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Innov8 plans to double its co-working centres in FY2024

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Co-working startup Innov8 has announced that it will double its footprint in the ongoing financial year FY 2023-2024. The company added 5 new centres in key business cities in India in early 2023 and is all set to inaugurate 5 more centres in the current quarter.

The company is in the process of setting up 10 additional centres in the last quarter of the financial year, thereby taking the new centre count in the year to 20. At the beginning of the year, Innov8 had 20 centres across 9 business cities, including Delhi, Gurgaon, Noida, Mumbai, Pune, Bangalore, Chennai, Hyderabad and Ahmedabad. With the ongoing expansion, Innov8 will add ~8000 seats and 300,000 sq. ft of co-working spaces across Delhi NCR, Mumbai, Pune, Bengaluru and Chennai. Innov8 and its partners plan to invest Rs 100 crore + to open these centres pan India.

Innov8 Aerocity and CP in New Delhi, Innov8 Marol in Mumbai, and Innov8 locations in Bellandur and KR Puram in Bangalore are amongst centres slated to be inaugurated within this quarter.

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Innov8’s pivot to a ‘5 mins to a metro station’ strategy, to open new co-working centres only near metro stations and key arterial roads across top business cities in India, has been instrumental in driving this growth. The company has witnessed over 90% occupancy, high demand and healthy rentals in its co-working centres across the country which are within five minutes to metro stations. As work from office or at least hybrid working becomes a mandate even in startups, which form a significant part of Innov8’s customer base, ease of public commute is a major draw. Employees strongly prefer metro proximity and prefer joining companies choosing their office spaces accordingly.

According to recent reports, start-ups account for almost one-third of place adoption, second only to technology sector. India’s flex space operational footprint in FY 2023 stands at 53 mn sq. ft, marking a ~400% increase from 2018. It is expected that the operational flex stock is likely to reach around ~106 mn sq. ft, doubling again over the next five years. Innov8 is looking to capitalise on this market opportunity through this planned expansion.

Talking about the expansion, Dr. Ritesh Malik, Founder of Innov8, said, “In FY2023 Innov8’s growth in centres was 30%. Since our pivot to the “5 minutes to a metro station’ strategy we have nearly doubled the number of centres in the country. Growth in India’s flex space industry and the startup ecosystem in general is indicative of a fundamental shift in how businesses perceive and utilize office spaces. Innov8’s has pivoted so that it can capitalise on this shift and provide businesses with a dynamic and flexible workspace solution.”

Pankhuri Sakhuja, Business Head of Innov8, said, “On average, Innov8 co-working offices see 90% occupancy in less than 3 months, compared to the industry average of 6 months. Innov8’s success in gaining the trust and support of customers has paved the way for exploring new market opportunities and driving further growth. With this expansion, Innov8 is well-positioned to capitalise on these opportunities and continue its upward trajectory.”

Innov8 provides premium co-working spaces with uninterrupted connectivity, easy access & proximity to key transit hubs such as metro stations, airport, railway station & more and flexible working arrangement, all this at an affordable price. Innov8 currently has seven centres in Delhi-NCR that have great connectivity with the Delhi Metro and Transit Metro, making it seamless for customers to travel across Delhi, Noida, and Gurgaon. All Innov8’s centres in Mumbai are in the Andheri East with proximity metro stations making it a preferred destination for startups, well-established corporates and other businesses.

Founded in 2015 by Dr. Ritesh Malik, Innov8 is currently spread across 9 cities—Delhi, Gurgaon, Mumbai, Pune, Chennai, Bangalore, Ahmedabad, Hyderabad & Indore, with over 20 centres hosting over 8000+ employees of brands like IndusInd Bank, Jio Saavn , Phone Pe & Tata Digital.

Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

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Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated a positive stance on the stock last week. Analysts maintained a price target of Rs 1,000 on the scrip, suggesting an over 50 per cent potential rally going forward. The brokerage firm believes that Paytm is undergoing a model shift from chasing ‘growth at any loss’ to ‘profitability at scale’ now. “Moderation in indirect expenses Q2 onwards should hence be a catalyst,” it said. Paytm shares have tanked over 50 per cent so far this year, but have risen 7 per cent in the last 6 months. Paytm share price jumped over 3 per cent to hit an intraday high of Rs 660 on NSE. JPMorgan’s target price on the counter suggests a 51 per cent potential upside over Monday’s intraday high level. 

According to the JP Morgan report, Paytm’s Q2 earnings will be key to see evidence of loss reduction and increasing confidence in 23 September breakeven. “The increase in indirect expenses could moderate, driving significant operating jaws in adjusted EBITDA losses. Paytm has been reinvesting gains in contribution margin back into marketing and its device business buildout which has limited its EBITDA margin improvement,” it said, adding that this will be key to Paytm achieving its guidance for a given target.

Paytm share price set to give sharp upside movement

Paytm shares price has tumbled nearly 70 per cent from its upper price band of Rs 2150. The shares have been nosediving ever since it was listed on Indian bourses in November last year. However, after hitting the lifetime low of Rs 510 on NSE, the stock has bounced back giving a little hope to positional investors. According to the JP Morgan report, Paytm share price is set to give some sharp upside movement and it may regain four-digit price by end of March 2023. “We estimate incremental CM of 60 per cent – well above 43 per cent in Q1F23- suggesting scope for further improvement. Q2 earnings print on loss reduction rate will be a key catalyst,” it said.

Payments business now decisively in positive margin territory

According to the analysts, Paytm’s financial services business scale-up has remained a key value driver and that loss rates on syndicated loans are running below normal. It felt payments business is now decisively in positive margin territory. “Further tailwinds to Payment business margins exist from potential UPI P2M monetisation either from MDR introduction (unlikely) or from increased subsidies from the government (currently at $200 million for the system) to support network investments. UPI’s P2M becoming monetisable via government rebate is a major mid-term positive for payment economics,” the brokerage said.

Strong revenue growth likely across all business segments

Meanwhile, analysts added that competitive intensity could moderate in the payments/digital lending space from fintechs, given the tightening of funding and regulatory hold in the sector.  “In our view, this could benefit Paytm as it is well funded to drive expansion and has also highlighted that it is compliant with the digital lending regulatory guidelines, which we think can clear the regulatory overhang on the FS part of its business model,” they said. The brokerage expects, Paytm to see strong revenue growth across all its business segments, thanks to device monetisation in payments, financial services cross-selling, ticketing recovery and rising ad monetisation. 

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Several other global brokerages also remain bullish on the fintech stock. Goldman Sachs has maintained a target price of Rs 1,100 on Paytm shares which implies a 66 per cent upside. Meanwhile, Citi also maintains a positive outlook on Paytm shares. It has set a target price of Rs 998 for the stock, meaning a 50% upside from Monday’s intraday high of Rs 660 per share.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Engineering, Mathematics or Computer Science? Courses international students prefer to study in US – Find out

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International students drove an increase in first-time enrolments in the US in 2022 compared with 2021. The Council of Graduate Schools’ Graduate Enrollment and Degrees: 2012 to 2022 report shows that international commencements grew by 10.2% between 2021 and 2022, in contrast to a 4.7% decline in domestic commencements.

The significant jump in international enrolments comes on the back of a 12% jump in international applications to US graduate programmes in Fall 2021 and a 26% surge in 2022.

However, even with that growth in international student numbers, overall enrolment in US graduate programmes has been trending downward in recent years.

Where do international graduate students prefer to study?

At private, not-for-profit universities, international students made up a third (33.2%) of all first-time enrolments, while at public universities, their share was lower (25%).

Foreign students accounted for almost 7 in 10 commencements in mathematics and computer science and more than half in engineering programmes. Only one field of study – engineering – did not see growth in first-time international graduate enrolments in 2022. Mathematics and computer sciences saw a 16.6% bounce, biological and agricultural sciences enrolled 16.6% more, and physical and earth sciences saw 10.3% more new international students.

Mathematics and computer sciences, business, engineering, and health sciences accounted for 47% of all graduate applications for which the intended field of study was known.

Master’s programmes in US saw the biggest increase in applications. Overall, applications to US graduate schools rose by nearly 4% between Fall 2021 and Fall 2022. This increase was driven by interest in master’s programmes, especially from Indian students.

Jubilant Foodworks under pressure; Should you buy, hold or sell the stock?

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The share price of Jubilant Foodworks, which operates Domino’s restaurants in India tanked 6.39% to Rs 495.25, a day after the company posted second-quarter profit at Rs 97.20 crore, down 26.1% in comparison to Rs 131.53 crore during the second quarter of FY23. It posted revenue from operations at Rs 1,368.63 crore, up 5.2% as against Rs 1,301.49 crore during the corresponding quarter of last year.

Jubilant FoodWorks’ stock price fell 4% in the last five days and 7.44% in the last one month, while it gained 13.71% in the last six months and marginally 0.05% year to date.

Nuvama Wealth: Hold – Target Price: 541

“We are downgrading Jubilant FoodWorks (JFL) to ‘Hold’ as the recent run-up does not dovetail with its performance. In fact, we are adjusting down FY24E/25E EBITDA by 5%/5%, factoring in the performance despite building in a robust LFL showing in Q3FY24 (7%). Longer term, JFL is targeting LFL of 5–6%. We ascribe the stock a PE of 50x, similar to its five-year pre-covid average (FY15–19 average SSSG/revenue CAGR of 6%/15% versus FY24–26E’s 4%/11%), and value Popeyes’ separately. This yields a Target Price of Rs 541 (Rs 549 earlier).”

Centrum Broking: Buy – Target Price: Rs 625

“Jubilant Foodworks in its rejuvenated approach to drive growth through portfolio expansion in Domino’s and chicken QSR segment (Popeyes), coupled with enhanced consumer experience in value segment and by reimaging store could achieve mid-single digit LFL growth. Though weak demand, incremental competition in pizza QSR, and rising inflation pose short-term challenges, we expect JUBI to defend its current margin. We cut FY24E/ FY25E earning by 6.5%/3.0% and introduce FY26E estimates and retain ‘Buy’ with a revised DCF-based Target Price of Rs 625 (implying EV/EBITDA of 20.0x avg. FY25E/FY26E). Key risks to our call prolonged weakness in demand, rising inflation in key RM/PM & severe competition in chicken portfolio from peers.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Reliance share price gains 1%, Mukesh Ambani’s RIL to acquire Shubhalakshmi Polyesters for Rs 1592 cr

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Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore. On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business.

Shares of the company opened at Rs 2573.70, then gained 0.98 per cent to touch Rs 2593.80 apiece on the BSE. Similar movement was seen on the NSE where the company’s shares opened at Rs 2,570.55, then touched Rs 2,591.60, higher by 0.87 per cent over its last close.

“Reliance Petroleum Retail Ltd (under name change to ‘Reliance Polyester Ltd’), a wholly-owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis,” the firm had said.

Also read| Reliance acquires Shubhalakshmi Polyesters, SPTex

The acquisition will strengthen the textile manufacturing business of Reliance Industries.

Mahindra Lifespaces introduces home buying experience on the Metaverse

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According to an official release, Mahindra Lifespace Developers Limited (MLDL), a real estate and infrastructure development arm of the Mahindra Group, introduced India’s first home-buying experience on the Metaverse with the launch of Bastion at Mahindra Citadel, which is Phase 2 of the project. This is expected to culminate in a QR code in the skies of Pune, which led the audience to the Metaverse experience.

The project is expected to have been launched at Pimpri-Chinchwad, with drones showing visuals of ecotone design, home automation features and unveiling of the Metaverse experience. It is believed users can also interact with elements within the homes and design interiors to their liking.

