*Aditya Birla Capital Ltd. - C* | *CMP* Rs. 121 | *M Cap* Rs. 29297 Cr | *52 W H/L* 140/41
(Nirmal Bang Retail Research)
*Result has improved*

_Segment Revenue_
NBFC revenue came at Rs. 1379.4 Cr vs YoY Rs. 1502.3 Cr, QoQ Rs. 1333.2 Cr
Life insurance revenue came at Rs. 3244.3 Cr vs YoY Rs. 2539.4 Cr, QoQ Rs. 2824.8 Cr
Asset Management revenue came at Rs. 331.4 Cr vs YoY Rs. 277.5 Cr, QoQ Rs. 321.1 Cr
General insurance Broking revenue came at Rs. 164.6 Cr vs YoY Rs. 114.9 Cr, QoQ Rs. 185.3 Cr
Money Broking revenue came at Rs. 49.4 Cr vs YoY Rs. 45.7 Cr, QoQ Rs. 49.2 Cr
Health insurance revenue came at Rs. 424.7 Cr vs YoY Rs. 296 Cr, QoQ Rs. 287.5 Cr
Other Financial Services revenue came at Rs. 30 Cr vs YoY Rs. 31.5 Cr, QoQ Rs. 36 Cr

Total Income came at Rs. 5929.2 Cr vs YoY Rs. 5138.1 Cr, QoQ Rs. 5362.8 Cr
PBT came at Rs. 500.4 Cr vs YoY Rs. 138.6 Cr, QoQ Rs. 401.1 Cr
PAT came at Rs. 375.2 Cr vs YoY Rs. 143.7 Cr, QoQ Rs. 288.7 Cr
AMC AUM's came at Rs. 262875 Cr vs YoY Rs. 245677.6 Cr, QoQ Rs. 255458 Cr
AMC market share declined slightly to 9.2% from QoQ 9.35%
Individual Life Insurance market share was constant QoQ at 4.5%
Quarter EPS is Rs. 1.6
Share is trading at P/E of 18.6x FY22E EPS & 2.6x trailing P/BV

*Eris Lifesciences – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*

The stock is trading 22.6xFY22E consensus earnings

• Revenues grew by 11.9% to Rs 278 cr
• Launched 2 products in Q4 – Zayo (brand for Sacubitril and Valsartan) and Bricet
• *After a gap of several years, the company launched more than 10 new products, including combinations in FY21. The company is likely to launch 10plus products in FY22 as well*
• Gross margins were lower at 78.3% vs 87.1% in Q4FY20, due to additional costs of new product launches without ramp up yet. Also, due to higher contribution from third party manufacturers, the gross margins were lower. *the management expects improvement in gross margins from Q1FY22 onwards as new products ramp up in scale and as contribution from Gwalior facility increases*
• However, EBITDA margins improved by 290 bps to 34% on the back of 15% increase in MR productivity and pandemic driven cost savings
• The yield per man per month for the standalone operations increased to Rs 4.5 lakhs per month, up from Rs 3.9 lakhs per month in the last year
• FY21 was a game changes for the company; had 5 significant product launches during the year – Gluxit (have exit rate of Rs 2.5/month runrate sales in March’21), Zac D (combination of Vitamins A, C and D), Rivalto, Bricet and Zayo
• *Zomelis*, the Vildagliptin brand acquired in December 2019, has grown by nearly 4.5x in sales run rate since acquisition. Its market share has increased from 7.3% in Dec’19 to 10.9% in March’21. It has an exit sales run rate of Rs 4.4 cr/month in March. It is still in growth phase anad *likely to do Rs 50 cr+ sales in FY22*
• *Going Forward* - (a) have a rich pipeline of new product launches, driven by upcoming patent expirations in the Cardio Metabolic and allied segments (b) expanding coverage of cardiologists and consulting physicians by up to 50% in the next two years
• Number of MRs have come down to 2036 from 2345 due to closing of one of the divisions IVS
• *Guidance* - 15% growth in both topline and bottomline
• *Per management, due to high usage of Steroids during the treatment of Covid, the onset age of diabetics (which is currently 42.5 yrs) can prepone as much as 5 yrs, so India as a country is on the verge of massive surge in diabetes cases, which would be beneficial for chronic players like Eris*
• * April month’s growth over march was extremely good*
• Not looking for any major capex for next 3-4 yrs
• ReNerve – the flagship band acquired among Strides’ portfolio – has grown at a CAGR of 17% since acquisition and is close to Rs 135-140 cr per annum.
• The company has around Rs 400 cr cash – which they like to maintain for future inorganic opportunities

