SKM INVESTMENT

2022-02-17 06:00:03 ·         Arvind SmartSpace - Real estate developer Arvind SmartSpaces agreed to purchase a 35-acre land parcel in Pune, India, for Rs100cr – Positive
·         JSW Ispat: JSW Ispat Special Steel, a joint venture of JSW Steel and AION, will acquire 100% equity share capital of Mivaan Steels to hive off its Raipur (Chhattisgarh) plant along with certain other assets to MSL via slump sale for Rs 450 crore.- positive
·         Tata Motors: Jaguar Land Rover has formed a multi-year strategic partnership with Nvidia to jointly develop and deliver next-generation automated driving systems plus AI-enabled services. – Positive
·         Jubilant Ingrevia: The company has commissioned new Diketene derivatives facility at its manufacturing site at Gajraula, Uttar Pradesh. It has 7,000 TPA capacity to produce various esters (Mono Methyl Acetoacetam – positive
·         Future Consumer: The company has failed to service payment of Rs 21.18 crore principal and interest of Rs 5.49 crore on unlisted non-convertible debentures to CDC Emerging Markets Ltd – Avoid
·         India State-Run Insurer LIC Seeks $8.7 Billion From IPO as Roadshows Start
·         Jindal Steel & Power: Promoter Group Siddeshwari Tradex created pledge of 2,20,000 shares on Feb. 11. Aurobindo Pharma: Promoter Group RPR Sons Advisors and P.Suneela Rani (jointly holding) revoked a pledge of 28,63,000 shares between Feb. 11 to Feb. 14.
·         Quess Corp: Promoter Ajit Isaac bought 1,32,000 shares on Feb. 15. - positive
·         Star Cement: Promoter Sajjan Bhajanka bought 2,26,833 shares between Feb. 14 and Feb. 15.- positive
·         CRISIL reaffirms 'A1+' rating on Sundram Fasteners' short-term and commercial paper facilities – Positive
·         BSE - Days after receiving in-principle approval from SEBI for launch of Electronic Gold Receipts (EGR) segment, BSE, India's leading and most diverse exchange, signed MoU's with the four regional associations from Maharashtra and Tamil Nadu.- Positive
·         Vodafone Idea - successfully demonstrates 5G Voice over NR capability during 5G trials in Gandhinagar, Gujarat, trial in partnership with Nokia which has deployed its 5G Core and 5G Radio solutions for Vodafone - positive.
·         Vedavaag Systems entered into MoU through its 100% owned subsidiary, Vedavag Common Service Centres Private Limited, with Axelia Solutions Private Limited, a company operating online market place, mobile application and website called “PHARMEASY”.- Positive
·         Tilaknagar Industries has commenced production of brands of French multinational Pernod Ricard India PVT at its Shrirampur bottling facility in Maharashtra, pursuant to the long term manufacturing agreement entered into with them- Positive
·         NIIT Ltd. announces initiatives to strengthen the future ready talent pool in India - positive
·         Govt considering resuming regular international flights by March-April – positive for airlines stocks – IndiGo and SpiceJet
·         Infosys named foundation partner with Google cloud cortx launch - positive
·         TCS partners Matrix for subscription management platform. TCS and Nettur Technical Training Foundation (NTTF), a premier technical and vocational education and training institute - positive
·         Vedanta - Moody's Investors Service changed Vedanta's outlook to negative and affirmed B2 corporate family rating (CFR) and the B3 rating on the senior unsecured notes issued by Vedanta and its subsidiary Vedanta Resources Finance.- Negative
·         Kiran Can - CRISIL Ratings has reaffirmed its 'CRISIL A-/Stable/CRISIL A2+' ratings on the bank facilities of Kaira Can Company Limited (KCCL).- positive
·         market
·         Parsvnath Developers in MoU with SJP Hotels & Resorts for its residential project 'Parsvnath Palacia' – positive Open / Comment

