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Mutual funds that hold IRCTC shares.

Mutual funds that hold IRCTC shares.
by 5paisa Research Team 20/10/2021

The shares of IRCTC have fallen by more than 22% from their high in a single day. Read on to find the funds that hold maximum IRCTC shares.

On October 19, shares of IRCTC made a new high of Rs 6393. In the last month, the share price of IRCTC has moved up by 72%. From the low of Rs 3700 on September 2021, there was an unstoppable one-way vertical move in the share price of the company before it came to a scratching halt in yesterday’s trade. It is down by 13% in today’s trade after witnessing a fall of 22% in Tuesday's trading session. From the high of Tuesday, the share price of IRCTC is down by 27%.

Analysis of holdings of mutual funds at the end of September 2021 shows that 85 funds hold shares of IRCTC and were net sellers in the month of August and September. It was only Edelweiss Recently Listed IPO Fund, which remained the net buyer of the company’s shares in September. Nevertheless, the fund that is going to get impacted most due to the fall in the price of IRCTC is Motilal Oswal Midcap 30 Fund, which holds 8.99% of its assets in the share of IRCTC. On October 19, the NAV of the fund fell by 1.56%.

Following is the list of funds that hold the highest percentage of IRCTC’s share in their portfolio.
 

Fund Name  

Fund Manager  

Sep-21  

Sep-21  

Sep-21  

Aug-21  

Jul-21  

Jun-21  

   

   

AUM (in Rs. cr)  

% of AUM  

No. of Shares  

No. of Shares  

No. of Shares  

No. of Shares  

Motilal Oswal Midcap 30 Fund-Reg(G)  

Niket Shah  

2366.6  

8.99  

560000  

600000  

600000  

600000  

Edelweiss Recently Listed IPO Fund-Reg(G)  

Bhavesh Jain  

805  

5.77  

122300  

62500  

115000  

90000  

IDBI Flexi Cap Fund(G)  

Alok Ranjan  

378.8  

4.04  

40306  

40306  

40306  

40306  

IDBI Focused 30 Equity Fund-Reg(G)  

Alok Ranjan  

145.8  

3.79  

14549  

18049  

18049  

18049  

Baroda Mid-cap Fund(G)  

Sanjay Chawla  

76  

3.75  

7500  

13000  

13000  

15000  

Tata Digital India Fund-Reg(G)  

Meeta Shetty  

3469  

3.55  

323816  

403816  

338816  

203816  

Baroda ELSS 96(G)  

Sanjay Chawla  

217.7  

3.05  

17500  

25000  

30000  

30000  

Baroda Hybrid Equity Fund(G)  

Sanjay Chawla  

413.6  

3.03  

33000  

40000  

40000  

40000  

Baroda Multi Cap Fund(G)  

Sanjay Chawla  

1155.6  

2.96  

90000  

135000  

135000  

140000  

IDBI Midcap Fund(G)  

Alok Ranjan  

214.7  

2.83  

16000  

22000  

22000  

15000  

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Exploring new horizons-Kotak Mahindra Bank

20/10/2021

Kotak Mahindra Bank-An Overview 
Kotak Mahindra Bank (KMB) is one of India's leading banking and financial services group, offering a wide range of financial services.KMB has transformed from an NBFC (non-banking financial company) into one of the fastest-growing banks in India after obtaining a banking license in 2003. The bank offers personal finance solutions from savings accounts to credit cards, distribution of mutual funds to life insurance products. Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs, and provides working capital loans. Kotak has one of the largest and most respected Wealth Management teams in India, providing the widest range of solutions to high-net-worth individuals, entrepreneurs, business families, and working professionals. Over the years, it has entered various financial service businesses, such as securities, investment banking, life insurance, asset management, and retail banking, and it has become a leading player in domestic capital markets. 

