Swastika Investmart Financial Highlights 2024–25

Gold has a great economic, aesthetic and emotional value that transcends national boundaries and time. Gold is a diversified tool for traditional assets and alternative assets and is considered a tool for hedging market risks.

This is the reason why the central bank has increased its gold reserves since 2008, which currently account for a large part of the annual demand for gold.

Two Main Factors Leading to this Phenomenon:

Implementation of the Central Bank Gold Agreement (1999) and renewal (2014) and The diversification of gold and foreign exchange reserves by central banks in emerging markets since the financial crisis.

Worldwide, the gold enjoys a reputation of being a safe-haven asset during periods of market instability and geopolitical uncertainty.

1. United States of America: 8,133.5 tons of gold

The United States is still the largest gold reserve, the gold represents more than 75% of its foreign exchange reserves decades before at the height of the Britton Woods system when the United States offered to exchange US dollars for gold in other countries, it was reported that between 90% and 95% of the world's gold reserves were stored in US vaults.

2. Germany: 3362.4 tons of gold

German gold reserves are stored in the German Federal Bank in Frankfurt am Main, that is, the Federal Reserve of the United States, the bank's New York branch and the Bank of England in London.

Germany completed a four-year repatriation operation in 2017, returning 674 tons of gold from the Bank of France and the Federal Reserve Bank of New York to its own vault.

3. Italy: 2,451.8 tons of gold

Ranked fourth in the world with 2,451.8 tons. As a percentage of foreign exchange reserves, gold dominates the Italian investment portfolio, accounting for 70.8%.

4. France: 2,436.0 tons of gold.

The Bank of France vault in Paris is considered to be one of the four designated depository institutions of the International Monetary Fund.

The Central Bank of France has hardly sold gold in recent years. The current reserve includes 100 tons of gold coins and the rest are gold bars, each weighing approximately 12.5 kilograms.

5. Russian Federation: 2292.5 tons of gold

As its global economic ambitions grow, Russia continues to buy gold. Russia has a population of 142 million and a GDP of $ 1.85 trillion, and its gold holdings may grow.

The World Gold Council reports that Russia has added more gold, so reserves may increase again. Previous data show that Russia had purchased tons of gold. it is moving towards becoming an economic superpower.

6. China: 1948.3 tons of gold

An interesting fact about China's gold is, if distributed equally, every 17 people in China will have 1 ounce of gold. The People's Republic of China attaches great importance to the intrinsic value of gold and its reserves are believed to be approximately 1948.3 tones.

7. Switzerland: 1040 tons of gold

Switzerland is known for its banking, tax exemption and geopolitical neutrality. Although was plagued by rumors of gold theft by the Nazis at the end of World War II, Switzerland has a reputation for financial expertise and the promotion of international trade.

8. Japan: 846 tons of gold

Japan is the world's third-largest economy and the eighth largest gold hoarding country. Its central bank has always been one of the most active practitioners of quantitative easing. In January 2016, it lowered interest rates to below zero, which helped boost global demand for gold.

9. India: 705 tons of gold

India has been a stable buyer of gold. Since the government needs to back its currency, this situation can continue even if the economy is unstable.

India became an active buyer in 2009 when it spent nearly $ 7 billion to buy 200 tons of gold, and the IMF sold the gold to raise funds. For the economy to support 1.2 billion people, the central bank must have gold and hard assets.

The Indian population is a large consumer of gold for jewellery and there is a great demand for precious metals that are used to store wealth. Therefore, India will continue to buy gold in the coming years.

10. Netherlands: 612.5 tons of gold

The Central Bank of the Netherlands bank recently repatriated a large amount of gold from the US announced the transfer of its treasury from Amsterdam to the New Amsterdam camp, approximately an hour's drive from the city, citing the heavy burden of its current location security measures.

Contemporary countries might have stayed quiet away from the gold standard, but most central banks still hold gold reserves. The reason is simple; gold is the most accepted currency everywhere. Gold serves Gold helps support the intrinsic value of currencies by setting a lower cap on the valuation of global markets.

Windlas Biotech founded in 2001, is one of India's top pharmaceutical formulations contract development and manufacturing organisations (CDMOs).

From product discovery to product development, licencing, and commercial manufacture of generic products, including complex generics, the firm provides a full spectrum of CDMO services.

