View
3
Download
0
Category
Preview:
Citation preview
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
Research Analyst
Monthly Corporate Action Tracker
Dossier of key corporate actions in January, 2020
Amit Gupta Bharat Chhoda Cheragh Sidhwa
amit.gup@icicisecurities.com bharat.chhoda@icicisecurities.com cheragh.sidhwa@icicisecurities.com
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
2
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
3
Companies likely to pay dividend in January 2020
Probable dividend
Source: Capitaline, ICICI Direct Research
Company Dividend Face value Dividend Dividend Yield Ex-date
(%) (|) (|/share) (%)
Coromandel Inter 300.00 1.00 3 0.7 31/01/2019
Zensar Tech. 50.00 2.00 1 0.4 31/01/2019
Phillips Carbon 175.00 2.00 3.5 2.2 28/01/2019
Shree Cement 250.00 10.00 25 0.2 29/01/2019
Siemens 350.00 2.00 7 0.7 28/01/2019
Sundaram Clayton 400.00 5.00 20 0.7 31/01/2019
Wipro 50.00 2.00 1 0.4 29/01/2019
JM Financial 50.00 1.00 0.5 0.6 31/01/2019
Infosys 80.00 5.00 4 0.5 24/01/2019
Trident 12.00 1.00 0.12 1.8 24/01/2019
TCS 400.00 1.00 4 0.2 17/01/2019
Reliance Nip.Lif 30.00 10.00 3 2.2 31/01/2019
Hatsun AgroProd. 200.00 1.00 2 0.3 31/01/2019
Delta Corp 60.00 1.00 0.6 0.2 18/01/2019
Mindtree 30.00 10.00 3 0.3 23/01/2019
Motil.Oswal.Fin. 400.00 1.00 4 0.6 25/01/2019
Bajaj Consumer 1400.00 1.00 14 3.8 18/01/2019
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
4
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
5
Board meetings scheduled in January 2020
Board meetings in January 2020
Source: Capitaline, ICICI Direct Research
Company name Meeting date Board meeting purpose
Infosys 10/1/2020 Quarterly Results
Steel Str. Wheel 10/1/2020 Quarterly Results
Avenue Super. 11/1/2020 Quarterly Results
Tata Elxsi 13/01/2020 Quarterly Results
Delta Corp 13/01/2020 Others
Wipro 14/01/2020 Quarterly Results,Interim Dividend
IndusInd Bank 14/01/2020 Quarterly Results
Bandhan Bank 14/01/2020 Quarterly Results
L & T Infotech 15/01/2020 Quarterly Results
Cyient 16/01/2020 Quarterly Results
Rallis India 16/01/2020 Accounts
Karnataka Bank 16/01/2020 Nine Months Results
Dishman Carbogen 16/01/2020 Others
5Paisa Capital 16/01/2020 Quarterly Results
HCL Technologies 17/01/2020 Quarterly Results,Interim Dividend
ICICI Lombard 17/01/2020 Quarterly Results
L&T Fin.Holdings 17/01/2020 Quarterly Results
L&T Technology 17/01/2020 Quarterly Results
Blue Dart Exp. 17/01/2020 Quarterly Results
HDFC Bank 18/01/2020 Quarterly Results
Board meetings in January 2020
Company name Meeting date Board meeting purpose
C P C L 18/01/2020 Quarterly Results
GNA Axles 18/01/2020 Quarterly Results
Can Fin Homes 20/01/2020 Quarterly Results,Private Placement Basis
HFCL 20/01/2020 Quarterly Results
ICICI Pru Life 21/01/2020 Quarterly Results
HDFC AMC 21/01/2020 Quarterly Results
Axis Bank 22/01/2020 Quarterly Results
Asian Paints 22/01/2020 Quarterly Results
Syngene Intl. 22/01/2020 Quarterly Results
VST Inds. 22/01/2020 Quarterly Results
Raymond 22/01/2020 Quarterly Results
CEAT 22/01/2020 Quarterly Results
Agro Tech Foods. 22/01/2020 Quarterly Results
Cigniti Tech. 22/01/2020 Others
HDFC Life Insur. 23/01/2020 Quarterly Results
Biocon 23/01/2020 Quarterly Results
Canara Bank 23/01/2020 Quarterly Results
PVR 23/01/2020 Quarterly Results
PNB Housing 23/01/2020 Quarterly Results
Source: Capitaline, ICICI Direct Research
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
6
Board meetings scheduled in January 2020
Board meetings in January 2020
Source: Capitaline, ICICI Direct Research
Board meetings in January 2020
Source: Capitaline, ICICI Direct Research
Company name Meeting date Board meeting purpose
Zensar Tech. 23/01/2020 Quarterly Results,Interim Dividend
