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AAVAS Financiers
31 July 2021 1QFY22 Results Update | Sector: Financials AAVAS Financiers Estimate change CMP: INR2,530 TP: INR2,820 (+12%) Neutral TP change Ability to recover and bounce back will be put to test Rating change Increase in 1+dpd transitory in our view Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for PAT grew 20% YoY, but fell 32% QoQ, to INR599m (in line) in 1QFY22. NII India Research, Sales, Corporate rose 14% QoQ and 29% YoY, while operating profit fell 10% QoQ (7% beat). Access and Trading team. However, higher-than-expected credit cost of INR170m (est. INR110m) led We request your ballot. to the in line PAT. Sharp deterioration in 1+dpd to 12.7% (up 620bp QoQ), relative to some of its other peers who have reported their 1QFY22 numbers, could be indicative of the stress that was seen at the time of demonetization and Bloomberg AAVAS IN higher proportion of self-employed customers in the mix. Equity Shares (m) 78 M.Cap.(INRb)/(USDb) 198.1 / 2.7 Given the strength of this franchise, we remain convinced that it can script 52-Week Range (INR) 3068 / 1285 a gradual improvement in its 1+dpd and GS3 once collections further 1, 6, 12 Rel. Per (%) -6/26/54 improve, led by a recovery in economic activity. Our estimates are largely 12M Avg Val (INR M) 246 unchanged and we are building in ~50bp/35bp of credit costs in FY22E/FY23E. We maintain our Neutral rating with a TP of INR2,820/share, Financials & Valuations (INR b) given that the stock trades at rich valuations of 6.3x FY23E P/BV. -
The Ramco Cements Limited Capacity Additions and Efficiencies to Drive Profitable Growth
The Ramco Cements Limited Capacity additions and efficiencies to drive profitable growth Powered by the Sharekhan 3R Research Philosophy Cement Sharekhan code: RAMCOCEM Result Update Update Stock 3R MATRIX + = - Summary We maintain Buy The Ramco Cements Limited (Ramco) with a revised PT of Rs. 1,250, Right Sector (RS) ü factoring upwardly revised estimates and strong earnings growth outlook. In Q4FY2021, the company reported marginally lower-than-expected operational Right Quality (RQ) ü performance owing to clinker capacity constraints, while net earnings were lower on account of higher tax outgo. Right Valuation (RV) ü The commissioning of 3.75MT clinker capacities in FY2022 would ease clinker capacity constraints, aiding in capturing pent-up demand as COVID-led restrictions + Positive = Neutral - Negative are reversed. The company would unveil the next round of capacity expansion plans, balancing What has changed in 3R MATRIX leverage and growth opportunities. Old New For Q4FY2021, The Ramco Cements Limited (Ramco) reported marginally lower-than-expected operational performance, owing to clinker capacity constraints, while net earnings were lower on RS account of a higher effective tax rate (ETR). Standalone revenue rose by 17.3% y-o-y (up 21.8% q-o-q) to Rs. 1,631 crore, led by a 9.5% y-o-y rise in cement volumes, while blended realisations were up 7.5% y-o-y (almost flat q-o-q). The company witnessed a strong demand environment RQ during Q4FY2021, in line with the industry, which led to 92% utilisation rate based on clinker capacity for Q4FY2021 (March 2021 witnessing 100% utilisation based on clinker capacity). -
Aavas Financiers Ltd
Name of the issue: Aavas Financiers Limited Updated: April 2021 1 Type of issue (IPO/ FPO) IPO 2 Issue size (Rs. in Cr) 1,640.32 3 Grade of issue alongwith name of the rating agency Not Applicable (excl. Anchor 4 Subscription Level (Number of times) 0.9112* Investor) Source: Minutes for basis of allotment dated Oct 3, 2018 * Figure is after technical rejections 5 QIB holding (as a %age of total outstanding capital) as disclosed to stock exchanges Particulars % (i) On Allotment 23.09% (ii) at the end of the 1st Quarter immediately aftof the issue (Dec 31, 2018) 31.24% (iii) at the end of 1st FY (March 31, 2019) 31.84% (iv) at the