Angel Broking files offer document with Sebi for IPO to raise Rs 600 crore

As of end-June, the company managed Rs 113 billion in client assets and operates around 1.1 million active broking accounts.

IPO News: Angel Broking filed its offer document with markets regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking at an initial public offering (IPO) of equity to raise Rs 6 billion, half of which would be new funds.

Sources say the offer will value Angel Broking around Rs 25 billion.

Through the IPO, promoter Ashok Thakkar and World Bank arm International Finance Corporation (IFC) will divest part of their holding. The new capital will be used for working capital requirements. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are managing the IPO.

Earlier this year, ICICI Securities, also a broking and investment banking entity, came out with an IPO which wasn’t received well by investors. Key listed brokers Motilal Oswal, IIFL and Edelweiss are not purely broking entities.

Angel Broking is an independent full-service retail broking house. The company offers services such as broking, advisory, margin funding and loan against shares. It offers broking services through digital platforms and 11,000-odd sub-brokers.

A CLSA report ranked Angel Broking seventh in terms of number of active clients as of March, with a four per cent market share. The top three on this measure were ICICI Securities, HDFC Securities and Zerodha. The top five in the4 segment have three bank-backed ones and one discount brokerage.

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Rupee slumps to 71-mark first time ever, drops 26 paise against US dollar

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering.

Stock Market Live: The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.

Rupee Vs Dollar

On Thursday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.
Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.
Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade.
Meanwhile, the BSE Sensex fell 78.64 points, or 0.20 per cent, to 38,611.46 points in opening trade.

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RBL Bank's Q1 result meets estimates; profit up by 35% to Rs 1.9 bn

The bank's provision coverage ratio grew by 250 bps over the previous quarter to 60.41 per cent.

Share Market News » Private sector lender RBL Bank’s first-quarter net profit rose 35 per cent due to rise in interest income. RBL bank’s net profit rose to Rs 1.9 billion in the quarter ended June, in comparison to Rs 1.4 billion in the year-ago quarter. The bank's net interest income rose 46 per cent on a y-o-y basis.

The net interest margin (NIM), the difference between the yield on advances and cost of fund, grew to 4.04 per cent, against 3.8 in the previous quarter and 3.54 in the year-ago quarter. "We have crossed the milestone of 4 per cent and expect to maintain NIM at this level or even improve it, said Vishwavir Ahuja, MD and CEO of RBL Bank.

The gross non-performing assets (NPAs), as a percentage of total advances, in the present June quarter, stood at 1.4 per cent, flat against the previous March quarter. In the year-ago quarter, the gross NPA ratio was at 1.46 per cent.

The bank's provision coverage ratio grew by 250 bps over the previous quarter to 60.41 per cent. "60 per cent is considered a prudent level of provision. This is a comfortable level and we will continue to improve it," said Ahuja.

The deposit and credit grew at 27 per cent and 36 per cent respectively in the full-year period. Wholesale loans form 59 per cent of the bank's books while retail forms 41 per cent. While most of the wholesale loans of the bank comprise of working capital with a tenure less than two years, Ahuja said that the bank was moving towards a greater share of retail loans. "Both segments are showing strong growth and the book would be 50:50 in the next 2-3 years," he added.

Of the total advances, 33 per cent is unsecured. The unsecured book mainly comprises of Microbanking and card business. The capital adequacy ratio for the quarter was 14.23 per cent, an improvement against 13.06 per cent in the previous quarter. The bank does not plan to raise capital for the next seven to eight quarters. During the quarter, the bank took 100% stake in Swaadhar Finserv, which targets Microbanking and medium and small entrepreneurs.

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News Source : BS

Cipla acquires 100% stake in South African pharmaceutical company Mirren

The transaction is subject to the approval by the Competition Commission of South Africa.

Share Market News » Cipla has acquired a 100 per cent stake in Mirren, a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor. The transaction is subject to the approval by the Competition Commission of South Africa.

Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla's current OTC portfolio, by adding Mirren's well-established brands like Bronco! cough syrup, Coryx, Tensopyn, and Ultimag. This deal will also increase Cipla's local manufacturing footprint.

