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Dabur's shares rally on announcing new manufacturing plant in Tamil Nadu

Dabur's shares rally on announcing new manufacturing plant in Tamil Nadu

by | Aug 22, 2024 | Share Market


2 min read Last Updated : Aug 22 2024 | 2:01 PM IST


Shares of Dabur India surged as much as 2.04 per cent at Rs 647.50 per share on the BSE in Thursday’s intraday deals. This came after the Tamil Nadu government announced on Thursday that Dabur India, a home and personal care products manufacturer, will invest Rs 400 crore to establish a new manufacturing plant in Villupuram district. 


This will be Dabur’s first venture into the South. State Industries Minister TRB Rajaa highlighted that the agreement signed today underscores Tamil Nadu’s strong industrial ecosystem and its skilled labour force.


The Memorandum of Understanding (MoU) signed by Dabur and Tamil Nadu government outlines an initial investment of Rs 135 crore, with plans to expand to Rs 400 crore over five years, creating approximately 250 direct jobs and numerous indirect opportunities.


The new facility will be located in SIPCOT Tindivanam and will be one of Dabur’s most modern and eco-friendly plants, designed to cater to the South Indian market. 


“This investment will allow us to better serve the growing demand for our products in South India and strengthen our market presence in the region. We look forward to contributing to Tamil Nadu’s economic development by creating jobs and working closely with local vendors and supplier partners,” said Mohit Malhotra, CEO, Dabur India. 


Dabur India reported an 8 per cent increase in net profit for Q1 FY25, reaching Rs 500 crore compared to Rs 463 crore in the same period last year. 


The FMCG company, known for products like Real fruit juice and Hajmola candy, saw net sales rise by 7 per cent to Rs 3,349 crore, up from Rs 3,130 crore year-on-year. Volume growth for the quarter was 5.2 per cent. 


At 01:54 PM; the stock of the company was trading 1.60 per cent higher at Rs 644.65 per share on the BSE. By comparison, the BSE Sensex was up by 0.22  per cent at 80,080 levels.

First Published: Aug 22 2024 | 2:01 PM IST



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Zen Technologies reaches all time high on launching QIP worth Rs 800 cr

Zen Technologies reaches all time high on launching QIP worth Rs 800 cr

by | Aug 22, 2024 | Share Market


3 min read Last Updated : Aug 22 2024 | 1:30 PM IST

Shares of Zen Technologies soared up to 4.6 per cent, reaching its all time high at Rs 1,865 per share on the BSE in Thursday’s intraday deals.

This came after the company on Wednesday launched its Qualified Institutions Placement (QIP) on August 21, with a floor price of Rs 1,685.18 per share. 


The QIP issue size is expected to be around Rs 800 crore, with the potential to increase to Rs 1,000 crore.


“We wish to inform you that the fundraising committee has fixed the ‘Relevant Date’ for the purpose of the Issue as August 21, 2024, and accordingly the floor price is Rs 1,685.18/- per equity share. The company may offer a discount of not more than 5 per cent on the floor price calculated for the Issue,” the company said in an exchange filing. 


In the first quarter of financial year 2024-25 (Q1FY25), Zen Technologies reported a total income of Rs 254.62 crore, marking a 92.24 per cent year-on-year (Y-o-Y) increase from the previous year. 


Operating profit rose by 61.70 per cent to Rs 108.34 crore in the April-June quarter of FY25, while profit after tax (PAT) grew by 63.13 per cent to Rs 76.81 crore. 


The net profit margin was 29.80 per cent, down 14.48 per cent from the same period last year. Meanwhile, R&D expenditure stood at Rs 6.99 crore, and operational Ebitda increased to Rs 103.20 crore from Rs 66.17 crore a year ago.


The company’s management said that it is focused on enhancing profitability by refining their business model. They anticipate significant growth driven by increased interest in combat training and the ongoing Ukraine conflict.


At 01:24 PM; the stock of the company pared all its gains, and slipped in red, down by 0.64 per cent at Rs 1771.50 per share on the BSE. By comparison, the BSE Sensex was up by 0.21 per cent at 80,074 levels.


