Under this proposal, public shareholders of ICICI Securities will be allocated 67 equity shares of ICICI Bank for every 100 equity shares they hold in the brokerage firm.

The approval for this proposal was granted during a board of directors meeting on Thursday. As part of this arrangement, ICICI Bank will issue equity shares to the public shareholders of ICICI Securities in exchange for the cancellation of their equity shares in the brokerage firm.

“While there are business synergies between the bank and the company, a consolidation by way of merger is not permissible on account of regulatory restrictions on the bank from undertaking securities broking business departmentally,” ICICI Securities said in a regulatory filing.

ICICI Securities provided justification for the decision to delist the stock by pointing out that with ICICI Securities as a wholly owned subsidiary, both entities would be able to capitalise more effectively on the identified synergies, in line with the bank’s customer-centric approach.

The company further stated that both ICICI Bank and ICICI Securities would be able to leverage their combined strengths to offer comprehensive financial services to existing and new customers.

Based on a valuation report that independent registered valuers provided and that also received a fairness opinion from the merchant banker, the proposed share exchange ratio of 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities.

The cancellation of equity shares held by ICICI Securities’ public shareholders as a result of this transaction will lower ICICI Securities’ share capital.

ICICI Securities highlighted that the public shareholders of the brokerage firm will gain access to a larger and more diversified business, which will provide enhanced revenue stability. Additionally, they will receive more liquid stock, which will be beneficial for the shareholders.

The proposed share exchange ratio implies a premium compared to the market price of ICICI Securities’ shares as of June 23, 2023, prior to the board meeting notification that was issued to stock exchanges on June 25, 2023.

As of March 31, 2023, ICICI Bank already owns 74.85% of the equity shares of ICICI Securities, with public shareholders holding the remaining 25.15%.

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According to research by Prosus, which is a subsidiary of the South African company Naspers, Swiggy’s gross merchandise value (GMV) for its core food delivery business hit $2.6 billion, which is a year-on-year increase of around 26 percent. Despite this rise, there was a decrease in the average order value, or take rate, which was not found in the case of Zomato. Zomato announced a food delivery gross merchandise volume (GMV) of $3.2 billion for the calendar year 2022. This figure also represents a gain of 26 percent year over year.

The data was evaluated by Kotak Institutional Equities, which came to the conclusion that Zomato has a GMV share of 55:45, suggesting that the company has great execution and maintains consumer loyalty despite having lowered discount promotions on the site. Zomato was given a “buy” recommendation by the investment firm, which estimated that the company was worth Rs. 95.
Swiggy’s meal delivery company’s GMV climbed sequentially by 5% in the second half of 2022, according to the results of Prosus. This growth was lower than the 8% rise that Zomato recorded.

A year-over-year rise of 80 percentage points brings Swiggy’s stated losses for the year 2022 to a total of $545 million. These losses were attributed by JM Financial to Swiggy’s peak investments in Instamart, which is the company’s rapid commerce division.

JM Financial made the following statement in response to the findings: “Prosus’ results suggest the tug of war between Zomato and Swiggy continues, with both incumbents working hard to hold on to their respective market shares in the food delivery business.” The investment bank reaffirmed its “buy” recommendation on Zomato and set a target price of Rs 105 for the stock. This decision was made in light of Zomato’s robust market leadership in the food aggregator industry, better profitability trends, and superior execution in comparison to Swiggy.

Citibank has reaffirmed its “buy” recommendation on Zomato stock with a target price of Rs 84, demonstrating that it shares this upbeat outlook. Zomato is now more profitable than Swiggy, which is one of the reasons why the bank backs the industry-wide emphasis on profitability.

According to JM Financial, the market for online meal delivery in India is still a long way from being an outright monopoly like the one Meituan has established in mainland China. Instead of concentrating entirely on expanding their market share, Zomato and Swiggy have placed a higher priority on increasing their profitability.

Both aggregators are expected to develop at a rate that is 1.2–1.5 times faster than the organised food services sector as a whole, according to experts, who note that there is no substantial new competition coming.

