Markets regulator Sebi has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens.
Currently, an entity having outstanding value of listed non-convertible debt securities of Rs 500 crore and above are referred to as ‘High Value Debt Listed Entities’.
In its consultation paper, Sebi has proposed introducing a sunset clause that would end governance obligations if an HVDLE’s outstanding debt falls below the threshold for a specified period, providing more flexibility.
It has suggested a dedicated chapter within LODR (Listing Obligations and Disclosure Requirements) Regulations focused solely on corporate governance norms for HVDLEs distinguishing them from equity-listed entities.
Also, it has been proposed filing of governance reports in XBRL format, voluntary Business Responsibility and Sustainability Reporting (BRSR), and harmonise HVDLE reporting with equity-listed …
Sebi proposes doubling threshold for identifying HVDLEs to Rs 1,000 cr (01-11-2024)
Sebi mulls steps to facilitate ease of doing biz for ESG Rating Providers (01-11-2024)
Markets regulator Sebi has proposed tweaking framework for ESG Rating Providers (ERPs), particularly for those using a subscriber-pays model, including an exemption from the requirement to disclose ESG ratings to stock exchanges.
Additionally, the regulator has suggested that ERPs using a subscriber-pays model should share ESG (Environmental, Social, and Governance) rating reports with both subscribers and the rated issuer simultaneously. This policy should be publicly disclosed.
ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, Sebi said in its consultation paper.
These proposals are aimed at enhancing the clarity, transparency, and regulatory alignment of ESG ratings within Sebi’s framework.
The Securities and Exchange Board of India (Sebi) had introduced regulations for ERPs in July 2023, but ERPs have sought clarifications on certain provisions, particularly for those using a subscriber-pays model, and …
Ranvir’s Portfolio (01-11-2024)
Cipla –
Q2 FY 25 results and concall highlights –
Revenues – 7051 cr, up 9 pc
EBITDA – 1886 cr, up 12 pc ( margins @ 26.7 vs 26.1 pc )
PAT – 1303 cr, up 17 pc
Geography wise performance –
India – 2948 cr, up 5 pc. Chronic sales mix @ 61.5 pc. Launched 2 new products in India in Q2 – Vanoprazan ( for gastro-oesophaegal reflux ) and Cipenmet ( for allergic rhinitis ) – both these are in-licensed products
Continues to do well in key focus therapies – Cardio, Respiratory and Urology – outpacing IPM growth rates. Grew in line with the Industry in the anti-infective space
Company has 21 brands in top 300 brands. 25 of company’s brands have sales > 100 cr
Consumer healthcare brands grew strongly in double digits. Key brands include – Cofsils, Nicotex, Cipladine, Prolyte and Omnigel
US – 1967 cr, up 4 pc. Launched 4 new products in US in Q2. Lareotide franchise and Albuterol reached a mkt share of 35 and 19 pc respectively
South Africa – 639 cr, up 12 pc. Company is ranked no.2 in South African Pharma mkt. Company has 8 brands with sales > 100 Mn ZAR ( aprox 50 cr )
EU + EMs – 797 cr, up 18 pc
API sales – 140 cr, up 7 pc
R&D spends @ 5.5 pc of sales
Cash on books ( minus the debt ) @ 7950 cr
A weak season for anti – infectives and respiratory drugs led to weak growth in India business. This should reverse in Q3
Share of chronic business in India now stands @ 61.5 pc
Facing some supply challenges in the Lanreotide business. Q3 sales may be lower than in Q2 because of the same. Supply challenges expected to resolve by end of Q3
Company’s Goa facility has been awarded VAI status by USFDA post its inspection on 30 Oct. This should accelerate the expected launch of Abraxane ( chemotherapy drug ) in US – a key positive
Expect to launch Advair in US in H1 FY 26
Continue to maintain EBITDA margin guidance band of 24-26 pc for FY 25
Have added aprox 1500 MRs in India in the last 2.5 yrs
Because of supply constraints in Lanreotide in Q3, US revenues in Q3 are likely to be below $ 220 million vs $ 237 million in Q2
Launch of Symbicort expected to be in FY 27
Seeing low double digit price erosion in the oral solids base business in US
Mkt share in Lanreotide is expected to fall sharply in Q3 ( to around 20 pc levels ) in Q3. Should start to bounce back wef Q4 – once the supply challenges go away
Looking to make acquisition in India to utilise the cash on books. That’s priority No 1. Second priority is acquiring differentiated assets in US with strong entry barriers
Acquisition of Astaberry is helping accelerate the consumer healthcare business in India
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
SEBI proposes doubling threshold for ‘High Value Debt Listed Entities’ to ₹1,000 cr (01-11-2024)
Currently, an entity having an outstanding value of listed non-convertible debt securities of ₹500 crore and above are referred to as ‘High Value Debt Listed Entities’
Lighting the path to financial stability: How fixed income can safeguard wealth in a volatile world (01-11-2024)
As assets like equities and real estate see variable returns, fixed-income investments offer stability with predictable income streams. These instruments help preserve capital and reduce portfolio volatility, making them essential for conservative investors, retirees, and those nearing financial goals like retirement and funding education.
Lighting the path to financial stability: How fixed income can safeguard wealth in a volatile world (01-11-2024)
As assets like equities and real estate see variable returns, fixed-income investments offer stability with predictable income streams. These instruments help preserve capital and reduce portfolio volatility, making them essential for conservative investors, retirees, and those nearing financial goals like retirement and funding education.
SEBI mulls measures to facilitate ease of doing biz for ESG Rating Providers (01-11-2024)
ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI says