- #Sobha emerges as top gainer with positive recommendation from #MotilalOswal
- #TorrentPharma surges on the back of MoUs with Gujarat
Agam Vakil brings you the deal highlights of the day on 'Large Trades'. #NDTVProfitLive
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- #TorrentPharma surges on the back of MoUs with Gujarat
Agam Vakil brings you the deal highlights of the day on 'Large Trades'. #NDTVProfitLive
_______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
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Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports
Follow NDTV Profit here
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LinkedIn: https://www.linkedin.com/company/ndtvprofit
#ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket
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TVTranscript
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01:43 Hello and welcome.
01:44 You're watching Last Trades, a show in which we take you
01:47 through all that is happening in Bugbee's Block
01:49 Deals and, of course, Volume Buzzers.
01:51 I am Agam Vakil.
01:52 But before that, we take a quick look
01:55 at how the markets are faring.
01:57 It's been a fairly quiet day of trade.
01:59 The Nifty and the Sensex at the moment
02:01 currently trending marginally in the red.
02:04 We have seen a little bit of a recovery
02:07 as well from these lows at the moment.
02:09 But it is all about the broader markets.
02:12 And that's where we've seen the most amount of traction,
02:15 at least at this point in time.
02:18 Pardon me.
02:19 To take a look at what's happening in the broader
02:21 markets as well, we largely have gainers
02:24 from the real estate pack.
02:25 So Purvankara up around 12%.
02:28 That's from, of course, the microcap space.
02:31 We also have Kolte Patil, which is up and about.
02:33 Besides that, a whole host of companies
02:35 from the real estate sector.
02:36 And we're going to talk about that in just a bit.
02:39 But we are looking at significant gains there as well.
02:42 On the losing end, we do have some amount
02:44 of weakness in Shanti Gears, which is down around 7.6%.
02:49 VST Industries, which was advancing
02:51 over the previous couple of days,
02:53 is now under pressure, down around 3.7% as we speak.
02:58 So some amount of profit-taking coming through
03:01 in VST Industries.
03:03 PSB Projects is the other one, which is under pressure.
03:06 That's down 3.4% at the moment.
03:09 It has been a reasonably good last 12 months.
03:12 But for now, we're looking at a decline there.
03:15 And Shivalik Biometals from the small cap space
03:18 is the other one, which is also in focus.
03:20 Off-day's lows, but still down around 2.6% on that one
03:25 as well.
03:26 Besides that, keeping an eye on Sagar Cement,
03:29 that is also under a tad bit of pressure, down around 2.3%.
03:32 So that's as far as your broader markets are concerned,
03:36 which on the whole, of course, are moving largely in tandem
03:38 with the benchmarks.
03:40 The question here is that where do we go from here?
03:44 But on that note, let's take a look at all the stocks
03:47 that we are going to be addressing in this show.
03:50 Of course, we will be talking about Chobha
03:52 and the entire Realty Pack.
03:54 Johnson Controls also are buzzing on a count of volumes.
03:58 Borosil Renewables, and of course,
04:00 Torrent Power, which also will be in focus
04:03 since it has had new MOUs signed with the Gujarat government.
04:08 And from there on, we get off the mark
04:10 by talking about the real estate sector.
04:12 And that, in fact, has been buzzing and doing very well
04:15 in today's day of trade.
04:16 We, in fact, do have the likes of Soba emerging
04:19 as one of the top gainers on that index as well.
04:23 I'm going to get in Anushi to give us more details
04:26 on that one.
04:27 Anushi, good afternoon.
04:28 - Afternoon, Agam.
04:29 So let's start with Soba Limited,
04:31 which has been the talk today with the share price
04:34 being more than 14% in today's trading session
04:38 and the volumes buzzing more than nine times
04:40 its 30-day average.
04:41 While this was on the back of Motilal Oswal
04:44 picking Soba Limited as its top pick for 2024,
04:47 implying about 25% upside over here.
04:50 So the couple of reasons that they have cited,
04:52 one is that the expected launches that are going to happen,
04:56 and the pre-sales growth of about 25% over the period
05:00 between FY23 to 26, that should be in watch.
05:04 Along with this, they're also expecting
05:07 a re-rating in the land valuation
05:08 with monetization of their Bengaluru land parcels.
05:11 Now, coming to the overall Nifty Realty Index,
05:14 that has been the top gainer with gaining about 5%
05:17 in today's trading session
05:18 and seen the most rise since its October 2021 levels.
05:23 So these gains were mainly led by Soba,
05:26 Godrej Properties and DLF.
05:28 So now going forward, our focus should be more
05:30 on the Q3 FY24 business updates for these companies
05:33 and keep a track on those.
