Mahindra & Mahindra Financial Services

*Mahindra & Mahindra Financial Services (MMFS) has been scaling new highs for the past few months.* Its monthly operational update for May brings cheer with disbursements rising as much as 39.6% YoY and 9.9% QoQ to Rs 4,150 crore. Healthy loan disbursal and stable collections have led to a 3.3% YoY increase in its AUM to Rs 85,500 cr. May’23 disbursement volumes indicate robust demand. MMFS also said its stage-3 and stage-2 assets continued to remain range-bound in May compared with March. Its gross and net stage-3 assets stood at 4.5% and 1.9%, respectively in Q4FY23. Asset quality of its remaining range-bound during the seasonally slower 1Q is seen as a positive. As such, its asset quality metrics have shown a consistent improvement in the past few quarters. Gross and net stage-3 assets stood at 15.5% and 7.8% in Q1FY22, respectively (stage-3 assets are loans that are overdue for more than 90 days). Under the Vision 2025 plan, it has taken multiple initiatives to improve its asset quality metrics, including diversifying its product mix and its customer base by catering to an affluent rural and semi-urban customer segment. Under this plan, it intends to maintain its stage-3 assets below 6% in the coming years. With strong collection efficiency and improving asset quality, management expects credit costs to remain benign going forward. Some near-term risks loom. For one, how the monsoon pans out could have a significant impact on its disbursements. Impact of monsoon on growth and asset quality is a key monitorable. Also, the trend of NIM is another factor to monitor. Most expects the metric to compress ahead on account of the increase in cost of funds. However, management expects to maintain NIM at 7.5% in CFY aided by lending to high-yield segments such as pre-owned vehicles and tractors. In FY23, its NIM stood at 7.6%.

POLYMED

Established in 1997, POLYMED is a key player in the Indian Medical Devices Industry. 300+ Sales Associates 125+ Countries 30+ Clinical Specialists Largest Exporter of consumable Medical devices 9 yrs in a row 3000+ Employee Base 1 Billion+ Devices Manufacturing Capacity per year Portfolio of more than 160+ Medical Devices 26 Years of manufacturing excellence Over 300+ Moulding Machines & 1200+ Injection Molds More than 200+ automatic assembly machines with vision control systems. 50+ Robots used inmanufacturing. Patents Granted 372. Pending Patent Applications 71 Manufacturing Faridabad Plant, India Haridwar Plant, India IMT Faridabad India Faridabad Plant, India Jaipur Plant, India R & D Center, FBD, India Laiyang-qingdao, China Assuit, Egypt Amaro, Italy Research and Development Capabilities Product Design & Development • Product Design using CAD Software ProE Creo, Solidworks, NX, AutoCAD • Dedicated R&D Quality Lab for Design Verification • Program Management skills • 3D Printing Prototype facility • PLC Programming Tooling • Mold Design & Development• Mold Flow Analysis for simulation • VMC, CNC machines EDM/Wirecut/Milling/Centerless Grinder • Laser Welding & Etching products Oncology A wide variety of specialized devices such as Chemo Port, Health Port Power, and PICC Port with power equipment used in Chemotherapy. Infusion Therapy A complete array of the products that aid in Infusion Therapy making IV therapy safer and convenient for healthcare providers. Dialysis Offering continues life support for patients with renal affliction, through affordable quality care products and continues education for patients and healthcare providers. Respiratory Care A wide assortment of products and therapeutic devices used to treat pulmonary vascular disease or heart and lung disorder of respiratory care patients. Urology Specialized products focused on the surgical specialty that deals with the treatment conditions involving in male and female urinary tract. Gastroenterology Products that aid in the diagnosis and treatment procedure of gastroenterology related diseases such as Ryle’s Tube, Levin’s Tube, Umbilical Catheter, Infant Feeding Tube amongst others. Blood Management System A wide range of blood bag configurations for blood collection, processing, storage, and transfusion. Options available from single blood bags to blood bags with filters for leukoreduction. Blood Collection System Blood collection tubes and other devices for ease-of-use and help to ensure a quality blood sample collection. Surgery & Wound Drainage High quality wound drainage and surgery devices that allows healthcare providers to offer the best possible care for the critical patients.Anesthesia The range of Anesthesia delivery devices includes Endotracheal Tubes, Ventilator Circuits, Spinal Needle, Tracheostomy Tube , Bain Circuits, HME Filter and Catheter Mount. Anesthesia The range of Anesthesia delivery devices includes Endotracheal Tubes, Ventilator Circuits, Spinal Needle, Tracheostomy Tube , Bain Circuits, HME Filter and Catheter Mount. AWARDS India Medical Device Leader of the Year” Award 2022 by Government of India Most promising company in medical devices 2021 by medgate today. 200 best under a Billion Award 2020 by Fobrebs Asisa. one of the top 25 Innovative companies in india by CII. Top exporter Award for 10 years in a row by PLEXCONCIL. Medical devices company of the year 2018 by govt of india. Dare to dream Award 2018 by Zee business. Gold patent Award 2015-16 by PHARMAEXIL. Business leader of the year Award 2015-16 by FIA. Star performer Award 2015-15 by EEPC INDIA. OVERSEAS CORPORATE STRUCTURE. Poly Medicure (Laiyang) Co. Ltd. China Wholly owned Subsidiary (100%) Poly Medicure BVNetherlands Wholly owned Subsidiary (100%) Ultra for Medical Products Co.(UMIC) – Egypt Associate (23%) Plan 1 Health Italy Step Down Subsidiary (100%) PolyHealth Medical Inc. USA Step Down Subsidiary (100%)

