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Sensex may hit 1,00,000 in 5 years or less, says Jefferies’ Chris Wood; sees strong macro growth

Sensex may continue its stellar run and hit a staggering 1,00,000 points during the financial year 2027 or sometime in late 2026, said Jefferies’ Global equity strategist Chris Wood in his weekly Greed & Fear note. Although Chris Wood said that his target for the benchmark index may seem as an “aggressive assumption”, he added that it “is now eminently achievable on a five-year view assuming a trend 15% EPS growth and that a five-year average multiple of 19.4 is maintained”. BSE Sensex started Friday’s trading session at 58,918; it is down 5.6% from an all-time high of 62,245 points.

India — growth investor’s market
Chris Wood has pinned the 1,00,000 target on Sensex in a week in which Finance Minister Nirmala Sitharaman presented the Union Budget for the next fiscal year, focusing on capital expenditure. India is the place for stock investors focusing on growth, Wood said. “In a G7 world where value investors may finally enjoy an extended period of outperformance over growth, until at least the Fed performs another U-turn, India should be a prime object of focus for growth-oriented equity investors, be they Asian and emerging market investors or global investors,” he said.

Resilience in equities
Although domestic markets have seen a sharp correction recently, Wood remains confident. Foreign investors have sold $4.8 billion of equities year-to-date. “But the market would have suffered much more were it not for continuing healthy inflows into domestic mutual funds. Net inflows into domestic equity mutual funds totaled $9.3 billion in 4Q22 and $22.2 billion since March 2021,” he added.

Indian stock markets, in Chris Wood’s view, may prove to be surprisingly resilient in the face of rising interest rates. He draws this conclusion from seeing the housing cycle that picked up after a seven-year downturn. “This should translate in due course into a broader capex cycle which should be earnings positive and mean the stock market will prove to be surprisingly resilient in the face of rising interest rates,” he said. Stamp duties on a country-wide level are up 59% on-year in April-November — a strong indicator of the improvement in the broader housing/property cycle.

On the earnings front, the Jefferies global equity strategist expects strong growth. Wood said that the consensus earnings growth forecast for the MSCI India this year is 20.3% and Jefferies’ India office is forecasting 19.2% earnings growth for Nifty next fiscal year.

Threats ahead
US Federal Reserve’s tightening of policy measures and oil prices are the key concerns for Indian markets. Chris Wood said that it is important to note that the inflation problem is primarily an American and G7 one, not an Asian one. Oil prices, however, are seen as a concern by Chris Wood. “Still GREED & fear hopes that the Indian macro story will prove to be more resilient to a rising oil price than has been the case in previous cycles,” he said. India’s high foreign reserves of $634 billion strengthen Wood’s view.

Obvious risks of further corrections in India have not been ruled out but Chris Wood remains firmly of the view that such externally driven corrections are buying opportunities. “If the current housing upturn proves to be the lead indicator of a broader private sector capex cycle, as was the case in 2002-03, then India should once again become one of the best performing stock markets in Asia as it was between 2003-2007,” he added.

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Sebi to auction Ramel Industries’ properties on February 24

Capital markets regulator Sebi will auction properties of Ramel Industries for a total reserve price of Rs 19 crore on February 24 in order to recover money raised by the company from public through illicit schemes.

The properties to go under the hammer include land parcels, agricultural land, office premises and flat and godown across West Bengal, Sebi said in a public notice on Friday.

Inviting bids for sale of properties in the recovery proceedings against Ramel Industries and its promoters or directors, Sebi said the e-auction will take place on February 24, 2022 between 10.30 am and 12.30 pm.

Total reserve price of these properties is pegged at Rs 19 crore and the regulator has engaged Quikr Realty to assist it for sale of the properties.

The market watchdog said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids. “The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc,” as per the notice.

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PTC India Financial slumps over 19 pc after resignation of all 3 independent directors

Shares of PTC India Financial Services slumped over 19 per cent in early trade on Thursday after all three independent directors on the company’s board resigned over corporate governance issues and other matters. On the BSE, the shares tanked 19.49 per cent to a low of Rs 20.65 in early trade. It was later trading at Rs 21.20, down 17.35 per cent.

In tandem, the stock fell 19.10 per cent to Rs 20.75 on the NSE in the opening session. It was later trading at Rs 21.25, down 17.15 per cent.

On Wednesday, three independent directors of PTC India Financial Services (PFS) — Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T– resigned from the board with immediate effect.

In the resignation letters, they have alleged that certain actions of the Chairman of the Board and Managing Director of the company are “ultra-vires” and “in violation” of the provisions of the Companies Act, 2013.

Pawan Singh is the Managing Director and Chief Executive Officer of the company. The two nominee directors on the board of the company are Rajib Kumar Mishra and Pankaj Goel.

The independent directors have also referred to the issues regarding Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that “no action” has been taken on certain corporate governance issues.

Pointing out that independent directors’ communication was “blatantly ignored, they said, “such non-cooperation on the part of the management and the company is unfortunate, and a deterrent to the spirit of the law and impedes the functioning of the independent directors on the board of the listed company”. PFS, promoted by PTC India Ltd (PTC), is registered with the RBI as a non-banking financial company (NBFC). The systemically important non-deposit taking NBFC has been classified as an ‘Infrastructure Finance Company (IFC)’ by the RBI.

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Radiant Cash Management Services, Veranda Learning Solutions get Sebi nod to float IPOs

Radiant Cash Management Services, an integrated cash logistics player, and online education platform Veranda Learning Solutions have received the go ahead from capital markets regulator Sebi to float their initial public offerings (IPOs).

The two companies, filed their preliminary IPO papers with Sebi between October and November and obtained the observation letter during January 10-11, an update with Sebi showed on Tuesday.

In Sebi parlance, issuance of observations letter implies go ahead for the IPO. Going by the draft papers, Radiant Cash Management Services’ IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer-for-sale (OFS) of 3 crore shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India. In 2015, Ascent Capital had acquired a 37.2 per cent stake in the company.

Out of the fresh issue proceeds, Rs 20 crore will be used for funding working capital requirements and Rs 23.92 crore for capital expenditure requirements for purchase of specially fabricated armoured vans.

The Chennai-based company is an integrated cash logistics player with a leading presence in the retail cash management segment. Meanwhile, Veranda Learning Solutions Ltd is looking to raise Rs 200 crore through an initial share-sale, according to the draft red herring prospectus (DRHP).

The IPO is the primary issuance of equity shares. Proceeds of the public issue will be utilized towards repayment or pre-payment of loan, retirement of acquisition consideration of Edureka and growth initiatives.

Veranda is a comprehensive 360-degree online education platform. It is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates professionals and corporate employees. The equity shares of both companies will be listed on BSE and NSE.

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