State Bank of India (SBI), the country's largest lender, on Tuesday, announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest

"The SBI has waived processing fees on car loans during the festival season. The bank is offering the lowest interest rate starting 8.70 per cent to customers opting for a car loan, with no escalation in interest. For customers applying for a car loan online through digital platforms like YONO/ the bank's website, it is providing 25 bps concession on the interest rate. Salaried customers can also avail loan up to 90 per cent of the car's on-road price," the lender said in a statement.

To bring more smiles, the SBI has also announced personal loan up to Rs 20 lakh at the lowest interest rate starting from 10.75 per cent with the longest re-payment tenure of 6 years, reducing the EMI burden on customers. 

Additionally, salary account customers can avail pre-approved digital loans up to Rs 5 lakh through YONO (the SBI's integrated digital banking app) in four clicks, said the statement.

The bank is also offering education loan up to Rs 50 lakh and up to Rs 1.50 crore for studies in India and abroad respectively at an interest rate starting 8.25 per cent. Customers will be offered the longest re-payment tenure of 15 years which will effectively reduce their EMI burden.

Recently, the SBI reduced MCLR (marginal cost of funds based lending rate) by 15 bps due to which overall home loan interest rate is down by 35 bps since April 2019. Currently, the bank offers the cheapest home loan with an interest rate of 8.05 per cent as repo rate linked home loan and this rate will be applicable to all existing and new loan from September 1.

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Glenmark Pharmaceuticals Ltd perhaps needs a stronger pep pill. Its first-quarter (Q1) results disappointed and fell short of analysts’ expectations. Besides, investors are not expecting its debt reduction plans to be any smooth either

A bigger disappointment came in its overseas businesses, particularly in the US, which clocked revenue growth of just 3.86% year-on-year in the June quarter. Analysts were expecting double-digit growth in the low teens from this important market.

Europe posted a fairly decent increase of about 10.5%, while Latin America saw revenues shrink 17%. Revenue growth in the rest of the world was about 5.4% year-on-year.

The US business was impacted by a decline in sales of its Mupirocin cream. Besides, tropical dermatological and skincare products are seeing significant price erosion, which has been continuing for three quarters now. Thankfully, two generic approvals in the second quarter could shore up its US business.

Besides, the company has launched multiple products in major countries in Europe during Q1, which should aid growth in the coming quarters.

Costs, though, have piled up in Q1. Raw material prices have surged by about 22% year-on-year. As a result, Ebitda margins have dipped from 16% a year ago to 14.7% in the June quarter. This is about 200 basis points below analysts’ estimates. Ebitda is earnings before, interest, taxes, depreciation and amortization.

Besides, Glenmark is undergoing a restructuring exercise. The company plans to reduce debt by about ₹700-800 crore in FY20. On this front, it is seeking a partner for its speciality chemicals business. Additionally, it is also seeking a minority partner in the recently separated active pharmaceutical ingredient business, Glenmark Life Sciences Ltd.

But slow business conditions, particularly in the US, are not convincing the market of this debt reduction programme. “Despite several niche approvals, Glenmark’s US business has failed to take off and restricted the company’s ability to meaningfully reduce debt as parallel investments in speciality/innovation pipeline have continued. Given a tepid outlook, we expect debt reduction to be gradual ( 400 crores vs. 700-800 crore guidance)," said analysts at Emkay Global Financial Services Ltd in a note to clients.

Additionally, its Baddi plant is facing regulatory issues, with the US FDA classifying it as Official Action Indicated, which impedes business from this facility. Much will depend on how soon Glenmark comes out of this and how its US business progresses, going forward.

“Increasing pricing pressure in the US and highly leveraged balance sheet limit the stock’s upside potential," said Reliance Securities Ltd in a recent client note. Little surprise, Glenmark has tumbled over 15% since its results were announced on 13 August.

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Such sharp rallies are often a result of some pep talk or some relief measure which often fizzles out trapping the bulls who bought on the hopes that a new rally will begin

The Indian market snapped a four-week losing streak to close with gains of over 1 percent. The Nifty rose 1.02 percent while the S&P BSE Sensex closed with gains of 1.25 percent for the week ended August 9.

The S&P BSE Sensex is now back above 37,000 while the Nifty also managed to reclaim 11,100 levels for the first time since July 31.

The broader market performed in line with benchmark indices as the S&P BSE Midcap index rose 0.92 percent while the S&P BSE Smallcap index closed with gains of 1.62 percent for the week ended August 9.

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If you are a risk-taker, then a sneak peek into his portfolio for the June quarter will reveal plenty of stocks that hold the potential to deliver good returns

Ashish Kacholia, an expert at spotting hidden treasures in the small and mid-cap universe, increased stake in six companies during the June quarter and kept it constant in 13, as per the shareholding data as of July 22. He also reduced stake in three companies.

Stocks of four of the above-mentioned companies have given a positive return in 2019 so far. The other two, however, are down over 20 percent year-to-date.

