Tag: Devyani International

CLSA initiates coverage on Devyani International, target price Rs 207/share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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CLSA has initiated coverage on Devyani International with an ‘outperform’ rating and assigned a target price of Rs 207 per share. The brokerage is positive on the company’s expansion spree and expects its operating leverage benefits to kick at some point. The stock has already rallied about 56-57 percent over the last three months.

According to CLSA, the EBITDA levels the company posted for FY21 could quadruple over the next three years, for three reasons:

• Aggressive store expansion
• Pizza Hut to start seeing improved unit economics
• Company to start to see improved operating leverage benefits

On Tuesday, the Devyani stock rose as much as 5.7 percent to Rs 197.2 apiece on BSE, coming within one percent of a 52-week high of Rs 198.9 apiece, hit in mid-December. It has more than doubled from its IPO price of Rs 90.

CLSA values the company at 26 times its FY24 EV-to-EBITDA ratio. Assuming that the EBITDA has quadrupled from FY21 levels, it is at a discount of around 10 percent to Jubilant FoodWorks, according to the brokerage.

It values the company at 77 times FY24 earnings. The brokerage is optimistic giving the extremely large opportunity in India’s QSR space.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hotel, restaurant stocks under selling pressure amid fresh COVID-19 restrictions over Omicron

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hotel and restaurant stocks fell on Monday as fresh restrictions were imposed in many parts of the country to curb the spread of COVID-19 amid rising concerns over the Omicron variant. Stocks like Chalet Hotels, Lemon Tree, EIH, Barbeque Nation, Burger King and Cafe Coffee Day (CCD) were among the top losers.

Restrictions have been imposed in a number of regions in the country including Delhi, Uttar Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat.

Among hotel stocks, Chalet Hotels, EIH, Hotel Rugby, Asian Hotels, Country Club, Lemon Tree, Byke Hospitality and Mahindra Holiday — closing between 0.5 percent and 2.4 percent lower — were the top losers. However, Indian Hotels and Oriental Hotels were among the few stocks in the basket that bucked the trend, rising up to one percent.

Lemon Tree Hotels Deputy Managing Director Rattan Keswani said in an interaction with CNBC-TV18 that the company is hoping for a strong Q4, but is in a ‘wait and watch’ mode over the COVID situation.

ALSO READ: COVID restrictions hit Christmas weekend

“The hotel industry is trying to recover from the challenges it has faced on account of the first and second waves of the pandemic… In the last six months, we have seen some revenge traveling. The hotel industry is trying to get back to normal but again this third wave may impact it… Night curfew restrictions will not majorly impact the hotel industry but a major lockdown will,” Yash Gupta, Equity Research Analyst at Angel One, told CNBCTV18.com.

Night curfews in some states will slightly impact restaurants’ dine-in business, he said.

Among restaurant stocks, Coffee Day, Devyani International, Barbeque Nation, Speciality Restaurants, Burger King and Vidli Restaurants fell between 0.5 percent and 4.3 percent. On the other hand, Jubilant FoodWorks, Westlife and Sapphire Foods rose between 0.5 percent and 2.5 percent.

Gupta of Angel One believes a third wave of the pandemic in India may cause a slight impact on the the hotel and restaurant industry due to the night curfews or weekend lockdowns.

Here’s how some of the hotel and restaurant stocks have performed in the last one year:

“We have a neutral view on the hotel industry and are not recommending any fresh buy positions in hotel stocks,” said Angel One’s Gupta.

Anjan Chatterjee, Chairman and Managing Director of Speciality Restaurants, told CNBC-TV18 the current COVID-19 restrictions have been a dampener. The company has been impacted this month, he said.

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Devyani International shares jump over 7%; Jefferies initiates ‘buy’ rating; check target price

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Devyani International Ltd share price jumped nearly 7.5 percent on Tuesday in early deals. The stock of the KFC, Pizza Hut and Costa Coffee operator opened 2.6 percent higher at Rs 142.70, from its previous close of Rs 139.05, and hit the day’s high at Rs 149.40. So far this year, the stock has corrected 23 percent.

Investor sentiment in the stock improved sharply as brokerage house Jefferies initiated a ‘buy’ rating with a target price of Rs 240 per share. It said the company is among the top quick-service restaurant players in India with portfolio of brands such as KFC and Pizza Hut among others. The brokerage has forecast an estimated EBITDA CAGR of 37 percent for FY20-24.

Devyani International had launched its Rs 1,838-crore initial public offering in early August and garnered a stellar subscription of 116.71 times, generating bids for 1,313.79 crore equity shares against an offer size of 11.25 crore equity shares.

