https://youtu.be/F8voVHPHl2o
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Commodity Strategies By Mr. Kunal Shah, Head Of Commodities Research, Nirmal Bang
Commodity Strategy Here are our social media handles. Request you to follow us and stay connected for more updates:LinkedIn: https://www.linkedin.com/company...
*Hindalco Industries Ltd.* | *CMP* Rs. 391 | *M Cap* Rs. 87845 Cr | *52 W H/L* 428/114
(Nirmal Bang Retail Research)
*Result marginally ahead of expectation*
Revenue from Operations came at Rs. 40507 Cr (15.9% QoQ, 38.2% YoY) vs expectation of Rs. 37731.4 Cr, QoQ Rs. 34958 Cr, YoY Rs. 29318 Cr
EBIDTA came at Rs. 5655 Cr (8.8% QoQ, 47.3% YoY) vs expectation of Rs. 5326.6 Cr, QoQ Rs. 5198 Cr, YoY Rs. 3840 Cr
EBITDA Margin came at 14% vs expectation of 14.1%, QoQ 14.9%, YoY 13.1%
Adj. PAT came at Rs. 1894 Cr vs expectation of Rs. 2046.8 Cr, QoQ Rs. 2055 Cr, YoY Rs. 669 Cr PAt is lower on account of lower other income
Quarter EPS is Rs. 8.4
Share is trading at P/E of 11.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result marginally ahead of expectation*
Revenue from Operations came at Rs. 40507 Cr (15.9% QoQ, 38.2% YoY) vs expectation of Rs. 37731.4 Cr, QoQ Rs. 34958 Cr, YoY Rs. 29318 Cr
EBIDTA came at Rs. 5655 Cr (8.8% QoQ, 47.3% YoY) vs expectation of Rs. 5326.6 Cr, QoQ Rs. 5198 Cr, YoY Rs. 3840 Cr
EBITDA Margin came at 14% vs expectation of 14.1%, QoQ 14.9%, YoY 13.1%
Adj. PAT came at Rs. 1894 Cr vs expectation of Rs. 2046.8 Cr, QoQ Rs. 2055 Cr, YoY Rs. 669 Cr PAt is lower on account of lower other income
Quarter EPS is Rs. 8.4
Share is trading at P/E of 11.3x FY22E EPS
*SBI Asset Quality Improves*
• GNPA came at 4.98% vs QoQ 5.44% (proforma)
• NNPA came at 1.5% vs QoQ 1.81% (proforma)
_Slippages adjusted for Proforma have declined in Q4_
H1: 15,098 Cr (1.3% per qtr)
Q3: 7993 Cr (1.4%)
Q4: 5473 Cr (0.9%)
Total for FY21: 28564 Cr (1.2%)
• Restructuring is marginally lower QoQ at Rs. 17,852 Cr (0.7%) vs QoQ Rs. 18,125 Cr (0.8%)
• Total slippages + Restructuring for FY21 at Rs. 46,416 Cr against earlier guidance of Rs. 60,000 Cr
• GNPA came at 4.98% vs QoQ 5.44% (proforma)
• NNPA came at 1.5% vs QoQ 1.81% (proforma)
_Slippages adjusted for Proforma have declined in Q4_
H1: 15,098 Cr (1.3% per qtr)
Q3: 7993 Cr (1.4%)
Q4: 5473 Cr (0.9%)
Total for FY21: 28564 Cr (1.2%)
• Restructuring is marginally lower QoQ at Rs. 17,852 Cr (0.7%) vs QoQ Rs. 18,125 Cr (0.8%)
• Total slippages + Restructuring for FY21 at Rs. 46,416 Cr against earlier guidance of Rs. 60,000 Cr
SOUTH INDIAN BANK: Q4 INTEREST EARNED 17.08B RUPEES VS 19.48B (YOY)
SOUTH INDIAN BANK: Q4 SL NET PROFIT 67.9M RUPEES VS LOSS 1.44B (YOY); EST LOSS 1.2B I LOSS 916M (QOQ)
SOUTH INDIAN BANK: Q4 NET NPA 4.71% VS 2.12% (QOQ)
SOUTH INDIAN BANK: Q4 GROSS NPA 6.97% VS 4.90% (QOQ)
SOUTH INDIAN BANK: Q4 PROVISIONS 4.12B RUPEES VS 7.24B (YOY)
SOUTH INDIAN BANK: Q4 SL NET PROFIT 67.9M RUPEES VS LOSS 1.44B (YOY); EST LOSS 1.2B I LOSS 916M (QOQ)
SOUTH INDIAN BANK: Q4 NET NPA 4.71% VS 2.12% (QOQ)
SOUTH INDIAN BANK: Q4 GROSS NPA 6.97% VS 4.90% (QOQ)
SOUTH INDIAN BANK: Q4 PROVISIONS 4.12B RUPEES VS 7.24B (YOY)
*4.00 PM, 21st May 2021:*
*LATEST AFTER THE BELL: Nifty roars like a lion as investors rush to buy.*
*Nifty (+269, 15175).*
After yesterday’s small wobble, the benchmark Nifty roared like a lion and most importantly, smoothly scaled well above the psychological 15000 mark.
The trading theme was in line with our morning notes —— upwards and upwards so goes Dalal Street —— absolutely with no signs of hesitation!
*Long story short:* *All bullish eyes now on Nifty’s all-time-highs at 15432 mark.*
Amongst sectoral indices, it was Financial indices which led from the front —— Nifty Bank, Private Bank, PSU Bank, and Financial Services – which were star outperformers on the NSE today, and gained between 3-3.5% —— thanks to SBI’s Q4 net profit which jumped 80% YoY to Rs 6,451 crore on lower provisioning. All the sectoral indices ended higher!
SBI was the top gainer on the Sensex, up 5 per cent, while IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Mahindra Bank were the other top gainers, up between 3 per cent and 4.5 per cent
Meanwhile, the S&P BSE MidCap index ended 1.01% higher while and BSE SmallCap ended 0.61% higher.
*The other key highlights of today’s trade:*
• Nifty zooms to end at 15175 mark. Nifty Bank and Nifty PSU Bank indices rose over 3% each.
• Around 45 stocks of the Nifty 50 stocks ended the day in green.
• Top Index Gainers: SBI (+5.06%) HDFC BANK (+4.78%) INDUSIND BANK (+3.99%)
• Top Index Losers: GRASIM (--0.38%) POWERGRID (-0.31%) IOC (-0.29%)
• Reports of sharp drop in Covid-19 cases in India coupled with good corporate results are seen as positive catalysts.
*Our view for Monday’s trade:*
Positivity should greet Dalal Street in Monday’s trade with all bullish eyes on Nifty’s all-time-highs at 15432 mark. Another round of great fireworks display quite likely.
We suspect, Bank Nifty will continue to outperform and our our preferred bets are Axis Bank, IndusInd Bank, Kotak Bank, ICICI Bank and SBI.
The key positive catalyst driving sentiments: Fed chairman says interest rates to stay low.
Technically speaking, Nifty’s make-or-break supports are placed at 14927 mark. As long as Nifty’s 14927 support holds, the benchmark will aim its all-time-high at 15432 mark and then all bullish bets at magical 16000 mark.
*Stay Tuned.*
*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.
*LATEST AFTER THE BELL: Nifty roars like a lion as investors rush to buy.*
*Nifty (+269, 15175).*
After yesterday’s small wobble, the benchmark Nifty roared like a lion and most importantly, smoothly scaled well above the psychological 15000 mark.
The trading theme was in line with our morning notes —— upwards and upwards so goes Dalal Street —— absolutely with no signs of hesitation!
*Long story short:* *All bullish eyes now on Nifty’s all-time-highs at 15432 mark.*
Amongst sectoral indices, it was Financial indices which led from the front —— Nifty Bank, Private Bank, PSU Bank, and Financial Services – which were star outperformers on the NSE today, and gained between 3-3.5% —— thanks to SBI’s Q4 net profit which jumped 80% YoY to Rs 6,451 crore on lower provisioning. All the sectoral indices ended higher!
SBI was the top gainer on the Sensex, up 5 per cent, while IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Mahindra Bank were the other top gainers, up between 3 per cent and 4.5 per cent
Meanwhile, the S&P BSE MidCap index ended 1.01% higher while and BSE SmallCap ended 0.61% higher.
*The other key highlights of today’s trade:*
• Nifty zooms to end at 15175 mark. Nifty Bank and Nifty PSU Bank indices rose over 3% each.
• Around 45 stocks of the Nifty 50 stocks ended the day in green.
• Top Index Gainers: SBI (+5.06%) HDFC BANK (+4.78%) INDUSIND BANK (+3.99%)
• Top Index Losers: GRASIM (--0.38%) POWERGRID (-0.31%) IOC (-0.29%)
• Reports of sharp drop in Covid-19 cases in India coupled with good corporate results are seen as positive catalysts.
*Our view for Monday’s trade:*
Positivity should greet Dalal Street in Monday’s trade with all bullish eyes on Nifty’s all-time-highs at 15432 mark. Another round of great fireworks display quite likely.