05:35 So that's all for the Nifty Realty Pack today.
05:37 - Absolutely, absolutely.
05:39 The Q3 updates coming up,
05:41 and of course, a few weeks down the line,
05:42 we will also start getting earnings
05:44 from a lot of these real estate companies,
05:46 which will perhaps give us more of an explanation
05:50 as to the strength behind these counters
05:53 and the sector in general
05:54 over the course of the last many months.
05:57 But my colleagues also spoke to Credit President,
06:01 Boman Rustam Irani earlier in the day
06:03 about the realty boom in the country
06:05 and the balance of the demand and supply in the space.
06:10 This is what they had to say, listen to it.
06:12 - India is itself a bus and on fire.
06:16 And I think real estate happens to touch
06:18 every stream of your life.
06:19 And towards that, our development fraternity,
06:22 which has become a lot more organized
06:24 than it was at least 10 years back,
06:26 is reaping the benefits on the back
06:31 of a strong demand that has grown.
06:33 And another thing which I'd like to mention for everybody
06:35 is that about 1.5 crores is considered
06:40 as a luxury homes or premium homes across the country.
06:44 But one should be a little comfortable
06:46 in knowing that 1.5 crores in a Mumbai
06:49 or even a Delhi or a Bangalore or Chennai
06:52 does not make it a premium housing,
06:54 but the sale of this segment is extremely huge.
06:57 And as far as the premium,
06:58 what we consider premium 10 crore plus homes
07:01 have also seen a huge increase.
07:03 And I can talk about MMR alone.
07:05 We've seen about 1,27,985,
07:08 so about 1,28,000 registrations take place
07:11 in which I can tell you that the affordable housing
07:15 and the mid-mass, which is the,
07:17 I would say one to three crore homes
07:19 have seen the largest part of the pie.
07:21 But what has happened with that is because of the commercial,
07:25 because of the premium houses having a higher ticket value,
07:29 they continue to steal the limelight.
07:31 - As you talked about the premium segment,
07:34 I'd like to understand a couple of things
07:35 within this segment.
07:37 Now, as you mentioned, the demand has been on a high,
07:40 but so has supply.
07:41 And there seems to be an increase
07:44 in unsold inventory as well.
07:46 So what kind of trajectory do you see going forward?
07:50 Do you see kind of moderating a little bit?
07:54 How do you see this playing out?
07:56 - Oh, Smriti, first of all, when markets improve,
08:00 you have everybody chipping in,
08:01 everybody stepping in,
08:02 everybody wanting to kind of have a piece of that pie.
08:05 My assumption is when you say supply has increased,
08:09 it is more important to say good supply should increase,
08:12 right?
08:12 Because the customer has become extremely discerning
08:14 as of right now.
08:15 So in spite of all the stock
08:17 that you will see coming in the market,
08:19 I don't think all of it is going to be something
08:21 that my consumer is going to love.
08:23 Consumer has become extremely selective
08:27 with what exactly he wants to buy.
08:29 And I can tell you in the premium segment,
08:30 people are preferring gated communities
08:32 where there's a lot more safety, security,
08:35 community developments,
08:36 where there's a lot more of connectivity
08:39 with your fraternity
08:40 or with the people living in your complex.
08:43 Then of course, people are seeing the amenities,
08:44 people are seeing the reputation of the developer,
08:47 people are seeing what kind of long-term,
08:49 I mean, good titles are available
08:52 at the same point of time,
08:53 locational advantage with regards to the infrastructure
08:56 that is coming up in the area.
08:57 And again, over here, we are blessed in the MMR
09:00 that about 3 lakh crores has been expended
09:02 or is being expended by the government of Maharashtra
09:05 for improvisation of the infrastructure out here.
09:09 But I should say, you know, quite clearly
09:13 that the government as of right now
09:16 is driving the economy in a large way
09:20 by spending heavily on infrastructure,
09:22 whether it be the, you know, Delhi-Mumbai Highway,
09:26 whether it be the bullet train itself,
09:29 whether it be the ports that are coming up,
09:31 all these points are going to become infrastructure,
09:34 I mean, all these points are going to become huge places
09:37 where a lot of development will take place.
09:39 And these developments will not only be residential,
09:41 they'll be commercial, they'll be warehouses,
09:42 they'll be data centers,
09:44 they'll be senior living,
09:45 which is again becoming a very big play.
09:47 There will also be student housing hostels
09:50 that get created outside of campuses
09:52 because we're seeing a lot more people prefer that.
