IRB Invit Fund

IRB INVIT FUND

AUM: 7500 crores

Market Cap: 3890 crores

Issue Price per unit: Rs. 102 (12% implied yield)

Lot size: 5000 units

Current Market Price per unit: Rs. 67 (18% implied yield)

Total Distribution per unit: Rs. 22

Current Year Distribution per unit: Rs. 12.25

 

 Unit Capital Borrowings Total Income PAT EPS Promoter’s Holding

2019

 5607.63 1752.26 1233.4 197.76 3.4 18.5% approx
             
2018 5799.19 1738.58 1005.15 232.42 4

15%

 

Associates from JSAlphaa attended the AGM held on 9-07-2019 at Andheri, Mumbai from 11am to 12:30 pm approx

Management answering questions:

  1. R.P. Singh- Chairman of the board
  2. Mr. Tushar Kawedia- CFO

The following were the main concerns raised by investors which were answered by the management in the following manner:

  1. Why did the price fall from 102 to 66?

The management blamed macro factors like demonetisation, GST and the changes in mining laws in Rajasthan which lowered the toll collection along 2 of their projects. They were very vague and could not justify the fall properly.

  1. Will they be able to maintain the Rs 12 payout after their agreement for 2 of the roads expires next year?

The management was confident in maintaining their current cash flows despite the termination of their agreement for 2 roads provided their projections for traffic growth and increase in toll remains in line with 5.5 & 5%, and inflation is at an adequate rate. Further, they assured investors of an extension in collection periods if their projections for traffic growth and toll collections fall short.

  1. By how much has the management increased its stake and does it plan to continue to do so?

The management has been purchasing units from the open market and has increased its stake by 3.5% and total holdings from 15% have now reached around 18.5% .They also implied that they plan on increasing their stake further but did not confirm or deny it.

  1. Does the fund plan on repaying the principle amount back and by when?

The fund will return the principle amount back to the unit holders by 2041 provided there are no new project acquisitions. The exact breakup of the interest +dividend +principle is up to the management but they plan on dividend payouts from 2021. A total amount of Rs400 since IPO till 2041 is expected to be paid out to the unit holders which includes interest dividend and principle amounts.

  1. What are the risks associated in the future?

The management was slightly concerned about inflation rates not being in line with the government’s projections. If the inflation rate is not high enough, the toll amount collected will not be enough and will not qualify them for an extension and the unit holders will receive correspondingly lower returns. Hence inflation rates and changes in government regulation regarding tolls and their collections remain the biggest risk associated.

  1. How will the management raise funds for new projects?

The management was not sure about acquiring any new projects unless they are in synergy and match the current returns which are being provided (around 18%) which is difficult to find. If they do find a good fit they plan on using the 10% which in not distributed and mostly via debt. However their answered remained vague and unsure about new projects.

Benefits of Investing:

  • Higher implied yield and Lower downside risk in comparison to investors who invested at amounts higher and entered at IPO.
  • The governments increased interest in improving and laying out more infrastructure may benefit this trust
  • Liquidity since it is listed

Risks associated:

  • Changes in government policy where they might stop collecting tolls altogether.
  • The extensions provided may not be enough to recover cash flows lost if the traffic growth and increase in toll collections don’t match anticipated levels and will extend the recovery horizon beyond 2041
  • Inflation not matching projected levels will skew cash flows and returns to investors
  • The trust may not be able to maintain the Rs. 12 / implied yield at current levels if they plan on acquiring new projects. Or they cannot acquire new projects due to the current implied yield being too high.
  • The management didn’t give a clear picture when asked about the price falling from 102 to 67

 

Daily Bulletin (30th July, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190730-29

There are no current notifications of our companies on this date

1.Scrip code : 506640
Name : Gujchem Distillers India Ltd.
Subject : Updates on Open Offer
Systematix Corporate Services Limited (“Manager to the Offer”) has submitted to BSE a copy of Offer Opening Public Announcement in terms of Regulation 18(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for the attention of the Equity Shareholders of Gujchem Distillers India Ltd (“Target Company”)

2.Scrip code : 532482
Name : Granules India Ltd.
Subject : Board declares First Interim Dividend
Granules India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2019, inter alia, has declared first Interim Dividend of 25 paise per share of face value of Re. 1/- each representing 25% of paid-up capital for the financial year 2019-20

