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Avenue Supermarts Limited AVEU.BO, DMART in Value Retailer at Premium Multiples; Initiate with Price: Rs664.40 Neutral Price Target: Rs635.00
Completed 07 Apr 2017 04:07 AM HKT Disseminated 07 Apr 2017 04:44 AM HKT Asia Pacific Equity Research 07 April 2017 Initiation Neutral Avenue Supermarts Limited AVEU.BO, DMART IN Value Retailer at Premium Multiples; Initiate with Price: Rs664.40 Neutral Price Target: Rs635.00 We initiate on Avenue Supermarts (ASL) with a Neutral rating and Mar-18 price India target of Rs635. ASL (operates stores under D-Mart brand), with a strong Consumer, Retail, Media execution track record, is a quality play on the Indian F&G retail sector in our AC opinion, being the fastest-growing and most profitable retailer. We forecast Latika Chopra, CFA 27%/34% revenue/EPS CAGR over FY17-20. However, significant gains post the (91-22) 6157-3584 [email protected] listing (120% above the offer price) lead to current valuations of 55x/42x Bloomberg JPMA CHOPRA <GO> FY18E/19E P/E, which fairly reflect the long-term growth opportunity in our J.P. Morgan India Private Limited view. Any minor lapse near term (store opening, comps, and/or margins) and Ebru Sener Kurumlu substantial investments in E-Commerce (earnings dilutive) could strain valuation (852) 2800-8521 multiples. [email protected] Much to like here. Food retailing is about format and execution and in our J.P. Morgan Securities (Asia Pacific) Limited view ASL has been able to achieve this combination well. We like ASL’s execution capabilities, single format focus, best-in-class productivity metrics Price Performance (sales densities ~2-3x peers), prudent store expansion strategy and strong focus 650 on customer satisfaction partly aided by its ‘everyday low price’ positioning. -
First Call 22Mar21
India Equity Research March 22, 2021 FIRST CALL DAILY REPORT MARKETS Change in % Metals & Mining - Sector Update - Tangshan cuts may push up steel prices 21-Mar-21 1D 1M 1Y Media reports suggest local authorities in Tangshan have imposed a fresh set of Nifty 50 14,558 -1.1 -2.8 76.2 Nifty 200 7,583 -1.2 -2.6 76.7 production curbs on steel value chain until end-CY21 in order to reduce air pollution. Nifty 500 12,174 -1.2 -2.1 78.8 According to Mysteel consultancy, if the draft plan is adopted, pig iron production and iron ore demand would fall by 22mt and 35mt, respectively. Taken together with INDIA STOCK PERFORMANCE the possibility of export rebate cuts, we believe exports from China can reduce significantly, thereby supporting steel prices. 16,000 80,000 14,500 70,000 Dabur India - Company Update - Growing naturally 13,000 (x) 11,500 60,000 (x) We recently met Mr. Mohit Malhotra, CEO of Dabur India, to gain insights into the 10,000 50,000 company’s growth plans, product launches and strategy to counter competition, 8,500 7,000 40,000 among others. Highlights: i) The pandemic has brought in new consumers to the health portfolio. ii) The worst is behind for fruit juices and other segments squeezed Nifty Index MSCI EM Index - Local Currency (RHS) by the lockdown. iii) Strong focus on innovation (recent launches in PET bottle juices, health drops, health juices, Amla-plus juices, pickles and apple cider vinegar are all doing well). GLOBAL 21-Mar-21 1D 1M 1Y Avenue Supermarts - Company Update - Time to whet appetite for online Dow 32,862 -0.5 4.3 63.6 While DMart has taken incremental steps to ramp up online grocery, it still seems to China 3,432 -0.9 -7.1 27.0 be on the sidelines and contemplating its merit. -
Grant Thornton Bharat's Report on Integrated Reporting in India