D B Corp 23/01/2020 Quarterly Results,Interim Dividend
GHCL 23/01/2020 Quarterly Results
Indoco Remedies 23/01/2020 Others
EIH Assoc.Hotels 23/01/2020 Quarterly Results
Kokuyo Camlin 23/01/2020 Quarterly Results
JSW Steel 24/01/2020 Quarterly Results
Atul 24/01/2020 Quarterly Results
EIH 24/01/2020 Quarterly Results,Nine Months Results
Kirl. Ferrous 24/01/2020 Quarterly Results
ICICI Bank 25/01/2020 Quarterly Results
H D F C 27/01/2020 Quarterly Results,Private Placement Basis
Dr Reddy's Labs 27/01/2020 Quarterly Results
TTK Prestige 27/01/2020 Quarterly Results
Navin Fluo.Intl. 27/01/2020 Quarterly Results
Lak. Mach. Works 27/01/2020 Quarterly Results
TCI Express 27/01/2020 Quarterly Results
Mahindra Life. 27/01/2020 Quarterly Results,Nine Months Results
M & M Fin. Serv. 28/01/2020 Quarterly Results
WABCO India 28/01/2020 Quarterly Results
Mah. Scooters 28/01/2020 Others
Tata Coffee 28/01/2020 Quarterly Results
Swaraj Engines 28/01/2020 Quarterly Results
Sagar Cements 28/01/2020 Quarterly Results
Ramco Systems 28/01/2020 Quarterly Results
Company name Meeting date Board meeting purpose
Bajaj Finserv 29/01/2020 Quarterly Results
Godrej Consumer 29/01/2020 Quarterly Results,Interim Dividend
Pidilite Inds. 29/01/2020 Others
IDFC First Bank 29/01/2020 Quarterly Results
The Ramco Cement 29/01/2020 Quarterly Results
NIIT Tech. 29/01/2020 Quarterly Results
Transport Corp. 29/01/2020 Quarterly Results
Ramco Inds. 29/01/2020 Quarterly Results
TajGVK Hotels 29/01/2020 Quarterly Results
Foseco India 29/01/2020 Accounts,Final Dividend
Dabur India 30/01/2020 Quarterly Results
Marico 30/01/2020 Quarterly Results,Interim Dividend
Colgate-Palm. 30/01/2020 Quarterly Results
Persistent Sys 30/01/2020 Quarterly Results,Interim Dividend
NOCIL 30/01/2020 Quarterly Results
Heritage Foods 30/01/2020 Quarterly Results
Balaji Amines 30/01/2020 Others
Oriental Carbon 30/01/2020 Quarterly Results
Tech Mahindra 31/01/2020 Quarterly Results
Kansai Nerolac 31/01/2020 Quarterly Results
Timken India 31/01/2020 Quarterly Results
Navneet Educat. 31/01/2020 Quarterly Results
Natl.Fertilizer 31/01/2020 Quarterly Results
Ugro Capital 31/01/2020 Quarterly Results
L G Balakrishnan 31/01/2020 Quarterly Results,Nine Months Results
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
7
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
8
Corporate actions announced in January 2020
Stock Split
Source: Capitaline, ICICI Direct Research
Ongoing open offer
Source: Capitaline, ICICI Direct Research
Face value before Face value after
Company Name Ratio split split Record date
Security & Intel 2:1 10.0 5.0 15/01/2020
Vinati Organics 2:1 2.0 1.0 NA
Offer Start Offer Close Offer Price Proposed Acquisition Proposed Acquisition
Company Date Date (|) (No. of shares in crore) (% Capital)
Gati 28/01/2020 10/2/2020 75.0 3.2 26.0
Accelya Solution 13/02/2020 28/02/2020 944.2 0.4 25.3
Snowman Logistic 18/02/2019 4/3/2020 44.0 4.3 26.0
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
9
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
10
Major stakeholder’s activity seen in December 2019
Major stakeholder’s activity in December 2019
Key Highlights
JSGG Infra Developers LLP purchased 270.1 lakh shares (1.5%) of Dish TV
Jwalamukhi Investment Holdings purchased 17.7 lakh shares (4.4%) of IFB Industries
MAP Auto Ltd (promoter) purchased 27.4 lakh shares (0.7%) of Jamna Auto Inds.
HDFC Asset Management Company purchased 15.5 lakh shares (2.0%) of Persistent Systems
Pabrai Investment Funds purchased 16.2 lakh shares (2.1%) of Kolte Patil Dev.
SBI Funds Management sold 48.4 lakh shares (1.4%) of Equitas Holdings
Reliance Nippon Life Asset Management sold 7.5 lakh shares (3.7%) of Federal-Mogul Go.
