In today’s briefing:
- Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback
- Emcure Pharmaceuticals Pre-IPO – Proforma Earnings Were Strong but It Faces a Host of Legal Issues
- Vedant Fashions IPO Trading – Liked by Instis While Retail Gave It a Miss
- Metropolis Healthcare Ltd – Q3FY22 Result Update
- HSIE Results Daily: Berger Paints, Apollo Hospitals, Trent, Kansai Nerolac, V-MART Retail,…
- Aegis Logistics Ltd | Q3FY22 Result Update
- Apollo Hospitals: In Line Quarter; Numbers Trend Pre-Covid Level
- Power Grid: Steady Performance
- Pick of the Week: HG Infra Engineering Ltd
- Gujarat State Petronet Ltd: High Gas Prices Impact Volume Offtake
Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback
- Indian IT giant Tata Consultancy Svcs (TCS IN) released their public announcement document for their latest buyback after market close on 14th February 2022.
- The company is planning to spend up to INR180bn (~US$2.4bn) which is one of the largest amounts spent in Tender Offer-style Buybacks in India.
- Below is a closer look at the details of this Buyback.
Emcure Pharmaceuticals Pre-IPO – Proforma Earnings Were Strong but It Faces a Host of Legal Issues
- Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
- EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
- In this note, we talk about the various aspects of the deal.
Vedant Fashions IPO Trading – Liked by Instis While Retail Gave It a Miss
- Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss.
- It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
- In this note, we will talk about the trading updates and other deal dynamics.
Metropolis Healthcare Ltd – Q3FY22 Result Update
- Missed estimates, margin contraction with lower realisations.
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HSIE Results Daily: Berger Paints, Apollo Hospitals, Trent, Kansai Nerolac, V-MART Retail,…
- V-MART Retail: V-MART reported 47% growth YoY.
- Organic business (ex-Unlimited acquisition) recovered fully from the pandemic blues (INR5.74bn).
- The recent stock price correction allows us to upgrade our rating on V-MART to ADD (earlier REDUCE), as risk-reward becomes more palatable.
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Aegis Logistics Ltd | Q3FY22 Result Update
- Signs of improvement as retail rebounds.
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.
Apollo Hospitals: In Line Quarter; Numbers Trend Pre-Covid Level
- Apollo is one of the leading integrated healthcare service provider with avenues like hospitals, pharmacies, primary care & diagnostic clinics
- Apollo reported in line results but it was skewed with hospitals lagging our expectations while pharmacies were a beat on our estimates
- Target Price and Valuation: We value Apollo at Rs 5480 based on SOTP valuation.
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Power Grid: Steady Performance
- Powergrid is India’s largest power transmission utility with transmission lines of 172190 ckt km and 46900 MVA of transformation capacity
- Powergrid transmits about 50% of the total power generated in India on its transmission network
- Target Price and Valuation: We value the stock at Rs 210 at 1.9x FY24E book value
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Pick of the Week: HG Infra Engineering Ltd
- H.G. Infra Engineering Limited (HGIEL) – incorporated in 2003, is a Jaipur (Rajasthan) based infrastructure company
- Over the last 18 years, the company has successfully transformed itself into a primary road developer from a sub-contractor
- We recommend a Buy the stock for a target price of Rs 680 implying an upside of 11% from CMP.
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Gujarat State Petronet Ltd: High Gas Prices Impact Volume Offtake
- The company recognised gain of Rs 50.3 crore post transfer of CGD business to its subsidiary, Gujarat Gas.
- We maintain our BUY rating on the stock Target Price and Valuation: We value GSPL’s transmission business at ~Rs 185/share.
- At the CMP, GSPL’s investments in its listed CGD entity Gujarat Gas (54.1% stake) and unlisted Sabarmati Gas, is trading at ~74% discount
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