Tag: Most Accurate stock tips provider

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Telegram | Facebook | Twitter

Call: +91 9624421555 / +91 9624461555

IFC picks up $56 million of Continuum Energy’s $561 million-green bonds

The International Finance Corporation (IFC) has picked up 10 per cent of the first green bond issuance worth USD 561 million by Continuum Wind Energy as the anchor investor. The IFC has subscribed to 10 per cent or USD 56 million of Continuum Energy’s first green bond sale closed earlier this month, the World Bank Group member said.

On February 2, PTI was the first to report that Continuum was in the market to raise USD 560 million via a six-year green bond issue. Finally, it closed the issue raising USD 561 million at a price of 4.5 per cent over the US treasury.

The bond, which had an order book of USD 3.2 billion, was rated BB+ by Fitch and Ba2 by Moody’s, and was listed on the Singapore Exchange on February 10.

The dollar-bond offering was heavily oversubscribed to almost seven times and the proceeds will primarily be used to refinance existing debt.

This investment will help Continuum maintain sustainable power generation and position it to deliver projects under development as the country emerges from the pandemic, said Isabel Chatterton, Regional Industry Director for Natural Resources and Infrastructure, Asia Pacific at IFC.

It will also help support India in its ambitions to reduce greenhouse gas emissions, at a time when private capital is most needed to fund infrastructure projects and support a green, resilient economic recovery, she added.

Continuum is one of the largest providers of renewable power to corporates in the commercial and industrial sectors, with roughly 2 GW of wind and solar projects across the country.

The company is majority-owned by the USD 4 billion global infrastructure fund managed by Morgan Stanley Infrastructure Partners. IFC’s investment continues a relationship that began in 2014, when IFC financed Continuum’s development of a wind farm in Madhya Pradesh.

This offering enables us to further diversify our sources of funding, and we look forward to strengthening our partnership with global investors as we continue to build and grow our business, said Arvind Bansal, chief executive of Continuum.

Raja Parthasarathy, the managing director at Morgan Stanley Infrastructure Partners, said IFC’s anchor support for the Continuum’s maiden green bond issue validates the company’s strategy.

IFC is one of the largest financiers of climate-smart projects for developing countries and since 2005, it has invested USD 22.2 billion in long-term financing from its own funds and mobilised an additional USD 15.7 billion from other investors for climate-related projects.

In India, the IFC has 31-year history of investing in the power sector, committing USD 2.3 billion across 60 projects since 1989, of which 35 are renewable energy projects.

The city-based Continuum was founded in 2009 and since 2012, it is majority-owned by a fund managed by Morgan Stanley Infrastructure which focuses on long-term investments in infrastructure assets across the globe.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Call: +91 9624421555 / +91 9624461555

Inflow in Gold ETFs surges 45 pc to Rs 625 cr in January

Investors put in Rs 625 crore in gold exchange traded funds (ETFs) in January, 45 per cent higher than the preceding month, on expectation that the yellow metal will perform well going forward.

The inflow pushed the asset base of gold funds by 22 per cent to Rs 14,481 crore at the end of January from Rs 14,174 crore at the end of December, data available with Association of Mutual Funds in India showed.

After witnessing a net outflow of Rs 141 crore in November 2020, the Gold ETF category is once again back under investors’ radar. While it received a net inflow of Rs 431 crore in December, the net inflow in January was even higher at Rs 625 crore.

Himanshu Srivastava, Associate Director Manager Research, Morningstar India said the gold prices have come-off its all-time highs touched in August last year. The month of January also saw fair bit of correction in its prices.

“This, along with expectation that gold may do well going ahead provided a good buying opportunity to investors, which resulted in net inflows for the category in January,” he added.

Barring March and November, such instruments had seen a net inflow in the entire 2020. Gold ETFs had attracted Rs 6,657 crore last year, much higher than just Rs 16 crore inflow seen in 2019.

According to Srivastava, gold functions as a strategic asset in an investor’s portfolio, given its ability to act as an effective diversifier, and alleviate losses during tough market conditions and economic downturns. This is where it draws its safe-haven appeal, as has been evident since 2019.