Integrated reporting in India Survey on adoption and way forward December 2020 Contents Forewords 03 Grant Thornton Bharat survey on integrated reporting – key findings 05 Overview of integrated reporting 08 Benefits for organisations 12 Global landscape 16 Evolving scenario in India 21 Path to success 28 Way forward 32 02 Integrated reporting in India Foreword - Grant Thornton Bharat The ongoing pandemic has reinforced my belief that inclusive growth is more important to shape a #VibrantBharat than any other priority. Indian businesses must step up to this challenge as catalysts of employment, technological advancement and innovation. Since the new Companies Act 2013, India has made recognise the exceptional work done by individuals significant progress in corporate reporting and and organisations in India towards sustainable disclosures. I believe this decade will see similar progress development goals (SDGs). Our firm works extensively on integrated reporting, as it is an opportunity to not with such stakeholders to build social capital, address only differentiate yourself but to contribute to shaping a gender inequalities, protect the environment for future more vibrant Indian economy. generations and achieve the shared purpose of helping shape our #VibrantBharat. Almost 70% of those surveyed believe that integrated reporting will help them enhance stakeholder value, Vishesh C. Chandiok while the consensus seems to be that greater awareness CEO and clearer guidelines will pave the way for more Grant Thornton Bharat companies to adopt integrated reporting in India. I am delighted that this report is being released at the Grant Thornton Bharat SABERA Awards 2020 that Integrated reporting in India 0 3 Foreword - IIRC With intangible assets now making up 90% of market value in the S&P 500, businesses need to show their stakeholders that they create value and report on not just financial capitals but also intellectual, environmental, manufactured and human capitals. -
Investor Presentation May 2016
Investor Presentation May 2016 BSE: 532523 │ NSE: BIOCON │ REUTERS: BION.NS │ BLOOMBERG: BIOS IN │ WWW.BIOCON.COM Safe Harbor Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. 2 Agenda Biocon: Who are we? Highlights • Business Highlights • Financial Highlights Growth Segments • -
CIPLA, Ltd. CIPLA Ltd Is a Pharmaceutical Company Based in India
CIPLA Ltd. And the Provision of Anti-AIDS Pharmaceuticals It’s 2001, and G. G. Brereton is a busy man. He heads the Global Intellectual Property Office at GlaxoSmithKline (GSK), a multinational pharmaceutical corporation with operations throughout the world. He is tasked with defending GSK’s patents against foreign imitators. In recent months he has been occupied with infringements against GSK patents for antiretroviral drugs – the pharmaceuticals used to treat the symptoms of HIV and AIDS. This week has been especially hectic: CIPLA Ltd. of India has just announced its offer to supply an antiretroviral “cocktail” to Sub-Saharan African countries for 3 percent of the price that GSK charges for its anti-AIDS cocktail. Top management at GSK wants options for responding to this surprising offer. G. G. has been given the job of (1) coming up with potential responses by GSK to this initiative and (2) identifying that option that best assures the continued profitability of the firm now and into the foreseeable future. He has till Friday to do it! HIV/AIDS. One of the most vexing public-health problems of the new century has been the explosion in cases of human immunodeficiency virus (HIV) and the acquired immunodeficiency syndrome (AIDS). In the year 2000, the United Nation AIDS Organization (UNAIDS) reported that 36.1 million people worldwide were living with HIV or AIDS. There were 5.3 million new cases of HIV infection in the year, and 3.0 million deaths attributable to HIV infection. Since its first diagnosis, the AIDS epidemic has claimed 21.8 million lives. -
Cipla Ltd (CIPLA)
