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Glenmark Life Sciences IPO opens July 27, IPO size reduced; plans to sell now 63 lakh shares via OFS

Glenmark Life Sciences’, a subsidiary of Glenmark Pharmaceuticals, IPO will open for subscription next week on 27 July and close on 29 July 2021. In a notice to exchanges, Glenmark Pharmaceuticals informed that on 19 July 2021, Glenmark Life Sciences had filed the RHP with the Registrar of Companies (ROC), which has been taken on record by the ROC on 20 July 2021. Glenmark Life’s IPO size has been reduced and will now comprise fresh issue of equity shares worth Rs 1,060 crore and offer-for-sale (OFS) of up to 63 lakh equity shares. The anchor investor bid will open one day prior to the IPO opening date, on 26 July 2021. Glenmark Life is likely to make its stock market debut next month, on 6 August 2021.

In the DRHP filed in April, the company had mentioned a fresh issue of Rs 1,160 crore equity shares and offer-for-sale (OFS) of up to 73.05 lakh shares. Upon successful listing, Glenmark Life Sciences will join the likes of Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma Sciences. Glenmark Life Sciences would be the fifth IPO so far this month, after Clean Science and Technology, GR Infraprojects, Zomato and Tatva Chintan Pharma Chem. Gland Pharma was the last IPO from the pharmaceuticals sector, launched last year in November.

The book running lead managers to the issue will be DAM Capital Advisors Ltd, BOB Capital Markets, and SBI Capital Markets Ltd. The registrar to Glenmark Life Sciences will be KFin Technologies Private Ltd. The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital Company, BofA Securities India and Goldman Sachs (India) Securities Pvt Ltd, according to DRHP. The equity shares are proposed to be listed in BSE and National Stock Exchange. The average industry PE ratio stands at 31.1x. And the weighted average return on net worth for fiscals 2018, 2019 and 2020 stands at 72.05 per cent.

In DRHP, filed in April this year, Glenmark Life Sciences proposed to utilise the net proceeds from the issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company. The company has also planned to use the proceeds towards funding the capital expenditure requirements and general corporate purposes. The amount utilised for general corporate purposes cannot exceed 25 per cent of the net proceeds of the fresh issue.

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Global shares fall on virus fears; oil slips on OPEC deal

Global shares fell Monday amid deepening pessimism over rising COVID-19 infections in much of Asia. Oil prices dropped further after oil producing nations agreed to raise production limits. France’s CAC 40 shed 1.1 per cent in early trading to 6,388.62, while Germany’s DAX was down 1.1 per cent at 15,370.28.

Britain’s FTSE 100 dipped 1.5 per cent to 6,906.69. The future for the Dow Jones Industrial Average dropped 0.8 per cent to 34,283.5. The future for the S&P 500 lost 0.6 per cent to 4,294.38. Experts are saying Indonesia has become a new epicenter for the pandemic as outbreaks worsen across Southeast Asia. Meanwhile, some athletes have tested positive for COVID at Tokyo’s Olympic Village, with the Games due to open Friday.

“The more transmissible delta variant is delaying the recovery for the ASEAN economies and pushing them further into the doldrums,” said Venkateswaran Lavanya, at Mizuho Bank in Singapore.

In Japan, the vaccine rollout came later than in other developed nations and has stagnated lately. Japan is totally dependent so far on imported vaccines and just one in five Japanese have been fully vaccinated. Japan’s benchmark Nikkei 225 shed 1.3 per cent to finish at 27,652.74. South Korea’s Kospi slipped 1.0 per cent to 3,244.04. Australia’s S&P/ASX 200 dipped 0.9 per cent to 7,286.00. Hong Kong’s Hang Seng fell 1.8 per cent to 27,489.78, while the Shanghai Composite lost a fraction of 1 point to 3,539.12.

In energy trading, benchmark US crude lost USD 1.28 to USD 70.53 a barrel in electronic trading on the New York Mercantile Exchange. It gained 16 cents to USD 71.81 per barrel on Friday. Brent crude, the international standard, fell USD 1.36 to USD 72.23 a barrel.

OPEC and allied nations agreed Sunday to eventually raise production limits imposed on five countries, ending an earlier dispute sparked by the United Arab Emirates that roiled global energy prices. Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise, the cartel said in a statement. The plan would boost their production by 2 million barrels a day by the end of this year.

OPEC+ agreed in 2020 to cut a record 10 million barrels of crude a day from the market to boost prices. It’s slowly added some 4.2 million barrels back over time, and prices have risen steadily this year, though they are still way below their peak in 2008.

Investors’ attention now turn to earnings. Most companies will report their results this week and in following weeks. Hopes are high, with profits in the S&P 500 expected to jump 64 per cent from a year earlier, according to FactSet. In currency trading, the US dollar fell to 109.82 Japanese yen from 110.04 yen late Friday. The euro cost USD 1.1782, inching down from $1.1812

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Mindtree share price jumps 9% post quarterly results; analysts remain mixed on outlook

Mindtree’s share price soared 9.3% on Wednesday to trade at Rs 2,728 per share as investors reacted to the more than 61.2% on-year jump in net profit of the IT company. While the stock price rose higher, analysts were mixed on the outlook as some advised selling the stock citing unsustainable margins, other asked investors to buy more shares banking on the accelerated digital adoption globally. Mindtree’s share price has soared 62% so far this year, in addition to the 136% rally in the stock between April and December last year.

