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Adidas has announced Mirabai Chanu as the face of its The new TechFit Period Proof tights, has an absorbent layer to help protect against leaks when worn with a tampon or pad, the company has said. The brand said that it has found that teenage girls are dropping out of sport at an alarming rate, with one of the key reasons being fear of period leakage. Our ambition with this product is to keep women in sport by giving them the confidence to train during their period, The desire to stay in play no matter what the situation has always been my priority. Seeing these product innovations from Adidas, I feel confident that we will help girls all over the world to stay in the sport, A wicking layer, absorbing layer and leak proof layer work together to provide protection, whilst a bonding frame holds each layer together and keeps the tights in place, Read Also: Usha International\u2019s new campaign for kitchen appliances features actor Keerthy Suresh Follow us onTwitter,Instagram,LinkedIn,Facebook
India may see a third wave of COVID-19 peaking between October and November if a more virulent mutant than the existing ones emerge by September, but its intensity is expected to be much lower than the second wave, a scientist involved in the mathematical modelling of the pandemic said on Monday. Manindra Agrawal, an IIT-Kanpur scientist who is part of the three-member team of experts that have been tasked with predicting any surge in infections, said if no new virulent emerges, then the situation is unlikely to change. If the third wave peaks, the country may see only 1 lakh daily cases as against more than 4 lakh when the deadly second wave was at its peak in May. The second wave killed thousands and infected several lakh. Status Quo is when no new mutant comes and New Variant is when 50% more infectious mutant comes by September. As one can see, the only scenario with some semblance of third wave is New Variant one for epsilon = Last month, the model suggested that the third wave could peak between October and November and the daily cases could shoot between 1.5 lakh to 2 lakh every day if a more virulent mutant of SARS-CoV2 drive fresh infections. However, no mutant that was more infectious than the Delta, which drove the infections during the third wave, emerged. Last weeks forecast was the same, but only the range of daily cases has been brought down to 1-1.5 lakh in the latest one. With the fresh data, the daily infections are further expected to drop in the range of a lakh. Agrawal said the fresh data comprising the vaccinations that have taken place in July and August, the sero-surveys that gave insights about the anti-bodies were factored in while assuming the scenarios. According to a study by the researchers of Institute of Mathematical Sciences, the R or the Reproductive value of the coronavirus pandemic was 0.89. It is necessary that the R value is under one that can help arrest the spread of infection. Vaccination has been the biggest weapon worldwide to combat coronavirus and more than 63 crore doses have been administered in the country, according to the CoWIN dashboard.
Momentum investing is a strategy which is built on the simple assumption that financial assets such as shares, indices, derivatives, bonds, commodities that are showing strength will continue to go up at least in the short term, so we buy those those securities while selling those assets that are showing low returns. Thus, having a portfolio of such assets should offer better returns than that of the broader market return. Let us discuss the same in detail. Mechanics behind momentum investing This investment strategy is not new. The mechanics behind this strategy is based on the investment philosophy of cutting your losses and letting your winners ride. In other words, the concept of momentum investing states that short-term performance is repeated with winners continuing to be winners and losers continuing to be the losers. It is purely based when price action momentum is high. High momentum is exhibited in the market when the price advances or declines over a wide range in a short period of time. Cause of momentum effect According to behavioural finance literature, investors often overreact or underreact to information which leads to price changes and thus lead to price inefficiencies. Another plausible reason could be the market timing. For instance, investors may react very slowly in response to new information regarding a stock and then realise the importance and act hurriedly upon it, which creates momentum. Generally, such momentum exists for a short-term, i.e., between six to 12 months. Types of momentum There are two types of momentum investing strategies Under time-series momentum, the performance of an asset is compared to its own historical performance. For instance, ranking of shares on their own 12- month performance would provide a list of shares that have rallied the most. Time-series momentum could be identified by keeping a certain profit percentage as threshold, and generally those shares \/ assets which have exceeded the threshold are bought. In case of relative momentum, the concerned assets performance is compared with other comparable asset classes. For instance, gold rallied over a year by 15% whereas equity rallied 12% during the same period. So, the relative momentum of gold is higher than that of equities. Advantages and