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Adani Ent. shares up 0.52% as Nifty drops

NEW DELHI: Shares of Adani Enterprises Ltd. traded 0.52 per cent up in Wednesday’s trade at 01:20PM (IST). Around 36,638 shares changed hands on the counter.

The stock opened at Rs 1472.45 and touched an intraday high and low of Rs 1500.0 and Rs 1465.0, respectively, in the session so far. The stock of Adani Enterprises Ltd. quoted a 52-week high of Rs 1718.45 and a 52-week low of Rs 333.55.

As per BSE, the total market cap of the Adani Enterprises Ltd. stood at Rs 162821.38 crore at the time of writing this report.

Key Financials
The company reported consolidated sales of Rs 13597.1 crore for the quarter ended 30-Sep-2021, up 6.81 per cent from previous quarter’s Rs 12730.63 crore and up 46.01 per cent from the year-ago quarter’s Rs 9312.14 crore.

The net profit for latest quarter stood at Rs 212.41 crore, down 41.38 per cent from the same quarter a year ago.

Shareholding pattern
As of 30-Sep-2021, domestic institutional investors held 1.64 per cent stake in the firm, while foreign institutional investors held 18.05 per cent and the promoters 66.33 per cent.

Valuation ratio
According to BSE data, the stock traded at a P/E multiple of 160.47 and a price-to-book ratio of 6.61. A higher P/E ratio shows investors are willing to pay a higher price because of better future growth expectations. Price-to-book value indicates the inherent value of a company and is the measure of the price that investors are ready to pay even for no growth in the business.

Adani Enterprises Ltd. belongs to the Diversified industry.

Republicans capture Virginia governorship, dealing setback to Biden

Republicans won the Virginia governor’s election and were within striking distance in New Jersey on Wednesday, a warning that President Joe Biden’s Democrats are in trouble heading into next year’s congressional elections.

Glenn Youngkin, a former private equity executive who surged in the polls in the Virginia campaign’s final weeks, beat Democratic former Governor Terry McAuliffe, CNN and NBC projected. Youngkin declared victory in a speech before ebullient supporters, while McAuliffe did not publicly concede.

Having never held elected office, Youngkin sold himself as a political outsider while seeking to rally suburban voters around hot-button issues such as how to handle the discussion of racism in schools and COVID-19 mask mandates.

In New Jersey’s closer-than-expected governor race, Republican challenger Jack Ciattarelli and incumbent Democrat Phil Murphy were locked in a virtual draw, even though registered Democratic voters outnumber Republicans by more than 1 million. Democrats clung to hope because more votes were due to be counted in their strongholds.

The results in two states that Biden won easily last year over Donald Trump represent a dire sign for Democrats heading into the 2022 midterms, which will decide control of the U.S. Congress – and with it, the future of Biden’s policy agenda.

Polls leading up to Election Day showed that Youngkin closed the gap with McAuliffe by appealing to independent voters – a group alienated in 2020 by Trump’s style of politics but more drawn to Youngkin’s congenial manner – despite McAuliffe’s attempts to link Youngkin to the former president.

“Comparing him to President Trump really didn’t resonate with me,” Jacob McMinn, a program manager at a defense contractor, said after casting his vote for the Republican in Fairfax, just outside Washington.

White women voters, who favored Biden over Trump by one point in 2020, preferred Youngkin by 57% to 43% over McAuliffe, according to NBC’s exit polls.

Trump sought to claim credit for Youngkin’s victory.

“I would like to thank my BASE for coming out in force and voting for Glenn Youngkin. Without you, he would not have been close to winning,” he said in one of three statements about the race on Tuesday.

Youngkin, speaking in Chantilly, Virginia, early on Wednesday, called his victory “a defining moment.”

“Together, we will change the trajectory of this commonwealth,” he told the cheering crowd. “And friends, we are going to start that transformation on Day 1.”

Youngkin will succeed Governor Ralph Northam, a Democrat. Under Virginia state law, governors cannot serve consecutive terms. McAuliffe, 64, served as governor from 2014 to 2018.

The Republican candidates for lieutenant governor and state attorney general were also leading their races in Virginia, while Democrats were in a tough fight to keep control of the state House of Delegates after several Republican wins. The state Senate, which Democrats control, did not have a vote.

