- 2 years ago
- #Japan's 2-year yield falls below zero for the first time since July
- #TataConsumer makes two acquisitions worth ~Rs 7,000 crore
All this and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
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- #TataConsumer makes two acquisitions worth ~Rs 7,000 crore
All this and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
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TVTranscript
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00:35 >> Good morning and happy Monday to you.
00:37 Welcome. This is NDTV Profit.
00:39 My name is Alex Mathew and you're watching All You Need
00:41 to Know.
00:41 Over the course of the next half an hour,
00:43 we'll tell you everything that you need to know
00:45 to start your day on the right note.
00:47 Let's start with the headlines.
00:48 Asian markets trade mixed as the People's Bank
00:53 of China keeps one-year medium-term lending facility
00:56 rate unchanged.
00:57 Separately, Japan's two-year yield falls below zero
01:00 for the first time since July.
01:03 Tata Consumer Products announces two acquisitions,
01:06 Capital Foods and Organic India will be bought
01:09 for 5,100 crore and 1,900 crore rupees respectively.
01:14 As IT companies kick off the earning season on a strong note,
01:18 focus will now be on Reliance Industries, HDFC Bank and HUL,
01:23 all of them announcing their results this week.
01:25 Milind Deora quits the Congress
01:29 and joins Ekna Chinde-led Shiv Sena.
01:33 Says he quit to walk on the path of development.
01:36 The World Economic Forum kicks off in Davos.
01:41 Top political and corporate voices are set
01:44 to attend the summit.
01:45 Catch that coverage through the day.
01:47 Now, Asian markets are trading mixed this morning and this is
01:53 as the People's Bank of China has kept the one-year medium-term
01:56 lending facility interest rate unchanged at 2.5%.
02:01 Remember, last week China saw its annual exports drop
02:05 for the first time in seven years.
02:07 Separately, Japan is seeing its two-year yield fall below the
02:11 zero mark for the first time since July.
02:14 In other news, the U.S. economy is set
02:17 for an unexpected fiscal boost if lawmakers back a deal
02:22 for $70 billion of tax breaks for businesses as well
02:26 as families, that's according to a Bloomberg report.
02:30 The proposal will need to pass through a Congress
02:33 that is deeply divided at this juncture
02:35 over the nation's fiscal trajectory
02:37 as some Republican lawmakers are pushing for deeper spending cuts
02:43 as a condition for averting another government shutdown
02:47 on the 19th of January as well as the 2nd of February
02:50 when temporary funding expires.
02:53 The worry though is that an injection of cash
02:56 into the economy would hamper the Fed's attempts
02:59 to cool inflation.
03:00 Let's turn to the Indian equity markets then and talk
03:04 about where we're likely to go today.
03:07 I think a lot of eyes will be on that 22,000 mark
03:10 for the Nifty 50 and Agam is here to tell you
03:12 about the probability of us hitting that mark in the start.
03:17 Morning Agam and happy Monday to you as well.
03:20 >> Yeah.
03:20 >> What are the chances?
03:22 IT looks strong.
03:23 Could they propel the benchmark further?
03:25 >> Yes, Alex, so there certainly is a very high probability
03:29 that we could in fact move above the mark of 22,000 as far
03:32 as the Nifty is concerned because we saw a lot
03:34 of buying on Friday.
03:36 And it ever so happens that when you have a lot of buying
03:40 on Friday, we have a little bit of buying or follow on as far
03:44 as Monday as it goes as well.
03:46 And because we're not too far away from that 22,000 mark,
03:49 which is about 100 odd points, a little over 100 points away,
03:52 there's a high likelihood that we could in fact hit that.
03:56 And are we expecting to see a pullback?
03:59 That's another question altogether.
04:01 But in terms of probability, there's a high chance
04:03 of that happening.
04:04 Now as far as the bank Nifty goes, again,
04:06 unwinding coming through,
04:08 about another half percent advancing there.
04:10 And it essentially is the bank Nifty
04:13 which has taken a step back in this up move
04:16 that we've seen on the Nifty.
04:18 While Realty and IT have contributed to this up move,
04:21 banking index hasn't so far.
04:24 So the question really is that is it going to be the banks
04:27 which is going to push the Nifty even higher from here on?
04:29 And for now, there is a lot more writing around puts in terms
04:33 of open interest distribution.
04:34 That means a lot of participants are already expecting the Nifty
04:37 to either move higher or be where it is at the moment,
04:40 considering the put call ratio at the moment.
04:43 And in terms of changes as well, we saw a lot of writing
04:46 around puts around the 21,800, 21,900 mark.
