The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut

Shares of Hindustan Unilever (HUL) declined 2 percent on BSE on August 28 amid reports that the company cut prices of some of its soaps by as much as 30 percent in a bid to cope with weak demands amid tough competition.

In July, the largest consumer goods company in the country reduced prices of Lifebuoy, Lux and Dove soaps in order to counter weak demands and tough competition, the daily newspaper Mint reported.

On the other hand, the company increased prices of face-washes for brands such as Fair & Lovely, Ponds, Pears and Dove between 4-14 percent, Mint reported referring to an August 27 report by Kotak Institutional Equities.

Moneycontrol could not independently verify the news.

The HUL top management gave a hint in July, during the conference call with investors, that the company might go for a price-cut as it expected weak commodity prices to continue.

Shares of HUL traded at Rs 1,829.50, down Rs 32.05 or 1.72 percent on BSE around 0955 hours IST.

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The lender is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter

Shares of Bank of Baroda climbed over 4 percent on BSE on August 27, a day after the public lender said it's capital raising committee has approved raising up to Rs 2,150 crore in Tier-I, II bonds

"...capital raising committee of our bank has approved today i.e. on 26.08.2019, the issuance of Basel III compliant additional Tier I bonds for aggregate total issue size not exceeding Rs 1,650 crore, with a base issue size of Rs 500 crore and a greenshoe option to retain oversubscription up to Rs 1,150 crore," the bank said in a regulatory filing.

Meanwhile, the bank is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter, PTI reported on August 26, quoting a senior bank official.

The lender had already bought around Rs 3,500 crore loans from NBFCs in the June quarter, while for the year March 2019, it had purchased assets worth around Rs 10,000 crore from NBFCs/housing finance companies.

The bank is in discussions will NBFCs/HFCs such as PNB Housing Finance, Indiabulls Consumer Finance, IIFFL, Annapoorna MFI among others for this, the report further said.

In the budget, the government had said it would provide a one-time six months' partial credit guarantee to public sector banks for the first loss of up to 10 percent on their purchases of high-rated pooled NBFC assets, amounting to Rs 1 trillion.

The lender is also targeting to disburse Rs 1,000 crore under the Reserve Bank's recently introduced co-origination model between banks and non-banking financial companies, this quarter and has already lent Rs 50 crore to Srei Finance and Edelweiss Financial.

The bank is also in talks with 10 more NBFCs and micro-finance companies, including Cholamandalam, Indiabulls Housing, Adani Capital, IIFL Finance, Hero Housing, and Centrum Housing, among others for this

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Sudarshan Sukhani of s2analytics.com recommends buying Tata Consultancy Services with stop loss at Rs 2245 and target of Rs 2350 and Balkrishna Industries with stop loss at Rs 735 and target of Rs 770

The market rallied sharply and posted the biggest single-day gain in last three months on August 26, driven by a rally across sectors except for metals. The measures to boost the economy and possible trade talks between US-China lifted sentiment.

The BSE Sensex surged 792.96 points or 2.16 percent to 37,494.12 while the Nifty50 rose 228.50 points or 2.11 percent to close above psychological 11,000 levels, at 11,057.90 and formed bearish candle on daily charts.

The market breadth remained in favour of bulls as more than two shares advanced for every share declining on the NSE. The Nifty Midcap index was up 1.6 percent and Smallcap index gained 2.3 percent.

According to the pivot charts, key support level is placed at 10,852.77, followed by 10,647.73. If the index starts moving upward, key resistance levels to watch out for are 11,166.57 and 11,275.33.

Nifty Bank closed at 27,951.35, up 992.70 points on August 26. The important pivot level, which will act as crucial support for the index, is placed at 27,208.66, followed by 26,466.03. On the upside, key resistance levels are placed at 28,344.56 and 28,737.83.

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Selling life insurance has never been easy, but getting investors to buy their stocks is becoming all too easy for life insurers. A booming business and a growing market share have led to big gains for the three listed life insurance companies in India

Shares of HDFC Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd has surged 33.59% and 37.37%, respectively, so far this year. Even ICICI Prudential Life Insurance Co. Ltd hasn’t fared badly, with returns of 19.14%, although its growth in the past two quarters has been wanting. In comparison, the Nifty Financial Services index has risen about 4.27% in 2019.