Cipla Ltd (CIPLA) CMP: | 826 Target: | 975 (18%) Target Period: 12 months BUY January 30, 2021 Strong growth in India, RoW; better margins… Q3 revenues grew 18.2% YoY to | 5169 crore led by strong growth in domestic and RoW markets. Domestic sales grew 25.5% YoY to | 2231 crore. RoW markets business grew 47.2% YoY to | 823 whereas South Particulars Africa business fell 2.5% YoY to | 579 crore. US grew 9.6% YoY to | 1037 crore. EBITDA margins expanded 647 bps YoY to 23.8% mainly due to P articular Am ount significantly lower other expenditure. Hence, EBITDA grew 62.3% YoY to | Market Capitalisation | 66581 crore 1231 crore. PAT more than doubled to | 748 crore vs. | 351 crore in Q3FY20. Debt (FY20) | 2816 crore Cash (FY20) | 1004 crore Result Update Result Product launches, front-end shift key for formulation exports E V | 68393 crore 52 week H/L (|) 870/357 Formulation exports comprise ~54% of FY20 revenues. The company is E quity capital | 161.3 crore focusing on front-end model, especially for the US, along with a gradual shift from loss making HIV and other tenders to more lucrative respiratory and F ace value | 2 Price performance other opportunities in the US and EU. We expect export formulation sales to grow at 9.8% CAGR to | 12242 crore in FY20-23E. Key drivers will be a launch of inhalers (drug-device) and other products in developed markets. 1000 14000 12000 800 Indian formulations growth backed by new launches 10000 600 8000 With ~5% market share, Cipla is the third largest player in the domestic 400 6000 formulations market. -
Domestic Institutional Philanthropy in India
Charting a course post COVID-19 Supported by Delivering High Impact SEP 2020 Published by Sattva in September 2020. Supported by the Bill & Melinda Gates Foundation. Email [email protected] Website www.sattva.co.in Lead Researchers Aarti Mohan, Sanjana Govil, Bhavin P Chhaya Research, Analysis Prachur Goel, Shalini Rajan, and Production Mansi Agarwal, Palagati Lekhya Reddy, Ashwini Rajkumar, Radhika Bose, Gayatri Malhotra, Brooke VanSant, Anushka Bhansali Project Advisors Karuna Segal, Arnav Kapur, Anjani Kumar Singh (Bill & Melinda Gates Foundation), Srikrishna Sridhar Murthy (Sattva Consulting) Design and Bhakthi Dakshinamurthy Typesetting [email protected] Cover Photo Axis Bank Foundation We are grateful to 74 leaders representing 47 organisations in the domestic institutional philanthropy ecosystem who generously shared their expertise and insights for this report (See Annexure 3 for a complete List of Interviews). This work is licensed under the Attribution-Non Commercial-ShareALike 4.0 International License: Attribution - You may give appropriate credit, provide a link to the license, and indicate if any changes were made. NonCommercial - You may not use the material for commercial purposes. ShareALike - If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original. About this study 01 Introduction 04 Executive summary 06 The landscape before and after COVID-19 08 Trends in intervention strategies 15 Trends in programme implementation 20 Programme trends per sector 27 Agricultural livelihoods Water and sanitation Women’s empowerment and digital financial inclusion Health systems and delivery Approaches to scale and collaboration 36 Annexures 41 Explanation of terms Study scope and methodology List of interviews Endnotes About 51 Dr. -
Voda Idea Puts AGR Dues At
MUMBAI | 7 MARCH 2020 COMPANIES 3 . < Promoters of HDFC Bank in talks Voda Idea puts AGR dues at IndusInd Bank ~21K cr as Read calls on FM to hike stake with Goldman Sachs’ ABHIJIT LELE Talwar for CEO role Telco, seeking to make a new start, was advised to pay principal amount soon Mumbai, 6 March BLOOMBERG MEGHA MANCHANDA IndusInd Bank's promoters will hike their New York/Mumbai, 6 March New Delhi, 6 March stake in the private sector lender by buy- ing extra shares from the market. Harit Talwar, the head of Goldman ust a few hours before The promoters of the bank — Sachs Group’s consumer-banking Vodafone Group CEO Nick IndusInd International Holdings (IIHL) business, is in the running for one of JRead’s meeting with and IndusInd — plan to acquire addi- India’s top banking jobs. Union Finance Minister