TVS Motor Company surpasses estimates with 15% yoy volume growth in Jun-18
TVS Motors TVS Motor Company Limited (TVSM) reported volume growth of 15% yoy and 1% mom in June 2018 led by 3Ws and exports. 3W volumes were up 141% yoy and 6% mom at 12,413 units, while exports were up 49% yoy and 6% qoq at 65,971 units. The number exceeded expectation of 3,05,000 vehicles for the month.
Volume growth for 2W was 12% yoy and 1% mom in June 2018, led by nearly equal growth (14-15% yoy) for motorcycles and scooters. Moped volumes were up 5% yoy, but they were 8% mom lower. Growth for 3Ws continued unabated. TVSM sold 12,413 three wheelers in June 2018, growth of 141% yoy and 6% mom. Export volume growth was strong at 49% yoy and 6% mom. The rate has stayed above 40% in seven of past eight months. For Q1FY19, TVSM sold a total of 9,28,274 vehicles, with sales growing 16% yoy and 4% qoq.
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| CapitalStars Investment Adviser |
Bharti Infratel-Indus Tower merger gets CCI nod
Bharti Infratel on Monday said it has received approval of the fair trade regulator CCI for its proposed merger with Indus Towers Ltd.
"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, we are pleased to inform you that approval of Competition Commission of India (CCI) has been received for the proposed merger of Bharti Infratel Limited and Indus Towers Limited," the company said in the filing.
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| CapitalStars Investment Adviser |
Ashok Leyland registers 28% yoy volume growth in Jun-18, beats expectation
Ashok Leyland Limited (ALL) reported 28% yoy and 16% mom volume growth for the month of June 2018. Total sales were 15,791 units in June 2018 vs. 12,333 units in June 2017 and 13,659 units in May 2018. The volume number surpassed expectation of about 14,000 vehicles, pushing the stock up nearly 2%.
Among its sub-segments, Medium and Heavy Commercial Vehicles (M&HCV) saw 22% yoy and 8% mom growth. Further, 11,257 M&HCV units were sold in June 2018 against 9,205 units in June 2017 and 10,421 units in May 2018. Light Commercial Vehicle (LCV) sales during June 2018 were 4,534 units against 3,128 units in June 2017 and 3,238 units in May 2018, growth of 45% yoy and 40% mom. Sales growth for the month came despite a decent base of June 2017 wherein M&HCV, LCV and overall volumes were up 6% yoy, 29% yoy and 11% yoy respectively. For Q1FY19, ALL reported volume of 42,127 vehicles in June 2018, up 48% yoy. Growth was 28% lower sequentially.
Aurobindo receives final USFDA approval for Ibuprofen capsules
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| CapitalStars Investment Adviser |
Aurobindo receives final USFDA approval
for Ibuprofen capsules
Aurobindo Pharma Aurobindo Pharma has received final USFDA approval to manufacture Ibuprofen capsules OTC, 200mg. This is the generic equivalent of Pfizer’s Advil LiquiGels Capsules. Company has said that it will launch this drug in September 2018.
Ibuprofen is used as a pain reliever in several conditions and is also used to reduce fever. According to Nielsen data, the market size of ibuprofen capsules OTC is ~$164mn for the 12-month period ending March 2018. There are currently nine generic products approved in Ibuprofen capsules OTC and this includes companies like Strides Shasun, Marksans Pharma, Amneal pharmaceuticals, Ascent Pharmaceuticals, etc.
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| CapitalStars Investment Adviser |
Adani Ports trades flat as Camas Investments acquires stake
Adani Ports and Special Economic Zone (APSEZ) traded flat after media reports indicated that Singapore State Investment firm Temasek Holdings, through its indirectly-owned subsidiary Camas Investments, has acquired a stake in it.
Camas has acquired over 27mn shares, that is, 1.31% stake in APSEZ, worth Rs1,000cr. This stake was procured at an average price of Rs369cr.
Just last week, APSEZ announced that it had completed the purchase of 97% stake in Chennai’s Kattupalli port from L&T for 1,950cr.
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