6 market radar businessline july 15 quickly ......scenario given the impact of ongoing pandemic...
TRANSCRIPT
................CMYK
CHENNAI
6 BusinessLine WEDNESDAY • JULY 15 • 2020MARKET RADAR
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Barbeque Nation gets nod for IPO New Delhi, July 14
Casual dining chain Barbeque Nation
Hospitality has received markets regulator
Sebi’s approval to raise about ₹��1,0001,200
crore through an initial public offering. The IPO
comprises a fresh issue of shares worth ₹��275
crore and an offerforsale of up to 98.23 lakh
shares, according to the draft papers fi��led with
SEBI. The company may consider a preIPO
placement to the tune of ₹��150 crore. Barbeque
Proceeds of the issue will be utilised to repay
an outstanding borrowing of ₹��205 crore in part
or full and for general corporate purposes. PTI
Burmans buy more in Eveready CHennai, July 14
Dabur’s Burman family through Guardian
Advisors has hiked its stake in Eveready
Industries by 8.48 per cent by buying 61.67 lakh
shares in the open market, according to a
disclosure on the exchanges. The transaction
was carried out on Tuesday. Guardian Advisors
on behalf of its clients (Burman family)
increased its shareholding in the company
from 11.35 per cent to 19.84 per cent, the
disclosure has revealed. According to BSE bulk
deal data, 10.19 shares were bought by MB
Finmart at an average price of ₹��81.80 while
Vistara ITCL India sold about 12.19 lakh shares.
Shares were bought on their personal capacity,
according to market sources. Eveready
Industries shares closed 9.96 per cent higher at
₹��88.90 apiece on the BSE. OUR BUREAU
Sensex, Nifty crash 1.8% Mumbai, July 14
Benchmarks Sensex and Nifty plunged over 1.8
per cent on Tuesday, the biggest singleday
decline in nearly fi��ve weeks, mirroring massive
global selloffs amid simmering USChina
tensions and mounting Covid19 cases. The BSE
Sensex ended 660.63 points lower at 36,033.06
and the NSE Nifty closed 195.35 points down at
10,607.35. Banking stocks continued to slump,
crashing over 3 per cent; while metals and auto
counters emerged as other major sectoral
laggards, ending lower by 2.5 per cent each. On
the other hand, Titan, Bharti Airtel and Bajaj
Auto were the gainers. PTI
QUICKLY
BusinessLine is not responsible for the recommendationssourced from third party brokerages. Reports may be sent
CENTRUM BROKINGSanofi�� India (Add)Target: ₹��7,700CMP: ₹��7,674.75We attended Sanofi��’s AGM, the managementteam along with MD, Mr Rajaram Narayananand CFO Mr Charles Billard. SIL has divestedAnkleshwar unit along with thediscontinuation of Zentiva supply agreement.The management highlighted that ongoingfocus on the domestic market would be furtheremphasised with strong focus on core brands. Management avoided commenting on full yearscenario given the impact of ongoingpandemic however repeated that Q1 was notmeaningfully impacted by the covid19pandemic. Large brands being in the chronicsegment we expect pandemic impact to be onlower side.For raw material dependencies on China,management assured availability of the backup supplies. Increased focused on digitalmarketing would lead to some cost savings.
BROKER’S CALL
EMKAY GLOBALSAIL (Buy)Target ₹��43CMP: ₹��34.25Adjusting oneoff�� items, SAIL reportedbetterthanestimated earnings in Q4.Adjusted EBITDA stood at ₹��3,791/t, betterthan our estimate of ₹��2,979/t. Demand fromRailways shall keep its average NSR highercompared to other long steel players.We note that several companies in ourcoverage have reported that there is athrust on capex and completing severalprojects. This should also drive steeldemand in H2. We believe SAIL will be a keybenefi��ciary of government capex, especiallyin Railways.Railways makes up about 60 per cent ofdebtors, which should pay in FY22 and helpreduce debt. The sale of iron ore fi��nes (oldand new) will also help in deleveraging(likely from FY22). SAIL has almostcompleted its decadelong capex cycle.Volume growth should be new normal.