There are several factors that seem to have worked for life insurance companies. But, Nomura Financial Advisory and Securities (India) Pvt. Ltd highlighted the main reason.

“Private insurers (excluding ICICI Prudential Life) continue to deliver robust growth in spite of volatile markets; this, coupled with increasing protection share in the business mix, justifies the re-rating in the last four months, in our view," it said in a note to clients.

In the first four months of FY20, private sector insurers saw 23% new business growth in retail, in terms of annualized premium equivalent, even as the overall industry growth was 15%, primarily due to Life Insurance Corporation of India’s (LIC’s) 5.5% growth.

This growth was led by non-participatory and annuity products.

Aggressive marketing of term plans in the past two years has helped HDFC Life and even its peer's corner market share from the country’s largest life insurer, LIC.

“Shrinking profitability of the linked business has made it a mere revenue driver, edging players to move towards non-linked products (protection, annuities and return-guarantee) for profitability," said Jefferies India Pvt. Ltd in a note.

The growth in retail insurance sales of non-participatory products has made the portfolio of life insurers more stable and increased margins.

Life insurance stocks are likely to continue to enjoy investor attention over the next few quarters, too, though analysts warned that the profitability metrics may have peaked for some firms.

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A South African high court judge on Friday refused Zambia's state mining company ZCCM leave to appeal a previous ruling halting the sale of Vedanta Resources' majority-owned Konkola Copper Mines (KCM) pending arbitration

Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM and the rest by Vedanta.

Zambia had accused KCM of breaching the terms of its licence, which Mumbai-listed Vedanta denies.

In July, a South African judge said wind-up proceedings must be immediately withdrawn until a final decision is made following arbitration. Zambia appealed and said it was proceeding with the liquidation.

Judge Leicester Adams said his main reasons for refusing leave to appeal were that ZCCM had raised nothing new and that leave would only be granted when a judge believed it could succeed.

The South African high court is recognised as a court in the context of the International Arbitration Act.

"There are no reasonable prospects of another court coming to different conclusions, be they on aspects of facts or law, to the ones reached by me. The appeal does not, in my judgement, have a reasonable prospect of success," the judge said in his ruling.

Vedanta said it remained committed to engaging with the Zambian government to find an amicable solution.

No-one from the Zambian government could immediately be reached for comment.

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Market downgrades have been dogging rating agency scrips. In the past year, the CARE Ratings Ltd stock tumbled 59%, while Icra Ltd and Crisil Ltd slid 29% each. Comparatively, the Nifty 500 index slipped only 11%. What lies ahead for these stocks

Lately, negative news has dominated the credit rating business, with the top management of two rating agencies asked to step down. Agencies may also need to separate their rating and non-rating businesses.

“While business momentum has been improving, the absence of top management in two large CRAs (credit rating agencies) and the reports of an unbiased rating for IL&FS are negative, in our view. The third CRA might have to comply with the regulations to separate rating and non-rating businesses, affecting stock performances," said Elara Securities (India) Pvt. Ltd in a note to clients.

To top it all, in the bread-and-butter rating segment, growth has slowed to a crawl. Crisil’s rating division grew 2% year-on-year due to a drop in bank-loan ratings and fewer corporate-bond issuances. Icra’s rating revenues dropped 8%, while CARE Ratings’ fell 21%.

Much of the tight liquidity conditions and sluggish issuances may continue to persist. For credit rating agencies, this poses significant challenges. “Bank credit contracted 1.3% in Q1 FY20 as headwinds blasting NBFCs since end-Q2 FY19 impacted the number of bank-loan ratings. The quarter also saw fewer bond issuances, both corporate and financial. Further, ICRA seems to have lost share in the corporate-bond market after a default by a client," said Edelweiss Securities Ltd in a note to clients.

Meanwhile, securitization, which was growing lately, too is slowing. A double whammy to the rating business comes from corporate bodies shying away from incurring significant capital expenditure. Rating revenues could continue to grow marginally.

Additionally, credit rating agencies have been hit by regulatory costs and higher operating expenses that will weigh on operating margins going ahead.

Ostensibly, much hinges on credit offtake reviving. Thankfully, contracting interest rates could spur credit offtake later. But until then, these stocks may take time to see the light at the end of the tunnel.

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India's Reliance Industries is seeking a liquefied natural gas (LNG) cargo for delivery in October, two industry sources said on Friday

The refiner is seeking the cargo on a delivered ex-ship (DES) basis for delivery over Oct. 5 to 14 into Hazira, one of the sources said.

The tender closed on Thursday and it was not immediately clear if it had been awarded.

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Global software major Infosys on Wednesday expanded its partnership with Google Cloud to help its clients accelerate their digital transformation

"As a qualified Google Cloud managed service provider, we will offer clients application lifecycle services with cloud and data analytics expertise," said the city-based IT firm in a statement here.

The partnership with the global search engine will enable the software vendor to offer consulting, assessment, migration and support services to enterprises for optimising their workloads on the Google Cloud Platform.

"We will offer industry-specific solutions on the Google platform for healthcare, financial services, insurance, telecom and retail industries," the outsourcing firm said.

The partnership also strengthens the vendor's capabilities to help companies innovate and industrialise analytics, drive accelerated insights for new revenue models, realise savings and achieve faster time to market.

Other services offered are data cafe, an enterprise portal for data exploration, and cognitive conversational inter-faces for contextual interactions.

Services include data marketplace for managing data as an asset, data governance and data operations across hybrid platforms.

"As Cloud has been a focus area for us, we invest in new solutions, partnerships and offerings to enable our clients to navigate their digital transformation journeys," said Infosys Vice-President David Wilson in the statement.

Enterprises will benefit from Google Cloud's secure platform and Infosys' expertise in data, AI, analytics, workload migration and cloud deployments.

"We are expanding our partnership with Infosys, which has domain expertise in managed services, as enterprises want to move mission-critical workloads to Google Cloud," said the Google arm's Vice-President Carolee Gearhart in the statement.

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The National Company Law Appellate Tribunal (NCLAT) on Thursday expressed its displeasure over the crisis-hit IL&FS and the government's delay in filing the progress report on the resolution process of the group companies

"In spite of our order dated 12th July 2019 no 'Progress Report' has been filed by Union of India or IL&FS. They are allowed to file the 'Progress Report' by tomorrow (Friday)," said the NCLAT order.

The bench headed by NCLAT Chairperson S.J. Mukhopadhaya further asked the government to settle the claims of all the creditors of the Moradabad-Bareilly Expressway Ltd, the Jharkhand Road Projects Implementation Company, and the West Gujarat Expressway Ltd as per signed 'Term Sheet', before the next hearing on September 5. 

"The Union of India or IL&FS should also give notice to all the financial creditors of rest of the 10 'Amber' entities and take preliminary step by taking their consent in the manner it was followed in the cases of aforesaid three amber entities," it said.

Further, by the next hearing the government and IL&FS would also have to intimate the steps which they intend to take with regard to all the 82 red entities, the bench said.

The new board at IL&FS had classified the IL&FS group companies into three categories -- 'green', 'amber', and 'red' -- on the basis of their ability to service debt obligations to secured and unsecured creditors. Firms classified as "green" would continue to meet their payment obligations, while "amber" category firms can meet only operational payment obligations to secured financial creditors.

Those under the "red" category are the entities which cannot meet their payment obligations at all.

The bench further said that it would be open to the government and ILFS to call for meeting of the lenders and if necessary, the matter can be taken up on day-to-day basis to ensure that the total process with regard to all the amber entities, particularly the aforesaid three companies which IL&FS has decided to reclassify as green entities, is concluded on an early date. 

"They will keep it in mind that already 300 days approx. have completed since the Interim Order was passed on 15th October 2018," the order said. The appellate tribunal directed the government and IL&FS to file a fresh progress report by September 3.

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The Indian civil aviation sector is showing signs of recovery months after the grounding of Jet Airways with domestic air passenger traffic demand grew 7.9 per cent in June, a global airline association said on Thursday

According to the International Air Transport Association (IATA), India's domestic air passenger volume -- measured in revenue passenger kilometres was the third-highest among the major aviation markets such as Australia, Brazil, China, Japan, Russia and the US.

India's domestic RPK in June rose by 7.9 per cent as compared to the corresponding month of the previous year.

