoter group collectively hold 13.15 crore shares. Glenmark Life Sciences Ltd, a subsidiary of Glenmark Pharmaceuticals Ltd, filed a Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI for its initial public offering (IPO). The...
Lodha Developers’ Macrotech IPO listing day strategy: Weak subscription disappoints; sell or hold shares?
Lodha Developers group company Macrotech IPO was the first public issue of the new fiscal 2021-22 and it will list amid the second wave of COVID-19 concerns. Macrotech Developers Ltd’s, erstwhile Lodha Developers, which recently raised Rs 2,500 crore through initial public offering (IPO), on Friday informed that it...
Petrol and Diesel Price Today in India: Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad and More Cities
Petrol and Diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remained unchanged on Saturday, April 17, 2021, for the second consecutive day after seeing a cut in...
Industry body writes to Sebi on speculation in soya prices
Moreover, at this price, crushers find disparity of Rs 4,000-5,000 per tonne of processing, he said. In the process, the availability of soyabean meal has reduced dramatically, he explained. The Solvent Extractors Association of India (SEA) has raise a red flag over the speculation in soyabean prices to the...
Tata Consultancy Services Rating: Buy- A strong performance in the last quarter
TCS’ margins expanded 20bps q-o-q to 26.8% – its highest in 22 quarters despite a sharp 20% q-o-q rise in subcontracting costs and employee additions of 19,388 (highest ever) during Q4. TCS’ Q4FY21 results were slightly ahead of estimates with revenues up 4.2% q-o-q, margins up 20bps q-o-q and...
Maharashtra APMCs to continue functioning
For instance, to control the crowd, the Mumbai APMC located in Vashi, has increased its business hours. Agriculture Produce Market Committees (APMCs) in Maharashtra have been directed by the Maharashtra Marketing Directorate to continue functioning in the current lockdown period to ensure smooth supply of vegetables, fruits and food...
Traders call off raisin auctions in Maharashtra
Kumbhar pointed out that buyers, mostly traders, come from across the country to buy the raisins here and can also spread the virus. Although the state government has directed market committees in Maharashtra to remain open during the lockdown, Sangli-Tasgaon District Raisin Association (SDRA) has called off raisin auctions...
Analyst Corner: Wipro: Maintain ‘buy’ with unchanged TP of Rs 550
Operating margin at 21% again outperformed expectations despite the company handing out wage hikes to 80% of its employees in January 2021. By Edelweiss Securities Wipro delivered another quarter of strong results. IT services revenue grew 3% QoQ (in cc), in line with both our (3.1%) and Street’s (3%)...
Analyst Corner: Upgrade Astral to ‘buy’ with revised TP of Rs 1,663
Considering the robust growth outlook amid the ongoing second Covid wave, we increase our revenue and PAT estimates by 4.4%/8.3%/8.1% and 6.7%/7.2%/7.9% for FY21E/FY22E/FY23E, respectively. We upgrade ASTRA to BUY with the stock correcting ~27% in the last one month. Besides expecting the company to continue with its strong...
BFSI: Momentum revival to reflect in Q4
Q4 is seasonally strong both on sourcing as well as collections. Business updates released for financiers in Q4FY21 suggest revived business growth momentum, both on credit (3-6% q-o-q growth) as well as deposit front (5-10%). However, key to watch out for in Q4FY21 earnings would be: (i) Actual stress...
Insurepays hopes to raise $5-7 million in Series A funding
So far, members, who have been coming on board since November 2020, have paid Rs 140 crore worth of premiums and have redeemed almost Rs 6.3 crore worth through discounts at various vendors. Insurepays, which rewards consumers by facilitating discounts at vendors against premiums paid for insurance policies, is...
Equity Strategy: Covid wave likely to affect the recovery
OWT IT Svcs, UWT Fin. Other top picks – RIL, Tata Steel, Concor, PGRD, GPL, Colgate, Dr Reddy’s & Maruti. Jefferies recovery tracker (JRT) averaged 102% in Mar’21, -1ppt MoM, partly as urban activity tapered down somewhat on rising COVID cases. Localised lockdowns are getting more stringent, and we...
Infosys to consider share buyback on April 14
Infosys completed its first buyback of Rs 13,000 crore in December 2017, comprising 11.3 crore equity shares at a price of Rs 1,150 per share. Software services giant Infosys said on Sunday it would consider a proposal to buy back of its shares at its forthcoming board meeting scheduled...