Zen Technologies specialises in the design, development, and manufacture of training simulators for various sectors, including police, paramilitary, armed forces, security forces, and government departments involved in transport, mining, infrastructure, and civilian markets. 


Its product range is divided into three main categories: land-based military simulators, driving simulators, and mining and special equipment simulators. 


The company’s manufacturing facility is situated in Maheshwaram Mandal, Telangana. Zen Technologies has delivered over 170 simulators to more than 70 customers across India. 

First Published: Aug 22 2024 | 1:30 PM IST



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This Ashish Kacholia-owned stock has surged 20%; zoomed 147% from IPO price

This Ashish Kacholia-owned stock has surged 20%; zoomed 147% from IPO price

by | Aug 22, 2024 | Share Market


3 min read Last Updated : Aug 22 2024 | 12:45 PM IST

Awfis Space Solutions shares surged up to 19.99 per cent, hitting all time high at Rs 945.70 per share on the BSE in Thursday’s intraday deals. The stock price surged after the company on Wednesday said that it is expanding its footprint in Bengaluru by unveiling 66,846 square feet (sq ft)of premium workspace.

Since August 6, in past 11 trading days, the stock price of India’s largest network of flexible workspaces provider has rallied 54 per cent. Currently, it is trading 147 per cent higher against its initial public offer (IPO) issue price of Rs 383 per share. The company made its stock market debut on May 30, 2024.

Investor, Ashish Kacholia held 3.35 million equity shares or 4.83 per cent stake in Awfis at the end of June 2024 quarter, the shareholding pattern data shows. Ashish Kacholia’s stake is currently valued at around Rs 310 crore.


Awfis, a network of flexible workspaces, announced the launch of two new centres at Mantri Commerce and Vista Pixel in Bengaluru. The centres offer 39,000 sq ft and 27,846 sq ft built-up areas respectively. 


Both centres provide connectivity to major business districts and are conveniently close to malls, entertainment hubs, and social infrastructure. Upcoming metro lines are set to further enhance accessibility, with the yellow line at Mantri Commerce expected by 2025 and the blue line at Vista Pixel anticipated by 2026, the company said in the statement. 

“We are thrilled to announce our latest additions in Bengaluru, a city at the forefront of the demand for premium Grade A office spaces. With its robust infrastructure development and access to a vast pool of skilled talent, Bengaluru is poised for exponential growth. We are confident that the demand for high-end workspaces will continue to surge in the years to come,” said Amit Ramani, Managing Director and Chairman, Awfis Space Solutions. 


Meanwhile, in April to June quarter of financia year 2024-25 (Q1FY25), Awfis had posted a strong operational performance with revenue grew 37 per cent year-on-year (Y-o-Y) at Rs 258 crore. Operating earnings before interest, tax, depreciation and amortisation (Ebitda) grew at 55 per cent Y-o-Y at Rs 79 crore and operating Ebitda margin improved by 360 basis points Y-o-Y to 30.7 per cent from 27.1 per cent in Q1FY24.


The company operates 112,038 seats across 185 centres and 5.6 million sq. ft. in 17 cities as of June 2024. The company employs an asset-light, risk-averse strategy with its Managed Aggregation (MA) model, which comprises 64 per cent of its centres and 67 per cent of its seats, optimising returns and minimising risk. 


Awfis plans to add 40,000 new seats in FY25, aiming for a total of 135,000 seats by the end of the fiscal year, capitalising on the growing demand for flexible workspaces and solidifying its market leadership.


The company debuted on the bourses in late May this year and has zoomed 147 per cent from its issue price of Rs 383. 


At 12:16 PM; the stock of the company was trading 17 per cent higher at Rs 921.75 per share on the BSE. By comparison, the BSE Sensex was up by 0.25 per cent at 80,105 levels.

Awfis offers a variety of flexible workspace solutions, from individual desks to customised office spaces, tailored for startups, SMEs, large corporations, and multinational companies. 