We suspect, Bank Nifty will continue to outperform and our our preferred bets are Axis Bank, IndusInd Bank, Kotak Bank, ICICI Bank and SBI.
The key positive catalyst driving sentiments: Fed chairman says interest rates to stay low.
Technically speaking, Nifty’s make-or-break supports are placed at 14927 mark. As long as Nifty’s 14927 support holds, the benchmark will aim its all-time-high at 15432 mark and then all bullish bets at magical 16000 mark.
*Stay Tuned.*
*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.
RBI Board approves transfer of Rs 99,122 crore as surplus to government
Read more at https://facelesscompliance.com/24160/rbi-board-approves-transfer-of-rs-99122-crore-as-surplus-to-government
Share and Spread Knowledge
Read more at https://facelesscompliance.com/24160/rbi-board-approves-transfer-of-rs-99122-crore-as-surplus-to-government
Share and Spread Knowledge
Faceless Compliance
RBI Board approves transfer of Rs 99,122 crore as surplus to government - Faceless Compliance
HINDALCO: Q4 CONS NET PROFIT 19.28B RUPEES VS 6.69B (YOY); EST 18B | 18.77B (QOQ)
HINDALCO: Q4 REVENUE 405.07B RUPEES VS 293.2B (YOY)
HINDALCO: Q4 EBITDA RUPEES 55.9B VS 41.7B (YOY); 55.2B (QOQ) || Q4 EBITDA MARGIN 13.82% VS 14.23% (YOY); 15.79% (QOQ)
HINDALCO: DIVIDEND OF RUPEES 3/SHARE
HINDALCO: Q4 REVENUE 405.07B RUPEES VS 293.2B (YOY)
HINDALCO: Q4 EBITDA RUPEES 55.9B VS 41.7B (YOY); 55.2B (QOQ) || Q4 EBITDA MARGIN 13.82% VS 14.23% (YOY); 15.79% (QOQ)
HINDALCO: DIVIDEND OF RUPEES 3/SHARE
JSW STEEL Q4 : Net profit Of Rs 4200 cr against Rs 231 cr last year
REVENUE UP 50% to Rs 26,930 cr
Recommends Rs 6.5 as final dividend
REVENUE UP 50% to Rs 26,930 cr
Recommends Rs 6.5 as final dividend
*KTAs of Butterfly Gandhimati Call*
• *RM:* prices & availability have been unstable. There was margin pressure but passed on. Q2 onwards impact shud be minimized, normalcy shud return
• *Price hike:* 10% in Q4 (fully reflected in gr. Margin) and in Q1 might take further hike of 5%
• *Traditional retail:* 90% of outlets closed in Q1 but it’s a lean quarter, grew faster than Ecom in Q4
• *Ecom:* rapidly & grown phenomenally vs traditional retail. Will account for 30-40% of branded revenues
• *Inhouse manufacturing:* 80:20:: inhouse:outsourced – helps compete without compromising on quality even in entry segment
• *Fast growing categories:* Mixer grinders doing very well, scale and scope is there in cookers
• *Market share:* Gained mrkt share largely at cost of unorganised sector, also grown faster than other organized players
• *Hiring:* in sales & marketing to support geographical expansion
• *Marketing spends:* 10.5% of rev (variable now) but will become fixed when rev. cross Rs 10bn mark
• *Geographical break up:* currently South:Non South::76%:24% going ahead 65:35% in next 3 years
• *Exports:* 1.5% of revenues but will focus on it going ahead
• *Inventory days:* Controlling pile up of inventory at retail level led to lower inventory days
• *Debtor days:* Gas dealer channel has come down to 6% & bill discounting has benefited debtor days
• *Creditor days:* Vendor bill discounting has been started which will bring it down
• *WC:* 35-40 days cycle will be maintained even with rising topline
• *Div policy:* 10% of PAT as dividends & will increase going ahead
• *Revenue capacity:* Rs 11bn currently & with Rs 150m capex will go to 14bn in FY22
• *Growth guidance:* 10-15% in covid times but faster in non covid, will cross 12% EBITDAM at Rs 12bn revenues. Currently margins lower vs peers due to lower scale
• *2x revenues in 5 years:* Until FY17 there were govt orders but focused on branded sales, building pan India presence & widening product categories thereafter
