External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income.</li><li>The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income.The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Blue Jet Healthcare / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a> is a CDMO focusing on specialty pharmaceutical and healthcare ingredients and intermediates. The company targets to raise $100M from its upcoming India IPO.</li>
<li>The IPO, which will open for subscription on October 25, consists of OFS of 24.3M shares by two of the promoters. The price range has been fixed at INR329–346/share.</li>
<li>Blue Jet enjoys a competitive advantage in the global contrast media market through established customer relationships with the top contrast media manufacturers. The company is on a capacity expansion spree.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN) is a CDMO focusing on specialty pharmaceutical and healthcare ingredients and intermediates. The company targets to raise $100M from its upcoming India IPO.
The IPO, which will open for subscription on October 25, consists of OFS of 24.3M shares by two of the promoters. The price range has been fixed at INR329–346/share.
Blue Jet enjoys a competitive advantage in the global contrast media market through established customer relationships with the top contrast media manufacturers. The company is on a capacity expansion spree.


Blue Jet Healthcare IPO: Niche Offering and Long-Standing Customer Relationship Are Key Positives

<ul>
<li>GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.</li>
<li>The said growth was led by volume growth in existing portfolio, new launches and from milestone income.</li>
<li>The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% YoY. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with preceding quarters.
The said growth was led by volume growth in existing portfolio, new launches and from milestone income.
The acquired Company – Cenexi reported revenue Rs 322 (+10% YoY), EBITDA Rs 35 Cr, and comprises EBITDA margins of 11% YoY. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Few Green Shoots in the Base Business

<ul><li>GLAND’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.</li><li>Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.</li><li>GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GLAND’ Q4FY23 revenue majorly declined on account of a) One of the partner filing for bankruptcy which led to a miss in volume offtake, b) High competition in molecules Enoxaprin and Heparin Sodium with the entry of more Chinese players, c) Production line shutdown at Dundagal facility for insulin.Lower volume uptick and high fixed costs have led to the lowest EBITDA margins of 21% in the last quarter.GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India (-68% YoY), as well as in RoW (-10% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>On 17 February, NSE Indices announced the results of the March index review for the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. There are 5 adds and 5 deletes. </li>
<li>Last evening, NSE Indices announced a change in the index methodology where the cumulative weight of non-F&amp;O stocks in the index will be capped at 10% (down from 15% earlier).</li>
<li>This changes the flows at the March rebalance that will be implemented at the close of trading on 29 March.</li>
</ul>


On 17 February, NSE Indices announced the results of the March index review for the Nifty Next 50 Index (NIFTYJR INDEX). There are 5 adds and 5 deletes. 
Last evening, NSE Indices announced a change in the index methodology where the cumulative weight of non-F&amp;O stocks in the index will be capped at 10% (down from 15% earlier).
This changes the flows at the March rebalance that will be implemented at the close of trading on 29 March.


NIFTY NEXT50 /​ NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND IN)

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line...

Axis Direct

Blue Jet Healthcare IPO: Niche Offering and Long-Standing Customer Relationship Are Key Positives

Blue Jet Healthcare is looking to raise $100M from its upcoming India IPO. The IPO consists of OFS of 24.3M shares by two of the promoters. The...

Tina Banerjee

Gland Pharma Ltd - Few Green Shoots in the Base Business

GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with...

Axis Direct

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India...

Axis Direct

NIFTY NEXT50 / NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

NSE Indices announced a change in the index methodology where the cumulative weight of non-F&O stocks in the index will be capped at 10% (down from...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line...

Axis Direct

Blue Jet Healthcare IPO: Niche Offering and Long-Standing Customer Relationship Are Key Positives

Blue Jet Healthcare is looking to raise $100M from its upcoming India IPO. The IPO consists of OFS of 24.3M shares by two of the promoters. The...

Tina Banerjee

Gland Pharma Ltd - Few Green Shoots in the Base Business

GLAND’ Q1FY24 base business (Ex Cenexi) registered consistent revenue growth of 3.5% YoY, maintaining EBITDA margins of ~30%, in line with...

Axis Direct

Gland Pharma Ltd - Another Washout Quarter with Multiple Headwinds

GLAND reported a weak set of results in Q4FY23 with consolidated revenue declining by 28.8% YoY due to weak performance in the US (-23% YoY), India...

Axis Direct

NIFTY NEXT50 /​ NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

NSE Indices announced a change in the index methodology where the cumulative weight of non-F&O stocks in the index will be capped at 10% (down from...

Brian Freitas

NIFTY NEXT50 / NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes