DOCSLIB.ORG

First Light 31Jul20-Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
First Light 31Jul20-Research FIRST LIGHT 31 July 2020 Click or tap here to e nter text. RESEARCH TOP PICKS Reliance Industries | Target: Rs 1,895 | –10% | SELL LARGE-CAP IDEAS Cyclicals and retail sink; RJio saves the day - downgrade to SELL Company Rating Target Ajanta Pharma | Target: Rs 1,730 | +14% | BUY Bajaj Finance Buy 4,000 Solid beat on margins – set to normalise in coming quarters Cipla Buy 690 GAIL Buy 150 Petronet LNG Buy 305 SUMMARY Tech Mahindra Buy 780 Reliance Industries MID-CAP IDEAS Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA Company Rating Target below estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at Alkem Labs Buy 2,950 US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn Chola Investment Buy 200 (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn Laurus Labs Buy 630 (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on Transport Corp Buy 240 better ARPU. RIL’s valuation has run up to 18.5x FY22E EPS, pricing in the deleveraging. Downgrade from REDUCE to SELL, with a new Sep’21 TP of Mahanagar Gas Sell 710 Source: BOBCAPS Research Rs 1,895 (vs. Rs 1,820) on rollover. Click here for the full report. DAILY MACRO INDICATORS 2D 1M 12M Indicator Current (%) (%) (%) Ajanta Pharma US 10Y 0.57 0bps (7bps) (144bps) yield (%) India 10Y Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to 5.84 (1bps) (8bps) (53bps) yield (%) Rs 6.7bn/Rs 2.2bn. EBITDA margin expanded both YoY and QoQ to 33.4% USD/INR 74.80 0.1 1.1 (8.7) due to higher gross margins and temporary reduction in SGA spends (lower Brent Crude 43.75 1.2 6.7 (32.9) travel/promotional costs amid lockdown). US and branded Africa sales were a (US$/bbl) Dow 26,540 0.6 6.1 (1.2) beat while India/Asia was in line. Reported PAT stood at Rs 1.5bn. AJP is Shanghai 3,295 2.1 10.6 12.3 guiding for healthy operating leverage starting Q3. We retain BUY and roll Sensex 38,071 (1.1) 8.2 1.6 over to a higher TP of Rs 1,730 (earlier Rs 1,650), based on 16x Sep’22E India FII 28 Jul MTD CYTD FYTD EV/EBITDA. (US$ mn) FII-D (33.0) (210.0) (14,492.0) (4,732.5) Click here for the full report. FII-E 24.5 1,124.7 (1,316.8) 5,286.2 Source: Bank of Baroda Economics Research BOBCAPS Research [email protected] BOB Capital Markets Ltd is a wholly owned subsidiary of Bank of Baroda Important disclosures, including any required research certifications, are provided at the end of this report. RESULT REVIEW SELL TP: Rs 1,895 | 10% RELIANCE INDUSTRIES | Oil & Gas | 31 July 2020 Cyclicals and retail sink; RJio saves the day – downgrade to SELL Key highlights from Reliance Industries’ (RIL) Q1FY21 results: (a) EBITDA below Rohit Ahuja | Harleen Manglani estimates at Rs 169bn (–21% YoY), (b) cyclicals mixed – GRM at US$ 6.3/bbl [email protected] outperformed estimates while petchem EBITDA at Rs 44bn (–50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (–47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU. RIL’s valuation has run up to 18.5x FY22E EPS, pricing in the deleveraging. Downgrade from REDUCE to SELL, with a new Sep’21 TP of Rs 1,895 (vs. Rs 1,820) on rollover. Cyclical earnings remain under pressure: Reported GRMs outperformed at Ticker/ Price RIL IN /Rs 2,109 US$ 6.3/bbl as RIL maximised utilisation and raised light distillate output. Market cap US$ 190.5bn Benchmark GRMs remain negative, implying another muted quarter in Q2 – Shares o/s 6,762mn this raises downside risk to our US$ 9/bbl GRM estimate for FY21. Demand 3M ADV US$ 526.8mn erosion due to the Covid-19 pandemic continues to pressurise cyclicals. 