04:50 So keep an eye on that one.
04:52 Let's talk about stocks then.
04:53 And again, a day where we saw a lot of buying coming.
04:57 ONGC Tata Consumers, of course, which will also be in focus
05:00 on account of the acquisitions that's made today,
05:03 Coforge, L&D Tech and HCL Technologies,
05:05 all of them advancing with good gains coming in.
05:08 And well, we saw longs unwinding in Gujarat Gas,
05:11 Exide and Dr. Lal Path Labs.
05:13 But LTIM and Polycab, on the other hand,
05:16 seeing about a short covering.
05:17 So on the whole, we're seeing a substantial amount of stocks
05:22 which have advanced.
05:23 And the question really is that if there is follow on buying,
05:27 will we see the 22,000 mark?
05:29 The probability at the moment is high.
05:31 All right.
05:32 Thanks so much, Agam.
05:33 That's music to a lot of ears this morning.
05:35 Let's talk about Tata Consumer Products.
05:38 And this is something that Agam alluded to as well.
05:40 It's going to be in focus today on account
05:41 of major acquisitions that it has announced.
05:44 One of them, of course, is Capital Foods
05:46 in which the company will initially buy about 75% stake
05:49 and then will take it up to 100% over the intervening years.
05:52 And there's also Organic Foods.
05:54 That those two entities have a combined enterprise value
05:57 of 7,000 crore rupees.
05:59 We've got Sesha joining in with more details on how
06:02 that will be funded and what the path ahead is.
06:05 Morning, Sesha.
06:06 What can you tell us?
06:06 Right.
06:11 So what we're given to understand that Tata Consumer will be using
06:17 a combination of cash reserves, debt and equitations
06:21 through rights issue or any other mode which is subject
06:24 to board approval to kind of finance the deals.
06:26 Given that as of September 30, according to its investor
06:32 presentation, it has a cash reserve of 2,500 crore on its books.
06:36 So which means that, you know, they will have to raise
06:41 the additional amount through either rights issue or through debt
06:46 and equitations again, subject to the board approval.
06:50 Now, what we understand is that the buyouts will add immediately
06:56 about 1,100 crore to the top line directly in FY24
07:01 based on the estimated sales of both the companies,
07:04 that is Capital Foods and Organic India.
07:07 Now, however, we are given to understand that the deals
07:11 will not immediately boost the earnings of DCPL because it expects
07:16 EPS break even only in the second year of operations, that is FY26
07:21 and be accretive thereafter.
07:24 Now, given the synergies, the buyouts has the potential to capture
07:28 significant revenue and cost synergies to boost the company's growth.
07:32 It expects sustained double digit top line growth from both the companies.
07:37 It has the potential to increase the general trade footprint
07:41 like by 10x for Capital Foods and multi-fold for Organic India,
07:46 which is present in just 24,000 outlets.
07:49 It also has the potential to enhance export footprint,
07:52 higher capacity utilization and optimize the trade margins.
07:56 So it also facilitates Tata consumers entry into high growth categories
08:00 with significant potential
08:03 and also cater to a wide gamut of Indian food pallet.
08:07 So for Capital Foods, if we have to look at the total addressable market,
08:12 it is pegged at around 21,000 crore
08:14 and it is estimated to grow at 13% CAGR till 2027.
08:19 And the same for Organic Food is about 82,000 crore globally,
08:24 which is pegged to grow at 11% CAGR in India
08:28 and 8% in the international market till FY28.
08:32 Thanks so much, Sesha, for bringing us those details.
08:35 Stock of Tata Consumer Products
08:38 has been on a bit of a tear just so far in 2024.
08:42 It's up close to 7%.
08:45 And if you look at over the last 12 months, it has gained over 50%.
08:48 It's certainly a stock that you would want to watch out for in trade today.
08:51 And we'll bring you more analysis before the start of trade.
08:54 So do watch out for that.
08:56 Let's turn attention to the IT space where HCL Tech and Wipro
08:59 were the third and the fourth major IT companies to come out
09:03 with their earnings for the third quarter.
09:05 Remember, the IT index as a whole on Friday gained over 5%.
09:10 And the chances are that the gains are not done just yet.
09:14 And that's probably on the back of these earnings.
09:17 To tell you more about the fine print of those two companies,
09:20 I'm joined by Tushar this morning. Tushar, what can you tell us?
09:23 Good morning, Alex.
09:25 So the earnings of Wipro and HCL Tech both came out on Friday.