The company's current emphasis is on the development of complicated generic medicines in the chronic therapeutic category for lifestyle-related diseases.

CDMO Products and Services, Domestic Trade Generics, and Over-the-Counter (OTC) Market (Nutraceutical and Health Supplement Product) are the three verticals in which the company works. It also offers its own branded products in the generics and over-the-counter (OTC) sectors.

About the IPO

The SME IPO consists of a fresh issue of Rs 165 crore and an offer for the sale of 51,42,067 equity shares by existing selling shareholders.

The offer for sale consists of promoter Vimla Windlass selling 11.36 lakh equity shares and investor Tano India Private Equity Fund II selling 40,06,067 equity shares. Tano India Private Equity Fund would leave the firm through an offer for sale, selling its whole 22 per cent share.

Objectives of the IPO

Windlas Biotech will use the net proceeds from its new issue to acquire equipment for capacity expansion of the current facility at Dehradun Plant – IV, as well as adding injectable dosage capabilities to the existing facility at Dehradun Plant-II (Rs 50 crore).); working capital requirements (Rs 47.56 crore); and repayment of certain borrowings (Rs 20 crore). The firm is currently in debt to the tune of Rs 30 crore. The debt is expected to be reduced by Rs 10 crore following the IPO:

Windlas Biotech IPO details

Subscription Dates 4 – 6 August 2021 Price BandINR448 – 460 per share Fresh issueINR165 crore Offer For Sale5,142,067 shares (INR230.36 – 236.53 crore) Total IPO sizeINR395.36 – 401.53 crore Minimum bid (lot size)30 shares Face Value INR5 per share Retail Allocation 35% Listing On NSE, BSE

Financials

• The company's cash flow from operations was positive in the previous three financial years. the company's revenue increased by only 7 per cent CAGR in the last three years.
• In the preceding three financial years, the company's cash flow from operations was positive.
• As of FY21, the company's net debt is minimal (about Rs 20 lakh), and its interest-coverage ratio is roughly 42 times.
• The company can run its operations without relying on outside funding
• In FY21, the company's short-term borrowings grew by 40%, compared to about 23% in FY20.
• The business is free of significant contingent liabilities
• While the current return on equity is around 18%, the three-year average return on equity is 11.71%.
• Similarly, while the current ROCE is 20.2 per cent, the average ROCE over the last three years has been 16 percent.

Strength

• Take advantage of expansion possibilities by utilizing your CDMO market-leading position.
• Continue to expand the CDMO's clientele.
• Enhance R&D and production capacity to expand product portfolio and delivery methods.
• By leveraging on industry possibilities, focus on the domestic trade Generics and OTC Brands SBV and high-growth export markets.
• A move into the high-growth injectable market.

Recommendation

The firm is concentrating on developing and launching complicated generic medicines in the chronic therapeutic category for lifestyle-related diseases.

The company supplies seven of India's top ten pharmaceutical companies.

In terms of revenue, it is one of the top five companies in India's domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) market-consistent revenue growth the company has a negligible amount of net debt (around Rs 20 lakh) and its interest-coverage ratio was around 42 times as of FY21.

We recommend subscribing to this IPO. Multi-drug therapy has gained relevance in the healthcare industry over the last few years and is projected to help the expansion of pharmaceutical consumption.it is one of India's major contract development and manufacturing firms (CDMO) for pharmaceutical formulations.

It also intends to enhance its capacity with the funds obtained, which will benefit the firm in the long run.

Exxaro Tiles is a company that specializes in the marketing and production of vitrified tiles. It was founded in 2008. Exxaro Tiles has a product range that includes over 1000 distinct tile designs in six sizes.

The firm's well-known products include the Galaxy Series, Topaz Series, and High Gloss Series. The firm produces glazed vitrified tiles composed of ceramic elements such as quartz, clay, and feldspar, as well as double charge vitrified tiles (double layer pigment).

Large infrastructure projects, such as educational, hotels, educational institutions, government, and hospitals, are also served by the firm.

About the IPO

A pre-IPO placement of up to 22 lakh shares may potentially be considered by the firm.

According to the DRHP, the SME IPO would be for up to 1.34 crore shares, with a fresh issuance of 1.12 crore shares and a Dixit kumar Patel offer for the sale of up to 22.38 lakh shares.