52wk high/low Rs 2,199/Rs 876 Promoter/FPI/DII 49%/24%/27% Petchem EBITDA at Rs 44bn underperformed estimates due to lower Source: NSE polyester chain deltas. We remain cautious on cyclicals as margin recovery may be pushed back to FY22 (from earlier expectations of H2FY21). STOCK PERFORMANCE RJio earnings surge; retail slumps: ARPU expansion to Rs 140.3 (+7% QoQ) (Rs) RIL with in-line subscriber additions (9.9mn) led to higher EBITDA for RJio at Rs 2,220 78bn. A rise in average data consumption (~9% QoQ) during the lockdown was 1,920 a primary factor in ARPU expansion. Retail business EBITDA at Rs 10.8bn 1,620 (–47% YoY) was in line, slumping due to a decline in revenues for the fashion & 1,320 1,020 lifestyle and consumer electronic segments. 720 Jul-17 Jul-19 Jul-18 Jan-19 Jan-18 Jul-20 Apr-19 Apr-18 Oct-17 Jan-20 Oct-19 Oct-18 Deleveraging well priced in: We need to see earnings traction from RIL to Apr-20 Justify the recent surge in stock price. While the company’s Rs 2tn fund raise Source: NSE (of which Rs 1.5tn was from RJio) is extraordinary, delay in the oil-to-chemicals stake sale to Aramco is a dampener. The outlook can change significantly if RIL is able to execute RJio -style s trategic stake sales for its retail business. KEY FINANCIALS Y/E 31 Mar FY19A FY20A FY21E FY22E FY23E Total revenue (Rs mn) 5,830,940 6,116,450 3,785,945 4,794,554 4,604,317 EBITDA (Rs mn) 841,670 882,170 938,561 1,412,455 1,729,258 AdJ. net profit (Rs mn) 400,860 443,240 484,225 771,058 1,016,206 AdJ. EPS (Rs) 59.3 65.6 71.6 114.0 150.3 AdJ. EPS growth (%) 13.6 10.6 9.2 59.2 31.8 AdJ. ROAE (%) 11.7 11.1 10.5 13.8 15.9 AdJ. P/E (x) 35.6 32.2 29.4 18.5 14.0 EV/EBITDA (x) 19.2 18.6 18.1 11.9 9.5 Source: Company, BOBCAPS Research EQUITY RESEARCH RESULT REVIEW BUY TP: Rs 1,730 | 14% AJANTA PHARMA | Pharmaceuticals | 30 July 2020 Solid beat on margins – set to normalise in coming quarters Ajanta Pharma (AJP) posted Q1 revenue/EBITDA growth of 9%/33% YoY to Vivek Kumar Rs 6.7bn/Rs 2.2bn. EBITDA margin expanded both YoY and QoQ to 33.4% [email protected] due to higher gross margins and temporary reduction in SGA spends (lower travel/promotional costs amid lockdown). US and branded Africa sales were a beat while India/Asia was in line. Reported PAT stood at Rs 1.5bn. AJP is guiding for healthy operating leverage starting Q3. We retain BUY and roll over to a higher TP of Rs 1,730 (earlier Rs 1,650), based on 16x Sep’22E EV/EBITDA. US/Africa branded sales beat estimates; India/Asia in line: India sales declined Ticker/ Price AJP IN /Rs 1,512 10% YoY due to the Covid-19 impact on the acute portfolio, especially in Market cap US$ 1.8bn dermatology and ophthalmology (guided to recover from Q3 onward). In Shares o/s 88mn 3M ADV US$ 3.8mn export formulations, branded Africa/Asia sales grew at a healthy 17%/28% YoY. 52wk high/low Rs 1,580/Rs 825 We continue to see good visibility in exports with two blocks operationalised in Promoter/FPI/DII 71%/9%/9% Q4. US sales were at US$ 20mn (flat QoQ) despite the Ranitidine recall. Source: NSE EBITDA margin beat partly sustainable: Q1 gross margin surged 3ppt QoQ to STOCK PERFORMANCE 77% and includes positive forex impact of 1.5ppt. Also, SGA/R&D cost fell (Rs) AJP 12%/23% YoY due to lower activity during the Covid lockdown. This led to a 1,630 1,470 strong EBITDA margin of 33.4% (24.8% est.). Margins would moderate from 1,310 Q2 as lockdown restrictions ease and travel/promotional spends normalise. 