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Market Today with EZWealth – 03 Nov 2021
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Bharat Biotech’s Covaxin gets WHO okay for emergency use
The technical committee of World Health Organization (WHO) has reportedly granted Emergency Use Listing (EUL) to made in India Covid-19 vaccine Covaxin. The committee had on October 26 sought additional clarifications from Covaxin manufacturer Bharat Biotech. Bharat Biotech’s Covaxin and AstraZeneca and Oxford University’s Covishield are the two widely used vaccines in India. According to sources, TAG had sought “gender wise” immunogenicity data on adults aged 60 plus from the company.
Hyderabad-based Bharat Biotech, which has developed Covaxin, submitted EOI (Expression of Interest) to the WHO on April 19 for the vaccine’s Emergency Use Listing (EUL). Covaxin, demonstrated 77.8 per cent efficacy in its Phase 3 clinical trial.
Investors lost millions in cryptocurrency inspired by ‘Squid Game’
Millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by “Squid Game,” the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. The cryptocurrency, called Squid, began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancake Swap
Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Then, five minutes later, it traded at $0.0007. The reasons behind Squid’s collapse, reported earlier by Gizmodo, weren’t clear. Neither were the identities of its creators. Its website appeared to have been taken offline. An email sent to its developers bounced back. Its social media channels appeared to have been shut down. Its Twitter account was not accepting direct messages or replies.
DoT allows 100% FDI under automatic route, but with boundary riders
The telecom department on Wednesday amended the unified license agreement to allow 100% foreign direct investment (FDI) under the automatic route. This was part of the telecom relief package and comes at a time when Vodafone Idea NSE -1.49 % (Vi) is looking to raise funds from global investors. “FDI up to 100% under automatic route subject to observance of licensing and security conditions by the licensee as well as investors as notified by the DoT from time to time,” said the Department of Telecommunications (DoT) in its notification issued on Wednesday.
The DoT said that both direct and indirect foreign investment in the licensee company shall be counted for the purpose of calculating total FDI. The licensee company or Indian promoters or investment companies including their holding firms will have to comply with relevant provisions of FDI policy of the government. The amendment comes almost a month after DoT said that 100% FDI in Category 1 telecom services and telecom infrastructure providers would fall under the automatic route of approval. Earlier, FDI up to 100% with 49% under the automatic route was allowed. Beyond 49% through, foreign investments would need government clearance.
Policybazaar IPO oversubscribed by 16.6 times on final day, QIB portion booked 25 times
The initial public offering (IPO) of PB Fintech that owns Policybazaar and Paisabazaar, has seen good demand from investors as it received bids for 57.21 crore equity shares against offer size of 3.45 crore equity shares, which resulted into a subscription of 16.58 times on November 3, the final day of bidding. The qualified institutional investors, for whom the 75 percent of the offer is reserved, have put in bids 25 times the portion set aside for them. Non-institutional investors have bought 7.82 times shares of their total reserved portion. Retail investors’ response to the offer remained strong as their reserved portion was subscribed 3.27 times.
The Policybazaar IPO opened on November 1 with the aim to mop up Rs 5,700 crore, of which Rs 2,569 crore is already being raised through anchor book on October 29. The offer comprises a fresh issue of Rs 3,750 crore and an offer for sale of Rs 1,960 crore by selling shareholders, including SVF Python II (Cayman). The fresh issue proceeds are going to be utilised for enhancing visibility and awareness of its brands (Policybazaar and Paisabazaar) (Rs 1,500 crore), new opportunities to expand consumer base including offline presence (Rs 375 crore), strategic investments and acquisitions (Rs 600 crore), and expanding presence outside India (Rs 375 crore).
Sigachi Industries IPO subscribed 101.75 times on final day bidding, retail portion booked 80.18 times
The initial public offering (IPO) of the chemical-maker Sigachi Industries had been subscribed 101.75 times on November 3, the final day of bidding. Investors have put in bids for 54.81 crore equity shares against the IPO size of 53.86 lakh equity shares. Retail investors had bought 80.18 times the shares set aside for them. The portion reserved for non-institutional investors has been subscribed 172.43 times, while Qualified Institutional Buyers (QIBs) had bid 86.51 times of their lot. Sigachi Industries, which makes cellulose-based excipients, plans to raise Rs 125.43 crore at the upper price band by issuing 76.95 lakh shares.
The company manufactures microcrystalline cellulose (MCC), a polymer widely used for finished dosages in the pharmaceutical industry. The company manufactures 50 grades of MCC at its manufacturing units in Hyderabad and Gujarat, under the brands HiCel and AceCel. The company’s operating profit margin stood at 20.13 percent in FY21 as against 17.8 percent in FY20, a growth of about 233 bps. The net profit margin declined by over 300 bps to 15.4 percent in FY21. Promoters Rabindra Prasad Sinha, Chidambarnathan Shanmuganathan, Amit Raj Sinha and RPS Projects & Developers hold a 53.32 percent stake in the company. The shareholding of promoter and promoter group is at 64.64 percent.
