*SMS Pharmaceuticals Ltd.* | *CMP* Rs. 165 | *M Cap* Rs. 1398 Cr | *52 W H/L* 165/36
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 171.3 Cr (15.1% QoQ, 77.6% YoY) vs QoQ Rs. 148.9 Cr, YoY Rs. 96.5 Cr
EBIDTA came at Rs. 41.1 Cr (19.2% QoQ, 185% YoY) vs QoQ Rs. 34.5 Cr, YoY Rs. 14.4 Cr
EBITDA Margin came at 24% vs QoQ 23.2%, YoY 14.9%
Adj. PAT came at Rs. 22.2 Cr vs QoQ Rs. 21.4 Cr, YoY Rs. 6.4 Cr
Quarter EPS is Rs. 2.6
Share is trading at P/E of 22.7x TTM EPS

*GMM Pfaudler Ltd. (Standalone + MAVAG for like to like comparison)* | *CMP* Rs. 4840 | *M Cap* Rs. 7066 Cr | *52 W H/L* 6914/3306
(Nirmal Bang Retail Research)
*Result has improved* Result is adjusted to various one off
Revenue from Operations came at Rs. 214.7 Cr (6.4% QoQ, 62.9% YoY) vs QoQ Rs. 201.8 Cr, YoY Rs. 131.8 Cr
EBIDTA came at Rs. 57.8 Cr (37.8% QoQ, 157.2% YoY) vs QoQ Rs. 41.9 Cr, YoY Rs. 22.5 Cr
EBITDA Margin came at 26.9% vs QoQ 20.8%, YoY 17.1%
Adj. PAT came at Rs. 36.2 Cr vs QoQ Rs. 23.2 Cr, YoY Rs. 11.6 Cr
Quarter EPS is Rs. 24.8
Pfaudler was consolidated only for months of Feb & Mar. Including this the combined revenue was Rs. 471 Cr, EBITDA was Rs. 75.5 Cr with margin of 16.0% and PAT was Rs. 57 Cr (before Minority interest)
Share is trading at P/E of 44x FY22 EPS

*City Union Bank Ltd.* | *CMP* Rs. 174 | *M Cap* Rs. 12856 Cr | *52 W H/L* 200/116
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Net Interest Income came at Rs. 429 Cr vs expectation of Rs. 483 Cr, YoY Rs. 419 Cr, QoQ Rs. 489 Cr (impacted on account of write back of interest and interest on interest)
Non Interest Income came at Rs. 145 Cr vs expectation of Rs. 165 Cr, YoY Rs. 179 Cr, QoQ Rs. 230 Cr
PBP came at Rs. 285 Cr vs expectation of Rs. 394 Cr, YoY Rs. 335 Cr, QoQ Rs. 458 Cr
Provisions came at Rs. 239 Cr vs expectation of Rs. 256 Cr, YoY Rs. 450 Cr, QoQ Rs. 219 Cr
Adj. PAT came at Rs. 111 Cr vs expectation of Rs. 128 Cr, YoY Rs. -95 Cr, QoQ Rs. 170 Cr
Gross NPA came at Rs. 1893 Cr vs QoQ (non proforma) Rs. 1072 Cr at 5.11% vs QoQ 2.94%
*Net NPA came at Rs. 1075 Cr vs QoQ (proforma) Rs. 1230 Cr at 2.97% vs QoQ 3.37%*
Quarter EPS is Rs. 1.5
Share is trading at P/E of 16.9x FY22E EPS & 2.7x trailing P/Adj. BV

*RSWM Ltd.* | *CMP* Rs. 238 | *M Cap* Rs. 562 Cr | *52 W H/L* 249/57
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 835.5 Cr (15.9% QoQ, 36.5% YoY) vs QoQ Rs. 721.1 Cr, YoY Rs. 612 Cr
EBIDTA came at Rs. 111.3 Cr (19.9% QoQ, 134.8% YoY) vs QoQ Rs. 92.8 Cr, YoY Rs. 47.4 Cr
EBITDA Margin came at 13.3% vs QoQ 12.9%, YoY 7.7%
Adj. PAT came at Rs. 71.4 Cr vs QoQ Rs. 30.6 Cr, YoY Rs. -5.2 Cr
Quarter EPS is Rs. 30.2
Share is trading at P/E of 27x TTM EPS