09:30 The numbers for HCL Tech were extraordinary,
09:33 almost an outlier among the top tier IT pack.
09:37 Revenue up 6.65%, EBITDA 14.7%,
09:41 all down to the fact of two deals that the company struck
09:44 in the second quarter, during the second quarter,
09:46 between July and September, that were a $2 billion deal with Verizon,
09:51 as well as another deal with Germany's ASAP Inc.
09:55 and Autotech ER&D company.
09:57 So both those deals have gone on the floors.
09:59 They're ramping up and that is showing in its earnings.
10:02 So what are the key takeaways?
10:04 Quickly, if you go through it, FI24 guidance has been revised,
10:07 however, to lower to 5.0 to 5.5% from 5 to 6.0%.
10:13 The FI24 EBIT guidance is maintained at 18 to 19%.
10:17 The growth, as we discussed earlier, was driven by, again, Verizon and ASAP.
10:21 So we'll see all that panning out in the future as well.
10:24 The total contract value or the value of deal wins in Q3
10:28 reduced significantly to $1.9 billion.
10:32 But you have to remember that Q2 was a time when the Verizon deal was struck
10:36 and TCV then had come up to about $4 billion.
10:40 Coming to Wipro, the numbers were down everywhere,
10:44 except the fact that the company has maintained its EBIT
10:48 margins at about 16%.
10:50 Now, what the company is saying is that it has revised its guidance
10:55 to a very tight band of -1.5 to positive 0.5%
11:00 from -3.5% to -1.5% it had expected in Q3.
11:05 The company says it's seeing some green shoots in the discretionary spending.
11:09 No other company has said so.
11:11 So it's again a surprise that Wipro is saying so.
11:14 The consulting business under Capco, remember Capco was acquired by
11:18 Wipro about two or three years ago.
11:21 It's what Wipro is saying that it's starting to pay off.
11:25 There was a double digit growth in the order inflow quarter on quarter.
11:29 So essentially, the discretionary spending may be happening
11:32 in the consulting space.
11:34 Profitability again maintained at 16%.
11:36 $3.8 billion order book, 14 last deal wins of more than $30 million each.
11:42 The headcount, however, has dipped by about 4,500.
11:45 Excuse me.
11:50 Right, no problem.
11:54 So I think you've covered most of it, Tushar.
11:56 Thanks so much for bringing us those details.
11:59 And in fact, those are two companies that you would want to watch out for in trade today.
12:03 Let's talk about the World Economic Forum as well.
12:06 That kicks off in Davos today.
12:08 And we're, of course, going to get you all of the coverage from there.
12:11 To set you up, though, my colleague Meeraj Shah sends his greetings
12:17 and, of course, a mood check from Davos. Take a look.
12:19 You know, a slew of some very strong voices
12:25 all through the next three or four days on NDTV Profits,
12:29 starting today with Manish Kejriwal coming in sometime around
12:32 India market close, but that notwithstanding,
12:36 you know, top corporate voices, some top political leaders
12:40 that Vishnu Shrom from NDTV would be doing as well.
12:43 So one thing that I commit to you guys before I hand it back to you is that the
12:48 the India
12:51 India calling is very, very strong here.
12:54 I thought last year was strong.
12:56 This year seems to be even stronger.
12:58 And all the conversations that we'll do, we'll have two specific pockets for sure,
13:02 which is one, the India interest that each of these global corporations have
13:06 and the confidence that the Indian corporations have
13:09 when they're talking to their global counterparts.
13:11 And two, what do what do decision makers, both on the company side
13:16 as well as on the investment side, think about the higher for longer interest rates?
13:20 Even as we look at 2024 being a year where interest rates come down.
13:24 So I think these will be the two things that we will largely focus on.
13:28 But yes, with this, it's back to you guys.
13:31 All right. There you go.
13:33 In frigid Davos, we'll get you the coverage through the day.
13:37 We have to slip into a very quick break.
13:39 There's more on the other side to do. Stay tuned.
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16:15 Welcome back. You're watching all you need to know on NDTV Profit.
16:18 Now, let's focus in on some stocks that you should know about before we start trade today.
16:23 And one of them certainly is something we've already spoken about, which is Wipro.
16:27 And the reason I'm pointing this out again is because the ADR is up as much as 17%.
16:32 And that indicates that the stock is in all probability going to open gap up today.
16:38 So you should watch out for not just Wipro, of course, but the entire IT pack.
16:42 It ended about 4% higher on Friday as well.
16:46 But a few other stocks that are in the news, among them, of course, you have Adani Enterprises,
16:50 as well as BHEL and Lupin and a big deal in Nika to tell you about.