Gold prices dip as investor focus turns to Fed tapering, inflation comments
Gold prices eased on Wednesday as traders cautiously awaited the outcome of the U.S. Federal Reserve policy meeting where the central bank is likely to announce tapering of its economic support and could address growing inflationary risks. Spot gold XAU= ease 0.4% to $1,780.30 per ounce by 0750 GMT. U.S. gold futures GCv1 fell 0.4% to $1,781.80.
The Fed policy announcement is due at 1400 GMT. The central bank is likely to begin paring its monthly asset purchases by $15 billion each month until ending them by mid-2022. Investors will also look out for any clues as to when the U.S. central bank might raise interest rates to contain growing inflationary pressure. “In the short-term, gold could remain under pressure because a lot of central banks will be tilted toward normalising monetary policy, gradually tapering their asset purchases, especially given higher inflation,” Hitesh Jain, lead analyst at Mumbai-based Yes Securities, said. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of holding non-yielding bullion.
Sebi likely to defer T+1 settlement cycle, opt for phase-wise transition
The Securities and Exchange Board of India (Sebi) is likely to defer and tweak the diktat on implementing a T+1 settlement cycle. The settlement cycle may now be implemented in a phased manner, following representations from foreign investors, and may apply only to the bottom 100 companies starting February 25, according to reports.
The provisions of the circular, which were supposed to take effect from January 1, 2022, are facing stiff resistance from foreign portfolio investors (FPI), who have cited time zone differences, risk of trade mismatches and issues with arranging forex on trade day as reasons that could hamper a smooth transition to the shorter settlement cycle. Currently, trades on Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Taiwan, which had switched to T+1 settlement, has moved back to the T+2 cycle.
Car buyers cancel bookings as auto companies delay Diwali deadline
Car buyers have started to cancel bookings which they made in anticipation that they would be able to take deliveries during the festive days as manufacturers continue to struggle to align supplies with demand. Automotive dealers have seen a spike in the number of booking cancellations in the run up to Diwali in the past few weeks. While booking cancellations are normal in the automotive retail business, the level of cancellations this year is unusually high, say dealers.
“Enquiry levels and demand is very strong for passenger vehicles but along with that cancellations are also increasing because we are not able to commit the delivery date. People wait for the auspicious occasion and when deliveries don’t happen on those dates, they tend to cancel rather than extend the period,” Vinkesh Gulati, President, Federation of Automobile Dealer Association (FADA) speaking to Moneycontrol.
With stock levels with dealers hitting all-time low of just 15-20 days as against 35-40 days, manufacturers are struggling to supply as required because of shortage in availability of semiconductors. This has led the industry to achieve production of only half of the required numbers in October. On November 2 FADA claimed that the current festive period is the worst in a decade despite the passenger vehicle industry sitting on pending orders of more than 350,000 units.
China’s latest Delta outbreak its most widespread since Wuhan
More provinces in China are fighting Covid-19 than at any time since the deadly pathogen first emerged in Wuhan in 2019. The highly-infectious delta variant is hurtling across the country despite the increasingly aggressive measures that officials have enacted in a bid to thwart it. More than 600 locally-transmitted infections have been found in 19 of 31 provinces in the latest outbreak in the world’s second-largest economy.
China reported 93 new local cases on Wednesday, and 11 asymptomatic infections. Three more provinces detected cases: central Chongqing, Henan, and Jiangsu on the eastern coast. Officials in China say they are committed to maintaining a so-called Covid Zero approach, even though flare-ups are coming faster, spreading further and evading many of the measures that previously controlled the virus. The drastic responses needed to wipe out the delta variant have led several other countries that had been pursuing elimination of the coronavirus, including Singapore and Australia, to shift focus and instead rely on high vaccination rates to be able to live with the virus as endemic.
Indians are returning to office, finally
Water-cooler talks, tea and cigarette breaks, banter over shared lunch are all coming back. A year and a half after working remotely as Covid-19 forced people to stay indoors, Indians are finally returning to office as vaccinations rise and the threat of a third wave recedes. The seven-day moving average mobility was 1.7% below the pre-pandemic baseline as on Oct. 29, according to Google Covid-19 Community Mobility Report. That’s the closest it has been since the onset of the pandemic. Google shares mobility trends daily with changes for each day compared with a baseline value for that day of the week. A seven-day moving average smoothens out trends and day-to-day volatility.