3.Scrip code : 532761
Name : HOV Services Limited
Subject : Board Meeting Intimation for Notice Of Board Meeting Dated August 8, 2019
HOV SERVICES LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 08/08/2019 ,inter alia, to consider and approve Dear Sir/Madam, NOTICE is hereby given that a Meeting of the Board of Directors of the Company will be held on Thursday, the August 8, 2019 to consider inter-alia Un-audited and reviewed Standalone & Consolidated financial results of the Company for 3 months financial period (Q1) ended on June 30, 2019 of FY 2019-20. Further, it is hereby informed that the Trading Window for dealing in the securities of the Company by its Promoters, Directors, Officers, and Designated Persons and/or their immediate relatives was closed from July 1, 2019 and will remain closed until end of 48 hours after the declaration of the unaudited financial results of Q1 ended June 30, 2019. Kindly take the above on record.

Daily Bulletin (26th July, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190726-39

 

There are no current notifications of our companies on this date

1.Scrip code : 541556
Name : RITES Limited
Subject : Record Date
We wish to inform the Exchange that pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Record Date for the purpose of determining eligibility of Shareholders for the issuance of fully paid up bonus shares of face value of Rs. 10 each is August 11, 2019.

2.Scrip code : 532461
Name : Punjab National Bank
Subject : Price Sensitive Information/Disclosure: Permission For Raising Of Equity Capital Upto Rs.5000 Cr Through QIP/Rights Issue/FPO
Reg.: Price sensitive information/disclosure: Permission for Raising of Equity Capital upto Rs.5000 Cr through QIP/Rights Issue/FPO The exchange is hereby informed that a meeting of the Board of Directors of the Bank held on 25.07.2019 granted approval for raising Equity Capital amounting up to Rs.5000 Crore in one or more tranches through Qualified Institutional Placements (QIP)/ Follow-on Public Offer (FPO)/Rights Issue. The meeting started at 02:30 PM and concluded at 08:20 PM. This is in compliance with the regulation 30 of SEBI (LODR) Regulations, 2015. This is for your information and appropriate dissemination.

3.Scrip code : 504000
Name : Elpro International Ltd.
Subject : Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.
We write further to our letter dated April 20, 2018 informing about the Scheme of Amalgamation for the merger of wholly owned subsidiary, M/s. Elpro Estates Limited (“Transferor Company”) with M/s. Elpro International Limited (“Transferee Company”), pursuant to sections 230 to 232 and other relevant provisions of the Companies Act, 2013. Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that the Hon”ble National Company Law Tribunal (NCLT), Mumbai bench vide its order dated July 11, 2019, has approved the Scheme of Amalgamation as aforesaid.A certify true copy of the Order as stated above is received today.

4.Scrip code : 530655
Name : Goodluck India Limited
Subject : Board Meeting Intimation for Board Meeting Notice
Goodluck India Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 31/07/2019 ,inter alia, to consider and approve to consider and approve the proposed scheme of merger and amalgamation of M/s. Swachh Industries Limited with the Company. Swachh Industries Limited is the wholly owned subsidiary of Goodluck India Limited.

5.Scrip code : 535755
Name : Aditya Birla Fashion and Retail Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
This is further to our communication dated July 15, 2019 wherein it was informed that the ‘ABFRL Acquisition Committee’ of the Company had approved a strategic partnership with designers ‘Shantanu & Nikhil’ through acquisition of 51% stake in ‘Finesse International Design Private Limited’ (‘Finesse’) by way of signing of a Share Subscription and Purchase Agreement (‘SSPA’) and a Shareholders’ Agreement (‘SHA’) with Finesse and its shareholders (‘the said transaction’). The said transaction was subject to completion of customary closing conditions under the SSPA and SHA (signed on July 15, 2019). This is to update that the Board of Directors of the Company, at its meeting held today, has noted completion of the closing conditions and under the SSPA and the SHA and consequently approved completion of the said transaction by way of:- a) subscription towards equity infusion and b) secondary share purchase from its existing shareholders. On completion of the above, the Company will hold 51% in Finesse and consequently, Finesse will become a subsidiary of the Company.