associated risks Momentum investing is different from that of the traditional value investing philosophy of buying low and selling high. The major advantage of this strategy is that investors are buying an asset which is already moving up. So, there is no need to identify an undervalued asset and wait for the market to recognise the same to make profit. Another advantage is that there exists a potential for high profits within a short span of time. As investors are making use of the market volatility to their advantage, the momentum investing helps to maximise the return on investment. Investors should understand the associated risks of following momentum investment strategy. Under this method, one is investing in an asset class purely based on recent buying behaviour of other market participants. There is no assurance that such buying behaviour will continue to push the price higher. A large amount of empirical evidence and back-testing methods support that momentum trading strategies are profitable and while using such strategies investors should keep in mind the above discussed aspects. The write is a professor of finance accounting, IIM Tiruchirappalli
JKCE Cost control was impressive while Covid-19-led volume loss and impact on white cement segment in the quarter has likely peaked. The ramp-up at 4.2-mtpa capacity is driving growth and cost efficiency in H2FY22e. The Central India expansion project is on track to commission by FY2023e, providing growth visibility. We increase our FV to Rs 2,700 on rollover and maintain Reduce. Ebitda beat on higher prices and lower costs: JKCE reported standalone revenues of Rs 16.3 bn (+69% y-o-y, -20% q-o-q), Ebitda of Rs 3.9 bn (+85% y-o-y,-16% q-o-q) and adjusted net-income of Rs 2.0 bn (+168% y-o-y, -29% q-o-q), against our estimate of Rs 16.3 bn, Rs 3.5 bn and Rs 1.8 bn, respectively. White cement and putty volumes fell to 0.26 mn (+50% y-o-y) whereas grey cement declined to 2.8 mn tons (+73% y-o-y, -21% q-o-q) on Covid-led regional restrictions. Blended realisation increased to Rs 5,408\/ton (-1% y-o-y, +3% q-o-q), led by grey cement segment. Costs declined to Rs 4,085\/ton (-4% y-o-y, +1% q-o-q) on lower other expenses partly offset by higher freight costs and higher power costs. Adjusted Ebitda came in at Rs 1,323\/ton (+8.5 y-o-y, 7.5% q-o-q) on higher prices and lower costs. Central India expansion on track and provides medium-term growth visibility: JKCE2-mtpa capacity expansion project is ramping up well and driving volume growth whereas the Nimbahera-line 3 upgradation work is progressing as per schedule to commission in Q2FY22. Further, JKCE has started work on setting up a greenfield 3.5-4 mtpa integrated cement capacity at Panna, Madhya Pradesh for a total capex of Rs 29.7 bn or at $100\/ton and expects to commission by Q4FY23e. Growth capex would result in negative FCF in FY2022-23E; nonetheless net debt\/Ebitda remains <1X over FY2022-24E. We revise FV to Rs 2,700\/share: Our FV increases to Rs 2,700\/share (from Rs 2,450\/share) at 9X EV\/Ebitda as we roll over to September 2023e. The stock has been the best performing cement stock in past two years. However, we now believe the positives are fully priced in: (i) market share gain due to significant capacity addition over FY2020-21; (ii) attractive growth prospects; and (iii) improved balance sheet. At 11X EV\/Ebitda FY2023e (adjusted for CWIP), we see limited upside and maintain Reduce.
Delhi University This would mean that from next year, Delhi University will be offering a Four-Year Undergraduate Programme (FYUP). The MPhil course will get scrapped. The structure of FYUP will be the same as the four-year programme introduced in 2013 by the university. It was, however, subsequently scrapped in the same year. Implementing FYUP in the university? As per the recommendations made by the The NEP Implementation Committee (NIC), the existing undergraduate programmes of study will continue with alterations to nomenclature and structure. There will be many entry and exit options available in the university for the students. Lets say, in the case of existing honour courses in arts, commerce and science, students can leave after one year of course and he\/she will be given a certificate. In the case of two years, a diploma will be awarded and for three years, students will be awarded honours in the discipline and for completing four years, students will receive honours in the discipline with research. NIC has further notified that in the first three years of the honours programmes, students will have to have to choose another language course as well besides existing courses with one of two languages being an Indian language), as well as Social and Emotional Learning course followed by an Innovation and Entrepreneurship course, co-curriculars, and an Ethics and Culture course, reported the Indian Express. As for commerce students, they will have to choose one discipline from the humanities or social sciences and study six courses from it over their third and fourth years. What about non-Undergraduate students? While the existing MPhil programme will be discarded from 2022-2023, the University is looking at ways to implement both one year and two year Post-Graduate programmes. The structure is changing as higher education is changing in the current environment. Earlier, language was not compulsory for the commerce and science courses but now language will be important for everyone.