end of 2nd FY (March 31, 2020) 37.10% (v) at the end of 3rd FY (March 31, 2021) 40.35% Source: SE website 6 Financials of the issuer (Consolidated in Rs Cr) Particulars 31-Mar-19 31-Mar-20 31-Mar-21 Net Sales/ Income from operations 710.17 902.55 Not Available Net Profit after Minority Interest 176.03 249.04 Not Available Equity Capital 78.11 78.32 Not Available Reserves excluding revaluation reserves 1,758.91 2,019.59 Not Available Note: Financial for the year ended March 31, 2021 shall be updated in due course 7 Trading status in the scrip of the issuer Company's Equity Shares are listed on both the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") Particulars Status (i) at the end of 1st FY (March 31, 2019) Frequently Traded (ii) at the end of 2nd FY (March 31, 2020) Frequently Traded (iii) at the end of 3rd FY (March 31, 2021) Frequently Traded Source: SE website 8 Change, if any, -
The Ramco Cements Estimate Change CMP: INR802 TP: INR750 (-6%) Neutral
3 November 2020 2QFY21 Results Update | Sector: Cement The Ramco Cements Estimate change CMP: INR802 TP: INR750 (-6%) Neutral TP change Beneficiary of South production discipline Rating change Retain Neutral on valuation pricing in strong EPS growth Bloomberg TRCL IN The Ramco Cements’ (TRCL) 2QFY21 results highlight the benefits of high Equity Shares (m) 236 cement prices in South India, which led to the highest ever cement EBITDA/t M.Cap.(INRb)/(USDb) 189.1 / 2.5 at INR1,895 (+94% YoY). Volumes, however, declined 19% YoY due to weak 52-Week Range (INR) 883 / 457 cement demand in South India. 1, 6, 12 Rel. Per (%) 5/27/1 We raise our FY21/FY22E EPS by 26%/5%, factoring in a strong realization 12M Avg Val (INR M) 513 outlook on the back of a strong production discipline in South. However, we retain our Neutral rating on 12.7x FY22E EV/EBITDA pricing in growth. Financial Snapshot (INR bn) Y/E Mar 2020 2021E 2022E Strong realization leads to EBITDA beat despite weak volumes Sales 53.4 54.5 63.2 Revenue/EBITDA/PAT stood at -4%/+52%/+40% YoY to EBITDA 11.1 15.9 16.6 Adj. PAT 6.0 8.5 8.3 INR12.6b/INR4.4b/INR2.4b, v/s our estimate of -3%/ +28%/ +28%. The beat EBITDA Margin (%) 20.8 29.2 26.3 was led by higher-than-expected realization at INR5,558/t (est. INR5,514/t). Adj. EPS (INR) 25.5 35.9 35.0 Sales volumes declined 19% YoY to 2.21mt (v/s est. -
Market Update
Market Update April 2021 The markets ended the month of March 2021 with minor gains of 1.1%. Pan-India Covid-19 Forecasted Trends However, the volatility during the month continued to be high. 120000 Concerns of “taper tantrum” and a 2nd wave of Covid-19 cases in 100000 India led to cautiousness and bouts of selloffs. However, economic 80000 indicators and economic recovery enthused investors, leading to 60000 investment interest at every reaction. Broader markets were also 40000 flattish with the BSE Mid-cap and BSE Small-cap 250 indices gaining 1% 20000 and 0.7% respectively. 0 The financial year 2021 turned out to be one of the most eventful year. 02 Mar-20 31 May-21 Starting with Covid-19 related scare and one of the sharpest Daily New Cases Predicted path (27-Oct to 22-Dec) Predicted path (2-Mar to 26-Oct) corrections in recent times, markets ended with a lot of hope, Predicted path (15-Feb to 23-Mar) 7 per, Mov, Avg (Daily Cases) optimism and spectacular gains. Nifty 50 gained a superb 71% for Source: SBI Report FY21, with the broader markets doing much better. The month started on a positive note as after two quarters of Injection to Infection Ratio 7.0 6.1 6.3 6.5 contraction, 3QFY21 GDP grew at 0.4% and vaccination drive gained 6.0 steam. However, the rapid spurt in Covid-19 cases, imposition of 5.0 4.3 3.9 4.0 2.8 lockdowns, night curfews in some parts of India, elevated crude prices 3.0 2.3 2.8 and jump in bond yields weighed on sentiments. -
Aavas Financiers BUY
