The country has extended the closure of land borders with India for 14 more days.
5. Our sensor can detect cars over 500m away: Self-driving startup Aeva. Self-driving sensor startup Aeva has said its sensor can detect other vehicles from beyond 500 metres and pedestrians from a distance of over 350 metres. It said a proprietary chip it has developed allows its sensors to detect objects with below 10% reflectivity at long ranges. Aeva was founded by former Apple engineers Soroush Salehian and Mina Rezk in 2017.
6. *At least 200 Palestinians hurt in Al-Aqsa clashes with Israeli police, say medics*
It was unclear what set off the violence at Al-Aqsa, which erupted when Israeli police in riot gear deployed in large numbers as thousands of Muslim worshippers were holding evening prayers
7. *Islamic extremists behind attack on Maldives' ex-president Mohamed Nasheed, says top official; two arrested* Investigators still do not know which extremist group was behind the attack, which left Nasheed, 53, in critical condition in an intensive care unit after life-saving surgeries to his head, chest, abdomen and limbs, the official added

*🚣🚴🏇🏁🏊Sports:*

1. Olympic gold medallist ex-hockey player MK Kaushik dies of COVID-19. He was 66 and survived by his son and wife. MK Kaushik, a member of the 1980 Moscow Olympics gold medal-winning Indian team, had tested positive for COVID-19 on April 17. Earlier in the day, Kaushik's teammate Ravinder Pal Singh also died after battling COVID-19.

2. *China opens Mount Everest’s north side to 38 virus-tested mountaineers* The 38 people who were issued Chinese permits to climb the peak must come from parts of China that are at low risk for infection and must show a clean bill of health before attempting the summit.

3. *Bundesliga: Bayern Munich crowned champions after Borussia Dortmund beat RB Leipzig*
England winger Jadon Sancho netted twice in Dortmund's home win, a result that meant Bayern become champions without kicking a ball before their home game against Borussia Moenchengladbach later on Saturday evening..

4. *Formula 1 2021: Lewis Hamilton takes 100th career pole in Spanish Grand Prix qualifying*
Hamilton pushed his Mercedes to a flying lap of 1 minute, 16.74 seconds. Verstappen in his Red Bull was only 0.03 seconds behind


*USD 73.25 💷GBP 102.37*
*🥇Gold ₹ 44,900 @10 gm 24 (Krt)*
🥈 *Silver ₹71440 @ Kg*
@ Bangalore
⛽ *Petrol ₹ 94.30*
⛽ *Diesel ₹ 86.64*
*LPG : ₹ 812.00/14.2 Kg*

*BSE Sensex* 49,206.47
*NIFTY* : 14,823.15

*🇮🇳Facts about India🇮🇳*

The World's First Granite Temple is the Brihadeswara Temple at Tanjavur, Tamil Nadu. The shikhara of the temple is made from a single 80-tonne piece of granite. This magnificent temple was built in just five years, (between 1004 AD and 1009 AD) during the reign of Rajaraja Chola.

*😀Thought of the day*

“Not only must we be good, but we must also be good for something.” – Henry David Thoreau.


*💁🏻‍♂️GK Today💤*

*'Covipri’, the fake Remdesivir injection*
At a time people are desperately looking for treatment against Covid-19, an injection named “Covipri” is circulating on social media, with many referring to it as the Remdesivir injection. Remdesivir is not a magic drug against Covid, but doctors are using it on a case-to-case basis to reduce severity of the infection. Hence, this medicine is on high demand and there is shortage of supply. In the meantime, an image of “Covipri” packets, with “Remdesivir” injection written on them, is being shared on Facebook. Many users are claiming that the drug is available and people who need these for Covid patients can contact them.

*LEARN Sanskrit*🙏🏻
day before yesterday is parahyaha परह्यः
day before the day before yesterday is praparahyaha प्रपरह्यः .

*😳Why❓❓❓*

*Architecture - The Science Behind Temples:* ⁉

Most temples are located along magnetic wave lines of the Earth, which help in maximising the available positive energy. The copper plate (called Garbhagriha or Moolasthan) buried under the main idol absorbs and resonates this energy to its surroundings. Going to the temple often helps in having a positive mind and garnering positive energies, which in turn lead to healthier functioning.

