Good Glamm Group acquires majority stake in Organic Harvest, to invest Rs 75 crore - Moneycontrol.com

Now as part of the Good Glamm Organic Harvest will be able to leverage the group’s digital audience comprising 88 million POPxo annual users, 100 million users of ScoopWhoop and Baby Chakra’s 20 million mothers community and 10,000 doctors network.

Content to commerce firm Good Glamm has acquired a majority stake in organic beauty and personal care brand Organic Harvest and will invest Rs 75 crore in further growing the brand.

The company did not disclose the size of the deal.

Following the deal, Organic Harvest will continue to work as an independent entity.

Started in 2013 by Rahul Agarwal, Organic Harvest is a company with Ecocert certification. It predominantly has been an offline first brand. Now as part of the Good Glamm Organic Harvest will be able to leverage the group’s digital audience comprising 88 million POPxo annual users, 100 million users of ScoopWhoop and Baby Chakra’s 20 million mothers community and 10,000 doctors network.

Good Glamm Group’s 50,000 offline points of sale across 150 cities will also give the brand an omnichannel advantage.

"For us, it was always about taking the concept of organic personal care products to the substantial mass population of India and across the globe. With this partnership, our aspiration to become the world’s largest organic personal care company, seems to be easily achievable," said Rahul Agarwal, CEO, Organic Harvest.

The Good Glamm Group comprises a portfolio of proprietary beauty and personal care brands that have a digital ecosystem of content, community and creator assets.

This acquisition is a continuation of the group's approach to acquiring fast growing beauty brands in across multiple categories of beauty and personal care.

It also has hair and skin care brand St Botanica besides direct to consumer mother and baby care brand The Moms Co under its umbrella.

Overall, it has acquired nine companies in the last few months with the recent ones being Winkl and Vidooly. These two were in the influencer management space.

Valued at over $1.2 billion, the Good Glamm Group is backed by marquee investors such as Warburg Pincus, Prosus Ventures, Bessemer Venture Partners and Accel, among others.

Priyanka Sahay

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Good Glamm Group acquires majority stake in Organic Harvest, to invest Rs 75 crore - Moneycontrol.com
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Yes Bank Q3 profit rises 77% to Rs 266 crore - The Financial Express

Net interest income also slipped by 31 per cent to Rs 1,764 crore as compared to Rs 2,560 crore in the same quarter a year ago.

Yes Bank on Saturday reported 80 per cent jump in consolidated net profit at Rs 265.76 crore for December quarter 2021-22, helped by a fall in the provisions for bad loans.

The bank’s core net interest income declined 31 per cent to Rs 1,764 crore, despite a 0.25 per cent expansion in net interest margin to 2.4 per cent but limited by the loan growth being suppressed at 4 per cent.

On a standalone basis, the profit jumped 77 per cent to Rs 266.43 crore in the quarter under review.
Given the de-bulking exercise where it has reduced high value loans and also de-leveraging exercises by corporates, the bank has reduced its FY22 loan growth guidance to 10 per cent from the earlier 15 per cent, Managing Director and CEO Prashant Kumar said.

The provisions declined 82 per cent to Rs 375 crore from the year-ago period’s Rs 2,089 crore, helping the bottom line.
The share of gross non performing assets (NPAs) in the overall loan portfolio declined to 14.65 per cent from 15.36 per cent in the year-ago period and quarter ago’s 14.97 per cent, as the fresh slippages got contained at Rs 978 crore.

The bank management said Rs 435 crore came from corporate loans, Rs 388 crore from retail and Rs 123 crore from small businesses.
The quantum of restructured loans increased to Rs 6,878 crore from the quarter ago’s Rs 6,184 crore, which Kumar attributed to some projects facing a delay in date of commencement of commercial operations and also the COVID-2 restructuring.

Kumar said the bank’s plans for floating an asset reconstruction company (ARC) to house the entire quantum of its Rs 50,000 crore in stressed advances seem to be getting delayed by a quarter due to the fresh outbreak of COVID cases.

He said the bank has shortlisted four investors to take a stake in the proposed ARC, and expects the RBI licence and transfer of assets to happen by June this year.

