Coal India Q2 profit falls 16% to Rs 2,948 crore; declares interim dividend of Rs 7.50 per share

 

Coal India Ltd (CIL) on November 11 reported 16.3 percent decline in consolidated net profit at Rs 2,948.12 crore for September quarter on the back of higher expenses. The company posted a profit of Rs 3,522.70 crore in July-September period of the previous fiscal, CIL said in a filing to BSE.

Income during the quarter marginally increased to Rs 22,237.82 crore from Rs 22,012.94 crore in the year-ago period, the filing said. Expenses during the quarter increased to Rs 18,177.82 crore, over Rs 17,734.44 crore, it said.

In a separate filing, the company said its board has approved payment of interim dividend of 7.50 per share of the face value of Rs 10 for 2020-21. The production of the company during for the quarter increased to 114.98 million tonnes (MT) from Rs 103.99 MT during the quarter ended September 30, 2019.

The offtake of raw coal by CIL during the quarter also increased to 133.96 MT, over 122.44 MT in the year-ago period, it said. In another filing, the company said the joint venture company in the name of Coal Lignite Urja Vikas Pvt Ltd was incorporated on Tuesday.

CIL accounts for over 80 percent of domestic coal production. State-owned CIL will pump over Rs 1.22 lakh crore in projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonne of fuel output target, Coal Minister Pralhad Joshi had earlier said.

Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24, the minister had said.

GMR Infrastructure Q2 net loss widens to Rs 750 crore

 

GMR Infrastructure Ltd on Tuesday reported widening of its consolidated net loss to Rs 750 crore during the quarter ended September 30, 2020.

The company had posted a net loss of Rs 458 crore during the same quarter a year ago, GMR Infrastructure said in a BSE filing. Total income declined to Rs 1,448 crore during the quarter under review as compared with Rs 2,164 crore in the corresponding quarter of preceding fiscal.

Total expenses stood at Rs 2,270 crore as against Rs 2,448 crore in July-September quarter of 2019-20.

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* MCX Gold +88000/-Rs.
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* BankNifty +31500/-Rs.
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* HDFC Call Option -48000/-Rs.
* Nifty -82800/-Rs.

* IGL +73425/-Rs.

* TataGlobal  +109200/-Rs.

* Lead +31250/-Rs.

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* TataMotors Ce +75000/-Rs

* Nickel +30000/-Rs

* CrudeOil +32500/-Rs

* Silver +75000/-Rs

* PFC +78120/-Rs

* Zinc +57000/-Rs

* MCX Gold +68000/-Rs

* MCX NaturalGas +44250/-Rs

* Nifty CE Option +71250/-Rs

* Tatamotors +35100/-Rs

* CrudeOil +64000/-Rs

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* MCX Gold +64000/-Rs

* MCX NaturalGas +75000/-Rs

* L&T +86400/-Rs

* MCX Copper +82500/-Rs

* L&TFh +145600/-Rs

* BHEL +76810/-Rs

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* MCX ZincMini +75000/-Rs.

* NATURALGAS +52500/-Rs

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* MCX Copper +97500/-Rs

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Gland Pharma's Public Offer

 

Gland Pharma's public offer aiming to raise ₹ 6,479.54 crores through the public issue is the largest pharma IPO in India. The IPO constitutes an offer for sale (OFS) of more than 1.94 crore shares by promoter Fosun Pharma Industrial Pte Ltd, 1 crore shares by Gland Celsus Bio Chemicals Pvt Ltd, 35.73 lakh shares by Empower Discretionary Trust, and 18.74 lakh shares by Nilay Discretionary Trust summing the OFS to total 3.4 crore shares. The IPO also comprises the issue of fresh shares amounting up to ₹ 1,250 crores. Applicants can bid for a maximum of 13 lots with each lot comprising 10 shares. The IPO would be open from November 9 to November 11

Established in Hyderabad in 1978 as a CDMO of small volume liquid parenteral products, Gland pharma has currently established itself as an injectable focussed company. The gland is promoted by China-based Shanghai Fosun Pharma which holds a 74% stake in the company

The company is well integrated backward with its 4 finished formulation facilities (constituting 22 production lines) and 3 facilities for APIs in Hyderabad and Vizag achieving greater control over manufacturing. Gland pharma is present in sterile injectables, complex molecules, First-to-File products, and 505(b)(2) filings for NDAs with a portfolio spanning across therapeutic areas as AntiMalarials, Anti-Infectives, Anti-Neoplastics, Blood-Related, Cardiac, Gastro-Intestinal, Gynaecological, Hormones, Neuro/CNS, Ophthal / Otologicals, Pain / Analgesics, Respiratory, Vitamins / Minerals / Nutrients 

