[vc_row][vc_column][vc_column_text css=”.vc_custom_1635854562527{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 0px !important;margin-left: 0px !important;border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;background-color: #d1d1d1 !important;border-left-color: #0f0f0f !important;border-left-style: solid !important;border-right-color: #0f0f0f !important;border-right-style: solid !important;border-top-color: #0f0f0f !important;border-top-style: solid !important;border-bottom-color: #0f0f0f !important;border-bottom-style: solid !important;border-radius: 3px !important;}”]
Market Today with EZWealth – 02 Nov 2021
[/vc_column_text][vc_separator][vc_single_image image=”68153″ img_size=”full” alignment=”center” css=”.vc_custom_1635854752536{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 0px !important;margin-left: 0px !important;border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;border-left-color: #0a0a0a !important;border-left-style: solid !important;border-right-color: #0a0a0a !important;border-right-style: solid !important;border-top-color: #0a0a0a !important;border-top-style: solid !important;border-bottom-color: #0a0a0a !important;border-bottom-style: solid !important;border-radius: 1px !important;}”][vc_column_text]For net-zero, India needs 5,600 GW of solar capacity, coal usage drop by 99%: CEEW
For India to reach its bold target of having net-zero emissions by 2070, the country’s solar power capacity would have to rise to over 5,600 GW, coal use particularly in the power sector will have to drop by 99 per cent by 2060 and crude oil would need to peak by 2050 and fall substantially by 90 per cent in the two decades thereafter, CEEW India has said.
Prime Minister Narendra Modi on Monday surprised delegates at the COP26 climate summit with a bold pledge to cutting emissions at the world’s third-biggest emitter to net-zero by 2070. Council on Energy, Environment and Water, a Delhi-based not-for-profit policy research institution, said, “The economic cost of India’s net-zero 2070 transition (would be) over USD 13,000 billion between 2030 and 2100.” For net-zero, India will have to clean up the most coal-reliant of the world’s biggest power sectors.
Delhivery files DRHP for IPO with SEBI, issue size of Rs 7,460 crore
Logistics company Delhivery has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO, sources share with Moneycontrol. The issue size of the IPO is Rs 7,460 crores sources suggested. Delhivery IPO will consist of primary issuance of Rs 5,000 crores which the end-to-end supply chain unicorn will raise via public issue. The offer for sale by the existing investors will be to the tune of Rs 2,460 crores.
Key shareholders selling in the IPO are China Momentum Fund (Deli CMF) Rs 400 crore, Carlyle – Rs 920 crore, SoftBank – Rs 750 crore and Times Internet – Rs 330 crore. Sources suggest that the likely valuation expectation by the company in the IPO issue is around $5.5 billion subject to demand-supply scenario closer to listing. Delhivery, a new age domestic logistics giant and supply chain firm , backed by the likes of Softbank, Tiger Global Management and Carlyle, earlier signed an agreement to acquire a 100 percent stake in rival express logistics player Spoton Logistics. In an earlier interview to The Economic Times, Delhivery co-founder and chief executive Sahil Barua indicated that the firm had plans to list within the next six to eight months and raise a primary issue in the range of $400-$500 million.
Fino Payments IPO subscribed 92% on final day of bidding, retail portion booked 4.9 times
The initial public offering (IPO) of fintech company Fino Payments Bank had been subscribed 92 percent on the morning of the final day of bidding on November 2, with investors sending in bids for 1.05 crore shares against an offer size of 1.14 crore shares. The offer size for the public has been reduced to 1.14 crore equity shares from 2.09 crore after the company garnered Rs 538.78 crore from anchor investors on October 28. Retail investors have bought 4.9 times the portion reserved for them, with employees bidding for 31,950 of the 51,993 shares reserved for them. The portion set aside for non-institutional investors was subscribed 10 percent, while qualified institutional buyers were yet to put in their bids.
Policybazaar IPO sees 61% subscription on day 2, retail portion booked 1.50 times
The public offer of PB Fintech, which owns Policybazaar and Paisabazaar, saw a subscription of 61 percent on November 2, the second day of bidding. The offer received bids for 2.09 crore equity shares against IPO size of 3.45 crore shares, the exchanges data showed. Retail investors were at the forefront, for whom the 10 percent of offer size is reserved, receiving bids 1.50 times the portion set aside for them.