MINNEAPOLIS POLICE

Murphy, 64, was seeking to become the first Democratic governor to win re-election in New Jersey in four decades.

He has overseen a shift to the left, including new taxes on millionaires, stricter rules on guns, a higher minimum wage and paid sick leave. He has also defended his robust approach to the coronavirus pandemic, including mandating masks in schools.

Ciattarelli, 59, a former state lawmaker, focused much of his campaign on the state’s high taxes, while accusing Murphy, a wealthy former Goldman Sachs executive, of being out of touch.

Elsewhere, Brooklyn Borough President and former police Captain Eric Adams, a Democrat, ensured he will become New York City’s second Black mayor after easily beating Republican Curtis Sliwa, the founder of the Guardian Angels civilian street patrol.

A year and a half after George Floyd, a Black man, was murdered by a white policeman, Minneapolis voters rejected a ballot measure that would have replaced the police department with a new public safety agency.

Virginia’s race offered a preview of what may be in store in next year’s elections. Culture wars dominated the campaign, with Youngkin promising to give parents more control over how public schools handle race, gender and COVID-19 protocols, and McAuliffe vowing to protect abortion access and voting rights.

Youngkin struck a careful balance when it came to Trump, accepting the former president’s endorsement but avoiding frequent mention of him on the campaign trail. The strategy could offer a road map for Republicans trying to woo suburban moderates next year.

Youngkin leaned into the Republican Party’s expressions of outrage over the discussion of systemic racism in schools. He vowed to ban the teaching of “critical race theory,” a legal framework that examines how racism shapes U.S. laws and policies, while ignoring the fact that Virginia school officials say the subject is not taught in classrooms.

He drew sharp criticism from Democrats when he initially hesitated to denounce Trump’s insistence that the 2020 election was “stolen” from him, false claims that have continued to rile Trump’s supporters and led to a mob of them attacking the U.S. Capitol on Jan. 6.

Youngkin said later that Biden had won legitimately, but then called for an audit of Virginia’s voting machines, prompting Democrats to accuse him of validating Trump’s election conspiracy theories.

In Video: Virginia elections 2021: Blow to Joe Biden, Republican Glenn Youngkin wins Governor’s race

BoE eyes first rate rise since 2018 as inflation surges

London: The Bank of England could this week raise its main interest rate for the first time in more than three years to rein in surging inflation as economies reopen from pandemic lockdowns, analysts say.

Economists are predicting that the BoE led by governor Andrew Bailey could hike borrowing costs from a record low of 0.1 percent to 0.25 percent at a regular policy meeting on Thursday.

Other central banks across the globe have recently tightened policy to cool soaring prices and still more are considering following suit.

Monetary policymakers must also decide whether to taper huge emergency cash stimulus support that has kept economies afloat during the pandemic.

The US Federal Reserve is expected on Wednesday to announce plans to begin tapering its stimulus as the world’s biggest economy recovers.

The European Central Bank and Bank of Japan are holding fire for now on rates and stimulus, but central banks in countries such as Brazil, Singapore, South Korea and New Zealand have all increased borrowing costs recently.

The Bank of Canada has ended its vast bond-buying stimulus programme, and has flagged an interest rate hike earlier in 2022 than envisaged.

In the UK, the Bank of England may raise its interest rate on Thursday as it “appears more worried about the upside risks to inflation from rising underlying wage growth and higher inflation expectations than… a month ago”, said Paul Dales, economist at Capital Economics.

The BoE’s new chief economist Huw Pill told the Financial Times in late October that the UK annual inflation rate risks shooting above 5.0 percent in the coming months from 3.1 percent currently.

For its part, the British government is forecasting an annual average rate of 4.0 percent over the next year after energy costs soared and reopening economies suffer from supply shortages.

Economists are not unanimous, however, in thinking the BoE will raise its interest rate as early as Thursday, even as the financial markets price in such a move.

Faltering recovery?
“We can’t rule out a rate hike at this meeting — indeed, markets see it as a near certainty,” said Samuel Tombs, economist at Pantheon Macroeconomics. Britain’s growth “recovery is faltering”, he said.

While the UK economy was on course to rebound 6.5 percent this year, it is forecast to cool slightly in 2022, the government said last week.