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IPO mop-up falls 32% in H1, muted response from retail

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Fourteen companies raised Rs35,456 crore through main-board initial public offerings (IPOs) during the first half of 2022-23, 32% lower than Rs 51,979 crore raised through 25 IPOs in the corresponding period last year, figures collated byprimedatabase.comshow. Of this, Rs 20,557 crore, or 58% of the amount, was raised from the LIC IPO.

Overall public equity fundraising dropped 55% to Rs 41,919 crore from Rs 92,191 crore in the year-ago period.

The overall response from the public, according to primedatabase.com, was moderate. Of the 14 IPOs, four issues got subscribed more than 10 times, while 3 IPOs were oversubscribed by more than 3 times. The remaining seven IPOs were oversubscribed between 1 and 3 times. The new HNI segment saw an encouraging response, with 5 IPOs receiving response of more than 10 times.

Also Read: IPO mop-up plunges 32 pc to Rs 35,456 crore in H1: Report

The response of retail investors was subdued. The average number of applications from retail dropped to 0.75 million, compared with 1.55 million in 2021-22 and 1.24 million in 2020-21. The highest number of applications from retail were received by LIC (3.27 million), followed by Harsha Engineers (2.38 million) and Campus Activewear (1.72 million).

The amount of shares applied for by retail by value was Rs 23,880 crore, 32% lower than the total IPO mobilisation, showing lower enthusiasm from retail during the period. The total allocation to retail was Rs 9,841 crore, which was 28% of the total IPO mobilisation.

The average listing gain fell to 12% in the first half from 32% in 2021-22 and 42% in 2020-21. Of the 14 IPOs, six gave returns of over 10%. Eleven of the 14 IPOs were trading above issue prices as of September 26.

Only 4 out of the 14 IPOs that hit the market had a prior PE/VC investor who sold shares in the IPO. Offers for sale by such PE/VC investors at Rs 3,349 crore accounted for just 9% of the total IPO amount. Offers for sale by promoters at Rs 2,206 crore accounted for a further 6% of the IPO amount. On the other hand, the amount of fresh capital raised in IPOs was Rs 8,641 crore in 2022-23.

Anchor investors collectively subscribed to 31% of the total public issue amount. Domestic mutual funds played a more dominant role than FPIs as anchor investors, with their subscription amounting to 18% of the issue amount, followed by FPIs at 10%.

Qualified institutional buyers (including anchors investors) as a whole subscribed to 57% of the total public issue amount. FPIs, on an overall basis, as anchors and QIB, subscribed to 17% of the issue amount, much lower than MFs at 25%.

The first half of FY23 saw 41 companies filing their offer documents with Sebi for approval, compared with 87 last year.

“IPO activity will be impacted by volatility in the secondary market, mainly because of recessionary fears and rising interest rates. IPO is a once-in-a-lifetime event for a company, and as seen several times in the past, companies would prefer to let their approval lapse rather than launching IPOs in a volatile market,” said Pranav Haldea, managing director, PRIME Database Group.

5 technical stocks to buy: Nifty may hit 15500, Sensex seen at 53,000 in next 3-6 months

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By Shrikant Chouhan

Technically, at present the market is following the pattern of the rally between 2001 to 2008.  It could be 10 times in the next 7 to 8 years. The Nifty was at 7500 during Covid19 crisis and the Sensex was at 25700. Nifty has the potential to move up to 75,000 and Sensex to 2,57,000 points. In the next 3-6 months, we expect the Nifty to reach 15,500 and Sensex at 53,000 levels.

Between 1992 to 2001, Sensex moved from 2000 (lowest) to 6000 (highest) levels, which posted decent returns, however, the rally was completely gradual and highly volatile. It was the toughest task for every participant (Fund Managers to Retail) to capture major moves.