The reserved portion of qualified institutional buyers was subscribed 56 percent and that of non-institutional investors saw subscription of 12 percent. PB Fintech which has built India’s largest online platform for insurance and lending products leveraging the power of technology, data and innovation, aims to mobilise Rs 5,700 crore through IPO that comprises a fresh issue of Rs 3,750 crore and the remaining is an offer sale by selling shareholders including SVF Python II (Cayman).
“The company has created consumer-friendly brands offering wide choice, transparency and convenience. Company being collaborative partner for insurer and lending partners has high renewal rates providing clear visibility into future business and delivering superior economics.” said Hem Securities.
Nearly all development banks committed to cutting coal investment: Data
Nearly all internationally available development financing is now committed to reducing or ending investment in coal-fired power after moves by China and the G20 to stop supporting new projects overseas, new research showed on Tuesday. Just before a new round of climate talks began in Glasgow, the G20 nations pledged on Sunday to end finance for all coal-fired power plants overseas. It followed a similar commitment made by Chinese President Xi Jinping to the United Nations General Assembly in September.
Xi’s September announcement that China would no longer be involved in overseas coal projects was the most significant change so far, depriving coal-fired power of its biggest financial backers, including the China Development Bank and the Export-Import Bank of China, the study said. The decision appears to have had an immediate effect on the country’s financial institutions, with the Bank of China vowing to end new overseas coal mining and power projects starting in October. One expert involved in drawing up guidelines to decarbonise China’s Belt and Road investments said Chinese financial institutions were aware of the waning demand for coal-fired power, making it easier for Xi’s order to be implemented. According to new research from Boston University’s Global Development Policy Center, the G20 pledge means that 99% of all development finance institutions are committed to cutting coal investment and raising support for renewables.
Ola unveils first operating profit ahead of potential IPO
Indian ride-hailing company Ola, backed by Japan’s Softbank Group Corp., has notched up its first-ever operating profit since beginning operations a decade ago, company documents showed on Tuesday. Ola, which has a majority share of India’s ride-hailing market where it competes with Uber Technologies Inc., has a growing presence in several global markets such as Australia and Britain. It reported standalone operating profit or earnings before interest, tax, depreciation and amortisation of Rs 89.82 crore for the fiscal year that ended in March 2021, versus a loss of Rs 610 crore a year ago. Despite revenue down 65% from a year ago after a fall in demand for ride-sharing amid pandemic lockdowns, Ola has turned profitable, helped by aggressive cost cuts and a workforce reduction, the filing with the government showed.
Wheat near 9-year high on supply concerns, strong global demand
Chicago wheat rose on Tuesday to trade near a nine-year high scaled in the previous session as the declining condition of the U.S. winter crop raised worries over global supply amid strong demand. Corn ticked lower, while soybeans gained ground. “The wheat market was earlier tied down to corn prices, but it now has its own bullish story,” said a Singapore-based trader from an international grains trading company. “We see prices remaining firm well into next year.”
Russian wheat export prices gained further last week, amid higher prices for wheat in Chicago and Paris and demand from Egypt, the world’s largest wheat importer, analysts said on Monday. Saudi Arabia’s main state wheat buying agency said it bought about 1.268 million metric tonnes of milling wheat in a massive deal that exceeded some traders’ expectations.
Five more countries recognise India’s vaccine certificate
Five more countries recognise India’s COVID vaccination certificate! India has been running a strong COVID-19 vaccination drive since January and so far, more than 30 crore people in the country have been fully vaccinated. However, as countries began to lift travel restrictions for vaccinated people, India had some trouble, especially with the UK, to get its vaccine certificate recognised. Now, though, the Ministry of External Affairs on Monday said that five more countries have recognised India’s vaccine certificate. These countries are Estonia, State of Palestine, Mauritius, Mongolia, and Kyrgyzstan. Notably, the development comes a day after India proposed mutual recognition of COVID-19 certificate at the G20 Summit.