The share price of Zomato ended the day on the National Stock Exchange at 74.95 rupees, which is a rise of 0.13 percent from where it was the previous day.

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Since September of 2016, the trading volume of the shares of the car firm owned by the Tata group has been at its highest level. On February 3, 2015, it reached an all-time high of 606 rupees. It has gained 52% so far in the calendar year 2023, which compares well to the S&P BSE Sensex’s gain of 4.4% so far in the same time period.

On March 9, 2023, a draught red herring prospectus for the initial public offering (IPO) of Tata Technologies, which is a subsidiary of Tata Motors, was submitted to Sebi. The firm plans to raise money via an offer for sale (OFS) of up to 95.7 million equity shares in exchange for cash. This number of shares is equivalent to about 23.60 percent of the company’s paid-up share capital.

The initial public offering (IPO) includes an offer to sell up to 81.1 million equity shares by Tata Motors, up to 9.72 million equity shares by Alpha TC Holdings Pte. Ltd., and up to 4.86 million equity shares by Tata Capital Growth Fund I. These equity shares each represent up to 20 percent, 2.40 percent, and 1.20 percent of the paid-up share capital of Tata Technologies, respectively.

Tata Motors said in its annual report for the fiscal year 2022–23 (FY23) that “if we are unable to divest our non-core investments and unlock value, it could have an impact on our deleveraging plans and increase the interest costs, thus having an impact on our profitability.” Tata Motors’ statement was made in reference to the possibility that the company would not be able to sell its non-core investments and get the value locked inside them.

Engineering, research, and development (E&RD) is what Tata Technologies specialises in, and the company is now developing new technologies such as advanced driver assistance systems (ADAS).

ICICI Securities believes that this is a value-unlocking event for Tata Motors and that it has a sentimentally favourable impact on the company. The trading company estimates that Tata Technologies is worth somewhere in the neighbourhood of Rs 20,000 crore. The resulting value that will accrue to Tata Motors will be around Rs 15,000 crore for a 75% interest, and an additional Rs 40 per share will be added to the equation that determines their target price.

Additionally, the firm would be able to lower the amount of debt on its balance sheet thanks to the proceeds from the OFS, which amount to Rs. 4,000 crore. This fits in well with the company’s larger aim of being net automotive debt-free by FY25E, the statement said.

Tracking profitability at the helm in domestic CV and PV business (including EVs), Jaguar Land Rover’s (JLR’s) progressive volume recovery on the anvil, reiterated commitment towards EVs, and healthy FCF generation are the reasons why analysts at ICICI Securities maintain a ‘BUY’ rating on the stock with a target price of Rs 700 per share.

According to recent reports, a brokerage firm called CLSA has increased its profit projection for Tata Motors by 11 percent for the fiscal year 2024 and by 18 percent for the fiscal year 2025. These increases were primarily driven by better margin expectations for the company’s UK-based arm, JLR, and its Commercial vehicle sector.

Additionally, the brokerage firm has increased its price objective for the shares, moving it up to Rs 690 from Rs 624 before. CLSA anticipates that JLR’s EBITDA margin will be 6.1% for the next fiscal year, 2024. According to the news channel, higher-margin vehicles make up 76% of JLR’s order book overall. These models include the Defender, Range Rover, and Range Rover Sport.

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The improvement came about as a result of the promoter entities of the Adani group selling a portion of their ownership in Adani Green Energy and Adani Enterprises in order to earn one billion dollars. The loan will be paid off early by the promoters using the revenues from the sale.

About 48 million shares, which is equivalent to three percent of Adani Green’s total equity, were traded, and a one-point six percent interest, equal to 18 million shares, was sold to many investors in the form of block agreements. The total value of the shares that were sold was Rs 8,542 crore.

On reports that US authorities had begun an investigation into assertions made by the group during its investor meetings, the stock of the Adani Group’s flagship firm recovered its total loss of 5.4% that was recorded in the previous five trading days. This occurred as a direct result of news that the group had made such comments.