The fresh issue's net proceeds would be used to repay debt, finance working capital requirements, and for general company reasons.

Objectives

• To repay or prepay secured borrowings that the firm has taken out.
• To satisfy the needs for working capital.
• Meeting the needs of the company as a whole.

Strength:

• The company has one of India's largest glazed vitrified tile production facilities.
• The company offers a wide range of vitrified tile designs in various sizes.
• Across India, one company has a substantial presence in 27 states.
• With over 2,000 registered dealers, it boasts a huge dealer network.
• It exports to more than 13 nations across the world.

Allocation:

Up to 50% of the shares will be allocated for qualified institutional purchasers, while 15% will be designated for non-institutional investors; the remaining 35% will be reserved for retail investors.

Employees will be entitled to a part of the offer.

Risks to be aware of:

1. Supply and pricing fluctuation in raw materials, stores, and spares may have a negative impact on the company's business, financial condition, and results of operations.
2. The company's failure to satisfy its working capital requirements might have a negative impact on its financial results.
3. The company's failure to develop or manage its distribution network for commercial purposes, or the loss of any key dealer, might have a negative impact on its business and financial performance.
4. Failure to satisfy its debt financing commitments might have a negative impact on the company's business, results of operations, and cash flow.

Strategies

• Enhance the brand's value.
• Increase sales through upgrading manufacturing capacity.
• Purchasing materials on an outsourced basis.
• Expanding dealer networks in existing markets and increasing export presence.
• Continue to increase operating efficiencies by implementing new technologies and opening your own gas station.

IPO Details

Subscription Dates4 – 6 August 2021 Price Band INR 118 – 120 per share Fresh issue 11,186,000 shares Offer For Sale 2,238,000 shares Total IPO size 13,424,000 shares Minimum bid (lot size) 125 shares Face Value INR10 per share Retail Allocation 35% Listing On NSE, BSE

Recommendation

In the fiscal year ending March 2021, the company's top five customers contributed 36.34 per cent of revenue, while the top ten customers accounted for 40.76 per cent of the top line. The Group continues to work to improve its position in the business world by establishing successful verticals.

Through its more than 2,000 registered dealers, it generates over 86 per cent of its income from the domestic retail and institutional market.

The remaining 13.88 per cent of total income comes from exports, the firm has no long-term commitments with any of its institutional clients, resulting in a hazy picture of its order book in the future.

The firm requires a significant quantity of operating capital to continue expanding.

The company's failure to manage its working capital requirements might have a detrimental impact.

We advocate investing in the Stock IPO for the reasons stated above.

कच्चे तेल की कीमतों में ओपेक देशो द्वारा अगस्त से उतपादन बढ़ाए जाने की सहमती और वैश्विक स्तर पर कोवीड डेल्टा संस्करण के मामले बढ़ने के कारण बिकवाली का दबाव देखा गया है। कच्चा तेल मार्च के बाद से अपनी सबसे बड़ी साप्ताहिक गिरावट के लिए ट्रैक पर है क्योंकि कोवीड डेल्टा संस्करण के प्रसार को रोकने के लिए यात्रा प्रतिबंध, ईंधन की मांग को लेकर चिंता बढ़ा रहे हैं।

अमेरिकी कच्चा तेल वायदा सप्ताह में 4 डॉलर घट कर 69.4 डॉलर प्रति बैरल पर है। जबकि ब्रेंट क्रूड फ्यूचर्स सप्ताह में 3 डॉलर से ज्यादा फिसल कर 72 डॉलर प्रति बैरल हो गया है।

पिछले सप्ताह ब्रेंट और अमेरिकी कच्चे तेल में 5 प्रतिशत से ज्यादा की गिरावट देखि गई है, जो मार्च 2021 के बाद से सबसे अधिक है।जापान में आपातकालीन प्रतिबंधों को अधिकतर प्रान्तों में विस्तारित करने के लिए तैयार है, जबकि दुनिया के दूसरे सबसे बड़े तेल उपभोक्ता चीन ने कुछ शहरों में प्रतिबंध लगा दिए हैं और उड़ानें रद्द कर दी हैं, जिससे ईंधन की मांग को खतरा बढ़ने लगा है। संयुक्त राज्य अमेरिका में दैनिक नए कोवीड मामले छह महीने के उच्च स्तर पर पहुंच गए हैं।

