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*The Great Eastern Shipping Company Ltd.* | *CMP* Rs. 384 | *M Cap* Rs. 5644 Cr | *52 W H/L* 384/189
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 740 Cr (-1.8% QoQ, -26.7% YoY) vs QoQ Rs. 753.2 Cr, YoY Rs. 1009.3 Cr
EBIDTA came at Rs. 224.9 Cr (-32.9% QoQ, 35.4% YoY) vs QoQ Rs. 335.4 Cr, YoY Rs. 166.1 Cr
EBITDA Margin came at 30.4% vs QoQ 44.5%, YoY 16.5%
Adj. PAT came at Rs. 49 Cr vs QoQ Rs. 176.3 Cr, YoY Rs. -50.7 Cr
Quarter EPS is Rs. 3.3
Share is trading at P/E of 10.2x FY22E EPS


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*Grindwell Norton Ltd.* | *CMP* Rs. 1052 | *M Cap* Rs. 11648 Cr | *52 W H/L* 1052/451
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 507.5 Cr (10.9% QoQ, 38.7% YoY) vs expectation of Rs. 438.5 Cr, QoQ Rs. 457.7 Cr, YoY Rs. 365.9 Cr
EBIDTA came at Rs. 119.2 Cr (21.7% QoQ, 97.6% YoY) vs expectation of Rs. 83.7 Cr, QoQ Rs. 98 Cr, YoY Rs. 60.3 Cr
EBITDA Margin came at 23.5% vs expectation of 19.1%, QoQ 21.4%, YoY 16.5%
Adj. PAT came at Rs. 83.1 Cr vs expectation of Rs. 56 Cr, QoQ Rs. 65.9 Cr, YoY Rs. 41.4 Cr
Quarter EPS is Rs. 7.5
Share is trading at P/E of 47.9x FY22E EPS


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Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: May 10, 2021 08:45 AM India
Topic: Morning Market Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_Grkf6Mx6QlmIR3Dxm7DWiA


After registering, you will receive a confirmation email containing information about joining the webinar.
KARNATAKA: COVID GUIDELINES - DELIVERY OF ALL ITEMS THROUGH E-COMMERCE ALLOWED || FOLLOWING INDUSTRIES CAN OPERATE: MANUFACTURING UNITS OF ESSENTIAL COMMODITIES || PRODUCTION UNITS WHICH REQUIRE CONTINUOUS PROCESS || INDUSTRIAL UNITS (BOTH GOVERNMENT AND PVT) OPERATING WITH IN-SITU STAFF/WORKERS


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*Navin Fluorine International Ltd.* | *CMP* Rs. 3370 | *M Cap* Rs. 16682 Cr | *52 W H/L* 3370/1375
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 336.4 Cr (8.8% QoQ, 21.6% YoY) vs expectation of Rs. 310.9 Cr, QoQ Rs. 309.1 Cr, YoY Rs. 276.6 Cr
EBIDTA came at Rs. 84.2 Cr (4.7% QoQ, 22.5% YoY) vs expectation of Rs. 79.7 Cr, QoQ Rs. 80.5 Cr, YoY Rs. 68.8 Cr
EBITDA Margin came at 25% vs expectation of 25.6%, QoQ 26%, YoY 24.9%
Adj. PAT came at Rs. 59.3 Cr vs expectation of Rs. 56.9 Cr, QoQ Rs. 58.9 Cr, YoY Rs. 272.7 Cr
Quarter EPS is Rs. 12
Share is trading at P/E of 59.4x FY22E EPS


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*Godrej Agrovet Ltd.* | *CMP* Rs. 515 | *M Cap* Rs. 9892 Cr | *52 W H/L* 569/349
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 1462.5 Cr (-4.2% QoQ, -10.1% YoY) vs expectation of Rs. 1463.1 Cr, QoQ Rs. 1526.2 Cr, YoY Rs. 1627.7 Cr
EBIDTA came at Rs. 112.2 Cr (-0.2% QoQ, -11.1% YoY) vs expectation of Rs. 106.2 Cr, QoQ Rs. 112.4 Cr, YoY Rs. 126.3 Cr
EBITDA Margin came at 7.7% vs expectation of 7.3%, QoQ 7.4%, YoY 7.8%
Adj. PAT came at Rs. 63.4 Cr vs expectation of Rs. 53.3 Cr, QoQ Rs. 61.6 Cr, YoY Rs. 84.5 Cr
Quarter EPS is Rs. 3.3
Share is trading at P/E of 25.9x FY22E EPS