Recent updates from the company shows that the growth appetite improved a bit in retail & SME, the large corporate lending still not big focus despite bank's low funding cost,bank is open to new opportunities, prefering credit cards, gold, & MFI loans,succession will offer scope to reorg. teams & look at fresh talent — our base case is internal elevation for CEO. Growth uptick & succession will be key to stock returns.
Bank has scaled up liability franchise well with Casa ratio of 60% but it has been conservative about growing the large corporate book due to predicted lower yields. Limited changes are found to that outlook, and even if book starts to grow from here, it may lag the retail piece. Recently, Kotak group acquired a small vehicle financing arm of Volkswagen India that gave them Rs13bn of loans (0.5% of consolidated loans) and 30k customers. Management is open to new opportunities in new areas such like credit cards, gold financing and MFI Kotak intends to acquire Citibank's India credit card business which would provide more contributions to loans.

So the quality of cross-sell to these customers will be key to value creation, with 
valuation estimated at US$2.5-3bn.As the Bank prepares for succession after retirement of Mr. Uday Kotak (Promoter and CEO) and Mr. Dipak Gupta (Jt. MD) in Dec-23, it is taking a holistic view about it. Mr. Kotak might return as non-executive director for a reasonable term (up to 8yrs) to guide the bank. Bank seems to be open to choices from inside and outside the bank and to make required changes in the team. 
There will be preference to recruit fresh talent from tech-domains. Mr. Manian (Group President, Corp & Investment banking)launched bank's consumer franchise &. Mr Shah (Group President in charge of key subsidiaries) are likely key contenders.So far, among large private banks, only Axis Bank has appointed CEOs from outside.While there is time for succession planning, pickup in growth and clarity on plans will be key to valuation re-rating. 

Parameters to kickstart investing in Kotak
The bank owned a total assests of Rs.3602517mn in FY20 which grew upto Rs.3834886 mn.Net profit increase from Rs.59472mn in FY20 to Rs.69649mn in FY21.P/E ratio is 43.Earning Per Share grew from 31 to 35 from FY20 to FY21.Like al other banks, Kotak also faced challenged due to COVID-19.But the effect is comparatively lower.

 

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What will be the quarter 2 performance of FMCG giants? | HUL, Dabur, Marico, ITC, GCPL, Emami