As the pandemic erupted in March 2020, the BoE slashed its key interest rate from 0.75 percent and also began pumping massive sums of new cash into the economy.

It has created £450 billion under its quantitative easing (QE) programme since March last year, when Britain imposed its first coronavirus lockdown.

Prior to that, it had pumped hundreds of billions of pounds worth of QE into the UK economy over a decade following the 2008-09 global financial crisis and Brexit.

The central bank’s total emergency stimulus package stands at £895 billion.

The BoE’s last rate rise was in August 2018 when it hiked borrowing costs to 0.75 percent from 0.5 percent.

Asian shares mixed as investors await crucial central bank decisions

SYDNEY: Asian shares were mixed on Tuesday and currencies held tight ranges as nervous investors awaited several key central bank meetings that could set the tone for risk appetite heading into next year.

MSCI’s gauge of Asia-Pacific shares outside Japan recovered early losses to be 0.8% higher at 0128 GMT, with Japan’s Nikkei edging 0.2% lower and Australia’s S&P/ASX 200 down 0.6%.

The immediate focus was on the Reserve Bank of Australia’s (RBA) meeting on Tuesday, with the Federal Reserve and Bank of England due to hold their policy decisions later in the week.

“All eyes for us are on the RBA,” said Adam Dawes, an investment advisor at Shaw and Partners Ltd in Sydney.

“We expect the language will definitely start to change to be more accommodating for interest rate rises, or at least accommodating for pulling back quantitative easing.”

A drop of the RBA’s key policy measure targeting ultra low short-term rates would signal a change to the bank’s dovish stance and could be a preamble to the Fed’s meeting that markets expect will mark the start of its bond buying tapering.

Australian government bonds fell, with the 10-year benchmark yield five basis points higher at 1.973%, ahead of the RBA’s post-meeting announcement scheduled for 330 GMT.

Chinese shares opened slightly lower, with local blue chips trading down 0.09%, though the Hong Kong benchmark was up 1.8%. South Korea’s KOSPI index opened 1.50% higher.

Overnight, Wall Street advanced to record highs helped by gains for energy shares and Tesla.

The Dow Jones Industrial Average rose 0.26%, after eclipsing 36,000 points for the first time during intraday trading. The S&P 500 gained 0.18% while the Nasdaq Composite added 0.63%.

Currency moves were slight in morning trade with the dollar hovering below recent highs after posting its biggest daily rise in more than four months last Friday.

The yen was a fraction weaker at 114.11 per dollar and the greenback nursing a small overnight loss on the euro.

The Aussie, which had been steady through a week or so of wild selling in the domestic bond market, held at $0.7521, though volatility gauges point to a bumpy week.

With surging inflation looming over financial markets, the RBA leads a handful of central bank meetings set to define the near-term rates outlook.

Swaps pricing points to a better-than-even chance of the BoE hiking, while the RBA is expected to officially drop its yield curve control policy.

The Fed on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to support the economy, while investors will also focus on commentary about interest rates and how sustained the recent surge in inflation is.

“This (Fed meeting) is going to be a relatively big deal,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. “We are expecting to hear the glide path for tapering the bond purchases.”

In commodities markets, a further 4% drop in Chinese coal prices on Tuesday pushed them 50% below last month’s record high.

Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.

U.S. crude was 0.2% higher at $84.25 per barrel and Brent was trading at $84.97, up 0.3%.

Spot gold was 0.1% lower to $1,789.99 an ounce. Bitcoin was 0.5% higher at $61,285.23.

Bigger gifts on people’s shopping list for loved ones on Diwali this year

With Diwali being celebrated after a long festive lull this year, people are going for bigger and grander presents as they choose between electronic gadgets, beauty hampers and other dizzying variety of gifts available for their loved ones.

The pressure of choosing the right gift is more than what it used to be as many people in the past two years had to do without their favourite tradition of exchanging gifts amid the COVID-19 pandemic.

Shewta Jaiswal, for instance, is making up for the previous muted Diwali celebrations by buying a new laptop for her tech-savvy husband, a recliner for her younger brother, and a bigger LED TV for her parents.

“Deaths in the extended family, lockdown and a perpetual fear of another wave hitting us didn’t allow us to do even the customary things we associate with Diwali, or any festival, let alone exchanging gifts.

