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CAPITALSTARS -STOCKS TO LOOK OUT FOR TODAY: 7 JUN 2018

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FoJLR retail volume up 6% yoy in May 2018 as UK sales rise for second month in a row

Tata Motors Limited (TML) owned luxury car maker, Jaguar Land Rover (JLR) saw a 6% yoy volume growth in May 2018 on the back of strong sales in UK and North America, even as Europe and China markets saw a decline. The company sold 48,281 vehicles in May 2018 against 45,487 vehicles in May 2017. Sales growth was primarily driven by the introduction of new models including the Range Rover Velar, the Jaguar E-PACE and the new Land Rover Discovery.
Among geographies, UK volume was up 21% yoy in May 2018, marking a second successive monthly growth after four successive monthly declines. North America volume was up 17% yoy in May 2018. Growth in the geography has been volatile over the past 12 months – growing in seven months, declining in four months and unchanged in one month. Europe volume was down 9% yoy, the eighth successive monthly decline. China declined 8% yoy, the first decline in 29 months. However, the decline was due to the fact that buyers postponed their buying decision before tariff cuts in China came into effect from July 1, 2018. Rest of the world market volumes were up 24% yoy, ninth successive monthly increase.

Cabinet approves interventions to resolve crisis in the sugar sector

Idea Cellular Ltd is currently trading at Rs56 down by Rs6.75 or 10.76% from its previous closing of Rs62.75 on the BSE. The telecom company has received approval on its application to increase FDI limit in the company to 100%, from the current 67.5%, from the The Cabinet Committee on Economic Affairs (CCEA), in its meeting held on June 6, 2018, approved Rs7,000cr package. This is to improve the problem of liquidity of sugar mills resulting in accumulation of huge cane price arrears of farmers.

The following measures would be taken:

Creation of buffer stock of 3mn MT of sugar for one year and to incur an estimated expenditure of Rs1,175cr for this purpose. The reimbursement under the scheme would be made on a quarterly basis, which would be directly credited into farmers’ account on behalf of mills against their cane price dues.
Fixation of a minimum selling price of white/refined sugar at the mill gate below which no white/refined sugar can be sold and delivered by a sugar mill in the domestic market. Fixation of a minimum selling price of white sugar would be based on Fair Remunerative Price (FRP) of cane and minimum conversion cost of white/refined sugar. The minimum selling price of white/refined sugar shall be initially fixed at Rs29/kg, which can be revised by Department of Food & Public Distribution (DFPD) subsequently based on a revision of FRP etc. At present, this would be done along with the imposition of stock holding limits on sugar mills. The stock limit on mills will be initially imposed for the current sugar season (up to September 2018), which may be reviewed by DFPD at any time.

Augmentation of capacity through up-gradation of existing distilleries attached to sugar mills by installing incineration boilers and setting up new distilleries in sugar mills. Government will bear interest subvention of maximum Rs1,332cr over a period of five years including moratorium period of one year on estimated bank loan amounting to Rs4,440cr. This would be sanctioned to the sugar mills by the banks over a period of three years for which DFPD would formulate a detailed scheme in this regard. This would help diversion of sugar during surplus phase to reduce excess inventories.

Vedanta to restructure Electrosteel Steels, to make delisting offer at 82% discount to market price

As part of the restructuring of Electrosteel Steels Ltd (ESL), Vedanta is restructuring its capital structure. The new promoter, Vedanta, has specified that they intend to delist ESL as part of the resolution plan.
The changes to the capital structure is as follows:
1) Vedanta Star, the new promoter entity, would infuse Rs5,320cr into ESL. Of this infusion, Rs3,515cr would be in the form of an intercorporate loan and Rs1,805cr would be equity.
2) The new capital would be used to pay down the debts of the lenders. This represents a haircut of ~48% for lenders.

Glenmark Pharma receives USFDA nod for Loestrin generic version

Glenmark Pharma Glenmark Pharmaceuticals Inc., USA (Glenmark), has been granted final approval by the United States Food & Drug Administration (USFDA) for generic versions of Loestrin tablets that are used to prevent pregnancy.
“Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for HAILEYTM 1.5/30 (Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1.5 mg/30 mcg), the generic version of Loestrin1 21 1.5/30 Tablets, of Allergan Pharmaceuticals International Limited (Allergan) and for HAILEYTM Fe 1.5/30 (Norethindrone Acetate and Ethinyl Estradiol Tablets, USP and Ferrous Fumarate Tablets, 1.5 mg/30 mcg), the generic version of Loestrin Fe 1.5/30, also of Allergan, the company said in the filing.

PremjiInvest bought 6% stake in Future Retail from Bharati Group

PremjiInvest, the investment arm of Wipro Chairman Azim Premji has bought ~6% stake in Future Retail Ltd from Cedar (Bharati Group) for Rs1,700cr, as per media reports. As on March 31, 2018, Cedar held ~9.2% stake in the company.
Earlier, Future retail had issued its shares to Cedar to pay for acquisition of Easy Day. Future group had then placed a claw-back provision under which Future Retail will get a part of proceeds from Cedar, which Cedar would get from its sale of stake in future retail.

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