tional shares from HDFC Bank, India’s largest Nirmala Sitharaman and then open market in private-sector lender, has held talks Telecom Minister Ravi Shankar India. This will be with Talwar for the top role, according to Prasad on Friday, the company within the overall people with knowledge of the matter. announced that it had com- regulatory cap pre- The bank has been looking for a new pleted assessing its dues linked scribed for promot- leader to replace Aditya Puri, one of the to adjusted gross revenue (AGR). er holding in pri- longest-serving banking chiefs in India, At ~21,533 crore, Vodafone Idea’s vate banks, the whose term ends in October. calculation of the AGR liability bank informed the The Mumbai-based lender has a turned out to be less than half of BSE on Friday. -
Trends of Judicial Pronouncements Regarding Comparative Advertising in India
January 2018, Volume 5, Issue 1 JETIR (ISSN-2349-5162) TRENDS OF JUDICIAL PRONOUNCEMENTS REGARDING COMPARATIVE ADVERTISING IN INDIA Dr. Puneet Bafna (Associate Professor, Amity Law University, Rajasthan) ABSTRACT: Comparative advertising came into existence to increase consumer awareness and allow consumer to make a judicial selection from plethora of choices, however under market pressures it has engaged in unhealthy practices of product disparagement and infringement of trademarks. Consequently, in the last few decades, there have been spates of litigations in this regard. As there have been a proliferation in the number of cases in the courts regarding this matter and there have been interestingly such conflicting judgments concerning the issue in the recent past that the topic seemed quite fascinating and motivating to ponder and analyze at. Here the author has listed cases of prominence in India. The decisions of the Courts indicate that the judiciary tends to accept the global trend of advertising regulation, which allows comparative advertising as a way of ensuring free competition for all market players, provided that the information presented is objective and verifiable, and does not damage the integrity and reputation of the compared trademark. It is vital that the court issues precedents and guidance in order to harmonize the issue at national level. Keywords: Comparative Advertising, Product disparagement, Trademark infringement, judicial pronouncement 1. Introduction By Comparative advertising the market players want to ensure that the consumer receives the message that their product is superior and more sought after. However, in order to grab the attention of the consumer towards its brand and to hold their market share a number of firms have started taking bolder stance by show their rival / competitors product in a poor light and denigrating them. -
Inner 29 Equity Savings Fund
Modera erate tely Mod High to H w te ig o ra h L de o M V e r y w H Tata Equity Savings Fund o i L g (An open-ended scheme investing in equity, arbitrage and debt) h Riskometer Investors understand that their principal As on 28th February 2021 PORTFOLIO will be at Moderate Risk % to % to % to NAV Company name Company name INVESTMENT STYLE NAV NAV Derivative Predominantly investing in equity and equity related instruments, Equity & Equity Related Total 67.21 NTPC Ltd. 1.80 equity arbitrage opportunities and debt and money market instruments. Unhedge Positions 34.10 NTPC Ltd.- Future -1.80 Auto Divi Laboratories Ltd. 1.77 INVESTMENT OBJECTIVE Tata Motors Ltd. 0.85 Divi Laboratories Ltd.- Future -1.78 The investment objective of the scheme is to provide long term capital Mahindra & Mahindra Ltd. 0.65 Maruti Suzuki India Ltd. 1.25 appreciation and income distribution to the investors by predominantly Maruti Suzuki India Ltd. 0.40 Maruti Suzuki India Ltd.- Future -1.26 investing in equity and equity related instruments, equity arbitrage Banks Ambuja Cements Ltd. 1.25 opportunities and investments in debt and money market instruments. HDFC Bank Ltd. 5.01 Ambuja Cements Ltd.- Future -1.25 However, there is no assurance or guarantee that the investment ICICI Bank Ltd. 4.08 United Spirits Ltd. 1.15 objective of the Scheme will be achieved. The scheme does not assure State Bank Of India 0.47 United Spirits Ltd.- Future -1.16 or guarantee any returns. Axis Bank Ltd. 0.40 HCL Technologies Ltd. -
