Sunday, June 17, 2018

Forthcoming IPO: Bitmain Technologies Limited

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Beijing based Bitmain, the largest and most established manufacturer of cryptocurrency mining chips — is considering an IPO.

Bitmain Technologies, now among the world's most recognizable Bitcoin companies, was established to develop and sell the world’s leading bitcoin miners using Bitmain's ASIC chip technology. Starting with the Antminer S1, our task continuously became more difficult as bitcoin’s “difficulty level” kept rising. We followed Moore’s Law in this emerging field of ASIC chip design and pioneered it, time and again. In May of 2016 we released the Antminer S9, the world’s first consumer-grade bitcoin miner based on a 16nm process ASIC chip. This is also the world’s most power-efficient bitcoin miner, taking that title away from its predecessor, the Antminer S7.

The listings could be in Hong Kong or an overseas market with U.S. dollar-denominated shares.

Dr Reddy's gets reverse medicine from New Jersey court

US District Court of New Jersey passed a restraining order on selling generic version of Suboxone in the US market. Dr. Reddy's launched its generic buprenorphine/naloxone sublingual film product  in the US on Friday after it got final approval from USFDA

Suboxone is used for the treatment of opioid dependence.

Saturday, June 16, 2018

ARCs may get foreign funds

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Center is planning to rope in multilateral financial institutions, global private equity firms, global pension funds and sovereign wealth funds to invest in the asset reconstruction company that is being envisaged for faster resolution of public sector banks’ stressed assets.

The move could take the burden of funding the ARCs off the government, which has already budgeted a capital infusion of ₹65,000 crore in PSBs in FY19. 

Ministry of Corporate Affairs to probe NuPower Renewables

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MCA will probe NuPower Renewables, five other firms linked to ICICI controversy. Multiple agencies are probing the alleged lapses involving ICICI Bank’s MD and CEO Chanda Kochhar and her family members. The lender is also carrying out an independent probe into allegations of ‘conflict of interest’ and ‘quid pro quo’ in Kochhar’s dealings.

Fitch raises corporate governance concern at Axis and ICICI Bank.

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Fitch says that ICICI Bank and Axis Bank have "gaps" in their risk control mechanisms and has revised down its outlook on the latter to negative on sour assets worries. Both the banks exhibit gaps in risk controls. 

The agency also downgraded ICICI Bank's 'support rating' to '3', from '2', apart from revising down its support rating floor to 'BB+', from 'BBB-'.

TCS Buy Back : Fixes share price at Rs 2100

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TCS has fixed the share buy back price at Rs 2100, as against Friday's closing price of Rs 1940.  TCS board has  approved a proposal to buy back up to 76 million equity shares worth about Rs 16000 Cr. The buyback price is at  15 per cent premium over its current market price. The promoters’ holding in the company now stands at 71.92 per cent. After buy back this percentage will stand at 73.91.

Friday, June 15, 2018

Forthcoming IPO : Miltec Machinery Limited

Argo processing equipment manufacturer, Miltec Machinery, has fund    raising plans from the primary markets. The company may raise around Rs 600 Cr. 

Forthcoming IPO : Dodla Dairy Limited

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Hyderabad based Dodla Dairy  is planning to raise Rs 500 Cr from the primary market. In the last fiscal the company reported an sales of Rs 1412 Cr and EBITA of Rs 91 Cr.

Edelweiss and ICICI Securities are the BRLM to the IPO. Through this IPO, existing investor Rise Fund, managed by US-based PE fund TPG Growth, will make a partial exit. At present, Rise Fund holds an about 25 per cent stake in Dodla Dairy.

ICICI Prudential Life Ins OFS receives good response

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ICICI Prudential Life Insurance OFS has received good response from  non-retail investors. ICICI Bank plans to sell 1 per cent of ICICI Prudential Life with an option to sell an additional 1 per cent, which will take the total offer size to 2.583 crore shares. 

As against an offer of 2.583 crore shares, ICICI Bank received bids for 5.31 crore shares from institutional investors.

Twenty-five per cent of the non-retail category is reserved for MFs and insurance firms. In the case of under-subscription from them, the unsubscribed portion can be allocated to other bidders.

The stake-sale window will open for retail investors on Friday.

Nvidia scales new high

Nvidia stock scaled new high in Thursday's trading. The stock closed at $ 266.91,up $ 4.51. Intra-day Nvidia hit all time high of $ 269.20.

Nvidia has risen 32% since the beginning of the year, and is one of the top-performing S&P 500 stocks this year.

FirstChoiceIPO has a year end target of $310 on the stock. We have been recommending buying the stock when it was trading around $115.

During the same period S&P 500 has risen around 4%.

Thursday, June 14, 2018

Bumpy road ahead for Ola

Taxi aggregator Ola saw its losses widening to Rs 4,898 crore, even though its total income grew 70 percent during FY17 as compared to the previous fiscal.

Ola, which is locked in a bruising battle for market leadership in the Indian market against rival Uber, had registered a loss of Rs 3,148 crore in FY16.

Forthcoming IPO : Carlsberg India Limited

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Carlsberg India is planning to list its shares on the Indian bourses.

The Copenhagen, Denmark based brewer is in the process of merchant bankers for the same.

India’s beer market is expected to grow to $11 billion by 2020, up from $8.6 billion last year, according to industry reports.

Carlsberg ranks third in the country with a 14 percent market share. It trails Kingfisher owner United Breweries, which has 39 percent, and Budweiser which has 23 percent.

Carlsberg Group commenced operations in India in 2007 with the beginning of production at a Brewery in Paonta Sahib, Himachal Pradesh.

Forbes : HDFC 5th biggest consumer financial services company globally

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HDFC has been ranked as the 5th biggest public company globally in the 'consumer financial services category' on a list compiled by Forbes magazine.

American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

In the consumer financial services category, HDFC's rank has moved up from 7th place last year.

Other consumer finance services companies that made it to the list include Capital One Financials at the 159 place, followed by Visa (164), Orix (254), PayPal (337), Synchrony Financial (340), Discover Financial Services (356), and Mastercard (367), among others.

RBI warns NBFCs

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Concerned about the rising exposure of non-banking financial companies  to large corporates,  Reserve Bank has directed these lenders to focus more on the medium and small segments where returns are much higher.

The central bank also asked NBFCs to meet the legitimate funding need of MSMEs.