16:55 We've got Varsha joining to give you some perspective on all of those.
16:58 Morning, Varsha. What can you tell us?
17:00 Good morning, Alex. So as you rightly said, so let's start with Adani Enterprises,
17:05 wherein it gets LOA from Solar Energy Corp for setting up electrolysis.
17:10 Now, this is under PLI scheme.
17:12 Now, company will set up alkaline electrolysis manufacturing capacity of 198 megawatt.
17:17 Now, this is as per part of a green hydrogen mission.
17:21 So since this is under PLI scheme, so maximum incentive will be for 5 years of which is set at Rs. 293 crore
17:28 and manufacturing facility will be set up in 30 months.
17:31 Then we have BHEL where it gets LOA for Talibira thermal power project in Orissa from NLC India.
17:39 Now, contract is for supply of equipment, commissioning and civil works.
17:43 The size of contract is almost 5000 crores and time period within which this contract need to be executed is 64 months.
17:50 Then we have Lupine where it got FDA approval for one of the drugs which is used for hypertension and migraine.
17:56 Now, this drug will be manufactured at company's Pithambur facility
18:02 and also estimated sales as per November 23 is almost 71 million US dollars.
18:08 Lastly, we have FSN e-commerce, popularly known as NICA,
18:13 wherein Lexil International has sold almost 0.91% stake in the company
18:18 and this Lexil International is owned by Harinderpal Singh Bagga.
18:23 Now, stake is sold at an average price of Rs. 183 apiece and the total transaction valued is almost Rs. 495 crore.
18:30 Now, as on September 2023, Harinderpal Singh Bagga owns almost 6% in the company.
18:37 Understood. Alright. Thanks so much for bringing us those details.
18:41 We spoke about Tata Consumer earlier and that company is of course raising
18:45 or the board has approved the raising of over 3000 crore apiece likely through a rights issue
18:50 and that's one to watch out for. But there's also other fundraisers that you should know about.
18:54 Among them, Goodluck India as well as eMudra are planning to raise funds through QIP.
19:00 We've got Harsh joining in to give you some details on that. Morning, Harsh. What can you tell us?
19:05 Well, good morning, Alex. Yes, we'd start talking about a slew of QIPs coming.
19:10 Markets at the top, lots of companies raising funds on the back of that as well.
19:15 You have the likes of Anant Raj raising 500 crore. Issue price is Rs. 296 per share.
19:20 Stock closed at around Rs. 328 per share on the 12th of January, which is Friday,
19:27 implying a discount of roughly 10 odd percent to the close. Yes, on Friday rather.
19:33 Quickly moving on, you have the likes of Goodluck India also opening its QIP, 200 crore QIP issue.
19:39 The floor price is set at Rs. 989 per share. It indicates a rough 10 percent discount again
19:46 on the current market price at close on Friday. You also have the likes of an eMudra,
19:51 as you correctly pointed out, Alex, you have that raising around 200 crore of QIP.
19:56 Of course, NBFC looking for funds. That's one piece. You have the floor price,
20:01 which is currently set at Rs. 443.5 per share. That indicates roughly a 5 percent discount
20:08 to current market price. All of those will be in focus. Have to wait and watch how they buzz.
20:13 So much, Harsh, for bringing us those details. Let's focus in on earnings then.
20:17 And we've got a few large counters to watch out for. Among them, you have Avenue Supermarts
20:22 that has reported its results for the third quarter. Anushi is joining in to tell you about that company
20:27 as well as the other updates that she has. Anushi, what can you tell us about the earnings that you've picked up?
20:33 Right. So for earnings in focus today, I'll start off with a big one. That is Avenue Supermarts.
20:38 But in the company's revenue and path has come above the expectations,
20:43 with the revenue showing about a 17 percent growth at Rs. 13,572 crore compared to its market expectation
20:51 of about 13,374 crore. The EBITDA also saw about a 16 percent growth,
20:56 while the margins were up by only 9 pips at 8.25 percent, which is lower than the street estimates of about 8.34 percent,
21:04 while the net profit was up about 17.1 percent, beating the 765 crore of market estimates.
21:11 Other key highlights for Avenue is that the company reported a total store count of about 341,
21:16 adding about five new stores in the quarter. Now, the next one that I have is Just Dial,
21:21 which has come out with its results, wherein its revenue and path came out below the street expectations.
21:27 So revenue was up about 1.7 percent, missing the Rs. 269 crore estimates.
21:34 Then there was EBITDA, which showed about a 24 percent sequential growth at Rs. 60.4 crore,
21:40 beating the 54.8 crore of estimates. And the margins saw a meaningful expansion over here
21:46 by being up about 406 bips at 22.77 percent. Other key highlights for this one was cumulative JD app downloads
21:55 increased to 35.8 million compared to 35 million, and the active paid campaigns were up by about 1.1 percent in this quarter.
22:05 The stock, however, was down 1.1 percent in the last trading session and has been about 9.1 percent up in the last six months.
22:13 Then we have DENT Networks, which showed about its revenue was down about 1.5 percent year on year at Rs. 272 crore,
22:20 while its EBITDA was up by 8.6 percent and EBITDA margins stood at about 14.8 percent.
22:27 So a mixed bag for DENT Networks over here. And finally, we have Anand Rathi Wealth,
22:33 which was a beat across both the fronts if we look at revenue and path, with its revenue growing at about 32 percent
22:39 at Rs. 182 crore, beating the street estimates of about 188 crore, while its net profit saw about a 34 percent jump
22:46 at Rs. 58 crore, beating the 56.5 crore of estimates. Over here, also the company reported that its AUM,
22:55 Assets Under Management has shown about a 43 percent uptick at Rs. 55,057 crore compared to 38,517 crore last year.
23:07 But the client attrition was ticked up slightly to 0.29 percent compared to 0.23 percent previously.
23:16 So that's all the earnings that you should be focusing for today.
23:20 All right. Thanks so much, Anushi, for bringing us those details. Now, already getting you a snapshot of a conversation from Davos,
23:27 my colleague Neeraj Shah spoke with Jagdeshwar Gattu, who is the president of Digital Foundation Services at HCL Tech.
23:36 And they spoke about how the need for a more secure network among enterprises has only gone up. Listen in.
23:44 We see that the enterprises now putting a lot of effort on investments in terms of security.
23:52 What we used to see two, three years back about seven to eight percent of the deal value,
23:58 now security actually almost becoming 20 to 25 percent of the deal value.
24:02 There are standalone deals we are seeing in the security space and there are standalone deals we're seeing in the network space,
24:07 because it's almost like you're doing a catch up game. You sort of went into a cloud journey.
24:12 You went into the COVID because of the workplace end point, you know, security point of view.
24:17 Then now you are trying to fix, transform your network, transform your security.
24:22 And you can find that entire conversation on the website as well as on our social media platform.
24:27 Now, in politics, Milind Deora has quit the Congress and joined Ekna Chinde led Shiv Sena.
24:33 He spoke to NDTV and he also spoke about how the Congress's attack on industrialists was wrong. Listen in.
24:40 To me, it's wrong to say that for a party that unleashed economic reforms, for example, Dr. Manmohan Singh is a member of parliament.
24:52 He was the pioneer, the steward of economic reforms in India 32 years ago.
24:58 Have you once heard him naming an industrialist, attacking businessmen? Not once.
25:04 He will attack institutional incapacities. He will attack institutional problems that need to be safeguarded,
25:11 which is constructive politics. And this is something which is unacceptable to me.
25:17 This is something which I find, I can't imagine that the leaders of the past would do this in the Congress party.
25:22 Would make personal statements against the Prime Minister of India, would make personal statements against any businessman, against anyone.
25:29 There is a way to attack, there is a way to hold government accountable, to do it in a dignified parliamentary manner.
25:37 And it's very sad to that a party, a great party, once upon a time it was a great party,
25:46 has gone down to the level of naming people, abusing people, calling people names, calling the Prime Minister names.
25:55 I can't imagine that. And if you have seen my track record over 20 years and in the last 10 years,
26:01 not once have I made personal statements against anyone. Not once.
26:06 All right. So that's the latest from the political landscape. And just before you start lining up for trade today,
26:15 just a quick glance at the snapshot of the Asia markets as things stand right now.
26:20 Most of them are currently open. And we've got a mixed picture at this juncture.
26:25 You have the Nikkei 225 that's trading with gains of about three quarters of a percent or thereabouts.
26:31 And you have the Chinese markets that are trading mixed at this juncture.
26:36 Remember, the PBOC kept its policy rates unchanged and it was expected by quite a few people to cut the rates to support the economy there.
26:46 You have the COSPI that's trading flat at this juncture. But more on the Indian equity markets in just a short while.
26:54 And starting, of course, with a conversation on where does IT take us today? You'll find all of that and more on India Market Open.
27:02 Do stay tuned. This is NDTV Profit.
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