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Trent rallies on launch of new lab-grown diamond brand 'Pome'

Trent rallies on launch of new lab-grown diamond brand 'Pome'

by | Oct 8, 2024 | Share Market


Last Updated : Oct 08 2024 | 3:31 PM IST

Trent surged 7.67% to Rs 8021 after the company launched its new lab-grown diamond (LGD) brand ‘Pome’ in Westside stores.

Pome offers a range of LGD jewelry, including earrings, rings, necklaces, and bracelets, all crafted with the same expertise as natural diamonds. Lab-grown diamonds are chemically identical to natural diamonds but are created in a laboratory instead of being mined.

A domestic broker noted that Pome’s LGD jewelry is competitively priced, making it more affordable and accessible to a wider audience. The broker also mentioned that Trent may expand the Pome brand with Exclusive Brand Outlets (EBOs) in the future. The broker believes that Pome has the potential to disrupt the LGD jewelry market, similar to the success of Trent’s Zudio brand in the fashion retail space.

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The launch of Pome comes at a time when the demand for lab-grown diamonds is increasing due to their ethical and sustainable appeal. Trent’s entry into the LGD jewelry market is expected to further drive growth and innovation in this segment.

Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India’s leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner. Trent’s new fashion concepts include Samoh, a differentiated & elevated occasion wear offering and Misbu that offers a curated & compelling range of beauty, personal care and fashion accessories.

As of 30 June 2024, the companys portfolio included 228 Westside, 559 Zudio and 36 stores across other lifestyle concepts. During the quarter, the firm added 6 Westside and 16 Zudio stores across 12 cities.

On a consolidated basis, net profit of Trent rose 126.29% to Rs 392.57 crore on 56.16% surge in net sales to Rs 4104.44 crore in Q1 June 2024 over Q1 June 2023.

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First Published: Oct 08 2024 | 3:21 PM IST



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Zinka Logistics gets Sebi nod for Rs 550-cr IPO; key details for investors

Zinka Logistics gets Sebi nod for Rs 550-cr IPO; key details for investors

by | Oct 8, 2024 | Share Market


2 min read Last Updated : Oct 08 2024 | 1:55 PM IST


Bengaluru-based Zinka Logistics Solutions has received final observation from the capital markets regulator, Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO). Zinka Logistics had filed its IPO papers with Sebi on July 5, 2024.


Through the IPO, Zinka Logistics is offering a fresh issue of shares of up to Rs 550 crore and an offer for sale of up to 21.61 million equity shares, with a face value of Re 1 each, by promoters and investor selling shareholders. The IPO also includes a reservation for subscription by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

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Zinka Logistics said that, in consultation with the book-running lead manager, it may consider a pre-IPO placement not exceeding 20 per cent of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.


Zinka Logistics proposed that the proceeds from its fresh issuance, to the extent of Rs 200 crore, will be utilised for funding towards sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve for financing the augmentation of its capital base to meet its future capital requirements, and Rs 75 crore for funding of expenditure in relation to product development and general corporate purposes.


Zinka Logistics offers digital solutions to India’s trucking industry. The company’s BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management, and vehicle financing. Additionally, Zinka Logistics offers vehicle financing solutions, enabling truck operators to purchase used commercial vehicles or obtain financing on existing ones.


As per the Draft Red Herring Prospectus (DRHP), by March 31, 2024, Zinka Logistics had facilitated 4,035 loans amounting to Rs 196.79 crore. Revenue from this segment is derived from loan service fees and other charges related to loan disbursal and collections.


Zinka Logistics’ consolidated revenue from continuing operations increased by 69.01 per cent to Rs 296.92 crore in fiscal year 2024 from Rs 175.68 crore in FY23, primarily due to an increase in its average monthly transacting truck operators, which led to an increase in its commission income, subscription fees, and service fees.

First Published: Oct 08 2024 | 1:55 PM IST



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Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

Navkar Corporation revenue jumps 43% YoY in Q2FY25; shares rise 5%

by | Oct 8, 2024 | Share Market


Illustration: Ajay Mohanty

3 min read Last Updated : Oct 08 2024 | 12:25 PM IST


Shares of Navkar Corporation surged up to 4.68 per cent at Rs 128.60 per share intraday on the BSE after the company delivered its July-September quarter earnings for the financial year 2024-25 (Q2FY25).


At 10:44 AM, the stock price of the company recovered some of its losses and was trading down 1.78 per cent at Rs 89.20 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.55 per cent to 81,494.11 level. 

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Navkar Corporation reported consolidated revenue of Rs 136.01 crore, a rise of 42.6 per cent as against Rs 95.37 crore registered in the same quarter last year.

 


Despite the revenue increase, the company reported a net of Rs 2.2 crore, versus a net profit of Rs 2.1 crore in the corresponding quarter of the previous year. 