The organisation, on the other hand, made it clear that it is not aware of any subpoena being issued to investors in the United States, and it underlined that all of its disclosures are available for public inspection. In a statement released late at night, the organisation said that it is common practise for multiple authorities to request access to public information in a way that is simple and referenceable.

The expert committee that the Supreme Court of India formed has already submitted the report. According to the research, Adani Group has taken preventative actions, such as reducing its debt and receiving new infusions of capital, which has contributed to an improvement in investor confidence, the company stated in a statement.

In the meantime, Adani Enterprises said in its annual report for the fiscal year 2022–23 (FY23) that the expert committee did not uncover any regulatory fault.

The report from the committee not only said that the mitigating actions that were taken by the corporation helped reestablish trust, but it also stated that there were plausible accusations of deliberate destabilisation of the Indian markets. The report noted that this statement had been made.

“It also validated the quality of the disclosures made by our organisation, and it discovered no instances of regulatory failure or breaches of any kind. “We remain confident of our governance and disclosure standards,” the firm noted, despite the fact that the Securities and Exchange Board of India (SEBI) has not yet submitted its report but would do so in the months ahead.

Adani Enterprises is involved in the mining and services industries, as well as the resource logistics sector, the new energy supply chain (including the production of solar modules and cells), the transport and logistics sector (including airports and roads), the utility sector (including water and data centres), and the edible oil and food sectors, both in India and overseas.

The organisation functions as an incubator, with a primary emphasis on the establishment of new enterprises in the transport and logistics sectors as well as the energy and utility sectors. Additionally, the organisation is expanding its concentration on direct-to-consumer businesses.

According to Adani Enterprises, the military manufacturing complex that the firm is building in Kanpur is scheduled to be commissioned in the third quarter, and it is anticipated that full-scale production will begin in the fourth quarter. In addition to this, it is anticipated that a limited series of extremely short-range air defence systems will be manufactured.

The future for the industry of providing airport infrastructure is positive as a result of the Indian government’s decision to gradually sell up its ownership holdings in Indian airports to make way for private operators. The prediction that India will become the third-largest aviation market supports the company’s outlook, according to the statement. This is being driven by the decision made by the government to popularise the public-private partnership model, graduate India into a Maintenance, repair, and Overhaul (MRO) hub, make flexible use of air space, and have a mature regulatory framework with assured returns, it said.

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Steel Strips Wheels stock finished the previous session 5.96% higher at Rs 203.55 today compared to its previous closing of Rs 192.10 on BSE. Additionally, it reached an all-time high of Rs. 212 on the BSE. On the BSE, the stock started the day off with a little gain, opening at Rs 192.15.

The relative strength index (RSI) of the stock now sits at 81.1, indicating that it is trading in the overbought zone. This can be deduced from the fact that the stock is trading in the zone. The beta for Steel Strips Wheels shares is 0.9, which indicates that the stock is not very volatile over the course of a year. Shares of Steel Strips Wheels are now trading at a price that is higher than the five, twenty, fifty, one hundred, and two hundred-day moving averages.

The price of the stock has increased by 29.19% over the last year and by 25% so far this year. On the BSE, a total of 3.37 lakh shares of the company changed hands, which resulted in a turnover of Rs 6.90 crore. The value of the company on the market increased to Rs. 3,186 crore.

For the quarter that ended in March 2023, 19 promoters controlled 62.68 percent of the company, while 34,350 public shareholders owned 37.32 percent of the company, which was equivalent to 5.84 crore shares. Out of these, 32,353 public shareholders owned a total of 2.33 crore shares, which was equivalent to 14.90% of the total shareholding and required a minimum investment of 2 lakh. For the quarter that ended in March 2023, a total of just four stockholders had capital of more than two lakh rupees (Rs. 2 lakh).

The net profit of Steel Strips Wheels decreased by 3.26% during the March quarter of the previous fiscal year, coming in at Rs 47.29 crore as opposed to Rs 42.69 crore during the quarter that ended in March 2023.

The revenue for the fourth quarter was down 5.34 percent, coming in at Rs 1011.62 crore, compared to Rs 1068.83 crore for the previous quarter, which concluded in March 2022.