6.Scrip code : 542216
Name : DALMIA BHARAT LIMITED
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and further to our previous communication dated December 21, 2017 regarding the Resolution Plan (‘RP’) for the revival of Murli Industries Ltd (‘MIL’) submitted by Dalmia Cement (Bharat) Ltd (‘DCBL’), wholly owned subsidiary of the Company, we are pleased to inform that the RP has been approved by the Honourable National Company Law Tribunal (‘NCLT’), Mumbai vide its order(s) dated July 3, 2019 and July 22, 2019. DCBL has submitted its affidavit of acceptance on July 25, 2019 as directed by NCLT vide the aforesaid orders.

7.Scrip code : 500520
Name : Mahindra & Mahindra Ltd.
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Sub:Intimation of Subsidiary Company under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sirs, The Company has received an intimation today from Mahindra Agri Solutions Limited (‘MASL’), a subsidiary of the Company that Merakisan Private Limited (‘MKPL’), which was an associate company of MASL has become a subsidiary of MASL and in turn has become a subsidiary of the Company pursuant to MASL getting voting rights on the Optionally Convertible Preference Shares held by MASL in MKPL. The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 are given in Annexure A to this letter. This is for your information. Kindly acknowledge receipt.

8.Scrip code : 512591
Name : Pulsar International Limited
Subject : Open Offer
Keynote Financial Services Ltd (“Manager to the Offer”) has submitted to BSE a copy of Public Announcement (under Regulations 3 (1) & 4 read with Regulation 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers Regulations, 2011, as amended) for the attention of the Equity Shareholders of Pulsar International Ltd (“Target Company”).

9.Scrip code : 519242
Name : Sarda Proteins Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
We wish to inform you that Ritika Vegetable Oil Private Limited, Mr. Ajay Data, Mr. Deepak Data and Mrs. Nidhie A Data has acquired equity shares to an extent of 26.77% of the total shareholding of the company and has acquired control and is categorised as Promoter pursuant to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The intimations received from the abovementioned persons pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015 on the completion of acquisition of 26.77% is attached herewith.

10.Scrip code : 540203
Name : Sheela Foam Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Pursuant to the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we would like to inform you that the company in its Board meeting held on 26th July 2019 has approved to acquire Interplasp S.L., Spain.

AFFLE (INDIA) LIMITED

 

AFFLE (INDIA) LIMITED

 

 

Price Band: 440-445                                                                                                                                Issue Opens: July 29                                                                                                                                               Issue Closes: July 31

 

Consolidated
Year Equity Capital Net Worth Long Term Debt Total Sales PAT BV(Rs) EPS (Rs) P/E* P/BV*
2019 24 74 1 250 49 30 20.1 37.1 24.4

 

Unconsolidated
Year Equity Capital Net Worth Long Term Debt Total Sales PAT BV(Rs) EPS (Rs) P/E* P/BV*
2019 24 46 0 121 17 19 6.9 108.5 39.1
2018 24 30 0 85 9 12 3.6 – –

*Price: 745

ROE (2016-2018): 67.4%

 

Issue size:
Total Issue: 6,169,220 Equity Shares of Rs 10 (aggregating up to Rs 459.00 Cr)

Fresh Issue: 1,216,200 Equity Shares of Rs 10 (aggregating up to Rs 90.00 Cr)

Offer for Sale: 4,953,020 Equity Shares of Rs 10 (aggregating up to Rs [.] Cr)

Objects of the Issue:
The objects for which the company intends to use the Net Proceeds are as follows:

  1. Funding the working capital requirements of the Company; and
    2. General corporate purposes.

The company will not receive any funds from the offer for sale. The object of the Offer for Sale is to allow Affle Holdings to sell up to 4,953,020 Equity Shares held by it.

Acquisitions:

  1. Vizury: Retargeting Platform (2018)
  2. Markt: Programmatic Ad Platform (2018)
  3. Shoffr: O2O Marketing Platform (2019)
  4. RevX: Multi Channel Commerce (2019)

 

Risks related to the company: (According to DRHP)
1. We had negative cash flow generated from investing activities for Fiscal 2019 on a consolidated basis. We had negative cash flow generated from investing and financing activities for Fiscal 2019, 2018 and 2017 on an unconsolidated basis and we may experience negative cash flows in the future.