by 5paisa Research Team 20/10/2021

HUL's detergents slowdown
HUL distributors just managed to marginally miss their target for the month. HUL offtake growth was around 7-10% for Sep'21 and ~10% growth for the quarter. The growth for the month was driven by growth in the foods and nutrition category. Both categories exceeded their monthly sales target. In fabric care performance was below the company's expectations – impacted by price hikes taken over previous months. HUL has further taken price hikes in select SKUs. Ahead of the festive and winter season, personal care product sales recovered. The inventory for most of the categories was normal across categories. During Sep'21, the stock holding continued to remain at healthy levels of 7-9 days; inventory levels in metros are lower compared to overall inventory levels. HUL took price hikes in detergents to mitigate input cost inflation. HUL stepped up product innovation in personal care – ahead of the festive/winter season. The trade incentives for dealers/trade outlets, HUL is giving  a 2-4% offer in Tomato Ketchup. HUL is also giving 2% incentives on select detergents and 2.5% incentives on creams. As per the understanding, HUL is giving additional incentives on personal care products to offload old inventory ahead for the festive/winter season.
Nestle - foods, beverages, and chocolates & confectioneries off take continues to remain strong 
Nestle's offtake growth witnessed high growth in Sep'21 and ~10% growth for the quarter. The performance was driven by strong growth in culinary products (Maggi), chocolates & confectionery, and beverages business. The performance of the dairy business was under pressure in the East. Nutrition business performance was muted due to poor performance in the south and east. Distributors met their target sales during the month. There was a pick-up in professional food services and vending business with an increase in out-of-home mobility. The supply chain was normal with no stock out in any of the categories. In Sep'21, the overall inventory levels at distributors increased marginally at 10-12 days. Food & Beverages inventory holding was at 5-8 days while Nutrition inventory was at 8-10 days. Nestle has launched Ceregrow's small pack of 100gm to drive growth. Nestle is giving 2-6% on milk and 3-6% in beverages (Nescafe Gold 4-6% and Nescafe/Sunrise 3-4%), 1-2% in Maggi Noodles, 4-10% in Maggi Sauces and chocolates & confectioneries.
Dabur -Beverages, foods, and hair care drive did well; health care under pressure with the easing of lockdown 
On an overall basis, Dabur grew by 8-9% during August and expected growth at ~10% for the quarter on a high basis. Dabur's performance was driven by a strong offtake for beverages, foods, and hair care portfolio. Health care was under pressure due to high base and lower offtake with the easing of lock down. Oral care has shown moderate performance during the month in the east and south. Chyawanprash and honey underperformed due to the high base of last year and moderation of off take with the easing of lock down. Beverages did well during the month due to higher demand for home consumption and a favorable base - particularly in the North. The performance in the North was strong while the South and West were below expectations. The supply chain was normal with no stock out witnessed across categories and regions. The inventory days have marginally gone up to 8-10days during the month. Dabur has increased incentives in Chyawanprash/honey to 3-6%. The incentives of 15-18% were given on Glucose, 2-7% on Hajmola, and 2.5-3.5% on Dabur Lal Tail. Dabur is also giving incentives of 8-10% incentives on Real Juices.
Marico - Foods, and hair oil category rose in performance. 
Marico distributors struggled to reach their monthly targets during the month. We expect Marico to report offtake growth of 5-7% and high single-digit to low double-digit volume growth for the quarter. The offtake for meal maker, oats, and hair oil (Parachute and VAHO) remained strong while Saffola edible oil offtake was impacted. Nihar, Parachute & perfumed coconut oil performance was in line with the target. More than 50% price hikes in edible oil has impacted the offtake of Saffola edible oil. Notably, Chawanprash and Honey's performance was muted post easing of lockdown restrictions. The availability across brands and SKUs was normal and there were no supply constraints faced during the month. Notably, distributor inventory holding levels further increased to 15- 18days vs. 14-16 days -elevated levels compared to historical levels. Marico offered 1litre free in edible oil on purchase of 60Ltrs. Marico also gave 3-5% incentives on honey and 2- 5% on oats. The higher incentives of 10%-18% were offered in chyawanprash to liquidate old inventory
ITC -Cigarette off take improves; foods off take remained strong 
ITC's foods business is expected to grow at 12-15% and the cigarettes business is to witness mid to high single-digit in September. In cigarettes, cigarette sales continue to improve sequentially with the easing of restrictions on increase in out of home mobility and opening of the wholesale channel. The foods category continued to do well supported by higher trade incentives in noodles. Food growth was driven by Aashirvaad Atta, Mom's magic, Sunfeast, and Bingo. The off take in personal care continues to improve on a sequential basis. Notably, the south witnessed recovery with the easing of restrictions. The overall inventory levels remained stable at 8-10 days, like last month. Food category inventory was at 8-10 days across geographies. The cigarette inventory was at normal levels of 5-8 days. The supply chain was normal with no stock out witnessed in any of the categories. During the month, ITC provided an average of 3-5% incentive in foods, 3-5% in-home care, and 5- 7% incentives in personal care.
GCPL - air fresheners and soaps drove performance; HI off take impacted 
due to erratic climate 

GCPL distributors struggled to meet their monthly target sales during the September. GCPL off take growth is expected to be around 8-10% for the month and low growth is expected for the quarter. The growth was driven by a pick-up in hair color, air fresheners, and strong performance in personal care. Hair color performance improved with trade support from the company. High offtake was impacted due to erratic monsoon during the month. The supply chain was normal with stock availability across products and SKUs during the month. The inventory levels increased marginally to 10-14 days. GCPL launched Jumbo Fast card mosquito paper during the month. GCPL in personal care gave 4% incentives on Cinthol Soaps and 14% on Godrej No. 1 soap, 3% on Ezzy, and 8% on Rich Foam Cream. In Homecare, GPCL gave 14% incentives on coils and 25%/10% on AIR/AIR pocket during the month.
Emami's performed well with good offtake in Boroplus ahead of the winter season 
Emami's distributors across geographies marginally missed their targeted sales for the month. 6-9% off take growth is expected for September and 8-10% growth for the quarter. The demand was witnessed in Pain management and Hair Oils (Navaratna Oil, Kesh King, and 7 Oils in one) across geographies. Boroplus off take has picked up ahead of the winter season. The stock availability was normal across geographies. The performance in the north recovered during the month. The inventory holding at distributor levels remained at elevated levels of 18-20 days ahead of the winter