Nikhil Gandhi has joined MX Media as chief operating officer. Based out of Mumbai and Singapore, Gandhi will be responsible for taking the platforms to their next phase of growth by expanding its geographical reach, enhancing data driven innovation, growing the scope and scale of revenue streams, and building maximum impact for all stakeholders – be it consumers, advertisers, or internal teams across verticals. We look forward to working closely with him, Nikhil Gandhi joins the company from ByteDance-owned short form video app TikTok where he was leading its growth in the Middle East, Turkey, Africa, India, and South Asia. Before TikTok, he was the president and COO of Times Television Network. His earlier stints include working in media conglomerates like The Walt Disney Company, UTV Global Broadcasting, and Viacom Media Networks. As per Nikhil Gandhi, COO, MX Media, MX Player is by far the leader in the video entertainment space. Im super excited to join the MX team and look forward to the next phase of our growth, he said. MX Player is an entertainment super app that caters to over 200 million monthly active users in India, integrating all forms of entertainment on one platform The platform hosts a wide library of over 2,00,000 hours of premium content across 10 languages, including a critically acclaimed slate of MX Original\/ Exclusives, movies, web series, TV shows, news and audio music. The app is available across Android, iOS, Web, Amazon Fire TV Stick, Android TV and OnePlus TV, amongst others. Read Also: Why it is important to protect consumer interest in a digital world Follow us on Twitter,Instagram,LinkedIn,Facebook
SBIN has demonstrated a strong improvement in asset quality, with GNPAs declining by 43% over the past three years, while PCR increased to 68% currently from 40% four years back. Fresh slippages moderated sharply to 1.2% in FY21 (2.5% in Q1FY22), lower v\/s many of its private peers. AUCA book stood at Rs 1.72 trn Over the past five years, the bank has recovered ~Rs 400 bn from the AUCA book. We expect the recovery trends to continue as the IBC process gains pace after a long pause due to the COVID-19 restrictions. SBIN appears well positioned to report strong uptick in earnings, led by moderation in credit cost from FY22. The bank has historically delivered over 15% RoE for 10 years, before the worst phase of the corporate cycle hit earnings to the point that it reported back-to-back losses in FY17 During FY19-21, SBIN has shown a remarkable improvement in asset quality, reducing net NPLs to 1.8% at present from 5.7% in FY18, while PCR stands comparable to many well-run private banks. We estimate 14% CAGR in PPOP over FY21-23E (v\/s 6% CAGR over FY18-21). Overall PPOP to provision coverage should strengthen to 2.5x by FY23e (v\/s an average of 1.3x over FY18-21), while RoE expands sharply to ~15% and reaches their decadal highs in FY23E. SBIN remains among our top Buys in the Banking space with a TP of Rs 600 (1.4x FY23e ABV+Rs 190 from subsidiaries\/JVs). Balance Sheet cleansing largely over; asset quality outlook strong SBIN3 trn in FY21 from Rs 2.2 trn in FY18. GNPAs declined by ~43% over the past three years, while PCR increased to 68% at present (85% PCR on the corporate book) from 40% four years back. The bank has cumulatively written off Rs 1.5 trn since FY18. The improvement in asset quality has been sharper than most peers, including private banks. While Q1FY22 saw a marginal increase, we believe that the Balance Sheet cleansing is largely complete, with the focus to shift to earnings recovery and pursuing growth. Controlled restructuring (0.8%) and SMA book (0.5%) provides further comfort on asset quality and will drive a sustained reduction in credit cost. Subsidiaries remain strong industry-leading compounding machines SBIN The contribution of subsidiaries to SoTP has increased significantly; they now contribute ~32% to SoTP (~42% on the CMP). We expect the robust performances from subsidiaries to continue and add value to overall SoTP. Valueunlocking from SBI MF and SBI General Insurance could result in further gains. Valuation and view SBIN has historically delivered over 15% RoE for 10 years, before the worst phase of the corporate cycle hit earnings. It reported a strong FY21\/Q1FY22 in a challenging environment. Deposit growth stood strong, led by healthy CASA trends, while loan growth is likely to recover gradually over FY22-23e. Asset quality outlook remains particularly encouraging. Continued recoveries would further support the earnings momentum. SBIN holds unutilised COVID-related provisions of ~Rs 91 bn, which should limit credit cost. SBIN has reported a RoE of ~9.5% in FY21 We project a RoA\/RoE of 0.8% by FY23e, and reiterate SBIN as our top BUY.
Apple Watch: The time is close for the unveiling of the new Apple Watch, if previous trends are anything to go by. But, this year, the tech giant might be in for some problems. Two separate reports have suggested that Cupertino is facing some issues in the manufacturing of the new Apple Watch, and this may cause a delay in the release of the much awaited smartwatch. The reports have said that the complexities in the production of the smartwatch pertains to its revamped design, which is tipped to be flat sides and bigger screen. Also read | Apple Watch Series 7 said to bring new design with flat sides, bigger screens and more A report in Nikkei and another one in Bloomberg said that though a small-scale production of the new watch had begun, there were critical challenges that hindered the company to reach satisfactory performance in production, and if we know anything about Cupertino, it is that it does not like to compromise on its level of satisfaction from its products. The production is tipped to have been halted temporarily as the tech giant works with the suppliers to solve the issues before undertaking mass production. The new lineup of Apple Watch, which we are referring to as Apple Watch Series 7 as per previous Cupertino nomenclature, is expected to have a slightly bigger screen – and we mean slightly, because as per leaks and rumours, the increase would be by 1mm – and the new models are expected to have 41mm and 45mm screen sizes. Apart from this, it is also expected to have flatter sides as well as display and faster performance. Moreover, as per Bloomberg As per Apple But if there are indeed production issues, then, if unresolved, this could throw Cupertino off its timeline. However, Apple has not officially commented on this matter of manufacturing issues for the upcoming watch.
Motivator India has been awarded the integrated media mandate for Radico Khaitan Limited (RKL), a manufacturer of Indian Made Foreign Liquor (IMFL) in India. The mandate includes the brand The account was won after a multi-agency pitch and will be handled out of Motivator RKL is currently focusing on strengthening its premium products portfolio through new launches in the coming quarters, Amar Sinha, chief operating officer, RKL, said. According to Sinha, it is very important to understand consumer We look forward to a strong and long-lasting partnership with Motivator. We hope to work on some path breaking campaigns with them which will contribute in strengthening our brand equity in the market, The segment that RKL operates in faces a fair share of restrictions in terms of advertising, Mausumi Kar, managing director, Motivator, said. Hence, developing a consumer centric approach that helps identify and deliver innovative media solutioning would be key to address these challenges, Kar noted. With our proprietary data, digital and content framework for emerging brands we see a great fit with Radico Khaitan, Read Also: Enterprise tech startup Syook gets $1 million funding from Inflection Point Ventures and ONGC Read Also: The Sleep Company launches its first brand campaign featuring Anil Kapoor Follow us onTwitter,Instagram,LinkedIn,Facebook
UPLs FY21 Annual Report delves deeper into its key strategies for driving the next growth phase. UPL envisages to grow margin-accretive Differentiated Solutions from 29% of sales now to 50% by FY26. Innovation rate could rise to 30% over 3-5 yrs (21% now), thus enhancing product line. ESG focus continues, with robust sustainability goals by 2025. Synergies on track. UPL expects Net D\/Ebitda at <2x by Mar7x). Buy. PT `965 (target PE at 14x). Focused approach: UPL intends to focus on three key strategies: (i) Increase share of margin-accretive Differentiated Solutions from 29% of sales to 50% by FY26. (ii) Increase Innovation rate to 30% over 3-5 yrs from 21% in FY21, thereby enhancing product line. (iii) With 15 molecules in development pipeline, UPL envisages to achieve risk-adjusted revenue of $2.5 bn in next 5 yrs by leveraging collaboration to access new technology (e.g., Open-Ag, RD). For FY21-24e, we estimate sales\/PAT CAGR at +9%\/ +23%, with op margin at 23.5% by FY24e (+140 bps), aided by improving mix and Arysta synergies. ESG: UPL is strengthening focus on ESG, with 29% of sales now from differentiated sustainable solutions. Also, company has achieved reduction in water consumption, carbon emission, and waste disposal across manufacturing operations over past 5 years; 50,000m3 of rainwater is harvested reused annually. UPL Indias growth outpaces: UPL Growth despite forex devaluation in Brazil. (ii) N-America Rs 57 bn (+1%); supply constraints impacted Q4 sales. (iii) Europe Rs 64 bn (+12%); growth led by new product sales. (iv) RoW Rs 70 bn (+3%); strong growth in Asia, whereas flattish in Africa. (v) India Rs 47 bn (+22%). Favourable weather and new launches aided growth. Even in Q1FY22, India sales grew by +27%, led by favourable commodity prices (+14% for food grains, 36-48% for cash crops, pulses, etc.). Debt reduction; synergies on track: Net debt reduced to Rs 189 bn in FY21 (Rs 201 bn in FY20), with Net Debt\/ Ebitda at 2.2x. UPL replaced $500 mn acquisition loan with sustainability loan in FY21, with 30bps lower interest and extended maturity by 2 yrs. Management expects Net D\/Ebitda at <2x by Mar Post Arysta acquisition in Feb Cost synergies at $126 mn in FY21, total at $235 mn. Outlook, Buy: UPLfarm). Retain Buy with PT of Rs 965. Target PE at 14x, broadly in line with historical 5-year average. Key risks: Global disruption, pricing pressures, and missing deleveraging target.