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By EquityPandit

EquityPandit

EquityPandit
MARKETS

Muthoot Finance Shares Surge 16% on Strong Mar Performance

Shares of Muthoot Finance Ltd gained as much as 16.5 per cent on Thursday after the lender reported a 52.4 per cent jump in consolidated net profit at Rs 835.78 crore in the March quarter due to higher demand for gold loans.

The company’s consolidated loan assets under management increased 22 per cent to Rs 46,871 crore in 2019-20. Majority of its revenue comes from gold loans, while it also has some presence in vehicle finance, affordable home finance and micro loan segment through its various arms.

IDBI Capital in a note said, ‘Muthoot Finance with 88 petr cent of AUM towards Gold loan portfolio should be better off than other NBFCs. Lower provision has improved asset quality and management expects no further requirement of provisions for pandemic due to gold loan business model. For FY2021 expects 10 per cent AUM growth vs 5 per cent YoY earlier as it confident of 15 per cent gold loan growth in FY2021.” The brokerage has a buy rating on the stock.

The company said there has been no significant impact on the operations and financial position of the company on account of the outbreak of the pandemic and over the past two quarters, Muthoot Finance had raised $1 billion from external commercial borrowings.

Analysts at Nirmal Bang said, “During the quarter, the company mobilized nearly Rs 4400 crore worth of External Commercial Borrowings, accounting for 20.3 per cent of the overall borrowings in March quarter. Liquidity remains comfortable and is likely to remain high in FY2021, in line with the trend across the lending space. Revised estimates for FY2021/FY2022 and valuing the stock at 2.6 times FY2022E price to book value.” The brokerage has a buy rating on the stock.

Read EquityPandit’s Nifty Outlook for the Week

Muthoot Finance Ltd is the largest gold financing company in India in terms of loan portfolio.

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MARKETS

Waaree Renewable Shares Skyrocket 14% on Strong Q4 Earnings 

Ali Waghbakriwala

Shares Waaree Renewable Technologies Ltd skyrocketed 14% on 17 April after the company announced its quarterly earnings for January-March. 

The company reported an 83% year-on-year (YoY) increase in net profit to Rs 94 crore for the quarter under review compared to Rs 51 crore reported in the same quarter of the previous fiscal year. 

The revenue from operations of the company during the quarter stood at Rs 476 crore, marking a 74% YoY increase from Rs 273 crore reported in the same quarter last year. 

The earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 62.8% YoY to 122.4 crore. However, the company’s EBITDA margins contracted by 180 basis points to 25.7% in Q4FY25 compared to 27.5% in Q4FY24. 

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Waaree Renewables currently holds an unexecuted order book of 3.2 GWp, which it plans to deliver over the next 12 to 15 months. At the same time, its project bidding pipeline has grown substantially, now standing at 30 GWp.

On the Independent Power Producer (IPP) front, the company has already developed 54.82 MWp of solar power capacity and is in the process of building an additional 41.6 MWp IPP plant, expected to go live in the third quarter of FY25.

Waaree’s Operations and Maintenance (O&M) portfolio has also expanded, reaching approximately 695 MWp.

In addition, the company shared that it is actively exploring new opportunities for Engineering, Procurement, and Construction (EPC) contracts, both in India and abroad.

Waaree Renewable Technologies Limited (WRTL) operates as a subsidiary of Waaree Energies, one of the leading players in India’s renewable energy landscape.

At 11:42 am, the shares of Waaree Renewable were trading 10.87% higher at Rs 1,135.20 on NSE.

Curious About Waaree Renewable Technologies Ltd? Ask the Analyst.

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MARKETS

Stocks Under F&O Ban: Indian Renewable Energy, Birlasoft, and Others

Ali Waghbakriwala

Under the futures and options (F&O) segment, five stocks were banned from trade on Thursday, 17 April, by the National Stock Exchange (NSE). The securities banned for the F&O trade are Hindustan Copper, Manappuram Finance, Indian Renewable Energy, National Aluminium, and Birlasoft. 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

National Aluminium, Manappuram Finance, Hindustan Copper and Birlasoft were retained on the list from Wednesday as the open interest as a percentage of the MWPL of its F&O contracts stood at 88.1%, 102.1%, 95.8%, and 81.5%, respectively. 

The above securities were retained on the list from Wednesday, 16 April. Indian Renewable Energy was added to the list on Thursday as the open interest of their F&O contracts reached 104.7%..

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

Stocks in Focus: Wipro, DLF, UltraTech Cement, BHEL, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading lower by 53 points at 23,380 indicating that the domestic benchmark indices are likely to make a negative start on Thursday.

On Wednesday, 16 April, Domestic benchmark indices S&P BSE Sensex surged by 309.40 points or 0.40% and settled at 77,044.29 while the Nifty50 traded 0.47% higher by 108.65 points, settling at 23,437.20.

Here are some stocks that are likely to remain in focus on 17 April.

Quarterly Results Today: Jio Financial Services, Tata Elxsi, Mahindra EPC Irrigation, Infosys, HDFC Life Insurance Company, HDFC Asset Management Company, Indosolar, and National Standard (India) are some of the prominent companies set to announce their quarterly earnings for January-March. 