ICICI Prudential Life Insurance Company sold 78.4 lakh shares (2.6%) of Jagran Prakashan
Life Insurance Corporation of India sold 34.0 lakh shares (2.0%) of Glaxosmi. Pharma
Source: Capitaline, ICICI Direct Research
Company No of shares Bought/Sold Total Equity Net change % of total
(In lakhs) (In lakhs) (%)
Dish TV 270.1 18412.9 1.5
IFB Inds. 17.7 405.2 4.4
Jamna Auto Inds. 27.4 3984.6 0.7
Persistent Sys 15.5 769.7 2.0
Kolte Patil Dev. 16.2 758.1 2.1
Equitas Holdings -48.4 3417.9 -1.4
Federal-Mogul Go -7.5 556.3 -3.7
Jagran Prakashan -78.4 2964.1 -2.6
Glaxosmi. Pharma -34.0 1694.1 -2.0
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
11
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
12
Preferential allotment in December 2019
On a month-on-month basis, the momentum related to raising money (in terms of number of companies) through preferential allotment
declined in December 2019. Thirteen companies raised capital through preferential allotment route in December compared to Eighteen
companies in November. Tata Motor, Raymond,, Bank of Baroda, Indian Bank along with RBL Bank and Prestige Estates were prominent
companies that raised capital through preferential allotment in December 2019. Overall the preferential allotment has declined as a funding
route over FY17-FY19 route. For full year CY18, 223 companies had raised capital through preferential allotment compared to 243 companies in
CY17 and 142 companies for CY19.
Preferential allotment in December 2019
Source: Capitaline, ICICI Direct Research
Company No.of Eq. Shares Face Value Issue Price Issued To Issued Category Date of allotment
(in crore) (|) (|)
Raymond 0.33 10 674 J. K. Investo Trade (India) Limited Promoter Group 12/12/2019
Tata Motors 20.16 2 150 Tata Sons Pvt Ltd Promoter 5/12/2019
Bank of Baroda 65.15 2 107.45 Government of India Promoter 12/12/2019
RBL Bank 5.77 10 351 NA QIP 6/12/2019
RBL Bank 1.98 10 340.7 East Bridge Capital Master Fund Ltd & PACs NA 30/12/2019
Indian Bank 11.73 10 216.09 NA Government Of India 3/12/2019
Arman Financial 0.08 10 0 NA NA 12/12/2019
Prestige Estates 1.34 10 323.22 NA Qualified Institutional Buyers 20/12/2019
Rattanindia Pow. 80.57 10 10 Power Finance Corporation of India Ltd NA 27/12/2019
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
13
Corporate Action Tracker - January 2020
Preferential allotment in December 2019
2
3
4
5
Board meetings for January 2020
Major stakeholder’s activity in December 2019
Stock split and open offer for January 2020
Announced and probable dividend1
Historical trends of corporate actions6
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
14
Historical trend of rights and bonus issues
Number of rights issues- CNX 500 Number of bonus issues- CNX 500
Key Highlights
Of the CNX 500 companies, three used the rights issue method to raise capital in CY19 compared to five in CY18
Total 16 companies had announced bonus issue in CY19 compared to 20 in CY17
Source: Capitaline, ICICI Direct Research
6
8 8
5 5
7
5
2
7
5
3
0
2
4
6
8
10
CY09
CY10
CY11
CY12
CY13
CY14
CY15
CY16
CY17
C
Y18
C
Y19
Number of rights Issue (CNX 500 Companies)
8
28
1412 12
10
1716
29
20
16
0
5
10
15
20
25
30
35
CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19
Number of Bonus Issues
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
15
Historical trend of stock splits and dividend payouts
Number of stock splits- CNX 500 Average dividend payout ratio (%) for CNX 500
Key Highlights
Source: Capitaline, ICICI Direct Research
four companies had announced a stock split in CY19 compared to eight in CY18
11
39
18
7 6
12 1315
108
4
0
5
10
15
20
25
30
35
40
45
CY09 CY10 CY011 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19
Number of stock Split
20.4
25.227.1
28.129.2
31.132.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY13 FY14 FY15 FY16 FY17 FY18 FY19
Dividend Payout Ratio
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
16
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,
ICICI Securities Limited,
1st
Floor, Akruti Trade Centre,
Road no.7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
ICIC
I S
ecurit
ies –
Retail E
quit
y R
esearch
MO
ME
NT
UM
PIC
K
17
ANALYST CERTIFICATION
I/We, Amit Gupta B.E, MBA (Finance), Bharat Chhoda, MBA and Cheragh Sidhwa, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research reportaccurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.Analysts are not registered as research analysts by FINRA and are not associated persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any compensation from thecompanies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a Sebi registered
Research Analyst with SEBI Registration Number – INH000000990. ICICI Securities Limited Sebi Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has
its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on
www.icicibank.com
ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with
a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities
or derivatives of any companies that the analysts cover.
Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such,
may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.
Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not
match or may be contrary with the views, estimates, rating, target price of the Institutional Research.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient
and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to
update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from
doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI
Securities might be acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is
solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers
simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax
advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should
independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or
damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the
securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-
managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits
from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time
of publication of this report.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the
research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all
jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Disclaimer
Recommended