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End of the Week Update End of the Week Update July 18, 2021 Contents Page Section Title number 1 Our Views 3 2 Market Update 4 3 Sectoral Update 3.1 Financial Services 7 3.2 Technology, Telecom and Media 9 3.3 Pharma 11 3.4 Healthcare 12 3.5 Auto & Auto Components 13 3.6 Metals & Mining 14 3.7 Aviation 15 3.8 Power and Infrastructure 16 3.9 Consumer and Retail 18 3.10 Real Estate 20 3.11 Startup Update 21 Disclaimer: This presentation is for information and illustrative purpose only. This presentation should not be relied upon to take any decisions, including investment decisions. Neither we nor any of our affiliates shall be liable for any damage, loss, injury, whether direct or indirect, that may be caused to you as a result of any investment made based on this presentation. This presentation is neither an offer to buy or sell or deal nor a solicitation of any offer to buy or sell or deal in securities, financial products, investments, etc. This information is neither addressed to nor should it be presented in any jurisdiction where such presentation will entail any liability or requirement of registration or approval on us. Even though the information is drawn from reliable sources, we neither guarantee nor assure the accuracy, completeness or authenticity of the information provided by us in this presentation. Information contained in this presentation is subject to change without any prior notice. The information provided in this presentation is not investment advice. 2 Our Views Entrepreneurship supported by Private Equity Capital Crony capitalism, lack of capital and leveraged capital are terminologies we would often hear in conversations a few years back. Over time, the scenario has significantly changed in the country. The change was initially ushered in by venture capital funds providing capital to start ups. Today, long-term private equity firms and buyout firms are promoting and supporting the growth of entrepreneurship in India. This remarkable shift is also supported by public markets and the market regulators. As our public markets have matured, private capital has also evolved. Private capital, though a single terminology, takes on various forms for investing as well as for exits. There are mainly three forms of the investment - venture capital, minority private capital and buyout capital. Private capital is more long term/ permanent than public capital, however this is also not perpetual. Therefore, private capital requires exit at an appropriate time from their investment. Over time private capital has explored different forms of exits such as minority sell down, block sale in the public markets if the investee company is a listed company, strategic sale in cases of control transactions and private equity to private equity sale. We have also witnessed other modes of exits like a controlling stake being sold in the public market, sale from one fund to another fund within the same group and exit through SPAC process. More recently, we see the new trend of private equity exiting through public market. This new concept has been successfully tried by private equity investors, where they exit by way of an Initial Public offering (IPO) of the company. Buyout firms had long believed that strategic investors pay more value than public market. The rationale behind this is that strategic investor can combine their businesses and derive synergies. In addition, since they would control the entire cashflow of the business, they have an additional incentive to acquire the business. As a result, there is a general perception that a strategic investor will pay premium valuation. Contrary to this belief, the new alternative of public markets has started offering much better valuation. This is because there is higher confidence in the adequacy of governance framework of a company which is owned by professional investors. With comfort around professional management, higher corporate governance, absence of related party transactions etc. the public markets are also paying full value. This new trend of making private public is very significant as it gives a boost to entrepreneurship. Let me explain the concept. If there is an entrepreneur who sets up a business or has an idea, a venture capital can fund the idea/ business. Once the business is established, the venture capital investor will exit by selling their stake to a private equity investor - the private capital will either buy the entire stake solely or a group of private equity investors could together invest. Once the business grows further, the private equity investor will want to exit. Eventually, they will sell either to a strategic investor or through public market. Sale to a strategic investor curtails the involvement of original entrepreneur. However, if the