The bank has decided to take a 20 per cent stake in the proposed ARC, Kumar said, choosing not to comment on reports of the vehicle being valued at Rs 12,000 crore.

The idea is to take NPAs to nil and start working afresh with a clean slate, he said.
The bank’s overall capital adequacy stood at 17.6 per cent as of December 2021, and it may consider a raising exercise next fiscal depending on the need, Kumar said.

The bank is inching towards its target of having 60 per cent of its loans from retail and small businesses, and relying on the troubled corporate segment for only 40 per cent of its loans, he said, pointing that right now the ratio stands at 57:43.

The overall share of unsecured loans stands at under 10 per cent and 15 per cent of the retail book, he said, hinting that it is comfortable with it right now.

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Yes Bank Q3 profit rises 77% to Rs 266 crore - The Financial Express
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FabIndia plans ₹4,000 cr IPO; promoters to gift shares to artisans, farmers - Mint

Lifestyle retail brand FabIndia plans to raise up to ₹4,000 crore through an initial public offer and in a novel approach, the company's promoters also plan to gift more than 7 lakh shares to artisans and farmers. 

On Saturday, the company filed the Draft Red Herring Prospectus (DRHP) with markets watchdog Sebi for the offer that will include fresh issue of shares worth up to ₹500 crore. 

Besides, there will be an Offer For Sale (OFS) of up to 2,50,50,543 shares. Market sources said the Initial Public Offer (IPO) is expected to be worth around ₹4,000 crore. 

In order to "reward and express gratitude to certain artisans and farmers engaged with the company or its subsidiaries", FabIndia's two promoters -- Bimla Nanda Bissell and Madhukar Khera -- intend to transfer 4,00,000 shares and 3,75,080 shares, respectively, to them, subsequent to the filing of the DRHP.

"Our promoters, namely, Bimla Nanda Bissell and Madhukar Khera have opened their respective demat accounts and have transferred 4,00,000 equity shares and 3,75,080 equity shares, respectively, that are proposed to be transferred by way of gift to the artisans and farmers," the DRHP said. 

Proceeds from the fresh issue of shares will be utilised for voluntary redemption of the company's NCDs (Non Convertible Debentures), pre-payment or scheduled re-payment of a portion of certain outstanding borrowings and general corporate purposes. 

In the DRHP, the company has mentioned about its ESG (Environmental, Social and Governance) initiatives, saying it believes that "enabling and uplifting the people we work with, taking care of the environment, and being ethical in our conduct with have a long and lasting positive impact". 

"We have aimed to create social impact and foster economic well being for our artisans, communities, employees and investors, using environmentally responsible and ethical means," it added. 

ICICI Securities Ltd, Credit Suisse Securities (India) Pvt Ltd, JP Morgan India Pvt Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets Ltd and Equirus Capital Pvt Ltd are the lead managers of the issue. 

 

 

 

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FabIndia plans ₹4,000 cr IPO; promoters to gift shares to artisans, farmers - Mint
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ICICI Bank Q3 results: Net profit jumps 25% to Rs 6,194 cr; NII rises 23% - Business Standard

Private sector lender ICICI Bank on Saturday reported 25% jump in standalone net profit at Rs 6,194 crore for the quarter ending December 31, 2021. It was Rs 4,940 crore in the year-ago period.

Net interest income grew by 23% to Rs 12,236 crore in Q3FY22 from Rs 9,912 crore in Q3FY21.

The net interest margin was 3.96% in Q3FY22 as compared to 3.67% in Q3FY21 and 4% in the quarter ended September 30, 2021 (Q2FY22).

On Friday, the lender's scrip on BSE closed 0.66% lower at Rs 804.60.

Provisions (excluding provision for tax) declined by 27% year-on-year to Rs 2,007 crore in Q3FY22 from Rs 2,742 crore in Q3FY21.

Non-interest income, excluding treasury income, increased by 25% year-on-year to Rs 4,899 crore in Q3FY22 from Rs 3,921 crore in Q3FY21.

The retail loan portfolio grew by 19% year-on-year and 5% sequentially, and comprised 61.3% of the total loan portfolio at December 31, 2021.

