New IPO on Iran Fara Bourse Railway!
– Today, 47 mn shares of Rail Seir Kosar, with the ticker.., with IRR 471,820 mn in capital, were initially offered in Iran Fara Bourse; this is the second IPO conducted based on the Book Building method. Each individual or institutional investor was allowed to purchase 1,000 shares at most at the price ranging from IRR 1,900-2,090. The company’s major activity falls in the purchase of passenger and load wagons as well as offering repair and maintenance services and spare parts sales.
– In its Monday session, the parliament members approved the macroeconomic targets determined in the 6th five-year development plan. In this regard, the GDP growth was set to hit an average of 8% with the average annual growth of 6.7% for the country’s GNP. In this approval, the average inflation rate also hovers around 8.8%, too.
– The Deputy Minister of Industries, Mining and Trade stated that during the current year, 20,000 industrial units in small to medium sized enterprises have kicked recession having been granted loans worth $3.5 bn. This plan, prepared by the government’s economic team, is to stimulate the re-activation of such factories whose production had stopped.
– The spokesman of Danske Bank announced their readiness to financially provide its clients who are in business with Iran with the required services, stating their in-progress negotiations with the CBI. In last April, the respective bank had announced its activities for re-opening SWIFT connections with Iranian banks to offer services like letter of credit.
– Referring to the importance of interactions between the Majlis and the CBI, the first deputy of the parliament announced that the CBI must explicitly state its expectations and demands from the Majlis as well as the government and provide the legal instruments and authority and establish suitable payment systems through fine relations.
– In its H1, Esfahan Oil Refining has made IRR 84 of its EPS, covering 32%. While the company had reported to realize IRR 291 EPS in its budget, its new EPS has been set to be IRR 266, 9% down.
– Over its Q3 performance, Pars Minoo Industrial has covered 57% of its EPS for the FY ending 20 March 2017.
– In its latest report, Bank Mellat has announced to realize IRR 102 EPS, which is 75% down compared to its previous estimates; the company has covered 3% of this amount in its H1 period equal to IRR 3.
In the Market
The rumor has it that banking tickers as well as Mapna Group are to be reopened in the next week.
In line with the global commodity, including Zinc, prices hike, nearly all names in the Iron Ore space were highly demanded, with some facing buy queues. Iran Manganese (-0.99%) was the only name finishing in the red.
The same trend was also seen in the Metals industry and names like Kimiay-e Zanjan Gostaran, Fasmin, National Iranian Copper Industries and Iran Mineral Processing closed with buy queues. Besides, 29 mn shares of Arfa’ Metal and Steel and 30mn shares of National Iranian Copper Industries were block traded in the retail market.
Tickers in the Automotive sector started the session weak, following their recently seen trend. However, at the final hour, some positive movements were seen in names such that Iran Khodro finally finished in +0.43% and Saipa Diesel closed in +0.4.
The majority of tickers in the Food and Beverages industry were positively traded, headed by Pakdis, which has been recently offered for the first time, benefiting its shareholders with 10%. Pegah-e Fars has also been heard to resume its export to Russia.
Following the release of Tabriz Oil Refining negative performance, all tickers in the Oil Products industry witnessed sales pressure, some like Esfahan Oil Refining, Tehran Oil Refining and Shiraz Oil refining facing sell queues. However, an official in this industry announced that the negotiations between Bandar Abbas Oil Refining and Tehran Oil Refining Company and JCCP and JGC companies are to be finalized soon.
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