*Economic Times*
*Business Standard*

Ø Credit Suisse cuts FY22 GDP forecast to 8.5-9%
Ø IMF to revisit growth forecast for India due to surge in COVID-19 cases - spokesman
Ø PSBs will only lead bad bank, pvt banks also need to support it: SBI MD
Ø Majority of SMEs qualify for restructuring says Crisil
Ø Chinese airlines agree to resume drug imports to India
Ø Adani Transmission plans Rs 4,500 crore capex in FY22
Ø About 3,400 rated firms eligible for recast under fresh rules: Crisil
Ø Hero MotoCorp Q4 net rises 39% to Rs 865 cr, declares final dividend of Rs 25
Ø Patent waiver in WTO to enable timely availability of Covid vaccines: Govt
Ø US weekly jobless claims fall more than forecast to fresh 13-month low
Ø ArcelorMittal Nippon Steel India EBITDA up nearly 3x at $403 mn in Q1

*Business Line*
*Mint*

Ø ‘Ageas may up stake in Federal Life to 74%’
Ø UK-India ETP is a critical stepping stone to enhance trade:Richard Heald
Ø India, EU to launch talks on investment protection, GIs
Ø Mahindra Group to set up mobility design centre in UK
Ø Sundram Fasteners posts highest-ever net of ₹130 crore in March quarter
Ø Raymond stitches a profitable Q4
Ø Axis AMC eyes to collect ₹1,500-cr from global innovation fund of funds
Ø Pfizer-BioNTech can supply 3 billion vaccine doses this year
Ø Oil PSUs to set up medical oxygen plants at 100 locations
Ø Nirma Group’s cement arm Nuvoco Vistas Corp. files papers for Rs5,000 cr IPO
Ø IDFC MF changes name of dynamic equity fund to balanced advantage
Ø Centre gives tax concession to five SWFs

*Financial Express*
*Business World*

Ø COVID second wave can hit energy demand in April-June quarter: Report
Ø Netherland’s SHV buys Neev’s stake in SunSource Energy
Ø Cognizant Q1 net up 37.6 pc to $505 million; expects to log 7-9% revenue growth in FY2021
Ø Rupee Rises 13 Paise To Settle At 73.78 Against US Dollar
Ø Sensex, Nifty Rise For 2nd Day; Auto, IT Stocks Take Charge

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BHARAT FORGE: CO ACQUIRES NOUVEAU POWER & INFRASTRUCTURE

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VAKRANGEE: CO ENTERS THE ONLINE SPACE WITH THE LAUNCH OF DIGITAL SERVICES
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NIITLTD (500304) has accepted around 29% shares for its BUYBACK at Rs. 240

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*ADANI POWER*
Q4 CONS NET PROFIT 131.3M RUPEES VS LOSS 13.13B (YOY); EST LOSS 6B | LOSS 2.89B (QOQ)

Q4 REVENUE 63.74B RUPEES VS 61.72B (YOY)

*Praj industries-robust*
Rev at 571cr vs 302cr
Pbt at 73cr vs 32cr,Q3 PBT was 39cr
Pat at 52cr vs 25cr
Ocf at 225cr vs 15cr

*KEY RESULTS 07-05*
AUTO CORP OF GOA
CHOLAMANDALAM INVT & FIN
DABUR INDIA
DUNCAN ENGINEERING
EIH
GE SHIPPING
GODREJ AGROVET
GRINDWELL NORTON
HDFC
KANSAI NEROLAC
NAVIN FLUORINE INTL
PIONEER DISTILLERIES
PONNI SUGARS
R SYSTEMS INTL
SACHETA METALS
STEEL STRIPS WHEELS
SUTLEJ TEXTILES
TANFAC INDUSTRIES
ULTRATECH CEMENT

*SOLARA ACTIVE PHARMA* Q4 CONS NET PROFIT 566M RUPEES VS 178M (YOY), 658M (QOQ) || Q4 CONS REVENUE 4.54B RUPEES VS 3.09B (YOY)

*FII / FPI & DII activity for 06-May-202*
Net Trends in Fund Flows( in Cr. )
FIIs : 1,222.58
DIIs : -632.51

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* India Daybook – Stocks in News*


*Praj Ind Q4:* Profit at Rs 52.0 crore versus Rs 24.8 crore, Revenues at Rs 567.0 crore versus Rs 296.0 crore YoY (Positive)