Total deposits increased by 16% year-on-year and 4% sequentially to Rs 10.17 trillion at December 31, 2021. Average current account deposits increased by 34% year-on-year. Average savings account deposits increased by 25% year-on-year. Total term deposits increased by 12% year-on-year to Rs 5.36 trillion at December 31, 2021.

The net non-performing assets declined by 10% sequentially to Rs 7,344 crore at December 31, 2021 from Rs 8,161 crore at September 30, 2021. The net NPA ratio declined to 0.85% at December 31, 2021 from 0.99% at September 30, 2021. The bank reported improvement in gross non-performing assets (NPAs) ratio at 4.13% from 4.38% at the end of the third quarter of the previous year.

The Bank’s total capital adequacy at December 31, 2021 was 19.79% and Tier-1 capital adequacy was 18.81% as compared to the minimum regulatory requirements of 11.7% and 9.7% respectively.

The Bank had a network of 5,298 branches and 13,846 ATMs as on December 31, 2021.

The bank's core operating profit (profit before provisions and tax, excluding treasury income) increased by 25% year-on-year to Rs 10,060 crore in the third quarter of 2021-22 from Rs 8,054 crore in the quarter ended December 31, 2020.

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ICICI Bank Q3 results: Net profit jumps 25% to Rs 6,194 cr; NII rises 23% - Business Standard
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We're building Fortune to be India's largest food brand, says Adani Wilmar CEO Angshu Mallick - Moneycontrol.com

Angshu Mallick, CEO, Adani Wilmar poses with the company's Fortune range of products.

Bullish on its flagship brand Fortune, IPO-bound Adani Wilmar is aiming to be the largest food brand in India.

The ambitious plan pits Adani Wilmer directly against the likes of ITC, Tata Consumer Products, Marico (already a competitor with Saffola), which are also trying to build a larger food play.

“Fortune is the top edible oil brand in India and we are building it to become the largest food brand in India. There are actually very few national food brands and, to be successful in it, a company needs strong sourcing, manufacturing, supply chain and research capabilities. We, at Adani Wilmar, have all these in place,” the company’s management said during a virtual press briefing to share its IPO blueprint.

Adani Wilmar plans to launch more products in functional oil, fortified staples and packaged and ready-to-eat and ready-to-go food products as it sets its sight on the food segment. The company’s management indicated it is also open to looking at inorganic opportunities, especially, in the value-added foods space.

“We will focus on staple food products and after we have in place good quality staples production, we will look at value-added food products and might consider inorganic opportunities of growth in this segment,” said Angshu Mallick, CEO, Adani Wilmar.

The Adani Wilmar offer will open for subscription on January 27 and close on January 31. It will list on exchanges on February 8. The company has set the price of the public issue at 218-230 per share and plans to raise Rs 3,600 crore. Out of this, Rs 1,900 crore will be utilised for capital expenditure, Rs 1,058.90 crore for debt repayment, and Rs 450 crore will go towards strategic acquisition and investment, the company said.

Adani Wilmar’s product portfolio can be divided into three segments - edible oils, food products, and FMCG and industry essentials. In sales volume terms, edible oil contributes about 65 percent of its business, 11 percent is drawn from food products, and 23-24 percent from industry essentials, according to the company.

While its edible oil business, said the management, is growing at 6-7 percent, the food business records a growth of 25-30 percent. The company’s revenue from operations averaged an annual compounded growth rate of 14 percent from Rs 28,400 crore in FY19 to Rs 37,100 crore in FY21.

“The edible oil is a mature business but food business is seeing rapid growth as consumers move to branded staples from the unbranded segment. We have seen edible oil follow a similar trajectory and when we started edible was only 14 percent branded and today it is 73 percent,” said Mallick.

“We are seeing a very clear shift towards branded product consumption driven by convenience, healthy eating trends, and rising middle class,” he added.

The company is tapping its edible oil distribution network, which is its largest, for retailing food products. Out of 4 million outlets selling staples in the country (as per Nielsen), Adani Wilmar is present in about 1.6 million outlets and has 5,500 distributors.

“Our distribution for edible oil is by far the largest in the country and this strength helps us in pushing our food staple too. About 65 percent of our distributors for food and edible are common,” he said.

“The edible oil is a mature business but food business is seeing rapid growth as consumers move to branded staples from the unbranded segment,” said Mallick.

