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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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Course5 Intelligence files draft papers to raise Rs 600-crore via IPO

Pure-play data analytics and insights compay Course5 Intelligence Ltd has filed preliminary documents with markets regulator Sebi to raise Rs 600 crore through an initial share-sale. The initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 300 crore and an Offer For Sale of equity shares aggregating up to Rs 300 crore, according to the draft red herring prospectus (DRHP).

As part of the OFS, promoter entities — Ashwin Ramesh Mittal, Riddhymic Technologies, Riddhymic Technoserve LLP and AM Family Private Trust — and shareholder Kumar Kantilal Mehta will offload their shares.

The company may consider a pre-IPO placement aggregating up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced.

The company proposes to utilise the proceeds of the fresh issue towards funding inorganic growth initiatives, working capital requirements, supporting product and IP initiatives, expansion of geographical footprint and for general corporate purposes. The focus of Course5 is to help organisations drive digital transformation using artificial intelligence (AI), analytics and insights. It is an independent digital, marketing and customer analytics company, with a deep understanding of the omnichannel customer journey.

Its clients include Lenovo, Colgate-Palmolive Company, American Regent, Inc (a member of the Daiichi Sanyo Group) and National Bank of Fujairah PJSC. The draft papers filing comes after the successful IPO of Latent View Analytics in 2021. Axis Capital and JM Financial are the book running lead managers to the issue.

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Sensex starts 2022 in firm grip of bulls, Nifty to find resistance near 17800-17850

Bulls dominated the first trading session of 2022, forcing Dalal Street higher. S&P BSE Sensex soared 929 points or 1.6% to settle at 59,183 while the NSE Nifty 50 closed 271 points or 1.57% higher at 17,625. Bajaj Finance ended as the top Sensex gainer, up 3.5%, followed by Bajaj Finserv, ICICI Bank, and Axis Bank. On the other hand, Dr. Reddy’s was down 1.13%, accompanied by Mahindra & Mahindra, Tech Mahindra, and Nestle India. The Bank Nifty index was closed 2.65% higher at 36,421. Broader markets mirrored the up-move and India VIX jumped 1.42%.

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

“The index has marched forward gallantly and is all set to move up higher. As expected on Friday, we have achieved the target of 17600. We should now be headed to 17850 as the next level of resistance. Post that 18050 would be the next possible target for the Nifty. Since we are in positive terrain, any drop or intra day dip can be utilized to accumulate buy positions for higher targets.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index started a new year with a strong positive move as it closed at 17625 with gains of more than one & half percent and formed a strong bullish candle on the daily chart. On an immediate basis index has hurdle near 17650 zone if managed to given close above 17650 then we may see immediate change in trend from down to up and then next leg of move can be towards 18k mark, on the other hand support for nifty is coming near 17500-17440 zone also any dip near mentioned support zone can be fresh buying opportunity.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the nifty index moved above 50% Retracement Levels on a daily chart, which suggests a positive strength in the index. Moreover, the index has also settled above 50-days Simple Moving Averages. A momentum indicator RSI & MACD witnessed a positive crossover on the daily time frame. During the day, the index has also moved above the prior resistance of 17639.50 levels and made a high at 17646.65 levels. At present, the Index has support at 17500 levels while resistance at 17800 levels. On the other hand, Bank nifty has support at 36000 levels while resistance at 36900 levels.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic bourses kicked off the New Year on a strong footing supported by banking, auto and IT stocks, following positive cues from global markets. Auto stocks were in focus today as investors digested the mixed auto sales numbers amid the ongoing chip shortage. India’s Manufacturing PMI continued to be in the expansion zone at 55.5 in December supported by strong momentum in production and new orders, although the growth was slower on a sequential basis.”

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers-

“Indian markets opened on a positive note on the first trading day of the year despite mixed Asian market trade. During the afternoon session markets maintained their upward momentum and continued to trade in positive territory, following gains in auto, banking, and realty stocks. Healthy buying was observed in blue-chip stocks. Sentiments were upbeat as Finance Ministry said that Goods and Services Tax (GST) revenues grew 13 percent to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps. However, traders overlooked reports that India’s manufacturing activity lost some momentum in December easing to a three-month low after hitting a 10 month high in November, amid fears that the rapidly spreading third wave of the Coronavirus (Covid-19) pandemic may hit consumer sentiment and output.”

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Dr Reddy’s, Sun Pharma shares rise a day after India approves COVID-19 vaccines for emergency use

Shares of pharmaceutical companies Sun Pharma, Dr. Reddy’s Laboratories and Divi’s Laboratories closed with gains on Wednesday and ranked amongst the top five gainers on the benchmark NSE Nifty 50 index. This comes a day India’s drug regulator sped up the country’s preparedness to battle the threat of new variants and approved two new vaccines and one drug. Dr Reddy’s stock price soared 1.88% while that of Divi’s Laboratories gained about 2.13% during the day’s trade on Dalal Street. Sun Pharma shares zoomed 3.4% on NSE’s Nifty 50.

The NIFTY Pharma Index, which gauges the performance of the pharmaceutical sector, rose 1.7% to end at 14,072.90 points. Laurus Labs was the top gainer on the index, jumping 3.59%, followed by Cadila Healthcare.

On Tuesday, the Central Drug Authority approved Serum Institute of India’s vaccine Covovax, Biological E’s jab Corbevax and anti COVID-19 pill Molnupiravir for emergency use. “All these approvals will further strengthen the global fight against the pandemic. Our Pharma Industries are an asset for the entire world,” Health minister Mansukh Mandaviya said in a tweet after the approval.

India’s pharmaceutical sector witnessed “robust growth” this year led by COVID-19 related drugs opportunity, brokerage firm ICICI Securities said in a note. In its outlook for 2022, ICICI Securities noted that the omicron variant can potentially affect growth, adding that the learnings from the first and second wave of COVID-19 should cushion some of the negative impact.

“Indian branded pharma market to grow at ~10-11% on a normalised base with additional benefit from COVID-19 related drugs opportunities,” the brokerage firm said in its outlook for the next year.

ICICI Securities has given a buy rating to both Dr Reddy’s and Sun Pharma with a target price of Rs. 5,534 and Rs. 959 apiece respectively.

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