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JSW Hydro Energy raises USD 707 mn via green bonds overseas

JSW Energy on Tuesday said that its arm JSW Hydro Energy has raised USD 707 million through green bonds abroad. “JSW Hydro Energy raises USD 707 million from international bond markets through debut Green Bond Issue under 144A / Reg S format,” a JSW Energy statement said.

According to statement, JSW Hydro Energy has priced the fixed rate senior secured green 144A/Reg S Bond for a 10-year tenor at 4.125 per cent. The proceeds from the issuance will be used towards repayment of existing green project-related rupee-denominated indebtedness, it said.

The green bond framework for the company’s debut bond transaction has been reviewed by Sustainalytics, who has issued a second party opinion. The company engaged with several investors on a global deal roadshow across Hong Kong, Singapore, London, New York and Los Angeles.

Backed by an extremely strong investor feedback, the transaction was launched with an initial price guidance of 4.500 per cent area and tightened by 37.5 bps (basis points) to 4.125 per cent as final pricing. The final order book was in excess of USD 2.6 billion with oversubscription of more than 3.7x. The transaction witnessed 64 per cent participation from Asia, 14 per cent from the US and 22 per cent from EMEA with 82 per cent investment from long haul funds, 17 per cent from financial institutions (including Sovereign Wealth Funds), and 1 per cent from private banks, it said.

There was strong demand from some of the largest marquee fixed income investors globally, it added. Prashant Jain, Chairman of JSW Hydro, and Joint Managing Director and CEO of JSW Energy said, “We are overwhelmed by the strong response from international bond investors in our debut issuance.”

Jain further said, this fundraise will enable the company to further strengthen and diversify our sources of funding and we look forward to strengthening our partnership with global investors as we continue to build and grow our renewable energy business.

“From a total installed capacity of about 4.6 GW today, where about 30 per cent is from renewable sources, we currently have visibility on a pipeline of about 2.6 GW of renewable projects comprising of wind, solar and hydro which are likely to get commissioned over the next 24 to 30 months. On completion of these projects, the share of renewables in our portfolio will be over 55 per cent,” he said.

JSW Hydro Energy has an installed generation capacity of 1,391 MW. The group as a whole has 4,559 MW capacity, of which 3,158 MW are thermal power and 10 MW are solar power.

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DMart share price falls after Q4 results; analysts views mixed on Radhakishan Damani’s firm

Radhakishan Damani’s Avenue Supermarts shares (DMart) gave up initial gains on Monday to slip into negative territory, as investors reacted to Januar-March quarter results. DMart hypermarket chain reported a 52% on-year jump in net profit during the January-March quarter to Rs 414 crore, with 18% on-year revenue growth. The strong performance was helped by the low base of the previous year. Although the performance has been robust, the management has already cautioned of headwinds owing to the second wave of Covid-19. This has forced leading brokerage firms to maintain bearish views on Avenue Supermarts stock price. Currently, Avenue Supermarts share price is down 0.71%, trading at Rs 2,868 per share.

During the previous quarter, Avenue Supermarts’ gross margins recovered to 14.8%, 10 basis points above ore-covid levels. However, fresh restrictions could impact margins in the coming quarters. Further, the firm managed to add 13 stores in the quarter taking the total tally to 22 stores added in the fiscal year. Employee expenses were also lower in the quarter, aiding the financial performance of the company.

Headwinds ahead

Overall in the previous fiscal year, the same store sales growth (SSSG) was -13% due to the coronavirus aided disruptions. SSSG had recovered 6% on-year in January and February before tanking in March as covid hit once again. “We believe this weakness in revenues will continue in the first quarter of this fiscal year (with possibly some spillover into 2QFY22 as well); on-year growth numbers may still look okay due to the favourable base,” analysts at Kotak Securities said.

Avenue Supermarts’ management has cautioned on near-term drag on store operations due to the second Covid wave. Additional concerns for the company emerge from the competitive landscape in the retail industry. Avenue Supermarts remains one of the top earnings compounding plays in our coverage, however, concerns over the impact of changing competitive landscape (GT/Ecomm surge + Reliance Retail/JioMart scale-up) on DMart’s earnings potential keeps us on the sidelines at current valuations,” said Axis Securities.

Cash-rich balance sheet to help tide through

Although challenges remain for Avenue Supermarts, analysts at Yes Securities believe the company’s strong balance sheet would help it tide through. “In this environment, the company’s strong cash‐rich balance sheet will not only help it tide over this difficult period but also help in accelerating its offline and online footprint expansion despite lower throughput and cash flows,” they said in a report. “We continue to like DMART for its best‐in‐class execution, lowest cost of retail, aggressive expansion plans, industry-leading asset and inventory turnover and high customer conversion and loyalty given its EDLP model, albeit we would have been happier with more and faster growth in its online presence,” they said.

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Madhya Pradesh revokes ban on soyabean seed sale outside state

Madhya Pradesh, which had imposed restrictions on the sale of soyabean seeds outside the state, has revoked its order following protests by the Maharashtra government.

The Maharashtra government had lodged a complaint directly with the Centre against the ban.

Dilip Zende, director, quality control, Department of Agriculture, Maharashtra, told FE that the order by the deputy director of agriculture, Indore and Ujjain was withdrawn following the Centre’s intervention.

Senior officials of the state government, including the agriculture secretary and commissioner, had asked the Centre to intervene and cancel the order, stating it is in contravention of the Seed Act, 1983.
Earlier this month, agriculture officers from Indore and Ujjain had issued letters, stopping the movement and sale of soyabean seed outside their jurisdiction. This decision was taken due to the possible crunch to be faced in the supply of seed in the upcoming kharif season.

After Madhya Pradesh, Maharashtra is the biggest soyabean producing state in the country with farmers growing the oilseed in over 35-40 lakh hectares yearly.

The state requires at least 12 lakh quintal of soyabean for seed purposes annually.

Maharashtra receives around 8-10 lakh quintal of soyabean seeds from Madhya Pradesh every year.

Zende said that several seed companies in Maharashtra have their seed production centres in Madhya Pradesh, and orders for the seeds are placed well in advance. However, due to this sudden ban, nearly 50% of the orders were stuck in the state, he pointed out.

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Gold prices top Rs 47,000, silver close to Rs 70,000; here’s how gold, silver on MCX may trade today

Gold prices were trading higher in India on Thursday, due to a weaker US dollar. MCX gold June futures were trading Rs 77 or 0.16 per cent higher at Rs 47,077 per 10 gram, as against the previous close of Rs 47,000. Silver July futures were ruling at Rs 69,677 per kg, up Rs 58 on Multi Commodity Exchange. Silver futures ended at Rs 69,619 per kg in the previous session. On May 4, 2021, president Biden laid out his plan for the economy, first he proposed $2 trillion to upgrade US infrastructure, second stimulus of $1.8 trillion for US family plan for middle class, and thirdly, he announced an increase in tax rates. “These would weaken long term economic growth, thus gold prices are surging,” Rajesh Palviya, Head — Technical & Derivatives Research, Axis Securities Ltd, told Financial Express Online.

Palviya said that technically gold MCX June is range-bound between Rs 47,500 and Rs 46,500, and it may continue for a while. However, a break below Rs 46,500 would push prices towards Rs 45,500 per 10 gram, as the commodity is seen trading below its major resistance of 100 and 200 days SMA. “Alternatively, a break above 47500 would open doors towards the upside,” he said.

MCX gold has been witnessing volatility since it touched an all-time high of Rs 56,191 per 10 gram in August 2020. Analysts believe that the trend of gold is positive on the back of weakness in the US dollar and lower bond yields. However, increasing COVID-19 cases may support gold ETF demand. Central banks are also a net buyer in gold this year. “We are expecting it to rise further, traders may go for ‘buy’ in gold for the target of Rs 47,500 per 10 gram in near-term. We are recommending buy in gold for short term as well as long term,” Anuj Gupta, VP — Commodity and Currencies Research, IIFL Securities, told Financial Express Online.

Globally, gold prices inched lower on Thursday due to a stronger dollar, while investors awaited the release of US non-farm payroll data for April due later this week. Spot gold was down 0.1 per cent at $1,785.05 per ounce. US gold futures was steady at $1,785.10 per ounce.

Gold, silver intraday technical view
“Today, we expect the MCX Gold June price to trade sideways for intraday. Prices are trading below the key moving averages,” NS Ramaswamy, Head of Commodities, Ventura Securities told Financial Express Online. he added that The 20-day moving average is seen at 47,150 level. On the downside, key support level is seen at 46,600 level for intraday. If gold prices manage to break above Rs 47,150 per 10 gram in today’s session, then prices may head towards Rs 47,500 per 10 gram.

Ramaswamy said that MCX silver July prices were holding above the 20-day moving average which is now seen near Rs 68,400 per kg and is the key support for the prices. On the hourly chart, MCX Silver prices will face immediate resistance near Rs 70,000. Breaking above this level, prices are likely to head towards Rs 71,000 in today’s session, he added.

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