In the period under consideration, India's domestic passenger traffic growth was preceded by that of China at 8.3 per cent and Russia at 10.3 per cent.

The country's domestic available passenger capacity measured in available seat kilometres stood higher by 3.1 per cent in June, followed by China at 8.9 per cent and Russia at 9.8 per cent.

"The domestic India market has proven resilient in the face of the demise of Jet Airways earlier in the year," IATA said in its global passenger traffic results for June 2019.

"Growth in domestic RPKs have recovered strongly, lifting to a 7.9 per cent year-on-year pace in June, as the remaining carriers moved quickly to fill the gap created by the loss of a competitor and to meet the customer demand," it added.

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If the index breaks below 10,782 then further decline towards 11,580 and 10,450 levels is possible. Maximum open interest for Put is seen at strike price 10,800

Indian equity markets shrugged off weak global cues immediately after opening lower and witnessed steady gains through the day to touch intraday high of 11,018 on August 6

But, profit booking in the last hour of trade saw the Nifty closing off its high at 10,948, up by 0.79 percent. The broader market indices outperformed the benchmark as BSE Midcap and Smallcap gained 1.4 percent and 1.7 percent, respectively, for the day.

The market breadth on the NSE was positive with eight advancing stocks versus three declining. Following August 5 Hammer candle, the Nifty has formed a bullish engulfing pattern on the daily time frame that suggests buying at lower levels.

However, if the index breaks below 10,782 then it may decline further towards 11,580 and 10,450. In the Nifty weekly options, maximum open interest for Put is seen at strike price 10,800 followed by 10,700; while for Call maximum open interest is seen at 11,200 followed by 11,000. The index bounced back after touching a low of 10,782. If the index crossed and sustained above 11,020, the index could see a pullback towards 11,150-11,200.

India VIX closed for the day at 16.12, down 2.77 percent. VIX is at higher levels after a sharp bounce from lower levels suggesting volatility to continue.

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Domestic net interest margin contracted 10bps sequentially and 29bps YoY to 2.85 percent in the quarter ended June 2019

Indian Bank shares rallied 6.7 percent intraday on August 6 after lower provisions and other income lifted June quarter profitability 75 percent year-on-year, but slippages remain elevated on a sequential basis.

The stock has fallen nearly 50 percent in the last one year, but August 6 gain was in addition to the 3.5 percent upside seen in the previous session. It was quoting at Rs 199.75, up to Rs 9.85, or 5.19 percent, on the BSE at 1049 hours.

Profit in the June quarter increased sharply by 74.6 percent year-on-year to Rs 365.4 crore, but net interest income fell 1.2 percent YoY to Rs 1,785.4 crore due to higher cost of funds and elevated slippages in Q1.

Slippages for June quarter stood at Rs 1,077 crore, rising 7.2 percent sequentially, though declined more than 22 percent year-on-year. Annualised slippage ratio jumped to 2.34 percent in Q1 against 2.14 percent in the previous quarter.

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Private sector thermal power producer Adani Power on Friday said that it has completed the acquisition of GMR Chhattisgarh Energy (GCEL)

According to the company, the acquisition of GCEL has concluded at an enterprise valuation of approximately Rs 3,530 crore.

GCEL owns and operates a 1,370 MW supercritical power plant at Raikheda village in Chhattisgarh's Raipur district.

GCEL presently supplies power to Gujarat under a short term, 1000 MW Case 4 PPA with the Gujarat Urja Vikas Nigam Ltd.

"The addition of 1,370 MW capacity, along with the recently concluded acquisition of the 600 MW Korba West Power Co. Ltd., solidifies APL's position as India's largest private-sector thermal power producer, with aggregate operating capacities of 12,450 MW," the company said in a statement.

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Mitesh Thakkar of mitesshthakkar.com recommends selling Maruti Suzuki with a stop loss of Rs 5520 and target of Rs 5380 and Shree Cements with a stop loss of Rs 20600 and target of Rs 19000

The BSE Sensex gained 83.88 points to 37,481.12 while the Nifty 50 strongly defended psychological 11,000-mark and rose 32.60 points to close at 11,118.