  1. Regulatory, legislative or self-regulatory developments regarding data protection could adversely affect our ability to conduct our business.
  2. The market in which we participate is intensely competitive and we may not be able to compete successfully with our current or future competitors.

The market for mobile advertising solutions is highly competitive and rapidly changing with multiple regional and global players. Although it is dominated by digital giants such as Google and Facebook, there are over a hundred companies around the world who offer one or more components of this solution. However, only a few companies/groups operate internationally, including, among others, us, InMobi, Criteo, Tradedesk, Freakout, Mobvista and YouAppi. (Source: Frost & Sullivan Report).

  1. Our business is concentrated around key customers (approx 70 % from top 10 customers & approx 40% from top customer), which account for a significant amount of our revenue. If we fail to keep these customers or fail to diversify our customer base, our business, results of operations, cash flows and financial condition may be materially adversely affected.

Business Model:
Affle is  a global technology business with two business segments:

  1. A) Consumer Platform

The Consumer Platform primarily provides the following services: (1) new consumer conversions (acquisitions, engagements and transactions) through relevant mobile advertising (the company only makes money if the advertisement leads to a successful transaction); (2) retargeting existing consumers to complete transactions for e-commerce companies through relevant mobile advertising(specific ads targeted to consumers to encourage them to complete their transactions); and (3) an online to offline (“O2O”) platform that converts online consumer engagement into in-store walk-ins.

As at March 31, 2019,  Affle Consumer Platform had approximately 2.02 billion consumer profiles, of which approximately 571 million were in India, 582 million were in Other Emerging Markets (which comprises Southeast Asia, the Middle East, Africa and others) and 867 million were in Developed Markets (which comprises North America, Europe, Japan, Korea and Australia). During Fiscal 2019, the Affle Consumer Platform accumulated over 300 billion data points, which power the prediction and recommendation algorithm for the Affle Consumer Platform. The Consumer Platform is used by business to consumer (“B2C”) companies across industries, including e-commerce, fin-tech, telecom, media, retail and FMCG companies, both directly and indirectly through their advertising agencies.

Approximately 97% of Affle India’s revenue is from their Consumer platform.

  1. B) Enterprise Platform.

Enterprise Platform primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users.

Strengths of the company:
1. Profitable, low-cost business model built on an asset light, automated and scalable platform

  1. No other listed company in India does the same thing; hence it’s the only company in its peer group

 

 

Daily Bulletin (25th July, 2019)

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190725-31

 

There are no current notifications of our companies on this date

1.Scrip code : 524084
Name : Monsanto India Ltd.
Subject : Corporate Action-Updates on Amalgamation/ Merger / Demerger
We have enclosed the copies of newspaper advertisement published on July 25, 2019 relating to Notice of Petition for sanction of the Scheme of Amalgamation of Monsanto India Limited with Bayer CropScience Limited and their respective shareholders, presented by the Company on June 10, 2019, and admitted on July 16, 2019 and is fixed for hearing before the National Company Law Tribunal, Bench at Mumbai on August 9, 2019. Kindly take this information on record.

2.Scrip code : 961709
Name : IDFC FIRST BANK LIMITED
Subject : IDFC FIRST Bank Limited – Outcome Of The Nomination & Remuneration Committee Meeting Held On July 24, 2019
Grant of Stock Options under IDFC FIRST Bank Employee Stock Option Scheme – 2015 We wish to inform you that the members of the Nomination & Remuneration Committee at its meeting held today i.e. July 24, 2019 has inter-alia considered and approved grant of 9,50,000 stock options to eligible employees under IDFC FIRST Bank Employee Stock Option Scheme – 2015 at market price determined as per the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 as amended from time to time. Further, the Committee approved re-grant of 83,400 stock options to eligible employee of the Bank as per the Share Exchange Ratio pursuant to Scheme of Amalgamation of Capital First Group with IDFC FIRST Bank Limited (formerly known as IDFC Bank Limited) at the adjusted Grant Price and as per the terms and conditions approved by the Nomination and Remuneration Committee at its meeting held on February 04, 2019.

elphinstone-building-horniman-circle-mumbai

Daily Bulletin (24th July, 2019)

There are no current notifications of our companies on this date
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190724-33

elphinstone-building-horniman-circle-mumbai1. Scrip code : 530431
Name : Ador Fontech Ltd
Subject : Board Meeting Intimation for 1. Consideration Of Audited Financial Statements For The Quarter Ended June 30,2019, Increase In The Authorised Share Capital, Consideration Of Proposal For Issue Of Bonus Shares
ADOR FONTECH LTD.-$has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 01/08/2019 ,inter alia, to consider and approve 1. Consideration of audited financial statements for the quarter ended June 30,2019 2. Increase in the Authorised Share Capital 3. Consideration of proposal for issue of bonus shares.

2. Scrip code : 523537
Name : APM Industries Ltd.
Subject : APM Industries Limited – Intimation Of Cost Of Acquisition
Cost of Acquisition of the shares pursuant to the Scheme of Demerger.

3. Scrip code : 750624
Name : Tata Sponge Iron Ltd
Subject : Announcement under Regulation 30 (LODR)-Allotment
Allotment of rights equity shares pursuant to the rights issue of Tata Sponge Iron Limited.

4. Scrip code : 500135
Name : Essel Propack ltd.
Subject : Open Offer Updates – Submission Of Recommendation Of IDC Of Essel Propack Limited In Relation To The Open Offer.
Please find enclosed herewith the copy of recommendation of the Committee of Independent Directors (IDC) of Essel Propack Limited (Target Company) in relation to the Open Offer and offer price offered to the public shareholders in relation to acquisition of shares of the Target Company by the Acquirer under the Open Offer.

5. Scrip code : 531082
Name : Alankit Limited
Subject : Intimation Of Proposed Acquisition – Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
Company is proposing to acquire 10,00,000 equity shares at face value of Rs. 10 each of Alankit Insurance Brokers Limited, representing Rs. 1,00,00,000 and constituting 100% of paid-up share capital of Alankit Insurance Brokers Limited subject to the approval of IRDA. Consequently Alankit Insurance Brokers Limited will become a wholly owned subsidiary of Alankit Limited on receipt of approval of IRDA.

6. Scrip code : 532661
Name : Rane (Madras) Ltd.
Subject : Announcement Under Regulation 30(LODR)- Updates On Acquisition
The Board of directors of the Company at its meeting held July 24, 2019 inter-alia has approved enhancement in investments up to USD 30 million (earlier USD 20 million) in Rane Precision Die Casting Inc., USA (RPDC), Step Down Subsidiary, either directly or through Rane (Madras) International Holdings B V, The Netherlands (RMIH), Wholly Owned Subsidiary of the Company, over the next five years.

Pharmaceutical Companies

Pharmaceutical Companies
Name FV CMP 52week High 52week Low Mkt Cap Equity Cap Networth Total Debt BV Net Sales PAT EPS P/E P/BV Promoter Holding
(Rs.) (Rs.) (Rs.) (Rs.) (Rs.Crs) (Rs.Crs) (Rs.Crs) (Rs.Crs) (Rs.) (Rs.Crs) (Rs.Crs) (Rs.) %
Indian
Sun Pharma 1 421.55 678.8 350.4 101141 240 41409 9893 172.6 30091 2665 11.1 37.9 2.4 54.38
Dr. Reddys Labs 5 2611.95 2965.2 2017.2 43373 83 14024 3413 844.8 15786 1950 117.5 22.2 3.1 26.77
Cipla 2 537.9 678 483.75 43346 161 15012 4316 186.3 16839 1492 18.5 29.0 2.9 36.7
Divis Labs 2 1630 1769 1068.1 43237 53 6957 106 262.1 5102 1353 51.0 32.0 6.2 52.01
Aurobindo Pharma 1 569.25 838 546 33353 59 13891 6573 237.1 19679 2365 40.4 14.1 2.4
International
Glaxo SmithKline 10 1159 1812 1131.05 19634 169 2140 0 126.3 3230 445 26.3 44.1 9.2 75
Abbott India 10 8646.05 8998.95 6900 18372 21 2009 0 945.2 3792 450 211.9 40.8 9.1 74.99
Pfizer 10 3102 3840 2490 14191 46 3011 3 658.2 2249 429 93.8 33.1 4.7 63.92
AstraZeneca 2 1839.7 2398.55 1306.8 4599 5 301 0 120.3 745 54 21.8 84.5 15.3 75
Procter and Gamble 10 4510 4995 2172 7486 17 1564 0 942.4 919 857 516.1 8.7 4.8 51.82
Company & JSAlphaa