Wipro: in its quarterly earnings for January-March, the company reported a 26% year-on-year increase in net profit to Rs 3,570 crore for the quarter under review compared to Rs 2,835 crore reported in the same quarter of the previous fiscal year. 

DLF: The company has announced that it is entering into a master framework agreement with Srijan Realty to sell its IT/ITeS SEZ project in Kolkata for a total consideration of Rs 693 crore. The deal includes 25.9 acres of freehold land and the DLF Tech Park building with 10.54 lakh sq ft of leasable area.

UltraTech Cement: The company has announced acquiring a 26% stake in AMPIN C&I Power Eight. The acquisition is a part of the company’s strategy to meet its green energy demand and comply with electricity regulations for captive consumption. 

BHEL: The company has announced signing a technology transfer agreement with Bhabha Atomic Research Centre (BARC) for developing Indigenous hydrogen electrolysers using membrane diaphragm technology

Tata Steel: Tata Steel Netherland has announced an agreement with the Port of Amsterdam, Ecolog, and other partners to establish the world’s first liquid hydrogen import corridor in Oman and Europe.

Glenmark Pharma: The has announced its plans to launch a generic version of Adderall in the US in May. This version of the product can be used to treat ADHD and is available in 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg strengths.

SBI Cards: The company has announced signing a partnership with Tata Digital to launch the Tata Neu SBI Card with the aim of providing a premium and highly rewarding shopping experience for customers across various segments.

Hero MotoCorp: The company has announced halting production at four of its manufacturing plants, Gurugram, Haridwar, Dharuhera, and Neemrana from 17 to 19 April due to a short-term supply alignment. The company’s Halol and Tirupati plants will continue to operate during this period.

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MARKETS

Lupin and Zydus Lifesciences Shares Slump on Losing Patent Case in US Court

Ali Waghbakriwala

Shares of Lupin Ltd and Zydus Lifesciences Ltd shares fell 4% and 7%, respectively, on Wednesday, 16 April, after losing a patent case in the US Federal Court involving Myrbetriq, a prescription medicine used to treat overactive bladder, to Astellas Pharma, which could mean the Indian pharma players have to withdraw their drug from the market.

Myrbetriq would have contributed approximately $30 million to both pharma companies’ quarterly sales. 

“The Court concludes the Generics Manufactures did not prove their asserted invalidity defenses by clear and convincing evidence,” the Delaware District Court’s ruling dated 15 April said. In this case, the ‘Generics Manufactures’ are Zydus and Lupin.

The order goes on to state that any damages will be litigated in the subsequent jury trial. “Having rejected the invalidity theories posited by the Generics Manufactures in this litigation, the Court finds in Astellas’s favor on the validity issue. Infringement, damages, and any additional invalidity theories will be litigated at the consolidated jury trial in 2026.”

Astellas filed an appeal with the Delaware District Court, seeking a ruling that pharmaceutical companies’ generic versions of Myrbetriq violated the ‘780 Patent.

When a product covered by the Patent’s claims is manufactured, sold, or imported without the patent holder’s permission, it is deemed an infringement of the ‘780 Patent.

“The Court concludes that the Generics Manufacturers did not meet their burden of showing, by clear and convincing evidence, that the ‘780 Patent is invalid for lack of enablement, lack of written description, or indefiniteness,” Delaware District Court said.

Both Zydus and Lupin have filed a ‘Motion to Clarify’, attempting to assert additional validity theories that will be heard next year at trial.

At 3:30 pm, the shares of Lupin closed 3.87% lower at Rs 1,935 whereas shares of Zydus Lifesciences closed 6.47% lower at Rs 826 on NSE.

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MARKETS

Lemon Tree Hotels Shares Gain 1% on Inking License Agreement 

Ali Waghbakriwala

Shares of Lemon Tree Hotels Ltd were trading in the green and 1% higher on 16 April after the company announced signing a license agreement for a Keys Select by Lemon Tree Hotels, Mori Bera, Rajasthan.

Lemon Tree Hotels, Mori Bera, Rajasthan, is set to be operational by fiscal year 2027 and and will be managed by its wholly-owned subsidiary, Carnations Hotel. 

Lemon Tree Resort in Mori Bera, Rajasthan, will have 17 luxurious rooms, a restaurant, a bar, a swimming pool, a spa, Jacuzzis, and other public amenities. The Udaipur Airport is roughly 150 kilometres from the property, whereas Mori Bera train station is around 2.7 kilometres. The resort is also well connected by road, with easy access to public and private transportation.

We are excited to expand our presence in Rajasthan and contribute to our portfolio of ten current and seven planned hotels, said Vilas Pawar, CEO of Lemon Tree Hotels’ Managed & Franchise Business. Furthermore, this transaction broadens our portfolio in the wildlife industry, which has been significantly developing over the years.

Lemon Tree Hotels (LTHL) is a major hotel chain in India that owns, rents, operates, and franchises hotels in the upscale, upper-midscale, midscale, and economy segments. To suit the demands of customers at various levels, the firm provides seven brands: Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels by Lemon Tree Hotels, Keys Prima by Lemon Tree Hotels, Keys Select by Lemon Tree Hotels, and Keys Lite by Lemon Tree Hotels.

However, at 1:52 pm, the shares of Lemon Tree were trading 1.65% lower at Rs 139.90 on NSE.

Lemon Tree Hotels Ltd Insights? Let the Analyst Guide You.

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