The IT firm reported a net profit of Rs 343 crore in the April-June quarter, up 61.2% from last year’s Rs 213 crore. The company said it is witnessing broad-based growth across industries and services and that its deal pipeline continues to remain strong. Revenue grew 20% to Rs 2,291 crore from the year-ago period.

Kotak Securities – Sell

Fair value: Rs 1,900

The brokerage firm said that Mindtree’s Growth was led by a jump in short cycle programs and path towards normalization of spending in impacted travel vertical. Kotak Securities has raised EPS estimates by 5-6% and Fair Value to Rs 1,900 valuing the company at 20X June 2023E EPS. However, analysts are cautious about the “ unsustainable EBIT margin profile and rich valuations”. “EBITDA margin guidance of 20%+ seems unsustainable noting cost headwinds, likely decline in utilization rates and increase in travel and other discretionary costs,” they said.

ICICI Securities – Hold

Target price: Rs 2,375

Analysts at ICICI Securities said that revenue growth in the April-June quarter was largely in line with their estimates, but the quality of growth was weaker than usual. The brokerage firm said that the investor’s focus will likely shift to steady-state growth/margins in FY23 and ahead. Moderation in cloud activity, rise in the share of onsite effort and reversal of covid-led cost savings (e.g. travel) are the key headwinds to watch out for. “At 28x FY23E EPS, street is already factoring in mid-teens revenue growth with 20%+ EBITDA margin over the medium term. Scope for further surprises/upgrades are less likely,” they added.

Motilal Oswal – Neutral

Target price: Rs 2,620

Motilal Oswal sees positives in the quarterly results of Mindtree. “Since July 2019, after the disruption due to the ownership change, Mindtree has taken steps to stabilize its client and employee count,” they said. Although the brokerage firm sees limited upside potential, they believe the stock is fairly valued. “The key positives are already captured, and we see limited upside hereafter. Our TP of INR2,620 per share implies 26x FY23E EPS,” they added.

HDFC Securities – Add

Target price: Rs 2,635

Seeing Mindtree’s strong performance, HDFC Securities said revenue outperformance in Q1, all-time high bookings and hiring reflecting strong demand, and improving revenue profile (broad-based). “Mindtree’s growth mix has improved in recent times (vs. a skewed profile earlier), led by interventions to drive large/annuity deals,” HDFC Securities said. The brokerage firm values Mindtree at 28x Jun-23E EPS.

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Sensex snaps 3-day losing streak on buying in RIL, bank stocks; Charts suggest bullishness in Nifty

Snapping the three-day losing streak, BSE Sensex ended over 0.75 per cent higher on Tuesday. The 30-share index surged 397 points or 0.76 per cent to finish at 52,770, while the broader Nifty 50 index jumped 120 points or 0.76 per cent to settle at 15,812. Index heavyweights such as ICICI Bank, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Axis Bank contributed the most to the indices’ gain. Market breadth remained positive as 1,854 stocks advanced, while 1,360 scrips declined. BSE Smallcaps outperformed the equity benchmarks. In intraday deals, smallcap index hit a fresh 52-week high of 26,263.03, however, it ended at 26,188.45. BSE Midcap ended flat.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets are again near the resistance zone of 15900 and if we can get past that on a closing basis, we are in for treat. Conquering the 15900 level would take the Nifty to 16100 which would prove to be the next pit stop for the index. As long as we do not break 15400, dips or corrections can be utilized to accumulate long positions for higher targets.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Nifty opened with a gap and managed to be above the gap for the entire day. It opened at 15798.3 made a low of 15758.3 and closed around its high of 15834. This is a bullish sign for traders. Now as long as Nifty trades above its current swing low of 15641, Nifty will test new all-time high. Aggressive traders can look at buying Nifty above today’s high for targets of 16000-16100. Conservative traders can wait for it to close above its current consolidation.

Bank Nifty made a strong bullish candle today. It closed at 35744 above its 2-day high. It has also been making a higher high and a higher low pattern. A volume higher than yesterday would have been a strong bullish confirmation. Traders can wait for it to close above 36000 after which a strong up move to 36500-37000 can be expected.

Sumeet Bagadia, Executive Director, Choice Broking

On the Technical Front, the Index has formed a bullish candle on a daily chart which suggests buyers are active. Moreover, the stochastic & MACD has indicated positive crossover on an hourly chart which adds bullish momentum in the index. Furthermore, the index has moved above the 21&50 HMA, which suggests an upside rally in upcoming sessions. At present, the nifty seems to have resistance at 15915, crossing above the same can shows 16100-16200 levels while immediate support comes at 15700.

Vinod Nair, Head of Research, Geojit Financial Services

Following favourable economic outcome and positive Asian markets, domestic bourses traded positive today. Asian shares sparked a rally after better-than-expected Chinese economic data and a bounce back in Chinese tech stocks. Though June CPI inflation continued to remain above RBI’s tolerance level, it eased to 6.26% from 6.30% in the previous month giving some relief to the market. Industrial production (IIP) for May grew 29.3% YoY essentially due to a lower base.

S Ranganathan, Head of Research, LKP Securities

Bulls were in cruise control today and market breadth was buoyant. Expectations of a good quarter for textile exporters aided by a weak rupee kept several companies in this space buzzing through the day. We also witnessed profit booking in several largecaps and high-quality midcaps that have had a good run-up in the last few months.

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