*If the company can continue to grow at the robust pace at which they have & we assume 20% CAGR in FY21-23, the stock trades at attractive valuations of 230/25x FY22-23E EPS compared to other listed peers like TTK which trade at 35x FY23e EPS. One can certainly consider this stock even at current levels.*
• *RM:* prices & availability have been unstable. There was margin pressure but passed on. Q2 onwards impact shud be minimized, normalcy shud return
• *Price hike:* 10% in Q4 (fully reflected in gr. Margin) and in Q1 might take further hike of 5%
• *Traditional retail:* 90% of outlets closed in Q1 but it’s a lean quarter, grew faster than Ecom in Q4
• *Ecom:* rapidly & grown phenomenally vs traditional retail. Will account for 30-40% of branded revenues
• *Inhouse manufacturing:* 80:20:: inhouse:outsourced – helps compete without compromising on quality even in entry segment
• *Fast growing categories:* Mixer grinders doing very well, scale and scope is there in cookers
• *Market share:* Gained mrkt share largely at cost of unorganised sector, also grown faster than other organized players
• *Hiring:* in sales & marketing to support geographical expansion
• *Marketing spends:* 10.5% of rev (variable now) but will become fixed when rev. cross Rs 10bn mark
• *Geographical break up:* currently South:Non South::76%:24% going ahead 65:35% in next 3 years
• *Exports:* 1.5% of revenues but will focus on it going ahead
• *Inventory days:* Controlling pile up of inventory at retail level led to lower inventory days
• *Debtor days:* Gas dealer channel has come down to 6% & bill discounting has benefited debtor days
• *Creditor days:* Vendor bill discounting has been started which will bring it down
• *WC:* 35-40 days cycle will be maintained even with rising topline
• *Div policy:* 10% of PAT as dividends & will increase going ahead
• *Revenue capacity:* Rs 11bn currently & with Rs 150m capex will go to 14bn in FY22
• *Growth guidance:* 10-15% in covid times but faster in non covid, will cross 12% EBITDAM at Rs 12bn revenues. Currently margins lower vs peers due to lower scale
• *2x revenues in 5 years:* Until FY17 there were govt orders but focused on branded sales, building pan India presence & widening product categories thereafter
*If the company can continue to grow at the robust pace at which they have & we assume 20% CAGR in FY21-23, the stock trades at attractive valuations of 230/25x FY22-23E EPS compared to other listed peers like TTK which trade at 35x FY23e EPS. One can certainly consider this stock even at current levels.*
Hindalco business Q4FY21 beats!
👍Aluminum EBITDA
👍Copper EBITDA
👍Debt reduction
👍Aluminum EBITDA
👍Copper EBITDA
👍Debt reduction
SBI reported net income for the fourth quarter that beat the average analyst estimate. FOURTH QUARTER RESULTS
Net income 64.5 billion rupees, +80% y/y, estimate 61.70 billion (Bloomberg Consensus)
Gross non-performing assets 4.98% vs. 4.77% q/q
Provisions 110.5 billion rupees, +6.9% q/q
Provision for loan losses 99.1 billion rupees vs. 22.9 billion rupees q/q
Interest income 651 billion rupees, +3.9% y/y
Interest expense 380.3 billion rupees, -4.7% y/y
Other income 162.3 billion rupees, +22% y/y
Dividend per share 4 rupees
Net income 64.5 billion rupees, +80% y/y, estimate 61.70 billion (Bloomberg Consensus)
Gross non-performing assets 4.98% vs. 4.77% q/q
Provisions 110.5 billion rupees, +6.9% q/q
Provision for loan losses 99.1 billion rupees vs. 22.9 billion rupees q/q
Interest income 651 billion rupees, +3.9% y/y
Interest expense 380.3 billion rupees, -4.7% y/y
Other income 162.3 billion rupees, +22% y/y
Dividend per share 4 rupees
*Dhanuka Agritech Ltd.* | *CMP* Rs. 917 | *M Cap* Rs. 4271 Cr | *52 W H/L* 936/428
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 275.6 Cr (-6.8% QoQ, 21.1% YoY) vs expectation of Rs. 267.5 Cr, QoQ Rs. 295.7 Cr, YoY Rs. 227.6 Cr