*Quick Heal Technologies Ltd.* | *CMP* Rs. 189 | *M Cap* Rs. 1214 Cr | *52 W H/L* 216/98
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 105.3 Cr (50.7% QoQ, 63.9% YoY) vs QoQ Rs. 69.9 Cr, YoY Rs. 64.3 Cr
EBIDTA came at Rs. 53.8 Cr (226.6% QoQ, 608.8% YoY) vs QoQ Rs. 16.5 Cr, YoY Rs. 7.6 Cr
EBITDA Margin came at 51.1% vs QoQ 23.6%, YoY 11.8%
Adj. PAT came at Rs. 39.7 Cr vs QoQ Rs. 13.5 Cr, YoY Rs. 8 Cr
Quarter EPS is Rs. 6.2
Share is trading at P/E of 11.3x TTM EPS

*AYM Syntex Ltd.* | *CMP* Rs. 53 | *M Cap* Rs. 263 Cr | *52 W H/L* 61/14
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 349.7 Cr (18.9% QoQ, 42.5% YoY) vs QoQ Rs. 294.2 Cr, YoY Rs. 245.4 Cr
EBIDTA came at Rs. 41.9 Cr (19.9% QoQ, 79% YoY) vs QoQ Rs. 34.9 Cr, YoY Rs. 23.4 Cr
EBITDA Margin came at 12% vs QoQ 11.9%, YoY 9.5%
Adj. PAT came at Rs. 18.8 Cr vs QoQ Rs. 10.8 Cr, YoY Rs. 8.9 Cr
Quarter EPS is Rs. 3.8
Share is trading at P/E of 18.6x TTM EPS

*Quick Heal Technologies Ltd.* | *CMP* Rs. 189 | *M Cap* Rs. 1214 Cr | *52 W H/L* 216/98
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 105.3 Cr (50.7% QoQ, 63.9% YoY) vs QoQ Rs. 69.9 Cr, YoY Rs. 64.3 Cr
EBIDTA came at Rs. 53.8 Cr (226.6% QoQ, 608.8% YoY) vs QoQ Rs. 16.5 Cr, YoY Rs. 7.6 Cr
EBITDA Margin came at 51.1% vs QoQ 23.6%, YoY 11.8%
Adj. PAT came at Rs. 39.7 Cr vs QoQ Rs. 13.5 Cr, YoY Rs. 8 Cr
Quarter EPS is Rs. 6.2
Share is trading at P/E of 11.3x TTM EPS

*DCM Nouvelle Ltd.* | *CMP* Rs. 99 | *M Cap* Rs. 185 Cr | *52 W H/L* 99/19
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 186.9 Cr (22.7% QoQ, 33% YoY) vs QoQ Rs. 152.4 Cr, YoY Rs. 140.5 Cr
EBIDTA came at Rs. 36.7 Cr (78.9% QoQ, 235.1% YoY) vs QoQ Rs. 20.5 Cr, YoY Rs. 11 Cr
EBITDA Margin came at 19.6% vs QoQ 13.5%, YoY 7.8%
Adj. PAT came at Rs. 24.5 Cr vs QoQ Rs. 12.3 Cr, YoY Rs. 1.7 Cr
Quarter EPS is Rs. 13.1
Share is trading at P/E of 6.1x TTM EPS

