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Rolex Rings IPO subscribed 9.26 times at end of Day-2

Rolex Rings IPO Subscription Day 2
29/07/2021

The Rs.731 crore IPO of Rolex, consisting of Rs.56 crore fresh issue and Rs.675 crore OFS, has gradually built on the response from retail investors on Day-1 and Day-2. As per the combined bid details put out by the BSE, Rolex Rings IPO was subscribed 9.26X overall, with bulk of the demand coming from the retail segment followed by the HNI segment. The issue had been subscribed 3.84X on Day-1 itself.

 

Also Read: Rolex Rings IPO Day 1 Subscription


As of close of 29 July, out of the 56.86 lakh shares on offer in the IPO, Rolex Rings saw applications for 526.39 lakh shares. This implies an overall subscription of 9.26X. The granular break-up of subscriptions were tilted in favour of retail investors but HNI portion has seen good traction on Day 2. 


The QIB portion remains tepid at the end of Day-2 also. On 27 July, Rolex Rings did an anchor placement of 24.37 lakh shares to QIB investors like HDFC MF, Axis MF, ICICI Pru MF, Birla MF, Kotak MF and SBI MF. QIB portion is just subscribed 0.23X, but is likely to see action on the last day.


The HNI portion got subscribed 5.58X (getting applications for 71.22 lakh shares against the quota of 12.18 lakh shares). Of course, funded applications and corporate applications, will come in on the last day. The real big story was the retail portion, which is already subscribed 15.88 times at the end of Day-2, showing strong retail appetite.


Among retail investors; out of the 28.43 lakh shares on offer, valid bids were received for 451.47 lakh shares, of which bids for 356.11 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.880-Rs.900) and will close for subscription on Friday, 30 July. 
 

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Colgate Palmolive and Tech Mahindra - Quarterly Results

Colgate Palmolive and Tech Mahindra - Quarterly Results
30/07/2021

Colgate Palmolive Ltd reported 12% growth in sales for Jun-21 quarter at Rs.1,166 crore. However, sales were lower on sequential basis due to supply chains getting impacted by COVID 2.0. Net profits grew 17.69% to Rs.233.23 crore, supported by cost cuts, inventory efficiency gains and selective price hikes. This resulted in a 300 bps improvement in gross margins at 68.9% and 90 bps spurt in EBITDA margins at 30.7%.

Colgate Palmolive Quarterly Results:-

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 1,165.97

₹ 1,040.62

12.05%

₹ 1,283.19

-9.14%

Net Profit (Rs cr)

₹ 233.23

₹ 198.18

17.69%

₹ 314.66

-25.88%

Diluted EPS (Rs)

₹ 8.58

₹ 7.29

 

₹ 11.57

 

Net Margins

20.00%

19.04%

 

24.52%

 


Colgate managed to sustain growth momentum across various product categories. During the quarter Colgate launched its first augmented reality toothbrush, Colgate Magik. Input cost impact was more than 20% but offset by selective price hikes. Net Margins at 20% in Jan-21 were higher than 19.04% NPM in the Jun-20 quarter, albeit lower sequentially due to COVID 2.0 stress.

Tech Mahindra Ltd net revenues for Jun-21 quarter grew 11.98% to Rs.10,198 crore. COVID 2.0 hardly had any impact as sequential revenues were up 4.81%. During the quarter, Tech Mahindra increased its headcount by 5,209 people to 126,263 employees. The two principal business lines of CME and enterprise grew at 12% and 16% respectively. Net profit for the Jun-21 quarter was up 39.18% at Rs.1,353 crore on 44% growth in EBITDA margins.

 

Tech Mahindra Quarterly Results:-

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 10,198

₹ 9,106

11.98%

₹ 9,730

4.81%

Net Profit (Rs cr)

₹ 1,353

₹ 972

39.18%

₹ 1,081

25.13%

Diluted EPS (Rs)

₹ 15.32

₹ 11.07

 

₹ 12.26

 

Net Margins

13.27%

10.68%

 

11.11%

 


In terms of top line growth, it was led by the technology vertical followed by BFSI, retail and manufacturing in that order. While Americas accounted for 46.7% of revenues, Europe accounted for 27.2% and ROW 26.1%. The onsite share came down from 64% to 62% with the new deals tripling in CME and enterprise space. Tech Mahindra had 1058 active clients against 981 last year with 96% repeat business penetration. Net margins for the quarter were at 13.27% compared to 10.62% in the Jun-20 quarter.