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*Kansai Nerolac Paints Ltd.* | *CMP* Rs. 591 | *M Cap* Rs. 31850 Cr | *52 W H/L* 680/333
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1330.5 Cr (-9.7% QoQ, 34.7% YoY) vs expectation of Rs. 1257.1 Cr, QoQ Rs. 1473.4 Cr, YoY Rs. 988 Cr
EBIDTA came at Rs. 203.4 Cr (-29.8% QoQ, 59.1% YoY) vs expectation of Rs. 202 Cr, QoQ Rs. 289.8 Cr, YoY Rs. 127.8 Cr
EBITDA Margin came at 15.3% vs expectation of 16.1%, QoQ 19.7%, YoY 12.9%
Adj. PAT came at Rs. 127.8 Cr vs expectation of Rs. 130.6 Cr, QoQ Rs. 201.9 Cr, YoY Rs. 71.5 Cr
Quarter EPS is Rs. 2.4
Share is trading at P/E of 47.4x FY22E EPS

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*Ultratech Cement Ltd.* | *CMP* Rs. 6485 | *M Cap* Rs. 187192 Cr | *52 W H/L* 7056/3231
(Nirmal Bang Retail Research)
Off-take came at 27.8mnT vs expectation of 27mnT, QoQ 23.88mnT, YoY 21.44mnT
*Result ahead of Expectation*
Revenue from Operations came at Rs. 14405.6 Cr (17.6% QoQ, 34.1% YoY) vs QoQ Rs. 12254.1 Cr, YoY Rs. 10745.6 Cr
EBIDTA came at Rs. 3690.4 Cr (19.3% QoQ, 51.1% YoY) vs QoQ Rs. 3094.3 Cr, YoY Rs. 2442.7 Cr
EBITDA Margin came at 25.6% vs QoQ 25.3%, YoY 22.7%
Adj. PAT came at Rs. 1775.2 Cr vs QoQ Rs. 1584.3 Cr, YoY Rs. 3242.8 Cr
Quarter EPS is Rs. 61.5
Share is trading at EV/EBITDA of 15.2 FY23 EBITDA


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*Cholamandalam Investment & Finance Company Ltd. -S* | *CMP* Rs. 569 | *M Cap* Rs. 46660 Cr | *52 W H/L* 588/120
(Nirmal Bang Retail Research)
*Result is below expectations* due to higher opex and higher provisions
NII came at Rs. 1342 Cr vs expectation of Rs. 1333 Cr, YoY Rs. 1015 Cr, QoQ Rs. 1364 Cr
PBP came at Rs. 828 Cr vs expectation of Rs. 962 Cr, YoY Rs. 614 Cr, QoQ Rs. 996 Cr
Provision came at Rs. 504 Cr vs expectation of Rs. 277 Cr, YoY Rs. 557 Cr, QoQ Rs. 445 Cr
Provision was high as co made Covid provisions of Rs. 350 Cr during the qtr taking total contingent provisions to Rs. 1100 Cr (1.4% of AUM)
PAT came at Rs. 243 Cr vs expectation of Rs. 456 Cr, YoY Rs. 43 Cr, QoQ Rs. 409 Cr
AUM came at Rs. 76529 Cr vs YoY Rs. 66943 Cr, QoQ Rs. 75813 Cr
Disbursement came at Rs. 8071 Cr vs YoY Rs. 5663 Cr, QoQ Rs. 7926 Cr
Gross NPA (%) came at 3.96% vs QoQ 3.75%
Net NPA (%) came at 2.21% vs QoQ 2.27%
Quarter EPS is Rs. 3
Share is trading at P/E of 21.1x FY22E EPS & 4.9x trailing P/BV


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*Trading Tweaks*

*List of securities shortlisted in ASM Framework w.e.f. May 10, 2021*

1. Praj Industries Ltd*
2. Advance Metering Technology Ltd
3. BSL Ltd
4. Essar Shipping Ltd
5. Shahlon Silk Industries Ltd
6. Shetron Ltd

*List of securities which shall continue in ASM framework but shall be moved to respective Lower Stage ASM w.e.f. May 10, 2021*