*Jagran Prakashan Ltd.* | *CMP* Rs. 57 | *M Cap* Rs. 1524 Cr | *52 W H/L* 68/30
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 406.4 Cr (0.9% QoQ, -8.8% YoY) vs QoQ Rs. 402.6 Cr, YoY Rs. 445.6 Cr
EBIDTA came at Rs. 89.8 Cr (-30.5% QoQ, 65.5% YoY) vs QoQ Rs. 129.3 Cr, YoY Rs. 54.3 Cr
EBITDA Margin came at 22.1% vs QoQ 32.1%, YoY 12.2%
Adj. PAT came at Rs. 43.6 Cr vs QoQ Rs. 82.6 Cr, YoY Rs. 11.2 Cr
Quarter EPS is Rs. 1.6
Share is trading at P/E of 6.2x FY22E EPS

*Onmobile Global Ltd.* | *CMP* Rs. 128 | *M Cap* Rs. 1340 Cr | *52 W H/L* 134/27
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 130.7 Cr (-6.5% QoQ, -10.5% YoY) vs QoQ Rs. 139.8 Cr, YoY Rs. 146 Cr (Revenues witnessed a drop mainly from Europe due to covid)
EBIDTA came at Rs. 16.1 Cr (-7.7% QoQ, 38.2% YoY) vs QoQ Rs. 17.5 Cr, YoY Rs. 11.7 Cr
EBITDA Margin came at 12.3% vs QoQ 12.5%, YoY 8%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 11.3 Cr, YoY Rs. 9.7 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 32.4x TTM EPS

*Nazara Technologies Ltd.* | *CMP* Rs. 1720 | *M Cap* Rs. 5246 Cr | *52 W H/L* 2027/1413
(Nirmal Bang Retail Research)
*Result has declined QoQ*
Revenue from Operations came at Rs. 123.3 Cr (-5.4% QoQ, 41.7% YoY) vs QoQ Rs. 130.4 Cr, YoY Rs. 87 Cr
EBIDTA came at Rs. 11.7 Cr (-56.8% QoQ, 2399.8% YoY) vs QoQ Rs. 27.1 Cr, YoY Rs. 0.5 Cr
EBITDA Margin came at 9.5% vs QoQ 20.8%, YoY 0.5%
Adj. PAT came at Rs. 3.2 Cr vs QoQ Rs. 10.1 Cr, YoY Rs. -3.2 Cr
Quarter EPS is Rs. 1
Share is trading at P/E of 395.8x TTM EPS

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: May 29, 2021 11:30 AM India
Topic: June Month Outlook

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_rA3A3hfbR2a81KtKfRO6jg


After registering, you will receive a confirmation email containing information about joining the webinar.

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: Today, 11:30 AM India
Topic: June Month Outlook

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_rA3A3hfbR2a81KtKfRO6jg


After registering, you will receive a confirmation email containing information about joining the webinar.

BREAKING NEWS⚠️⚠️⚠️

The US Mint admitted there is a global silver shortage and that the demand for silver remains greater than supply!!!!

*Indian Bank Ltd.* | *CMP* Rs. 143 | *M Cap* Rs. 16150 Cr | *52 W H/L* 157/43
(Nirmal Bang Retail Research)
*Result is in line with expectations*
YoY comparison is inappropriate as Allahabad Bank was merged in FY21
Net Interest Income came at Rs. 3334 Cr vs expectation of Rs. 4173 Cr, YoY Rs. 2003 Cr, QoQ Rs. 4313 Cr
Non Interest Income came at Rs. 1744 Cr vs YoY Rs. 842 Cr, QoQ Rs. 1397 Cr
PBP came at Rs. 2548 Cr vs expectation of Rs. 2814 Cr, YoY Rs. 1703 Cr, QoQ Rs. 3099 Cr
Provisions came at Rs. 1752 Cr, YoY Rs. 1892 Cr, QoQ Rs. 2314 Cr
Adj. PAT came at Rs. 1709 Cr vs expectation of Rs. 553 Cr, YoY Rs. -218 Cr, QoQ Rs. 514 Cr
PAT is higher due to heavy tax writeback; adjusting for this PAT would have been in line with expectation at Rs. 525 Cr.
Gross NPA came at Rs. 38455 Cr vs QoQ (Proforma) Rs. 40445 Cr at 9.85% vs QoQ 10.38%
Net NPA came at Rs. 12271 Cr vs QoQ (Nonproforma) Rs. 8537 Cr at 3.37% vs QoQ 2.35%
Share is trading at P/E of 5.3x FY22E EPS & 0.6x trailing P/Adj. BV

Good morning...

1) Bonds are for storing wealth and equities are for creation of wealth.

2) In my opinion, the biggest asset one can have is zero debt.

3) The greatest discipline in personal finance is living below your means.

4) As Ben Carlson says, emotions cannot be back tested. That’s why past bear market always looks like opportunities and future ones scary.

5) Early financial independence and early retirement are completely different. To me, the former is a blessing and the latter is a curse.

6) Don’t think how it would have been if you’ve started 10 years ago. Start today and visualise how you would feel 10 years from now.

7) The neighbourhood we live determines our life style & spending. Need to be careful in choosing one which matches our goals and personality.

8) Paying minimum balance regularly on credit card is the maximum sign that you’re getting into debt trap.

9) Many are long term investors till the next bear market.

10) Don’t take aggressive bets. Take measured risk. Remember one blunder can push you back by a decade or more in terms of wealth.

11) Big money can be made through high savings, wise investing and lots of patience.

12) One sign of progress in an individual investor’s portfolio is no churn or very less churn.

13) Trying to get rich fast is a foolproof way to lose what we have.

14) Losing opportunities is far better than losing money. Don’t invest in fads.

15) “Making as much money as quickly as possible” is not an investment strategy. Unfortunately for most of us that is the strategy.

16) Aggressive strategy cannot be a substitute for high savings. Save high and take moderate risk than saving less and taking high risk.

17) The day we realise not losing is as important as winning; we would stop blindly chasing returns.

18) Good periods are more than bad periods. By not timing, though we go through bad periods, do not miss even a single good period.

19) We’ll stop looking for quick money the moment we consider stocks as businesses and realise that our wealth grows in line with business growth.

20) There are periods of high returns, low returns, no returns and negative returns. We need to go through all these to get long term returns.

21) Listening to market forecasts is not only useless but can be very harmful too; if you start acting on them.

*22) The hard truth is only around 3% of our population are in a position to aspire for financial independence. Don’t waste this rare privilege.



Have Faith in YOU...and Do Something..GREAT📈📊

#Stay Safe
#Stay Happy
#Keep Learning📊💕

*Biden budget highlights: Lots of spending, taxing the rich*

President Joe Biden's $6 trillion budget proposal offers major new initiatives like a child and elder care subsidies, generous tax credits for families and the working poor, and free community college. It also promises politically freighted tax increases on the wealthy and corporations and would give domestic Cabinet departments significantly bigger budget increases than the Pentagon.

But like all presidential budget plans, Biden's proposal needs the approval of lawmakers, who can change the allotments and dollar figures.
Here are some other things to keep in mind about Biden's budget:

*Lots of spending*
This year's $6 trillion spending total fueled by ongoing COVID-19 relief efforts is actually down from a projection of $7.2 trillion for the budget year ending in September. But it's sharply higher than the pre-pandemic $4.4 trillion tally of 2019 and fueled by promises of government help for crushing child care, college, health care and elder care costs. But the nation's huge defense budget would get minimal increases, angering Republicans whose votes Biden needs.