1,150 990 Retain BUY: We expect a stable brand franchise (India and EM), US operating 830 Jul-17 Jul-19 Jul-18 Jan-19 Jan-18 leverage and capex moderation to drive a 15%+ EPS CAGR for AJP over FY20- Jul-20 Apr-19 Apr-18 Oct-17 Jan-20 Oct-19 Oct-18 Apr-20 FY23. With over 75% of FY21/FY22 EPS estimated to accrue from the branded Source: NSE business, improving FCF and 30%+ ROIC beyond FY22E, the stock has scope for valuation upsides. We marginally tweak FY21/FY22 EPS estimates on higher tax guidance of 28% (vs. 26% earlier) and roll forward to a TP of Rs 1,730. KEY FINANCIALS Y/E 31 Mar FY19A FY20A FY21E FY22E FY23E Total revenue (Rs mn) 20,553 25,878 27,680 31,375 35,364 EBITDA (Rs mn) 5,653 6,944 7,437 8,676 10,029 Adj. net profit (Rs mn) 3,869 4,082 4,767 5,981 7,263 Adj. EPS (Rs) 44.1 46.6 54.4 68.2 82.8 Adj. EPS growth (%) (17.4) 5.5 16.8 25.5 21.4 Adj. ROAE (%) 17.8 16.6 16.7 18.2 19.1 Adj. P/E (x) 34.3 32.5 27.8 22.2 18.3 EV/EBITDA (x) 23.3 19.0 17.7 15.0 12.8 Source: Company, BOBCAPS Research EQUITY RESEARCH FIRST LIGHT Disclaimer Recommendations and Absolute returns (%) over 12 months BUY – Expected return >+15% ADD – Expected return from >+5% to +15% REDUCE – Expected return from -5% to +5% SELL – Expected return <-5% Note: Recommendation structure changed with effect from 1 January 2018 (Hold rating discontinued and replaced by Add / Reduce) Rating distribution As of 30 June 2020, out of 95 rated stocks in the BOB Capital Markets Limited (BOBCAPS) coverage universe, 49 have BUY ratings, 23 have ADD ratings, 12 are rated REDUCE, 10 are rated SELL and 1 is UNDER REVIEW.
Load more

Recommended publications
  • SANJEEVAK 1586083 01/08/2007 MANOJ ANANT JOSHI Trading As ;AKSHAY PHARMA REMEDIES KAVRANA HOUSE, OPP
    Trade Marks Journal No: 1836 , 12/02/2018 Class 5 SANJEEVAK 1586083 01/08/2007 MANOJ ANANT JOSHI trading as ;AKSHAY PHARMA REMEDIES KAVRANA HOUSE, OPP. COTTON GREEN RLY. STN. MUMBAI-400033. MANUFACTURE & MERCHANT INDIAN NATIONAL Used Since :31/01/2001 MUMBAI MEDICINAL PREPARATIONS. 537 Trade Marks Journal No: 1836 , 12/02/2018 Class 5 SEPTIGARD 1741718 08/10/2008 INDERJIT SINGH trading as ;INDERJIT SINGH B-104 , SWASTHYA SINGH , NEW DELHI -92 MERCHANTS & MANUFACTUERERS Address for service in India/Agents address: MAHTTA & CO. 43 - B/3, MAHTTA HOUSE,UDHAM SINGH NAGAR, LUDHIANA - 141 001, (PUNJAB). Proposed to be Used DELHI MEDICINAL & PHARMACEUTICAL PREPARATIONS. 538 Trade Marks Journal No: 1836 , 12/02/2018 Class 5 FAIR & BEAUTY 1803779 08/04/2009 GALPHA LABORATORIES LIMITED 221, Kanakia Zillion, E Wing Bandra Kurla Complex Annex LBS Marg & CST Road Junction Kurla West MUMBAI 400070 MANUFACTURERS AND MERCHANTS INDIAN NATIONAL Used Since :15/11/2007 MUMBAI PHARMACEUTICAL AND MEDICINAL PREPARATIONS AND SUBSTANCES 539 Trade Marks Journal No: 1836 , 12/02/2018 Class 5 O-BAMA 1815900 08/05/2009 KREMOINT PHARMA PVT. LTD. 151/5, SHRI KRISHNA DARSHAN, GARODIA NAGAR, GHATKOPAR (E), BOMBAY-400 077. MANUFACTURERS AND MERCHANTS. A CORPORATE ENTITY INCORPORATED IN INDIA UNDER THE COMPANIES ACT 1956. Address for service in India/Attorney address: KRISLAW CONSULTANTS BUILDING NO.4, C/104, SHANKESHWAR PALMS, BEHIND MODEL SCHOOL, KUMBHARKHANPADA, SUBHASH ROAD, DOMBIVILI(W) 421202 Used Since :02/05/2009 MUMBAI PHARMACETICAL AND MEDICINAL PREPARATIONS. 540 Trade Marks Journal No: 1836 , 12/02/2018 Class 5 AYUSHAKTI D-VYRO 1815928 08/05/2009 SMITA NARAM BUNGALOW NO.31, NEXT TO M.