*Cheviot Company Ltd.* | *CMP* Rs. 800 | *M Cap* Rs. 517 Cr | *52 W H/L* 820/500
(Nirmal Bang Retail Research)
*Result improved* *Company declared Special dividend of Rs.175/share*
Revenue from Operations came at Rs. 156.9 Cr (31.3% QoQ, 36.7% YoY) vs QoQ Rs. 119.5 Cr, YoY Rs. 114.8 Cr
EBIDTA came at Rs. 24.6 Cr (68.9% QoQ, 68.9% YoY) vs QoQ Rs. 14.6 Cr, YoY Rs. 14.6 Cr
EBITDA Margin came at 15.7% vs QoQ 12.2%, YoY 12.7%
Adj. PAT came at Rs. 25.7 Cr vs QoQ Rs. 23.3 Cr, YoY Rs. 3.5 Cr
Quarter EPS is Rs. 39.7
Share is trading at P/E of 6.8x TTM EPS

*MANGALORE CHEMICALS & FERTILIZERS LTD.* | *CMP* Rs. 96 | *M Cap* Rs. 1138 Cr | *52 W H/L* 96/27
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 598.4 Cr (83% QoQ, 6.3% YoY) vs QoQ Rs. 327.1 Cr, YoY Rs. 563.2 Cr
EBIDTA came at Rs. 46.9 Cr (100.6% QoQ, 56.5% YoY) vs QoQ Rs. 23.4 Cr, YoY Rs. 30 Cr
EBITDA Margin came at 7.8% vs QoQ 7.1%, YoY 5.3%
Adj. PAT came at Rs. 14.7 Cr vs QoQ Rs. 0.8 Cr, YoY Rs. 23.9 Cr
Quarter EPS is Rs. 1.2
Share is trading at P/E of 17x TTM EPS

Balkrishna Industries Q4FY21 Concall Update
(Nirmal Bang Retail Research)
*High capex towards modernization and expansion in carbon black to weigh down on return ratios in near term*
Outlook: Positive

• Co has guided for sale of 250-260k tons in FY22.
• Capex for FY22 will be at Rs. 800-850 Cr.
• Project for ultra large tyres at Bhuj has completed and is in the final trial phase.
• Co is running at full capacity in carbon black on existing capacity at 115k tons.
• Carbon Black plant’s capacity has now increased to 140k tons and sales to 3rd parties has started.
• The greenfeld plant at Waluj for replacement tyres with 30k tons capacity saw a temporary shutdown in March but commenced again in April and now is expected to be completed in Sep’21.
• The company has long-term margin estimates of 28-30%
• The company had prices hikes of around 3-4% in Jan’21 and Apr’21
• The company had witnessed a raw material price increase of 2-3% and expects it to be around 5-6% in the coming quarters

Break up of Rs. 1900 Cr capex plan
Most of the capex will be funded through internal accruals and some debt will be taken.
1) Rs. 800 Cr towards debottlenecking and brownfield expansion of tyre plant at Bhuj. Expansion to add 50k tons capacity by mid FY23. This will increase total tyre capacity to 335k tons over next 4 years.
2) Rs. 650 Cr will be spent by H1FY23 towards carbon black capacity increase from 140k to 200k tons incl. 30k tons of advanced carbon material for 3rd party sale. This will lead to full in-house carbon black sourcing by the company. Between 25-30% of total capacity will be available for 3rd party sales. Profitability here will be lower than co margins and will be at 15-16% and thus will be ROCE dilutive. Payback period will be 5-6 years.
3) Rs. 450 Cr will be spent for modernization & automation and material handling systems at Bhuj and Rajasthan by H1FY23. This modernization drive happens once every 7-8 years. Payback period will be 5 years. This will drive margins higher in the long run although in the short run shall impact asset turns and ROCE.

