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Ami Organics Rs 570-crore IPO opens Sep 1; check grey market premium, price band, lot size, bid details

Ami Organics Rs 569.63-crore IPO will open for subscription on 1 September 2021, at a price of Rs 603-610 per equity share of face value of Rs 10 each. So far this year, Ami Organics IPO is the 40th issue. Despite filing the preliminary papers with SEBI, the company could not float the IPO in 2018. This is the company’s second attempt at a public issue. In the primary market, Ami Organics shares were seen quoting at a premium of Rs 67 over the IPO price. In the grey market on Friday, Ami Organics shares were trading at Rs 677, a premium of 11 per cent over the issue price, according to the people who deal in unlisted shares of the companies.

Ami Organics will join the likes of Aarti Industries, Hikal Ltd, Valiant Organics, Vinati Organics, Neuland Organics and Atul Ltd, once it completes its IPO. Investors can make bids for a minimum of 24 equity shares and in multiples thereafter. This will translate to a minimum investment amount of Rs 14,640 per lot at the upper end of the price band. Up to half of the net offer will be reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs). The price/earnings ratio based on diluted EPS on a restated consolidated basis for FY 21 for the issuer at the upper end of the price band is as high as 35.59 as compared to the average industry peer group PE ratio of 48.91. The weighted average return on net worth for last year fiscals is 29.09 per cent.

Organics is one of the major manufacturers of Pharma Intermediates for certain key APIs, including Dolutegravir, Trazodone, Entacapone, Nintedanib and Rivaroxaban. Along with the domestic market, Ami Organics supplies Pharma Intermediates used for manufacturing APIs and NCEs to various multi-national pharmaceutical companies which cater to the large and fast-growing markets of Europe, China, Japan, Israel, UK, Latin America and the USA. “Ami Organics has continually invested in R&D activities to stay ahead and create a differentiating factor and sustainability vis-àvis their competitors,” Axis Capital said in an IPO note.

Recently, Ami Organics has completed the acquisition of two additional manufacturing plants operated by Gujarat Organics Ltd (GOL) in line with its inorganic growth strategy of foraying further into the specialty chemicals sector. Specifically, subsequent to the acquisition, it has acquired the preservatives (parabens and parabens formulations which have end usage in cosmetics, animal food and personal care industries) and specialty chemicals business of GOL (with end usage in inter alia the cosmetics, dyes, and agrochemicals industries).

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Oil & Gas Stocks to buy: Shares may rally 40%; OMCs cut petrol, diesel prices as global crude rates fall

Oil marketing companies (OMCs) have started cutting petrol and diesel prices as global crude oil rates softened. So far this month, petrol prices have been cut twice while diesel rates have been slashed on five instances. Last month, petrol prices were increased on nine occasions, while diesel rates were hiked 5 times. In June and May, fuel prices were raised 16 times each month. In the past month, the cumulative cut in petrol and diesel prices stood at Rs 0.4 and Rs1.0 per litre, respectively, with crude prices hovering around USD70/bbl.

Domestic research and brokerage firm Emkay Global Financial Services has given ‘buy’ rating to seven oil and gas stocks — BPCL, GAIL, Gulf Oil Lubricants, IGL, IOCL, ONGC, Petronet LNG and see up to 38 per cent rally from current levels. In a recent sector update report, the research firm noted that demand for oil products in the first half of August 2021 has slightly recovered from the second Covid-19 wave period, though petrol and diesel sales were down 4.9 per cent and 15 per cent, respectively, (due to monsoon seasonality impact as well) and LPG was down 2.7 per cent, while ATF prices was up 25 per cent, sequentially.

Sabri Hazarika, analyst at Emkay Global Financial Services, in a report, highlighted that petrol, diesel, ATF, and LPG sales volumes rose 9.4 per cent, 18.5 per cent, 48 per cent, and 6.6 per cent, respectively, on-year. As compared to the same period in calender year 2019, petrol managed to sustain at pre-Covid levels (up 3.7 per cent), pushed up by personal mobility demand (despite all-time-high prices), though diesel, ATF and LPG demand continued to lag (down 7.9 per cent, 45 per cent, 2.5 per cent).

Oil & Gas stocks to buy
BPCL: Emkay Global Financial Services see 16 per cent upside in the BPCL stock and pegged the target price at Rs 535 per share. The brokerage firm is overweight on thil oil & gas stock.

GAIL: It will take GAIL stock to rally 38 per cent from the current level of Rs 145 apiece, to hit the target price of Rs 200 per share set by the brokerage firm. Emkay Global is overweight on GAIL stock.

Gulf Oil Lubricants: Analysts at the brokerage firm see at leat 35 per cent rally in the Gulf Oil Lubricants stock price. It has pegged a target price of Rs 800, as against the current level of Rs 591 per share. The brokerage firm has ‘buy’ rating to the stock.

IGL: Indraprastha Gas Ltd may see a rise of 21 per cent from the current level of Rs 524.60 apiece. The brokerage firm has pagged a target price at Rs 635 per share, and is overweight on the stock.

IOCL: Indian Oil Corporation Ltd stock may rally 27 per cent to Rs 135 per share share, as suggested by the brokerage firm. Emkay Global Financial Services has given ‘buy’ rating to the stock.

ONGC: Emkay Global Financial Services is overwight on the ONGC stock. The stock has a target price pegged at Rs 140, a 21 per cent rally from the current levels.

Petronet LNG: Domestic research and brokerage firm has a ‘buy’ rating to the stock. It will take Petronet LNG stock to jump as much as 18 per cent from the current levels to hit the target price of Rs 270 per share, seen by the research firm.

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ICICI bank files cheating case against Karvy Stock Broking Ltd

A case has been registered against Karvy Stock Broking Ltd promoter C. Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore. According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused.

Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm’s own bank accounts, and not into ‘Stock Broker Client Account’, which is in contravention with the SEBI guidelines, the police said.

”Further, all pledges on securities were closed without approval and securities were transferred to end clients of KSBL thereby severely impacting security of all lenders including ICICI Bank,” it said.

The case was transferred to Economic Offences Wing of Cyberabad and a special team was formed for the investigation. Parthasarathy was arrested by the city police here on August 19 on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

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Sebi impanels 16 entities to conduct a forensic audit

Markets regulator Sebi has empanelled as many as 16 entities — including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India — for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds.

The other empanelled entities are — Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice.

In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.

Securities and Exchange Board of India (Sebi), in May, invited applications from eligible CA (Chartered Accountant) firms “for empanelment to take up assignments relating to forensic audit of financial statements of listed companies”. Pursuant to the completion of the empanelment process, these CA firms/companies have been empanelled.

In recent months, Sebi has ordered a forensic audit of certain companies.

In October 2020, Sebi asked listed companies to make disclosures about the initiation of a forensic audit to stock exchanges as part of an effort to address the gaps in the availability of information.

Under the framework, listed entities need to make disclosures about the fact of initiation of a forensic audit along with the name of the entity initiating such audit and reasons for the same, if available, to the stock exchanges. Further, the companies are required to disclose the final forensic audit report, other than for forensic audit initiated by regulatory or enforcement agencies, along with comments of the management, if any.

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