It is also a practice to take off footwear before entering places of worship because they would bring in the dirt to an otherwise cleansed and sanctified environment.

🤔 *How it works* ⁉

*Vaccines*

Vaccines contain weakened or inactive parts of a particular organism (antigen) that triggers an immune response within the body. Newer vaccines contain the blueprint for producing antigens rather than the antigen itself.

🛕 *VEDIC GYAN*

"Knowledge is the most important thing without which one can not achieve his goal."

🧬 *HEALTH CARE: HOME REMEDIES*🩺
( *Note* : These home tips followed in villages/ancient traditions, it is up to you to use it or not🙏🏻)
Home Remedy for Upset Stomach – Apple Cider Vinegar (ACV)
When it comes to home remedies, apple cider vinegar has got to be near the top of the list as a “go to” for just about everything. For indigestion, most folks put a shot of ACV (roughly 1 teaspoon to 1 tablespoon) in a glass of room temperature water and drink it down. Some add a bit of honey to mellow the flavor. As we age, most of us produce less stomach acid, which bogs down digestion. A little extra acid helps get things moving again.

*Regards*

───────────────────╮
*🙏PLZ FOLLOW GOVT. NORMS,*
*MAINT SOCIAL DISTANCE,*
*KEEP YOURSELF & YOUR FAMILY SAFE🌼*
╰───────────────────╯

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*Seshasayee Paper & Boards Ltd.* | *CMP* Rs. 163 | *M Cap* Rs. 1025 Cr | *52 W H/L* 183/116
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 327.9 Cr (99.3% QoQ, 2.4% YoY) vs QoQ Rs. 164.5 Cr, YoY Rs. 320.3 Cr
EBIDTA came at Rs. 34.2 Cr (148.1% QoQ, -47.1% YoY) vs QoQ Rs. 13.8 Cr, YoY Rs. 64.7 Cr
EBITDA Margin came at 10.4% vs QoQ 8.4%, YoY 20.2%
Adj. PAT came at Rs. 29 Cr vs QoQ Rs. 4.7 Cr, YoY Rs. 48 Cr
Quarter EPS is Rs. 4.6
Share is trading at P/E of 14.3x TTM EPS


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*Sutlej Textiles & Industries Ltd.* | *CMP* Rs. 48 | *M Cap* Rs. 786 Cr | *52 W H/L* 52/18
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 677.1 Cr (23.2% QoQ, 26.2% YoY) vs QoQ Rs. 549.4 Cr, YoY Rs. 536.4 Cr
EBIDTA came at Rs. 71 Cr (60.3% QoQ, 380.1% YoY) vs QoQ Rs. 44.3 Cr, YoY Rs. 14.8 Cr
EBITDA Margin came at 10.5% vs QoQ 8.1%, YoY 2.8%
Adj. PAT came at Rs. 27.7 Cr vs QoQ Rs. 11.5 Cr, YoY Rs. -9.4 Cr
Quarter EPS is Rs. 1.7


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Excellent result by CSB Bank.
Net profit increased by 1617 % on YoY basis.
Highest profit in its history of 100 years

Q4 FY 21 Net Interest Margin 5.42%


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Tata Motors To Hike Price Of Cars, SUVs From May 8

Tata Motors Ltd. will hike the prices of its cars and utility vehicles for the second time this year as commodity prices continue to surge.

The automaker will increase the prices of its passenger vehicles by an average of 1.8% depending on the variant and model, effective May 8, according to an exchange filing. The company, however, will offer protection from the increase to customers who have booked Tata passenger vehicles on or before May 7, it said.

“Increase in prices of commodities such as steel and precious metals, necessitates us to pass on a part of it through rise in the price of our product,” Shailesh Chandra, president-passenger vehicles business, Tata Motors, said in the statement.

The company had previously hiked prices of its passenger vehicle range by up to Rs 26,000, depending on the variant, from Jan. 22. It sells passenger vehicles ranging from the hatchback Tiago with a starting price of Rs 4.85 lakh to SUV Safari tagged at up to Rs 21.4 lakh (ex-showroom Delhi).