    [Show full text]
  • Ajanta Pharma Limited
    AJANTA PHARMA LIMITED CIN : L24230MH1979PLC022059 Registered & Corporate Office: ‘Ajanta House’, 98 Govt Industrial Area, Charkop, Kandivli (West), Mumbai - 400 067, Maharashtra, India Tel.: +91 22 6606 1000, Fax: +91 22 6606 1200 | E-mail: [email protected] | Website: www.ajantapharma.com POST BUYBACK PUBLIC ANNOUNCEMENT FOR THE ATTENTION OF EQUITY SHAREHOLDERS/ BENEFICIAL OWNERS OF EQUITY SHARES OF AJANTA PHARMA LIMITED This public announcement (the “Post Buyback Public Announcement”) is being made pursuant to the provisions of Regulation 24(vi) of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, for the time being in force including any statutory modifications and amendments from time to time (the “Buyback Regulations”). This Post Buyback Public Announcement should be read in conjunction with the Public Announcement dated November 4, 2020 which was published on November 5, 2020 (the “Public Announcement”) and the letter of offer dated November 25, 2020 (the “Letter of Offer”) issued in connection with the Buyback. The terms used but not defined in this Post Buyback Public Announcement shall have the same meanings as assigned in the Public Announcement and the Letter of Offer. 1. THE BUYBACK 1.1 Ajanta Pharma Limited (the “Company”) had announced the Buyback of not exceeding 7,35,000 (Seven Lakh Thirty Five Thousand) fully paid-up equity shares of face value of ₹2 each (“Equity Shares”) from all the existing shareholders / beneficial owners of Equity Shares as on the record date (i.e. Friday, November 13, 2020), on a proportionate basis, through the “Tender Offer” process at a price of ₹1,850/- (Rupees One Thousand Eight Hundred and Fifty Only) per Equity Share payable in cash for an aggregate consideration not exceeding ₹ 135,97,50,000 (Rupees One Hundred Thirty Five Crores Ninety Seven Lakhs and Fifty Thousand only) excluding the Transaction Costs (“Buyback Offer Size”).
    [Show full text]
  • Inner 25 India Pharma & Healthcare Fund
    Modera erate tely Mod High to e H w at ig o er h L d o M V e r y w H Tata India Pharma & Healthcare Fund o i L g (An open ended equity scheme investing in Pharma and Healthcare Services Sector) h Riskometer Investors understand that their principal As on 30th June 2021 PORTFOLIO will be at Very High Risk INVESTMENT STYLE Company name No. of Market Value % of Company name No. of Market Value % of Primarily focuses on investment in at least 80% of its net Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets assets in equity/equity related instruments of the companies in the Pharma & Healthcare sectors in India. Equity & Equity Related Total 55184.24 97.88 Glenmark Pharmaceuticals Ltd. 167000 1089.76 1.93 INVESTMENT OBJECTIVE Healthcare Services Sanofi India Ltd. 13000 997.39 1.77 The investment objective of the scheme is to seek long Apollo Hospitals Enterprise Ltd. 70500 2551.99 4.53 Gland Pharma Ltd. 19662 673.29 1.19 term capital appreciation by investing atleast 80% of its Fortis Healthcare Ltd. 795000 1935.03 3.43 Laurus Labs Ltd. 90000 619.79 1.10 net assets in equity/equity related instruments of the companies in the pharma & healthcare sectors in Syngene International Ltd. 265000 1545.75 2.74 India.However, there is no assurance or guarantee that the investment objective of the Scheme will be Narayana Hrudayalaya Ltd. 301420 1483.74 2.63 Other Equities^ 1186.14 2.10 achieved.The Scheme does not assure or guarantee any Metropolis Healthcare Ltd.