2022-02-17 06:00:02  
·         Expects market to open on a positive note on account of smart recovery in the US market from intra-day low (over 1%), positive opening in the Asian markets and sharp decline oil price over 7-year high. Sentiment boosted after the US Fed cool down statement to aggressive hike in interest rate on its minutes of meeting. Among the geo-political factor, Russia has insisted that it’s serious about easing tensions over Ukraine, but the West remains unconvinced about a pullback of troops. However, intra-day volatility may not be ruled out due to geo-political tension between Russia-Ukraine. Continued FIIs selling, mixed bag on quarterly results and higher oil price is a major concern. SGX Nifty is up 0.3% or 60 points while US Future is flat to negative. Yesterday,  FIIs were net sellers worth Rs1891 while DIIs were net buyers Rs1180cr
·         US equity benchmarks erased most of their early losses but only the S&P 500 managed to turn green as minutes revealed that members of the Federal Reserve's policy committee were reluctant to tighten financial conditions too quickly. The S&P 500 gained 0.1% to 4,475.01 while Nasdaq Composite and Dow slipped 0.1% each but recovered 1% from the intra-day low.
·         Asian stocks were mixed Thursday amid renewed geopolitical concerns after American officials rejected Russia’s claims that it has begun to remove troops from Ukraine’s borders. Nikkei declined marginally while South Korea and Taiwan Index gained nearly half percent reach.
·         European stocks closed mixed amid lingering tensions between Russia and Ukraine and as investors reacted to UK inflation data, which was slightly ahead of expectations. Germany's DAX climbed 0.3%, France's CAC was up 0.2%, and the FTSE 100 in the UK was fractionally down.
·         Brent Crude slipped 3% to $92/bbl on signs an Iranian nuclear deal may be imminent, which could pave the way for a resumption of official flows from the Persian Gulf producer.
·         Gold rose 1% to $1868/ounce as uncertainty over geopolitical tensions on Ukraine spurred demand for the metal as a haven.
·         Actionable -  Wipro, BSE, Bandhan Bank and Tata Motor
·         Events - Weekly Nifty and Bank Nifty expiry, BEML – Extra ordinary meeting, Ex-dividend – Sundaram Finance Rs10, Selan Expolartion Rs5, National Aluminum Rs3, NMDC Rs5.73, IRCTC Rs2, MGL Rs9.50, FSL Rs3.50, Renaissance Global Rs5.50, Goldiam International Rs3.
·         Brokers Radar - Nomura TGT on Eicher Motor at 2710, Macquaire TGT on Eicher Motor at 2905. UBS raised TGT on Bharti from 760 to 855 , JP Morgan TGT on Tata Motor at 630
·         Results - Ambuja Cement and Nestle
·         Market Summary - Vi successfully demonstrates 5G Voice, BSE signs MoUs with four regional associations to promote EGRs and International Bullion Exchange, Moody's changes Vedanta's outlook to negative, Dynamix set to launch 3 new projects in Mumbai in 2022, GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023, Jan Monthly Economic Survey Expects An Economic Reset This Year, Wipro bags 5-year contract from ABB
·         Wipro wins five years contracts from ABB worth over $150mn. Company will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries. – positive
·         Tata Consultancy Services - The company announced a partnership with MATRIXX Software to offer a comprehensive next-gen subscription management platform for communication service providers.- positive
·         Infosys has been named a Foundational Partner for the launch of Google Cloud Cortex Framework. As a Foundational Partner, Infosys will help clients accelerate digital transformation and power new business capabilities with its market-leading data, analytics and AI expertise. – Positive Open / Comment