हालांकि, इजरायल और ईरान के बीच बढ़ते तनाव पर चिंता ने कीमतों में गिरावट को सीमित कर दिया और सप्ताह के अंत तक कीमतों में कुछ सुधार रहा।संयुक्त राज्य अमेरिका में कच्चे तेल की आपूर्ति में सुधार करके, तेल की तेजी को भी सीमित कर दिया है।

घरेलु वायदा कच्चे तेल पिछले सप्ताह 5500 रूपए के उच्च स्तरों से फिसल कर 5044 रुपये के निचले स्तरों को छू गया और कीमते 5200 रुपये प्रति बैरल के करीब रही।

तकनीकी विश्लेषण

घरेलु वायदा कच्चे तेल की कीमतों में इस सप्ताह बिकवाली का दबाव रह सकता है। इसमें 5350 रुपये पर प्रतिरोध और 5000 रुपये पर सपोर्ट है।

About Devyani International Ltd:

Devyani International Ltd is the largest Yum Brands franchisee in India and one of the country's leading operators of chain quick-service restaurants (QSR).

As of March 31, 2021, the company had 655 outlets in 155 cities across India. Yum! Brands Inc. owns and runs KFC, Pizza Hut, and Taco Bell restaurants around the world, with over 50,000 locations in more than 150 countries.

About the IPO:

Devyani International IPO subscriptions will begin on August 4th and end on August 6th, 2021. The additional offering of up to Rs. 1,838 crores in the Initial Public Offering of Equity Shares.

The new issuance was reported as raising up to Rs 440 crore and offering up to 155,333,330 equity shares for sale.

The offer's price range has been set at Rs 86–90 per share.

The IPO constitutes an offer for sale of up to 155.33 million shares by the existing shareholders and promoters as well as an Rs440 crore fresh issue.

Objectives of the IPO:

The objectives of the Devyani International IPO are:(i) Repayment of all borrowings(ii) General corporate purposes

RJ Corp Ltd owns the company are up to 90 million. While Dunearn Investments Mauritius Pte is owned the company up to 65.34 million shares, The proceeds of the offering will then be used to repay some or all of the firm's debts.

The total outstanding borrowings of its Company (on a consolidated level) were 541.59 Crores as of June 2021. Devyani is India's largest quick-service restaurant (QSR) company to be listed on Swiggy and Zomato in 2019-2020

Investment bankers that are been appointed for the Issue are as follows :

• Kotak Mahindra Capital Company Ltd,
• Motilal Oswal Investment Advisors Ltd,
• CLSA India Pvt Ltd,
• Edelweiss Financial Services Ltd.

Devyani International IPO details Subscription Dates 4 – 6 August 2021Price BandINR86 – 90 per share Fresh issueINR440 crore Offer For Sale155,333,330 shares (INR1,335.87 – 1,398 crore)Total IPO sizeINR1,775.87 – 1,838 crore Minimum bid (lot size)165 shares Face Value INR1 per share Retail Allocation 10% Listing On NSE, BSE

Strength

• The product portfolio of reputed QSR brands financial discipline, a competitive advantage.
• Yum Brands' is the largest franchisee in India.
• Cross-brand synergies provide you with more operating leverage.
• Significant emphasis on cash flow management.

Risks

• Revenues falling from Rs 542 crore in FY20 to Rs 284 crore in FY21.
• The company's auditors had expressed concern about audited financial statements.
• The majority of the stores are located on leased sites because of which renting costs are incurred
• The company had 297 Pizza Hut locations, 264 KFC locations, and 44 Costa Coffee Locations as of March 31, 2021, in India.
• The core brand stores grew from 469 to 605 outlets between March 2019 and March 2021 which is about 13.58 percent.

Company Strategies

• Core Brands Business's shop network should be strategically expanded
• Invest in technology and place a strong emphasis on digital capabilities
• Continue to increase performance
• Focus on Core Brands' delivery channel

IPO Issue Allocation:

• For QIB the issue allocation is not More than 50% of the offer
• For NII the issue allocation is not less than 15% of the offer
• For Retail, the issue allocation is not less than 35% of the offer

Recommendation:

The company is a major QSR player with well-known international brands. However, the company has experienced a net loss in recent years as a result of high advertising costs, license fees, and commissions.