“However, as some normalcy is coming back, I decided to do everything two times bigger than the usual Diwali. This might hit our savings but then I am not complaining,” said the 36-year-old Gurgaon-based IT-professional, revealing that she has given ample hints to her husband about what she would like for a gift this time — a solitaire ring.

The business and trade lobby are happy to see Jaiswal and others like her returning to their festive shopping sprees.

“We are expecting better sales in the festive season as compared to last year, with increased demand, improved consumer sentiment and increased mobility. We are also expecting a 30 per cent growth this festive season,” said Rohit Sahni, co-founder, WK Life, a multinational electronic gadgets and accessories maker.

Indian apparel, beauty and cosmetics are the “most popular categories” besides electronic gadgets and home appliances for the occasion, Yogeshwar Sharma, executive director and CEO of the company that owns Select Citywalk mall, told PTI.

“We have seen an increase in footfall with the start of the festive season around Rakhi in August. Overall, we can say that there has been a 15 per cent increase in footfall in the last few months. We can also say that the momentum towards Diwali seems stronger this year than last year,” Sharma said, echoing sentiments of Sahni.

Brands and business owners are offering exciting discounts this festive season to lure customers.

While Select Citywalk mall is giving festive discounts to all its shoppers, along with special offers at Bath and Body Works, Calvin Klein Jeans, Adidas, Mango and others, Bikano, a leading FMCG brand which has launched a plethora of attractive gift packs ahead of Diwali, is offering 10 per cent off to its consumers.

However, yet again, no one can beat the online sector where discounts are maximum and the inconvenience is minimum.

“Overall sales volume in the first ‘Toofani Sale’ of the season went up by 98 per cent compared to last year. While 60 per cent of our total orders came from tier 3 cities, tier 1 and 2 cities accounted for nearly 26 per cent of orders, and metro buyers accounted for the balance 14 per cent.

“The total value of sales from tier 3 towns has increased by 74 per cent over the last year. In tier 2 cities, our total sale value saw nearly a rise of 90 per cent more than last year’s festive sales,” a Snapdeal spokesperson told PTI.

It was also evident from figures given by cashback platforms like Cashkaro which saw a ‘8X jump’ in traffic and ‘5X growth’ in sales within the first two days of festive sales of e-commerce giants such as Amazon, Myntra, and Flipkart, with 45 per cent sales being attributed to tier 2-6 cities.

Well aware that the coronavirus might be down but not out, the ”gift of health” like the previous years remains to be a preferred choice for many.

So, there are immunity-based gifting options like dry fruit boxes, turmeric tea and spice kits, and the much sought after health benefit gift cards from the leading preventive and primary healthcare brand vHealth by Aetna to choose from.

“#GoodHealthWaliDiwali is a unique campaign which not only shows your love and care for your loved ones by gifting them a vHealth comprehensive healthcare package. Your loved ones get multiple benefits through products like 24/7 doctor consultation available in 8 languages, health checkup, cashless OPD and dental packages. vHealth membership starts from Rs 750 onwards, covering a family of upto four members and one year validity,” said Anurag Khosla, CEO, Aetna.

And for those who want to give their friends an “experience” within the comforts of their homes, there’s always an option of drink-or-treat.

For food, the gourmet catering service La Marinate, New Delhi, offers a unique European cuisine fine dining experience for families at their doorsteps, preparing the dishes in-house but doing final touch-up required for each recipe at the guest’s residence at a price of Rs 7,000.

For drinks and to keep the festive spirits high, Swizzle, a fresh DIY Cocktail kit delivery company, is delivering ‘Jumbo Diwali Night Cocktail Box’ including fresh cocktail kits/mocktails, wine glasses, ice tong and jigger, chocolates, a golden playing card and a customised note, at a discounted price of Rs 1,749.

Citi to offer lease rental discounting in India

Mumbai: Citibank India is planning to introduce Lease Rental Discounting (LRD) for top commercial real estate companies in India as it aims to strengthen the focus on institutions while exiting the retail business, two people familiar with the matter told ET.

LRD is a globally popular credit instrument offered against rental receipts. This will likely ease the funds crunch in the real estate sector, hit hard by the pandemic.

