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Rakesh Jhunjhunwala buys 1 crore shares of Indiabulls Housing Finance in Apr-Jun 2021; stock surges 5%

Rakesh Jhunjhunwala acquired 1 crore shares or a 2.17 per cent stake in Indiabulls Housing Finance firm in the April-June quarter of FY22. Jhunjhunwala did not hold any stake in this housing finance firm in the March 2021 quarter. This comes after the ace investor raised stakes in companies such as Federal Bank, SAIL, Edelweiss Financial Services in the quarter of the current fiscal. Mutual funds also raised stake to 2.95 per cent or 1.36 crore shares from 2.81 per cent or 1.29 crore shares at the end of June quarter. Similarly, Foreign Portfolio Investors (FPIs) raised in Indiabulls Housing Finance to 33.63 or 15.53 crore shares from 33.61 per cent or 15.51 crore shares.

During the first quarter of the current fiscal, Blackrock Funds bought an additional stake in Indiabulls Housing Finance, taking the total stake to 3.54 per cent or over 25 lakh shares. In the previous quarter, the stake stood at 2.55 per cent. Blackrock Global Funds Emerging Markets Fund held 1.10 per cent stake, Blackrock Emerging Frontiers Master Fund 1.15 per cent and Blackrock Strategic Funds – Blackrock Emerging Markets 1.29 per cent in Indiabulls Housing Finance, as of June 2021. The promoter stake stod at 21.69 per cent, as against 21.70 per cent in the March 2021 quarter.

On BSE, Indiabulls Housing Finance shares surged nearly 5 per cent to Rs 278.80 apiece in intraday deals. The stock had hit a 52-week high of Rs 313.50 in the mid of the previous month. During the first quarter of the current fiscal, Rakesh Jhunjhunwala, the big bull of domestic stock markets, has trimmed his stake in Tata Motors, Titan Company and Autoline Industries.

Last month, Indiabulls Housing Finance said its board of directors has approved a proposal to raise over Rs 7,000 crore through various financial instruments. This includes about Rs 2,043 crore by issuing equity shares or other instruments, the company said in a statement. The plan will also include issuance of unsecured or secured, listed or unlisted, redeemable non-convertible debentures with or without warrants or any other similar security denominated in Indian rupees in one or more tranches for Rs 5,000 crore (equivalent currency) on private placement basis or otherwise.

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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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