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Cartrade Tech surges 6%, hits 52-week high after Mirae Asset MF buys stake

Cartrade Tech surges 6%, hits 52-week high after Mirae Asset MF buys stake

by | Sep 25, 2024 | Share Market


2 min read Last Updated : Sep 25 2024 | 2:39 PM IST


Cartrade Tech share price today scaled up to 6.02 per cent, hitting its 52-week high at Rs 1,034 a piece on the BSE in intraday deals. The stock of the company soared after Mirae Asset Mutual Fund purchased 3.02 million shares, representing a 6.4 per cent stake in a block deal on Tuesday. 


At 02:22 PM, Cartrade Tech stock price was up 3.85 per cent at Rs 1,012.75 per share on the BSE. By comparison, the BSE’s Sensex was up by 0.04 per cent at 84,944.02 level. 


Highdell Investment, owned by US private equity firm Warburg Pincus, has sold its entire 8.64 per cent stake in Cartrade Tech for over Rs 375 crore through an open market transaction. Cartrade Tech is one of India’s largest online classifieds and auto auction platforms. According to the National Stock Exchange (NSE), Highdell sold 4.076 million shares at an average price of Rs 920.30 each, totaling Rs 375.16 crore.

 

Mirae Asset Mutual Fund purchased 3.02 million shares, representing a 6.4 per cent stake, in three separate transactions at an average price of Rs 920 per share, amounting to Rs 278.02 crore. 

Mirae Asset Mutual Fund is an asset management company (AMC) that offers mutual funds and is a subsidiary of the South Korean financial services company Mirae Asset Financial Group. 


Earlier in June, Warburg Pincus sold an 8.66 per cent stake in Cartrade Tech for Rs 337 crore.


On the financial front, its total revenue increased 46 per cent to Rs 156.36 crore during the June quarter of financial year 2024-25 (Q1FY25) from Rs 106.91 crore in the corresponding period a year earlier. Meanwhile, the company recorded a profit of Rs 22.90 crore  in the June quarter of FY25, up 69 per cent against Rs 13.51 crore in the same quarter of FY24. 


Cartrade Tech has a total market capitalisation of Rs 4,790.32 crore. Its shares are trading at a price to earnings multiple of 107.78 times with an earning per share of Rs 9.05. 


The company’s shares have appreciated 87 per cent in the last one year versus 28.6 gain of BSE Sensex.

First Published: Sep 25 2024 | 2:36 PM IST



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Here's why Max Estates share was buzzing in trade on Sept 25; details here: Max Estates share price

Here's why Max Estates share was buzzing in trade on Sept 25; details here: Max Estates share price

by | Sep 25, 2024 | Share Market


3 min read Last Updated : Sep 25 2024 | 1:40 PM IST


Max Estates share surges: Shares of Max Estates were in demand on Wednesday, September 25, 2024 as the scrip rallied up to 8.74 per cent to hit an intraday high of Rs 640 per share. 


The uptick in the share price came after the company announced that it has received Rs 391 crore from New York Life Insurance Company for strategic investments in Max Towers and Max House (Phase I & II). 

In an exchange filing, the company said, “Max Estates is pleased to announce the successful closure of the transaction with New York Life Insurance Company acquiring 49 per cent stake in Max Towers and Max House (Phase I & II), by deploying Rs 391 crore, marking a key milestone in the partnership.”

 


Both are rent-yielding operational commercial assets located in Noida and Delhi. Meanwhile, Max Estates retains a 51 per cent stake in both special purpose vehicles (SPVs), the company highlighted.


Sahil Vachani, MD & CEO of Max Estates, said, “We are pleased to announce that our partnership with New York Life Insurance has grown from strength to strength. This capital infusion significantly enhances Max Estates’ financial capability to deliver toptier commercial and residential projects in Delhi-NCR while ensuring a well-balanced capital structure to support the company’s growth plans. 


With this latest investment, New York Life’s total commitment to Max Estates now stands at Rs 1,200 crore. Apart from that, this capital infusion will boost Max Estates’ capacity to accelerate its growth initiatives in both commercial and residential real estate sectors.


Following a Qualified Institutional Placement (QIP), Max Estates now boasts over Rs 1,200 crore in equity growth capital, positioning the company to expand its operations and seize new opportunities in the real estate market.