The bank will be setting up a separate team and infrastructure for this service line. Citibank did not respond to ET’s query.

“The average tenure of LRD may be in the range of 5-7 years,” said one of the persons cited above.

LRD remains a key focus area for Citigroup globally. However, it is not in the product kitty for India. With the India business going through a rejig, this could well give a boost to Citi’s growing institutional approach.

The real estate sector’s contribution to India’s (GDP) is estimated to increase to about 13% by 2028. Developers have been finding it tough to arrange funding at a reasonable rate. Structured products like LRD will likely ensure liquidity in the future for the sector. Banks are traditionally risk-averse in extending builder loans.

Many people own commercial spaces and offer them on lease. ICICI Bank, the country’s largest private lender by asset size, offers LRD loans at interest rates starting at 8.85% per annum. Besides, non-banking finance companies like Bajaj Finserv, too, offer LRD credit.

Net leasing of commercial office spaces across the country will likely expand 12-18% to 25-30 million square feet (msf) next fiscal, riding on a low base of the current fiscal, a gradual return of tenants to offices, and improvement in the macroeconomic situation, a Crisil said in a report earlier in the year.

In India, LRD is usually availed of by developers and owners of office and retail real estate projects. Of these, retail malls alone have availed over ₹70,000 crore worth of funding through this route across the country. This financing model is expected to continue growing as it is an attractive option for project owners to support their high capex requirements at relatively lower costs with the help of their existing cash flows and tangible secured assets.

Moody’s upgrades Macrotech Developers’ to B3 on debt reduction, sales improvement

Ratings agency Moody’s Investors Service has upgraded the corporate family rating (CFR) of Macrotech Developers Limited (MDL) and the backed senior secured rating of Lodha Developers International’s USD bonds that are guaranteed by MDL to B3 from Caa1.

The outlook on the ratings is positive.

“The upgrade of MDL’s ratings to B3 from Caa1 reflects an improvement in the company’s credit profile as a result of debt reduction measures by the management, as well as a strong recovery in the company’s operating performance both at India and London following the easing of pandemic-related restrictions,” said Sweta Patodia, a Moody’s Analyst.

According to her, the positive outlook reflects the view that MDL’s credit profile could improve further once the company raises additional equity that strengthens its liquidity, as well as refinances over the next few months on its USD-denominated bonds due in March 2023.

Moody’s estimates that MDL’s gross consolidated borrowings, including debt at London, have reduced to around Rs 18,800 crore as of September end from Rs 22,300 crore as of March end. This has been driven largely by proceeds from an initial public offering (IPO) completed in April and repayment of a loan by the promoter in June.

At the same time, MDL’s operating performance has recovered strongly following the easing of pandemic related restrictions. The company achieved operating sales of Rs 2,000 crore for the second quarter ended September, at its Indian operations, compared with Rs 1,000 crore in the immediately preceding quarter.

The recovery in operating sales was despite the second quarter being seasonally weak because of the monsoon season in India, when construction activity slows down. The improving pace of vaccinations and a ramp-up in economic activity have improved consumer sentiment in India. At the same time, the pandemic has resulted in structural changes in consumer preferences for bigger homes.

Moody’s expects that these factors, combined, will keep operating sales strong over the next 12-18 months. It estimates MDL’s operating sales will be around Rs 8,000 crore at its Indian operations for the fiscal year ending March 2022.

The company’s operating performance at London has also improved following the UK’s re-opening. In September, MDL achieved operating sales of 110 million pounds at Grosvenor Square, one of its projects in London.

Moody’s expects that sales momentum at Grosvenor Square will remain buoyant given the gradual resumption in international travel and re-opening of UK’s borders for international tourists.

MDL will use proceeds from sales of up to December 2021 to partially repay the existing inventory finance at Grosvenor Square. The company plans to enter a new inventory finance facility to be secured against the unsold inventory at the project, which Moody’s estimates will be around 450 million pounds by December 2021.

Proceeds from this inventory facility will be used to settle outstanding dues under the current facility and refinance the outstanding bond. This will alleviate refinancing risks relating to the USD-denominated bonds maturing in March 2023, Moddy’s added.

Sales performance at Lincoln Square also remains buoyant with 61 million pounds of sales in the first half of fiscal 2022. With just 59 million pounds of unsold inventory, Moody’s expects the project to be fully sold within fiscal 2022.

Moody’s also expects that proceeds from existing sales will be used to repay the existing inventory loan of around 33 million pounds. MDL will likely transfer the surplus proceeds to India after meeting the interest expense on the USD bond and the loan facility at London.

In addition, the company plans to raise up to Rs 4,000 crore of equity over the next twelve months which will strengthen the company’s liquidity. Board approvals for raising equity are in place.

In terms of environmental, social and governance (ESG) factors, MDL is exposed to the effects of the pandemic on the operating environment in India. Moody’s considers this to be a social risk.

In terms of the governance risk, Moody’s expects MDL to remain exposed to risks from concentrated ownership as the promoter group continues to hold 88.5% of the company. In addition, the company’s pidend policy might change following its public listing. Payment of pidends, if substantial, will reduce MDL’s free cash flows and slow down the likely deleveraging.

However, Moody’s expects the risk around concentrated ownership to moderate as the company is planning to raise further equity over the next twelve months.

Nomura says RJio’s JioPhone Next plans show tariff hike is imminent

MUMBAI: Brokerage firm Nomura Financial Advisory and Securities India is of the view that the new plans announced by Reliance Industries’ telecom subsidiary, RJio with its JioPhone Next are signaling an imminent hike in tariffs in the sector.

Reliance Jio on Friday announced that its much-awaited JioPhone Next smartphones will be available in stores from this Diwali at a retail price of Rs. 6,499. The company is offering inpiduals to purchase the phone at Rs. 1,999 down payment and the remaining in 18-24 months of EMIs.

These smartphones, tagged the world’s most affordable by the company, will come along with bundled recharge plans of 18 months and 24 months offering 5 GB data and 100 minutes per month at Rs. 300 monthly recharge.

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Nomura India said that the plans being offered by Jio along with the smartphones are at 20-30 per cent premium to comparable daily data plans in the market. “We don’t think R-Jio will charge a premium from Jiophone Next users (vs other smartphone users) and, in our view, Jiophone Next plans signal that a tariff hike is imminent,” Nomura India said in a note.

The brokerage firm said that with JioPhone Next’s bundled prices implying 20-30 per cent hike in unlimited data plans in the near term, it could boost average revenue per user by 13-17 per cent in 2022-23 for the three players in the market.

Nomura India is also of the view that such a tariff hike could propel the enterprise value of the three private-sector telecom players by 17-22 per cent in the coming years.

“In our view, both Bharti and R-Jio are well hedged to gain from either market consolidation (duopoly) or market repair (sharper tariff hikes, further relief measures),” Nomura India said. The brokerage firm has a buy rating on Bharti Airtel and recently downgraded

RIL

to neutral from a buy.

Nissan reports over three-fold increase in domestic wholesales in October

Automaker Nissan India on Monday said its domestic wholesales rose over three-fold to 3,913 units in October, up from 1,105 units in the same month of last year. The company said its exports last month stood at 3,004 units, compared with 75 units in October 2020.

“The first seven months cumulative sales are higher than the cumulative sales of the last full financial year in spite of the challenges of COVID-19 and semiconductor shortages affecting supplies.

“In continuation of the positive momentum, this festive season has been very good with the channel partners delivering highest monthly retail sales on strong performance of Magnite and Kicks,” Nissan Motor India Managing Director Rakesh Srivastava said in a statement.

Going forward, on the strength of strong bookings of Magnite and the support of the supply chain, the company’s endeavour will be to maintain this growth momentum for the upcoming months, he added.

CBI registers complaint against Mumbai-based company over fraud allegations by IDBI Bank

Central Bureau of Investigation (CBI) has registered a case against a Mumbai-based company on a complaint filed by the IDBI Bank.

The CBI has registered a case against a private company based in Mumbai and others including its directors, unknown public servants, and private persons on the allegations of cheating the bank to the tune of Rs 63.10 crores (approx) during 2014 to 2016.

A total of 15 people including the Chief Managing Director of Bike Bot company have been named in FIR. A multi-level marketing scheme ‘Bike Bot’ and lured around 2 lakh investors with the promise of doubled returns in a year.

CBI has registered FIR to probe the ‘Bike Bot’ scam.