    [Show full text]
  • MF 35 Fund One Pager
    BR“BuyS RightT : BSit TightR” ST BRSnowT Bin fourRS differentTBRS colorsTBRS BRSTBRSTBRSTBR Motilal Oswal MOSt Focused Invests in enduring B25 RFund STBRSTBwRealth creaStors T Motilal Oswal MOSt Focused Invests in emerging BMidcapR 30 Fund TBRwealth creators T BRSTBSRSTBRSTBSRS Motilal Oswal MOSt Focused Invests in emerging and BMulticapRS 35 FundT BRSTBRenduringST wealthB creatorRs Lock in fund that invests Motilal Oswal MOSt Focused in wealth creators BLongR Term SFund TBRSTBplusR Saves TSax T BR TBR T BRSTBSRSTBRSTBSRS Focused Low Churn QGLP No load BRSTBPortfolioRSTBPortfolioRSTStocksBR BRSInvesTt nowB to addR colorSs Tto yourB porRolioST BRSCall:T 1800-200-6626B | SMS:R FOCUSS to 575753T BRSTBRS Website: www.motilaloswalmf.com Our Investment Philosophy The recommended way to create Wealth from equity- 'Buy Right : Sit Tight' At Molal Oswal Asset Management Company (MOAMC), our investment philosophy and invesng style is centered on 'Buy Right: Sit Tight‘ principal. ‘Buy Right' means buying quality companies at a reasonable price and 'Sit Tight' means staying invested in them for a longer me to realise the full growth potenal of the stocks. Buy Right Stock Characteristics Sit Tight Approach QGLP ‘Q’uality denotes quality of the business and Buy and Hold: We are strictly buy and hold management investors and believe that picking the right ‘G’rowth denotes growth in earnings and business needs skill and holding onto these sustained RoE businesses to enable our investors to benefit from the entire growth cycle needs even more ‘L’ongevity denotes longevity of the skill. competitive advantage or economic moat of the business Focus: Our portfolios are high conviction portfolios with 20 to 25 stocks being our ideal ‘P’rice denotes our approach of buying a good n u m b e r.
    [Show full text]
  • CARE Ratings Ltd
    CARE/HO/RL/2020-21/2749 Mr. Arvind Agrawal Chief Financial Officer Ajanta Pharma Limited Ajanta House, Charkop, Kandivali (W), Mumbai-400067 October 1, 2020 Confidential Dear Sir, Credit rating for bank facilities On the basis of recent developments including operational and financial performance of your company for FY20 (audited) and Q1FY21 (provisional), our Rating Committee has reviewed the following ratings: Facilities Amount Rating1 Rating (Rs. crore) Action Long-term/Short-term Bank 55.00 CARE AA; Stable/CARE A1+ Facilities (reduced from 87.50) (Double A; Outlook: Stable/A Reaffirmed One Plus) Total 55.00 (Rs. Fifty Five crore only) 2. Refer Annexure 1 for details of rated facilities. 3. The rationale for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure-2. We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by October 5, 2020 we will proceed on the basis that you have no any comments to offer. 4. CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 5.