*Solara Active:* Profit at Rs 56.6 cr vs Rs 17.8 crore, Revenue at Rs 444.0 cr vs 296.0 crore (Positive)

*Blue Star:* Profit at Rs 68.0 cr vs Rs 9.0 crore, Revenue at Rs 1611.0 cr vs 1299.0 crore (Positive)

*Adani Power Q4:* Profit at Rs 13.0 crore versus loss of Rs 1313.0 crore, Revenues at Rs 6374.0 crore versus Rs 6172.0 crore YoY (Positive)

*Raymond Q4:* Profit at Rs 70.3 crore versus loss of Rs 90.9 crore, Revenues at Rs 1365.0 crore versus Rs 1278.0 crore YoY. (Positive)

*Gillette Q4:* Profit at Rs 105.6 crore versus Rs 52.4 crore, Revenues at Rs 536.0 crore versus Rs 406.0 crore YoY. (Positive)

*HERO MOTOCORP* Net Profit at Rs 865.0 crore versus poll of Rs 810.0 crore, Revenues at Rs 8686.0 crore versus poll of Rs 8425.0 crore (Positive)

*Adani Trans Q4:* Profit at Rs 256.5 crore versus Rs 58.0 crore, Revenues at Rs 2275.0 crore versus Rs 2474.0 crore YoY. (Positive)

*M&M:* Company to Open Advanced Design Centre for Mobility Products in UK (Positive)

*Aurion Pro:* Board has approved sale of its entire stake, in its USA based subsidiary, resulting in the exit from the cyber security business globally (Positive)

*Torrent Pharma:* India Rating has revised outlook to ‘Positive’ from ‘Stable’ (Positive)

*Zensar Tech:* UK-based FinTech Infinity Circle selects for end-to-end development of its next-gen wealth management platform (Positive)

*TCS:* Company launches new consulting framework to help enterprises drive transformation and growth (Positive)

*Dr Reddy/ Panacea/ STAR:* A single dose Sputnik Light introduced. (Positive)

*Cupid:* Receives a purchase order from Uttar Pradesh Medical Supplies Corporation Limited for supply of "COVID – 19 Antigen Based Rapid Test. (Positive)

*Sadbhav Infra:* Enters into Debenture Trust Deed Raises Rs 700 Crores from Allianz Global Investors and AMP Capital (Positive)

*IRB Infra:* LIC Bought 71.29 Lakh Shares (2.03% Equity) between Sept to Now (Positive)

*India Grid Trust:* The company has raised Rs 1,000 crore through the issuance of non-convertible debt securities (NCDs (Positive)

*NLC India:* The company has raised Rs 650 crore by issuing commercial paper. (Positive)

*SBI Life Insurance:* Carlyle will sell a 3.5 percent stake in the company at an offer price of Rs 945 per share via a block deal. (Neutral)

*Credit Access Q4:* Profit at Rs 56.3 crore versus Rs 30.8 crore, Revenues at Rs 611.0 crore versus Rs 470.0 crore YoY (Neutral)

*Century Tex Q4:* Loss at Rs 5.0 crore versus Rs 80.0 crore, Revenues at Rs 820.0 crore versus Rs 770.0 crore YoY. (Negative)

*Procter Health Q4:* Profit at Rs 15.7 crore versus Rs 46.6 crore, Revenues at Rs 219.0 crore versus Rs 228.0 crore YoY (Negative)

*Asian Hotels (West):* India Ratings and Research' has downgraded the credit rating for the bank fa. (Negative)


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*Foseco India Ltd.* | *CMP* Rs. 1386 | *M Cap* Rs. 885 Cr | *52 W H/L* 1500/942
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 88.5 Cr (7.6% QoQ, 22.8% YoY) vs QoQ Rs. 82.3 Cr, YoY Rs. 72.1 Cr
EBIDTA came at Rs. 12.6 Cr (33.6% QoQ, 54.8% YoY) vs QoQ Rs. 9.4 Cr, YoY Rs. 8.1 Cr
EBITDA Margin came at 14.2% vs QoQ 11.4%, YoY 11.3%
Adj. PAT came at Rs. 9.3 Cr vs QoQ Rs. 7.2 Cr, YoY Rs. 6.1 Cr
Quarter EPS is Rs. 14.5
Share is trading at P/E of 47.5x TTM EPS