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Windlas Biotech IPO - 5 Things You Must Know Before Applying for an IPO

Windlas Biotech IPO - 5 Things to know
30/07/2021

Windlas Biotech, a company engaged in formulations CDMO business, is tapping the primary market with an IPO. Windlas will raise Rs.402 crore through a mix of fresh issue and offer for sale. The IPO will open on 04 August and close for subscription on 06 August. The price band for the IPO is fixed in the range of Rs.448-460. Here are 5 things  you must know about the Windlas Biotech IPO

Key things to know about the Windlas IPO

1.  Windlas is engaged in formulations CDMO. Contract Development Manufacturing is the emerging area within pharma industry. It entails contract manufacture and research on behalf of large companies. These are dedicated outsourcing units driven by R&D. Globally, this is a high growth business and India has been making rapid inroads.

2.  Windlas has a premium client list its contract manufacturing and research outsourcing. Its client roster includes marquee names like Pfizer, Sanofi India, Intas Pharma and Systopic Laboratories. Windlas also has an exports division which caters exclusively to global clients.

3.  The company has a state-of-the-art manufacturing facility at Dehradun with installed operating capacity of 706.38 crore capsules / tablets annually. In addition, the Dehradun facility also has the capacity to manufacture 5.45 crore pouches and 6.11 crore liquid bottles annually. Fresh issue proceeds will be used to expand production capacity.

4.  Between FY18 and FY20, Windlas has been a profit making company. During this period, the profits grew by 50%. Its asset turnover ratio has been consistently above 1, indicating efficient asset utilization.

5.  In terms of valuations, the company has reported P/E of 64X at the upper band of the IPO price band. However, revenues have grown at 38% CAGR while 58% growth in gross profits, which can justify this price.

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Why did the metal index rally 5%

metal index rally
30/07/2021

Metals have been in the limelight for some time now. Most of the metal stocks have either doubled or tripled since January 2021 and that has been triggered by strong demand and pricing power for steel companies and aluminium. This offset the spike in input costs that most metal companies faced. On 29 July, there was a sharp rally in metal stocks with the overall NSE metals index rallying 5%.

 

Stock Name

Closing Price (28-Jul)

Closing Price (29-Jul)

Gains (%)

Tata Steel

Rs.1,365

Rs.1,459

6.89%

JSW Steel

Rs.721.70

Rs.748.40

3.70%

SAIL Ltd

Rs.133.85

Rs.141.95

6.05%

Hindalco Ltd

Rs.416.30

Rs.458.10

10.04%

NALCO Ltd

Rs.85.50

Rs.92.95

8.71%

Vedanta Ltd

Rs.270.10

Rs.288.60

6.85%

NSE Metals Index

5,532.80

5,810.75

5.02%

Data Source: NSE


The table above captures the rally uniformly across metal stocks on 29 July. Clearly, the rally was driven by the Bloomberg news item about China planning export curbs on Steel. 

This means two things. Firstly, China itself would rely more on imports of metals to meet its insatiable appetite for metals. Secondly, less of Chinese steel will be available for exports, so the global steel market opens up for India.

Effective 01 August, China is imposing 10-25% export duties on hot-rolled coils. It wants to reduce carbon emissions from manufacture of steel and that will reduce China’s supply in the world metals market; keeping prices buoyant. 

Domestic tailwinds are also positive. Brokerages are expecting steel companies to report higher EBITDA/tonne in Q1. Tata Steel is expected to post record EBITDA/tonne of Rs.33,000 against Rs.27,775 in Q4. Demand for aluminium, lead and nickel is already robust on EV demand. Hindalco is also expected to post 71% growth in EBITDA/tonne. Overall, it looks like Q1 could be a record-breaking quarter for metals.