    [Show full text]
  • PUBLIC ANNOUNCEMENT for the ATTENTION of EQUITY SHAREHOLDERS/ BENEFICIAL OWNERS of As Partner of Ganga Exports, Where the Partner’S Share Being 37.5%
    ii. Shareholding of directors of the Promoters and Promoter Group entity (i.e. Gabs Investment Private Limited ii. the amount of permissible capital payment (including premium) as stated in Annexure A for the proposed (“GIPL”)) in the Company: buy-back of equity shares has been properly determined considering the audited standalone financial statements and audited consolidated financial statements in accordance with Section 68(2) of the Act; and Sr. Designation No. of Equity Shares held Percentage (%) of issued Name iii. the Board of Directors of the Company in their meeting dated 3 November 2020, have formed the opinion No. in GIPL in the Company Equity Share capital as specified in clause (x) of Schedule I to the SEBI Buy-back Regulations on reasonable grounds and 1. Yogesh Agrawal Director 1,35,36,523(1) 15.51 that the Company will not, having regard to its state of affairs, be rendered insolvent within a period AJANTA PHARMA LIMITED 2. Rajesh Agrawal Director 1,35,36,522(2) 15.51 of one year from that date. CIN : L24230MH1979PLC022059 3. Ravi Agrawal Director 1,33,32,906(3) 15.28 Auditors’ Responsibility (Continued) Registered & Corporate Office: ‘Ajanta House’, 98 Govt Industrial Area, Charkop, 4. Aayush Agrawal Director 1,25,60,389(4) 14.39 5. The audited standalone financial statements and audited consolidated financial statements referred to in Kandivli (West), Mumbai - 400 067, Maharashtra, India Total 5,29,66,340 60.69 paragraph 5 above, which we have considered for the purpose of this report, have been audited by us, on Tel.: +91 22 6606 1000, Fax: +91 22 6606 1200 | E-mail: [email protected] which we have issued an unmodified audit opinion vide our reports dated 20 May 2020.
    [Show full text]
  • Defying Challenges Achieving Growth
    Annual Report 2019-20 Resilience Defying Achieving Challenges Growth What’s Inside Corporate Overview Statutory Reports Financial Statements 0 2 Letter to Shareholder 15 Management Discussion and 56 Consolidated Analysis 0 4 Business Overview 124 Standalone 20 Directors’ Report 0 6 Resilience: Defying Challenges 190 Notice / Achieving Growth 40 Report on Corporate Governance 10 Resilient Infrastructure 12 Financial Overview 14 Corporate Information For additional information scan the QR CODE For more details, please visit: www.ajantapharma.com Resilienceliterally means ‘capacity to recover quickly from difficulties’. We at Ajanta Pharma, have shown this ability time and again: Defying Challenges faced on the way and Achieving Growth. Each challenge brings associated risks with it, but our proactive approach allows us to defy it so that we continue the growth even during that time. New manufacturing facility for oral solid inaugurated at Pithampur The following pages detail such efforts, which allow us to de-risk the business in a way that insulates it from macro concerns to the extent possible. It is these efforts that make us resilient. Letter to Shareholder DESPITE THE CAPEX OF K 240 CR. IN FY 2020 WE GENERATED OPERATING FREE CASH FLOW OF K 235 CR. IN THE YEAR. Yogesh M. Agrawal Managing Director Dear Shareholder, We hope and wish that all of you have been safe and differentiated products along with seamless execution healthy during this unprecedented challenge faced by allow us to delight our customers, which in turn the humanity. The uncertainty around the course of generates superior quality business for us. This year the COVID-19 pandemic started in March leading to was no exception as it reconfirmed our capability to governments across the world initiating lockdowns.
    [Show full text]
  • List of Nodal Officer
    List of Nodal Officer Designa S.No tion of Phone (With Company Name EMAIL_ID_COMPANY FIRST_NAME MIDDLE_NAME LAST_NAME Line I Line II CITY PIN Code EMAIL_ID . Nodal STD/ISD) Officer 1 VIPUL LIMITED [email protected] PUNIT BERIWALA DIRT Vipul TechSquare, Golf Course Road, Sector-43, Gurgaon 122009 01244065500 [email protected] 2 ORIENT PAPER AND INDUSTRIES LTD. [email protected] RAM PRASAD DUTTA CSEC BIRLA BUILDING, 9TH FLOOR, 9/1, R. N. MUKHERJEE ROAD KOLKATA 700001 03340823700 [email protected] COAL INDIA LIMITED, Coal Bhawan, AF-III, 3rd Floor CORE-2,Action Area-1A, 3 COAL INDIA LTD GOVT OF INDIA UNDERTAKING [email protected] MAHADEVAN VISWANATHAN CSEC Rajarhat, Kolkata 700156 03323246526 [email protected] PREMISES NO-04-MAR New Town, MULTI COMMODITY EXCHANGE OF INDIA Exchange Square, Suren Road, 4 [email protected] AJAY PURI CSEC Multi Commodity Exchange of India Limited Mumbai 400093 0226718888 [email protected] LIMITED Chakala, Andheri (East), 5 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 6 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 7 NECTAR LIFE SCIENCES LIMITED [email protected] SUKRITI SAINI CSEC NECTAR LIFESCIENCES LIMITED SCO 38-39, SECTOR 9-D CHANDIGARH 160009 01723047759 [email protected] 8 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 9 SMIFS CAPITAL MARKETS LTD.