OUR BUREAU
Chennai, July 14
Big investor Radhakishan Shivkishan Damani has added shares oftwo more companiesto his portfolio duringthe AprilJune quarter.
The latest to join hisportfolio is Kalyanigroup company BFUtilities. He acquired1.3 per cent equitystake, or 4.91 lakhequity shares, in BF Utilities duringthe quarter ended June 30.
Following this, shares of BF Utilities jumped 10 per cent to ₹��220.95on the BSE.
BF Utilities is part of the $2.4billion Kalyani Group. BF Utilities,which earlier operatedin two busi
ness segments Infrastructure Business and Investment Business, underwent business restructuringby way of a Composite Scheme of
Arrangement in 2014. Following the restructuring,the infrastructure business remained with BF Utilities, while the investmentbusiness was transferredto BF Investment Ltd.
Astra MicrowaveThis is the second company inwhich the ace investor had invested in the AprilJune quarter. Thebillionaire investor acquired 8.96lakh shares, or 1.03 per cent of thetotal paidup equity capital, of Astra Microwave Products duringthe quarter.
Astra Microwave manufacturessubsystems for RF and microwavesystems used in defence, space,meteorology andtelecommunications.
India Cements’ shareholding eyedIt has been widely reported thatthe DMart owner has been eyeingcontrolling stake in India Cements. At the end of Marchquarter, Damani had held 19.89per cent stake through variouspurchases between June 2019 andMarch 2020 in the company and itwould be interesting to knowwhether he hiked his stake furtherin the company during the AprilJune quarter.
The other companies in whichDamani has invested are Spencer’sRetail, Delta Corp, Kaya, Food &Inns, Simplex Infrastructure, VSTTillers and Prozone IntuProperties.
Scan & Share
Radhakishan Damani adds sharesof two more companies to portfolioWith addition of BF Utilities, Astro Microwave,
the ace investor now holds stake in 11 firms
SURESH P IYENGAR
Mumbai, July 14
The Karnataka High Court willhear Franklin Templeton casewith regard to evoting andwinding up of six schemes onJuly 15.
As directed by the SupremeCourt, Franklin Templeton hadfi��led a petition for abruptlywinding up of six of its debtschemes before the KarnatakaHigh Court that was taken up onJuly 8. Meanwhile, the HighCourt directed all parties thathad raised objections to winding up of debt schemes to fi��letheir rejoinder by July 29.
The evoting and the unitholders meet continue to remain suspended till directed by thecourt. Active monetisation of assets of the schemes and distribution of investment proceeds tothe unitholders will be possibleonly after successful evoting,said Sanjay Sapre, President,
Franklin Templeton Asset Management (India), in a note toinvestors.
On the concern raised overthe drop in the NAV in some ofthe funds since Juneend, Sapresaid it was due to the resetting ofmaturity date to June 30, 2022,for the securities of EdelweissRural & Corporate Services.Franklin Templeton is continuouslymonitoring the developmentsin this regard and engagingwith the issuer for early repayments, he said.
Meanwhile, the six schemescontinue to receive cash fl��ows.Between June 16 and 30, the sixschemes have received an additional ₹��1,311 crore from maturities, prepayments and couponpayments. This takes the totalamount received since April 24to ₹��3,275 crore. And this amounthas been received without theability to effi��ciently monetise assets, he added.
Karnataka High Court to hearFranklin Templeton case today
PALAK SHAH
Mumbai, July 14
Stock brokers’ association, ANMI,has written to market regulatorSEBI seeking relaxation of its upfront margin collection norms inthe cash segment before theseare implemented. The brokershave also suggested that margins of small investors should beexempted for up to ₹��5 lakh of theobligations, to mitigate the hardship faced by small traders andinvestors.
“Concerns with the impending deadline of August 1, 2020(with regard to new marginstructure) now assumes extremeimportance and signifi��cance.ANMI is of the opinion that themanner in which the measuresare proposed to be implementedwill cause hardship to brokersand their clients,” a letter to theSecurities and Exchange Board ofIndia from the Association of Na
tional Exchanges Members of India said.