Money Times Talk- JUNE 11, 2023

*SBI Life* is the acquirer of the life insurance business of Sahara India Life Insurance Co. to protect the interest of the two lakh policyholders. A big Positive. Add. USFDA has closed the inspection of *Zydus Lifescience’s* animal health drug manufacturing facility in Ahmedabad with nil observations. A big positive. Buy. *Lupin’s* Darunavir tablets, which reduce the amount of HIV in the blood, had an estimated annual sale of $308 million in USA as per IQVIA MAT in March 2023. Add. The Tamil Nadu Govt. has waived off 10% local body tax on *Wonderla Holiday’s* Chennai project for 10 years if its commercial operations begin within two years. A big positive. Buy. *Tata Motors* to build a lithium-ion cell plant in Gujarat for Rs.13000 cr. With lithium deposits in J&K and Rajasthan, this business is set to boom. Add for the long term. Plutus Wealth Management has picked up shares of *MTAR Tech* worth Rs.247.22 cr. An indication of things to come. Add. *Eicher Motor* expects double digit growth to continue for the next few years. This visibility merits an Add. *Dahanuka Agri* has hit a 52-week high after the launch of its biological fertilizers and insecticides, that have higher profit margins. Add. *Mazagon Docks Shipbuilders* to rally on its tie-up with Thyssen Krupp of Germany to bid for 6 submarines for the Indian Navy. It already has an order book of Rs.40000+ cr. Add. *Maharashtra Seamless* expects double digit growth in domestic markets and exports to continue for few years. It is also scouting for inorganic acquisitions. Add. Monsoon is on schedule. So, higher demand for fertilizers will generate big profits for *GSFC*. Its CMP is inclusive of a final dividend of Rs.10/share. Buy. *Man Infra* has big expansions on hand as new reality projects in Mumbai could generate good revenue over the next few years. EPC projects on hand are over Rs.980 cr. Add. *Gravita India’s* promoters sold 1.8% equity at Rs.586/share in a block deal leading to a price correction. Sell now and add at a lower price. *HAL* to make Jet engines in India with GE. It will split its share to make it more affordable to investors. A big positive. Add. *Macrotech Developers* has hiked prices by 8% and likely to fare better in FY24, which will help it meet the interest cost on rising debts. Accumulate. *CCL Products* has acquired several coffee brands from the Lofbergs Group, which enables it to access the major supermarkets in the UK. Add. *Tanla Platforms* to acquire VF Digital India for Rs.346 cr. The acquisition of ValueFirst Middle East FZC will give it a footprint in Saudi Arabia, Indonesia and UAE. Buy. *Zydus Life* has received USFDA nod for acid reflux and ulcer drug Esomeprazole Magnesium (delayed-release oral suspension). A big positive. Add. *Indoco Remedies* has received EU GMP certificate from German Health Authority for its manufacturing facility (Plant III) located at Baddi facility. A big positive. Buy. *Torrent Power* to develop 3 Hydro Projects of 5700 MW in Maharashtra at Rs.27000 cr. and employ about 13500 people in the construction over 5 years. Add. *Capacite Infraprojects* has a Rs.224 cr. order for Raymond’s residential project at Thane. In May, it got a Rs.478 cr. order for Godrej’s residential towers at Mahalaxmi in Mumbai. Buy. *GNFC’s* 50KTconcentrated nitric acid to start commercial production in FY24, which will improve its financials. Its new 20 KTPA Formic Acid add on capacity has been commissioned. Buy