EBIDTA came at Rs. 64.6 Cr (28.7% QoQ, 41.2% YoY) vs expectation of Rs. 51.6 Cr, QoQ Rs. 50.2 Cr, YoY Rs. 45.8 Cr
EBITDA Margin came at 23.5% vs expectation of 19.3%, QoQ 17%, YoY 20.1%
Adj. PAT came at Rs. 48.6 Cr vs expectation of Rs. 44.4 Cr, QoQ Rs. 40 Cr, YoY Rs. 39 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 20x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 275.6 Cr (-6.8% QoQ, 21.1% YoY) vs expectation of Rs. 267.5 Cr, QoQ Rs. 295.7 Cr, YoY Rs. 227.6 Cr
EBIDTA came at Rs. 64.6 Cr (28.7% QoQ, 41.2% YoY) vs expectation of Rs. 51.6 Cr, QoQ Rs. 50.2 Cr, YoY Rs. 45.8 Cr
EBITDA Margin came at 23.5% vs expectation of 19.3%, QoQ 17%, YoY 20.1%
Adj. PAT came at Rs. 48.6 Cr vs expectation of Rs. 44.4 Cr, QoQ Rs. 40 Cr, YoY Rs. 39 Cr
Quarter EPS is Rs. 10.4
Share is trading at P/E of 20x FY22E EPS
*State Bank of India Ltd.* | *CMP* Rs. 390 | *M Cap* Rs. 348060 Cr | *52 W H/L* 428/149
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Net Interest Income came at Rs. 27071 Cr vs expectation of Rs. 28853 Cr, YoY Rs. 22767 Cr, QoQ Rs. 28820 Cr
Non Interest Income came at Rs. 16225 Cr vs expectation of Rs. 11538 Cr, YoY Rs. 13346 Cr, QoQ Rs. 9246 Cr
PBP came at Rs. 19700 Cr vs expectation of Rs. 18699 Cr, YoY Rs. 15734 Cr, QoQ Rs. 17333 Cr
Provisions came at Rs. 11051 Cr vs expectation of Rs. 10864 Cr, YoY Rs. 13495 Cr, QoQ Rs. 10342 Cr
Adj. PAT came at Rs. 6451 Cr vs expectation of Rs. 6166 Cr, YoY Rs. 3581 Cr, QoQ Rs. 5196 Cr
Gross NPA came at Rs. 126389 Cr vs QoQ Rs. 128827 Cr at 4.98% vs QoQ 5.44% (proforma)
Net NPA came at Rs. 36810 Cr vs QoQ Rs. 42863 Cr at 1.5% vs QoQ 1.81% (proforma)
Gross slippages are at Rs. 22050 Cr (in line with guidance of Rs. 20,000 Cr)
SMA1 and 2 figure came at 11519cr vs QoQ 17946cr
Quarter EPS is Rs. 7
Share is trading at P/E of 11.7x FY22E EPS & 1.2x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Net Interest Income came at Rs. 27071 Cr vs expectation of Rs. 28853 Cr, YoY Rs. 22767 Cr, QoQ Rs. 28820 Cr
Non Interest Income came at Rs. 16225 Cr vs expectation of Rs. 11538 Cr, YoY Rs. 13346 Cr, QoQ Rs. 9246 Cr
PBP came at Rs. 19700 Cr vs expectation of Rs. 18699 Cr, YoY Rs. 15734 Cr, QoQ Rs. 17333 Cr
Provisions came at Rs. 11051 Cr vs expectation of Rs. 10864 Cr, YoY Rs. 13495 Cr, QoQ Rs. 10342 Cr
Adj. PAT came at Rs. 6451 Cr vs expectation of Rs. 6166 Cr, YoY Rs. 3581 Cr, QoQ Rs. 5196 Cr
Gross NPA came at Rs. 126389 Cr vs QoQ Rs. 128827 Cr at 4.98% vs QoQ 5.44% (proforma)
Net NPA came at Rs. 36810 Cr vs QoQ Rs. 42863 Cr at 1.5% vs QoQ 1.81% (proforma)
Gross slippages are at Rs. 22050 Cr (in line with guidance of Rs. 20,000 Cr)
SMA1 and 2 figure came at 11519cr vs QoQ 17946cr
Quarter EPS is Rs. 7
Share is trading at P/E of 11.7x FY22E EPS & 1.2x trailing P/Adj. BV
https://youtu.be/7mvIHDbpyS8
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Mr. Kamlesh Gandhi, Founder Chairman & M D, MAS financial in conversation with Ms. Hiral Dadia
Economy Outlook Here are our social media handles. Request you to follow us and stay connected for more updates:LinkedIn: https://www.linkedin.com/company/ni...
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: May 21, 2021 05:00 PM India
Topic: “*Har ek SIP Jaruri Hota Hai*” Mr. Saurabh Singh, MF- National Sales Head, Nirmal Bang
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_jcv-g0QpQ0KUUWPa3ohBng
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: May 21, 2021 05:00 PM India
Topic: “*Har ek SIP Jaruri Hota Hai*” Mr. Saurabh Singh, MF- National Sales Head, Nirmal Bang
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_jcv-g0QpQ0KUUWPa3ohBng
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video
Welcome! You are invited to join a webinar: Har ek SIP Jaruri Hota Hai- Mr. Saurabh Singh, MF- National Sales Head, Nirmal Bang.…