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IRCTC dips by 30% in just two days after scaling an all-time high of Rs 6393.

Trending company- IRCTC.
by 5paisa Research Team 20/10/2021

Market cap tumbles from the celebrated Rs 1 trillion mark to Rs 0.74 trillion in mere two days.

Indian Railway Catering & Tourism Corporation Ltd (IRCTC) has been nothing but a dramatic story in recent times. A story that would put any investor in a state of dilemma whether to hold the scrip or exit. For many, it is the question of bargain hunting. On October 20, 2021, the stock hit a lower circuit twice.

Let's have a look at the turn of events in the stock over last month.

The bull rally

The stock has been a lottery ticket in the last month, trailing from October 18, 2021. The tremendous rally started from Rs 3707 to create a fresh 52-week high of Rs 6393 which generated a return of about 72% in just a month. The railways had witnessed a robust ticket booking in the September quarter. And as the IRCTC has a near-monopoly in the online ticket booking segment, the stock inflated to new skies.

Two day's story

The stock has dipped over 30% which shows a healthy correction after reaching a peak. The government announcement of the appointment of a regulator complemented the bearish sentiment. Above all, the stock was added to the F&O ban list by NSE as the stock had crossed the 95% market-wide position limit. According to the NSE, no fresh positions are allowed, only off-setting positions can be taken in the stock. As many speculators were long in October futures, the only option they have is to take a short position and hence a selling pressure can be seen in the stock.

It would be wise to wait for the volatility to die down before initiating a buy on the bargain. The fundamentals appear good in medium to long-term investments.

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Multibagger Alert: This PSU has given investors 129% in the past year.

Multibagger Alert: This PSU has given investors 129% in the past year!.
by 5paisa Research Team 20/10/2021

Non-defence business likely to keep the stock buzzing.

The stock of India’s largest defence electronics firm, Bharat Electronics Limited (BEL) has given investors stellar returns of 129.58% over the last year. The share price stood at Rs 90.1 on October 19, 2020, and since then, the stock has more than doubled investor wealth.              

In Q1FY22, BEL reported revenue of Rs 1,575.14 crore, down by 4.04%, attributed to the lower execution on account of the COVID disruption and delay in material clearance from government agencies. PBIDT (ex. OI) was reported at Rs 70.03 crore, down by 52.06% YoY while, PAT came in at Rs 13.05 crore, down by 72.54%. While the Q1 performance has been below expectations, BEL has maintained guidance at 15-17% growth and PBIDT margin guidance at 22% for FY22. The company is very confident of achieving this as 3Q and 4Q are generally higher in terms of deliverables.

The Union Budget of 2021 proposed a defence budget of Rs 4.78 lakh crore for FY21-22, which included capital expenditure worth Rs 1.35 lakh crore, representing a 19% increase in defence capital expenditure. This is the highest-ever increase in capital outlay for defence in 15 years and plays out well for a company with high exposure to the defence budget like BEL.

Meanwhile, the management remains quite optimistic about upcoming opportunities in defence as well as non-defence space as the government focus on indigenization, spending and initiatives such as PLI schemes. To capitalize on huge opportunities and mitigate the risk of defence, BEL is diversifying into different business verticals such as Medical Electronics, Energy Storage, Unmanned systems, Space Electronics and Systems, Software Service, etc.

