IPO
Vijaya Diagnostic IPO: Can this regional player repeat the success of KIMS IPO?
The key strength of Vijaya Diagnostic lies in its heavy B2C mix – more than 90 per cent of business flows from individual customers. This ensures that the company has almost negligible receivables which helps it to maintain a negative working capital.
BUSINESS
Divi’s Labs: Green chemistry gives it the upper hand
Divi's Labs has a strong focus on ‘green chemistry’, helping it to reduce wastage through technology adoption, leading to better profitability and relationship with global clients
BUSINESS
For NOCIL, demand pick-up, 'China plus' spell good news
On the exports front, enquiries from new customers have increased as MNC clients want to contain the China supply-chain risk
BUSINESS
Cadila: Vaccine opportunity unfolds
On conservative basis, for COVID vaccine opportunity, Cadila can at least add 16 per cent of FY21 sales revenue, on a full-year basis
BUSINESS
Aurobindo Pharma: Termination of inorganic bet eases capital allocation worries
We believe termination of the Cronus Pharma acquisition deal should help remove corporate governance/capital allocation fears
BUSINESS
Suven Pharma: Normalisation of margins adds to comfort
There is an emerging preference for full-service CDMOs. This puts players like Suven in a better spot as it tries to capture the whole of the value chain
EARNINGS
Aurobindo Pharma: Value proposition intact, but consolidation can take longer
In this injectables space, Aurobindo pharma remains constructive and plans to grow from the current annual sales base of $400 million to 650-700 million in three years, backed by new plants in the US and Vizag.
BUSINESS
Lupin: Margin guidance downgrade keeps us cautious
The management of Lupin is confident of scaling back $200 million quarterly revenue run rate for US market by Q3, but at the same time, alluded to overall EBITDA margin guidance of 16-17 per cent in FY22
BUSINESS
Cadila: More a COVID hedge in the near term
Cadila's India presence -- at about 45 per cent of sales -- is similar in size as the US business and provides better cash-flow visibility
BUSINESS
Aarti Industries: Pricing power on display
Ability to quickly harness demand in the macro recovery phase and display of pricing power add to our constructive view on the Aarti Industries stock
BUSINESS
Chemplast Sanmar IPO: More a commodity than speciality product
We would not be surprised, if, in future, the suspension PVC business of Chemplast Sanmar is once again demerged to unlock value for the standalone business
BUSINESS
IPCA Labs: Strong revival for domestic formulations
IPCA, which was mainly known a few years ago for anti-malarial medications, is now having a significant contribution from non-anti-malarial medicines
BUSINESS
Cipla: M&A opportunity could be near-term trigger
Cipla, with its leadership in inhalation, focus on green chemistry and potential deployment of cash savings for new growth drivers, warrants attention
BUSINESS
Balaji Amines: Agile execution of import substitution play
We remain positive on Balaji’s strategy to focus on import substitution opportunities. In the process, the management appears nimble in implementing change in technology, process and products to edge out global competition
BUSINESS
Krsnaa Diagnostics IPO: Should one foot the bill for this diagnostics?
The key differentiator in the business model of Krsnaa Diagnostics is the hub-and-spoke model in radiology
BUSINESS
PI Industries: A sizeable entry into pharma
Acquisition of Ind Swift Laboratories would provide synergistic benefits and would be new growth catalyst for the company. Company believes the acquisition is the first step towards transforming itself into a more diversified player.
BUSINESS
Sun Pharma: Ilumya illuminates
The specialty segment remains an important part of the Sun Pharma's strategy to scale up business and launch itself into the domain of complex molecules and novel dosage forms
BUSINESS
Navin Fluorine: Speciality chemicals, CRAMS to lead the way
Navin Fluorine has mandated a large consulting firm to look at the synergistic opportunity presented by speciality chemicals and CRAMS
BUSINESS
US Fed: Now, one step closer to 'tapering'
The Fed believes that long term inflation expectations are anchored around the 2 percent objective and that’s what matters for policy decisions
BUSINESS
Dr Reddy’s: Growth story remains intact; margins key monitorable
Dr Reddy's margins are likely to be weighed by recurring investments - digitization, brand building exercise & elevated R&D - in near to medium term
BUSINESS
Glenmark Life Sciences IPO: Traction in complex APIs holds re-rating potential
In order to address the opportunities in oncology, peptides and iron compounds, Glenmark Life Science plans to build an R&D pipeline in the coming years
MONEYCONTROL-RESEARCH
Gland Pharma’s new product play for FY22 holds a lot of promise
While the US market is still expected to clock 18-20 per cent growth for Gland Pharma in FY22, the company’s foray into non-US markets would accelerate growth in the medium term
BUSINESS
Rossari Biotech: Calibrated inorganic strategy opens up opportunities
Rossari’s M&A strategy is apparently focussed on encompassing complementary technology, talent, products and client base
BUSINESS
Tatva Chintan Pharma Chem: Is the speciality chemical IPO worth applying?
Tatva has a diversified product portfolio, with a dominant position in most product segments. Valuations are at a discount to the comparable peer set