The Devyani International stock price was listed at Rs 141 on the BSE and Rs 140.90 on the National Stock Exchange, against the issue price of Rs 90 per share on August 16.

Meanwhile, benchmark indices Sensex and Nifty50 jumped on Tuesday, tracking positive global cues. At 11.14 am, Sensex traded 360 points higher at 57,621, while the Nifty50 surged 107 points to trade at 17,161.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IPO performance in Q2: Is primary market not as exciting as it used to be?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Initial public offers (IPOs) have had a dream run so far this year, contributing to the bullish sentiment on the street. However, some of the IPOs haven’t matched up to the expectations, eliciting a lukewarm response from investors lately. That begs the question: Is IPO euphoria over or is there still some more steam left?

Barring a few companies such as Devyani International and Tatva Chintan, all IPOs in the current quarter so far have not generated the kind of response that debutants managed earlier this year.

While the public offers of Devyani International and Rolex Rings in August saw subscription of 117 times and 130 times respectively, those of Tatva Chintan and GR Infraprojects in the previous month secured bids equivalent to 180 and 103 times their issue sizes.

Also, out of the 14 IPOs successfully completed so far this quarter, more than half have secured subscriptions of up to 44 times — the worst being the issues of Nuvoco and Chemplast last month, which were only subscribed around two times each.

Is the euphoria around IPOs fading?

That’s not all. There are two IPOs that are currently open and actively receiving bids till Friday, September 3.

At the end of the second day of bidding, while the IPO of Ami Organics has been fully subscribed, with bids of 3.90 times the issue size, that of Vijaya Diagnostic Centre has not received even half the bids compared to the issue size. At the end of the second day, its public offer is at 47 percent subscription.

ALSO READ | IPOs prove unlucky for HNIs in August

Earlier this year, a number of IPOs attracted more than 100 times subscription in the primary market.

ALSO READ | How HNIs invest in IPOs using borrowed money

Some of the companies that received blockbuster responses for their IPOs are: MTAR Technologies (201 times), Nazara Technologies (176 times), EasyTrip Planners (159 times), Shyam Metalics and Energy (121 times), IndiGo Paints (117 times) and Laxmi Organic Industries (107 times).

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IPO roundup: Primary market route remains busy but this time with some caution

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There has been no dearth of companies lining up to make their way to the bourses keeping the health of the primary market strong over the past few months but the week gone by has been particularly crucial for the IPO market. It is crucial not only because it saw four companies getting listed on the exchanges but also because it was a week that saw some cool off in the euphoria surrounding the IPOs and valuations attempted to catch up with fundamentals.

Companies like Windlas Biotech, Devyani International, Krsnaa Diagnostics and Exxaro Tiles raised Rs 3,614 crore and got listed on exchanges. Also, 17 companies including three SMEs have filed Draft Red Herring Prospectus (DRHP) with SEBI in the week between August 15 to August 27.

*Note: Some Figures Are Indicative Or Source-Based

Windlas Biotech

Dehradun-based Windlas Biotech is one of the top companies in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) in India.

The company had set an issue price of Rs 448-460/share. The issue was subscribed over 22X.

Windlas Biotech made a weak debut on exchanges listing at Rs 439/share, down almost 5 percent as compared to its issue price of Rs 460/share. The stock closed its first week on the exchanges with being down over 20 percent from its issue price.

Devyani International

Devyani International operated popular chains in India like KFC, Pizza Hut and Costa Coffee. The company had set an issue price of Rs 86-90/share. The issue was oversubscribed over 116X, generating bids for 1,313.79 crore  equity shares against an offer size of 11.25 crore equity shares.

Devyani International made a strong debut on exchanges listing Rs 141/share, a premium of 56 percent over its issue price of Rs 90/share. The company closed its first week on the exchanges by trimming its overall gain by 16 percent from the high it made on the listing day itself.

Krsnaa Diagnostics

Krsnaa Diagnostics is India’s largest diagnostic services provider, both in Radiology and Pathology. The company is present in 14 states and 1800+ locations across the country.

The company had set an issue price of Rs 933-954/share. The issue was subscribed 64X with retail portion getting subscription of 42X.

The company made a subdued listing on the exchanges, listing at a premium of 7 percent to its issue price. The stock closed its debut week on exchanges with being down 16 percent from its high and 3 percent from issue price.

Exxaro Tiles

Exxaro Tiles is engaged in the manufacturing, marketing activities of vitrified tiles. It supplies its products to large infrastructure projects i.e. residential, educational, commercial, hotels, hospitals, government, builders or developers, religious institutions. It also exports tiles to different countries across the globe i.e. Poland, Bosnia, the USA, and others.