“The plan is to allocate a significant portion of these funds to support its expansion into the rapidly growing residential market and seize emerging opportunities. This strategic investment will also help Max Estates achieve its goal of acquiring at least 3 million square feet of development opportunities annually while reshaping the future of real estate in the NCR Region,” Vachani added.


Founded in 2016, Max Estates Limited is the real estate division of the Max Group. The company focuses on developing premium commercial and residential properties in the Delhi NCR region. 


Among its notable projects are Max Towers, a distinctive commercial office space that opened in 2019 on the outskirts of South Delhi; Max House, a redeveloped office campus; Max Square, strategically located along the Noida Expressway; and 222 Rajpur, a luxury residential villa community in Dehradun. 


Currently, the company is also working on two commercial office projects, Max Square Two, adjacent to Max Square, and a new venture on Golf Course Extension Road, marking its entry into the Gurugram market. 


On the residential side, Max Estates launched its first project, Estate 128, in Noida in 2023, followed by Estate 360 in Gurugram in the second half of 2024. 


Additionally, Max Estates operates Max Asset Services, a real estate services and management company, and is listed on both the NSE and BSE.


At 1:24 PM, shares of Max Estates were trading 3.64 per cent higher at Rs 610 per share. In comparison, BSE Sensex was trading 0.13 per cent lower at 84,806.04 levels.

First Published: Sep 25 2024 | 1:28 PM IST



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Indian equity funds' cash holdings at 5-yr high on caution over valuations

Indian equity funds' cash holdings at 5-yr high on caution over valuations

by | Sep 25, 2024 | Share Market


Morningstar data showed the ICICI Prudential Value Discovery Fund, with a fund value of about $5.9 billion, saw its cash allocation climb to 14.7% by the end of August from 7% at the beginning of the year (Photo: Shutterstock)

3 min read Last Updated : Sep 25 2024 | 12:47 PM IST


Indian equity funds’ allocation of cash relative to their asset size rose to a 5-year high at the end of August, as fund managers are worried about markets being too rich and other macroeconomic risks around US elections and Chinese growth.

 


According to Morningstar data, active equity funds in India with a fund value of at least $1 billion held an average of 5.39% of their portfolios in cash as of end-August, their highest levels in five years.

 


“While the market has been performing well, there are potential risks such as economic slowdown, interest rate regime change, geopolitical tensions and market overvaluation,” said Sonam Srivastava, founder and fund manager at Wright Research.

 


Although the rise in cash levels is partly due to inflows and the launch of new funds, caution is also a factor.

 


“The elevated cash levels among fund managers may suggest an expectation of a potential stock market correction as they seek to mitigate losses,” said Mahesh Patil, chief investment officer at Aditya Birla Sun Life Asset Management Company.


“This could reflect caution around the rapid rise in markets, especially since there has been no major shift in fundamentals to justify the surge,” he said.

 


After lacklustre earnings growth in the first quarter of this fiscal year, which saw more than half of Indian companies miss consensus earnings expectations, fund managers are also worried about valuations.


“There are valuation concerns as pockets of markets are looking over-stretched,” said Abhishek Goenka, founder and chief executive of IFA Global.

 


The forward price-to-earnings (P/E) ratio for MSCI India’s large-cap index is at 22.8 times, an 18.6% premium to the 10-year average, while the MSCI India mid-cap index is trading at a 67.7% premium and the small-cap index at about 40% premium to their respective 10-year averages.

 


“Currently, valuations for mid-caps look elevated, hence, there might be a possible correction in mid-caps,” said Anil Rego, founder and fund manager at Right Horizons.

 


Morningstar data showed the ICICI Prudential Value Discovery Fund, with a fund value of about $5.9 billion, saw its cash allocation climb to 14.7% by the end of August from 7% at the beginning of the year.

 


Similarly, the SBI Long Term Equity Fund, which has a fund value of $3.3 billion, increased its cash holdings to 9.8% in August from 4.46% at the start of the year. The Quant Small Cap Fund, valued at $3 billion, also saw its cash allocations rise significantly to 15.7% in August from just 2.15% at the start of the year.


However, some analysts don’t believe that these high cash levels portend a market crash.


“Usually, bouts of deep correction happen when the markets are fully invested. If the markets are circumspect and exercising caution, we may see 3%-5% corrections getting bought into. The cash will start getting deployed and that would support the markets,” Wright Research’s Srivastava said.