Share is trading at P/E of 28.9x FY22E EPS

*Tasty Bite Eatables Ltd.* | *CMP* Rs. 15989 | *M Cap* Rs. 4103 Cr | *52 W H/L* 17000/8785
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 121.9 Cr (2.6% QoQ, 5.9% YoY) vs QoQ Rs. 118.8 Cr, YoY Rs. 115.1 Cr
EBIDTA came at Rs. 21.1 Cr (20.5% QoQ, 66.9% YoY) vs QoQ Rs. 17.5 Cr, YoY Rs. 12.6 Cr
EBITDA Margin came at 17.3% vs QoQ 14.7%, YoY 11%
Adj. PAT came at Rs. 13.9 Cr vs QoQ Rs. 13.5 Cr, YoY Rs. 8.5 Cr
Quarter EPS is Rs. 54
Share is trading at P/E of 104.3x TTM EPS

*Escorts Ltd Q4FY21 Con-call Update*
(Nirmal Bang Retail Research)
*Outlook: Positive in long term*
• Revenue for tractor grew by 64.3% YoY to Rs. 1738.8 Cr with sales of 32558 units as against 20108 units YoY (62.1% YoY and 3.3% QoQ). The company witnessed a drop in market share by 13 bps at 12.9% on a YoY basis but it was an increase of 132 bps sequentially
• EBIT margin at 17% up by 120 bps (15.8% YoY) due to better product mix, better operating leverage and cost reduction and leaner operations
• The Agri-Machinery segment (79% of the revenue mix in Q4FY21) grew by 61.8%YoY and 2.9% QoQ with commercial tractors (higher HP) usage witnessing a sharp increase and capacity utilization at 100%.
• Construction Equipment segment (15% of the revenue mix in Q4FY21) up by 62.7% at 1604 units YoY and 27.9% QoQ due to better product mix, price increase and cost optimization. with a capacity utilization at 50%
• Railway division (7% of the revenue mix in Q4FY21) revenue at Rs. 146.5 Cr up by 35.6% YoY with 43% revenue from conventional segment and 58% from New Product Development.
• EBIT for rail division is at Rs. 28 Cr, up by 85.2% and margin of 19.1% up by 57ps YoY
• Indian Railways is still not running its full operations, due to unprecedented COVID19 pandemic situation and has done revision in the production plan, affecting fresh order tendering and order inflow

• The company has had two price hikes, one in mid-November of around 2% and around 3% in early April and is also expecting another price hike in Q2FY22
• Supply chain had been smoothening but due to the second wave of Covid leading to lockdowns in various states has once again affected the supply chain negatively
• The company expects an inflation of 8-10% of current commodity prices
• The order book for Railway division as of Mar’21 is at Rs. 340Cr and has an execution time of 6-8 months. Due to the pandemic, fresh order tendering and order inflow has been adversely impacted
• Capex for FY22 to be up to Rs. 300-325 Cr which will be utilized for increasing capacity in various plants
• The JV with Kubota, Escorts Kubota India have started commercial production of Kubota Tractors and has entered in the markets but with a small volume of 5400 units which is increasing month on month.
Share is trading at P/E of 13.8x FY22E EPS

*4 PM; 16th May 2021.*

*The Week That Was: The benchmarks end marginally in negative zone.*

*Sensex: 48733.*
*Nifty: 14,678.*

In the week gone by, Dalal street ended the week on a muted note as the benchmark Nifty ended down 0.98% at 14678 and Sensex down 0.96 at 48733 mark. Pessimism prevailed all-thru the week as the benchmarks finished 3 out of 4 trading sessions in red.

Blame it to the rising coronavirus cases in the country which continued to vex investor’s minds. India's Covid caseload has reached 2.43 crore with 3.26 lakh new cases reported in the last 24 hours. 3,980 people have died of the infection during the period. The World Health Organization has called the situation in India "hugely concerning".

Secondly, hurting sentiments are also the inflation concerns that simply are seen intensifying each passing day. Surging commodity prices are the key culprit renewing concerns about rising inflation. The street suspects that amidst this backdrop, the Federal Reserve and the central banks across globe may pull back on stimulus. But somehow the Fed has insisted that any spike in inflation would be temporary.

Amidst this backdrop, the foreign portfolio investors (FPIs) pulled out Rs 6,452 crore so far in May from Indian markets amid tumbling investor sentiment due to the second wave of the COVID-19 pandemic. In the preceding month, the total net outflow from the Indian capital markets (equities and debt) was Rs 9,435 crore.