The company had set its issue price at Rs 118-120/share. The issue was subscribed 23X, receiving bids worth 25.97 crore bids against the issue size of 1.15 crore  shares. The quota reserved for retail investors saw a 17.64 times subscription.

Exxaro Tiles also made a subdued listing on the exchanges listing at a premium of 5 percent at Rs 126/share. The company made a high of Rs 132/share and closed the week nearly 7 percent down from the high point. For the week, shares of Exxaro Tiles are up 2.5 percent from its issue price.

The week between August 15 to August 22 saw one staring listing in the form of Devyani International whereas Windlas Biotech disappointed its investors at least on a listing day. In the same period (the previous week) Market snapped its 2-week gaining streak with Sensex dropping 0.2 percent and Nifty 0.5 percent. Nifty Bank also fell over 3 percent & Midcap Index nearly 2 percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

From stellar Devyani Intl debut and new IPOs to easing WPI inflation, here’s the top news of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Devyani International listed on Dalal Street with pomp and show — Finance Minister Nirmala Sitharaman assured that the new income tax portal issues will be resolved soon — Mobile internet has been banned in 4 Meghalaya districts amid violence. For all these stories and everything in between, here is some top news of the day.

ECONOMY

July WPI inflation eases to 11.16%; food, crude prices soften

While the WPI inflation for July remained in double-digits for the third consecutive month, the wholesale-price based inflation softened to 11.16 percent. The WPI inflation was -0.25 percent in July 2020. While the inflation in food prices eased to 0 percent (from 3.09 percent in June), inflation in fuel rose to 40.28 percent from 36.34 percent in June. Continue reading

Income Tax portal issues to be resolved in few days, retail inflation to remain between 2%- 6%: FM
Finance Minister Nirmala Sitharaman on Monday said that she expects inflation to remain in the prescribed range during the current fiscal. The RBI has been mandated to keep inflation at 4 percent, with tolerance level of 2 per cent on either side. Continue reading

Govt likely to propose United India Insurance for privatisation 

The Centre may propose the privatisation of the United India Insurance company. Sources told CNBC-TV18 that insurance companies might get privatised before the banks. Continue reading

For more economy news, click here

MARKETS

Nuvoco Vistas and CarTrade IPO share allotment to take place tomorrow

The share allotment process of Nuvoco Vistas and CarTrade IPO may take place tomorrow. Once the allotment is finalised investors can check the status online either at the website of BSE or Link Intime. Here is how investors can check allotment for Nuvoco Vistas and CarTrade.

Devyani International lists at 56% premium at Rs 141 on bourses 

The shares of Devyani International Ltd, the largest franchisee of Pizza Hut and KFC, were listed at a premium of 56 percent to the issue price. At NSE, the shares were listed at Rs 90 and at the BSE, the shares were listed at a premium of Rs 140. Continue reading

Exxaro Tiles shares list at 5% premium over issue price

Exxaro Tiles was listed at a premium of 5 percent on the bourses on Monday. While the stock opened at Rs 126 on BSE, it opened at Rs 120 on NSE. Continue reading

Krsnaa Diagnostics shares list at 7% premium on BSE

Krsnaa Diagnostics was listed at a premium of 7 percent over its issue price of Rs 954. The stocks opened at Rs 1,025 on BSE and Rs 1,005 on NSE. Continue reading

Windlas Biotech lists at 5% discount at Rs 437 per share on NSE

Windlas Biotech listed at Rs 437 on NSE, with a discount of Rs 5 percent over the issue price of Rs 460. It listed with a discount of 4.57 percent on BSE, at Rs 439. Continue reading

CMS Info Systems files papers with SEBI to raise Rs 2,000 crores 

CMS Info Systems is likely to raise Rs 2,000 crores in the primary market in the coming months. The company has filed the DRHP papers with SEBI for an issue that comprises entirely an offer for sale (OFS). Continue reading

For more markets news, click here

BUSINESS

SpiceJet expects Boeing 737 MAX recovery soon, says CMD Ajay Singh 

India’s low-cost carrier, SpiceJet is expecting a green signal soon from the centre to fly Boeing’s 737 MAX aircraft. These talks have been on hold for several months now due to a sudden upheaval in the aviation sector after the breakout of the second wave of COVID-19 infections. Continue reading

Mahindra unveils XUV700; check features, specifications and price 

Mahindra & Mahindra has unveiled XUV700 a model that will be available in MX and AX series. It is expected to have three sub-series, including AdrenoX AX3, AX5, and AX7. Continue reading

