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In today’s briefing:
- Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well
- Home First Finance (HOMEFIRS IN) | The Bounce Mystery & Way Forward
- Zydus Lifesciences (ZYDUSLIF IN): Strong India and US Momentum to Improve Margin and Drive Growth
Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well
- The promoters of Patanjali Foods (PATANJAL IN) are looking to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.
- We had discussed about this in their effective re-listing FPO last year, and the deal has been well covered by media sources as well, thus it is very well flagged.
- While it would be a large one to digest, representing at least 62.1 days of the firm’s three month ADV, the deal will lift the remaining overhang on the stock.
Home First Finance (HOMEFIRS IN) | The Bounce Mystery & Way Forward
- Home First Finance (HOMEFIRS IN) lends to a customer segment exposed to high income volatility.
- Soft bounces are used by customers to manage their cash flow, with bounce charge collection done on a best-effort basis, management attitude towards financial discipline warrants attention.
- While there may not be any immediate asset quality issues, caution is warranted.
Zydus Lifesciences (ZYDUSLIF IN): Strong India and US Momentum to Improve Margin and Drive Growth
- Zydus Lifesciences Ltd (ZYDUSLIF IN) reported total revenue of INR43.6B, up by 20% YoY and 6% QoQ, in Q3FY23. Key markets, India and the U.S. continued to deliver robust performance.
- U.S. business is on track to register QoQ growth in near-term, with the launches of new products. Zydus plans to launch 2–3 transdermal products in U.S. in FY24.
- For its India business, the company aims to outperform the industry growth sustainably in the medium to long term. Lipaglyn is expected to be among top 25 products of India.
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