The company’s annual profits for the fiscal year that ended in March 2023 revealed a profit of Rs 193.79 crore, which is a 5.68 percent decrease from the profit of Rs 205.4 crore that was reported for the same time in the previous year.

Despite this, revenue increased by 13.43% for the fiscal year ending in March 2023, reaching a total of 4052.94 crore compared to the previous fiscal year’s total of 3572.98 crore.

ICICIDirect believes that the stock of Steel Strips has an upside potential of 35%.

“We award a BUY rating to SSWL due to the powertrain-agnostic product profile (there is no risk associated with EVs), the good volume growth visibility, the rising percentage of exports and alloy wheels in the total sales mix, and the resulting improvement in margins and return ratios. A further source of solace for us comes from the low prices at which it is offered.

About The Company

Steel Strips Wheels is in the business of producing steel wheel rims and alloy wheel rims, both of which are components found in automobiles and are utilised in their production. Steel wheels, alloy wheels, and hot rolling mills are some of the items that this firm offers. Within the field of steel wheels, the company offers goods such as tubeless wheels, multi-piece wheels, high vent wheels, semi-full face wheels, and weight-optimised (flow-formed) wheels.

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In the last seven days, the multibagger stock has gained 38.21%. The stock reached a new high of Rs 3,949.65 the day before.

The company’s market value went up to Rs 1418.29 crore. On the BSE, a total of 0.10 million shares were traded, which brought in Rs 3.94 crore. On September 23, 2022, Remedium Lifecare stock hit a 52-week low of Rs 136.15.

In terms of technicals, Remedium Lifecare stock’s relative strength index (RSI) is at 87.8, which means it is very overvalued. The one-year beta for Remedium Lifecare stock is -0.2, which means that the stock was very stable during that time. The 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages are all higher than the price of Remedium Lifecare shares.

In the March quarter of the last fiscal year, Remedium Lifecare lost Rs 4.78 crore. In the March quarter of 2022, the company lost Rs 1.16 crore. But sales went up from Rs 40.29 crore in the quarter that ended in March 2022 to Rs 75.58 crore in Q4.

For the fiscal year that finished in March 2023, the company made Rs 5 crore, which was more than the Rs 1 crore it made the year before. In the last fiscal year, sales went up from Rs 505 crore to Rs 510 crore. The last fiscal year ended in March 2022.

For the quarter that finished in March 2023, one manager owned 1.11 percent of the company, or 40,000 shares, and 704 public shareholders owned 98.89 percent, or 35.60 lakh shares. Of these, 630 people who lived in India owned 4.01 million shares, or an 11.16 percent stake, with up to Rs 2 lakh in cash. For the quarter that finished in March 2023, only 37 owners with a 75.07% stake, or 27.02 lakh shares, had capital above Rs 2 lakh.

As a pharmacy company, Remedium Lifecare is focused on two business areas: goods and services. Products business includes buying and selling APIs and intermediates to creator and copycat pharmaceutical companies on both local and foreign markets, including controlled markets.

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The most comprehensive index of Asia-Pacific equities compiled by MSCI that does not include Japan (.MIAPJ0000PUS) finished the day at 522.93. The index has lost more than 2% overall this week and is on track to end its three-week winning streak.

The S&P/ASX 200 index in Australia (.AXJO) went down by 1.17%, while the Nikkei index in Japan (.N225) went down by 0.25%. The stock exchanges in China and Hong Kong are both closed today due to holidays.

The Federal Reserve kept its benchmark interest rate unchanged between 5% and 5.25% last week; however, policymakers have forecast that rates would need to climb by another half percentage point by the end of the year in order to bring inflation under control.

According to the CME FedWatch tool, the markets, however, continue to be sceptical and are pricing in a rate rise of 25 basis points the next month but none beyond that.

If the economy continues to go the same way as it has, the Federal Reserve is likely to raise interest rates two more times by a total of 25 basis points, as Chairman Powell said in his address to legislators in Washington. Powell called this scenario “a pretty good guess” for the future of the Fed.