Margin for selling tooEarlier this year, SEBI had proposed that an upfront margin becollected from traders and investors even in the cash segment.This also covered the sale ofshares. For instance, if an investor wanted to ‘sell’ shares, heor she had to deposit upfrontmargin equivalent to the sale.Brokers have called this illogical.
“There should not be any margins on sale of shares, which isresulting in delivery by T (today)+ 2 days. We have collated datafrom the NSE to demonstratethat the auction percentage ofshort deliveries are only to the extent of 0.20 per cent. Investorsare forced to deliver on the sameday and especially in presenttimes when there are restrictionson movement and curfew across
the country. The insistence of delivery on the same day of sale isnot practical when the settlement cycle itself is of T + 2 days,and investors should have thefreedom to deliver within thestipulated timelines,” ANMI said.
Investors sell shares to raisemoney, and failure to deliver theshares on the same day or givingshares in advance to brokers resulting in a penal charge is unjustand unfair, ANMI said.
ANMI is also of the view thatthe timelines of ‘early payin’ asdetermined by the Clearing Corporations is 4 pm, is totally out ofplace with the ground reality.“While the CCs have not beenable to give trade fi��les before 5pm and at times even till lateevening, it is impractical forbrokers to do early payin (EPI)and reduce their working capitalburden with such timelines,”ANMI said.
Brokers association seeks relaxation onproposed margin norms in cash segment
Note: The recommendations are based
on technical analysis. There is a risk of
loss in trading.
YOGANAND D
BL Research Bureau
Investors with a shortterm perspective can consider selling thestock of Zee Entertainment Enterprises at current levels. Thestock tumbled 4 per cent withgood volume on Tuesday,breaching a key support at ₹��170.Moreover, the stock has alsoconclusively breached its 21 and50day moving averages andclosed well below these movingaverages indicating selling interest. In early June, the stockhad met with a key resistance inthe band between ₹��200 and₹��210 and resumed its intermediateterm downtrend. Aftermoving sideways at around₹��170 for more than a month, thestock now appears to have continued to trend downwards.
There has been decrease in dailyvolume over the past four trading sessions. The daily relativestrength index is trendingdownwards in the neutral region and is likely to enter thebearish zone from the neutralregion and weekly RSI is also onthe brink of entering the bearish zone. Further, the daily pricerate of change indicator is featuring in the negative territoryimplying selling interest. Theshortterm outlook is bearishfor the stock. It can continue totrend downwards and reach theprice targets of ₹��159 and ₹��156 inthe coming trading sessions.Traders can sell the stock with astoploss at ₹��170. (Note: The recommendations are based ontechnical analysis. There is a riskof loss in trading.)
TODAY'S PICK
Zee Entertainment Enterprises (₹��166.2):Sell
COMMODITY CALL
10613 • Nifty 50 FuturesS1 S2 R1 R2 COMMENT
10555 10480 10670 10725 Initiate fresh short positions with a
tight stoploss if the contract
reverses down from 10,670 levels
S1, S2: Support 1 & 2; R1, R2: Resistance 1 & 2.