Eight of the top-10 most valued companies witnessed a combined erosion of Rs 1,13,074.57 crore in market valuation last week, with Tata Consultancy Services, Infosys and HDFC Bank emerging as the worst hit.

The negativity was seen despite hope that the Federal Reserve will remain accommodative even as the U.S. and the world attempts to stage a recovery from the worst pandemic in a century.

On the contrary, US stock markets at Wall Street closed higher in a broad rally. All three major U.S. indices extended Thursday's gains, which saw S&P 500 notch its biggest one-day percentage bump in over a month.

The U.S benchmarks ended in green for second consecutive week where Sensex was up 0.86% at 49206 and Nifty ended 1.31% higher at 14823. The benchmarks ended in green 4 out of 5 trading sessions. The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 92 new highs and 59 new lows. But the Dow Jones ended the week, down 1.14%, the S&P 500 was down 1.41% and the Nasdaq composite was down 2.34%.

Back in our stock markets, on weekly basis, the broader markets witnessed upside as the NSE Midcap was down 0.49% and NSE Smallcap up 0.25%. Hence, both the indices were seen mirroring the benchmark Nifty/Sensex sluggish closing.

Meanwhile amongst sectoral indices, BSE Power Index, BSE PSU Index & BSE Capital Goods Index ended the week up 4.7%, 4.2% & 4.1% respectively. The top three losing sectors BSE Bankex Index, BSE IT Index & BSE Teck Index, down 2.1%, 1.1% & 0.9% respectively. Stock specific, ASIANPAINTS, NTPC & TATASTEEL were top gainers for the week, up 8%, 7.2% & 5.9% respectively. AXISBANK, INDUSINDBANK & KOTAKBANK were amongst top losers for the week, down 4.5%, 4.3% & 3.6% respectively.

*Let’s now have a look at other catalysts from last week:*

• The retail inflation (CPI), eased to 4.29% in the month of April. Separately, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 22.4% in March. The retail inflation during the month of March was at 5.52%.

• DCB Bank reported higher profit at Rs 77.9 crore in Q4FY21 against Rs 68.8 crore in Q4FY20; net interest income fell to Rs 311.2 crore from Rs 323.7 crore YoY.

• Bandhan Bank reported sharply lower profit at Rs 103 crore in Q4FY21 against Rs 517.3 crore in Q4FY20; net interest income climbed to Rs 1,757 crore from Rs 1,680 crore YoY.

• Avenue Supermarts reported sharply higher consolidated profit at Rs 414.2 crore in Q4FY21 against Rs 271.5 crore in Q4FY20, revenue rose to Rs 7,411.7 crore from Rs 6,255.9 crore YoY.

• Rating agency Crisil has said that India's GDP growth rate could drop to single digits or around 8.2 percent in 2021-22 (April-March) if the second wave of the COVID-19 pandemic reaches a peak number of cases by June-end.

• Punjab National Bank (PNB) said its board has approved raising equity capital from qualified institutional investors to enhance its capital base. For the Qualified Institutional Placement (QIP) purposes, the bank has fixed the floor price at Rs 35.51 per equity share.

• Chambal Fertilisers and Chemicals reported sharply higher profit at Rs 447.89 crore in Q4FY21 against Rs 197.55 crore in Q4FY20, revenue fell to Rs 1,640.76 crore from Rs 1,969.09 crore YoY.

• Siemens reported sharply higher consolidated profit at Rs 334.4 crore in Q2FY21 against Rs 175.7 crore in Q2FY20; revenue increased to Rs 3,483.7 crore from Rs 2,640.2 crore YoY. Technically SIEMENS appears to be a screaming buy with inter-month perspective.

• Godrej Consumer Products reported sharply higher consolidated profit at Rs 365.84 crore in Q4FY21 against Rs 229.9 crore in Q4FY20; revenue rose to Rs 2,730.74 crore from Rs 2,153.80 crore YoY.

• UPL reported higher consolidated profit at Rs 1,361 crore in Q4FY21 against Rs 784 crore in Q4FY20, revenue rose to Rs 12,796 crore from Rs 11,141 crore YoY. We have a positive bias on UPL with targets at 800 with medium term perspective.