Gland Pharma has shown double-digit growth in its revenues and PAT over the last years. From 2018-2020 the revenues of the company have shown a CAGR of 27% and PAT has witnessed a CAGR of 55%. For FY 2020, Gland reported revenue of ₹ 2,633 Cr and a PAT of ₹ 773 Cr with YoY increase of 29% and 71% respectively mainly accountable to increase in export sales to US and Canada and 51 new product launches in the US, Europe, Canada, and Australia. Daptomycin, Enoxaparin, and Heparin Sodium were the key molecules contributing to the increase in export sales. Revenues from the sale of goods comprised ~88% of total revenue from operations and revenue from the sale of services constituted ~9%. Strong customer relationships are evident from the fact that the top 5 customers have consistently contributed ~48% and 49% of total revenue from operations in fiscal 2019 and 2020 respectively

Gland’s primary B2B business model contributes 96% of revenues covering IP-led technology transfer and contract manufacturing. The Indian B2C model contributes 4% to the revenues 

On a regional level, Gland operates in more than 60 countries and secures maximum revenue from the US, where it has been operational since 2007, followed by India. 

As of March 31st, 2020, along with partner companies, Gland had 265 ANDA filings in the US, of which 204 were approved and 61 pending approval. These 265 filings comprise 189 ANDA filings for sterile injectables, 50 for oncology, and 26 for ophthalmic products. Further, of the 265 ANDAs, Gland owns 100  ANDAs of which 63 ANDA filings are approved and 37 are pending approval. Along with partner firms, Gland has 1,415 product registrations, including 368 product registrations in the US, Europe, Canada, and Australia, 54 in India, and 993 in the RoW markets

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Reliance's stake sale talks with Saudi Aramco gaining momentum

 Reliance Industries Ltd  and Saudi Aramco are resuming talks over a 20% stake sale by the Indian conglomerate in its oil-to-chemical business after a brief pause due to COVID-19 pandemic, ET Now reported on Monday, citing sources.

Both the companies were committed to the deal and Aramco wants to do physical inspection of Reliance's assets in India, the report said. in July, Reuters had reported that Reliance's stake sale in its oil-to-chemicals business to Aramco had stalled over price. Chairman and Asia's richest man Mukesh Ambani told shareholders in July that the deal had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation."

The initial deadline for completion of the deal, announced in August 2019, was March 2020. in October reported a 15% drop in September-quarter profit on Oct. 30, as the coronavirus crisis hammered its oil business, although the company reaped double-digit revenue growth at its Jio telecom service. Reliance has approached investors to take stakes in its retail business and has already raised around $20 billion from global investors this year by selling stakes in its Jio Platforms digital business.

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India's gold demand remained subdued in Q3, but the momentum is picking up

 

After witnessing the weakest first half in decades, the Indian gold market observed another quarter of inaction. Imports picked slightly in the first two months of the quarter, with a total of 78 tonnes imported, but dwindled again in September when just nine tonnes were shipped to India. Of these 78 tonnes of fresh imports, 55 tonnes were allocated for domestic consumption. Gold demand across the supply chain was notably higher in August as several major manufacturers and retailers re-initiated gold metal loan from banks.

Scrap supply remained relatively strong in the third quarter. There were two main factors at play. Firstly, there has been a rise in distress selling due to the economic slowdown, and secondly, anecdotal evidence confirms people who bought gold during the 'demonetisation' period at an elevated price, were able to take advantage of the record gold price during the quarter to liquidate their previous purchases.

On the other hand, a notable trend since the economy restarted has been that people have been rushing to banks and NBFCs for gold loans. With the rise in the gold price, the loan to value (LTV) ratio has also risen which has therefore helped consumers to get more money on the same volume of gold. We believe banks and NBFCs will continue to benefit from these dual effects of economic slowdown and a high gold price, and hence, their portfolio in this segment will rise exponentially.

Indian gold jewellery consumption stood at just 33 tonnes in Q3, 38 percent lower than the level seen in 2019 for the same period. Demand trends oscillated quite dramatically in certain pockets of the country depending on quickly the local economies were able to rebound following the lockdowns. Retail investment demand in Q3 was down by 26 percent YoY to 5.2 tonnes. The hefty fall would have been even greater if it were not because of a low base in the previous year.

Demand for sovereign gold bonds (SGB) reached the highest quarter level since the scheme was first introduced in 2015. Reserve Bank of India data reveals 10.5 tonnes were bought in first two months of Q3, while the September number has yet to be made available. The rapid rise in the gold price, restrictions in movement, coupled with fear of moving in public spaces, may be the reason retail buyers have opted to buy gold in the form of SGB from the comfort of their homes.

As of today, Refinitiv India Gold is at Rs 51,550 per 10 gram, lower by 7 percent from the August high. The price has more or less stabilized as the festival season commences. According to market sources, footfall traffic has significantly increased after October 15th and retailers have seen a sharp rise in heavy gold purchases attributed to largely the wedding season. Local spot prices too are trading at a premium of up to $3 an ounce, further cementing the argument that demand is picking up. We believe this trend will continue through the fourth quarter of 2020.