Aavas Financiers BUY INITIATING COVERAGE AAVAS IN EQUITY March 24, 2021 Running its own race BFSI Longevity of profitable growth in the underpenetrated small-ticket Recommendation housing segment is a given for Aavas. Expect segment to post ~18% Mcap (bn): `189/US$2.6 CAGR through FY30, with Aavas best-suited to capitalize (~21%). Scalability hinges on niche positioning, technology-backed processes 3M ADV (mn): `246.3/US$3.4 and people. Asset quality is ensured from time-tested informal CMP: `2,405 assessment model, knowledge through local hires and in-house souring. TP (12 mths): `2,950 In periods of stress, prudent risk management DNA, diversified liquidity Upside (%): 23 profile and impressive collection infrastructure will make it stand out. Faster earnings compounding of ~21% vs <19% for peers (FY21-26E) Flags should help sustain premium valuations. Even if 1-year fwd P/B de-rates 30% (FY30), exit multiple of 4.9x implies ~15% IRR. Desired combination Accounting: GREEN of high-growth business with low construction risk makes 15%+ RoE Predictability: GREEN sustainable. Key risk: Absence of a long-term strategic shareholder. Earnings Momentum: GREEN Competitive position: STRONG Changes to this position: STABLE Catalysts Bang for the buck! AUM/disbursements posted 72%/48% CAGR between FY13-20; led by declining . >20% AUM and earnings growth in repayments (18% in FY20 vs 29% in FY14). Faster than system growth helped FY22 capture ~0.7% of HFC-HL share. Granular lending (nil developer), in-house . Normalization in 1+ DPD to <4% sourcing and LTVs of ~50% render underwriting credibility. Credit costs which spiked in FY21 to ~8.2% remained <60bps since inception. -
Ref. No. AAVAS/SEC/2021-22 7337 Date
AavasFINANCIERS LTD SAPNE A A P KE, S A AT H HAMAARA Ref. No. AAVAS/SEC/2021-22 7337 Date: July 19. 2021 To, To, The National Stock Exchange of India BSE Limited Limited Dept, of Corporate Services The Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalai Street, Fort, Bandra Kurla Complex, Mumbai - 400001 Mumbai - 400051 Scrip Symbol: AAVAS Scrip Code: 541988 Dear Sir /Madam, Sub: Annual Report for the Financial Year 2020-21 and Notice of the Annual General Meeting. We wish to inform you that Eleventh Annual General Meeting ("AGM") of the Members of Aavas Financiers Limited ("Company") will be held on Tuesday, August 10, 2021 at 3:30 P.M. through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") to transact the business as listed in the Notice of AGM. In this regard, please find attached herewith Annual Report of the Company for Financial Year 2020-21 along with the Notice of AGM. The Notice of AGM and Annual Report for FY 2020-21 are also made available on the website of the Company at the link: https://www.aavas.in/investor-relations/annual- reports. The Company shall commence the dispatch of the Notice of AGM and the Annual Report for FY 2020-21 to the Members by electronic means from today i.e. July 19, 2021, Monday. You are required to take the same on record. Enclosed a/a AAVAS FINANCIERS LIMITED (Formerly known as "Au HOUSING FINANCE LIMITED") An ISO 9001: 2015 Certified Company I CIN NO.: L65922R)2011PLC034297 Regd. & Corp. Office: 201-202, 2nd Floor, Southend Square, Mansarovar Industrial Area, laipur-302020 -
Aavas Financiers Limited
AAVAS FINANCIERS LIMITED CIN: L65922RJ2011PLC034297 Registered and Corporate Office: 201-202, 2nd Floor, South End Square, Mansarover Industrial Area, Jaipur 302 020, Rajasthan, India Tel: +91 14 1661 8800 Fax: +91 14 1661 8861 E-mail: [email protected]|Website: www.aavas.in Notice to Members NOTICE is hereby given that the Eleventh Annual General Financial Company – Housing Finance Company (Reserve Meeting of the Members of Aavas Financiers Limited will Bank) Directions, 2021 (“RBI Master Directions”) (including be held on Tuesday, August 10, 2021 at 3:30 P.M., Indian any statutory modification(s) or re-enactment thereof for Standard Time (“IST”) through Video Conferencing (“VC”) / the time being in force) and as per the provisions of Other Audio Visual Means (“OAVM”) Facility