Launched in 1999, Adani Wilmar is a 50:50 joint venture between Gautam Adani’s Adani Group and Singapore-based Wilmar Group. In its initial days, the company focussed on edible oils and industry essentials and forayed into staples and then later other food products in 2013 by expanding the Fortune range.

The company now sells edible oils, staples such as wheat flour, rice, sugar, pulses, etc. It also entered the ready-to-cook category by launching khichdi under Fortune brand last May.

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We're building Fortune to be India's largest food brand, says Adani Wilmar CEO Angshu Mallick - Moneycontrol.com
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Technical View | Nifty forms large bearish candle on weekly charts, expert say pullback possible - Moneycontrol.com

Technical View

The Nifty continued to see a sharp correction for the fourth consecutive session on January 21 amid consistent selling by FIIs, inflation concerns and caution ahead of the Union Budget. All sectoral indices, barring FMCG, closed in the red.

The index formed a Doji candle on the daily chart as the closing was near the opening tick, indicating indecisiveness among bulls and bears. It formed a large bearish candle on the weekly scale as the closing was much lower than the opening level.

Given the nearly 4 percent correction in four straight sessions, a pullback is be possible in coming sessions, but it the index slips below 17,485, the low on January 21, a steep fall can't be ruled out, experts said.

After opening sharply lower at 17,613.70, the Nifty remained under pressure throughout session. It touched an intraday high of 17,707.60 and a low of 17,485.85, closing 139.85 points, or 0.79 percent, down at 17,617.15.

The index corrected 3.5 percent during the week.

"The Nifty50 continued its slide for the fourth session in a row, hinting at the resumption of medium-term down trend with a lower top at 18,350 level," said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory at Chartviewindia.

This sharp cut of 865 points over the week resulted in a large bearish candle on the weekly charts, strengthening the bearish sentiment, he said.

A pull back attempt, however, can't be ruled out in the next one or two sessions as the correction had dragged the index into a “sort of oversold zone”, he said.

At an intraday low of 17,485, the Nifty seems to have taken support at its 50-day simple moving average before bouncing back. It is critical that the index defends the low of 17,485, as a breach can pull the Nifty down towards 17,350, Mohammad said.

For the time, traders should to remain neutral on the long side where as short positions can be partly covered, he said.

On the options front, in the monthly series, maximum Call open interest was at 18,000 then 18,500 strike, while maximum Put open interest was at 17,000 followed by 17,500 strike.

Marginal Put writing was seen at 17,500 and 17,700 strike, while meaningful Call writing was seen at 18,000 and 17,800 strike.

Options data suggests that the Nifty may see a wider trading range of 17,300-18,200, while the immediate range could be 17,450-17,850, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

India VIX rose by 6.17 percent to 18.88 levels, indicating wild swings in the market.

Bank Nifty

The Bank Nifty opened gap down at 37,522.35. Even though it hit 37,224 during the day, it witnessed stellar recovery in the last hour. It bounced back after taking support at its 50-day exponential moving average (EMA) and closed with losses of around 276.5 points, forming a small-bodied bullish candle on the daily scale.

There was a bearish candle formation on the weekly scale, negating its lower lows formation of the last three weeks.

"Now till the Bank Nifty holds below 37,750 levels, weakness could be seen towards 37,250 and 37,000 levels while resistance can be seen at 38,000 and 38,150 levels," Taparia said.

On stocks front, a bullish setup was seen in Biocon, HUL, Maruti Suzuki, Hero MotoCorp, Trent, Cholamandalam Investment, Pidilite Industries, HDFC Bank and Hindalco. Weakness was seen in Polycab India, L&T Technology Services, Zee Entertainment, Dr Lal PathLabs, Info Edge, Bajaj Finserv, Havells, Strides Pharma Science, Dixon, Voltas, Manappuram Finance, LIC Housing Finance, Max Financial Services, Lupin, PI Industries, Divis Labs, L&T Finance Holdings, Mindtree, L&T Infotech, BPCL, M&M Financial, and Mahanagar Gas, Taparia said.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Technical View | Nifty forms large bearish candle on weekly charts, expert say pullback possible - Moneycontrol.com
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Stocks to Watch: RIL, Asian Paints, HUL, BoM, PNB Housing, VodaIdea, Biocon - Business Standard

The key benchmark indices seemed poised for yet another negative start, as global cues continue to remain bearish amid fears of US Federal monetary tightening and high oil prices. As of 08:05 AM, the SGX Nifty January futures quoted at 17,670 as against the spot Nifty 50 close of 17,757.