Indian IT Companies Comparison

Indian IT Comparison
Particulars TCS Infosys Wipro
Promoters Tata Group N.R. Narayana Murthy,Nandan Nilekani & Others Azim Premji
Promoter Stake 72.05 13.04 73.85
Share Price Details (as on 17th July, 2019)
CMP (Rs) (17/07/2019) 2112.5 794 259.1
Face Value (Rs.) 1 5 2
52 Week High/Low (Rs.) 2290.65/1784 795/600.65 301.55/197.93
Market Cap (Rs. Crs) 792691 341026 156316
Market Ranking #
 

Latest Available Financials Quarterly
Particulars Consolidated
Q1 FY19 (Rs Cr.) Q1 FY19 ($ Mn.) Q1 FY19 (Rs Cr.) Q1 FY19 ($ Mn.) Q1 FY19 (Rs Cr.) Q1 FY19 ($ Mn.)
Equity Cap 375 54 2137 334 1207 175
Net Worth 98052 14210 56480 8182 57618 8350
Debt 44 6 0 0 2836 411
Net Sales 39847 5775 21803 3131 15567 2256
PAT 8153 1182 3802 546 2402 348
EPS (Rs.) 21.7 3.2 8.9 0.1 4.0 0.6
Book Value (Rs.) 261.5 37.9 132.1 1.8 95.5 13.8
 P/E 97.2 14.1 89.3 97.1 65.1 9.4
P/BV 8.1 1.2 6.0 6.5 2.7 0.4
 

 

Latest Available Financials Yearly
FY19 (Rs. Cr) FY19 ($ Mn.) FY19 (Rs. Cr) FY19 ($ Mn.) FY19 (Rs. Cr) FY19 ($ Mn.)
Equity Cap 375 54 2170 314 1207 175
Net Worth 89446 12963 64948 9413 56423 8177
Debt 44 6 0 0 2836 411
Net Sales 150774 21851 85557 12400 61633 8932
PAT 31562 4574 15410 2233 9018 1307
EPS (Rs. ) 84.2 12.2 35.5 5.1 14.9 2.2
Book Value (Rs.) 238.5 34.6 149.6 21.7 93.5 13.5
 P/E 25.1 3.6 22.4 3.2 17.3 2.5
P/BV 8.9 1.3 5.3 0.8 2.8 0.4
 

 

Dividend Figures
DPS (Rs.) 30 21.5 1
Dividend % 3000 430 50

 

TCS Q1 2019 Q1 2018 % Change FY 2019 FY 2018 % Change
 Revenue 39847 35486 12.29 150774 126746 18.96
EBITDA 11712 10296 13.75 43817 36158 21.18
 Net Profit 8153 7362 10.74 31562 25880 21.96
Infosys Q1 2019 Q1 2018 % Change FY 2019 FY 2018 % Change
 Revenue 21803 19128 13.98 85557 73833 15.88
EBITDA 5167 4993 3.48 23052 22133 4.15
 Net Profit 3802 3612 5.26 15410 16029 -3.86
Wipro Q1 2019 Q1 2018 % Change FY 2019 FY 2018 % Change
 Revenue 15567 14827 4.99 61633 57036 8.06
EBITDA 3726 3279 13.63 14226 12937 9.96
 Net Profit 2402 2094 14.73 9018 8003 12.68

Company & jsalphaa

HDFC Life Insurance Company Ltd.