₹��1059 • HDFC BankS1 S2 R1 R2 COMMENT
1046 1030 1075 1089 Initiate fresh short positions with a
stiff stoploss if the stock fails to
move beyond ₹��1,075 levels
₹��783 • InfosysS1 S2 R1 R2 COMMENT
774 765 790 800 Fresh short positions are
recommended with stoploss only
if the stock declines below ₹��774
₹��196 • ITCS1 S2 R1 R2 COMMENT
193 190 199 202 Consider initiating fresh long
positions with a stiff stoploss if the
stock of ITC rebounds up from ₹��193
₹��77 • ONGCS1 S2 R1 R2 COMMENT
75 73 79 81 The stock is witnessing selling
interest. Sell on rallies while
maintaining a fi��xed stoploss at ₹��79
₹��1916 • Reliance Ind. S1 S2 R1 R2 COMMENT
1900 1880 1935 1950 Fresh short positions can be
initiated with a fi��xed stoploss only
if the stock falls below ₹��1,900 levels
₹��186 • SBIS1 S2 R1 R2 COMMENT
180 175 192 199 Consider initiating fresh short
positions with a stiff stoploss if the
SBI reverses down from ₹��192 levels
₹��2171 • TCSS1 S2 R1 R2 COMMENT
2150 2130 2190 2210 Make use of intraday rallies to
initiate fresh short positions while
retaining a stiff stoploss at ₹��2,190
DAY TRADING GUIDE
SATYA SONTANAM
BL Research Bureau
There have been media reports that Hindustan Zinc Ltd (HZL) has been seeking to raiseloan for funding Vedanta’s delisting off��er.Earlier, reports had suggested that HZLmight announce dividend to aid the delisting get through. Is such support from HZLpossible?
Stressed Vedanta Vedanta on May 12 announced its holdingcompany Vedanta Resource’s plans to delistthe Indian business. It has proposed acquiring shares from public shareholders at an indicative off��er price of ₹��87.5 a share. On June25, Vedanta got shareholder approval for voluntary delisting from the bourses.
The fi��nal price, which will be determinedby the reverse bookbuilding process, is expected to be much higher than the indicativeprice as the latter does not refl��ect the value ofthe company.
Even if the fi��nal price is close to the currentmarket price, around ₹��110, the holding company would require about ₹��20,200 crore tocarry out the transaction, which is expectedto be debt fi��nanced as its fi��nancial positionseems to be stressed.
According Moody’s, Vedanta's liquidity position is weak, especially at the holding company level with $1.8 billion (about ₹��13,500crore) debt maturing until September 2021.
Is HZL the last resort?Reports suggest that the holding companymay take aid – to an extent from HZL, an armof Vedanta that contributes about 40 percent to Vedanta (India’soperating profi��t.
Experts believe HZL aid to the promoterscould be in the form of the company announcing dividend to shareholders that includes Vedanta (India), which holds about 65per cent in HZL. If what experts believe istrue, there comes another question if HZLwould use internal resources or raise a newdebt to fund the dividend.
As on March 31, 2020, HZL’s net cash andcash equivalents was ₹��21,596 crore. The company also stated the capex for FY21 will belower as the focus is on conserving cash.
No promoter should directly or indirectlyemploy the funds of the company (that is tobe delisted) to fi��nance the delisting, as perSEBI rules. Thus, it becomes clear that the dividend that will be received by Vedanta (India) cannot be used for delisting.
A way out for Vedanta (India) could be announcing dividend, using the dividend received from HZL, which would ultimatelyreach Vedanta Resources. But such transaction of extracting dividend from a stepdownsubsidiary HZL is not too eff��ective due to theleakage in the form of dividend that has to begiven to public shareholders.
An intercompany loan from HZL to thepromoters is another way out. We have towait for the fi��nal contours to emerge.
Vedanta delisting:Can HZL lend ahelping hand?
PALAK SHAH
Mumbai, July,14
Stock exchanges in Gujarat International Finance Tech (GIFT)City want the government to allow retail investors to trade ontheir platform. A proposal inthis regard has been submittedto the highlevel task force onthe International Finance Services Centre (IFSC) that comprises offi��cials from the Ministry of Finance and the ReserveBank of India (RBI).
The task force will be meetingthis month to decide on variousproposals, sources aware of thedevelopment said.
The proposal was made bythe BSE promoted India International Exchange and is alsosupported by NSE InternationalExchange and GIFT, the sourcessaid. In recent times, a largenumber of domestic brokers
and high frequency traderswho are active on the BSE, NSEand the Multi Commodity Exchange have acquired membership of GIFT. They have done sovia their overseas sister companies.
Liberalised scheme Some of the popular entititesthat have registered themselves
include Anand Rathi, GlobeCapital, Phillip Capital, KotakBank, Marwadi International,Estee, Bonanza, Antique andEdelweiss.
