US bonds edged higher in early trading Friday after ending October with their worst monthly performance in two years. With the election and a Fed meeting days away, a measure of daily yield swings is at its highest in a year as traders position for further losses that could send 10-year yields as high as 4.5% over the next three weeks – compared with just under 4.3% currently.
Posts tagged All News
Yatharth Hospital & Trauma Care Services Limited (02-11-2024)
Yatharth Hospital’s board meeting on Nov 7th will discuss the agenda also includes potential fund raising through equity shares, convertible debentures, or other securities via private placement or public issue, subject to shareholder approval.
In dead-heat US polls, hedge funds hunt for trades (02-11-2024)
As the nearly deadlocked race nears, some are looking for so-called “asymmetric trades” involving bitcoin or the yuan, assets which could yield big profits if Trump wins but would not cause big losses if the wagers are wrong. “Trading the election is difficult given how tight it is,” said Edoardo Rulli, head of UBS Hedge Fund Solutions.
In dead-heat US polls, hedge funds hunt for trades (02-11-2024)
As the nearly deadlocked race nears, some are looking for so-called “asymmetric trades” involving bitcoin or the yuan, assets which could yield big profits if Trump wins but would not cause big losses if the wagers are wrong. “Trading the election is difficult given how tight it is,” said Edoardo Rulli, head of UBS Hedge Fund Solutions.
No, Vote Spikes on Election Night Do Not Indicate Voter Fraud (02-11-2024)
The false claim, which has circulated in recent elections, is based on a misunderstanding of how votes are collected and reported.
A cracker of a start to Samvat 2081: Indices climb nearly half a percent in Muhurat Trading Session (02-11-2024)
The local trader community actively participates in the Muhurat trading session, engaging in token transactions with an intent to take home profits. Making money in this hour is considered auspicious, setting the tone for the year to come.
Zomato – Should you order? (01-11-2024)
In the above interview, Deepak Shenoy talks about how qcom companies have “side deals” with some other companies for inventory. Can someone shed some light on this? Here’s what I could gather and correct me if I’m wrong in my understanding:
Zomato acquired Blink Commerce Pvt Ltd (aka Blinkit marketplace) in 2022. However, all the inventory is held on the books of a different company called Hands On Trades Pvt Ltd (HOTPL) which is not owned by Zomato. I think Zomato owns a small minority stake in HOTPL.
I concur that such an arrangement might be asking for regulatory trouble w.r.t. related party transactions and what not. Is this common in the retail industry?
@madhavojha pointed out a few days ago that the KMP of a few dominant vendors on Blinkit have connections with the KMP of Zomato. That might or might not be related to this “side deal” thing, but is equally interesting/concerning.
The revenue recognition from Blinkit in Zomato’s financial statements is only to the tune of take rates on the products sold to the end customers through the Blinkit marketplace. I think it’s similar for Swiggy Instamart too. But revenue recognition for Zepto and BigBasket seems to be money received from the customers for the products sold? Does this mean Zepto and BigBasket do not have such “side deals”?
I’m just trying to understand the supply chain and inventory side of things for Blinkit and retail companies in general.
Disclosure: Holding since before Blinkit was acquired and sold some around 280.
Ed Sheeran Prevails in Copyright Appeal Over ‘Let’s Get It On’ (01-11-2024)
A three-judge panel affirmed that Sheeran’s “Thinking Out Loud” did not illegally borrow from Marvin Gaye’s song.
Paragon Fine and Speciality Chemical (01-11-2024)
Company overview – Established in 2004, Paragon specializes in custom specialty chemicals with a strong global clientele and operations across multiple sectors, such as pharmaceuticals, agrochemicals, and electronics. Paragon is a leading global supplier of specialty intermediates.
Industries Served : Specialty Pigments & Dye; Agrochemical; Cosmetic; Pharmaceuticals; Electronics
Key strengths include its diverse portfolio of over 140 products, advanced in-house capabilities for complex chemical reactions, and robust client relationships built over lengthy R&D and development cycles. Paragon has benefitted from increasing demand in both domestic and export markets, maintaining a 50/50 revenue split. Their planned expansion aims to double production capacity, supporting both existing products and new innovations to drive revenue growth.
Clients – 100+ Global Clients including marquee names such as Everlight Chemical Industrial Corporation; Archroma; Modern Dyestuff & Pigments Co. Ltd.; Pidilite Industries. Has built long-term relationships with each client by providing speciality intermediates. Has been consistently growing customer and product base. Leveraging Custom Synthesis and Tech NDA agreements, we tailor solutions across a diverse range of over 40 chemistries to meet the unique requirements of each customer
Growth – Company’s growth is on an upward trajectory, with current capacity at 650 MTPA and plans for expansion to 850 MTPA by June 2025
Introduction of HALQUINOL, targeting an addressable market of 10,000 MTPA, with a projected production of at least 150 MTPA, highlights strategic market penetration.
Anticipated GMP certification for HALQUINOL Pharma grade is expected to significantly enhance revenue by ~ ₹15 Cr, with robust profit margins ranging between ~ 30% to 40%.
EBITDA is expected to maintain stability, driven by an anticipated revenue growth of ~ 20% year-over-year (YoY) till FY26
High ROE and ROCE
Excelling in 20+ chemistries – anchored on innovation and new product development. Company operates primarily in value added chemicals
Management – Technocratic management with next-gen also getting involved in the business. + In-house R&D facility with 14 technocrats.
Profile – Dr Rutesh V. Savalia, our Director at Paragon Fine & Specialty Chemical Limited, With Ph.D. in Organic Chemistry from the prestigious Institute of Chemical Technology, Mumbai (formerly UDCT),is a dynamic leader with a unique blend of academic excellence and practical expertise. Rutesh holds a Master of Science in Chemistry from the renowned Indian Institute of Technology (IIT-ISM Dhanbad). With a rich background in research and development spanning four years, Rutesh leads our marketing initiatives, new product development, and new business ventures. His dedication to innovation and progress has propelled our company forward. Notably, Rutesh is a recipient of the esteemed Prime Minister’s Fellowship for Research, a testament to his outstanding contributions to the field.
Shivam Patolia, our Director at Paragon Fine & Specialty Chemical Limited, is a dynamic leader with a global perspective and a unique blend of educational excellence. Holding a Bachelor’s degree in Mechanical Engineering from the University of Pittsburgh (USA) and a Master’s in Investment & Wealth Management from Imperial College London (UK), Shivam brings a wealth of knowledge and experience to our team.
The company’s strategy includes focusing on high-margin, low-volume specialty products and sustaining relationships that serve as entry barriers for competitors. Key differentiators include Paragon’s deep expertise in multiple chemistries, tailored client contracts, and high standards in quality control and audit compliance. Looking forward, Paragon aims to further increase market share by introducing new products in the cosmetic and electronics sectors and expanding R&D-driven innovation.
Robust Product Pipeline
Trading at fair valuations with PE <19, EV/EBITDA < 13, P/B – 3. Company is aiming for 1000rs revenue and aims to grow in high teens over the next few years.
Risks
- Volatile market conditions can affect margins. However management is indicating that they are primarily involved in speciality N+3 so margins won’t get affected too much
- Reliance on client relationships – Company is relying on client relationships and primarily developing specialized products on demand
Disc: Invested