Previous Awardees
LIST OF AWARDEES “ICSI NATIONAL AWARD FOR EXCELLENCE IN CORPORATE GOVERNANCE” 2001 – 2017 2001 Best Governed Company Second Best Governed Company Infosys Technologies BSES Limited Limited 2002 Best Governed Companies Best Governed Company in Private Sector in Public Sector Dr. Reddy’s Laboratories Ltd. IBP Co. Limited Tata Iron & Steel Co. Ltd. 2003 Best Governed Companies Best Governed Company in Private Sector in Public Sector HDFC Ltd. ONGC Ltd. Reliance Industries Ltd. 2004 Best Governed Companies Best Governed Company in Private Sector in Public Sector Hero Honda Motors Ltd. Tamilnadu Newsprint and Wipro Ltd. Papers Ltd. 2005 Best Governed Companies (in alphabetical order) Dabur India Ltd. Infosys Technologies Ltd. 2006 Best Governed Companies (in alphabetical order) Abhishek Industries Ltd. ITC Limited 2007 Best Governed Companies (in alphabetical order) Kansai Nerolac Paints Limited TATA Consultancy Services Limited 2008 Best Governed Companies (in alphabetical order) Mahindra & Mahindra Limited MindTree Limited 2009 Best Governed Companies (in alphabetical order) Maruti Suzuki India Ltd. NTPC Limited 2010 Best Governed Companies Certificate of Recognition to other (in alphabetical order) top 5 companies Dr. Reddy’s Laboratories (in alphabetical order) Limited CMC Limited Larsen & Toubro Limited GAIL (India) Limited Oil & Natural Gas Corporation Ltd. Persistent Systems Ltd. Union Bank of India 2011 Best Governed Companies Certificate of Recognition to other (in alphabetical order) top 5 companies Gail (India) Limited (in alphabetical order) Hindustan Unilever Limited CMC Limited HCL Technologies Limited Oil and Natural Gas Corporation Limited Persistent Systems Limited Union Bank of India 2012 Best Governed Companies Certificate of Recognition to other (in alphabetical order) top 5 companies HCL Technologies Limited (in alphabetical order) Indian Oil Corporation Limited CMC Limited Engineers India Limited Oil and Natural Gas Corporation Limited Persistent Systems Limited Power Grid Corporation of India Ltd. -
Cipla Limited
Cipla Limited Registered Office: Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Phone: (9122) 2482 6000, Fax: (9122) 2482 6893, Email: [email protected], Website: www.cipla.com Corporate Identity Number: L24239MH1935PLC002380 Annexure to the Board’s Report Particulars of employee remuneration for the financial year ended 31st March, 2019 As required under section 197(12) of the Companies Act, 2013, read with rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Employed throughout the year Name Designation Qualification Experience Age Date of Last employment Remuneration (in years) (in years) Employment (Rs.) Abhay Kumar Chief Talent Officer Master of Arts / 17 53 3/10/2016 Piramal Pharma 15,034,298.00 Srivastava Master of Personal Solutions Management Ademola Olukayode Head - Quality Doctorate / MPH / B. 17 48 20/6/2018 US FOOD AND DRUG 17,982,961.00 Daramola Compliance & Tech. ADMINISTRATION Sustainability (US FDA) Ajay Luharuka Head Finance - IPD, B.com,MMS,CFA 23 46 11/7/1996 NIIT Limited 11,922,994.00 API, Specialty & Global Respi Aliakbar Rangwala Senior Business Head M. Sc. / B. Sc. 19 42 19/1/2009 NA 10,677,779.00 - Chronic & Emerging - India Business Alpana Vartak Head - Talent MBA (HR) / B. Sc. 15 41 8/1/2018 Coco - Cola 10,312,782.00 Acquisition Company Anil Kartha Site Head - Bsc, Bpharm 28 56 27/5/1991 Vysali 12,525,338.00 Patalganga - Pharmaceuticals Formulations Anindya Kumar Shee Head - Organization B. Tech. / MBA 18 48 14/1/2016 Reliance Industries 11,084,298.00 Development Ltd.