Show cause notice issued to KMCH by Directorate of Industrial Safety and Health,Madurai.

Construction worker died at the Kovai Medical Center Outpatient Block (UG + 6 floors) because there was no safety net in place and the incident wasn’t reported to the Building and Other Construction Workers (BOCW) board within the necessary 4-hour.

1e072286-ee25-4751-aafd-f65204f4c4e7.pdf (1.6 MB)

Looks like this quarter PGINVIT is not planning on keeping a conf call. I don’t think they will have one unless they get an acquisition. Any thoughts on this?

PGINVIT definitely till the time they are able to give 12/- yearly payout, is a value buy for an alternative stable income. The day rates start decreasing from RBI, the pre-tax yield will be even more lucrative.

Yes, other valuable boarders have mentioned, the delay in new acquisition is a challenge to keep on servicing 12/- payout, but this should happen sooner or later, is what the situation seem to hinge upon.
The promoter Power Grid is currently not willing to transfer any assets and currently getting money for more work is not a challenge. But this will happen as GoI will be there to take some call, even GAIL has denied to launch pipeline InvIT which GoI was willing to come up and this also seems to be in cold box.

However would like draw the attention that Powergrid lines are not only pure play of power transmissions but also for telecommunications. OPGW can be a dark horse for all transmission lines asset valuation increase and it can increase the valuation substantially. Power Grid and INVIT both have this and this should give some trigger in near future as currently management has also not spoken much about in public for OPGW ability. The high voltage lines surely have it as it helps in decreasing power losses, signals travel more distances without repeaters requirement and they act as sensors to detect any fault in lines, in fact can act as shield for lightning strikes. Companies, Govt etc use OPGW for their own purposes for last mile connectivity and speed enhancements and companies like power grid can sell there spare capacity to these institutions, generating some value out of it.

This is no way a cover up for the delay in assets acquisition but more of a structural theory that their payout could sustain 12/- till FY25-26, however, post that serious acquisition only can help for regular payouts. INDIGRID INVIT is better placed currently in terms of types of assets and the size of assets, so buying a mix of both of these would be better for visibility of stable pay-out, not for capital appreciation though. I

last week, saw some off-loading by promoters and Abakkus is completely out in June qtr. So both DIIs & Promoter free float shares are in market.

Seems for now, limited upside and there’s no traction in the company. CPaaS as a space is here to grow, esp with WhatsApp business & Google’s RCS getting into more thick of things while businesses are looking to find new engaging ways to keep a connect with their customers and also be instantly available, without a human need. Recently, Route also got Metro ticket booking contract and has been expanding the services tie-ups. Airtel already shared the intent to get into CPaaS and that’s off course has very great synergy to them.

But for now, the upside seems limited seeing Route’s valuations, more free float & offloading from promoters to happen (i expect they will complete by Mar’25 or least come to 77-78%). Tanla is there on lower deck of valuations but with Proximus buy-out, the leverage exists more with Route.

Coming months to see how this pans out and if looking to buy into a CPaaS growth story, Route can be considered as it should give good window for slow accumulation, fair valuations wrt growth runway and a strong promoter group with global reach & associations with big firms.