If you are a risk-taker, then a sneak peek into his portfolio for the June quarter will reveal plenty of stocks that hold the potential to deliver good returns.

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The brokerage sees up to 35 percent upside in the stock in the next 12 months on the back of a diversified portfolio, sound balance sheet, a solid track record going back two decades and healthy income profile.

 In the last five years, Phoenix Mills (PML) has rallied to double the investors' wealth. In comparison, the realty sector index has returned a paltry 5 percent in the same period.

Despite the surge, PML's growth run is far from over. Analysts expect the stock to grow further in the next 12 months riding on a diversified portfolio, sound balance sheet, solid track record going back two decades and a healthy income profile of its retail malls.

Although the company is the largest retail mall operator in the country, it has a diversified portfolio of retail, office and residential assets.

Currently, PML is operating eight retail malls in six cities, five office assets in Mumbai and Pune, and two 5-star hotels in Mumbai and Agra.

Additionally, Phoenix Mills also has a 3.72 million sq. ft portfolio of residential assets in Bengaluru, of which 2.53 million sq. it has been launched for sales and 2 million sq. it has already been sold.

The company also plans to add another 4.90 million sq. ft of mall space in five different cities along with 0.96 million sq. ft of office space.

According to Antique Stock Broking, all malls except Palladium in Chennai, which started operation in FY19, are mature and stable with trading occupancy of more than 95 percent and a healthy trading density ranging from Rs 1,174-2,943 per sq. ft per month.

The brokerage house expects the rental income to further increase as much as 50 percent as leasable areas are up for lease renewal in the next three years.

"The eight operating retail malls (5.9 million sq. ft) are generating income (EBITDA) of more than Rs 900 crore annually," said Antique Stock Broking.

Phoenix Mills will add another 0.9 million sq. ft of mall space in Lucknow by the second half of FY20. This will add another Rs 100 crore once the asset stabilises.

As per financial services company HSBC, the mall business of PML will catapult the company's share to about Rs 870 from its current market price of Rs 645.85, as on June 25.

"The next leg of growth will be driven by premiumisation and mall additions," HSBC said.

Apart from a robust portfolio and a strengthening mall business, Phoenix Mills is acing the financials too. While the debt-equity ratio of PML has steadily decreased from 1.79 in FY17 to 1.15 in FY19, the interest coverage ratio across the assets has steadily improved from 1.45 to 2.49 in the same period.

About 90 percent of the company's debt is long-term in nature with modest maturity of Rs 300-500 crore per year for the next three years.

"The cash flow from retails assets alone (Rs 900-1,000 crore) is adequate to service the debt, cover the interest cost of the entire group (Rs 350 -400 crores) and tax expenses (Rs 100-125 crore) leaving with free cash flow of nearly Rs 400-500 bn annually to repay the debt and fuel further growth," said Antique.

Over the last three decades, Phoenix Mills has risen to become the go-to destination for retailers and consumers, said the brokerage house. About 78 percent of its total annuity income, which contributes to 81 percent of its revenues, comes from the retail business of the company.

The stock of Phoenix Mills last closed at Rs 645.85 on June 25, 2019.

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The share touched its 52-week high Rs 186.90 and 52-week low Rs 89.30 on 06 September 2018 and 18 February 2019, respectively.

The share price of Welspun Corp added 2.6 percent in the early trade on Friday after the company successfully commenced commercial production of pipes at Madhya Pradesh plant.

The commercial production of pipes has successfully commenced at company's spiral pipe plant in Jamunia (near Bhopal) in Madhya Pradesh.

This plant has a capacity of around 175 KMT p.a.

At 09:30 hrs Welspun Corp was quoting at Rs 139.15, up Rs 2.45, or 1.79 percent on the BSE

The share touched its 52-week high Rs 186.90 and 52-week low Rs 89.30 on 06 September 2018 and 18 February 2019, respectively.

Currently, it is trading 25.33 percent below its 52-week high and 56.27 percent above its 52-week low.

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The Provisional Completion Certificate has been issued by the authority on February 12, 2019 and has declared the project fit for entry into commercial operation as on February 4, 2019.

Infrastructure major Dilip Buildcon rallied as much as 10 percent intraday on Friday after the company received provisional completion certificate for the project 'Four Laning of Ghaghra Bridge to Varanasi section of NH 233 from 121.800 km to 180.420 km from Ghaghra bridge abutment on Basti side to Bhudanpur urban section in the state of Uttar Pradesh under NHDP Phase - IV on EPC mode.'

The Provisional Completion Certificate has been issued by the authority on February 12, 2019 and has declared the project fit for entry into commercial operation as on February 4, 2019.

The stock witnessed spurt in volume by more than 2.15 times.

At 12:12 hrs Dilip Buildcon was quoting at Rs 450.00, up Rs 40.15, or 9.80 percent. t has touched an intraday high of Rs 464.45 and an intraday low of Rs 408.85.

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