Meanwhile, here are the top stocks in focus for trade today.

Earnings Watch: 20 Microns, Bandhan Bank, CSB Bank, Elixir Capital, Gland Pharma, HDFC Life, Heritage Foods, Hindustan Zinc, IDBI Bank, Vodafone Idea, Inox Leisure, JSW Steel, Jyothy Labs, Kabra Extrusion, Kajaria Ceramics, L&T Finance Holdings, Max Ventures, Pioneer Distilleries, PNB Gilts, Polycab India, Ponni Sugars, PVR, Ramco Industries, Reliance Industries, SBI Life, Supreme Petrochem, Supriya Lifescience, Tanla Platforms, Vinyl Chemicals and Wendt India are some of the companies to announce December quarter results today.

Further over the weekend, ICICI Bank and Yes Bank shall be announcing the Q3 earnings.

Reliance Industries (RIL): The Mukesh Ambani-led firm is expected to see strong growth in net profit and sales for the December quarter (Q3), aided by an improved performance in oil-to-chemicals, retail, and Jio business verticals, said brokerages. Analysts expect profit to grow on both a year-on-year (YoY) and sequential basis. READ MORE

Asian Paints: The paint major reported 18 per cent decline in Q3 net at Rs 1,015.7 crore as higher input costs hurt margins. However, two price hikes in the December quarter (Q3), which took the cumulative increase to 15 per cent, helped Asian Paints reverse four consecutive quarters of falling margins. The company posted a gross profit margin of 37.5 per cent, 180 basis points (bps) higher on a sequential basis while operating profit margins rose 540 bps sequentially to 19.6 per cent. READ MORE

Hindustan Unilever: The FMCG major posted better than expected performance for the quarter ended December 2021 (Q3FY22) on all fronts -- sales, operating profit, and net profit. The company's Q3FY22 net rose 18.6 per cent YoY to Rs 2,297 crore when compared with Rs 1,937 crore in Q3FY21. Revenue increased by 10.3 per cent from Rs 12,181 crore to Rs 13,439 crore. READ MORE

Biocon: The pharma company reported a 17.7 per cent YoY jump in Q3FY22 net profit at Rs 219.60 crore from Rs 186.60 crore in Q3FY21. Total income rose 17.9 per cent to Rs 2,222.50 crore from Rs 1,885.30 crore.

Persistent Systems: The company’s Q3FY22 net rose by 45.9 per cent YoY to Rs 174.40 crore, and revenue increased by 38.7 per cent to Rs 1,491.70 crore on a year on year basis.

MphasiS: The company posted a 9.9 per cent YoY growth in Q3FY22 net profit at Rs 357.68 crore, backed by a 25.6 per cent jump in Q3 revenue at Rs 3,154.36 crore.

Shoppers Stop: The company reported a turnaround in Q3FY22 with a net profit of 77.22 crore as against a net loss of Rs 25.35 crore in Q3FY21. Total income grew by 30.3 per cent to Rs 972.65 crore from Rs 746.45 crore.

PNB Housing Finance: The mortgage lender’s net profit in October-December quarter dropped 19 per cent to Rs 188 crore on the back of a 20 per cent decline in interest income and deteriorating asset quality. PNB’s interest income dropped to Rs 1,411 crore from Rs 1,758 crore. READ MORE

Bank of Maharashtra (BoM): The bank’s Q3FY22 net profit more than doubled to Rs 325 crore on robust growth in net interest income, when compared with Rs 154 crore in Q3FY21. The profit in Q2FY22 stood at Rs 263 crore. READ MORE

Stocks in F&O ban: BHEL, Escorts, Granules India, Indiabulls Housing Finance, and Vodafone Idea are the only stocks in the F&O ban period on Friday.

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Stocks to Watch: RIL, Asian Paints, HUL, BoM, PNB Housing, VodaIdea, Biocon - Business Standard
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