On Monday itself, the Australian government also gave recognition to India’s vaccine certificates for Bharat Biotech’s Covaxin, which means that Covaxin would now be recognised by the country when looking at the vaccination status of the traveller. The country had already recognised the Serum Institute of India-manufactured AstraZeneca vaccine Covisheld earlier. This means that all people of India who have been administered two doses of either Covishield or Covaxin, as well as people of other countries where these vaccines were provided by India, would be considered to be fully vaccinated upon entry in Australia.
Amitabh Bachchan’s NFT collection sees strong traction on day 1 at $5,20,000
Megastar Amitabh Bachchan’s non-fungible token (NFT) collection saw a strong response from buyers on its opening day. NFTs are digital certificates of ownership that are permanent, secured and encrypted using blockchain technology. This allows buyers of such digital collectibles to permanently own such assets.
NFT exchange platform Beyondlife.club that launched the actor’s NFT collection said that Bachchan’s NFT has surpassed all records of NFT bids in India so far. The Bollywood actor’s ‘Madhushala’ NFT collection received highest ever bidding in India at $4,20,000 on the first day of the auction. Madhushala is a collection of poem’s by Bachchan’s father that the actor has recorded in his own voice. In addition, the NFT collection also featured seven autographed posters from Bachchan’s iconic movies and half a dozen collectibles of “punks and NFTs art & Poster collection” which have received bids worth over $1,00,000 on the opening day of the auction.
Active COVID-19 cases in country lowest in 250 days
India added 10,423 new coronavirus cases, the lowest in 259 days, while the active cases declined to 1,53,776, the lowest in 250 days, according to the Union Health Ministry data updated on Tuesday. With the fresh cases, India’s tally climbed to 3,42,96,237. The death toll climbed to 4,58,880 with 443 fresh fatalities, according to the data updated at 8 am.
The daily rise in new coronavirus infections has been below 20,000 for 25 straight days and less than 50,000 daily new cases have been reported for 128 consecutive days now.The active cases comprise 0.45 percent of the total infections, the lowest since March 2020, while the national COVID-19 recovery rate was recorded at 98.21 percent, the highest since March 2020, the ministry said. A decline of 5,041 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.[/vc_column_text][vc_column_text css=”.vc_custom_1635854825034{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 0px !important;margin-left: 0px !important;border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;background-color: #d1d1d1 !important;border-left-color: #0f0f0f !important;border-left-style: solid !important;border-right-color: #0f0f0f !important;border-right-style: solid !important;border-top-color: #0f0f0f !important;border-top-style: solid !important;border-bottom-color: #0f0f0f !important;border-bottom-style: solid !important;border-radius: 3px !important;}”]
Stocks in the news
[/vc_column_text][vc_column_text]State-run power giant NTPC on Tuesday said its 80 MW solar power generation capacity at Jetsar in Rajasthan has stared commercial operations from October 22, 2021. With this, the first part of the 160 MW Jetsar project has been made commercially operational. “Consequent upon successful commissioning and due approvals, first part capacity of 80 MW of 160 MW Jetsar Solar PV Project at Rajasthan, is declared on Commercial Operation from October 22, 2021,” the company said in a regulatory filing.
Godfrey Phillip: Net Sales at Rs 766.72 crore in September 2021 up 10.94% from Rs. 691.14 crore in September 2020. Quarterly Net Profit at Rs. 101.99 crore in September 2021 up 6.71% from Rs. 95.58 crore in September 2020. EBITDA stands at Rs. 177.88 crore in September 2021 up 5.62% from Rs. 168.41 crore in September 2020. Godfrey Phillip EPS has increased to Rs. 19.62 in September 2021 from Rs. 18.38 in September 2020.
Uttam Sugar: Net Sales at Rs 476.40 crore in September 2021 up 12.75% from Rs. 422.51 crore in September 2020. Quarterly Net Profit at Rs. 0.44 crore in September 2021 up 105.2% from Rs. 8.46 crore in September 2020. EBITDA stands at Rs. 28.96 crore in September 2021 up 67.21% from Rs. 17.32 crore in September 2020. Uttam Sugar EPS has increased to Rs. 0.12 in September 2021 from Rs. 2.22 in September 2020.
JK Lakshmi Cement: Net Sales at Rs 1,118.22 crore in September 2021 up 7.03% from Rs. 1,044.77 crore in September 2020. Quarterly Net Profit at Rs. 76.54 crore in September 2021 down 5.01% from Rs. 80.58 crore in September 2020. EBITDA stands at Rs. 178.88 crore in September 2021 down 12.76% from Rs. 205.05 crore in September 2020. JK Lakshmi Cem EPS has decreased to Rs. 6.50 in September 2021 from Rs. 6.85 in September 2020.
Varun Beverages: Net Sales at Rs 1,710.56 crore in September 2021 up 30.12% from Rs. 1,314.56 crore in September 2020. Quarterly Net Profit at Rs. 145.92 crore in September 2021 up 83.57% from Rs. 79.49 crore in September 2020. EBITDA stands at Rs. 337.52 crore in September 2021 up 29.66% from Rs. 260.31 crore in September 2020. Varun Beverages EPS has increased to Rs. 3.37 in September 2021 from Rs. 2.75 in September 2020.
Cadila Healthcare: Net Sales at Rs 2,008.90 crore in September 2021 down 2.33% from Rs. 2,056.90 crore in September 2020. Quarterly Net Profit at Rs. 14.10 crore in September 2021 down 97.02% from Rs. 473.00 crore in September 2020. EBITDA stands at Rs. 553.70 crore in September 2021 down 19.57% from Rs. 688.40 crore in September 2020. Cadila Health EPS has decreased to Rs. 0.14 in September 2021 from Rs. 4.62 in September 2020.
Au Small Finance Bank: Net Interest Income (NII) at Rs 753.13 crore in September 2021 up 34.33% from Rs. 560.6385 crore in September 2020. Quarterly Net Profit at Rs. 278.51 crore in September 2021 down 13.47% from Rs. 321.88 crore in September 2020. Operating Profit stands at Rs. 391.44 crore in September 2021 down 16.06% from Rs. 466.31 crore in September 2020. AU Small Finance EPS has decreased to Rs. 8.90 in September 2021 from Rs. 10.50 in September 2020.
The Defence Ministry on Tuesday approved the procurement of arms and military equipment worth Rs 7,965-crore, including 12 light utility helicopters from Hindustan Aeronautics Limited, according to an official statement. The procurement proposals were approved at a meeting of the Defence Acquisition Council (DAC), the ministry’s highest decision-making body on the matter. Besides clearing the proposal to buy 12 helicopters, the DAC approved the procurement of Lynx U2 naval gunfire control system from Bharat Electronics Limited that will enhance the tracking and engagement capabilities of naval warships, the ministry’s statement said.
Telecom major Bharti Airtel today reported a consolidated net profit of ₹1,134 crore for the quarter ending September 30, 2021. This is an increase of massive 300% when compared with ₹283 crore in June quarter of current financial year. Bharti Airtel had posted a loss of ₹763 crore in corresponding quarter of last year. Its revenue from operations rose 5.4% to ₹28,326 crore as compared to ₹26,853 crore in the June quarter of current fiscal. On a year-on-year basis, the revenues rose 13% as against ₹25,060 crore in last year period.
Bharti-backed OneWeb and UK’s BT have inked a new distribution partner agreement, under which OneWeb to provide Low Earth Orbit (LEO) satellite communication services across BT Group.
Shares of agrochemical company PI Industries fell sharply after its deal with active pharmaceutical ingredient or API maker Ind Swift Laboratories fell through. However, shares of Ind Swift Laboratories were locked in 10% upper circuit of ₹67.40. PI Industries shares were down about 8% to ₹2,756 on BSE.
Bank of India reported almost twice the standalone net profit on-year for the second quarter ended September 30, 2021. The state-run lender a net profit of ₹1,050.98 crore for the quarter under review as opposed to ₹525.78 crore in the year-ago period, marking a rise of 99.89 per cent. Net interest income, the difference between interest earned and interest expended, dipped to ₹3,523.48 during the period, as opposed to ₹4,113.30 crore a year ago, translating into a decline of 14.33 per cent. Non-interest income increased by 58.71 per cent YoY to ₹2,136 crore for Q2 FY22 against ₹1,346 crore in Q2 FY21.
