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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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Investment via P-notes drop to Rs 94,826 cr in November

Investments in Indian capital market through participatory notes (P-notes) dropped to Rs 94,826 crore till November-end after hitting 43-month high in the preceding month.

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

According to Securities and Exchange Board of India data, the value of P-note investments in Indian markets — equity, debt and hybrid securities — was at Rs 94,826 crore by November end as compared to Rs 1,02,553 crore by October end.

The month of October saw the highest level since March 2018, when P-notes had invested to the tune of Rs 1,06,403 crore. Abhay Agarwal, Founder and Fund Manager, Piper Serica, a Sebi-registered PMS, said there was a net sale of more than Rs 8,000 crore in November in the equity segment by P-note holders reversing the October inflow of more than Rs 5,000 crore. This is consistent with the FPI sales that have been seen in the current quarter to lock-in their gains for the year.

“We expect to see a negative number in the month of December also. There was a marginal net inflow in the debt segment, but the number is too small to read much into,” he added.

At the end of September this year, the investment level was at 97,751 crore, Rs 97,744 crore by August-end. The figure for July was revised to Rs 85,799 crore from Rs 1,01,798 crore posted earlier.

Prior to that, investment level was at Rs 92,261 crore by June-end, Rs 89,743 crore by May-end, Rs 88,447 crore at April-end and Rs 89,100 crore by March-end.

Of the total Rs 94,826 crore invested through the route till November, Rs 84,915 crore was invested in equities, Rs 9,605 crore in debt, Rs 306 crore in hybrid securities.

P-notes flows have been volatile over the last four months in line with the volatility of the global and Indian markets. Divam Sharma, Co-founder, Green Portfolio, a Sebi-registered PMS, said that November 2021 has witnessed slight change in course of FPI inflows and this negative trajectory has also continued in the month of December 2021.

The key reasons for FPI withdrawal from equity markets include expectations of monetary tightening by federal banks, high inflation levels, uncertainty around Omicron variant spread, and higher valuation levels in equity markets, he said.

“This is also considering that most FPI’s go on year-end holidays for 2-4 weeks and had lightened positions before their vacations. This is a global trend as emerging markets across the globe along with developed markets have witnessed selling in November and December,” he added.

The assets under the custody of FPIs declined to Rs 52.24 lakh crore in November-end from Rs 53.6 lakh crore in October-end. Piper Serica’s Agarwal expect the net flows to be anemic in the near future till FPIs start deploying their 2022 allocations. There are no big IPOs slated in the near term so the primary market inflows from P-note holders will be weak.

“At the same time, market valuations have become quite reasonable after the recent correction. If the Omicron cases do not lead to national level lock downs and CPI inflation does not cross 6 per cent we expect the flows to be positive in the next quarter,” he added.

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Mukesh Ambani makes shareholders richer again; RIL creates Rs 9.7 lakh crore wealth in last 5 years

Mukesh Ambani created the most wealth for shareholders in last 5 years with his Reliance Industries Ltd topping the largest wealth creator list for the third consecutive year. Oil-to-telecom behemoth RIL created a whopping Rs 9.7 lakh crores in the last five years through 2016-21, by far the highest ever, said Motilal Oswal in its 26th Annual Wealth Creation Study 2021. Earlier, the company had added Rs 5.6 lakh crores in five years through 2014-19.

Meanwhile, two of the Adani group companies emerged as the fastest and most consistent wealth creators this year. Gautam Adani-headed Adani Transmission was the fastest wealth creator with price CAGR of 93% while Adani Enterprises remained the most consistent wealth creator as it outperformed in all the last 5 years, and has the highest price CAGR of 86%.

Highest ever quantum of wealth created, during 2016-21
The top 100 wealth creators created Rs 71 lakh crores wealth, highest ever quantum of wealth created in the last 26 five-year periods, during 2016-21, according to the brokerage firm study. “During the same period, Sensex CAGR was somewhat muted at 14%, but the pace of Wealth Creation was healthy at 24% CAGR, which reinforced the point that wealth creation happens in all kinds of market conditions. So, investors are better off focusing on which stocks to invest in, rather than timing the markets,” Motilal Oswal noted. Rs 10 lakh invested equally in 2016 among the top 10 fastest Wealth Creators would have grown to Rs 1.7 crore in 2021; return CAGR of 77% v/s just 14% for the Sensex.

Wealth creation classification by Industry
The Financial sector regained its top spot in Wealth Creation, after briefly losing it in the previous study period to the Consumer & Retail sector.

Wealth creation by ownership
PSUs’ (public sector undertakings) wealth creation performance during 2016-21 was the worst ever with PSUs in the top 100 Wealth Creators being just Gujarat Gas and Indraprastha Gas. Wealth created by these 2 PSUs is less than 1% of total.

Wealth destroyers
On the flipside, the total wealth destroyed during 2016-21 stood at Rs 11 lakh crores, 15% of the total wealth created by top 100 companies. Five of the top 10 wealth destroying companies are PSUs. The Financial sector emerged as both the top wealth creating sector thanks to the private sector banks, NBFCs, and the top Wealth Destroying sector mainly thanks to public sector banks.

The study analyzes the top 100 wealth creating companies during the period 2016-21. Wealth created is calculated as change in the market cap of companies between 2016 and 2021 (March ending), duly adjusted for corporate events such as mergers, de-mergers, fresh issuance of capital, buyback, etc. It identifies the fastest, largest and most consistent wealth creators. Further, it analyzes key trends in wealth creation, provides insights into winning companies and distills strategies for successful equity investing.

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