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Sun Pharma Ltd – A shining quarterly performance

Sun Pharma quarterly results
30/07/2021

Sun Pharma net profits turned around to Rs.1,860 crore from net loss of Rs.-1,320 crore on lower exceptional loss provisions on Taro Pharma lawsuits. Meanwhile, Sun reported 28.13% growth in sales at Rs.9,719 crore. The growth was driven by core pharma growth, low base in Jun20 and higher sales of COVID products. 

 

Sun pharma FY22 Q1 Results

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 9,718.74

₹ 7,585.25

28.13%

₹ 8,522.98

14.03%

Operating Profit (Rs cr)

₹ 2,317.86

₹ 1,347.59

72.00%

₹ 1,494.95

55.05%

Net Profit (Rs cr)

₹ 1,859.92

₹ -1,319.84

N.A.

₹ 992.55

87.39%

Diluted EPS (Rs)

₹ 6.00

₹ -6.90

 

₹ 3.70

 

OPM

23.85%

17.77%

 

17.54%

 

Net Margins

19.14%

-17.40%

 

11.65%

 


India sales at Sun Pharma were up 39% at Rs.3,384 crore. Among other markets, the US formulations grew at 35%, Emerging Markets at 25% and reset of the world at 35%. R&D investments at Rs.593 crore were 6.1% of sales. As part of the debt reduction program, Sun has cut $765 million of debt in the last 5 quarters with $185 million cut in Jun-21 quarter. Sun launched at total of 13 products in the Indian market during the quarter.

Also Check: Dr. Reddy Labs and Torrent Pharma - Quarterly Results

EBITDA was up 59% at Rs.2,772 crore was up 59% yoy. Taro posted sales of $147 million and net profits of $41 million, showing solid growth in top line and bottom line. The reason for the turnaround in net profits from loss last year was the lower exceptional losses for the Department of Justice order against Taro Pharma. In the Jun-21 quarter, Sun provided just Rs.631 crore against Rs.3,633 crore in the Jun-20 quarter. Net margins at 19.14% were higher 750 bps on sequential basis.

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Rolex Rings IPO Subscription Day-3

Rolex Rings IPO Subscription
30/07/2021

The Rs.731 crore Rolex Rings IPO, consisting of Rs.56 crore fresh issue and Rs.675 crore OFS, got a phenomenal response on Day-3. As per the combined bid details put out by the BSE, Rolex Rings IPO was subscribed 130.43X overall, with the bulk of the demand coming from HNIs followed by QIBs. Retail flows only built marginally on the last day.

At close on 30 July, out of 56.86 lakh shares on offer in the IPO, Rolex Rings saw applications for 7,415.77 lakh shares. This implies an overall subscription of 130.44X. The granular break-up was tilted in favour of the HNI applicants followed by the QIBs.

Rolex Rings IPO Subscription Status

Category Subscription Status
Qualified Institutional (QIB) 143.58 Times
Non-Institutional (NII) 360.11 Times
Retail Individual 24.49 Times
Total 130.44 Times

 

The QIB portion saw a phenomenal response on Day-3 of the IPO. As of the close of bidding, out of the 16.24 lakh residual shares on offer for QIBs after removing the anchor portion, Rolex Rings saw QIB applications for 2,332.35 lakh shares, implying a subscription of 143.58X.

The HNI portion got subscribed 360.11X (getting applications for 4,387.39 lakh shares against the quota of 12.18 lakh shares). The IPO saw a deluge of corporate applications and funding applications on the last day, boosting the final tally of subscriptions.

The retail portion was already subscribed 15.88 times on Day-2 and built up to 24.49X on the last day. Normally, the retail appetite tends to be pronounced on the first 2 days with HNIs and QIBs lining up on the last day. Among retail investors; out of the 28.43 lakh shares on offer, valid bids were received for 696.02 lakh shares, of which bids for 547.36 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.880-Rs.900) and the final price discovery is now likely to happen at the upper end of the band.
 

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