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Stocks in the news
[/vc_column_text][vc_column_text]Car market leader Maruti Suzuki India on Wednesday said it sold around 13,000 units on the day of Dhanteras, lower than last year hampered by supply constraints due to semiconductor shortage, although Tata Motors stated its deliveries grew 94 per cent. Automobile dealers’ body FADA on Tuesday termed the current festive season the worst in terms of business in a decade for its retail partners across the country as chip shortage impacted supplies in passenger vehicles creating a huge shortage of vehicles in SUV, compact – SUV and luxury segment.
State Bank of India, the country’s largest lender, on November 3, has reported highest ever quarterly standalone profit at Rs 7,627 crore in the quarter ended September 2021, growing 66.7 percent YoY, with easing asset quality pressure and fall in provisions & credit cost. However, the exceptional item on account of revision in family pension payable to employees impacted profitability. Standalone profit in the corresponding quarter of last fiscal stood at Rs 4,574.16 crore. SBI said it fully provided Rs 7,418 crore due to change in family pension rules, even as regulator granted dispensation to amortise in 5 years, which has been disclosed as an exceptional item. Net interest income, the difference between interest earned and interest expended, grew by 10.7 percent year-on-year to Rs 31,183.90 crore in Q2FY22, with loan growth at 6.17 percent and domestic net interest margin expansion of 16 bps YoY at 3.5 percent (up 35 bps QoQ).
Radico Khaitan: Net Sales at Rs 3,077.19 crore in September 2021 up 388.4% from Rs. 630.05 crore in September 2020. Quarterly Net Profit at Rs. 69.26 crore in September 2021 down 4.35% from Rs. 72.41 crore in September 2020. EBITDA stands at Rs. 113.27 crore in September 2021 up 2.06% from Rs. 110.98 crore in September 2020. Radico Khaitan EPS has decreased to Rs. 5.18 in September 2021 from Rs. 5.42 in September 2020.
Chola Financial Holdings: Net Sales at Rs 28.27 crore in September 2021 up 1017.39% from Rs. 2.53 crore in September 2020. Quarterly Net Profit at Rs. 21.42 crore in September 2021 up 726.32% from Rs. 3.42 crore in September 2020. EBITDA stands at Rs. 27.77 crore in September 2021 up 1261.27% from Rs. 2.04 crore in September 2020. Chola Fin Hold EPS has increased to Rs. 1.14 in September 2021 from Rs. 0.18 in September 2020.
Easy Trip Planners: Net Sales at Rs 43.69 crore in September 2021 up 339.31% from Rs. 9.95 crore in September 2020. Quarterly Net Profit at Rs. 27.13 crore in September 2021 up 340.23% from Rs. 6.16 crore in September 2020. EBITDA stands at Rs. 36.89 crore in September 2021 up 286.28% from Rs. 9.55 crore in September 2020. Easy Trip EPS has increased to Rs. 2.50 in September 2021 from Rs. 0.57 in September 2020.
Hindustan Petroleum: Net Sales at Rs 87,600.38 crore in September 2021 up 69.2% from Rs. 51,773.31 crore in September 2020. Quarterly Net Profit at Rs. 1,923.51 crore in September 2021 down 22.36% from Rs. 2,477.45 crore in September 2020. EBITDA stands at Rs. 3,462.97 crore in September 2021 down 21.66% from Rs. 4,420.67 crore in September 2020. HPCL EPS has decreased to Rs. 13.56 in September 2021 from Rs. 16.26 in September 2020.
Bombay Dyeing: Net Sales at Rs 495.56 crore in September 2021 up 128.28% from Rs. 217.08 crore in September 2020. Quarterly Net Loss at Rs. 93.40 crore in September 2021 down 2.92% from Rs. 90.75 crore in September 2020. EBITDA stands at Rs. 41.02 crore in September 2021 up 315.67% from Rs. 19.02 crore in September 2020.
PNB Housing Finance: Net Sales at Rs 1,583.32 crore in September 2021 down 21.44% from Rs. 2,015.51 crore in September 2020. Quarterly Net Profit at Rs. 235.21 crore in September 2021 down 24.92% from Rs. 313.29 crore in September 2020. EBITDA stands at Rs. 1,339.41 crore in September 2021 down 23.46% from Rs. 1,749.87 crore in September 2020. PNB Housing Fin EPS has decreased to Rs. 13.96 in September 2021 from Rs. 18.63 in September 2020.
Jindal Steel: Net Sales at Rs 13,261.20 crore in September 2021 up 68.73% from Rs. 7,859.30 crore in September 2020. Quarterly Net Profit at Rs. 2,711.35 crore in September 2021 up 171.68% from Rs. 997.98 crore in September 2020. EBITDA stands at Rs. 4,538.09 crore in September 2021 up 85.51% from Rs. 2,446.28 crore in September 2020. Jindal Steel EPS has increased to Rs. 26.58 in September 2021 from Rs. 9.78 in September 2020.
