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In today’s briefing:
- Coforge QIP Early Look – Shares Have Corrected Since the Announcement, Last Deal Did Well
- Maruti Suzuki India (MSIL IN): Market Leadership Position in UV Segment Bodes Well
- Axis Bank Incubates a New Entrepreneur — Its Head of Retail Branches
- Rain Industries- Forensic Analysis
- Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, MGM China Holdings
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Coforge QIP Early Look – Shares Have Corrected Since the Announcement, Last Deal Did Well
- Coforge (COFORGE IN) is looking to raise around US$386m in its upcoming qualified institutional placement (QIP).
- In an announcement released on Saturday, Coforge had mentioned its board’s approval to raise up to INR32bn via a QIP. Since then, the shares have corrected 9.1%.
- The deal would be a large one to digest at 14 days of three month ADV. That being said, the company’s last selldown did well.
Maruti Suzuki India (MSIL IN): Market Leadership Position in UV Segment Bodes Well
- In Q3FY24, Maruti Suzuki India (MSIL IN) reported revenue of INR 335Bn, a growth of 14.6% YoY on the back of higher realization and volume.
- EBITDA margin expanded 210bps YoY to 12.3% as higher volume, favorable commodity price played a role in tandem.
- The company is planning 2x increase in its annual production capacity to about 4Mn by 2030-31. Capacity expansion plans augur well for the company in medium to long term.
Axis Bank Incubates a New Entrepreneur — Its Head of Retail Branches
- Sudden resignation of Ravi Narayanan Group-Head in charge of retail branches, retail liabilities and third party products as he wishes to pursue entrepreneurship.
- Possible explanation is that the bank like other banks is finding it difficult to raise retail deposits and pressure is building up on senior management
- Bank has a high LDR and reportedly the banking regulator is demanding the bank to lower its LDR. This will have consequences on future loan growth or on NIM
Rain Industries- Forensic Analysis
- Rain Industries (RINDL IN) is one of the global leaders in coal tar pitch and calcined petroleum coke. The company also engages in cement manufacturing.
- The company has been facing heat lately especially business related. The fact that there are goodwill impairments, reversal of DTA and costly refinancing puts Rain in a worrying shape.
- The company also has seen impairment in fixed assets especially the CWIP. The company also faces high liability for its DB plan in Germany.
Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, MGM China Holdings
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.