 


“Nevertheless, there could be a stalemate wherein market remains sideways for a significant period of time, thereby testing investors’ patience.”

First Published: Sep 25 2024 | 12:46 PM IST



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F&O transaction fee revision sends MCX shares to hit record high on Sep 25

F&O transaction fee revision sends MCX shares to hit record high on Sep 25

by | Sep 25, 2024 | Share Market


MCX share price was up 1.25 per cent at Rs 5,951.5 per share on BSE

3 min read Last Updated : Sep 25 2024 | 11:32 AM IST


MCX share price: Multi Commodity Exchange of India’s (MCX) share price gained 2.3 per cent on Wednesday, September 25, and logged an all time high of Rs 6,018.75 per share on the BSE. The stock moved northwards after the commodities exchange platform revised its futures and options contracts’ transactional fee.  

At around 9:52 AM, the MCX share price was up 1.25 per cent at Rs 5,951.5 per share on BSE. In comparison, the BSE Sensex traded 0.06 per cent lower at 84,965.33 around the same time.


MCX in an exchange filing said that the futures contract will invite a transaction fee of Rs 2.1 per lakh of turnover value and the options contract will be charged Rs 41.8 per lakh of premium turnover value. The revised fee will be applicable from October 1, 2024. The latest update changes MCX’s previous tiered fee system to a fixed transaction fee structure, following guidelines from the Securities and Exchange Board of India (Sebi).

 


The move comes after the Sebi recently directed stock exchanges and other market infrastructure institutions (MIIs), including MCX to discontinue the practice of levying slab-wise fee structures. MIIs were directed to charge uniform fees, irrespective of the size of market participants, essentially the brokers.


On the financial front, the company’s profit after tax (PAT) stood at Rs 110.92 crore in the first quarter of the financial year 2024-25  (Q1FY25)  against Rs 87.87 crore recorded in the previous quarter, up 26.2 per cent sequentially.


The firm’s revenue rose 29.4 per cent quarter-on-quarter (Q-o-Q) to Rs 234.4 crore in Q1FY25 from Rs 181.1 crore in the March quarter of FY24.


MCX’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) witnessed a 30 per cent jump on a Q-o-Q basis at Rs 132.6 crore  in Q1FY25  against Rs 102 crore in the preceding quarter.


The firm’s margin, however, witnessed only a slight rise to 56.6 per cent in the June quarter of FY25 from 56.3 per cent in the previous quarter.


The company’s average daily turnover for Q1FY25 stood at Rs 1.72 trillion. The total traded clients in futures and options on the exchange saw a growth of 6.4 per cent, reaching around 0.56 million during Q1FY5 against 0.53 million clients in the previous quarter and 0.39 million in Q1FY24.


In the past one year, shares of MCX have gained 208.8 per cent against BSE Sensex’s rise of 28.6 per cent. 

First Published: Sep 25 2024 | 11:32 AM IST



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HEG surges 9% on fixing October 18 as record date for 10:2 stock split

HEG surges 9% on fixing October 18 as record date for 10:2 stock split

by | Sep 25, 2024 | Share Market


3 min read Last Updated : Sep 25 2024 | 10:41 AM IST


HEG share price surged 9 per cent to Rs 2,517 on the BSE in Wednesday’s intraday trade, amid heavy volumes, after the company fixed October 18, 2024 as the record date for 10:2 stock split.


In the past two trading days, the stock of the graphite electrode manufacturer has rallied 12 per cent. Further, in the past two weeks, it has soared 26 per cent. The stock had hit a 52-week high of Rs 2,744.60 on May 22 and a record high of Rs 4,950 on October 16, 2018.


On September 23, HEG’s board approved the sub-division of equity shares from existing 1 (one) equity share having face value of Rs 10 each, into 5 equity shares having face value of Re 2  each, fully paid-up.

 


The rationale behind the stock split, HEG said, is to enhance the liquidity of the company’s equity shares and to encourage participation of retail investors by making equity shares of the company more affordable.


HEG, on Tuesday, said the company has fixed Friday, October 18, 2024 as the ‘Record Date’ for determining entitlement of equity shareholders for the purpose of sub-division / split of existing equity shares of the company.


HEG is one of the leading graphite electrode manufacturers in India and a key exporter with roughly 65 per cent- 70 per cent of the production being exported to global markets. The company has graphite electrode production capacity of 100,000 ton in Madhya Pradesh.


With the world’s focus firmly on carbon neutrality, this innovative technology offers a sustainable and cost-effective solution that will undoubtedly transform the sector’s landscape. As a result, electric arc furnace steelmaking is expected to continue to grow and become the primary method for steel production, leading the way towards a greener and more sustainable future. Graphite electrodes are an essential component for producing steel in Electric Arc Furnaces (EAFs).


“The proportion of crude steel production (excluding China) from the EAF route has grown from around 44 per cent in 2015 to nearly 50 per cent in 2022. Industry experts predict that by 2030, with a focus on green steel production (excluding China), EAF production will account for approximately 60 per cent of the market and 80 per cent by 2050. This anticipated growth presents an excellent opportunity for our business, as we expect a substantial increase in demand for graphite electrodes,” HEG said in its FY24 annual report.


HEG, being amongst the top 5 graphite electrodes producers globally, is poised to benefit from this transition. With structural tailwinds, analysts at ICICI Securities expect demand and pricing recovery in graphite electrode space from H2FY25 onwards and bake in capacity utilisation of ~75 per cent for FY25E and ~80 per cent for FY26E, on expanded base (1 lakh tonne).


Transition towards E-mobility space and rise in use of stationary applications will drive demand for Li-On batteries domestically to ~150- 160 GWh by 2030, resulting in a need for ~1.5 lakh tons graphite anode.


With the government’s aim to localise battery components, HEG plans to seize the opportunity by setting up a 20,000 tons capacity of graphite anode at a capex of ~Rs 1,800 crore. This venture is anticipated to offer value addition benefits with targeted earnings before interest, tax, depreciation and amortisation (Ebitda) margins and RoCE pegged at over 20 per cent. The company is fine tuning plan of action in this space (location etc., amid falling battery prices globally) with likely commissioning in FY27E, the brokerage firm said.

First Published: Sep 25 2024 | 10:41 AM IST



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PC Jeweller hits 52-wk high as board to consider stock split on Sept 30: PC Jeweller share price

PC Jeweller hits 52-wk high as board to consider stock split on Sept 30: PC Jeweller share price

by | Sep 25, 2024 | Share Market


Traditional Indian jewellery is getting a makeover. (File photo)

2 min read Last Updated : Sep 25 2024 | 9:36 AM IST


PC Jeweller shares in focus: Jewellery maker PC Jeweller shares rose as much as 4.17 per cent to hit a fresh 52-week high of Rs 157.30 per share on Wednesday, September 25, 2024. 


The uptick in PC Jeweller stock came after the company announced that the board will meet on September 30 to consider a stock-split.


A stock split occurs when a company divides its current shares into a larger number of shares, effectively lowering the price of each individual share. However, the overall value of all shares combined, known as the company’s market capitalisation, remains unchanged.

 


In an exchange filing, PC Jeweller said, “Notice is hereby given pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that a meeting of the Board of Directors of the Company will be held on Monday, September 30, 2024, inter-alia, to consider and approve the alteration in the share capital of the Company by sub-division / split of existing equity shares having face value of Rs 10 each, fully paid-up, as may be determined by the Board of Directors and consequent alteration of Memorandum of Association of the Company.”


Additionally, during the same meeting, the Board will also consider the appointment of new Directors of the Company, if any.


PC Jeweller engages in the manufacturing, trading, and sale of gold, diamond, and silver jewellery, catering to various markets. The company has developed several jewellery collections, such as Anant, Dashavatar, Bandhan, Amour, and the Wedding Collection, showcasing a diverse range of offerings.


PC Jeweller’s product lineup includes an extensive selection of physical jewellery, featuring items like rings, earrings, mangal sutras, coins, chains, pendants, and bracelets. 


Additionally, the company has introduced a digital gold investment platform, allowing customers to invest in 24K gold with a minimum amount of Rs 100. 


This digital gold can be redeemed for physical jewellery or gold coins, enhancing accessibility for investors.


The market capitalisation of the company is Rs 7,253.32 crore, according to BSE. The company falls under the BSE SmallCap category. 


At 9:24 AM, shares of PC Jeweller were trading 3.21 percent higher at 155.85 per share. In comparison, BSE Sensex was trading 0.04 per cent lower at 84,877.71 levels.

First Published: Sep 25 2024 | 9:30 AM IST



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