The company’s total expenses surged 48.8 per cent to Rs 13674 crore, compared with Rs 91.85 crore in the September quarter of FY24. 


The company has a total market capitalization of Rs 1,907.83 crore. Its shares are trading at price to earnings valuation of -103.05 times with an earning per share of Rs -1.23. 


Navkar Corporation share price has outperformed the market as it surged 23.9 per cent year to date, while gaining 110.6 per cent in the last one year. In comparison BSE Sensex has risen 12.6 per cent year to date and 23.4 per cent in a year. 


Navkar Corporation Limited is one of India’s largest Container Freight Stations (CFSs) and Inland Container Depots (ICDs), as well as a leading provider of rail terminal and container train operation services, warehousing, and logistics solutions. The company offers a comprehensive range of customised, technology-enabled integrated logistics solutions and corporate mobility services.


As of March 31, 2023, Navkar operates three Container Freight Stations—two in Ajivali and one in Somathane, Panvel—with a combined capacity exceeding 535,000 TEUs per annum. Our facilities include temperature-controlled chambers capable of handling cargo at regulated temperatures, supported by 92 reefer plug points at our CFSs. We are also certified to manage hazardous cargo at both Ajivali CFS II and Somathane CFS.


In addition to cargo handling, Navkar provides extensive storage solutions, including buffer yards and warehouses. Our services encompass packing, labelling/bar-coding, palletizing, fumigation, and other related activities, with offerings tailored to meet our customers’ specific needs.

First Published: Oct 08 2024 | 12:25 PM IST



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Metal index corrects for 4th day in a row; NMDC, Tata Steel slip up to 8%

Metal index corrects for 4th day in a row; NMDC, Tata Steel slip up to 8%

by | Oct 8, 2024 | Share Market


4 min read Last Updated : Oct 08 2024 | 11:15 AM IST

Shares of metal companies were trading weaker on Tuesday, down by up to 8 per cent on the National Stock Exchange (NSE) in today’s intraday trade.

Stocks of companies operating in the sector were under pressure due to profit booking by investors on concerns of disappointing earnings in the September quarter (Q2FY25) due to weak metal prices, apart from the lack of any new fiscal measures aimed at boosting demand and consumption in the Chinese economy, by the National Development and Reform Commission (NDRC), at a press conference today.

In Q2FY25, metal firms may witness sequential margin contraction as analysts model flat sales volumes quarter-on-quarter (QoQ), while metal prices witnessed correction (with average steel HRC down 8 per cent/6 per cent YoY/QoQ and average LME Aluminium declined by 6 per cent QoQ but stood up by 10 per cent YoY in Q2FY25).

On a YoY basis as well, all metal companies, except aluminium names, could report margin contraction.

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However, the recent stimulus package announced by China has improved sentiments somewhat, ensuring an uptick in China hot rolled coil (HRC) exports by around $43 per tonne. Further, the possible cut of steel production by China in winter, expiry of Bureau of Indian Standards (BIS) certification for some steel mills exporting to India, and the planned maintenance shutdown by major mills of South Korea, should also support HRC prices in the near term, according to analysts.


NMDC, Tata Steel, National Aluminium, JSW Steel, APL Apollo Tubes, Hindalco Industries and Jindal Stainless are down, between the range of 2 per cent and 8 per cent on the NSE in intra-day trade.


At 09:53 AM, the Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise on the Nifty 50. The metal index dipped 3 per cent intra-day, after falling for the fourth straight day. 


Since October 1, the Nifty Metal index has tanked 6 per cent, as compared to the 2 per cent decline in Nifty 50. Prior to that, during the calendar year 2024, the Metal index had zoomed 28 per cent, as compared to the 19 per cent rise in the benchmark index.

Analysts at Elara Capital expect lower iron ore and coking coal prices to partially offset cost pressure for its coverage steel universe. “However, weak steel prices are likely to be a major challenge. Flat steel prices have shown a downward trend for the third consecutive quarter, falling in the range of 5-6 per cent quarter-on-quarter (Q-o-Q),” the brokerage firm stated.

This was further compounded by a sharp QoQ decline of 9-11 per cent in prices of long and semi-finished products. Thus, the brokerage firm expects blended realisation of steel firms to drop Rs 2,700-3,100 per tonne QoQ in Q2FY25E. Analysts also expect a YoY volume decline of 2-14 per cent, with Tata Steel being the only exception.

After a robust increase in Q1FY25, LME aluminium prices softened in Q2, rising approximately 10 per cent year-on-year (YoY) but declining approximately 6 per cent QoQ.

Analysts at Elara Capital expect Hindalco Industries India operations to offset the negative impact of weak aluminium prices through better volume, hedging strategy, higher premium and improved realisation of downstream products.

Further, Novelis’ EBITDA per tonne may decline approximately 4 per cent YoY and approximately 5 per cent QoQ, due to lower volume, weak prices and disruption at its Switzerland plant. Overall, the brokerage firm expects consolidated EBITDA margin to rise around 300bps YoY and around 25bps QoQ.


However, the onset of the busy construction season in the domestic market is set to bolster demand, supporting steel prices. Further, lower coking coal and iron ore prices are likely to ease pressure on profit margins, providing relief for steelmakers, the brokerage firm said in its quarterly preview of the sector.

The increase in Chinese HRC prices has turned the import parity premium of the domestic HRC prices compared to Chinese prices from around 7-8 per cent in September 2024 into an import parity discount of around 3 per cent at present.

“This will essentially support the domestic HRC prices to form a bottom and arrest a further fall in the prices in the near future. While the impact of this Chinese stimulus on steel spreads might be neutral as steel raw material prices have also rallied,” said Axis Securities in metals and mining Q2FY25 result preview.

First Published: Oct 08 2024 | 11:09 AM IST



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Time to downgrade Indian stock markets? Sell India, buy China? Analyst view

Time to downgrade Indian stock markets? Sell India, buy China? Analyst view

by | Oct 8, 2024 | Share Market


India china, India, China(Photo: Shutterstock)

4 min read Last Updated : Oct 08 2024 | 10:26 AM IST


Developments over the last few weeks – flaring geopolitical conflict in West Asia that has triggered 18 per cent rise in crude oil prices to around $80 a barrel in a matter of days, stimulus measures announced by China to prop up its economy and lofty valuation of Indian markets (23x one-year forward earnings) – has seen foreign portfolio investors (FPIs) dump Indian stocks worth over Rs 30,000 crore in the first four trading days of October.

Given this, some experts suggest investors should avoid investing in the Indian stock markets and should look at Chinese equities instead from a short-to-medium term perspective. However, they do expect the underperformance of Indian equities versus their Chinese counterpart to be short-lived.

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“With renewed interest in China equities on the back of recently announced monetary and liquidity measures and market expectations of more fiscal stimulus ahead, there is a rising risk of some near-term underperformance of India equities against the broader Asia-ex-Japan index (AeJ). However, this will not be a long-lasting period, as the structural story of India remains quite attractive,” wrote analysts at Nomura in a recent report.


Those at BCA Research, a Canada-based research firm, on the other hand, suggest absolute-return investors avoid Indian markets in the backdrop of recent developments, especially the stimulus by China. Foreign investors over the next several months, they said, will likely gravitate toward Chinese markets at the expense of Indian ones given the recent meaningful stimulus by Chinese authorities and the beaten down level of that bourse.


“Dedicated emerging market (EM) and Emerging Asian equity portfolios should downgrade India from neutral to underweight. Stay with the relative equity trade we recommended last week: short Indian equities/long Chinese A-shares,” wrote Arthur Budaghyan, chief EM / China strategist at BCA Research in a recent coauthored note.

Credit deceleration and fiscal tightening, BCA Research said, point to an imminent slowdown in India’s economic growth. Fiscal spending, it believes, excluding interest payments is rapidly contracting in nominal terms. Both drivers of stock prices – profits and (earnings) multiples – are headed lower in India at a time when equity valuations are at a record high, the research house warns.


“The credit impulse has turned negative. This will restrict both household spending and corporate investment growth. Indian corporate profits will slow further as simultaneously tight monetary and fiscal policies continue to weigh on firms’ topline growth and profit margins,” Budaghyan said.


Valuation woes


Valuation wise too, Indian stocks, Budaghyan said, are currently overvalued by two standard deviation relative to their own history. Relative to their EM peers, they are overvalued by 1.5 standard deviation. 


“The extreme valuations make this bourse (Indian stocks) highly vulnerable to a major sell-off, which can be caused by any global or domestic trigger. Even a moderate profit disappointment could lead to a major downdraft in share prices,” BCA Research said.

The narrative on China, according to Macquarie, is changing post the recent stimulus measures, and it will be hard for global investors to ignore the Chinese markets. China as an asset class, alongside other EMs, historically has been and still remains a macro trade and will need further cuts by the US Fed to sustain the momentum.


From an equity market standpoint, as China rallies, Macquarie believes pressure on India will rise, especially given its slowing economy and high valuations. Liquidity in this backdrop will be ‘sucked-out’. 


“Investors are giving the benefit of doubt that China will do what it takes. But, it won’t be easy, with the problem being demand for not supply of money, and more radical policies are likely to run against political and social covenants. Long-term, we are still more comfortable with India’s secular outlook than with China’s battle against high saving rates,” said Viktor Shvets, head of global desk strategy at Macquarie Capital.

First Published: Oct 08 2024 | 10:26 AM IST



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