Lynton Lomas, director of Mirren, said, "The acquisition by Cipla will help to ensure that, the continued growth that the Mirren brands have achieved over the past three years will be sustained. The wellbeing of Mirren's dedicated staff was one of the biggest deciding factors

About Cipla LTD. (CIPLA) - Company History

Cipla Ltd is one of the leading pharmaceutical companies in India. The company focuses on development of new formulations and has a wide range of pharmaceutical products. The product portfolio includes over 1500 products across wide range of therapeutic categories.Cipla Ltd was incorporated in the year 1935 with the name Chemical Industrial & Pharmaceutical Laboratories Ltd. Khwaja Abdul Hamied the founder of Cipla gave the company all his patent and proprietary formulas for several drugs and medicines without charging any royalty. On August 17 1935 Cipla was registered as a public limited company with an authorized capital of Rs 6 lakh.In the year 1941 as the Second World War cuts off drug supplies the company starts producing fine chemicals dedicating all its facilities for the war effort. In the year 1952 the company set up first research division for attaining self-sufficiency in technological development. In the year 1960 they started operations at second plant at Vikhroli Mumbai producing fine chemicals with special emphasis on natural products. In the year 1968 the company manufactured ampicillin for the first time in the country. In the year 1972 the company started Agricultural Research Division at Bangalore for scientific cultivation of medicinal plants. In the year 1976 they launched medicinal aerosols for asthma. In the year 1980 the company won Chemexcil Award for Excellence for exports. In the year 1982 the company started operations in their fourth factory at Patalganga Maharashtra. In the year 1984 they developed anti-cancer drugs vinblastine and vincristine in collaboration with the National Chemical Laboratory Pune. Also they won Sir P C Ray Award for developing in-house technology for indigenous manufacture of a number of basic drugs.

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News Source : BS

TCS shares jump 5.5% to Rs 1,979; m-cap Rs 392.82 bn after Q1 result

The stock was the biggest gainer among the blue chips on both the key indices

 

 

Share Market News » Shares of Tata Consultancy Services surged 5.5 per cent today, adding Rs 392.81 billion to its market valuation after the company posted better-than-expected quarterly earnings.

The stock jumped 5.47 per cent to close at Rs 1,979.60 on BSE. During the day, it climbed 6.28 per cent to Rs 1,995 -- its 52-week high.

At NSE, shares of the company advanced 5 per cent to close at Rs 1,970.

The stock was the biggest gainer among the blue chips on both the key indices.

Led by the sharp gain in the stock, the company's market valuation zoomed Rs 392.81 billion to Rs 757.04 billion.

In terms of equity volume, 11.57 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"TCS first quarter results were better-than-expected on all fronts against our/street estimates," Emkay Global Financial Services said in a report.

Country's largest software exporter TCS on Tuesday posted 23.4 per cent rise in consolidated net profit to Rs 73.40 billion for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 59.45 billion in the same period previous fiscal, TCS said in a regulatory filing.

The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow 15.8 per cent to Rs 342.61 billion during the reported quarter, up from Rs 295.84 billion a year ago.

Buying was also seen in other IT stocks, with HCL Tech rising 1.63 per cent, Infosys 1.37 per cent, Wipro 0.65 per cent and Tech Mahindra 0.65 per cent on BSE.

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News Source : BS

TCS Q1 net profit jumps 23.4% to Rs 73.40 billion; revenue up 15.8%

TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters.

 

 

Share Market News » Shares of Tata Consultancy Services (TCS) rose 3% to Rs 1,928 per share on the BSE in early morning trade after the country’s biggest software services exporter posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

TCS has recorded a consolidated net profit of Rs 73.40 billion in April-June 2018 (Q1FY19) versus a profit of Rs 59.45 billion in the same quarter last year. While the revenues at the reported currency grew 15.8% YoY and 6.8% QoQ to Rs 342.61 billion, in constant currency (CC) terms, it rose by 9.3% year-on-year (YoY) and 4.1% sequentially.

Analysts on an average had expected profit of Rs 69.67 billion on revenue of Rs 341.69 billion for the quarter.

“TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters. Revenue recovery has gathered further momentum with a definite growth revival in BFSI and retail verticals. Slowdown in these two verticals had adversely impacted FY18 growth and with the recovery double digit constant currency revenue growth is almost a certainty,” Antique Stock Broking said in a result review.

Overall, FY19 has started on a strong note for TCS. Company will outshine peer group in FY19 with CC revenue growth of ~12% while most of the peer group will grow at mid-single digit. TCS will also report YoY EBIT margin improvement and company has maintained aspirations to achieve 26%-28% EBIT margin range. Robust deal signings in 1QFY19 is after a very strong order booking in 4QFY18, the brokerage firm said with ‘buy’ rating on the stock and 12 month target price of Rs 2,090.

“TCS reported an above-expected operating performance in Q1FY19 driven by a beat on both revenue and margins. With a growth recovery in BFSI services in North America, management is confident of sustaining growth momentum in the medium term. Digital revenue growth accelerated for the fifth straight quarter, rising 44.8% YoY in CC terms,” analysts at BOB Capital Markets said in result review.

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News Source : BS

Lenders choose Tata Steel as preferred bidder for Bhushan Power & Steel

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes.