09:54 So while we at Praday are continuing to carry out studies
09:58 so that our members tend to benefit from that development,
10:01 I can just tell you in a nutshell
10:03 that given the pace that we are seeing of the change,
10:08 we are very hopeful that '24 will outrun 2023
10:11 and we will have a steady supply of good inventory
10:14 coming up in the market,
10:15 which, you know, your point about even the unsold inventory,
10:19 it is probably the lowest in 15 years as of right now.
10:22 - There on, we move on to Torrent Power,
10:26 which is also in focus, moving on large volumes,
10:29 advancing significantly after the company is signed
10:32 for more MOUs with the government of Gujarat,
10:35 and it is trading on, well,
10:37 substantially high volumes as well, as I mentioned.
10:40 We have Hemansh joining us to give us more details
10:42 on this one.
10:43 Hemansh, good afternoon.
10:44 - Good afternoon, Agam.
10:45 So like you mentioned,
10:47 Torrent Power is trading on very high volumes,
10:49 16 times their 30-day averages to be precise.
10:51 And this comes after the company has signed four MOUs
10:55 with the government of Gujarat ahead of the summit
10:58 that's going to be coming up shortly.
10:59 This contract is for an investment of 47,500
11:03 and entails investment into renewable energy,
11:06 green hydrogen, as well as power distribution.
11:09 If one were to give the breakup of this 47,500,
11:11 it's across 3,450 megawatts of solar power projects.
11:15 You have 1,000-odd megawatts of hybrid power projects,
11:19 and then you have associated infrastructure-related CAPEX
11:21 for 7,000-odd megawatts as well.
11:24 Now, the company has already an installed capacity
11:27 of about 4,300 megawatts,
11:30 and 1,000 megawatts-odd of power
11:33 is already under development
11:34 in terms of its renewable segment.
11:36 And this is substantially higher.
11:38 In fact, three to four times what's already been underway.
11:41 So that's why the company is seeing such surge in volumes.
11:44 The key tailwinds for this company ahead are firstly,
11:46 its increased contribution
11:48 from licensed distribution business,
11:50 as well as a higher contribution
11:51 from the renewables business,
11:52 which is something it's rapidly expanding on,
11:55 and also on higher capacity utilization,
11:58 which is known as a plant load factor, or PLF,
12:01 which is something that it has been maximizing on.
12:04 And that's all on Torrent Power.
12:06 Okay, Amash, thank you so much for joining us
12:08 and getting us those update on Torrent Power.
12:11 On that note, we slip into a short break,
12:12 but don't go anywhere, we'll be right back.
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14:38 - Welcome back to Large Trades,
14:44 and we now talk about Johnson Controls,
14:48 which is in focus after the central government of India
14:51 has revised quality controls.
14:53 Well, we get in my colleague Mahima
14:56 to give us an update on this one.
14:58 Mahima, what is it that the government
15:00 has made changes towards,
15:02 and how does this impact the sector in general?
15:05 - Right, Agam, so as you rightly mentioned,
15:07 the government has relaxed,
15:09 had put out an order relaxing the quality control norms
15:12 for the air conditioner industry.
15:14 If we talk about the relaxation provided by the government,
15:18 they've provided this to promote ease of business,
15:22 and basically, major relaxation has been provided
15:25 for hermetic compressors for more than 7,000 watt,
15:29 which are usually used in air conditioners.
15:31 So it's a big news for the air conditioner industries.
15:35 We've seen a lot of other stocks like Voltas,
15:38 who are also buzzing in trade today
15:40 because of this particular news.
15:42 But talking about Hitachi,
15:44 the financials of the companies
15:46 have not been doing very well.
15:47 They've recorded a loss of 82 crores in FY23,
15:50 and Q1 losses were recorded at 41 crores.
15:53 Q2 also had recorded a loss of 56 crores,
15:56 and their borrowings, this is very important to know
15:58 that their borrowings have increased by 40% since March 23.
16:02 If you talk about the stock performance,
16:04 it has been buzzing in volumes today,
16:06 as well as in terms of percentage.
16:08 The stock touched an intraday high of 7.7%.
16:11 In the past five days also,
16:12 the stock has been trading approximately 5.7% up,
16:17 and in six months, the stock has gained over 15%.
16:20 And overall, if you talk about analyst recommendations,
16:23 it's a mixed view.
16:25 One says buy, three says hold, and two says sell.
16:28 So this is the overall view of Hitachi for today.
16:31 - All right, thanks so much for that, Mahima.
16:33 Keep an eye on that one.
16:34 And of course, it'll be also interesting to know the mix
16:37 when it comes to B2B and B2C vis-a-vis its peers.
16:41 Of course, we also know that Johnson & Johnson Controls
16:44 has been struggling with profitability,
16:46 which is not the case for many of its peers,
16:48 but we'll continue to keep an eye on that one.
16:51 From there on, we move on to the solar renewable space.
16:54 We have Borosil Renewables,
16:56 which is also trading on high volumes.
16:58 Let's get in my colleague Mihika to give us an update
17:02 on what's happening today.
17:03 Let's start with that, Mihika.
17:04 - Yes, so yeah, the stock did jump to an intraday high
17:07 of almost 6%, and that's the highest jump the stock has seen
17:09 in the past 21 weeks.
17:11 And in the past month, the stock,
17:13 or in the past year, actually,
17:15 the stock is down 4.3%,
17:18 but in the past month, it has surged around 9%.
17:21 The volumes were over 7.3 times its 30-day average,
17:24 and the total volumes stood at 32.86 lakh shares,
17:28 and the highest volumes were at the price of 485.
17:32 When you talk about the latest quarterly quarter two numbers,
17:36 the June quarter actually did see a loss of eight crores,
17:39 but the company recovered it,
17:40 and the revenue was up at 25 crores net profit.
17:44 Sorry, net profit was up to 25 crores,
17:47 and the revenue saw growth of 137% on a year-on-year basis
17:51 to 401.66 crores, and the margins of the company
17:54 also improved to 8.1% versus 7.5%.
17:58 - All right, Mihika, but if you could give us
18:00 a little more about the background
18:02 in terms of what has worked for the company
18:04 and what hasn't, to give us a little more context
18:06 with respect to today's move?
18:08 - Yes, so one major point is the rise of solar power
18:13 in the renewables sector.
18:15 Now, the renewables sector in the power generation of India,
18:18 the share has increased to 31%,
18:20 and out of this, 54% is solar power,
18:23 and the government has also set a target
18:26 of 280 gigawatts by 2034 solar power,
18:30 which indicates huge potentials.
18:32 For the company itself, it is the largest
18:35 solar glass supplier in India,
18:37 and it also has an international presence.
18:39 Around 25% of its revenues are from exports,
18:42 and it sees huge export potential
18:44 in Europe, USA, and Turkey,
18:47 and it's also developing new segments,
18:49 and one of the segments is glass for greenhouse.
18:51 And lastly, if you go to some of the key risks
18:53 that could affect the company,
18:54 it's the drop in the key raw material prices.
18:57 The solar grade polysilicon prices were down
19:00 to 57 to 64 RMB per kg,
19:03 depending on what kind of grade polysilicon was there,
19:05 versus 87 back in October,
19:08 and this was mainly due to overcapacities in China
19:11 that were distressing the prices,
19:13 and the second point was the drop in solar glass prices
19:15 that could stand a potential risk for the company,
19:18 as China, Vietnam, and Malaysia have been dumping products.
19:23 - Thanks so much for getting us those updates, Neeka.
19:25 It's an interesting one, to say the least,
19:27 when it comes to burrows or renewables,
19:30 and there are a lot of advantages
19:32 that could have been playing in favor of the company,
19:35 but for now, of course, the price movements
19:37 have been subdued over the course of the last few months,
19:40 but that's not to say that it hasn't been moving,
19:44 at least in today's day of trade.
19:45 We are seeing that advance play through,
19:47 and from there on, we move on to Mobiquik and Myntra,
19:51 which are also in focus,
19:53 with Mobiquik planning to raise 880 crore rupees
19:57 via an IPO, and Myntra reporting a 25% jump
20:01 in revenues in FY23.
20:03 Rishabh joins us to give us more details.
20:05 Rishabh.
20:07 - That's right, Agam.
20:08 Mobiquik has, the board of Mobiquik has passed a resolution
20:12 to go for an IPO yet again.
20:14 This time, it'll be a much downsized IPO,
20:17 raising about 880 crore rupees via a purely fresh issue,
20:23 that's compared to a 1900 crore rupee IPO
20:26 that they had filed for in 2021.
20:29 That alone, the fresh issue size was about 1500 crores,
20:33 so we're seeing less than about a half of that
20:37 being raised by Mobiquik now.
20:39 This is, again, like I said, this is their second attempt,
20:43 and what this issue will also entail
20:46 is a pre-IPO placement of about 176 crore rupees.
20:52 The founders of Mobiquik have maintained
20:54 that they'll only go public this time
20:58 purely on the back of their balance sheet,
21:01 so they have been profitable
21:02 for about three straight quarters now,
21:04 though the profits have been really, really slim,
21:07 about a single-digit high crore profit
21:11 that they've been pulling in for about three quarters now.
21:14 So perhaps this is a sign of the IPOs that we're seeing.
21:18 So we had Ola Electric filed their DRHP,
21:22 we had FirstCry,
21:22 now we're seeing Mobiquik come up with a downsized IPO,
21:27 perhaps a sign of more sensibly priced IPOs to come in 2024.
21:32 Moving on to Myntra,
21:34 Myntra has reported its FY23 numbers with the MCA.
21:39 What we're seeing is a 25% growth in revenue
21:42 to about 4,400 crores,
21:44 almost nearing that if we take into account
21:47 revenue from other income.
21:49 What we're also seeing is that
21:50 losses have also widened to about 780 crores,
21:53 so it is still struggling to earn a profit.
21:56 Doesn't seem likely that it'll happen in FY24 as well.
22:01 It continues to be backed by Walmart Flipkart,
22:04 so its operations as a Boeing concern
22:09 isn't much of a concern, really.
22:12 It has solid, solid backing there,
22:15 but it does compete in a very, very competitive space.
22:18 It has Nika, there's Adio, there's Amazon Fashion,
22:21 there's SoftBank, back Misho
22:24 in a very, very competitive space.
22:26 So lots to see on what happens with Myntra going ahead.
22:31 - Absolutely, certainly a very challenging space
22:35 given the kind of peers that Myntra
22:37 is going to be dealing with.
22:38 Rishabh, thank you so much for joining us
22:40 and getting us those updates on Mobiquik as well as Myntra.
22:44 But from there on, we talk about InterGlobe Aviation,
22:46 which has announced a waiver on fuel charges
22:49 for their domestic and international flights
22:53 on the back of the price cuts.
22:55 Vinay joins in to give us more details here.
22:58 Vinay, what do you have for us?
22:59 - Yeah, so as you said,
23:01 that Indigo has removed fuel charge on all routes
23:04 because of fall in ADF prices.
23:07 So it was introduced back in October
23:09 after a run up in fuel prices for four straight months,
23:12 but now that the prices have fallen in last three months,
23:15 so the amount that you see that the ADF prices
23:18 have fallen 4% in Jan, 6% in November
23:21 and over 4% in December as well.
23:24 So what this will do is that it will make airfares cheaper
23:28 because Indigo flies six out of every 10 travelers
23:31 that travel in the domestic market.
23:33 So it has a monopoly over the market
23:35 and this will see play out in the entire market as well.
23:39 So fuel accounts for nearly 40%
23:42 of an airline's operational costs.
23:44 So this is going to be a huge relief for the airline
23:47 as well and as well for travelers as well.
23:49 But Indigo has also said that it will continue
23:52 to adjust fares with the change in fuel prices
23:54 in the market conditions.
23:55 So the relief might not last long for the travelers
23:58 so they can enjoy while it lasts.
24:00 - All right, thank you so much for joining us, Vinay,
24:03 for getting us those updates.
24:05 And from there on, before we wrap,
24:08 Shell Metallics has also been in focus today.
24:10 The company's metallics volumes has been rising
24:14 on the back of new capacities.
24:16 And the stock is trading with custody,
24:17 but we spoke to Brij Bhushan Agarwal,
24:20 the vice chairman and MD earlier today
24:22 on how they plan to scale up their revenues
24:25 over the next few quarters.
24:27 Listen in.
24:28 - See, we had been observing from last, you know,
24:32 two and two and a half year, like, you know,
24:33 if you see the results, like what we pre-IPO
24:36 and last year financial, we almost doubled the top line.
24:40 And the major advantage with, you know, focus,
24:45 if we see, we had been always a very distinct company,
24:47 like very different, you know,
24:49 on our business valuation side, on our product side,
24:52 on the risk mitigation side,
24:54 we always say that, you know, we are a metal mart.
24:58 We are going to create a FMCG metal basket,
25:01 like you see in one of the, we are in the aluminum space,
25:05 we are in the stainless steel.
25:08 We just integrated into a stainless steel business
25:11 just because, you know,
25:11 we make all the raw material of the stainless steel
25:14 and down the stream, you know,
25:16 like if we are doing anything forward or backward,
25:19 it's compliment each other very well.
25:21 Apart from that, you know,
25:23 if you see from in next two to three years,
25:26 we expect that the revenue is almost going to be double.
25:29 Lot of our expansion, what we declared two years back
25:32 from middle of coming year, you know, this year itself,
25:35 we'll see plan getting commissioned.
25:37 So we'll see the numbers increasing.
25:40 The stainless steel plant has also been commissioned.
25:43 The plant which we took over from the NCLT,
25:45 this itself is also going to be regularized this year.
25:49 So a lot of happening.
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