Pizza Hut, KFC expanding; Costa Coffee outlets opening soon: Devyani Intl 

Devyani International is expanding KFC and Pizza Hut stores. While it has already opened over 100 stores, it hopes to continue on the same trajectory. Continue reading

For more business news, click here

INDIA

Curfew in Shillong, mobile internet banned in 4 Meghalaya districts amid violence 

Curfew was imposed in Shillong and mobile internet stopped in at least four districts of Meghalaya amid vandalism and arson over the police encounter of a top militant leader, who had surrendered. The curfew was imposed in Shillong from 8 pm on Sunday till 5 am on Tuesday. Continue reading

Pegasus row: Nothing to hide, will constitute committee of experts, Centre tells SC

The Centre on Monday told the Supreme Court that there is “nothing to hide” in the Pegasus snooping allegations and it will constitute a committee of eminent experts to examine all the aspects. Continue reading

 How return of Taliban in Afghanistan is going to complicate things for India

India, for now, is mainly occupied with bringing back Indians from Afghanistan. India had reduced investments in Afghanistan considerably in the last one year. Continue reading

For more India news, click here 

INTERNATIONAL

Japan ekes out economic growth in recovery from pandemic

Japan’s economy grew at an annual rate of 1.3 percent in the last quarter, raising hopes for a gradual recovery from the painful impact of the coronavirus pandemic. Continue reading

Taliban seize power in Afghanistan after government collapses –

The Taliban swept into Afghanistan’s capital Sunday after the government collapsed and the embattled president joined an exodus of his fellow citizens and foreigners, signaling the end of a costly two-decade US campaign to remake the country. Continue reading

China economy under pressure as factory output, retail sales growth slow sharply

China’s factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum. Continue reading

For more World news, click here

Also Read | Death of Elvis Presley to the independence of Cyprus: A look at key events that took place on Aug 16

Also Read | Here are key stocks that moved the most on August 16

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pizza Hut, KFC expanding; Costa Coffee outlets opening soon: Devyani Intl

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Devyani International Limited, the operator of quick-service restaurants chains like KFC, Pizza Hut, and Costa Coffee, is expanding, Ravi Kant Jaipuria, chairman, told CNBC-TV18.

The company made a stunning debut on Monday (Aug 16) as the stock was listed with a 56 percent premium over the issue price on the bourses. It opened at Rs 141 on the Bombay Stock Exchange (BSE) and Rs 140.90 on the National Stock Exchange (NSE), against an issue price of Rs 90 per share.

Also Read: Devyani International lists at 56% premium at Rs 141 on bourses

“In the last 6 months we have opened more than 100 stores and we hope this trajectory can continue. We are expanding mainly with KFC and Pizza Hut. And the Costa agreement has been signed, so Costa Coffee stores will start opening up also,” Jaipuria said.

According to him, most of the stores mature within one year. “In a small town, it starts maturing in the first month or two months, whereas in a mature town it takes between three and six months to mature. So it’s basically in the first year most of our stores mature so we don’t have really a long gestation period,” said Jaipuria.

The company expects recovery by end of August or early September.

“The business is reasonably back to normal and could be always better once complete lockdown is out,” said Jaipuria.

“In KFC, it has gone to 60 percent delivery and 40 percent dine-in, which we believe will come back to about 50-50 going forward and once everything becomes normal, it might reverse which is 60 percent dine-in and 40 percent delivery. Whereas in Pizza Hut, it is 90 percent delivery and most of it will remain close to 90 percent delivery,” he added.

Devyani International’s grey market premium was trading at Rs 145-147, about 60 percent more than the issue price, pointing to a healthy stock listing on the BSE and NSE.

For the entire management interview, watch the video

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Devyani International lists at 56% premium at Rs 141 on bourses

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Devyani International Limited, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, made a stunning debut on Monday as the stock listed with a 56 percent premium over the issue price on the bourses.

It opened at Rs 141 on the Bombay Stock Exchange (BSE) and Rs 140.90 on the National Stock Exchange (NSE), against an issue price of Rs 90 per share.

Devyani International’s Rs 1,838-crore initial public offer (IPO) garnered a stunning response from the investors when it opened for subscription earlier this month.

Also read: Devyani International IPO: Should investors subscribe? Here’s what brokerages say

The public issue was oversubscribed by 116.71 times. According to the data available at the stock exchange, investors put a bid over 1,313.79 crore shares against the total issue size of over 11.25 crore.