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*Hero MotoCorp Ltd.* | *CMP* Rs. 2913 | *M Cap* Rs. 58196 Cr | *52 W H/L* 3629/1935
(Nirmal Bang Retail Research)
No. of Vehicles Sold 1568313 vs QoQ 1845274,YoY 1334511
*Result is ahead of expectation*
Gross Margin improved QoQ by 10bps vs TVS 80 bps and Bajaj -90 bps (decline)
Revenue from Operations came at Rs. 8686 Cr (-11.1% QoQ, 39.2% YoY) vs expectation of Rs. 8415.6 Cr, QoQ Rs. 9775.8 Cr, YoY Rs. 6238.4 Cr
EBIDTA came at Rs. 1211.2 Cr (-14.3% QoQ, 83.5% YoY) vs expectation of Rs. 1061.3 Cr, QoQ Rs. 1413.6 Cr, YoY Rs. 659.9 Cr
EBITDA Margin came at 13.9% vs expectation of 12.6%, QoQ 14.5%, YoY 10.6%
Adj. PAT came at Rs. 865 Cr vs expectation of Rs. 799.1 Cr, QoQ Rs. 1084.5 Cr, YoY Rs. 620.7 Cr
Quarter EPS is Rs. 43.3
Share is trading at P/E of 16x FY22E EPS

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*Adani Transmission Ltd.* | *CMP* Rs. 1131 | *M Cap* Rs. 124389 Cr | *52 W H/L* 1147/167
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 2726.6 Cr (5% QoQ, -14.4% YoY) vs QoQ Rs. 2597 Cr, YoY Rs. 3187 Cr
EBIDTA came at Rs. 827.4 Cr (-25.8% QoQ, -23.9% YoY) vs QoQ Rs. 1115.5 Cr, YoY Rs. 1087.7 Cr
EBITDA Margin came at 30.3% vs QoQ 43%, YoY 34.1%
Adj. PAT came at Rs. 256.6 Cr vs QoQ Rs. 395.3 Cr, YoY Rs. 94.3 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 100.1x TTM EPS

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*Raymond ltd.* | *CMP* Rs. 328 | *M Cap* Rs. 2184 Cr | *52 W H/L* 409/212
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1365.7 Cr (9.8% QoQ, 6.8% YoY) vs QoQ Rs. 1243.4 Cr, YoY Rs. 1278.7 Cr
EBIDTA came at Rs. 154.9 Cr (36% QoQ, -2325.3% YoY) vs QoQ Rs. 113.9 Cr, YoY Rs. -7 Cr
EBITDA Margin came at 11.3% vs QoQ 9.2%, YoY -0.5%
Adj. PAT came at Rs. 56.5 Cr vs QoQ Rs. 21.7 Cr, YoY Rs. -106.5 Cr
Quarter EPS is Rs. 8.5
Share is trading at P/E of 2733.3x FY22E EPS

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Some interesting facts about OXYGEN
#LINDEINDIA
#EVERESTKANTO
#NATIONALOXYGEN

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World Markets

Dow + 318
Nasdaq + 50
Dax + 26
Nikkei + 114
Hangseng + 126
Sgxnifty + 57 (14837)
Brent Crude 68.02
Dow Fut + 24
Dollar Index 90.89

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*Tata steel Q4FY21 Concall highlight:*

*Outlook:*

· Asian steel prices are expected to remain buoyant amidst strong demand recovery, production cut in china and elevated raw material prices

· Seaborn iron ore prices is also expected to remain elevated whereas coking coal should remain calm in near future.

*Expansion projects*-The Pellet plant and Cold Roll Mill complex at Kalinganagar is under construction. The 5mtpa expansion project has been restarted. Project is expected to be commissioned by around the second half of FY24.

Update on bhushan merger and other operations TSBSL merger with Tata Steel is progressing ahead while the merger of Tata Metaliks and Indian Steel and Wire Products with Tata Steel Long Products is also underway. Also, the separation of Tata Steel's Netherlands and UK operations is on going and the management would be in a more finite position to comment on the status of the same in the next two months.

*Update on Capex*-, Tata Steel's full year free cash flow after capex was around INR 24,000 crore. The company accelerated Capex allocation for the Pellet plant and CRM complex at Kalinganagar and restarted work on 5 MTPA expansion in Q4. The margins are expected to expand upon completion of both the pellet plant and cold roll mill complex.

*Other highlight*

· Export volumes spike by 52% in FY21

· Tata steel has managed to maintain its leadership in the CV segment with a 38% market share. Moreover, the company has registered 2x growth in the auto component exports segment.