This comes at a time Tata Motors is preparing to mitigate the impact of the second wave of coronavirus on its business, and has announced business agility plans to meet the demand for its vehicles. As part of that, it’s working to ensure an optimal level of inventory and is planning for critical raw materials to cater to the volatile demand outlook.

Tata Motors passenger vehicle business posted its highest-ever sales in nine years in March 2021 and Q4 FY21. In FY21, the business registered its highest-ever annual sales in eight years.

But Tata Motors isn’t the only automaker to hike prices.Maruti Suzuki India Ltd., the nation’s largest carmaker, too, increased prices of select models by 1.6% from April.


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MARKET WIZARD NEWSLETTER ISSUE 9

Fundamental Stocks

▶️ Star Cements
▶️ Satia Industries
▶️ Tide Water Oil Company (India) Limited
▶️ Castrol India Limited

Technical Stocks

▶️ Himatsingka Seida Limited
▶️ Kolte Patil Developers Limited
▶️ Mishra Dhatu Nigam Limited
▶️ Monte Carlo Fashion Limited
▶️ Raymond Limited

TEAM MARKET WIZARD

*CSB Bank Q4FY21 Concall Update*
(Nirmal Bang Retail Research)

*#Strong loan growth / NIMs marred by elevated opex*
*#Asset quality improves*

*Outlook: Positive*

*Asset Quality witnesses improvement*
• Credit cost was at the lowest in five quarters at 1.9% vs QoQ 3.3% and YoY 2.9%. In the longer term, bank sees its credit cost at 1.0%.
• Gross NPA came at Rs. 393 Cr vs QoQ (proforma) Rs. 430 Cr at 2.68% vs YoY 3.20%. Out of this, Gold GNPA was just Rs. 44 Cr.
• PCR is at 57%.
• Gold LTV is at 78% today.
• Under SMA 0, 1 and 2, CSB has loans worth Rs. 385 Cr (excl. restructured assets) vs QoQ Rs. 345 Cr. This does not have any gold loans. CSB has made a provision of 25% of these SMA loans. Pre covid SMA pool was at ~Rs. 600 Cr, higher than the current SMA pool.
• Standard Restructured Assets were at Rs. 65 Cr vs QoQ Rs. 81 Cr (25% of this is provided).
• Total contingent provisions stand at Rs. 102 Cr (0.7% of AUM).

*Advances & NIMs continue their strong show*
• Gross Advances were at Rs. 15,388 Cr (+26% YoY, +9% QoQ). Loan growth was supported by robust growth in Gold Loans which grew by +61% YoY and +9% QoQ to Rs. 6131 Cr. Gold loan mix improved to 40% vs YoY 31%. Non Gold loans stood at Rs. 9257 Cr (+10% YoY, +10% QoQ).
• NIM continues to expand QoQ from 5.17% to 5.42% (YoY was at 3.81%). Yield has increased to 11.28% vs QoQ 10.98% and YoY 10.86%. While cost of deposits declined to 4.76% from QoQ 4.91% and YoY 5.86%. Management believes NIM should stabilize around 4.5%. Once the non-gold book starts growing aggressively, NIMs may come under pressure.
• CASA stands at 32.2% vs QoQ 31.2% and YoY 29.2%.

*Opex to remain elevated on the back of aggressive expansion*
• CSB opened 60 branches during the quarter & 101 during FY21 taking total branches to 514. These new branches were opened at areas with gold loan, Agri & MFI, MSME and CASA potential in line with the strategic priorities of the bank and ~75% will be breaking even in the first year itself.
• Out of 101 branches opened in FY21, only 9 were opened in Kerala. Almost 65 were opened towards the end of the year.
• Bank is looking to front load branch expansion. The bank is planning to add close to 200 branches in FY 22.
• Opex came at Rs. 259 Cr. Out of this Rs. 259 Cr there are one off expenses of Rs. 50 Cr comprising of Rs. 38 Cr towards pension provision as per instructions from a new actuary. Another Rs. 12 Cr was due to one off depreciation expense. Despite of adjusting for one-offs, opex grew by 52% YoY & 13% QoQ. Cost to income for the qtr stood at 54% (adjusted for one offs) vs YoY 56%, QoQ 50%.
• Employee cost is expected to continue to grow fast through FY22 due to high-level hiring. We believe this rapid branch expansion cum hiring could put some pressure on cost to income which otherswise would have trended down comfortably in FY22.
• Management expects C/I of 50% in near term despite aggressive expansion which we feel would be a tough task.