Drug major Sun Pharmaceutical Industries posted a 13% rise in its consolidated net profit for the quarter ended September 2021 to ₹2,047 crore, above estimates. The company had reported a consolidated profit after tax of ₹1,812.7 crore in the same quarter last year. Shares of Sun Pharma were trading over 0.3% higher at ₹814.7 apiece on the BSE in Tuesday’s afternoon deals. The Mumbai-based drugmaker’s total revenue from operations rose 12.5% to ₹9,626 crore from ₹8,553 crore year-on-year (YoY). Its tax expenses slipped to ₹198 crore versus ₹257 crore on a like-to-like basis.
Adani Ports and Special Economic Zone Ltd (APSEZ) is aggressively building up a war chest of debt and cash to acquire Container Corporation of India Ltd (Concor), Chief Executive Officer, Karan Adani has said. APSEZ’s gross debt has risen by ₹10,595 crore to ₹44,996 on September 30 from ₹34,401 crore on March 31, while its cash and cash equivalents have gone up to ₹9,434.19 crore on September 30 from ₹3,310.74 crore on March 31.
Rating agency Moody’s on Tuesday upgraded Lodha group unit Macrotech Developers Ltd (MDL)’s corporate family rating, or CFR, from “Caa1” to “B3”, following an improvement in the company’s credit profile due to debt reduction and a strong recovery in operating performance. The outlook on the ratings is positive.
Shares of Gokaldas Exports were locked at the 5 per cent upper circuit for the third straight trading day after the company reported a robust set of numbers, with consolidated net profit up 3-fold at Rs 28.61 crore in September quarter (Q2FY22). The textiles company had posted profit of Rs 8.66 crore in a year ago quarter (Q2FY21) and a net loss of Rs 2.55 crore in preceding quarter (Q1FY22).
Shares of Allcargo Logistics were locked at the 20 per cent upper circuit at Rs 328.95, also its fresh life-time high, on the BSE on Tuesday, after the company’s reported 355 per cent year-on-year (YoY) jump in consolidated net profit at Rs 264 crore in September quarter (Q2FY22). The logistics company had profit of Rs 58 crore in a year ago quarter.[/vc_column_text][vc_separator][vc_column_text]
Disclosure:
EZ Wealth is a Stock Broker registered with BSE, NSE and MSEI in all the major segments viz. Cash, F&O and CDS segments. EZ Wealth is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, EZ Wealth is a SEBI registered Portfolio Manager. EZ Wealth is a step-down subsidiary of Wealth Discovery Securities Pvt. Ltd (referred as ‘WDSPL’ hereafter).
This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from EZ Wealth.
The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. EZ Wealth does not take any responsibility thereof. Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss
This report has been prepared by EZ Wealth and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. The solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of EZ Wealth have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection. This report has been prepared by EZ Wealth based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by EZ Wealth that such information is accurate or complete and/or is independently verified.
The contents of this report represent the assumptions and projections of EZ Wealth and EZ Wealth does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances. Since EZ Wealth or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. EZ Wealth or its associates have not received any compensation for investment any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that EZ Wealth or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.
Research analyst or EZ Wealth or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor EZ Wealth are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer or director. No material disciplinary action has been taken on EZ Wealth by any regulatory authority impacting Equity Research Analysis activities. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. EZ Wealth reserves the right to make modifications and alternations to this statement, as may be required, from time to time. Research analyst or EZ Wealth or its actual/beneficiary ownership of 1% depends from case of case. It is also confirmed that research analysts have not received any compensation from the subject company in the past 12 months.
WDSPL registered address: 1206, 12th Floor, Kailash Building K.G. Marg.
Connaught Place New Delhi-110001
Tel No: 91 +11-43444-666 | 91 +11-43444-623 |
Wealth Discovery Securities Pvt Ltd – CIN: U74999DL2010PTC211626
Wealth Discovery Commodity Pvt Ltd – CIN: U74999DL2011PTC213264
SEBI-NSE-INB/F/E231435737,BSE-INB011435733/INF011435833, DP-IN-DP-CDSL-679-2013 SEBI- REG.NO- MCX & NCDEX – INZ000015731
[/vc_column_text][/vc_column][/vc_row]