From January 2019 till January 2021, the category has received a robust net inflow of Rs 48,159 crore.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Call: +91 9624421555 / +91 9624461555

Kishore Biyani’s Future Group stocks hit the upper circuit, FRL, FEL jump 10% on Delhi HC’s nod to Future-RIL deal

Future Group share prices hit the upper circuit on Tuesday after the Delhi High Court allowed the Kishore Biyani company to go-head with Reliance Industries Ltd (RIL) deal. On Monday, Delhi HC’s division bench stayed the single judge’s order passed which had directed Future Group to maintain status quo till further orders with regard to its Rs 24,713-crore deal with Reliance Retail. Future Retail Ltd shares hit 10 per cent upper circuit at Rs 80.50, Future Enterprises Ltd at Rs 11.78 apiece, Future Market Networks Ltd at Rs 19.15 apiece, Future Lifestyle Fashions Ltd at Rs 91.35 apiece, and Future Supply Chain Solutions Ltd at Rs 99.05. Similarly, Future Consumer Ltd shares were locked into 10 per cent upper circuit at Rs 8.67 apiece.

The legal battle involving Amazon, Future group & Reliance continues to influence the stock prices of the above mentioned companies leading to uncertainty and high volatility, says AR Ramachandran, Co-founder & Trainer, Tips2Trade. He advises investors to use every uptrend to exit Future group stocks as this legal battle could stretch out for a very long time. Ramachandran told Financial Express Online that currently, Rs 83-90 remains a strong resistance zone for Future Retail Ltd.

Reliance Industries Ltd (RIL) share price gained as much as 2 per cent to Rs 1,990 apiece on BSE. So far in the trade, 3.43 lakh have been traded on BSE, while 50.80 lakh shares have exchanged hands on the National Stock Exchange (NSE). Following this order from Delhi HC, now Future group can go ahead with the formalities related to the completion of the transaction. So far, the Competition Commission (CCI) and the Securities and Exchange Board of India (Sebi) have given their approval for the FRL-RIL deal. This deal now requires the approval of the National Company Law Tribunal (NCLT), which got stalled by the single judge’s February 2, 2021 order.

In the noon deals, BSE Sensex was trading 364 points or 0.71 per cent higher at 51,713, while the broader Nifty 50 index surged 110 points or 0.72 per cent to 15,225 levels.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Call: +91 9624421555 / +91 9624461555

Mahindra & Mahindra shares hit 10% upper circuit as investors react to positive Q3 results

Mahindra & Mahindra’s (M&M) share price soared 10% to hit the upper circuit on Monday morning. The up-move in the stock came just days after the company reported its fiscal third-quarter earnings where the company reported a 40% on-year jump in net profit. Revenue of the firm stood at Rs 14,057 crore, up 16% from the same period last year. Domestic brokerage firms see positives in the company’s results with many increase their target price for the stock by as much as 20%. Shares of the company were currently trading at Rs 924 per share.

Positives up ahead

Analysts at Motilal Oswal said that M&M’s third-quarter performance was driven by good performance in both, Tractors as well as Autos businesses. “Furthermore, it has guided for an almost 90% reduction in international subsidiary losses in FY22E, driven by the completion of phase-1 of the capital allocation exercise,” they added. The brokerage said that M&M is the best rural proxy. “MM has one of the highest exposures to the rural markets (~65% of volumes), which would likely be less impacted by the on-going COVID-19 disruption. According to our estimates, rural markets should contribute over 60% to revenues, ~80% to core PAT, and ~70% to SOTP in FY22E,” they added.

So far in February, the stock price has jumped a massive 22%. Domestic brokerage and research firm Prabhudas Lilladher said that M&M has a sharp focus and execution on capital allocation to help prioritise investments and returns. Further, the company’s focus beyond tractors is also being noted as a positive. The move has so far resulted in farm machinery revenues growth of 48% on-year in the current fiscal, according to Prabhudas Lilladher. The report highlighted that M&M has the lowest system stock since the first quarter of fiscal 2018 both in tractors and Auto segment.

Management’s words

M&M’s management y expects the industry to log ~20% on-year growth in the tractor segment in the current fiscal year. Current production run rate for Thar is at nearly 3,000 units per month and would be ramped up to 4,000 units per month by April-May, the management said. Cumulative bookings as of date are at over 39,000. Further, they added that the SsangYong deal is moving forward, but toward the PrePackage scheme and not the ARS scheme under the bankruptcy court.

Target price

ICICI Direct expects sales, adjusted PAT to grow at 20%, 40% CAGR, respectively, in FY21E-23E. The brokerage firm has increased its target price to Rs 1,000 per share. Prabudas Lilladher has raised target multiples of core business to 18x (from 16x) to factor in faster than expected turnaround in subs, while the target price has been increased to Rs 1,011 per share. Analysts at Motilal Oswal have a target price of Rs 1,040 per share. HDFC Securities has the most modest upgrades with an ‘Add’ rating and a target price of Rs 880 apiece.

Eqwires Research Analyst

Best SEBI registered Intraday tips provider and Best SEBI registered stock advisory company

Call: +91 9624421555 / +91 9624461555