*Other key pointers from previous concalls*
• Agri gold is around 50% mix of the total gold book. Management believes that bulk of the low hanging fruits in terms of increasing gold yields is behind.
• The bank is targeting to grow advances in excess of 25% CAGR over next 3-4 years. Non-gold book has already shown signs of a pick-up.
• Kerala / TN / Maharashtra account for 32%/28%/21% of AUM.
• Half of corporate portfolio is towards NBFCs.
• NRI deposits constitute 23% of total deposits.
• CSB is targeting to reach 1,000 branches by FY25.
• Only 1600 legacy employees are continuing from the old banking structure while 2,000 new employees have been recruited in recent years and hence the bank is working like a new pvt. sector bank.
• CSB has identified 223 employees out of these 1600 legacy ones in the clerical cadre who are underperformers and has asked them to submit VRS. Their salaries are high and so the bank will be able to employ 3 new employees in place of each such old employee. It will be a big positive if it happens. These 223 are the last of the lot, rest have already been removed.

Even if all people take VRS, cost for CSB will be Rs. 80 Cr. During Q4FY21, only 34 people ot of the above 223, opted for VRS which cost the bank in single digit Crs.
• Pension liabilities is down to Rs. 579 Cr in FY21 from Rs. 1700 Cr in FY20.
• Now only 579 people remain on IBA basis, of which 200 will retire in fy22.

Stock is trading at 2.2x trailing P/Adj. BV


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Bulk Deal as on 07-05-21

Bajaj Hindustan
+ 99.53 Lk @ 9.66 RAMLAL KANWARLAL JAIN

Bannari Amman Spinning
- 5.03 Lk @ 68.81 PURVAJ ADVISORS PRIVATE LIMITED

Filatex India Ltd
+ 30.06 Lk @ 92.84 PENGUIN TRADING & AGENCIES LTD

Sbilife
- 4.23 Crore @ 960 CA EMERALD INVESTMENTS
+ 90 Lk @ 960 ICICI PRUDENTIAL MUTUAL FUND
+ 38 Lk @ 960 ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
+ 34.91 Lk @ 960 GOVERNMENT OF SINGAPORE
+ 22.50 Lk @ 960 INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.
+ 19 Lk @ 960 HDFC MUTUAL FUND
+ 46 Lk @ 960 ADITYA BIRLA SUN LIFE MUTUAL FUND
+ 19.58 Lk @ 960 BNP PARIBAS ARBITRAGE
+ 13 Lk @ 960 AXIS MUTUAL FUND
+ 9.93 Lk @ 960 COPTHALL MAURITIUS INVESTMENT LIMITED
+ 5 Lk @ 960 FRANKLIN TEMPLETON MUTUAL FUND
+ 13 Lk @ 960 GHISALLO MASTER FUND
+ 13 Lk @ 960 MIRAE ASSET MUTUAL FUND
+ 7.70 Lk @ 960 HDFC STANDARD LIFE INSURANCE CO LTD
+ 7.70 Lk @ 960 NIPPON INDIA MUTUAL FUND
+ 5 Lk @ 960 SBI MUTUAL FUND
+ 25.34 Lk @ 960 SOCIETE GENERALE
+ 3.80 Lk @ 960 ABU DHABI INVESTMENT AUTHORITY
+ 3.80 Lk @ 960 IDFC MUTUAL FUND
+ 7.38 Lk @ 960 MONETARY AUTHORITY OF SINGAPORE
+ 4.25 Lk @ 960 MORGAN STANLEY ASIA (SINGAPORE) PTE
+ 4.25 Lk @ 960 SUNDARAM MUTUAL FUND
+ 3 Lk @ 960 Vanguard Index Fund

