In today’s briefing:
- IRCTC OFS – Well Flagged Deal for an Overly Well Priced Stock
- Zydus Lifesciences (ZYDUSLIF IN): New Launches Aid US Business; India Business Continued to Progress
IRCTC OFS – Well Flagged Deal for an Overly Well Priced Stock
- Government of India (GoI) aims to raise up to US$360m via selling its 5% stake in Indian Railway Catering and Tourism (IRCTC IN).
- This is not the first selldown by GoI and won’t be the last either. However, the stock now looks more expensive than ever.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Zydus Lifesciences (ZYDUSLIF IN): New Launches Aid US Business; India Business Continued to Progress
- In Q2FY23, Zydus Lifesciences Ltd (ZYDUSLIF IN) recorded 16% y/y and 10% q/q growth in the U.S. formulation business, mainly driven by new launches including gRevlimid.
- India formulation business continued to progress well, with market share gain in key therapies including cardiovascular, gynecology, respiratory, and gastro intestinal on a y/y basis.
- Zydus remains confident to achieve 20% plus EBITDA margin for the current fiscal, backed by growth visibility across key businesses, coupled with various cost optimization initiatives.
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