As of now, Indian residentscan transfer up to $250,000(about ₹��1.5 crore) annually forinvestment or trading purposesto any exchange in the worldunder the Liberalised Remit
tance Scheme (LRS) of the RBI.GIFT is considered as an off��shore venue and the same LRSscheme can be extended to thestock exchanges there with justa notifi��cation, the sources said.
The exchanges have reasonedthat there would be no harm inextending the LRS to GIFT sincethe rules under the scheme areclear and it could boostvolumes and bring back moneyfrom overseas exchanges, thesources said. “If domesticbrokers can be allowed and canenjoy the tax benefi��ts of tradingon GIFT, so should the retail investors,” said a offi��cial linked tothe GIFT
The Gandhinagarbased GIFTis the brainchild of Prime Minister Narendra Modi and was established to compete with fi��nancial hubs like Singapore,Dubai and London.
Exchanges in GIFT City want doors openedfor retail investors; want tax sops for them too
YOGANAND D
The July futures contract of naturalgas on Multi Commodity Exchange(MCX) appears to have resumed thedowntrend that has been in placesince early May this year. The contracthad encountered a key resistance ataround ₹��144 and continued to trenddownwards in the past week. Beforethat the contract was a nearterm corrective upmove from ₹��118 to ₹��144. The
contract is currently trading at ₹��131and test the 21day moving average. Ithas an immediate support at ₹��127. Thedaily relative strength index is charting downwards in the neutral regionand is likely to enter the bearish zoneif the commodity price continues totrend downwards. Further the dailyprice rate of change indicator is on thebrink of entering the negative territory, indicating selling pressure couldintensify. A fall below the immediatesupport level of ₹��127 can strengthenthe downtrend and pull the contractdown to ₹��123 and then to ₹��118 in theensuing weeks. On the upside, thecontract needs to decisively breakabove ₹��144 to bring back bullish momentum and take the contract north
wards to ₹��150 and then to ₹��158 overthe medium term. On the global front,the generic fi��rst contract of naturalgas on New York Mercantile Exchange(NYMEX) had encountered a key resistance at $1.9 last week and began to decline. The contract appears to have resumed the mediumterm downtrendthat has been in place from this May
high of $2.1. The contract has an immediate support at $1.7. A slump belowthis base can drag the contract downto $1.6 and then to $1.5 in the comingweeks. Resistances are at $1.9 and $2.
Trade strategyThe contracts on MCX and NYMEX
are weakening and the price is heading southwards.
However, the contract now tradesabove a key support. Hence, tread withcaution and traders can consider taking fresh short positions on a decisivefall below ₹��127 with a fi��xed stoploss .
MCX-Natural gas likelyto decline further
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த@ழக0 KJ நைட ேபாJ0"அவPைடய எGைமயாN; த!னலம]ற ெதா[டாN; நா9IB ப]றாN; l).த SயாகXதாN ெபP.தைலவ? காமராஜ? ,ற.+ �]றா[Iக2 கட.த ேபாSwW, நW;ைடய ̂ ைனZேல எ!ெற!"W வாq.+ ெகா[:PM`றா? எ!றாN அ+ Fைகயாகா+" என lர9hX தைலZ அWமா ெபP.தைலவைரB ப]L OLய+ இXதPணXSN ^ைன_ OரXதMக+. தFqநா9I மMகG! வாqMைக தரXSN ;!ேன]றW, கNZHN ;!ேன]றW, ெதா�N வள?=hHN ;!ேன]றW, �?வளXSN ;!ேன]றW என தFqநா9:! ;தலைம=சராக இP.தேபா+ அைனX+ +ைறகGwW ;XSைரைய பSXத ெபP.தைலவ? காமராஜைர ேபா!" அWமாZ! அரYW தFqநா9ைட ெதாட?.+ ;!ேன]றB பாைதHN ெகா[I ெச!", �I நைடேபாIW. இ\வா" ;தலைம=ச? எடBபா: பழEசாF OL{2ளா?.
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