for the long term. *Indian Bank* notched FY23 EPS of Rs.44.8, which may lead to FY24 EPS of Rs.55+. A reasonable P/E of 8x could take its share price to Rs.450+ in the medium term. Add. *Banswara Syntex* notched FY23 EPS of Rs.33 and is set to garner FY24 EPS of Rs.38+. Buy for 30% gain. West Coast Paper Mills notched 207% higher FY23 EPS of Rs.142.6, which may lead to FY24 EPS of Rs.170+. Buy for 30% gain. J&K Bank posted 139% higher FY23 EPS of Rs.11.4, which may lead to FY24 EPS of Rs.18+. Buy for hefty gains. Mahanagar Gas’ FY23 NP rose 32% to Rs.790 cr. on 77% higher net sales of Rs.6299 cr. on y-o-y basis. It declared a final dividend of Rs.16/share. Add. *Rana Sugar* is specialized in manufacturing Sugar, Alcohol as well as power posted an impressive Q4FY23 as PAT zoomed 173.58%. Add for good returns. *Suzlon Ltd*. recorded highest ever weekly volumes and highest closing after 2018. This turnaround performance, strong future commentary and stock rise points to a bright future. Add. *Prestige Estate* has executed 281 projects, has 57 ongoing projects and plans 44 more with 680+ acres of land bank as at FY23. Management’s strong FY24 guidance is attracting investors. Buy. *Bharat Electronics’* PAT grew 28% to Rs.3006.67 cr. on 15.22% higher sales to Rs.17333.37 cr. Its order book stands at Rs.60690 cr. Stock has given highest ever closing on Friday. Add. *HCC* gave a highly bullish breakout with big volumes in Friday’s negative market. FIIs hold 12.29% and DIIs hold 12.45%. With the big infra boom, it is likely to cross its 52-week high. Add. *Shree Digvijay Cement* posted 90% higher Q4 profit. Its FY24 will be even better given the strong demand for cement, declining coal prices and trebling of capacity to 3 MMTPA. Keep it on your radar. Steel Strips Wheels group company, *Indian Acrylics* posted a very sharp turnaround with Q4FY23 NP at Rs.19.34 cr. as against a loss of Rs.23.84 cr. Add. *Rico Auto’s* Q4FY23 NP zoomed 199% to Rs.25.91 cr. from Rs.8.65 cr. in Q4FY22. Its equity of Rs.13.53 cr. is supported by reserves of Rs.675.72 cr. Keep it on your radar. *Pennar Industries’* FY23 PAT rose 80% to Rs.75.43 cr. from Rs.41.91 cr. in FY22. The management expects strong growth in top line and expansion in margins in FY24. Add. *HSCL’s* FY23 NP catapulted 453%. Its strategic investment in Sicona Battery Technology, Australia, could boost a sharp rise in top line and in margins. Keep it on your radar. *Transformers & Rectifiers’* FY23 NP zoomed 197% to Rs.42.35 cr. from Rs.14.28 cr. in FY22. For Q4FY23, its NP grew 2495%. Add for hefty gains. *Denis Chem* produces sterile intravenous injectables. Its share trades at a P/E of just 14x and the dividend yield is 3%. Varun Daga, managing partner of Dream 11, holds 11.5% stake in it and FIIs hold 20.74%. Add for hefty gains. The consumption story in the upper segment of society is intensifying. Beneficiaries include: *Titan Ltd.,* which keeps growing by space, products and locations. *Trent Ltd.* has the right formula for product positioning and pricing. *Phoenix* is getting established as an upper class mall brand. Their valuations can ignore the standard P/E multiple approach. *Univastu India's* FY23 sales rose 36.67% to Rs.80.13 cr. from Rs.58.63 cr. in FY22 and PAT grew from Rs.5.22 cr. to Rs.6.58 cr. and is expected to rise further. Add. *Cell Point Ltd.’s* NSE SME IPO opening on 15th June is said to be an offer at a P/E multiple of 6.5x, which is indeed attractive.