With the current euphoria in the stock market and IPO listings, one can subscribe to the IPO. Despite the epidemic, it has continued to develop its shop network, opening 109 outlets in the last six months across its core brand business.

KFC and Pizza Hut were among the first to provide contactless delivery in May 2020 and June 2020, respectively.

It is expected that considerable interest will be seen through this IPO. It also provides listing gains. With an increasing number of individuals ordering food or visiting restaurants, future growth appears to be optimistic.

Krsnaa Diagnostics Ltd provides a comprehensive variety of technology-enabled diagnostic services to public and private hospitals, medical institutions, and community health centres across India, including imaging (including radiology), pathology/clinical laboratory, and teleradiology. Across many divisions, the company delivers high-quality, all-inclusive diagnostic services at reasonable prices. Krsnaa Diagnostics Ltd's Initial Public Offering (IPO) will commence for bidding on August 4, 2021, and end on August 6, 2021. A new offering of Rs 400 crore will be part of the company's IPO. It also includes an offer by the company's existing promoters and shareholders to sell up to 8.53 million or 85.30 lakh shares. PHI Capital Growth Fund will sell 1.6 million or 16 lakh shares, Kitara PIIN 1104 will sell up to 3.34 million or 33.4 lakh shares, Somerset Indus Healthcare Fund I Ltd will sell up to 3.56 million or 35.6 lakh shares, and Lotus Management Solutions will sell up to 21,380 shares in the Offer for Sale (OFS).‍

About the IPO

‍Krsnaa Diagnostics plans to raise Rs 1,213.33 crore through its first public offering. The issue is made up of a new issue of Rs 400 crore and an offer for sale (OFS) for Rs 813.33 crore, comprising 8,525,520 equity trading shares having a face value of Rs 5 each. On August 3, a day before the IPO opens for subscription, all anchor reservations will take place. The issue price range was Rs 933 to Rs 954 per equity share, with a face value of Rs 5 per share. It's an IPO with a book-built issue. The offering has a grey market premium of Rs 400, implying that the shares are trading on the unlisted market at a premium of Rs 1,333 to Rs 1,354 per share. The minimum lot size for the Krsnaa Diagnostics IPO is 15 shares, with an associated application fee of Rs 14,310. On the top end of the lot, there are 195 shares with a Rs 186,030 application amount. Retail investors can apply for up to 13 lots at the higher end of the lot size for this issue.

‍Strength

‍For starters, it is one of India's most well-known diagnostic chains. The company's financial picture. It also provides a broad and diversified variety of diagnostic services because of its complicated network and presence in 13 locations, it has a large market footprint. In addition, the firm has a solid financial track record.

‍Objectives

1. A proposal to funding the establishment of diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra.
2. Repayment/prepayment, in whole or in part, of our Company's borrowings from banks and other financial institutions.
3. General business objectives

Strategies:

• Continually grow our footprint in India
• Expand diagnostic services with an emphasis on specialist diagnostics
• Increase your digital footprint
• Maintain a high level of social impact
• Continue to increase profit and efficiency
• Opportunistic purchases expand business and geography.

Investment allocation:

‍When it comes to investment allocations, the retail part is only 10%. The SME IPO has a 75 percent reservation for qualified institutional buyers (QIBs) and a 15% reservation for non-institutional investors (NIIs).

‍Financial Highlights:

‍The firm was able to sustain a high level of performance. For the fiscal year ending March 31, 2020, the film earned Rs 271.38 crore in total revenue. This was increased from Rs 214.31 crore the previous year. The company's net losses increased to Rs 111.95 crore in FY20, up from Rs 58.05 crore the previous year. Krsnaa Diagnostics, on the other hand, had a significant decrease in spending and an increase in income.For the nine-month period ending December 31, 2020, the net profit and sales were Rs 195.93 crore and Rs 562.7 crore, respectively. This trend was caused by increased income from operations as a result of the pandemic's outbreak.

‍Recommendation: The business model is scalable, and in the present climate, where post-COVID health consciousness is at an all-time high, this industry is only going to grow in the next years. This represents a big market for the firm as well as significant potential.The firm intends to use the proceeds of the offering to pay down debt, which is usually valued accretive for service-oriented enterprises. ) The IPO price for Krsnaa Diagnostics discounts the most recent year's profits at roughly 21X, which is lower than the comparable group. We recommend you to subscribe(Aggressive Investors).