*View*

With continues increase in HRC prices and iron ore prices Tata steel is expected to show improvement in realisation in Q1FY22 and deliver strong performance. HRC realization are up by Rs.6000-7000 from Q4 average price and cost are up by Rs.2000-2500.
In Europe company do more of a contract sales and has less spot sales. The benefit of for price increase will be visible in coming quarter
The debt has significantly come down to Rs75389cr as compared to Rs 116328cr. we expect the improvement in cash flow to further expedite its debt reduction
Volume is expected to increase by 1mn T in India and 1mn T in Europe in FY22
Remain positive on the stock and maintain buy, the stock is trading at an EV/EBITDA of 5x FY23

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*Credit Access Grameen Ltd Q4FY21 Con-call Update*
(Nirmal Bang Retail Research)
*Outlook: Neat term negative*
• Liquidity position remained robust with Rs. 2484 Cr cash & cash equivalents as on 31st March 2021, amounting to 16.5% of total assets
• CAGL took accelerated provision write offs of Rs 279 Cr.
• Contingent provisions are at Rs 112 Cr (0.8% of AUM)
• Total ECL provisions were INR 622.6 crore (5.01% of loan portfolio) against GNPA of 4.43%.
• The company witnessed reduction in non-paying customers from 5.1% of total portfolio in Dec’20 to 1.9% in Mar’21
• As per management commentary, there will be negative impact of 2nd wave of covid. Covid 2.0 is devastating as per management although its impact will not be as bad as Covid 1.0.
• Credit costs in FY22 completely depends on the second wave of Covid in India
• Collection Efficiency (excl. arears) for CAGL improved to 94% in March from 91% in Dec. In Maharashtra (25% of AUM) it improved from 86% to 90% QoQ.
• For MMFL (subsidiary) : Collection Efficiency (excl. arears) for CAGL improved to 90% in March from 86% in Dec.
• Disbursement came at Rs. 4996 Cr vs YoY Rs. 2916 Cr, QoQ Rs. 4590 Cr
• CAGL has a capital adequacy ratio of 31.8% and Tier 1 ratio at 30.5%
• CAGL: GL Loan Usage – Animal Husbandry 45.7%, Trading 26.6%, Partly Agri related 15.0%, Production 7.9%, Housing 1.6%, Others 3.2%. Strong focus on non-urban geographies with 84% borrowers

Share is trading at P/E of 13.3x FY22E EPS & 3.8x trailing P/BV

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*CEAT Ltd Q4FY21 Con-call Update*
(Nirmal Bang Retail Research)
*Outlook: Near term Negative*
• Volumes grew by 43% YoY but were largely same in Q4FY21 as compared to Q3FY21
• The company saw a high single digit growth in volumes in Exports and OEM segments but saw a decline of 5-6% in volumes of the Replacement segment
• Blended raw material cost went up by 12% on a per kg basis on a sequential basis leading to a contraction of 365 bps in gross margins
Company had taken 3% price hike in Q4
Raw material cost increase in Q1 will be around 8-10%
• Revenue segment: Truck and Buses-34% (32% YoY); 2/3 Wheelers- 29% (32% YoY); LCV- 9% (12% YoY); PC/UV- 14% (14% YoY); Farm- 7% (6% YoY and Specialty- 7% (5% YoY)
• Replacement segment: 65% (59% YoY); OEM- 21% (27% YoY) and Export-14% (14% YoY)
• Due to the ramp up of capacity in the three facilities, the company saw a rise of 25% in standalone employee cost and 5.5% increase in other expenses
• The company has been ramping up capacity in its various plants namely Halol, Nashik and Chennai with the specialty plant in Ambernath reached almost full capacity levels
• The expansion in Chennai plant is 190 tonnes TBR segment with an investment of Rs. 1205 Cr over 4 years which will be raised through debt and internal accruals
• The company is expected to have a capex of Rs. 1150 Cr with Rs. 1000 Cr as project capex and Rs. 150 Cr as maintenance capex
• The company decreased its gross debt by Rs. 139 Cr in Q4 and Rs. 510 Cr in FY21 leading to improvement in leverage ratios and stronger balance sheet. Debt/equity at 0.42x compared to 0.49x YoY and 0.66x QoQ
Share is trading at P/E of 14.1x FY22EPS

