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7 January 2019 Post amalgamation, Bandhan will have strong presence in the affordable housing segment. This will also help Bandhan to increase its reach in the western region. Promoter shareholding of Bandhan will fall to 61% v/s 82.3% as of now. This will take Bandhan a step closer to fulfil the 40% promoter shareholding requirement. The biggest advantage for GRHF is access to a stable source of funding and ability to expand its presence in the eastern region on the back of Bandhans branch network. HDFC Ltd will become the largest shareholder (Post Promoter) of Bandhan with ~15% shareholding. According to regulations, HDFC Ltd can a maximum hold 9.9% in any banking entity, subject to regulatory approval, and hence, we expect at least ~5% stake sale in future from HDFC Ltd in Bandhan (~INR40b based on combined MCAP of INR806b).
7 January 2019 Maharashtra DISCOM recently concluded auction of two distribution circles under the distribution franchisee (DF) model. The license is for 20 years, extendable by 10 years. More than 80% of the energy supply is to industrial/commercial customers. Based on preliminary data, Malegaon circle is equal to CESCs Kota distribution franchisee circle in terms of input energy. The input energy was 677MU and AT&C; losses stood at 47%. The input energy was 677MU and AT&C; losses stood at 47%. The contract is for 20 years, extendable by 10 years. The circle is adjacent to Torrents existing Bhiwandi operations. In terms of input energy, the circle is ~20% of size of its Bhiwandi operations. The winning bidder is selected on the price of input energy it will pay the DISCOM. DF has no role in fixing tariff (it is determined by the regulator for the DISCOMs operating area).
Asian markets are trading higher as investors remained optimistic ahead of trade talks between US & China. Nikkei is trading higher by 2.82%, Shanghai is trading higher by 0.39% and Hangseng is trading higher by 1.13%. Indian indices are expected to open in the green. Sgx Nifty is trading higher by
Bharti is leading provider of telecommunication services with presence in 20 countries representing India, Bangladesh, Sri Lanka and 17 countries in Africa.
US ramp-up progressing well H2 muted but largely priced in We met the Cipla management who reiterated their focus on building US operating leverage and confidence in achieving 18-19% EBITDA margins in the business for FY19 despite tender contract headwinds. Tender business US funding squeeze, price pressure to weigh on growth: Cipla expects a sharp cut in Global Access (GA) revenues in FY19 to US$ 60mn70mn (US$ 110mn in FY18). The South Africa (SA) tender business which forms ~40% of SA revenue should see allocation for the three-year tender cycle kicking in by Apr'19 (bidding process underway). Management expects H2FY19...
4 January 2019 Jewellery segment capitalized well on seasonal strength to report robust growth in 3QFY19. Management cited that the segment expanded its market share on account of robust same-store sales growth. Prescription Eyewear business also sustained growth momentum due to its strategy of offering more assortments at affordable price points and aggressive marketing spends. Management stated that the category continued delivering a strong performance on account of rapid store expansion, increasing affluence of customers in middle India, and strong consumer demand on account of the festive season of Diwali-Dussehra. The company also indicated that same-store sales growth remains very strong and that market share gains continue. In 3QFY19, TTAN added 11 new stores (65k sq. (collection of Heritage and Antique gold jewellery) during the quarter, which has received good customer response. Watches division reportedly continued its healthy growth momentum in 3QFY19, led by the focus on new designs and marketing spends.
There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...