First Published: Aug 22 2024 | 12:31 PM IST



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Interarch Building IPO: Check allotment status, GMP & likely listing price

Interarch Building IPO: Check allotment status, GMP & likely listing price

by | Aug 22, 2024 | Share Market


2 min read Last Updated : Aug 22 2024 | 11:32 AM IST

Interarch Building Products IPO allotment status: The basis of allotment for Interarch Building Products IPO shares is scheduled for today. The public issue, which was available at a price band of Rs 850-900, ended for subscription yesterday, August 21, 2024, receiving strong participation from investors, and was subscribed 93.79 times by the last date of subscription.


Interarch Building Products final subscription status

The Qualified Institutional Buyers (QIBs) were the lead bidders, with a subscription of 197.29 times, followed by the non-institutional investors (NIIs) at 130.91 times and retail investors at 19.46 times by the final day of subscription.

Also Read: Orient Tech IPO Details


Interarch Building Products allotment status


The shares of Interarch Building Products are scheduled to be allotted today. Once the allotment is finalised, investors can check the allotment status by visiting the official website of BSE or Link Intime India, the registrar for the issue. Alternatively, one can follow these links to check the allotment status directly:


– Check Interarch Building Products IPO Allotment status on BSE: https://www.bseindia.com/investors/appli_check.aspx


– Check Interarch Building Products IPO allotment status on Link Intime India: https://linkintime.co.in/initial_offer/


Interarch Building Products IPO grey market premium (GMP) today


Ahead of its debut on the bourses, the unlisted shares of Interarch Building Products are trading at a premium of around Rs 365 or 40.56 per cent over the upper band of the IPO price, according to several websites that track grey market activities. This indicates a positive listing for Interarch Building Products shares.


Interarch Building Products price prediction  


Shares of Interarch Building Products  are scheduled to list on the bourses—BSE and NSE—on Monday, August 26, 2024. Based on the current GMP, the company’s shares may list around Rs 1,265 (GMP + Issue Price), yielding a return of over 40 per cent to its investors.

First Published: Aug 22 2024 | 11:32 AM IST



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Orient Tech IPO fully booked on Day 1; GMP up 34% today; should you bid?

Orient Tech IPO fully booked on Day 1; GMP up 34% today; should you bid?

by | Aug 22, 2024 | Share Market


3 min read Last Updated : Aug 22 2024 | 10:41 AM IST


Orient Technologies IPO Day 2: The initial public offering (IPO) of Orient Technologies, which opened for public subscription yesterday, has received a positive response from investors, getting oversubscribed by 6.99 times at the end of the first day of subscription on August 21, 2024. The three-day subscription window to bid for the Orient Technologies IPO closes tomorrow, Friday, August 23, 2024. 


Investors can bid for a minimum of 72 shares and in multiples thereof. Accordingly, the minimum amount required by a retail investor to bid for the Orient Technologies IPO is Rs 14,832.


Orient Technologies IPO subscription status


The Orient Technologies IPO, available at a price band of Rs 195-206 per share and a lot size of 72 shares, received the highest bid from Retail Individual Investors (RIIs), with the highest subscription at 11.21 times. Non-Institutional Investors (NIIs) subscribed 6.44 times, while Qualified Institutional Buyers (QIBs) received 0.02 times subscription.


Orient Technologies IPO grey market premium (GMP)


Meanwhile, the unlisted shares of Orient Technologies continue to command a strong grey market premium (GMP) on the second day of subscription. According to several websites that track grey market activities, shares of Orient Technologies were trading at a premium of around Rs 70 or 34 per cent at the upper end of the issue price, indicating positive market sentiment for the public issue.


At the upper end, the company seeks to raise Rs 214.76 crore by offering a fresh issue of 5,825,243 shares worth nearly Rs 120 crore and an offer for sale of 4,600,000 shares with a face value of Rs 10 apiece. The allotment for Orient Technologies IPO shares is scheduled for Monday, August 26, 2024. Orient Technologies shares are expected to list on the BSE and NSE on Wednesday, August 28, 2024.