AMI ORGANICS LTD CONCALL

✍️ our business model is designed in such a way that the revival of the Chinese chemical industry has a minimum to no bearing on us. ✍️On the demand side, we were witnessing gradual upswing in the demand in H2 FY '23. And I believe the revival will continue in H1 FY '24 ✍️Electrolyte additives- we have received approval from 6 customers worldwide. We have also received plant-scale trial commercial orders of few metric tons. And we are also expecting a bigger commercial order during the current quarter. we have developed 2 more products in this segment. One of them is liquid electrolyte additive to increase electrocapacity of the Lithium-Ion batteries and one more additive for solid-state battery ✍️we have been able to expand the scope of our contract with Fermion, and we have added a couple of high value intermediates for the same. This means we will now be doing 3 advanced intermediates for them which increases the value of our contract manyfold. ✍️Fermion contract-( darolutamide, Nubeqa )that is a long-term contract, and it will start supplying from Q3 of FY '24. The full capacity supply will be starting FY '25. Because it is a pharma business, and it takes some time for registrations in 180 countries worldwide. So, in Q3 and Q4, it will be giving us a sizable revenue. But from FY '25, it will be giving us a full revenue, And in that contract only, we have 3 more products, and all 3 products are additional to the contract. So that will also help us to grow more in terms of numbers in the upcoming years. ✍️This product is growing unexpectedly to 200 or 300x a year. Whatever they expected in 2026, they already closed in 2023. So, it's going very fast. And the basic API manufacturing plant in Fermion is fully utilized and the intermediate which they are trying to source from us, they are currently making it in-house. They don't have any source other than us. ✍️ Baba Fine Chemicals acquisition - we are gaining entry into a very high entry barrier semiconductor industry and its products main application in photo resistance chemical in semiconductor industries and they are making very high purity chemicals, And going forward the market is more than $2 million in photo resistance chemicals,It will definitely grow more than 3x to 4x in a year,Baba Fine Chem is currently manufacturing and delivering, is exclusively for one customer. But there are more than 40 products, which are already developed and the samples of which can go to the world. Apart from U.S., other countries like Japan, Korea, etc, we have started promoting this product in those countries also. ✍️Export for the year was at 59%, whereas domestic business was at 41%. ✍️ balance sheet, we have a net debt-free balance sheet with cash and cash equivalent of around INR59 crores. ✍️We are targeting this year, that the specialty chemicals segment will grow around 25% to 30% against our normal growth of 22% to 25% of our pharma segment, developed some molecule in sp chemicals with versatile applications, including electronic donor, polymer industry as well as some paint industry additive, UV Absorber, as well as some electronic industry. So, cumulatively once it is all in, it will bring a lot of large volume and large value. ✍️Capex INR200 crores plus next year. ✍️Anticoagulant Basket-Apixaban and rivaroxaban is a growth driver for us for the next 2 years because it's going to be launched. And our generic player worldwide more than 26 customers in apixaban. They are all ready to launch. And also, they won some litigation in U.K. against the originators, so that will help us to start moving very fast. In rivaroxaban, the originator has qualified us, and they started placing order in Q4 FY '23. So now we are supplying to originator as well the rivaroxaban. So, it's a very good growth driver for us in the anticoagulant segment.For Edoxaban three customers in Japan qualified Us. ✍️Ankleshwar facility is upcoming facility which will be ready by December '24 operationally. So that will come with a very huge volume, 4x volume than our unit 1 in Surat. So that will be definitely help us with our FY '24, FY '25 & FY '26 growth of pharma.( Asset turnover Normally 3 but we have high value products.) ✍️Currently, on an average basis, considering sales as a base, our working capital cycle is 108 days. And I try to bring this at 100 days. So, we are continuously working on it ✍️The advantage for Ami Organics or, say, for Indian manufacturer, is that the U.S. and other European countries have stopped buying any battery cells or anything which is generated from China. So that is an added advantage that any manufacturer based outside of China will need to have a raw material from outside China. So that is helping us to push ourselves in a faster mode of getting the orders and all. ✍️Normally, our product basket is well distributed and none of the basket is more than 15%.

TATA CHEMICAL

Tata chemical leading global chemical player with over 4,138 KT of soda ash and 236 KT of sodium bicarbonate capacities. With operations spread across India (Tata Chemicals), US (Tata Chemicals North America), UK (Tata Chemicals Europe), Kenya (Tata Chemicals Magadi) and South Africa (Tata Chemicals South Africa), and a customer base across the globe, one of the world’s most geographically diversified players. Products - Alkali products — soda ash, soda bicarbonate, caustic soda, crushed refined soda, etc; Halogen products — chlorine and bromine based products, and Salt products , salt, gypsum, industrial salt, etc. Our chemistry solutions serve the world’s leading downstream brands for glass, detergents, pharma etc. Specialty Products Agro Sciences: covers 80% of India’s districts and have seven power brands through our subsidiary Rallis India, which offers crop protection and agri-input solutions. Nutritional Sciences: Through Tata NQ, we offer an innovative range of nutritional solutions such as healthy prebiotics for gut health. Our brands Fossence and Gossence are sourced by leading B2B manufacturers around the world. Tata NQ products are manufactured ina world-class plant in Mambattu, Andhra Pradesh. Material Sciences: Our R&D efforts in chemistry-based, nanomaterial solutions have paved the path to new business avenues through advanced materials (HDS, Specialty Silica and nano zinc oxide). silica products, Tata chemical are targeting the high-growth market of tyres, especially the green tyre made of HDS whose demand is being propelled by stringent emission norms and tyre labelling. TREADSIL™ is our HDS brand, targeting energy efficient tyres for vehicles. Our products also find application in rubber and non-rubber goods – TYSIL™ is our conventional silica brand for tyres and other rubber goods applications and TAVERSIL™ for non-rubber applications like food, feed, detergents, oral care and agro chemicals. To strengthen foothold in the segment, we have acquired the 900 TPM precipitated silica plant at Cuddalore in Tamil Nadu. Lithium-ion cells are one of the most critical components for energy transition; and with our inherent strengths in chemistry, we at Tata Chemicals are creating a platform for electro-chemistry solutions. We are partnering with Indian R&D centres (like ISRO, CSIR-CECRI and CMET) for indigenous development of actives, cells and recycling. Tata Chemicals efforts lead to zero poaching of Whale Sharks in Gujarat. 3rd largest Soda Ash producer globally Asia's largest saltworks 4,600 employees across 4 continents 13 manufacturing plants across the globe Supported by 3 R&D centers with 200 + Scientists Tata Chemicals Aniali Limestone Mine Awarded Five-Star Rating by GoI for the fifth year in a row. Key points for Tata chemical (Finanical health checkup) 1. Market cap 25118 cr 2. Stock pe 11.06 (one of the lowest PE in chemical sectors) 3. Book value - 774 4. ROCE - 12.00% 5. ROE - 12.00% 6. Sales increased from - Last year 12622 cr to 16789 cr. (Good progress) 7. operating profit increased from 2305 cr to 3820 cr (Good progress) 8. OPM percentage from 18% to 23% (Good show) 9. Net profit from 1405 cr to 2434 cr (Good show) 10. EPS rise from 49.37 to 90.93 (Good show) 11. strong reserve gone up from 17988 cr to 19466 (it is sign of good company increasing the reserve on every qtr) 12. current working project gone up from 1668 cr to 2410 (which will reflect in coming year balance sheet and revenue will add to the company bootom line) 13. Company made investment of 7990 cr. (company holding shares of following company in his portfilio. Rallies india - Total shares 9,73,41,610 The Indian Hotels Co. Ltd. Total shares - 1,18,77,053 Oriental Hotels Ltd. Total shares 25,23,000 Tata Investment Corporation Ltd.Total shares 4,41,015 Tata Steel Ltd. Total shares Total shares 3,09,00,510 Tata Motors Ltd. Total shares 19,66,294 83 Titan Company Ltd. Total shares 1,38,26,180 Pluse company invested in unquoted shares and Non Cumulative Redeemable Preference Shares of Tata Chemicals International Pte. 1,61,00,000 14. Revenue stood at Rs. 16,789 crore, almost 33% more than last year. The EBITDA was at Rs. 3,822 crore, 67% more than last year. The margins improved by 4.5% and stood at 23%. As far as the whole year PAT is concerned, the profits for the year was at Rs. 2,452 crore against Rs. 1,400 crore last year, a 75% increase. The PAT margin was at 14.6%. The financial year ended March '23 was perhaps the highest ever across all geographies and for the Company as a whole. On a consolidated basis we had Rs. 2,398 crore of cash at the end of March 2023.Net debt was at Rs. 3,898 crore. The consolidated CAPEX for the year was about Rs. 1,600 crore. company are very much focused on cash generation and paying off debt over a point of time. 15.CRISIL Ratings has reaffirmed its ‘CRISIL A1+’ rating on the commercial paper programme of Tata Chemicals Limited (TCL). 16.OCF increased from 1645 cr to 2971 cr 17. promoter holding 37.98 % 18. FIIS holding 14.59 % (Acacia Partners 1.60% Franklin Templeton Investment Funds 1.35% Acacia Conservation Fund Lp 1.32% Acacia Institutional Partners 1.04% 19. DIIs holding 19.77 % 20 public holding 27.64% 21. Government holding 0.03% 22. Proposed Dividend of ₹ Rs. 17.5 per share (subject to approval of shareholders at AGM) 23. Gross debt lower due to prepayment of debt US$ 155 Mn in overseas units during the year (Rs 1,247 Cr) 24. Gross debt down from US $ 930 Mn to US $ 770 Mn 25. Gross and Net debt include a forex revaluation impact of Rs 458 Cr Final conclusion : Tata chemical is most trusted name in corporate industry. Company doing allround growth in finanical check and we will see coming year company revenue and Net profit will increase. one can do SIP investment in this counter. We may see 1200 in short time. This information only for educational purpose. I am not SEBI resarch anlyast. Before investing kindly consulant with your advicer.

