Share/Stock Market Live Updates:
The benchmark equity indices on the BSE and National Stock Exchange (NSE) tanked nearly 2 per cent lower opening deals on Monday, taking cues from their global peer's which crashed due to rising geopolitical tensions. The S&P BSE crashed over 1,500 points to slip below 57,000 in early trade, while the Nifty 50 dived over 450 points to fall below the 17,000 level. Mahindra & Mahindra (M&M), ICICI Bank, HDFC, State Bank of India (SBI), Ultratech Cement, Dr Reddy’s laboratories, Larsen & Toubro (L&T), Tata Steel, Bajaj Finance and IndusInd Bank were the biggest laggards in the early trade which tanked over 3 per cent. Only Tata Consultancy Services was in the green with around 1 per cent gains.
10:18 (IST) 14 FEB 2022
YES Securities on Computer Age Management Services
Revenue yield remained flat sequentially as the rise in share of equity in AUM offset the negative impact of telescopic pricing: The share of equity in AUM serviced now stands at 41%. Yield has, in fact, been broadly flat for 7-8 quarters now.
EBITDA margin positively surprised, but management was sombre in their guidance: EBITDA margin has been better than expected, driven by better cost management through automation. Management stated that they continue to hold their prior guidance of EBITDA margin being in the early 40s in the favorable quarters.
Non-MF initiatives moved closer to meaningful on-ground traction: The CRA business and the AA business both displayed underlying traction, providing hope.
We maintain ‘Buy’ rating on CAMS with a revised price target of Rs 3396: We value CAMS at 50x FY23 P/E for an FY21-24E EPS CAGR of 23%.
10:14 (IST) 14 FEB 2022
YES Securities on Apollo Hospitals
"Apollo Hospitals ARPOB continue to gain traction with 14% increase on a blended basis in 9m FY22; a look at the ARPOB increase within some clusters (accounting for ~40% of cumulative operating beds) shows even faster increase on a 2-year CAGR basis at 15-19% (without international traffic in 9m FY22 carrying better embedded realization in the historical base). This shows the impact of mix change in the hospitals business over the last 18 months, as footfalls would have been volatile given the episodic impact of the pandemic. While customer acquisition cost in the 24x7 business is likely to stay in a range in the near term, continued intensity in the online model would entail likely higher discounts. Capex of Rs15bn shows the need to augment volume growth as ARPOB can only drive so much, albeit no near term impact is seen in our forecast horizon. Retain SELL with unchanged multiple and TP Rs3,050."
09:55 (IST) 14 FEB 2022
LIC files papers, set for biggest Indian IPO ever
Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital market's regulator SEBI, paving the way for India’s largest initial public offering (IPO). There is also a possibility that LIC will become India’s most valuable listed company, toppling Reliance Industries Ltd, after listing on the stock exchanges. LIC plans to sell 316.25 million shares, which is about 5 per cent of its total equity base, said the draft red herring prospectus filed with SEBI (Securities and Exchange Board of India)
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