    [Show full text]
  • Systematix Institutional Equities
    Systematix Institutional Equities Ajanta Pharma 19 July 2021 Diversified branded generics play; US region to add to operating leverage INITIATING COVERAGE Ajanta Pharma (AJP)’s business model offers a distinct mix of consistency and fast Sector: Rating: BUY growth with strong operating metrics (debt-free balance sheet, RoE >20%). The Pharmaceuticals company derives 68% of its revenues from the branded generic markets of India, CMP: Rs 2,145 Target Price: Rs 2,481 Africa and Asia, which lend long term earnings visibility, while its US business is scaling up fast, driving operating leverage benefits. The culmination of a large Stock Info capex (Rs 13bn over FY17-21) should further aid growth and drive a 21% EPS CAGR Sensex/Nifty 53,140/15,923 over FY20-23E. Given its strong earnings visibility, best-in-class operating and Bloomberg AJP IN returns metrics, AJP deserves to trade at a premium to its long term average and in Equity shares 87mn 52-wk High/Low Rs 2,195/1,330 line with the Nifty Pharmaceutical Index. We initiate coverage on the stock with a Face value Rs 2 BUY rating and a target price of Rs 2,481 based on 26x (PE) FY23E EPS. M-Cap Rs 187bn/ USD 2.5bn Interesting brand play: AJP derives 68% of its revenues from the branded generics 3-m Avg value USD 3.5mn markets of India, Africa and Asia. This provides consistency and visibility of strong Financial Snapshot (Rs mn) profitability and returns. Its strategy of focusing on niche/first-to-market products in Y/E March FY21 FY22E FY23E India and customized portfolios in emerging markets should lead to continued strong Sales 28,897 31,870 35,549 outperformance.
    [Show full text]
  • Media Release
    Media Release Review of S&P BSE indices Index Committee of S&P BSE Indices has decided to revise the composition of S&P BSE indices as detailed below, w. e. f. June 24, 2013: 1. S&P BSE 200 Index: Exclusions: Inclusions: Code Name Code Name FFF NEYVELI LIGNITE 513683 534816 BHARTI INFRATEL LIMITED CORPORATION LTD. 0.15 531500 RAJESH EXPORTS LTD. 531162 EMAMI LTD 0.30 500840 EIH LTD 533398 MUTHOOT FINANCE LIMITED 0.20 GUJARAT FLUOROCHEMICALS 500173 505200 EICHER MOTORS LTD. LTD. 0.45 532778 LANCO INFRATECH LTD. 532209 JAMMU AND KASHMIR BANK LTD. 0.50 CHAMBAL FERTILISERS & 500085 509480 BERGER PAINTS INDIA LTD CHEMICALS LTD 0.25 532524 PTC INDIA LTD 500034 BAJAJ FINANCE LIMITED 0.35 532670 SHREE RENUKA SUGARS LTD. 500260 MADRAS CEMENTS LTD., 0.55 502742 SINTEX INDUSTRIES LTD 532800 TV18 BROADCAST LTD. 0.45 532391 OPTO CIRCUITS (INDIA) LTD. 500008 AMARA RAJA BATTERIES LTD 0.50 532693 PUNJ LLOYD LTD 532218 SOUTH INDIAN BANK LTD. 1.00 530773 IVRCL LTD 532652 KARNATAKA BANK LTD. 1.00 2. S&P BSE 500 Index: Exclusions: Inclusions: Code Name Code Name FFF 531900 CCL INTERNATIONAL LTD 531465 NOUVEAU GLOBAL VENTURES 0.65 LIMITED 531426 TAMILNADU NEWSPRINT & 526045 LUMINAIRE TECHNOLOGIES LTD 0.75 PAPERS 523838 SIMPLEX INFRASTRUCTURES LTD 534690 LAKSHMI VILAS BANK LTD. 0.95 509631 HEG LTD 531522 RASOYA PROTEIBO LTD 0.70 524051 POLYPLEX CORP. LTD. 502420 ORIENT PAPER & INDUSTRIES LTD. 0.55 532481 NOIDA TOLL BRIDGE CO. LTD. 512105 SHREE NATH COMMERCIAL & 0.85 FINANCE LTD 509550 GAMMON INDIA LTD 512355 ANUKARAN COMMERCIAL 0.90 ENTERPRISES LT 512463 SHREE GLOBAL TRADEFIN LTD 530557 NCL RESEARCH & FINANCIAL 0.80 SERVICES LTD 513250 JYOTI STRUCTURES LTD 500027 ATUL LTD.