India Daybook – Stocks in News

*Tata Power:* Renewable Energy arm gets LoA to set up 966 MW RTC hybrid renewable power project (Positive) *IRB Infra:* May revenue up 20% at Rs 411.1 cr Vs Rs 343.5 cr (YoY) (Positive) *Aether Industries:* Signs licence Agreement with Saudi Aramco Technologies Company to commercialise Sustainable Converge Polyols Technology (Positive) *NHPC:* Arm gets Pump Hydro Storage site in Punasa by Madhya Pradesh government with an estimated storage capacity of 525 MW X 6 hours (Positive) *Biocon:* Bengaluru’s API manufacturing facility receives GMP compliance certificate from the Competent Authority of Germany (Positive) *Dr Reddys:* Company gets US FDA nod for Cyclophosphamide (Positive) *Snowman Logistics:* Gateway Distriparks acquired additional 14 lakh shares in the logistics company (Positive) *Hindustan Aeronautics:* Company said the meeting of the Board of Directors will be held on June 27 to consider a proposal for the sub-division of equity shares. (Positive) *CCL products:* Company inks an asset purchase pact with Lofbergs Group for acquisition of various brands registered in the UK (Positive) *Zydus Life:* Company gest final approval from USFDA for Esomeprazole Magnesium for delayed release oral suspension (Positive) *Tanla Platforms:* Board has approved acquisition of 100% stake in Valuefirst Middle East FZC and Vakuefirst Digital Media (Positive) *SpiceJet:* Indian budget airline partnered with FTAI Aviation on a CFM56 revitalisation program. (Positive) *Hero MotoCorp:* The company and Harley Davidson could consider the local assembly of Harley motorcycles in India (Positive) *Titagarh Rail:* Board to consider raising funds via QIP/Rights Issue on June 10 (Positive) *Punjab National Bank:* State-owned bank has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (Neutral) *State Bank of India:* MD sees Rs 30 lakh crore opportunity in climate finance by 2030 (Neutral) *GAIL India:* The state-owned natural gas company has released payment to all stakeholders of JBF Petrochemicals as per an NCLT order (Neutral) *L&T Finance:* Board has approved a final dividend of Rs 2 per equity share (Neutral) *Hero Moto Corp:* Company to invest up to Rs 1,500 crore for developing premium bikes and EVs in India (Neutral) *Blue Dart:* Board approves appointment of Sudha Pai as CFO, effective Sep 1. (Neutral) *Tata Communications:* CEO addresses margin decline, says focus is on product mix optimisation (Neutral) *Kotak Mahindra Bank:* Canada Pension Fund is likely to sell a 1.66 percent stake in the private sector lender, reports CNBC-TV18 quoting sources (Neutral) *United Drilling Tools*: Ace investor Ashish Kacholia sold 1.58 lakh equity shares or 0.78 percent stake (Negative) *JHS Svendgaard:* Nikhil Vora and his wife Chaitali sold a 1.19 percent stake in the oral care products manufacturer (Negative)

Aether Industries:

The speciality chemical manufacturer has inked a license agreement with Saudi Aramco Technologies Company for the commercialisation of the sustainable Converge polyols technology. The agreement formally initiates Aether's activities towards manufacturing and commercialization at Aether of the Converge polyols technology and product series.