• Jindal Steel & Power reported consolidated profit at Rs 2,139.28 crore for Q4FY21 against Rs 305.62 crore in Q4FY20, revenue jumped to Rs 11,880.61 crore from Rs 6,795.18 crore YoY.

• Pidilite Industries reported a sharp rise in consolidated profit at Rs 307.44 crore in Q4FY21 against Rs 156.51 crore in Q4FY20, revenue rose to Rs 2,235.52 crore from Rs 1,544.68 crore YoY.

• Apollo Tyres reported higher consolidated profit at Rs 287.3 crore in Q4FY21 against Rs 77.86 crore in Q4FY20, revenue climbed to Rs 5,025.7 crore from Rs 3,615.57 crore YoY.

• Colonial Pipeline, the operator of a major pipeline system that transports fuel across the East Coast, shut down operations because of a ransomware attack. As a result, WTI Crude Oil Prices recovered last week, up 0.98% at $ 65.51 a barrel.
• FIIs were net sellers last week at Rs. -1594.95 crores and DIIs too were net sellers at Rs. 1244.03 crores.

• Comex Gold were up by 0.6% for the week at $ 1843.85 an ounce.

• U.S. Treasury yields fell on Friday after retail sales data for April showed no growth after a big jump in March. The yield on the benchmark 10-year Treasury note slipped to 1.645% in afternoon trading, while the yield on the 30-year Treasury bond dipped to 2.371%.

• The Indian Rupee strengthened were unchanged at 73.30 against the USD for the week ended.


*Disclaimer:* Investment/Trading in equities is subject to market risks. Notwithstanding all the efforts to do best research, clients should understand that investing in equities, involves a risk of loss of both.

*The Week Ahead:* *Positive start, but the going likely to get tough if the COVID situation worsens more in our country.*


The benchmarks are set to start the week on a positive note on backdrop of a strong close at Wall Street in Friday’s trade.

After a positive start, caution will continue to be the buzzword on backdrop of surging COVID-19 cases that still appears to be a huge concern for our economy and stock markets. The risk of pandemic getting prolonged and national lockdown getting imposed lingers which will cap the market’s upside. Various states have imposed lockdowns to control the rise in the cases which could impact the economy.

The focus of FPIs will be purely on the economic numbers and most importantly, how soon India gains its economic momentum back.

*Economic Data to trickle in this week for India:*

• Monday: 17th May 2021: WPI Manufacturing Inflation (YoY) (Apr), WPI Food (YoY) (Apr), WPI Fuel (YoY) (Apr), WPI Inflation (YoY) (Apr).

*Also, commanding investors’ attention will be the Q4 earnings for FY20-21:*


• Monday, 17th May 2021: BHARTIARTL, GRSE, FEDERALBANK, COLPAL.

• Tuesday, 18th May 2021: UJJIVANSFB, TORNTPHARM, TATAMTRDVR, TATAMOTORS, PIIND, KALYANI STEELS, MANAPPURAM, IOC, CANBK,

• Wednesday, 19th May 2021: JKTYRE, IBULHSGFIN.

• Thursday, 20th May 2021: ZEEL, TORNTPOWER, NDTV, HINDPETRO, HAVELLS, BOSCH.

• Friday, 21st May 2021: SBIN, SHREECEM, SOUTHBANK, UNITED SPIRITS, JSWSTEEL, LALPATHLAB, HINDALCO, GODREJIND, CROMPTON.

• Saturday, 22nd May 2021: AMARARAJA, BALAJI AMINES.


Technically speaking, The sentiment at Dalal Street looks fragile but aggressive bullish traders can look to buy as long as Nifty is holding above it recent low at 14416 mark.

If Nify slips below the 14416 mark then its safe to assume that rising covid-19 cases are spoiling the party at Dalal Street.

Establishing aggressive long positions advisable only if Nifty is able to close above 15000 mark. Please note, Nifty’s 200DMA at 13237 mark. The price action for Nifty for this week’s trade is suggesting that we are likely to see a 14,251- 15251 range in near term with buy on dips as the preferred strategy.