Tata Steel Limited
+ 12.50 Lk @ 1174 JHUNJHUNWALA RAKESH
- 12.50 Lk @ 1174 Rare Enterprises

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*Life Insurance Monthly Update for Apr 2021*

# _April is seasonally the weakest month for insurance companies, so its relevance is low. On MoM basis, all listed companies’ APE declined between 64-73%_
# _Also last year’s lockdown would mean magnified growth on YoY basis_

Apr 2021 APE - Total Pvt. Players increased by +79% YoY to Rs. 2,210 Cr
> Outperformers: SBI +130%, Max +126%, HDFC Life +90%
> Underperformers: ICICI +72%, Bajaj +71%


*Bajaj Allianz Life Insurance Co. Ltd. (Bajaj Finserv) Apr'21 performance*
• APE came at Rs. 163 Cr. vs YoY Rs. 95 Cr. (+71%) and MoM Rs. 556 Cr. (-70%)
• *Apr. Month* Market Share (pvt player APE) came at 7.4% vs YoY 7.7% and MoM 6.5%

*SBI Life Insurance Company. Ltd. Apr'21 performance*
• APE came at Rs. 432 Cr. vs YoY Rs. 187 Cr. (+130%) and MoM Rs. 1,596 Cr. (-73%)
• *Apr. Month* Market Share (pvt player APE) came at 19.5% vs YoY 15.2% and MoM 18.7%

*ICICI Prudential Life Insurance Company. Ltd. Apr'21 performance*
• APE came at Rs. 273 Cr. vs YoY Rs. 158 Cr. (+72%) and MoM Rs. 993 Cr. (-72%)
• *Apr. Month* Market Share (pvt player APE) came at 12.3% vs YoY 12.8% and MoM 11.6%

*HDFC Life Insurance Company. Ltd. Apr'21 performance*
• APE came at Rs. 436 Cr. vs YoY Rs. 230 Cr. (+90%) and MoM Rs. 1,209 Cr. (-64%)
• *Apr. Month* Market Share (pvt player APE) came at 19.7% vs YoY 18.7% and MoM 14.2%

*Max Life Insurance Company. Ltd. Apr'21 performance*
• APE came at Rs. 240 Cr. vs YoY Rs. 106 Cr. (+126%) and MoM Rs. 871 Cr. (-72%)
• *Apr. Month* Aprket Share (pvt player APE) came at 10.8% vs YoY 8.6% and MoM 10.2%


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*IDFC First Bank Ltd.* | *CMP* Rs. 57 | *M Cap* Rs. 35148 Cr | *52 W H/L* 69/18
(Nirmal Bang Retail Research)
*Result is ok*
Net Interest Income came at Rs. 1960 Cr vs YoY Rs. 1563 Cr, QoQ Rs. 1744 Cr
Non Interest Income came at Rs. 841 Cr vs YoY Rs. 484 Cr, QoQ Rs. 759 Cr
PBP came at Rs. 646 Cr vs YoY Rs. 520 Cr, QoQ Rs. 661 Cr
Provisions came at Rs. 603 Cr vs YoY Rs. 412 Cr, QoQ Rs. 482 Cr
Bank made additional Covid provisions of Rs 375 Cr during the qtr. Also bank has written back Rs. 324 Cr of provisions pertaining to earlier created provision for a telecom account.
Adj. PAT came at Rs. 128 Cr vs YoY Rs. 72 Cr, QoQ Rs. 129 Cr
Collection Efficiency for the Bank has reached pre-covid levels.
Gross NPA came at Rs. 4303 Cr vs QoQ Rs. 4197 Cr at 4.15% vs QoQ 4.18%
Net NPA came at Rs. 1883 Cr vs QoQ Rs. 2049 Cr at 1.86% vs QoQ 2.04%
The Gross NPA % of the Retail Loan Book, as of March31, 2021,increased by 13 bps to 4.01% as compared to proforma Gross NPA of 3.88% as of December 31, 2020.
Stressed wholesale pool outside of wholesale NPAs stands at Rs. 2264 Cr on which bank has provided 48% provisioning.
The total restructured (approved & implemented) book including retail and wholesale loans stood at 0.9% of the total funded assets.
Quarter EPS is Rs. 0.2
Share is trading at P/E of 43.8x FY22E EPS & 2.0x trailing P/Adj. BV

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*Tata Consumer Products – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
_The outlook is uncertain given the macro developments. However, we believe the fruits of efforts by new management are visible – for example India beverages had seen volume CAGR of 7.1% over FY17-20 whereas in FY21 it grew by 11.6%. Similarly, India foods grew by 3.4% over the same period however it has grown at 11.4% during FY21. On the positive side, tea inflation is likely to moderate with onset of new crop. In addition, the situation is improving in international markets due to improved pace of vaccinations. _
The stock is trading at 50x FY22E consensus earnings

During Q4FY21, India business topline accelerated while International business was soft due to pantry loading in the base quarter. Consolidated EBITDA growth was impacted by tea inflation in India and increased A&P investments, that more than offset the strong EBITDA growth in India food and International business.
PAT during Q4 up despite decline in EBITDA as the company had write offs last year

*India*
• For Q4, India Beverages volume growth was 23% and India Foods was 21%
• During the quarter, premium salt has grown by 70% yoy
• India tea at Rs 158/kg is still 50% higher than last year; the company carries inventory of 60-90 days hence it would some time to see the benefit of sequential decline in prices
• *Management expects Tea Inflation in India to moderate with the new crop*
• Tata Sampann has grown bit slow but that was a management’s conscious decision given the volatility in pulse prices. However, the management is very optimistic about this space and likely to increase the product range going forward
• Nourishco would see little impact of second wave of Covid however management is confident of stronger numbers ahead
• Vietnam running at 95-97% of capacity
• _Starbucks_ - the company continues to invest for future and continues to add stores
• *Double digit likely to continue in both Salt and tea*
• Have total 33-35% market share in total salt market
• During the year the company has gained market share both in Salt (160bps) and Tea (190 bps). The market share gain in Salt is coming from local unorganised players
• *Aiming for double digit revenue growth and strong EBITDA*
• Fruski has been relaunched and the company is getting good response from the pilot markets in Hyderabad and Vijayawada

*International tea business*
• As on date no loss-making international business in portfolio

*_Integration Process_*
• Process was completed in Feb’20; Distribution channel partner consolidation done; on track to double direct reach by Sep’21.
• Earlier the company had guided that they would generating Rs 100-150 cr of EBITDA synergies in 18-24 months. The company is currently realising Rs 5-7 cr/month cost savings, which is on track

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*Caplin Point – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive for Long term*

The stock is trading at 13.9x FY22E consensus earnings

• The company is in comfortable cash position of Rs 470 cr
• Have orders in hands $22-23mn from parent company and have enough raw materials to complete that and other export orders
• Expansion in Latam – shortly would start “stock and sale” in more parts of Latam like Bolivia, Peru, Chile and Colombia. The company is also entering bigger geographies like Mexico and Brazil; it has already received and supplied emergency order from Mexico. Further the company has received its 1st order from Brazil which is again an emergency purchase
• Starting the oncology drugs and injectables – the remodelling of the plant is already done. The tablet and capsule section is likely to be completed in 12-15 months
• Caplin’s general oral solid for regulated markets is likely to be completed in next 18-24 months. Further, the API plant for US injectables and oncology are also in progress
• The company is in process of starting 2 more injectable lines for onco
• Caplin Steriles (US) – FY21 – 30% growth despite challenges; though it is still in red (did EBITDA loss of Rs 24 cr in FY21) and burning parent company’s profits; the management is hopeful to cash breakeven in FY22 (at Rs 125-135cr); already launched 8 products and likely to launch seven more soon; *the management is aiming for $100 mn from Steriles by FY26 from Rs 90 cr sales in FY21, implying a CAGR of 52% over next 5 yrs*
• Have 10 ANDAs approved on Caplin’s own name and 5 on partner’s
• Looking on backward integration – through 2 routes – organic and inorganic – would finalise the details in next few weeks
• Looking for Rs 100-110 cr expansion in Caplin Steriles – would add 4 lines
• Getting into more complex products like emulsions and suspensions – both in injectable and ophthalmic
• Opex have gone up due to acquisitions done last year – despite this the margins were steady; *the management is confident of able to absorb these higher opex by next year and the company is likely to go back to original levels of EBITDA margins (33-35%) from current 30%*
• *Guidance – FY22 – 20% growth on top-line and bottom-line*; Rs1500-2000 cr cash in next 5-6 years
• Canada + Mexico – would contribute 15% of revenues in next 2 yrs
• Look to scale US business to 30% of revenues vs 8% in FY21
• Capex – Rs 300 cr over 24 months