Stock Market News » The committee of creditors (CoC) for Bhushan Power & Steel has decided on Tata Steel as the preferred bidder. The battle for Bhushan Power & Steel was closely fought between UK-based Liberty House, which submitted a late bid, and Tata Steel. People in the banking sector said that both bids were in close range initially.

"The difference was in the range of Rs 5-10 billion. Tata had offered around Rs 175 billion and Liberty Rs 180 billion as immediate upfront to financial creditors. But if you consider operational creditors, including employees, the Tata Steel bid looked slightly better. There is no standardised format to decide on what basis to select the bid," they said. Tata Steel's bid also has an additional capital infusion of Rs 75 billion. Subsequently, the CoC wanted comfort that Liberty House and Tata Steel can bring in the cash.

"In the case of Liberty House, finances were not fully tied up and the CoC felt the Tata bid was better, as it was fully backed by financial arrangement. The matter has been referred accordingly to the tribunal, which has to take a call," said the people cited above. They added that in terms of track record, the CoC felt Tata Steel was a more established player. A Liberty House spokesperson said there was no information on the bid.

The matter was slated for hearing in the National Company Appellate Law Tribunal (NCLAT). Last week, Liberty had presented bank guarantees before the lenders. The NCLAT, where the matter is being heard, had asked the CoC to go ahead with the selection process and keep its decision in a sealed cover. The final decision would be subject to the outcome of the NCLAT verdict.

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Infosys hits new high; stock surges 25% so far in 2018

With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.

 

Stock Market News » Shares of Infosys hit a new high of Rs 1,298 per share, up 2% on the BSE in early morning trade in an otherwise flat market. With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.
Thus far in the calendar year 2018 (CY18), Infosys has outperformed the market by gaining 25% as compared to 3.3% rise in the S&P BSE Sensex.

Infosys, the country's second largest IT services company, on Wednesday after market hours said that it is scheduled to announce its financial results for first quarter (April-June) of current fiscal 2018-19 (FY19) on July 13.

Infosys has set a 3-year roadmap stabilize in FY19, build momentum in FY20 and accelerate in FY21. The company outlined that FY19 is going to be a year of investments in the area of sales, scaling up digital capabilities, localization and employee re-skilling.

“Infosys has done a good job on margins and revenues in FY18 considering it was a year of change in management in the company. Although the investments will impact the margin profile in the short term, we believe Infosys is well placed in the medium term to ride the digital wave. We see stability returning to the company and a rapid adoption of new technologies. With industry tailwinds, we believe Infosys should be able to grow revenues around industry growth in FY19 and do better from FY20 onwards,” analysts at Antique Stock Broking said in analyst meet update. However, the stock was trading above its 12-month target price of Rs 1,265.

The brokerage firm Sharekhan believes the valuation gap with Tata Consultancy Services (TCS) would reduce as Infosys is catching up the earnings growth and other financial parameters along with consistent execution under stable leadership. TCS has rallied 38% thus far in CY18.

Given the significant growth opportunity in the agile digital business, Infosys is well on track to execute strategy for digital growth, the brokerage firm said in recent note with upgrade rating on the stock of Infosys to Buy from Hold with a revised price target of Rs 1,420.

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Info Edge gains 10% after agreement with SoftBank for joint investment

The stock surged 10% to Rs 1,288 on the BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces, the parent of PolicyBazaar.

Stock Market News » Shares of Info Edge (India) have surged 10% to Rs 1,288 per share on the BSE in intra-day trade after the company announced that it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces Marketing and Consulting, the parent of PolicyBazaar, for an 8.93% stake on a fully diluted basis.

The investment will be routed through its subsidiary Diphda Internet Services floated earlier this month.

“The Company has entered into an agreement with SVF India Holdings (Cayman) (‘Soft Bank’), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is a limited partner, whereby Soft Bank has agreed to invest an amount equivalent to about $ 45 million for 49.99% stake (on a fully diluted basis) in Diphda Internet Services (‘Diphda’), a wholly owned-subsidiary of the Company, for the time being,” Info Edge (India) said in a statement.

Thereby the company has also agreed to invest an amount equivalent to about $ 45 million in Diphda for 50.01% stake (on a fully diluted basis); and to jointly invest through Diphda, an amount equivalent to about $ 90 million in Etechaces Marketing & Consulting Pvt. Ltd. (‘Etechaces’) for 8.93% stake (on a fully diluted basis post completion of fund raise exercise with other investors), it added.

At 09:57 am; Info Edge (India) was trading 6% higher at Rs 1,250 on the BSE, as compared to 0.11% rise in the S&P BSE Sensex. A combined 217,344 shares changed hands on the counter on the NSE and BSE so far.

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