private capital gets an exit through the public markets, then the entrepreneur can continue to run and control the business so long as he or she has the confidence of the Board. I would say that this is a big change that will bring in a new age business model with professional capital, professional management and professional entrepreneur. The good part is that the regulator is also playing the role of a key enabler. The recent consultative paper of SEBI proposing to change the present provision of promoter to the concept of controlling shareholder is a move that would make it easier for entrepreneurs and private investors to access public markets. Identification of promoter, promoter group and relatives of the promoter; and minimum promoter’s contribution/ shareholding/ lock-up requirements have been a challenge for the new age companies and businesses. The concept of controlling shareholder and the proposed change in the current lock-in requirements will resolve some of these issues. Further, with the role of independent directors getting strengthened, the interests of larger public shareholders will be protected from a governance perspective. To my mind, all ducks are in a row for a combination of Laxmi and Saraswati in the form of capital and capability to give us a lot more Unicorns! 3 Market Update Key Market Trends Global and Indian Indices Performance Rebased to 100 Last 1 Year Rebased to 100 Since Jan 01, 2021 200 1,500 120 (YTD) 1,500 180 115 160 1,000 1,000 140 110 120 105 500 500 100 100 80 60 0 95 0 The Indian indices, 16-Jul 27-Sep 09-Dec 20-Feb 04-May 16-Jul 01-Jan 09-Feb 20-Mar 28-Apr 06-Jun 16-Jul Nifty and Sensex, NIFTY Volume Nifty Sensex Dow Jones NASDAQ FTSE Nikkei Hang Seng increased by 1.5% (RHS) -Mn Current and 1.4% Return (%) 1D 1W 1M 3M 6M YTD 1Y respectively Level Nifty 15,923 (0.0%) 1.5% 1.0% 8.9% 10.3% 13.6% 48.3% Sensex 53,140 (0.0%) 1.4% 1.2% 8.8% 8.4% 11.0% 45.7% Dow Jones 34,688 (0.9%) (0.5%) 1.9% 1.4% 12.6% 13.3% 29.7% Nasdaq 14,681 (0.8%) (1.0%) 5.0% 4.6% 14.7% 13.9% 38.2% FTSE 7,008 (0.1%) (1.6%) (2.5%) (0.2%) 4.0% 8.5% 12.1% Nikkei 28,003 (1.0%) 0.2% (4.4%) (5.7%) (1.8%) 2.0% 23.0% Hang Seng 28,005 0.0% 2.4% (1.5%) (3.3%) (2.0%) 2.8% 12.2% Indian Sectoral Performance Current Return (%) 1D 1W 1M 3M 6M YTD 1Y NIFTY Realty, NIFTY Level IT and NIFTY Metal Nifty Bank 35,752 (0.4%) 1.9% 2.1% 11.8% 10.9% 14.5% 65.5% were the bigger Nifty Fin. Services 16,884 (0.2%) 1.8% 1.9% 9.9% 9.3% 11.2% 57.7% winners this week Nifty FMCG 36,254 0.2% 0.2% 0.3% 4.0% 4.7% 5.4% 16.3% Nifty Pharma 14,635 1.2% 1.9% 2.9% 10.6% 12.5% 12.6% 41.0% Nifty IT 29,400 (1.1%) 2.6% 3.3% 11.7% 11.5% 20.2% 73.7% Nifty Auto 10,428 0.0% 0.1% (2.3%) 6.3% 2.5% 12.5% 48.6% Nifty Media 1,801 (0.4%) (1.3%) (4.5%) 22.1% 3.9% 8.6% 36.3% Nifty Metal 5,391 1.0% 2.2% 3.4% 21.6% 56.3% 65.4% 160.4% Nifty PSU Bank 2,463 (0.4%) (0.3%) 0.2% 20.8% 27.1% 36.1% 75.2% Nifty Private Bank 18,710 (0.5%) 1.8% 1.6% 9.4% 6.1% 8.8% 57.8% Nifty Realty 398 1.1% 8.6% 12.8% 27.0% 20.0% 25.6% 103.2% BSE Telecom 1,417 2.5% 0.9% 2.0% 4.7% (4.4%) 10.2% 10.3% BSE Healthcare 26,307 1.1% 1.7% 4.5% 14.3% 19.4% 20.4% 55.3% Valuation multiples NTM PE Ratio – Last 1 Year for NSE Realty, NSE 39.9x, Realty Metals and NSE IT 34.4x, FMCG recorded the 29.5x, Healthcare 42.0x biggest gains this 27.9x, Pharma 26.0x, IT week 36.0x 21.9x, Sensex 30.0x 21.5x, Auto NTM PE Ratio chart 21.3x, Fin. Services shows the evolution 24.0x 20.9x, Nifty 19.5x, Media of NTM valuation 18.0x 17.9x, Bank multiple on each 12.0x day for the last 12 7.9x, Metals months 6.0x 0.0x 16-Jul 27-Sep 09-Dec 20-Feb 04-May 16-Jul Source: Bloomberg as on July 16, 2021 4 Market Update Key Market Trends Trading Activity by FII/DIIs in Capital Market Segment (USD mn) FIIs/FPIs were net Last 1 Week Weekly Total 16-Jul-21 15-Jul-21 14-Jul-21 13-Jul-21 12-Jul-21 sellers in the cash and F&O segment FII/FPI (Cash) (357.6) (62.5) (35.5) (174.8) 15.3 (100.0) whereas DIIs were 1 net buyers this FII/FPI (F&O) (186.1) 31.4 451.3 27.0 (396.4) (299.4) week DII 433.6 89.3 58.9 179.1 46.2 60.0 Total (110.1) 58.2 474.7 31.3 (334.9) (339.4) FIIs/FPIs were net buyers in the debt segment Trading Activity by FIIs in Debt Segment (USD mn) Last 1 Week Weekly Total 16-Jul-21 15-Jul-21 14-Jul-21 13-Jul-21 12-Jul-21 FII/FPI 95.8 100.2 (11.4) 64.7 (68.6) 10.8 Trading Activity on Stock Exchanges by Mutual Funds in Debt Segment (USD mn) Last 5 days Weekly Total 13-Jul-21 12-Jul-21 09-Jul-21 08-Jul-21 07-Jul-21 available Mutual Funds 972.1 47.1 140.6 537.0 191.0 56.5 FPI Debt Utilization Status in G-Sec Segment (USD mn) Total Investment Total Investment Utilization Utilization Instrument Type 1M change (July 16, 2021) (June 16, 2021) (July 16, 2021) (June 16, 2021) Central Government 12,218 12,356 (1.12%) 37.12% 37.49% Securities (General)
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