The portion reserved for qualified institutional buyers’ (QIB) category was subscribed 95.27 times, while that reserved for non-institutional investors (NII) was subscribed 213.06 times. Retail individual investors’ segment was booked 39.51 times. The IPO allotment was finalised last week.

Devyani International’s shares were trading at Rs 55-57 on the unofficial market prior to the listing. The company’s grey market premium was trading at Rs 145-147, about 60 percent more than the issue price,  pointing to a healthy stock listing on the BSE and NSE.

Devyani International’s public issue consisted of a fresh issue of up to Rs 440 crore and an offer for sale of up to 15,53,33,330 equity shares. The company’s IPO was priced between Rs 86-90 per share while the allotment was done at Rs 90. Devyani International had earlier mobilised Rs 825 crore from anchor investors.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained: Is the euphoria around IPOs fading?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s primary market has had a number of bumper initial public offers (IPOs) in recent times. Almost one third of the IPOs launched so far in 2021 have been subscribed 100 times or more.

But many of the recent share sales have not attracted the same degree of investor participation.

Dalal Street saw the rollout of eight IPOs in July alone. Here’s how these latest IPOs have fared:

Of the latest IPOs, Devyani’s saw the maximum bidding, joining the club of nine issues between January and July that saw subscription of at least 100 times. Here are the top five:

Is the interest in IPOs fading, at least for now?

“There seems to be some ebbing of interest in IPOs but it still remains strong relative to the historical context,” market expert Sandip Sabharwal told CNBCTV18.com.

Valuations have become expensive in some of the recent IPOs, but it is nothing unusual in a bull market. “As the bull market progresses, it is normal for initial IPOs to leave something on the table for investors, however eventually valuations become very high, which is something we are seeing now,” he said.

At the current valuations of IPOs, whoever is investing should only be doing it for listing gains, he said. “It is a very high probability that in two years, most of these IPOs will trade below their listing price.”

Also read: Here are top D-Street debutants of 2021

‘Fading just a bit’

“I have a feeling that the IPO euphoria seems to be fading just a bit and that it was overdone. Okay, it is a new-age business, different times, different valuations, but there was a rush for IPOs and some of them were extremely expensive in terms of valuation. Something like Zomato has been heavily oversubscribed and done well, but even then, it remains extremely expensive. And though there is momentum, the stock could still go up, but I am uncomfortable,” said Kapadia.

Also read: Missed the bus on Zomato stock? Experts advise on how to play it now

There are actually very few IPOs that perform well long after listing, according to AK Prabhakar, Head of Research at IDBI Capital.

“Many of the recent IPOs are not of great quality… It is just euphoria because of which everyone is applying and cashing out. But in reality, they will not make money in the long term… HNIs (high net worth individuals) will not be able to meet interest costs in many cases,” he said.

“Such IPOs are not going to benefit the market; If you see six months of one year after listing, very few debutants actually deliver,” he told CNBC-TV18.com.

Also read: Delisted Chemplast comes back with an IPO

Prabhakar cited the example of Gland Pharma as one stock that performed months after its IPO.

It is indeed an IPO that did not look much promising at the time but did happen to surprise investors eventually. The Gland Pharma stock is up 128 percent since its debut on Dalal Street in November 2020, when its shares were listed at 13.4 percent premium over its issue price following an IPO that was subscribed two times. Gland Pharma‘s was the biggest ever offering in the Indian pharma space.

“I think the frenzy is cooling off and we should be seeing something more rational from a longer-term point of view. It’s not that all IPOs are expensive, we had something like a Laxmi Organic that has reported good numbers and done very well,” said Kapadia, who believes one has to be very selective when in comes to picking IPOs.

Laxmi Organic Industries shares have given a return of 105 percent so far since its debut in March this year. The stock was listed at 20 percent premium following an IPO that was subscribed 107 times.

A reality check

“I always tell people that IPOs is not the place to buy… Most IPOs don’t give returns over a longer period of time,” said Prabhakar, who believes there are a few IPOs that are good, but advises investors to be more mindful of their IPO choices.

While unique businesses often lead to good listing of shares, there are often companies that launch their IPOs at higher valuations than already listed peers with much more industry dominance. “Due to the euphoria, everything will move higher, but a reality check is a must from time to time,” he added.

Echoing similar views, Kapadia said the current situation brings back the “memories of 2007 -2008 which are anything but pleasant. Investors need to be extremely careful when they look for valuations.”

“Currently, many of the stocks seem to be unreasonably priced, and if the following results don’t match up to the anticipation, I think there will be a ruse reality check.” That is Kapadia’s message for investors, especially the impatient kind.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow