In today’s briefing:
- Kiri’s $700 Million Exit From DyStar – What Next?
- Infosys Buyback: Tax-Inefficient for Shareholders?
- The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?
- Lucror Analytics – Morning Views Asia
Kiri’s $700 Million Exit From DyStar – What Next?
- Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
- The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
- The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.
Infosys Buyback: Tax-Inefficient for Shareholders?
- Infosys Ltd (INFO IN) made headlines in the market after approving share buyback worth INR 180 bn at INR 1800 per share.
- The buyback is the largest in company’s history and represents 2.4% of the paid up capital.
- However, from the shareholders lens, the buyback would be tax-inefficient, after the regulatory changes which came in effect from Oct 2024.
The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?
- Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.
- Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership.
- Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, SK Hynix
- Long-end UST yields fell yesterday, on the back of a solid auction for 30Y notes. In addition, market expectations for Fed rate cuts were firm, following the in-line core CPI data and higher than expected jobless claims.
- The UST curve bull flattened, with the yield on the 2Y UST stable at 3.54%, while that on the 10Y UST declined 2 bps to 4.02%. Equities continued to rally, with the S&P 500 and Nasdaq up 0.8% and 0.7%, respectively.
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