1. Captain Pipes Ltd
2. Cian Healthcare Ltd

*List of securities moving out of ASM Framework w.e.f. May 10, 2021*

1. Goa Carbon Ltd
2. HFCL Ltd
3. Khadim India Ltd
4. Mcleod Russel India Ltd
5. Satin Creditcare Network Ltd
6. Securekloud Technologies Ltd
7. Setco Automotive Ltd
8. Som Distilleries & Breweries Ltd
9. Sree Rayalaseema Hi-Strength Hypo Ltd
10. Sterlite Technologies Ltd
11. Tribhovandas Bhimji Zaveri Ltd
12. Vascon Engineers Ltd
13. Deccan Health Care Ltd
14. HLE Glascoat Ltd
15. Jetking Infotrain Ltd
16. Jonjua Overseas Ltd
17. Sanblue Corporation Ltd
18. Sarup Industries Ltd
19. Sylph Education Solutions Ltd
20. Bal Pharma Ltd*
21. Choksi Laboratories Ltd*
22. Hazoor Multi Projects Ltd*
23. Megasoft Ltd*
24. Refnol Resins & Chemicals Ltd*
25. Sicagen India Ltd*
26. Sunil Healthcare Ltd*
27. Vista Pharmaceuticals Ltd*
28. Vivimed Labs Ltd*
29. Shukra Pharmaceuticals Ltd*
30. Parmax Pharma Ltd*
31. Viji Finance Ltd*
32. B.A.G. Films and Media Ltd*
33. Hindustan Bio Sciences Ltd*
34. Dynamic Industries Ltd*
35. Haldyn Glass Ltd*
36. Piccadily Sugar & Allied Industries Ltd*

*List of securities shortlisted in Short Term 5/15/30 Days ASM Framework w.e.f. May 10, 2021*

1. Bajaj Healthcare Ltd
2. B & A Ltd
3. Saven Technologies Ltd
4. Kanchi Karpooram Ltd
5. Vivid Global Industries Ltd
6. Vaswani Industries Ltd*
7. EID Parry India Ltd*
8. GTL Ltd*
9. Somi Conveyor Beltings Ltd*
10. Dish TV India Ltd*
11. R Systems International Ltd*
12. Indraprastha Medical Corporation Ltd*
13. Nureca Limited*

*List of securities which shall continue in Short Term 5/15/30 Days ASM framework but shall be moved to respective higher Stage ASM w.e.f. May 10, 2021*

1. Available Finance Ltd
2. OTCO International Ltd
3. Garware Synthetics Ltd

*List of securities moving out of Short Term ASM Framework w.e.f. May 10, 2021*

1. Ashapura Minechem Ltd
2. Bharat Rasayan Ltd
3. Biofil Chemicals & Pharmaceuticals Ltd
4. Chemfab Alkalis Ltd
5. Cochin Minerals & Rutiles Ltd
6. Daikaffil Chemicals India Ltd
7. Insilco Ltd
8. Jyoti Resins & Adhesives Ltd
9. KPT Industries Ltd
10. Mangalam Organics Ltd
11. Parnax Lab Ltd
12. Sky Industries Ltd
13. Vippy Spinpro Ltd
14. Shish Industries Ltd**
15. Expo Gas Containers Ltd**
16. Pharmaids Pharmaceuticals Ltd**
17. Garnet International Ltd**
18. Shahlon Silk Industries Ltd*

*Graded Surveillance Measure (GSM) - List of securities moving into their respective GSM Stages with effect from May 10, 2021*

1. SHEKHAWATI POLY-YARN LTD. - Moved to GSM Stage 1
2. QUADRANT TELEVENTURES LIMITED - Moved to GSM Stage 1
3. ZENITH STEEL PIPES AND INDUSTRIES LIMITED - Moved to GSM Stage 2
4. VANDANA KNITWEAR LTD. - Moved to GSM Stage 3

*CHANGE IN CIRCUIT FILTER with effect from May 10, 2021.*

1. Coffee Day Enterprises Ltd – 20%
2. 3P Land Holdings Ltd – 10%
3. Bajaj Hindusthan Sugar Ltd – 10%
4. Ozone World Ltd – 10%
5. BSL Ltd – 10%
6. Apcotex Industries Ltd – 10%
7. Ambica Agarbathies & Aroma Industries Ltd – 10%
8. Dynacons Systems & Solutions Ltd – 10%
9. Bansal Roofing Products Ltd – 10%
10. Advance Metering Technology Ltd – 5%
11. La Tim Metal & Industries Ltd – 5%
12. Zee Media Corporation Ltd – 5%
13. Available Finance Ltd – 2%
14. Arunjyoti Bio Ventures Ltd – 2%
15. Dolphin Medical Services Ltd – 2%


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