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2022-02-15 06:02:41 ·         Ansal Properties to consider the issue and allotment of Warrants to Promoter Group entity and Non-Promoter entity worth Rs46cr - positive
·         Telecom stocks focus: The long-awaited 5G spectrum auction is expected to be held in May this year if the Telecom Regulatory Authority of India (Trai) submits by March its recommendations on the rules regarding the sale process. - Positive for IDEA and Bharti Airtel
·         SAIL names Atanu Bhowmick as executive director - Positive
·         Vascon Engineers receives Letter of Intent from Crest Ventures – positive
·         Garden Reach Shipbuilders declares interim dividend of Rs. 4.95 – dividend yield 2.5% (CMP 230)
·         Asian Energy JV gets Rs128cr projects Coal India - Positive
·         IPCA Labs announced lower than expected Q3 results. Company reported Q3 net profit Rs197cr (down 25.7% YoY) - expectation Rs257.6cr, Ebitda Rs307.3cr (down 16.2% YoY) - expectation Rs345.3cr, Ebitda margin  21.5% vs 26% (YoY) - expectation 23.3% and income Rs1430 (up 1.4%) - expectation Rs1482cr
·         Manappuram Finance Net profit 261cr (down 46% YoY) – expectation Rs343cr and Income Rs1484cr (down 10% YoY) – expectation Rs1471cr
·         Grasim announced lower than expected Q3 results. Company reported Q3 net profit Rs522cr (up 56% YoY) - expectation Rs575cr, Ebitda Rs922cr (up 43% YoY) - expectation Rs972cr, Ebitda margin  15.9% vs 17.4% (YoY) - expectation 18.1% and income Rs5785cr (up 60%) - expectation Rs5384cr
·         Coal India announced lower than expected Q3 results. Company reported Q3 Net profit Rs3084cr (up 48% YoY) – expectation Rs4180cr, dividend Rs5 (yield 3%, CMP162)  and income Rs25991cr (up 20% YoY) – Expectation Rs28090cr
·         Eicher Motors announced lower than expected Q3 results - Revenue up 2% at Rs 2,880.65 crore – expectation Rs3037cr,  Net profit down 14% at Rs 456.13 crore – expectation Rs517cr,  Ebitda down 13% at Rs 582.36 crore – expectation Rs647cr and Ebitda Margin at 20.2% Vs 23.8% - expectation 21.3%
·         Balkrishna Industries Q3FY22 (Consolidated, YoY) Revenue up 36% at Rs 2,045.81 crore,  Net profit up 4% at Rs 338.95 crore Ebitda down 5% at Rs 456.65 crore and Ebitda Margin at 22.3% Vs 31.8% Declared an interim dividend of Rs 4 per share and a special dividend of Rs 12 per share.
·         NBCC India Q3FY22 (Consolidated, YoY) - Net income from operations down 4% at Rs 2,009.05 crore Vs Rs 2,103.61 crore, Net profit down 11% at Rs 83.04 crore Vs Rs 93.42 crore, Ebitda up 14% at Rs 72.76 crore Vs Rs 63.84 crore, Margin at 3.6% Vs 3%.
·         Natco Pharma Q3FY22 (Consolidated, YoY) - Revenue up 58% at Rs 560.50 crore Vs Rs 355.20 crore, Net profit up 28% at Rs 80.40 crore Vs Rs 62.70 crore, Ebitda up 23% at Rs 101.80 crore Vs Rs 82.5 crore, Ebitda Margin at 18.2% Vs 23.2% and Declared interim dividend of Rs 2 per share
·         JB Chemicals Q3FY22 (Consolidated, YoY) Revenue up 10% at Rs 600.65 crore Vs Rs 548.21 crore, Net profit down 46% at Rs 83.88 crore Vs Rs 154.10 crore, Ebitda down 25% at Rs 128.10 crore Vs Rs 170.99 crore, Margin at 21.3% Vs 31.2% and Declared interim dividend of Rs 8.50 per share.
·         Graphite India - The profit during the quarter ended December 2021 quarter shot up sharply to Rs 132 crore, up from Rs 23 crore in the corresponding period last fiscal. Revenue grew by 76 percent to Rs 880 crore from Rs 499 crore in the same period.- Impressive results
·         Nagarjuna Fertilizers - The losses in Q3FY22 widened to Rs 169.5 crore against Rs 86 crore loss reported in the year-ago period but revenue grew by 34 percent to Rs 574.7 crore from Rs 429.6 crore during the same period.- Avoid
 
  Open / Comment

2022-02-15 06:02:41 portal www.bankse.in – positive
·         V-Guard Industries further invests Rs15.17 crore in subsidiary, V-Guard Consumer Products – Positive
·         Hindalco Industries and Jindal Steel were among the companies to win mines during the 2nd and 3rd day of the commercial Commercial Coal Mine Auction - third tranche – Positive for Hindalco and Jindal Steel
·         Pennar Industries wins orders worth Rs647cr - positive
·         BHEL has bagged an order from HAL to supply compact heat exchanger sets for Tejas aircraft. BHEL has received a prestigious order for the supply of compact heat exchanger sets for 83 LCA Tejas MK1A aircrafts, from Hindustan Aeronautics Limited (HAL) – Positive
·         Reliance Jio has now forayed into the satellite broadband market, the company announced today (Feb. 14).  “The joint venture will be the vehicle for providing SES’s satellite data and connectivity services in India, except for certain international aeronautical and maritime customers who may be served by SES,” Jio said  - positive.
·         Dr. Lal Path is scouting for domestic targets to expand its chain of clinical laboratories as ebbing Covid-19 cases boost its diagnostic revenue from other ailments. “We are definitely looking at acquisitions in south India,” Group Chief Financial Officer Ved Prakash Goel told Bloomberg TV - positive
·         SBI expects to recover around Rs8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal ending 31 March. During the December quarter, SBI recovered Rs1,500 crore from written-off accounts and for the nine months during April-December FY22, the recovery amount stood at Rs5,600 crore. - positive
·         Reliance Industries - Glance, a leading AI-driven lock-screen platform, has agreed to raise $200 million from RIL subsidiary Jio Platforms in its Series D round of funding.- positive
·         Godrej Properties: The company plans to invest around Rs7,500 crore over the next 12-18 months on acquisition and development of new real estate projects, given that it is sitting on a huge cash pile.- positive
·         Wholesale Price Index (WPI) for the month of January at  12.96% vs 13.56% previous month - Bloomberg expectation 12.70% - inline with expectation
·         Positive for Godrej Agrovet, Adani Welmer - Government has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, the government said in a notice, as the world’s biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers .
·         Axis Bank  is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion. An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India.  The deal would include a cash component of less than $2 billion - positive
·         SJVN lays out plan for 10 GW of fresh solar in Rajasthan - Power generator SJVN Ltd last week unveiled plans to deploy 10 GW of solar photovoltaic (PV) capacity at home in the next five years.- positive
·         Beauty and fashion e-tailer Nykaa E-Retail has taken up 27,128 sq ft of office space in south Mumbai's Prabhadevi, as the company looks to ramp up both online and offline presence after its public listing last year. The transaction entails a rental payout of about Rs41.92 crore for a five-year lease tenure - positive
·         CPI 6-Month High - CPI for the month of Januray at 6.01% vs 5.59% previous month – Bloomberg expectation 6.00% - inline 
·         Glenmark in pact with Astrazenaca to commercialize Pulmicort - positive
·         Cineline India names Ashish Kanakia as CEO - Positive
·         Poonawalla Fincorp at its meeting held on Feb 11, 2022 reinstated Mr. Abhay Bhutada as its Managing Director with effect from 12 February 2022. - positive Open / Comment

2022-02-15 06:02:40 ·         Wipro and Oracle partner to accelerate digital transformation at Sanepar towards cloud – positive
·         Renuka Sugar Q3 Income Rs1981.6cr (up 43% YoY), Ebitda Rs178cr (up 69% YoY) and net profit Rs43.4cr vs loss Rs135.5cr – positive
·         Fiem Industries Limited on February 14, 2022, have decided to exit from Joint Venture Company (JV Company) - Aisan Fiem Automotives India Pvt. Ltd. – Avoid
·         IRB Infra Fitch upgrades IRB Infra credit rating to BB+ from BB – Positive
·         JSW Energy has informed that CARE Ratings has withdrawn their rating assigned to the Non-Convertible Debentures of Rs300 crore as the same has been fully paid by the Company.- positive
·         Cadila-led US subsidiary gets USFDA nod to market Roflumilast Tablets – positive
·         Barbeque-Nation completed a further investment of Rs16.99 crore in the Equity Shares of Red Apple Kitchen Consultancy Private Limited (Toscano), a subsidiary of the company – positive
·         Nureca Ltd board appoints Sushil Bhardwaj as Additional Director and Whole-time Director, Bfore joining the Company (Nureca), he was Chief Security Officer in Bakanan PVT in Sonipat – Positive
·         Grasim Industries’ Cellulosic Division commissioned a new line of 300TPD capacity of VSF – Positive
·         Xelpmoc Design to proposal of incorporation of new wholly owned subsidiary in United Kingdom. The Company completes incorpoation of Xelpmoc Design and  Tech UK Ltd as wholly owned subsidiary – positive
·         Black Box acquires Dragonfly Technologies in Australia; acquisition will help strengthen the company’s presence in the Trans-Tasman region.- positive
·         Archidply Industries has incorporated a wholly owned subsidiary company "ARCHIDPANEL INDUSTRIES PVT". The business of wholly owned subsidiary company would be in the field of Manufacturing and trading of Medium-Density Fibreboard (MDF) and its allied products. – Positive
·         Adani Power -  Settlement signed by Adani Power (Mundra) , a wholly-owned subsidiary of the company with Gujarat Urja Vikas Nigam – positive
·         KPI Global bags solar power project of 16MWdc – positive
·         Axita Cotton bags new order for Indian raw cotton from Bangladesh – positive
·         Delta Corp to acquire 100% stake in Deltin Amusement Park. The company is in the business of Gaming and Hospitality; this investment is expected to supplement existing operation – positive
·         Godrej Consumer : The company divested its entire stake in BBLUNT for Rs 84.5 crore. Honasa Consumer, the parent company of Mamaearth, has acquired BBLUNT from the company. The transaction is expected to be complete by March 14.- positive
·         One 97 Communications: Merchant payments processed on Paytm platform in January jumped 105% from a year earlier to Rs 83,481 crore. Average monthly transacting users jumped 40% YoY to 68.9 million. Number of loans disbursed through Paytm jumped to 1.9 million from 0.4 million YoY. Value of loans disbursed through Paytm was Rs 921 crore in January compared with Rs 212 crore last year. – positive
·         Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 1.95 lakh shares between Feb. 10 and Feb. 11.
·         Bulk Deals Somany Home Innovation: Abakkus Growth Fund bought 5 lakh (0.69%) shares at Rs 365.1 apiece. EQ India Fund sold 6.81 lakh (0.94%) shares at Rs 365.09 a share.
·         Frontline Corporation  - Company on execution of agreement with Hindusthan Coco- Cola Beverage. The agreement is for deployments of 35 Nos. of own trucks for transportation of their goods from their Bidadi Plant in Karnataka. – positive
·         Ind-Ra affirms CG Power issuer rating at 'AA-' with stable outlook – positive
·         Rattanindia Enterprises (REL), a leading Company that is building businesses in new-age sectors including electric motorcycles, drone solutions, e-commerce and fintech, today announced the launch of its all-digital, financial aggregator platform, BankSe on the popular android mobile platform and through the web Open / Comment

2022-02-15 06:02:40 News and Impact
 
·         Expects market to open on a positive note after cool down sell off in the global markets. However, geo-political tension between US-Russia, global market volatility and worries about US Federal Reserve monetary-policy tightening (US Bond surged to intra-day high of 2% yesterday) may negative impact in the market. Traders avoid aggressive buying interest till the clear trend emerges. In the domestic front, Brent crude spiked to over 7-year high of nearly $97/bbl, CPI Inflation surged to 6-month high above 6%, December IIP fell to 10-month low are major concern in the market. FIIs continued selling in the domestic bourses and net sellers Rs4354cr yesterday.  SGX Nifty is up half percent while US Future are trading flat. Metal stocks like Hindalco, Tata Steel and Nalco are looking attractive.
·         US market fell on Monday as investors continued to assess the possibility of war between Russia and Ukraine and the prospect of interest-rate increases by the Federal Reserve. Dow Jones, S&P 500 and Nasdaq Composite declined nearly half percent each while US 10-year Bond surged to intra-day high of nearly 2%.
·         Asian stocks and U.S. equity futures were steady Tuesday as traders parsed geopolitical risks and worries about Federal Reserve monetary-policy tightening to fight inflation. Shares in Japan, South Korea, Taiwan and Australia Index are trading flat to negative. European stocks fell to a three-week low as investors mulled the risks from geopolitical concerns surrounding Ukraine and assessed the impact of tightening monetary policy on global growth. UK, France and Germany Index declined 2% each.
·         Brent Crude fell from 8-year high of  $97/bbl to $95/bbl  as traders weighed Russia’s intentions toward Ukraine against the outlook for global demand. With the U.S. warning a Russian invasion of Ukraine may be imminent, Moscow is calling for a diplomatic approach while at the same time maintaining thousands of troops along the country’s borders. Russia denies it plans an assault.
·         Gold advanced to the highest price since mid-November at $1871/ounce amid renewed investor demand as geopolitical tensions persist over Ukraine
·         Actionable -  Buy BHEL and Renuka Sugar
·         Brokers Radar - Nomura TGT on Persistent Systems at 5440
·         Events – FM to meet with SEBI, Cipla block deal of 2.5% equity, Ex-dividend – REC Rs6, Dalmia Bharat Rs3, IOL Chemical Rs4, CE Infosystems Rs2, Suven Pharma – Rs3 (including special dividend)
·         Results – Crisil, REC, SpiceJet
·         Market Summary - BHEL bags order to supply compact heat exchanger sets for Tejas aircraft, Reliance Jio partners with SES for satellite broadband in India, SBI expects to recover Rs 8,000 cr from written-off accounts in FY22,  Dr Lal Path  Looking to Buy Diagnostic Firms in South India, Godrej Properties Plans Rs 7,500-Cr Investment In Next 12-18 Months, Govt cuts Tax on Crude Palm Oil Imports to Help Consumers, Refiners, Axis Bank Set to Buy Citigroup’s $2.5 Billion India Retail Unit, SJVN lays out plan for 10 GW of fresh solar in Rajasthan, Nykaa takes up more office space in south Mumbai. IPCA Labs and Grasim announced lower than expected Q3 results. Vedanta, Foxconn to Form JV to Make Semiconductors in India, Eicher Motors announced lower than expected Q3 results.
·         Cipla: Promoters to sell up to 2.5% stake in block deals, according to terms of the deal obtained by Bloomberg. The company’s shares are offered at a price range of Rs 904.8 to Rs 916.7 each (CMP Rs955, 5% discount ) in a secondary placement.- Buying opportunity
·         Vedanta and Hon Hai Technology Group (Foxconn) have signed an MOU to form a joint venture company that will manufacture semiconductors in India. Vedanta will hold the majority of equity in the JV and Vedanta Chairman Anil Agarwal will be chairman of the JV  - Positive Open / Comment

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