The broader markets also rebounded to close higher with the Nifty Midcap index rising 1.38 percent and Smallcap index gaining 0.4 percent.

In July, the BSE Sensex lost nearly 5 percent and the Nifty 50 shed 5.7 percent and formed a bearish candle on the monthly charts. It was the worst July for Nifty in the last 17 years.

According to the pivot charts, the key support level is placed at 11,029.83, followed by 10,941.67. If the index starts moving upward, the key resistance levels to watch for out are 11,175.73 and 11,233.47.

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Indian shares ended higher on Wednesday, boosted by public sector banks and metal stocks, but recorded their worst month this year in July as the results season that began earlier this month failed to cheer investors

The broader NSE Nifty closed up 0.29% at 11,118, while the benchmark BSE Sensex ended 0.22% higher at 37,481.12.

For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday.

India's top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter.

Zee Entertainment Enterprises topped the Nifty losers list, falling 5.1% and dragging the Nifty media index by 2.9%.

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Nifty Pharma index has corrected nearly 17 percent since the beginning of 2016 and 3 percent from 2017.

The frontline indices (Sensex and Nifty) surged about 29 percent in FY17 while broader indices - Midcap and Smallcap - rallied 47 percent and 57 percent, respectively, in the same year.

But the performance in 2018 so far has been mixed with Sensex rallying 12 percent and midcap & smallcap indices losing 7 percent & 12 percent, respectively, year-to-date.

"We really had a cautious stance on mid-cap space since the start of this year due to high valuations. Lot of companies corrected sharply due to their weak business and weak financials but good companies did not correct much," Vinit Sambre, Head of Equities, DSP Investment Managers told CNBC-TV18.

The rally seen in mid and smallcaps in July and August along with frontline indices was because of in-line or better-than-expected earnings in the June quarter.

"But that was low-base supported earnings growth, so although these stocks have corrected, valuations are still not at reasonable level given micro headwinds and elections lined up next year," Sambre said.

It is definitely not a buy for short term, but long-term investors who have 3-5 years' view can keep building their exposure to these stocks, he advised.

Generally in equity, a fund manager always looks at long-term averages.

In the past 20 years, frontline indices have given 11-12 percent CAGR return.

"My sense is small and mid-cap corporates are more confident. After interaction with management, such trend should continue, so one should remain invested for next 3-4 years," Sambre said.

But for short term or one-year view, he feels, the situation is unpredictable due to upcoming state and general elections. "Near-term volatility will be higher, so short-term investors should stay away but long-term investors can still look at current levels given strong economic growth going ahead."

Pharma

DSP Investment has been gradually adding exposure to select stocks in the pharma space.

In last three years, he said these companies had gone through USFDA concerns and US generic pricing pressure, but now USFDA-related issues are on the verge of clearance and some of them have already been cleared, approvals started coming in, though pricing pressure is unabated in the US.

Nifty Pharma index corrected nearly 17 percent since the beginning of 2016 and 3 percent from 2017.

Sambre believes the pricing is at the bottom level of pyramid, so these stocks should do well in next 2-3 years.

The rupee depreciation also benefitted pharma as well as IT companies, he said, adding that companies which were impacted by GST are also picking up momentum. "Changes are structural, so keep looking at select pharma companies."

IT

The initial phase of rally in technology stocks was due to marginal uptick in growth and margin expansion, he said. "After interaction with management, we feel demand momentum is picking up."

So it makes sense to look at technology stocks given picking up in business momentum and support from rupee, he said.

NBFCs

He feels some of the niche NBFCs will grow significantly and the next 3-4 years will be better for these firms given size and scale of opportunity. "NBFCs which have done strong job of maintaining asset quality, there sustainability of growth is high."