IFB Agro: Net Sales at Rs 664.19 crore in September 2021 up 219.83% from Rs. 207.67 crore in September 2020. Quarterly Net Profit at Rs. 21.47 crore in September 2021 up 26.8% from Rs. 16.93 crore in September 2020. EBITDA stands at Rs. 29.02 crore in September 2021 up 24.34% from Rs. 23.34 crore in September 2020. IFB Agro EPS has increased to Rs. 22.92 in September 2021 from Rs. 18.08 in September 2020.
Drug major Cipla on Wednesday said its subsidiary InvaGen Pharmaceuticals has received a notice from US-based Avenue Therapeutics for termination of the acquisition deal they inked in 2018. In November 2018, Cipla had announced that InvaGen Pharmaceuticals Inc has entered into definitive agreements to acquire US-based speciality business firm Avenue Therapeutics for up to USD 215 million (around Rs 1,560 crore). Cipla at that time had stated that it intends to acquire Avenue Therapeutics, a Fortress Biotech company, in two stages. Since the second stage closing could not be completed as per the agreed timelines, in the terms of the SPMA, InvaGen has received a notice of termination from Avenue, the Mumbai-based drug major said in a regulatory filing.
Telecom gear maker Nokia India on Wednesday claimed to have recorded a top speed of 9.85 Gigabit per second on Vodafone Idea network during the ongoing 5G trials. The company has achieved the top speed in back end data transmission, which means connecting mobile base stations network, during the trials in Gandhinagar, Gujarat.
Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. NCLT, Principal Bench at New Delhi, in its order dated November 01, 2021, approved the resolution plan submitted by Adani Power Ltd for acquisition of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power stated in a BSE filing.
National Mineral Development Corporation Ltd (NDMC), a government of India fully owned public enterprise, on November 3 informed that it outperfomed with its iron ore production of 3.33 million tonne (MT) and sales of 3.58 MT in the month of October. The mining major added that it registered a 37 percent growth in production which is the highest ever in any October month since its inception in 1958. The firm also registered a rise of 42 percent in iron ore sales over the CPLY on the back of strong domestic demand.
Hindalco Industries Limited, part of the Aditya Birla Group, on Wednesday announced the acquisition of 100 per cent equity stake in Ryker Base Pvt Ltd for an enterprise value of Rs 323 crore. Ryker is a wholly-owned subsidiary of Polycab NSE -1.40 % India Ltd. The acquisition will be done through Hindalco’s wholly-owned subsidiary Renuka Investments & Finance Ltd.
Minda Corp has lined up over $100 million (about Rs 750 crore) of investment in the coming three years to outpace the slowing market by aiming to transform into a supplier of entire systems as opposed to just a few parts to automakers. Minda Corp, a part of Ashok Minda’s Spark Minda Group, on Tuesday bought partner Stoneridge’s 49% stake in Minda-Stoneridge joint venture to take full control of the automotive instrument cluster and sensors business. The company is also actively scouting in the sensors and electronics space to increase its offerings
Tata Power has emerged the highest bidder for South East UP Power Transmission Company, beating four other bidders with a ₹3,000-crore offer to buy the transmission firm under insolvency process, multiple people aware of the matter told ET. Tata Power had submitted a final bid on October 30 through its subsidiary Resurgent Power Ventures.
Shares of Trent rallied 9 per cent to Rs 1,133 on the BSE in Wednesday’s intra-day trade after the company reported a strong set of September quarter (Q2FY22) earnings, with standalone profit after tax (PAT) of Rs 126 crore on back of healthy revenue. The Tata Group company had posted loss of Rs 48 crore in a year ago quarter (Q1FY22).
Shares of Larsen & Toubro (L&T) rallied 4.3 per cent, hitting a record high of Rs 1,895 on the BSE in Wednesday’s intra-day trade on expectation of strong orders inflows as the management indicated tender pipeline remains strong at Rs 6.83 trillion, largely from infra and Hydrocarbon.
Shares of Sobha soared 11 per cent to Rs 962.50 on the BSE in Wednesday’s intra-day trade amid heavy volumes after the real estate developer announced fund raising plan through issue of unlisted secured redeemable non-convertible debentures on a private placement basis. In past four trading sessions, the stock has rallied 27 per cent from Rs 759 on October 28, 2021.
Shares of Devyani International hit a new high of Rs 149 after they rallied 8 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. In the past four trading days, the stock of the quick service restaurant (QSR) company has surged 25 per cent after it reported a consolidated profit after tax (PAT) of Rs 46.6 crore in the September quarter of FY22. It had posted a net loss of Rs 65.5 crore in Q2FY21.[/vc_column_text][vc_separator][vc_column_text]
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