to transact the Articles of Association of the Company, Mrs. Kalpana Iyer following businesses: (DIN: 01874130) who was appointed as an Independent Director of the Company on June 23, 2016 and who ORDINARY BUSINESSES has submitted declaration that she meets the criteria for 1. To consider and adopt: independence as provided under Section 149(6) of the (a) the audited Standalone Financial Statements of the Act and Regulation 16(1) (b) & 25 (8) of the SEBI LODR Company for the Financial Year ended March 31, 2021 Regulations and is not debarred from holding the office together with the reports of the Board of Directors of Director by virtue of any SEBI order or any other such and Auditors thereon; and authority and who is eligible for re- appointment, be and (b) the audited Consolidated Financial Statements of the is hereby re-appointed as an Independent Director (Non- Company for the Financial Year ended March 31, Executive) not liable to retire by rotation, on the Board 2021 together with the report of the Auditors thereon. -
Group1 MAY-2020 APPROVED LIST
Approved Securities List May 2020 Scrip Name ISIN IDFC PREMIER EQUITY FUND PLAN A GROWTH INF194K01391 DSP BLACKROCK MICRO CAP FUND - REGULAR P INF740K01797 KotAk MAhindrA MF - KotAk NV 20 ETF - DP INF174K01Z71 DSP BlAckRock Liquid ETF (Daily Dividend INF740KA1EU7 ICICI PrudentiAl BAnk ETF INF109KC1E27 SBI MUTUAL FUND FOCD EQ FD REGULAR GROWT INF200K01370 ABB IndiA Ltd INE117A01022 AmArA RAjA BAtteries Ltd INE885A01032 Hdfc Ltd INE001A01036 Atul Ltd INE100A01010 Force Motors Ltd INE451A01017 BajAj FinAnce Ltd INE296A01024 Century Textiles & Industries Ltd INE055A01016 BatA IndiA Ltd INE176A01028 BEML Limited INE258A01016 BhArAt Electronics Ltd INE263A01024 Tata Steel Bsl Ltd INE824B01021 Blue StAr Ltd INE472A01039 CESC Ltd INE486A01013 ChAmbAl Fertilisers & ChemicAls Ltd INE085A01013 Exide Industries Ltd INE302A01020 CiplA Ltd INE059A01026 CRISIL Limited INE007A01025 Dabur IndiA Ltd INE016A01026 Arvind Ltd INE034A01011 BhArAt HeAvy ElectricAls Ltd INE257A01026 HindustAn Petroleum CorporAtion Ltd INE094A01015 IFCI Ltd INE039A01010 MangAlore Refinery & PetrochemicAls Ltd INE103A01014 ChennAi Petroleum CorporAtion Ltd INE178A01016 Titan CompAny Ltd INE280A01028 IDBI BAnk Limited INE008A01015 Dr Reddys LAborAtories Ltd INE089A01023 EID PArry IndiA Ltd INE126A01031 PROCTER & GAMBLE HEALTH LIMITED INE199A01012 Uflex Ltd INE516A01017 Godfrey Phillips IndiA Ltd INE260B01028 Godrej Industries Ltd INE233A01035 KansAi NerolAc PAints Ltd INE531A01024 Hdfc BAnk Ltd. INE040A01034 Hero MotoCorp Limited INE158A01026 HimAchAl Futuristic CommunicAtions Ltd -
AAVAS FINANCIERS LIMITED Price Band Ad
THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR PUBLICATION AND DISTRIBUTION OUTSIDE INDIA. AAVAS FINANCIERS LIMITED Our Company was incorporated as ‘Au Housing Finance Private Limited’ on February 23, 2011, as a private limited company under the Companies Act 1956, with a certificate of incorporation granted by the Registrar of Companies, Rajasthan at Jaipur (“RoC”). Pursuant to a special resolution passed by our shareholders on January 10, 2013, our Company was converted into a public limited company and our name was changed to ‘AU Housing Finance Limited’. Consequently, the RoC certified the change of name upon conversion to a public limited company on January 11, 2013. Thereafter, pursuant to a special resolution passed by our shareholders on February 23, 2017, the name of our Company was changed to ‘Aavas Financiers Limited’ and consequently, a fresh certificate of incorporation dated March 29, 2017 was issued by the RoC. For details of change in name and registered office of our Company, see “History and Certain Corporate Matters” on page 173 of the red herring prospectus dated September 12, 2018 (“RHP”). Registered and Corporate Office: 201-202, 2nd Floor, South End Square, Mansarover Industrial Area, Jaipur 302 020, Rajasthan, India. Tel: +91 14 1661 8800 Fax: +91 14 1661 8861; Contact Person: Sharad Pathak, Company Secretary and Compliance Officer. Tel: +91 14 1661 8800 Fax: +91 -