However, between 2001 to 2008 it was flourishing for everyone. Every individual and corporate made huge money as the rally was consistent and less volatile. BSE Sensex moved from 2,000 to 20,000 (10 times). While Nifty 50 raced from 850 to 6350 (8 times) levels. Similarly, from 2008 to 2020, the Nifty 50 rose from 2250 to 12000 (6 times) levels and Sensex from 7700 to 42000 (6 times) levels. It was yet again gradual and highly volatile. It was the toughest task for every market participant to gauge the mood. 

Based on the above correlation our stance, one should buy on every major dips. Support for the market exists at 14000 and 13000 levels. 

AMBUJA CEMENTS (BUY): The stock is forming higher top higher bottom series on a weekly and monthly basis.  It has recently broken consolidation triangle formation at 225 and recovered back sharply.  Technically, the stock is ready to surpass the level of 291.50, which is the all-time highest level for the stock.  Buy in tranches with a stop loss at 225.  On the higher side, we could see the levels of 290 and 300.  

JINDAL STEEL & POWER (BUY): The stock has formed and validated to the formation of a double bottom.  Based on it we could see the levels of 350 on the minimum and 550 on the maximum side. The metal index 700 points away from the all-time highest levels, which it has formed in the year January 2018.  We are of the view that the index is ready to surpass the all-time highest levels and that would generate more fuel in high beta stocks like JSPL. Buy at current levels and more on dips with a final stop loss at 270.  

BHARTI AIRTEL (BUY): The stock is in long term break out.  It has broken multiyear resistance at 500.  Although the stock was down in the second half of the year it recovered back and regained the level of 500 plus.  We are of the view that the stock is heading for 700 in the medium term.  It is a buy at current and more on dips with a final stop loss at 530. 

BALRAMPUR CHINI MILLS (BUY): It has spent 14 year within the trading range of 202 and 29. Currently, the stock is trading at 183 levels and in the process of crossing the level of 202 based on it’s formation of rounding bottom on the monthly chart.  Technically multiyear break out of the trading range helps the stock to move further higher. Even if we go through with stocks related to agriculture activity, then we can notice that most of them have already entered in the long term breakout, which is positive for the stock.  The strategy should be to buy at current levels and more on dips up to 170 with a final stop loss at 160.  On the higher side 200 and 225 seems achievable. 

TATA MOTORS (BUY): On a daily basis, the stock is in strong uptrend, whereas it is in the pullback mode on a monthly chart.  It was at 605 levels in the year 2016 and went to 63.50 levels during the period of Covid19. After crossing the level of 200, we saw a vertical up move in the stock.  It has given a price and volume based breakout, which is significant and along with positive news flow for the stock on a domestic and international basis. Even if we consider 50% retracement from the lower levels then it could reach 330 levels. The strategy should be to buy at current levels and more on dips to 225 levels in the anticipation of support to the electrical vehicle industry.  Keep a stop loss at 200 for the same. 

(Shrikant Chouhan is Executive Vice President – Equity Technical Research at Kotak Securities. The views expressed are personal. Please consult your financial advisor before investing)

Global Markets: Wall Street keeps stocks down, dollar up on inflation

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Wall Street and global stocks fell again on Friday, or barely recovered, with government bond yields pulling back from recent peaks and the dollar pushing ever higher, as higher-than-expected inflation continued to weigh on markets.

Fresh personal consumption expenditures (PCE) price index data, tracked by the US Federal Reserve as it considers more interest rate hikes, showed a rise of 0.3% last month after dipping 0.1% in July. Euro zone inflation also hit a record high of 10% in September, surpassing forecasts for a 9.7% rise, flash inflation data showed.

Also read: Infosys may announce share buyback in Q2 earnings

The Dow Jones Industrial Average fell 0.65%, to 29,034.83, the S&P 500 lost 0.61%, to 3,618.17 and the Nasdaq Composite dropped 0.53%, to 10,681.01.

The declines Friday cap a week of global market turmoil in which recession fears already sapped stocks and currency markets were rocked by dollar strength.

Asian shares fell earlier on Friday, on track for their largest monthly loss since the start of the pandemic in 2020.