Should You Bid for the Orient Technologies IPO?


Shivani Nyati, Head of Wealth at Swastika Investmart, remains optimistic about the public issue of Orient Technologies. According to Nyati, the company’s comprehensive IT solutions portfolio and consistent financial growth underscore its strong market position. However, reliance on key clients, technology partnerships, and government tenders, coupled with intense competition, presents potential challenges.


“The IPO is valued at a P/E multiple of 17.45x, which appears reasonable. After considering all factors, we recommend a subscribe rating for this IPO, but investors should adopt a cautious approach,” said Nyati.

Meanwhile, analysts at Mastertrust have recommended that investors subscribe for the medium to long term. READ MORE

 

First Published: Aug 22 2024 | 10:40 AM IST



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Here's why Nuvama thinks Mphasis will benefit most from Fed rate cut

Here's why Nuvama thinks Mphasis will benefit most from Fed rate cut

by | Aug 22, 2024 | Share Market


Illustration: Binay Sinha

3 min read Last Updated : Aug 22 2024 | 9:32 AM IST


Nuvama bets on Mphasis: Information technology (IT) solutions company Mphasis is set to outperform its peers, according to domestic brokerage Nuvama, which has upgraded the IT giant to a ‘Buy’ rating from ‘Hold.’ The brokerage has set a target price of Rs 3,500 per share, reflecting a potential upside of 16.3 per cent. The upgrade comes on the back of improved growth visibility for the company.


“We see Mphasis at an inflection point – where the factors that led to its underperformance over the last two years – are now likely to reverse, leading to outperformance. We are upgrading FY25E/26E EPS by 2 per cent/4 per cent and target valuation to 30x Sep-26 PE (from 27x) – on better growth visibility; upgrade to ‘Buy’ with a target price of Rs 3,500,” analysts at Nuvama said in a note.


On the bourses, Mphasis has rallied 26.7 per cent in the last three months, driven by expectations of interest rate cuts in the US and early signs of recovery in the US-BFS sector.


Financially, Mphasis reported a consolidated net profit of Rs 404 crore for the June quarter, marking a 2.1 per cent increase year-over-year and a 2.9 per cent rise sequentially (Q-o-Q). The company’s revenue from operations grew 4.6 per cent annually to Rs 3,422 crore. On a quarter-on-quarter basis, revenue was up 0.2 per cent, with constant currency revenue increasing 0.1 per cent Q-o-Q and 3.1 per cent Y-o-Y.


Meanwhile, here are key reasons behind Nuvama’s upgrade:


Favourable macroeconomic conditions 

 


Mphasis has witnessed lacklustre growth in recent years, with a 7.8 per cent growth decline in FY23 and a 6.3 er cent drop in FY24. This trend, analysts believe, is expected to reverse as the macroeconomic environment becomes more favourable. 


The high interest rates that negatively impacted its BFS (47 per cent of revenue) and mortgage (~6 per cent of revenue) segments are set to change, boosting growth prospects, analysts added.


Impact of interest rate cuts


Interest rate cuts in the US are anticipated to rejuvenate tech spending by US corporates, which had been stalled for nearly two years. As Mphasis’s mortgage business is highly sensitive to interest rate changes, it is expected to recover sharply. 


Additionally, Mphasis’s major client, a BFS corporation, has announced record tech spending for CY24, further boosting growth prospects for the company.


“A reversal of these factors – interest rates and BFS spending – shall boost growth for Mphasis ahead of peers,” Nuvama said in a note.


Strong core business and Gen-AI initiatives


Despite recent underperformance, analysts noted Mphasis’s core business remains robust. The company has successfully diversified its revenue base, reducing dependency on the DXC channel, which now contributes only 3 per cent to the top line, down from 28 per cent in FY19. Mphasis is also making major strides in the Gen-AI domain, with platforms like NeoZetaTM and NeoCruxTM designed to modernise legacy systems and enhance the software development lifecycle, analysts said.

First Published: Aug 22 2024 | 9:23 AM IST



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