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Stock Market: मार्केट एक्सपर्ट्स का कहना है कि बाजार में अभी 200 से 300 अंकों की औऱ तेजी आ सकती है।

5 महीने बाद घरेलू शेयर बाजार नई ऊंचाई पर पहुंच गया है। गुरुवार को सेंसेक्स ने जहां 36699.53 का नया हाई बनाया। वहीं निफ्टी फरवरी के बाद पहली बार 11 हजार के आंकड़े को पार कर गया। मार्केट एक्सपर्ट्स का कहना है कि बाजार में अभी 200 से 300 अंकों की औऱ तेजी आ सकती है। ऐसे में निवेशकों को चुनिंदा शेयरों में निवेश करने की सलाह होगी। इस दौर में छोटी रकम के साथ बेहतर शेयरों में निवेश करना सही तरीका है। ऐसे में एक्सपर्ट्स और ब्रोकरेज हाउस चुनिंदा 100 रुपए से कम कीमत वाले सस्ते स्टॉक्स में निवेश की सलाह दे रहे हैं, जिसमें आगे 1 साल में 50 फीसदी रिटर्न मिल सकता है। 

11200-11300 तक जाएगा निफ्टी

मार्केट एक्सपर्ट सचिन सर्वदे का कहना है कि बाजार में अभी तेजी बरकरार रहेगी। निफ्टी में आगे 200 से 300 प्वाइंट्स का उछाल देखने को मिल सकता है। वहीं ट्रेडस्विफ्ट ब्रोकिंग के डायरेक्टर संदीप जैन ने कहा कि बाजार में तेजी के बीच निफ्टी 11200-11300 के लेवल तक जा सकता है।

स्टॉक्स में ग्रोथ का मिलेगा फायदा​

मार्केट एक्सपर्ट्स मानते हैं कि निवेशकों को अपनी रकम एक स्टॉक में न रखकर कई स्टॉक्स में लगानी चाहिए। इसका मतलब है कि निवेशक छोटी यूनिट कॉस्ट के बेहतर स्टॉक्स में निवेश करें। 100 रुपए के कम के इन सभी स्टॉक्स में निवेशक बेहद छोटी रकम के साथ निवेश कर सकते हैं और कई स्टॉक्स का एक बेहतर पोर्टफोलियो तैयार कर सकते हैं। इससे न केवल उनका जोखिम कम हो जाएगा। साथ ही स्टॉक्स में ग्रोथ का फायदा भी मिलेगा।

किन शेयरों में करें निवेश

कॉरपोरेट कुरियर एंड कार्गो

रिटर्न: 50%

एक्सपर्ट सचिन सर्वदे ने ट्रांसपोर्टेशन-लॉजिस्टिक सेक्टर की कंपनी कॉरपोरेट कुरियर एंड कार्गो में निवेश की सलाह दी है। कंपनी की शुरुआत 1986 में हुई थी। महाराष्ट्र की कंपनी दिसंबर 1994 में पब्लिक इश्यू लेकर आई थी। मार्च 2018 को समाप्त हुए क्वार्टर में कंपनी ने नो नेट प्रॉफिट/लॉस रिपोर्ट पेश किया था। वहीं इस दौरान कंपनी की बिक्री 77.50 फीसदी गिरी थी। सचिन ने टेक्निकल चार्ट के आधार पर स्टॉक में 50.60 रुपए का लक्ष्य दिया है। करंट प्राइस से स्टॉक में आगे 50 फीसदी का रिटर्न मिल सकता है।

बिड़ला केबल

रिटर्न: 33%

एक्सपर्ट संदीप जैन ने फाइबर ऑप्टिक केबल मैन्युफैक्चरिंग कंपनी बिड़ला केबल में भी खरीददारी करने की सलाह दी है। संदीप जैन का मानना है कि 6-9 महीने की अवधि में बिड़ला केबल में 110 रुपए का स्तर देखने को मिल सकता है। देश में टेलिकॉम सेक्टर में ग्रोथ को देखने हुए कंपनी का फायदा हो सकता है। फाइनेंशियल ईय़र 2018-19 के चौथे क्वार्टर में कंपनी का नेट प्रॉफिट 326.32 फीसदी बढ़कर 8.91 करोड़ रुपए रहा था। पिछले साल समान क्वार्टर में कंपनी का प्रॉफिट 2.09 करोड़ रुपए था। फिलहाल बिड़ला केबल का भाव 83 रुपए के पास है। करंट प्राइस से स्टॉक में 33 फीसदी का रिटर्न मिल सकता है।

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We would like to highlight the management's penchant for innovation and hunger for growth, strong return ratios and prudent financial risk management

In the business-to-business (B2B) segment it is difficult to win the hearts of customers particularly when products are commoditised. Taking up this challenge, Arfin India, which is into aluminium products, has consistently evolved its product categories through innovative techniques and research to stand tall in its category. During March, the company was conferred 'India’s Best Aluminium Products Manufacturing Company of the Year 2017' by IBC Infomedia, a division of International Brand Consulting Corporation, USA.Prudent growth reflected in high return ratios

One direct reflection of its capabilities and strength is improving margins and return ratios. The company has consistently improved its earnings before interest, depreciation, tax and amortisation (EBIDTA) margin from 3.4 percent in FY13 to 8.1 percent in FY17, through cost optimisation, scale and better pricing.

