ICICI Bank Ltd is quoting at Rs 1269.7, down 0.59% on the day as on 13:19 IST on the NSE. The stock jumped 34.3% in last one year as compared to a 23.15% rally in NIFTY and a 17.21% spurt in the Nifty Bank index.
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Coforge Ltd slips for fifth straight session (05-11-2024)
Coforge Ltd is quoting at Rs 7490.95, down 0.69% on the day as on 13:19 IST on the NSE. The stock jumped 46.44% in last one year as compared to a 23.15% rally in NIFTY and a 30.07% spurt in the Nifty IT index.
Globus Spirits (05-11-2024)
As of now, margins are really suppressed due to elevated raw material prices for the manufacturing division and business building activities for the P&A consumer business .Business has internal financial resources and management’s efforts are focused in the right direction: use cash flows from manufacturing business to nurture and build consumer businesses, mainly Prestige and Above in multiple states in an incremental manner.
In a timeframe of 2~3 years, blended OPM % could be 13~14%. Per my thinking:
- Manufacturing business could do a revenue of ~2000Cr. (including upcoming 80 KLPD capacity at UP) and base case EBITDA of 10% (EBITDA of Rs. 4.5 per liter like it did in FY19 although management stresses upon average of Rs. 7 but that seems too optimistic estimate as it includes too good years of FY21 and FY22). However, this will not show any topline growth unless new plants for Ethanol are built, which is not the intent right now but this division may surprise on profitability as and when the raw material cycle turns favorable.
- R&O consumer business: Caters to masses earns EBITDA at 18~20% and could scale revenues to ~1000 Crores, considering UP foray and high single digit growth of the base business.
- P&A consumer business which is a key focus area and is loss making at EBITDA level could scale to a revenue of 250 Crores (20% of overall consumer business) and might have an EBITDA of 25~30%.
On an absolute basis, the business has the potential to do EBITDA of 440 Cr [Sum of EBITDA from points 1,2, and 3: 200+180+62] in a 3 years time frame. Considering 3 year forward profitability, business is available at EBITDA of 8 and PE of 12. However, the overall sales growth rate might be only in single digit unless some P&A brands become very popular. On a relative basis, the gold standard of the industry (United Spirits Ltd) trades at EV/EBITDA of 46 and PE of 73 as of 05-Nov-2024 with OPM at 18% and single digit sales growth rate. Overall, I think the business has value both on an absolute and relative basis.
Disc: No position. Not qualified to advise. Just a personal opinion for co-learning.
DLF shares 0.18% as Sensex rises (05-11-2024)
The stock quoted a 52-week high of Rs 967.00 and a 52-week low of Rs 586.80.
Raymond slides after net profit drops 62% YoY to Rs 60 cr (05-11-2024)
Raymond declined 2.51% to Rs 1,643.85 after the company’s consolidated net profit tumbled 62.4% to Rs 60.03 crore despite of 122.2% increase in revenue from operations to Rs 1,044.74 crore in Q2 FY25 over Q2 FY24.
2 top stock recommendations from Vinay Rajani (05-11-2024)
According to us, 24,100 is a level to track as a resistance. Once we see a decisive level above that, then we can say that there is a chance of trend reversal, but till then the trend will remain down only because if we go by the moving average setup also, Nifty is currently trending below 5, 10, 20, 50 and 100 days exponential moving averages and Nifty has never closed above its 10 days moving average since the starting of this correction which started actually from the month of October
Sensex, Nifty pare losses; Nifty climbs above 24,000 (05-11-2024)
At 13:30 IST, the barometer index, the S&P BSE, Sensex added 242.95 points or 0.33% to 79,052.09. The Nifty 50 index rose 51.65 points or 0.22% to 24,047.
Dhruv Consultancy Services shortlisted for Assam Resilient Rural Bridges Program (05-11-2024)
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