HDFC Life Insurance Company Ltd.
Life Insurance
FV – Rs 10; 52wks H/L – 510.75/345; TTQ – 0.79 Lacs; CMP – Rs 500.80 (As On 17 July, 2019);
Market Cap – Rs 101076 Crs

 

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

HDFC Life Insurance Company Ltd.
Year Equity Capital Net Worth Long Term Debt Total Sales PAT BV(Rs) EPS (Rs) P/E P/BV Industry P/E Promoter’s Holdings
2019 2017 5643 0 38442 1357 28 6.7 72.7 17.5 61.58 76.14
2018 2012 4735 0 32234 1095 24 5.4 89.8 20.8 61.58 80.93

 

Overview:

  • HDFC Life is one of the leading life insurance companies in India
  • It offers a range of individual and group insurance solutions that meet various needs such as Protection, Pension, Savings & Investment, Health, Child and Women’s plans.
  • It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India’s leading housing finance institution and Standard Life Aberdeen PLC
  • HDFC Life has about 414 branches and presence in 980+ cities and towns in India. The company has also established a liaison office in Dubai.
  • HDFC Life distributes its products through a multi channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), Direct channel, Insurance Brokers & Online Insurance Platform.

 

Management:

Ms. Vibha Padalkar : Managing Director & Chief Executive Officer

Mr. Suresh Badami : Executive Director

Mr. Narendra Gangan : EVP, Company Secretary and Head – Compliance & Legal

 

Consolidated Financials (Rs Cr.):

Particulars FY19 FY18 FY17 FY16
Equity Paid Up 2017 2012 1998 1995
Networth 5643 4735 3826 3154
Total Debt 0 0 0 0
Net Sales 37958 31966 30416 17969
Other Income 484 268 139 97
PAT 2708 2020 1698 1582
Book Value (Rs) 28 24 19 16
EPS (Rs) 6.7 5.4 8.5 7.9

 

 

Govt likely to set October deadline for cash-strapped Air India sale

The Centre is planning to liberalise the terms and conditions for the sale of Air India

The build-up to Air India privatisation has taken off in full swing with the Union Budget announcing it as the centrepiece of divestment this year. The government is targeting October as the deadline for announcing the deal.

Not leaving anything to chance after a failed attempt earlier, the government has shortlisted the potential bidders, with the Tata group on top for its interest in aviation. Sources in the know said the government would initiate talks with businesses, including Tatas, shortly for divesting its stake in the national carrier.

The proposed dialogue with potential buyers will coincide with the government procedure of issuing bid documents for expression of interest sometime this month.

“Now that the finance minister has committed in the Budget, we will start approaching prospective bidders,” said a source close to the development. While pointing out that the Tatas will be approached first, he said, “They have a history with aviation and they know how to run an airline.”

“In view of the current macroeconomic parameters, the government would not only reinitiate the process of strategic disinvestment of Air India, but would offer more central public sector enterprises for strategic participation by the private sector,” Finance Minister Nirmala Sitharaman had said in her Budget speech on Friday.

The government will soon reconstitute the Air India Specific Alternative Mechanism (AISAM), following which a new bid document will be issued. The AISAM is charged with giving approvals at every step of the Air India divestment process, with only the blanket approval given by the Union Cabinet.

In Prime Minister Narendra Modi’s first term, the AISAM comprised then Finance Minister Arun Jaitley, Road Transport Minister Nitin Gadkari, Commerce and Civil Aviation Minister Suresh Prabhu, and Rail Minister Piyush Goyal. With Jaitley and Prabhu no longer a part of Modi’s Cabinet, the AISAM will be reconstituted to include Sitharaman and Civil Aviation Minister Hardeep Singh Puri. Jaitley has headed the AISAM since its formation in July 2017.

The Centre is planning to liberalise the terms and conditions for the sale of the national carrier. The changes would allow a potential buyer to go for a stake sale of the airline immediately after acquiring it. The revised norms would also enable merger or reverse merger of Air India with any existing business of the buyer.

At least 95 per cent stake of Air India will be up for sale, while retaining 5 per cent for the employee stock option. This is the first time the government will relax rules for strategic disinvestment, meant to prevent asset stripping. The relaxation of the rules was proposed by transaction advisor EY as multiple entities during the last sale process in 2017 had objected, saying it restricted the bidder from raising capital from the market and developing synergy with existing business.

The Centre is still pursuing the option of selling the airline’s subsidiaries before the airline itself, in order to deal with the outstanding debt of around Rs 27,000 crore.

At the previous auction, which failed to get any bidder, the government had decided to retain 24 per cent in the airline. That was believed to be one of the primary reasons for not generating any interest from buyers.

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