The options data for May Series suggests Nifty is likely to be in a broader trading range of 14500-15200 as maximum Call OI is at 15000 followed by 15300 strike price. Maximum Put open interest stands at 14000 levels followed by 14500 levels. Call writing was seen at 15000 and then at 14900 strike price, while there was meaningful Put writing at 14600 and then at 14400 strike prices.

*Preferred trade for the week:*

*Nifty (14678):* Buy at CMP, targeting 15057 mark and then at 15432 mark. Strict stop at 14311.

*Amongst momentum stocks looking bright on any corrective declines are:* ITC, PI INDUSTRIES, LARSEN, VOLTAS, COROMOMANDAL INTERNATIONAL, CHAMBAL FERTILISER, UPL, SIEMENS, HINDALCO, SUN PHARMA, AMRUTANJAN, CDSL, SAIL, VEDANTA, TATA STEEL, TATA ELXSI, ALKEM LAB and CIPLA.

*Meanwhile, we are negative on stocks like:* M&M, CUMMINS, ADANI ENTERPRISES, PAGE INDUSTRIES, PVR, BANDHAN BANK, RBL BANK, ASHOK LEYLAND, BOSCH.

*Before we end, our most preferred pair strategies:*

• Pair Strategy: Long BALKRISHNA INDUSTRIES and Short APOLLO TYRES.

• Pair Strategy: Long HINDALCO and Short COAL INDIA.

• Pair Strategy: Long ALKEM LAB and Short LUPIN.



*Disclaimer:* Investment/Trading in equities is subject to market risks. Notwithstanding all the efforts to do best research, clients should understand that investing in equities, involves a risk of loss of both.

Go Airlines (India) Ltd (Go Air) is exploring legal options against one of its promoters and former managing director Jeh Wadia to establish its ownership over all the trademarks and domain names used by the company

Corporate Results

·         Results Monday – Bharti Airtel, Colgate, Federal Bank, Gland Pharma, GNFC, IndoCount, MRPL, Orient Cement, Shakti Pumps, Sun Pharma Advance and Wabco India

·         Results Tuesday – Aarti Industries, Abbott India, Bridage Enterprises, Canara Bank, century Enka, Glaxo Smithkline Pharma, Jindal Hisar, JSL Industries, Jyothi  Labs, Manppuram Finnace, Minda Corp, PI Industries, Route Mobile, Tata Motor, Torrent Pharma and Ujjivan Samll Finance

·         Results Wednesday – Endurance Tech, Heritage Food, Indiabull Housing, IOC, jk Tyre, Man Infra, Mas Financial, Prism Cement and SML Isuzu

·         Results Thursday – Bosch, Emkay Global, Havell’s India, HPCL, Jk Lakshmi Cement, KNR Construction, Torrent Power, Relaxo Foot Wear and Zee Entertainment

·         Results Friday – Birla Soft, CG Consumers, Container Corpoation, Dhanuka Agritech, Dr Lal Path Labs, Hindalco, SBI, Shoppers Stop, Shree Cement, South India Bank and United Spirits

·         Results Saturday – Amaraja Batteries, Amber Enterprises, Mangalam Cement, Sarda Energy

CarTrade Tech Ltd, which had hit near unicorn status post its last fundraising round in April, is one step closer to becoming India’s first online auto classifieds marketplace to list on the domestic bourses.

The firm - backed by marquee investors such as Temasek, Warburg Pincus and JP Morgan - has filed its draft red herring prospectus (DRHP) with SEBI to raise around Rs 2,000 crores via an initial public offer (IPO), sources with knowledge of the matter told Moneycontrol.

*Hester Biosciences in discussions with Bharat Biotech for tech transfer of Covaxin*
https://www.moneycontrol.com/news/business/companies/hester-biosciences-in-discussions-with-bharat-biotech-for-tech-transfer-of-covaxin-6897961.html

https://wp.me/pd0eZY-ZF

Once we start liking the company, we are not able to see the negatives of it.