The company has been adding value added products, which have been contributing to overall margin increase. During 2013-17, volumes grew 22 percent annually and revenues rose 20 percent CAGR (compounded annual growth rate). During FY18, it delivered a strong 40 percent sales growth and 67 percent increase in net profit to Rs 21.7 crore.

Aided by strong growth and optimisations of resources, it has consistently improved its return on capital from 16 percent in FY14 to 30 percent in FY17.

Marquee clientele

Arfin manufactures aluminium wire rod, aluminium deox, aluminium alloy ingot, conductor and cables and few other aluminium-based products that are used in industries such as steel (72 percent), power, automobiles and others. The company is a key supplier to companies like Jindal Stainless, Jindal Steel & Power, Essar Steel, Tata Steel, ArcelorMittal, Steel Authority of India, JSW Steel, Bhushan Steel, Larsen & Toubro, Adani Transmission, Endurance Technologies, Banco Products, Rico Auto Industries and Toyota.

Revenue visibility

The company is fast growing in emerging product categories and adding more clients in the domestic and international market. Led by demand from the automotive and infrastructure construction, demand for aluminium products is growing at a slightly higher pace of about 7-9 percent.

It is also eying the exports market aggressively. Exports account for a mere 3 percent of overall revenue, but is expected to grow faster after the addition of new clients.

Capacity expansion

Considering the strong demand, the company is expanding its manufacturing capacities. Its wire rod capacity will be enhanced from 15,000 tonne at present to 20,000 tonne by FY19 and alloy ingot capacity will triple from 6,000 tonne to 18,000 tonne by FY19. While there is increased demand from existing clients, the company has also added few export clients in FY18, who will be taking deliveries from additional capacities. It recently commercialised the conductor and cables facility in Q3 FY18, whose products are approved by 7 state electricity boards and Adani Transmission. After expansion, capacity will increase to 73,600 tonne as against the current manufacturing capacity of 55,700 tonne per annum.

Valuations

Based on FY18 net profit of Rs 21.7 crore, current market price of Rs 332 per share and market capitalisation of Rs 437 crore, the stock is trading at a reasonable 20 times FY19 price-to-earnings, considering its strong earnings visibility and dominant industry position. We would also like to highlight the management's penchant for innovation and hunger for growth, strong return ratios and prudent financial risk management such as maintaining adequate debt-to-equity (1.1 times) and coverage ratios (interest coverage 5 times).

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खबरों के कारण जो शेयर आज नजर में रहेंगे उनमें अशोक लेलैंड, टाटा स्टील, कैडिला हेल्थकेयर, एंटरटेनमेंट नेटवर्क और सीएंट शामिल हैं।

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अशोक लेलैंड - अशोक लेलैंड की हल्के कारोबारी वाहन और अंतरराष्ट्रीय व्यापार के विस्तार की योजना बनायी है।

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सीएंट - कंपनी ने 26,780 शेयरों का आवंटन किया।

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एंटरटेनमेंट नेटवर्क - सिलिगुड़ी में एक नये रेडियो स्टेशन से प्रसारण शुरू किया।

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The key Indian equity indices on Monday opened on a higher note.

The 30-scrip Sensitive Index (Sensex), was trading 197.67 points or 0.55 per cent higher soon after opening.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 62.55 points or 0.58 per cent higher at 10,835.20 points.

The Sensex of the BSE, which opened at 35,835.10 points, was trading at 35,855.53 points (at 9.21 a.m.), higher 197.67 points or 0.55 per cent from the previous day's close at 35,657.86 points.

The Sensex touched a high of 35,931.09 points and a low of 35,833.58 points in the trade so far.

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