European shares saw some recovery, although they remained on track for a third consecutive quarter of losses as markets worried about the impact on global growth of central banks hiking interest rates to counter inflation. Europe’s STOXX 600 was last up 0.56%.

The MSCI world equity index, which tracks shares in 47 countries, fell 0.1%.

David Madden, market analyst at Equiti Capital, said a pullback in government bond yields enabled stocks to edge up, but this was unlikely to be the start of a longer recovery.

“The big picture hasn’t changed: yields are an upward trend, inflation is still really high, interest rates are set to continue on the path of higher rates,” he said.

Also read: Sensex, Nifty snap 7-day losing streak after RBI hikes repo rate; Nifty eyes 17700 with support at 16850

European government bond yields fell, with Germany’s 10-year yield down 10 basis points at 2.101%, compared to Wednesday’s peak of 2.352%, which was an 11-year high.

US Treasury yields also pulled back on Friday. The yield on 10-year Treasury notes was down 5.7 basis points to 3.690%; 30-year Treasury bonds fell 4.3 basis points to 3.650%.

Currency markets calmed, with the dollar index up 0.2% on the day, after hitting a 20-year high on Wednesday. The dollar index has risen more than 17% this year.

The British pound, which had been driven to all-time lows by a combination of dollar strength and the government’s plans for tax cuts funded by borrowing, fell 0.15% on the day. It is on track for its worst quarter versus the dollar since 2008 .

The Bank of England won’t raise interest rates before its next scheduled policy announcement on Nov. 3 despite a plummet in sterling but will make big moves in November and December, a Reuters poll found.

European Central Bank policymakers have also voiced more support for a large rate hike.

COMMODITIES Oil prices were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5. But in morning trading US crude fell 1.17% to $80.28 per barrel and Brent was at $88.12, down 0.42% on the day.

Gold prices, which gained on Friday as the dollar weakened, were on course for their worst quarter since March last year as central banks worldwide stick with aggressive monetary policies.

Spot gold last rose 0.1% to $1,662.30 an ounce; US gold futures gained 0.54% to $1,667.40 an ounce.

Petrol, diesel sales jump in September as festival season approaches

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Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019.

Demand was, however, 1.9 per cent lower than the previous month of August 2022. Diesel, the most used fuel in the country, posted a handsome 22.6 per cent rise in sales in September to 5.99 million tonnes when compared to the same month last year. Consumption was up 23.7 per cent over September 2020 and nearly 15 per cent higher than pre-Covid 2019.

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Industry sources said the ending of monsoon rains in most parts of the country and a pick up in agriculture season led to a rise in diesel demand. Rains usually restrict mobility and demand from the farm sector, which uses diesel in irrigation pumps and trucking. Also, the approaching festival season led to a pick-up in economic activity and a rise in demand.

Auto fuel sales had dipped in July and August owing to the monsoon and reduced demand. This dip had come after a surge in June that was supported by increased summer travel to colder areas of the country to escape from the heat and vacations during annual breaks at educational institutions. As the aviation sector opened up, India’s overall passenger traffic at airports inched closer to pre-Covid-19 levels.

Accordingly, jet fuel (ATF) demand jumped 41.7 per cent to 5,44,700 tonnes during September when compared to the same month last year. It was 81.3 per cent higher than September 2020 but nearly 12 per cent lower than pre-Covid September 2019.

The sources said while domestic air travel is back to pre-Covid levels, international traffic is lagging because of continued restrictions in some countries. With strong economic growth of 7 per cent, India’s oil demand has been rising steadily since the country eased pandemic lockdowns.

Cooking gas LPG sales were up 5.4 per cent year-on-year at 2.48 million tonnes in September. LPG consumption was 9.3 per cent higher than in September 2020 and 14.9 per cent more than in September 2019.

Month-on-month, the demand was up 4.26 per cent when compared to 2.38 million tonnes of LPG consumption during August, the data showed.