    [Show full text]
  • Draft Letter of Offer This Document Is Important and Requires Your Immediate Attention
    DRAFT LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Letter of Offer is being sent to you, being an Eligible Shareholder of Ajanta Pharma Limited (the “Company”) as on the Record Date (as defined hereunder) in accordance with Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018. If you require any clarifications about the action to be taken, you may consult your stockbroker or investment consultant or the Manager to the Buyback Offer i.e. IndusInd Bank Limited or the Registrar to the Buyback Offer i.e. Link Intime India Private Limited. Please refer to the section on ‘Definitions’ for the definition of the capitalized terms used herein. AJANTA PHARMA LIMITED Registered & Corporate Office: ‘Ajanta House’, 98 Govt Industrial Area, Charkop, Kandivli (West), Mumbai - 400 067, Maharashtra, India CIN: L24230MH1979PLC022059 Contact Person: Mr. Gaurang Shah, Company Secretary Tel: +91 22 6606 1000 | Fax: +91 22 6606 1200 Email: [email protected] | Website: www.ajantapharma.com CASH OFFER FOR BUYBACK OF NOT EXCEEDING 7,69,230 (SEVEN LAKH SIXTY NINE THOUSAND TWO HUNDRED THIRTY) FULLY PAID-UP EQUITY SHARES OF FACE VALUE ` 2 EACH, REPRESENTING 0.87% OF THE TOTAL NUMBER OF EQUITY SHARES IN THE ISSUED, SUBSCRIBED AND PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY, FROM ALL THE EXISTING SHAREHOLDERS/ BENEFICIAL OWNERS OF EQUITY SHARES OF THE COMPANY AS ON THE RECORD DATE i.e. TUESDAY, FEBRUARY 12, 2019 ON A PROPORTIONATE BASIS, THROUGH THE “TENDER OFFER” PROCESS AT A PRICE
    [Show full text]
  • Placement Report 2015-16.Pdf
    Jayawant Shikshan Prasarak Mandal’s Charak College of Pharmacy and Research Gat No.720/1&2, Wagholi, Pune-Nagar Road, Pune-412 207 ANNUAL PLACEMENT REPORT 2015-16 The placement cell constituted for the academic year 2015-2016 is as follows, Sr. No. Name Designation 1. Dr. S. D. Ambawade Chairman 2. Prof. S. A Waghmare Training and Placement Officer 3. Prof. S. S Jangam Member 4. Prof. N. B. Londhe Member The activities performed by the Training and Placement cell in the academic year 2015- 2016 are as follows, 1. Organization of campus interviews (On-campus & Off-campus) for Placement for Final Year Students (Pass out and appearing students) 2. Assisting students for one month industrial training 3. Organization of Industrial Visits 4. Special guidance for higher studies in India and abroad 5. Industry expert and students interaction with regard to career avenues and work culture in Pharmaceutical Industry. 6. Organization of Personality development Workshop 7. Organization of Guest lectures on soft skill development 8. Organization of Seminar on Entrepreneurship Skills 9. Training on: English Language Skills, Resume Building, GD Sessions, Aptitude tests, Demo interviews. 1 Details of the Activities Performed under Training and Placements SUMMARY OF STUDENTS PLACED (2015-2016) Total No of Student = 61 Particulars of Students Percentage Number (Higher Education/Placement/Entrepreneurship) (%) Bachelor of Pharmacy Total No of Students = 59 Student Placed 48 81.36 Student Opted for Higher Education 07 11.86 Students Started entrepreneurship 03 5.08 Total 58 98.31 Master of Pharmacy Total No of Students = 02 Student Placed 02 100 Total No of Students (59+02=61) 60 98.36 Placement Details (B.
    [Show full text]