External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Revenues stood at Rs. 957 crore, falling 19% y-o-y and 18% q-o-q, falling 5% short of our estimates.</li><li>EBITDA was Rs. 193 crore, down 9% y-o-y and 22% q-o-q, and 6% below our estimates.</li><li>Margins stood at 20%, reflecting an 11bps decrease q-o-q, a 24 bps increase y-o-y, and 4 bps below our estimates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenues stood at Rs. 957 crore, falling 19% y-o-y and 18% q-o-q, falling 5% short of our estimates.EBITDA was Rs. 193 crore, down 9% y-o-y and 22% q-o-q, and 6% below our estimates.Margins stood at 20%, reflecting an 11bps decrease q-o-q, a 24 bps increase y-o-y, and 4 bps below our estimates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Granules India Ltd - Plants Resuming Operations and Upcoming Product Launches

<ul><li>Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase its EBITDA Margins to 22%.</li><li>Granules is shifting its focus from an API company to a formulations company and intends to increase its formulation contribution from 65% to 70% in the next two years.</li><li>Granules is also setting up a pilot project for DCDA, which is expected to be completed by 4QFY24E, and PAP at the Vizag plant, which will be completed by FY25E under the project CZERO.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase its EBITDA Margins to 22%.Granules is shifting its focus from an API company to a formulations company and intends to increase its formulation contribution from 65% to 70% in the next two years.Granules is also setting up a pilot project for DCDA, which is expected to be completed by 4QFY24E, and PAP at the Vizag plant, which will be completed by FY25E under the project CZERO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Granules India Ltd- - Increased Focus on Value-Added Products to Drive Margins

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>A news report has indicated that SEBI is looking to tighten criteria used for inclusion and continued availability of stocks in the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>Our analysis shows 30 stocks could be deleted from the F&amp;O segment while another 12 are close to deletion zone. If applied objectively, 22 stocks could be added to F&amp;O.</li>
<li>Deletion from the F&amp;O segment could see two stocks dropped from the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> while inclusion in F&amp;O could see two stocks added to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>.</li>
</ul>


A news report has indicated that SEBI is looking to tighten criteria used for inclusion and continued availability of stocks in the Futures &amp; Options (F&amp;O) segment of the market.
Our analysis shows 30 stocks could be deleted from the F&amp;O segment while another 12 are close to deletion zone. If applied objectively, 22 stocks could be added to F&amp;O.
Deletion from the F&amp;O segment could see two stocks dropped from the Nifty Next 50 Index while inclusion in F&amp;O could see two stocks added to the NIFTY Index.


Impact of Potential Changes to India F&O Eligibility Criteria

India

Granules India Limited is a global pharmaceutical company engaged in the manufacturing and selling of Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs).

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Granules India (GRAN IN)

Granules India Ltd - Plants Resuming Operations and Upcoming Product Launches

Revenues stood at Rs. 957 crore, falling 19% y-o-y and 18% q-o-q, falling 5% short of our estimates. EBITDA was Rs. 193 crore, down 9% y-o-y and...

Sharekhan

Granules India Ltd- - Increased Focus on Value-Added Products to Drive Margins

Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase...

Sharekhan

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Impact of Potential Changes to India F&O Eligibility Criteria

News reports indicate that SEBI is looking to tighten criteria for inclusion and continued availability of stocks in the F&O segment. 30 stocks...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Granules India Ltd - Plants Resuming Operations and Upcoming Product Launches

Revenues stood at Rs. 957 crore, falling 19% y-o-y and 18% q-o-q, falling 5% short of our estimates. EBITDA was Rs. 193 crore, down 9% y-o-y and...

Sharekhan

Granules India Ltd- - Increased Focus on Value-Added Products to Drive Margins

Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase...

Sharekhan

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Impact of Potential Changes to India F&O Eligibility Criteria

News reports indicate that SEBI is looking to tighten criteria for inclusion and continued availability of stocks in the F&O segment. 30 stocks...

Brian Freitas

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...