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*Procter & Gamble Health Ltd.* | *CMP* Rs. 6278 | *M Cap* Rs. 10421 Cr | *52 W H/L* 7500/3632
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 219.2 Cr (-8.8% QoQ, -3.9% YoY) vs QoQ Rs. 240.2 Cr, YoY Rs. 228.1 Cr
EBIDTA came at Rs. 30.7 Cr (-65.4% QoQ, -47.7% YoY) vs QoQ Rs. 88.8 Cr, YoY Rs. 58.7 Cr
EBITDA Margin came at 14% vs QoQ 36.9%, YoY 25.8%
Adj. PAT came at Rs. 15.8 Cr vs QoQ Rs. 67.9 Cr, YoY Rs. 46.5 Cr
Quarter EPS is Rs. 9.5
Share is trading at P/E of 54.3x TTM EPS

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GM jsk stock in news solaractive,drl,gland,stridespharma,panacea,caplin,gnfc,subex,prajind,indiaglycol,hdc,ultratech,bluestar,adanipower,cams, bajajhealth,cams,Raymond,navinfluorin,zensar. Negative stocks irctc,sbilife,amarraja.nifty range 14625-14900.

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Economic Times



Business Standard

Ø Credit Suisse cuts FY22 GDP forecast to 8.5-9%

Ø IMF to revisit growth forecast for India due to surge in COVID-19 cases - spokesman

Ø PSBs will only lead bad bank, pvt banks also need to support it: SBI MD

Ø Majority of SMEs qualify for restructuring says Crisil

Ø Chinese airlines agree to resume drug imports to India

Ø Adani Transmission plans Rs 4,500 crore capex in FY22



Ø About 3,400 rated firms eligible for recast under fresh rules: Crisil

Ø Hero MotoCorp Q4 net rises 39% to Rs 865 cr, declares final dividend of Rs 25

Ø Patent waiver in WTO to enable timely availability of Covid vaccines: Govt

Ø US weekly jobless claims fall more than forecast to fresh 13-month low

Ø ArcelorMittal Nippon Steel India EBITDA up nearly 3x at $403 mn in Q1

Business Line



Mint

Ø ‘Ageas may up stake in Federal Life to 74%’

Ø UK-India ETP is a critical stepping stone to enhance trade:Richard Heald

Ø India, EU to launch talks on investment protection, GIs

Ø Mahindra Group to set up mobility design centre in UK

Ø Sundram Fasteners posts highest-ever net of ₹130 crore in March quarter

Ø Raymond stitches a profitable Q4



Ø Axis AMC eyes to collect ₹1,500-cr from global innovation fund of funds

Ø Pfizer-BioNTech can supply 3 billion vaccine doses this year

Ø Oil PSUs to set up medical oxygen plants at 100 locations

Ø Nirma Group’s cement arm Nuvoco Vistas Corp. files papers for Rs5,000 cr IPO

Ø IDFC MF changes name of dynamic equity fund to balanced advantage

Ø Centre gives tax concession to five SWFs

Financial Express



Business World

Ø COVID second wave can hit energy demand in April-June quarter: Report

Ø Netherland’s SHV buys Neev’s stake in SunSource Energy

Ø Cognizant Q1 net up 37.6 pc to $505 million; expects to log 7-9% revenue growth in FY2021



Ø Rupee Rises 13 Paise To Settle At 73.78 Against US Dollar

Ø Sensex, Nifty Rise For 2nd Day; Auto, IT Stocks Take Charge

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Trading Tweaks

Ex-Date Stock Split: Vaibhav Global

Record Date Interim Dividend: Aptech, Allsec Technologies

Record Date Income Distribution: Embassy Office Parks REIT

Record Date Buyback: InfoBeans Technologies

Price Band Revised From 10% To 5%: Hikal, Angel Broking

Move Into Short-Term ASM Framework: Best Agrolife, The Great Eastern Shipping Company

Move Out Of Short-Term ASM Framework: Macrotech
Developers, Panacea Biotec, Lemon Tree Hotels, Everest Kanto Cylinder, Rajratan Global Wire, Jay Bharat Maruti

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Pledge Share Details

Adani Enterprises: Promoter Group (Gautam Adani and Rajesh Adani) revoked pledge of 12 lakh shares on May 5.

Adani Ports And Special Economic Zone: Promoter Group (Gautam Adani and Rajesh Adani) revoked pledge of 8.50 lakh shares on May 5.

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