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Sah Polymers IPO bumper listing, shares debut with 30% premium over IPO price; stock trading at Rs 89 on NSE

Sah Polymers IPO bumper listing, shares debut with 30% premium over IPO price; stock trading at Rs 89 on NSE

Sah Polymers shares witness a stellar debut on the stock exchanges as stock lists with 30% gains over the IPO price, supported by healthy subscriptions and better financial performance. Sah Polymers shares debuted at a price of Rs 85 on the National Stock Exchange (NSE) and jumped 5% to Rs 89 within minutes. The company’s Rs 66 crore IPO was subscribed 17.46 times, backed largely by retail investors and high-net-worth individuals. The company set the issue price at Rs 65 per share, the upper end of the band of Rs 61-65 per share offered. Premium listing for the stock was expected as ahead of the listing, Sah Polymers shares commanded a grey market premium of 10-15%, and the public offer received a healthy response.

Santosh Meena, Head of Research at Swastika Investmart expected Sah Polymers to have a positive listing. “The market for polymers is anticipated to reach US$790 billion by 2027, expanding at a CAGR of 5.5% from 2022 to 2027. Sah Polymers’ business has a wide range of clients from different industries and regions, as well as a robust product offering. A management team with expertise is also advantageous. The business has recorded significant growth on the financial front,” Meena said.

The IPO, which consisted of only a fresh issue of 1.02 crore equity shares, received bids for 9.8 crore shares against 56.1 lakh shares on offer, according to exchange data. The initial public offer got subscribed to 17.5 times on the last day of the offer. The category for the Retail Individual Investors (RIIs) portion received 39.8 times subscriptions and high net-worth individuals 32.7 times. Investors could bid in multiples of 230 equity shares with the minimum investment by retail investors at the upper end of the price band being Rs 14,950 for one lot, while the maximum would be Rs 1,94,350 for 13 lots.

Sah Polymers earlier said that it will use these funds to up a new manufacturing facility for producing a new variant of Flexible Intermediate Bulk Containers (FIBC), repayment of borrowings, and also fund the working capital requirements. The Udaipur-based bulk packaging solutions provider is primarily engaged in the manufacturing of high-density polyethylene (HDPE) FIBC bags, polypropylene (PP), woven sacks, and woven polymer-based products among others. In India, the company has a presence in six states and a union territory. Apart from this, Sah Polymers has a presence in six regions across the world. The company is 100% owned by the promoters with Sat Industries holding 91.79% shares and Sat Invest having the rest.

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India exports 16.92 lack tons of sugar till January 4 of 2022-23; over 59K tons to China

India exports 16.92 lack tons of sugar till January 4 of 2022-23; over 59K tons to China

India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighboring China, trade body AISTA said on Tuesday. Among other neighboring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 of the current marketing year, All India Sugar Trade Association (AISTA) said in a statement.

The sugar marketing year runs from October to September. The government has allowed the export of 6 million tonnes till May of the 2022-23 marketing year. According to AISTA, mills have exported a total of 16,92,751 tonnes of sugar from October 1, 2022, to January 4, this year

Over 3.47 lakh tonnes of sugar is under loading, while 2.54 lakh tonnes of sugar has been delivered to refineries considered to be exports in the said period. Of the total exports undertaken so far, the maximum exports have been to Somalia at 1.70 lakh tonnes, followed by the UAE at 1.69 lakh tonnes, Djibouti at 1.50 lakh tonnes, and Sudan at 1.37 lakh tonnes.

Over 3.47 lakh tonnes of sugar is under loading, while 2.54 lakh tonnes of sugar has been delivered to refineries considered to be exports in the said period. Of the total exports undertaken so far, the maximum exports have been to Somalia at 1.70 lakh tonnes, followed by the UAE at 1.69 lakh tonnes, Djibouti at 1.50 lakh tonnes, and Sudan at 1.37 lakh tonnes.

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Want to start investing in the share market in 2023? Rakesh Jhunjhunwala’s 5 principles can pave the way for you

Want to start investing in the share market in 2023? Rakesh Jhunjhunwala’s 5 principles can pave the way for you

Rakesh Jhunjhunwala, who passed away last year, was one of the most successful investors in the country. Jhunjhunwala, known as the Big Bull, was an optimist who believed that ‘the best (of the market) is yet to come’. The billionaire investor also called ‘Warren Buffett of India’ set an exemplary example of how to create wealth from stock markets. He began his investment journey with Rs 5,000 and left $5.8 billion (about Rs 47,000 crore) in wealth, according to Forbes data. Over the years, investors have followed Rakesh Jhunjhunwala’s advice, investing nuggets to emulate his success in stock market investment.

Jhunjhunwala was admired for his courage to trade against the overwhelming market sentiment. This resulted in phenomenal gains for him on several occasions. While Jhunjhunwala is no longer with us, the investment principles he has left behind can still guide beginner investors. If you are also one of those who are looking to start their stock market investment journey this year, here are Rakesh Jhunjhunwala’s 5 investment strategies that can help you start and hopefully lead you to reap handsome returns in the future.

Rakesh Jhunjhunwala’s 5 timeless investing principles

Buy right, sit tight, and don’t panic

Rakesh Jhunjhunwala strongly believed in the ‘buy right and sit tight’ principle. He always advised investors to do their own research, buy the right stock and then hold it till an opportune time. ‘Build a fighting spirit, take the bad with the good… Have faith in the company’s business. Don’t let panic drive your investment decisions,’ Jhunjhunwala often said. So, as a newbie to stock market investment, when you are convinced about the business model of a company and its sustainability, there is no need to panic from short-term sentiments. Go with your conviction, and stick to your investment.

Go against the tide

Rakesh Jhunjhunwala’s quote, ‘Always go against the tide. Buy when others are selling and sell when others are buying,’ is used by various investment advisors to date. One of Jhunjhunwala’s investing strategies was buying stocks at discounted prices when the market was down, and selling when the market was on the rise. He himself traded against overwhelming market sentiment, especially in bearish times, and then used windfall profits to buy or add in fundamental long-term picks in which his conviction was high. This way, he was able to multiply his wealth with a unique combination of short-term trading and long-term investing. If you have the ability to take a risk when markets are down, this investment principle can help you out.

Never let emotions guide your stock ideas, investment

When Rakesh Jhunjhunwala turned 50, he was asked by a reporter whether he sometimes got emotional about any of his stock ideas. In response, Jhunjhunwala had said that if he had any emotions, then they were for his loved ones, but surely he was not so emotional about any of his stocks. ‘I would not say there is no emotion when you have invested for such a long period of time, but they are not such emotions that will not part ways,’ he had said. So as a beginner investor, the lesson you can take away from this is to invest in the stock market (usually for the long term), but if you want to get rich, then never get emotional about your stock ideas and exit on time, when needed.

Never invest at unreasonable valuations

Rakesh Jhunjhunwala strongly suggested investors look at the valuations of the stock before making any investment decision. ‘Never invest at unreasonable valuations. Never run for companies that are in the limelight, Jhunjhunwala used to say. His advice holds even more weight now as in the recent past, we have seen several stocks like Paytm, Nykaa, PB Fintech, and Zomato, which had extremely high valuations at the time of stock market debut, destroy investors’ wealth. As you start your share market investment journey, whenever you see a stock trading at unreasonable valuations, avoid going for that. Or, you may end up losing your hard-earned money.

Have realistic return expectations

The Dalal street maverick advised people to trade with their own money as it ensures that people will take calculated risks and avoid their capital from unwarranted erosion. He often asked investors to have realistic return expectations. “If you’re able to earn an 18% return on your portfolio, you are no less than a king and if the return is 21%, you are an emperor,” he used to say. In a 2018 interview, Rakesh Jhunjhunwala told SIP investors to not expect a rate of more than 12-18% from equity markets. “If you are in a SIP, I’m confident you will get it. Don’t try to be over-smart,” he had said.

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Petrol and Diesel Rate Today, 5 January: Fuel rates unchanged; Check prices in Delhi, Mumbai, and other cities

Petrol and Diesel Rate Today, 5 January: Fuel rates unchanged; Check prices in Delhi, Mumbai, and other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, and Hyderabad: The oil prices in the country have not changed on 31 December 2022 and costs have been steady for about seven months now. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per liter and Rs 6 per liter on diesel. In Mumbai, petrol costs Rs 106.31 per liter, and diesel is Rs 94.27 per liter. The petrol price and diesel prices in Delhi are Rs 96.72 and Rs 89.62 per liter, respectively.

Any changes in petrol and diesel costs are implemented from 6 am every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates.

Petrol, and diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram
Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre
Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre
Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre
Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre
Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre
Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre

Since the cut of excise duty by the central government, some states have also reduced VAT prices on fuels. Meghalaya was the last state to update the fuel prices when it increased VAT on August 24, because of which petrol now costs Rs 96.83 per liter in Shillong and diesel is now priced at Rs 84.72 per liter. The Maharashtra government cut value-added tax (VAT) on petrol by Rs 5 a liter and by Rs 3 a liter for diesel in July.

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Mamaearth IPO 1000x valuation raises concerns; ‘Another Paytm in the making’?

Mamaearth IPO 1000x valuation raises concerns; ‘Another Paytm in the making’?

Mamaearth parent company Honasa Consumer’s proposed Rs 2,900 crore IPO has raised valuation concerns among investors and market experts. Honasa has filed DRHP with SEBI for an IPO with a fresh issue of Rs 400 crore, and an offer-for-sale (OFS) of 46.8 million shares, reportedly totaling up to Rs 2,900 crore. The company was valued at $1.2 billion in January 2022 when it raised $52 million in a funding round led by Sequoia. One year later, Honasa is seeking a valuation of $3 billion through its IPO. The valuation target of Shark Tank India fame Ghazal Alagh’s Mamaearth is more than 1,000x its profits.

Mamaearth’s valuations have been questioned by many on social media. Some have even compared the lofty valuation of the Mamaearth IPO to that of Paytm. Some of the main concerns for investors include sky-high valuation, exorbitant advertising spending, and inconsistent profit has caught the attention of investors, and analysts. At the end of FY22, Honasa Consumer posted a net profit of Rs 14 crore and revenues of Rs 943 crore. For the six months ending September 2022, the company posted revenues of Rs 722 crore and profits of Rs 3.6 crore. The company reported a loss of Rs 1,332 crore in FY21 and Rs 428 crore in FY20, according to the DRHP.

With a lofty valuation, will Mamaearth go Paytm, or Zomato way after listing?
There is a lot of conjecture about the price Mamaearth will set for its initial public offering. Normally, the merchant banker would determine the price closer to the IPO date. Right now, everyone is making assumptions based on publicly available information. “We doubt that management will go ahead with the higher price because there has been a lot of backlash on social media, especially given the amount of money Mamaearth is asking; whether you look at the market cap to sales ratio or the price to earnings ratio, which appears to be a little high,” said Sunil Damania, Chief Investment Officer, MarketsMojo.

It has been seen in the recent past that many IPOs, including Zomato, Paytm, and others, have not been able to sustain their high valuations, and have dropped significantly since the listing. “Something similar could occur if Mamaearth opts for such a high valuation. However, these are all speculative at the moment because neither the merchant banker nor the company has confirmed that they will proceed with this pricing,” said Damania.

Will be challenging to see any upside in the Mamaearth stock price
“The 1600x PE multiple is an unrealistic expectation, even in the middle of a bull run. Therefore, in the current market mood, this insane valuation requires an insane explanation. When I think it through, I wonder why I should not invest in Dabur or Marico, which are trading at 50-60 PE and have deeper distribution and higher brand recall. I am jittery about all IPOs where more than 25% of the money getting raised does not go to the business, i.e., it is an OFS from early investors and celebrity backers of the platform. I have understood that almost 80% of this IPO will go towards OFS, which does not bode well for public market investors. It will be challenging to see any upside in the stock price with so many questions on super-premium valuation that will primarily provide exits to current shareholders,” said Anirudh A Damani, Founder – of Artha Group.

“Mamaearth has been successful in establishing itself as a formidable D2C brand, perfecting both its product and distribution strategies. But it’s important to note that large FMCG players such as Unilever and P&G have taken decades to reach where they are now, which means Mamaearth has a long way to go,” Ankit Kedia, Founder and Lead Investor at early-stage venture capital firm Capital A were quoted saying in a YourStory report.

Mamaearth IPO’s concerns aside from the high valuation


Mamaearth’s reliance on certain marketplaces to drive sales
Mamaearth relies on relationships with specific marketplaces and web traffic drivers for sales through the online channel. The company in its DRHP said, “For Financial Years 2020, 2021, and 2022 and the six months period ended September 30, 2022, our revenue from online channels across all our brands amounted to Ra 998.43 million, Rs 3,742.93 million, Rs 6,595.34 million and Rs 4,291.15 million, respectively, representing 90.94%, 81.37%, 69.91% and 59.37% of our revenue from operations, respectively.”

Mamaearth’s marketing spend is high, No improvement in ROAS in 3 yrs
The amount spent on advertising and influencer marketing also stands out in the DRHP. As of September 30, 2022, Mamaearth worked with 3,958 influencers. The company spent about Rs 391 crore on advertising against net sales of Rs 932 crore meaning 40% of revenue was spent on marketing in FY22. The quantum was similar for FY21, FY20, and the six-month period ending September 2022. In a tweet, Aditya Kondawar of Complete Circle Capital said, “This is way too high.” Experts have the marketing spend number high given that the return on ad spend (ROAS) has not improved from 2.6 over the past three years. In contrast, Nykaa’s FY22 ROAS stood at 7.8, and big boy Hindustan Unilever’s was at 10.6.

Paytm, and Nykaa stocks with lofty valuations nosedive in 2022
Paytm’s IPO valued the firm at about $19.5-$20 billion. The company had termed the valuation “rational and fair” at the time even as it maintained that it could have priced itself higher based on interest from external investors. FSN E-Commerce Ventures Ltd, the parent of cosmetics e-tailer fixed the price band of its IPO at Rs 1085-1125 a share as it sought a valuation of around $7.4 billion or Rs 52,574 crore.

PB Fintech or Policybazaar sought a market cap of Rs 44,041 crore post listing at the upper band of Rs 980, which was termed expensive by experts. Food delivery company Zomato’s IPO was oversubscribed 35 times, giving it a valuation of $12 billion. All these four stocks have seen a sharp decline since listing. Paytm shares have fallen over 65% from the IPO price, Zomato is down around 55%, PB Fintech is down 66%, and Nykaa shares have fallen over 65% from the IPO issue price.

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