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*Nitin Spinners Ltd.* | *CMP* Rs. 79 | *M Cap* Rs. 442 Cr | *52 W H/L* 96/27
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 511.5 Cr (9.6% QoQ, 34.6% YoY) vs QoQ Rs. 466.8 Cr, YoY Rs. 380.1 Cr
EBIDTA came at Rs. 104.2 Cr (40.7% QoQ, 91.6% YoY) vs QoQ Rs. 74.1 Cr, YoY Rs. 54.4 Cr
EBITDA Margin came at 20.4% vs QoQ 15.9%, YoY 14.3%
Adj. PAT came at Rs. 42.9 Cr vs QoQ Rs. 23.2 Cr, YoY Rs. 6.5 Cr
Quarter EPS is Rs. 7.6
Share is trading at P/E of 6.4x TTM EPS


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*Thyrocare Technologies Ltd.* | *CMP* Rs. 1059 | *M Cap* Rs. 5599 Cr | *52 W H/L* 1212/482
(Nirmal Bang Retail Research)
*Result inline with expectation*
Revenue from Operations came at Rs. 146.8 Cr (6.2% QoQ, 44.8% YoY) vs expectation of Rs. 148.4 Cr, QoQ Rs. 138.3 Cr, YoY Rs. 101.4 Cr
EBIDTA came at Rs. 51.5 Cr (3.8% QoQ, 66.4% YoY) vs expectation of Rs. 53.7 Cr, QoQ Rs. 49.6 Cr, YoY Rs. 31 Cr
EBITDA Margin came at 35.1% vs expectation of 36.2%, QoQ 35.9%, YoY 30.5%
Adj. PAT came at Rs. 37.8 Cr vs expectation of Rs. 37.3 Cr, QoQ Rs. 32.4 Cr, YoY Rs. 5 Cr
Quarter EPS is Rs. 7.1
Share is trading at P/E of 36.3x FY22E EPS


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*RELIANCE POWER LTD.* | *CMP* Rs. 6 | *M Cap* Rs. 1689 Cr | *52 W H/L* 6.02/2
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1654.6 Cr (-12.8% QoQ, -8% YoY) vs QoQ Rs. 1897.2 Cr, YoY Rs. 1798.1 Cr
EBIDTA came at Rs. 897.2 Cr (-0.6% QoQ, 107.1% YoY) vs QoQ Rs. 902.3 Cr, YoY Rs. 433.1 Cr
EBITDA Margin came at 54.2% vs QoQ 47.6%, YoY 24.1%
Adj. PAT came at Rs. 68.1 Cr vs QoQ Rs. 52.3 Cr, YoY Rs. -202.2 Cr
Quarter EPS is Rs. 0.2
Share is trading at P/E of 7.5x TTM EPS

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*Learning and earning group*

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Jefferies on @bandhanbank_in
BUY
TP Rs400 from Rs470
Higher NPLs; Risks From Covid 2 Drive Earnings Cut
Weak profit as expected, but NPLs disappoint
Disappointed by higher slippages
Faces credit risks from lockdowns
Cut est by 13% for FY22E & 11% for FY23E
Valtns are reasonable

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*Learning and earning group*

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ICICI Sec on @bandhanbank_in
BUY
TP Rs465 from Rs501
Portfolio vulnerability comes to fore
Contingency buffer utilised in Q4FY21; not enough cushion left
NPA toll in Assam & WB marred Q4FY21 earnings
Bank didn’t pull back on growth despite a challenging year on asset quality

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*Learning and earning group*

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*Knowledge Enhancement Group*