His comments, which had been highly anticipated by investors, did not in any way come as a surprise to them.

Powell’s testimony, according to Kevin Cummins, chief economist at NatWest Markets, did not provide any fresh insight on the Fed’s thinking or the probable future course for monetary policy. Cummins said that Powell’s tone was fairly similar to that of last week’s press conference and largely leaned hawkish. Powell’s hearing was held on March 20.

“It should come as no surprise that the FOMC intends for the market to be aware that a rate increase will be on the agenda for discussion at the next meeting. Because the Federal Reserve is basing its current tightening cycle on data, it is possible that forthcoming data releases may cause expectations to change.

Raphael Bostic, president of the Atlanta Federal Reserve, said on Wednesday that the Federal Reserve should refrain from raising interest rates any more or it runs the danger of “needlessly” weakening the state of the American economy.

The remarks provide insight into the ongoing discussion that is taking place inside the central bank over when and whether the central bank should increase interest rates further.

Investors will be focusing their attention on the Bank of England later in the day, as a rate increase is generally anticipated. The only question that remains is the magnitude of the increase, given that inflation data came in higher than anticipated on Wednesday.

Last week, Reuters conducted a survey in which economists were united in their prediction that the Bank of England (BoE) would increase interest rates to 4.75%, their highest level since 2008, from 4.5%. However, the inflation figures caused financial markets to price in a nearly 50% possibility that the BoE would opt for a greater move and raise rates by a half of a percentage point.

“Where other central banks’ concern is now slower-than-hoped easing, the UK is still seeing acceleration,” said Taylor Nugent, an economist at National Australia Bank, in reference to runaway UK inflation, which remained at 8.7% in May. Nugent was alluding to the fact that other central banks’ concerns are now related to slower-than-hoped easing.

“The burden of proof has been placed on the data showing more persistent inflation pressures in order to continue hiking bank rates, according to the BoE’s conditional guidance.” When combined with the statistics on salaries from the previous week, they have that in spades.

Last seen at $1.2769, up 0.01% on the day, the pound is hanging dangerously close to a one-year high of $1.2849, which was reached only last week.

The value of the euro increased by 0.06% to $1.0991 after earlier in the trading session reaching a one-month high of $1.09925. The value of one dollar in Japanese yen increased by 0.11%, reaching 141.70.

The markets will also be closely monitoring the central bank of Turkey’s policy decision. A policy shift and a significant rate hike are two outcomes that are commonly anticipated.

Since the election that took place a month ago, the value of the Turkish lira has plummeted to all-time lows and most recently bought 23.56 dollars.

Brent oil was priced at $77.06 per barrel, a decrease of 0.08% on the day, while U.S. crude dropped to $72.48 per barrel, a decrease of 0.07%.

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Express package delivery, part- and full-truckload freight, storage, supply chain solutions, and cross-border services are all provided by Delhivery, an integrated logistics firm. It has a 40 percent share of the third-party express parcel delivery service market and a 20 percent share of the total market in India, making it the biggest third-party express parcel delivery service provider in India. The complete logistical infrastructure that Delhi has spans 18 million square feet and has a reach that encompasses 18,000 pin-codes, which accounts for 96 percent of India.

Macquarie said that integrated operations may drive cost competitiveness for Delhivery after the firm recently conducted its Analyst Day. As a result of this event, the company proposed a target price of Rs. 460 for the shares. According to Kotak Institutional Equities, one item that is not yet particularly evident is the route that has to be taken in the near term to achieve an adjusted Ebitda margin of 10% (or a service Ebitda margin in the high teens). It has accounted for an EBITDA margin of 7 percent and the beginning of free cash flow (FCF) beginning in FY2026E. The stock is anticipated to reach Rs. 410, which is the target price set by this brokerage.

Recent news from Delhivery indicated that the company’s net loss for the March quarter increased to 159 crore rupees. In the same quarter of the previous year, it posted a net loss of Rs 120 crore.

The company’s revenue from operations dropped by 10% during the March quarter, reaching a total of 1,860 crore as opposed to 2,072 crore during the same period in the previous fiscal year.

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