Cement Update
Monthly Report - DECEMber 2020 Cement Update Monthly Report December 2020 | 1 TABLE OF CONTENTS JSW owned Shiva Cement to invest Rs 1,500 crore on clinker facility in Odisha .................. 07 UltraTech to invest Rs 5,477 crore towards 12.8 mtpa capacity expansion .................. 09 ACC and Ambuja Cement to invest Rs 780 crore to set up waste heat recovery .................. 10 power plants Southern India sees boost in cement prices .................. 11 Disclaimer: The information contained in this market update is drawn from wide range of newspapers, business and trade magazines, government, company and industry association websites. While all possible care is taken to verify the correctness and authenticity of information contained in this compilation, no claim to independent authorship of articles is implied or intended. Readers are expected to make their own independent evaluation and verification of information for their use. While all information contained in this report are believed to be correct, the editors of this compilation or J.M.Baxi & Co. do not guarantee the quotes or other data Monthly Report December 2020 | 2 PORT ANALYSIS Cement Traffic at Indian Ports (Qty in Millions Tonnes) Monthly Report December 2020 | 3 CEMENT TRAFFIC AT INDIAN PORTS (QTY IN MILLION TONNES) Port Name Apr-Oct 2020 Apr-Oct 2019 Variance Y-o-Y BEDI 0.048 0 0.048 COCHIN 0.634 0.775 -0.141 DHAMRA 0 0.213 -0.213 DHARAMTAR 0.057 0.148 -0.091 GANGAVARAM 0 0.157 -0.157 GOPALPUR 0.025 0.075 -0.05 HALDIA 0.162 0.38 -0.218 JNPT 0.309 0.522 -0.212 KANDLA 0.008 0 0.008 KAKINADA 0.224 0.128 0.096 KARAIKAL 0 0.101 -0.101 KRISHNAPATNAM 0.571 0.415 0.156 MANGALORE 0.204 0.12 0.085 MUMBAI 0.024 0.006 0.018 MUNDRA 0 0.028 -0.028 PIPAVAV 1.397 1.578 -0.181 PORBANDAR 0.033 0.054 -0.021 PORT BLAIR 0.001 0.012 -0.011 TUTICORIN 0.125 0.103 0.022 Grand Total 3.822 4.812 -0.99 Monthly Report December 2020 | 4 CEMENT IMPORTS - APR - OCT 2020 (QTY IN MILLION TONNES) SRI LAN- IMPORTER BANGLADESH COASTAL IRAN OMAN U.A.E. -
Sharekhan Special August 31, 2021
Sharekhan Special August 31, 2021 Index Q1FY2022 Results Review Automobiles • Capital Goods • Consumer Discretionary • Consumer Goods • Infrastructure/Cement/Logistics/Building Material • IT • Oil & Gas • Pharmaceuticals • Agri Inputs and Speciality Chemical • Miscellaneous • Visit us at www.sharekhan.com For Private Circulation only Q1FY2022 Results Review In-line quarter, healthy outlook Results Review Results Summary: After ending FY2021 on a strong note, Q1FY2022 earnings of broader indices showed a promising start (Nifty/ Sensex companies’ PAT rose 100%/66% y-o-y) in the new fiscal with strong growth momentum on low base. Management commentaries on earnings outlook remained positive, on improving economic activity post second COVID-19 wave and anticipation of strong demand revival. Demand recovery and ramp-up of vaccinations look encouraging. We expect economic activity to increase in the upcoming festive season. Nifty trades at 23x and 20x EPS based on FY2022E/FY2023E EPS, at a premium to mean average. Valuation gap between large and mid-caps has shrunk, we advise investors to focus on stocks with strong earnings growth potential with reasonable valuation. High-conviction investment ideas: o Large-caps: Infosys, ICICI Bank, M&M, L&T, UltraTech, SBI, HDFC Ltd, Godrej Consumer Products, Divis Labs and Titan. o Mid-caps: NAM India, BEL, Gland Pharma, Dalmia Bharat, Laurus Labs, Max Financial Services, LTI. o Small-caps: TCI Express, Kirloskar Oil, Suprajit Engineering, Repco Home Finance, PNC Infratech, Mahindra Lifespaces, Birlasoft. After ending FY2021 on a strong note, Q1FY2022 corporate earnings of broader indices showed a promising start with continued strong growth momentum on the low base of Q1FY2021, though it was along the expected lines.