The company has a very healthy order book position, which stands at Rs 54,489 crore as of July 1, 2021. The order book is 4x TTM revenue and provides strong revenue viability for the next 2-3 years.

Looking ahead, the management of BEL have indicated a strong tender pipeline from large size orders like D29, Shakti missile system, QRSAM, LRSAM, ammunition, etc. and maintained its order inflow guidance of Rs 15,000 crore- Rs 17,000 crore for FY22E.

Bharat Electronics Limited (BEL) is an Indian state-owned aerospace and defence company. It is has been granted Navratna status by the Government of India (GoI) and is of strategic importance to the GoI as it is the dominant domestic supplier of defence electronics equipment to the Indian Defence Forces.

At 12.40 pm on Wednesday, the stock is trading at Rs 206.10, down marginally by 0.36% or Rs 0.75 per share on BSE. The 52-week high of the scrip is recorded at Rs 221.50 and the 52-week low at Rs 86.35 on the BSE.

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Anticipation of golden days drives IDBI 51% in a month.

Anticipation of golden days drives IDBI 51% in a month!.
by 5paisa Research Team 20/10/2021

Quarter and half-yearly results amidst divestment plans by GOI and LIC creating a buzz for IDBI Bank.

Financial Results of the Bank for the quarter and half year ended September 30, 2021, to be declared tomorrow (21/10/2021).

FY 2021 marked the rejuvenation of the lender, who came out of the Prompt Corrective Action “PCA” imposed by RBI in 2017 on account of high non-performing assets and a negative return on assets.

For the first time in five years (2016-2020), the bank reported a Net Profit of Rs 1359 crore after a string of net losses. The bank turned around on all parameters largely due to a more efficient product mix with a tilt towards Retail Advances (62%) against corporate advances (38%) and high recoveries.

The lender has shown its resilience to improved efficiencies, signalling that the worst is over and is well behind.

The net NPA percentage for the last reported quarter (ended on 30th June 2021) was at 1.67 as compared to 1.97 (for quarter and year ended on 31st Mar 2021). Capital Adequacy Ratio percentage (Basel III) also showed improvement at 16.23 against 15.59 for the periods under review. Return on Assets per cent wise (Annualised) stood at 0.83 against 0.46 for the above periods respectively.

With the economy reviving, improved operating environment and declining credit costs are expected to drive the Q2 performance of the bank with improved profitability and capital.

The stock has seen a jump of 51.56% in the last one month from the levels of Rs 36.95 apiece to Rs 56.

The bull rally in the bank was largely on account of divestment plans of GOI and LIC  in expectations of value unlocking for the shareholders.

Jointly Government of India and Life Insurance Corporation of India holds 94.71% bifurcated into GOI (45.48%) and LIC (47.24%) respectively.

At the current market capitalization of the bank, the divestment could result in the realization of Rs 28000 crore for the Government of India for selling its entire stake of 45.48% in the bank.

Life Insurance Corporation of India (LIC), which owns 49.24%, will also offload its stake to transfer the management control to the new buyer. The extent of stake dilution by both the government and the insurer will be decided in consultation with the RBI. The transaction adviser( KPMG India) is expected to  finalize the deal structure of the sale as the government targets floating the Expression of Interest ( EoI ) in December 2021. The potential buyer will have to infuse funds, bring in new technology, and implement best management practices for the growth of IDBI Bank. It will have to generate more business for the lender without being dependent on LIC or the government for funds.

Key takeaways

  1. The improved performance by IDBI is driven by the lifting of PCA which gives impetus to its expansion plans.

  1. Forthcoming divestment by GOV & LIC leading to value unlocking and opportunity to shift the bad assets to NARCL and vetting potential buyers with a cleaner balance sheet at a higher valuation.

  1. The transfer of management by LIC may lead the bank to newer heights in terms of performance and growth.

All these factors do vouch for the further potential for upside in the stock which the near future may unfold.

The stock of IDBI Bank was trading at Rs 55.90 at 12.43 pm today.

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