*Taxing business and the rich*
Biden promises $2 trillion in corporate tax hikes, including an increase from 21 percent to 28 percent in the corporate rate and restoring the top individual tax bracket from 37 percent to 39.6 percent. Capital gains taxes would increase for wealthier investors, and inherited capital gains would no longer be tax-free. It would extend Democrats' generous increase in the per-child tax credit from $2,000 to $3,600 for children up to 6 years old and $3,000 for older children. It would also crack down on unpaid taxes by boosting reporting and enforcement.

*Barrels of red ink*
Several rounds of pandemic relief swelled last year's deficit to $3.1 trillion, and the U.S. is on track for a $3.7 trillion deficit this year, which means a total national debt exceeding $30 trillion within a few months. While deficits would be cut roughly in half, to $1.8 trillion, in the budget year starting in October, they would remain well above levels that mainstream economists have believed to be sustainable. Annual interest payments on all of that Treasury borrowing would almost double in the next five years from about $300 billion now to $581 billion in 2027.

*Iffy prospects in congress*
Democrats control Congress by the narrowest of margins and could theoretically pass Biden's tax increases and many of his bold spending plans under special budget rules that prevent a GOP Senate filibuster. But it only takes a single Democratic defection to mess things up, and there's ample resistance to Biden's full corporate tax increase and higher taxes on capital gains. Smaller tax increases would mean Democrats would have to scale back their ambitions on spending. And Senate Republicans are sure to bring Biden's high-flying hopes for annual nondefense appropriations back to Earth by insisting on spending increases for the Pentagon that are comparable to domestic agencies.

*Cautious economic projections*
Some of Biden's predecessors, including former President Donald Trump, were guilty of juicing economic projections to make their budget numbers work. But the Biden team appears more cautious, projecting long-term economic growth of about 2 percent after a 5.2 percent boost this year and a 3.2 percent increase in 2022. Consumer prices, which are currently spiking, are seen as remaining in check, at about 2 percent inflation each year

TiE DelhiNCR is organising a vaccination camp (paid) for 18+ years between 5th & 10th June. Those interested may register at the following link https://pages.razorpay.com/pl_HGDfo4JEpvGzYr/view

One can chose from Covishield, Covaxin and Sputnik

Bank of Baroda reports Q4 net loss of ₹1,046.5 crore https://www.livemint.com/companies/company-results/bank-of-baroda-reports-standalone-q4-net-loss-of-rs-1-046-5-crore-11622282587553.html

M&M announces a dividend of Rs 8.75/share for FY21, highest ever dividend to commemorate the 75th year of the Company

*Jefferies: Reliance Industries (RIL IN): Petrochemicals: 50% Upside to Segment Ebitda if Current Spreads Sustain*

Maintain BUY with PT of Rs2580 (30% Upside)

Polymer spreads are at decade-highs on strong downstream demand. Polyester chain spreads, well below decade highs on large capacity addn, are recovering gradually. RIL's petchem portfolio spread is tracking 30% ahead of JEFe. Petchem Ebitda could be c50% ahead of JEFe if current spreads sustain in FY22E. This could drive 14% upside to our consol Ebitda est. Sustained strong performance increases the likelihood of the O2C transaction, in our view. Maintain Buy.

*Attractive post correction, increased likelihood of O2C stake sale*: At the current stock price, valuing the Energy business at long-term average multiples, we are left with Rs 1,150/share as imputed value of RIL’s stake in Jio and Retail. This is in line with the valuation offered by PE funds that bought stakes in Jio and Retail in 1QFY21. In our view, sustained strong petrochemical performance improves the likelihood of O2C stake sale in FY22. This could lead to a reversal of the 40% Nifty underperformance. Our PT (Rs 2,580) represents 30% upside.

🇮🇳 *India Daybook*

🔹 *Stocks in News*

*Metropolis:* Net Profit at Rs 61.0 crore from Rs 15.0 crore, revenue increased to Rs 291.0 crore from Rs 207.0 crore, YoY. (Positive)

*Dixon tech:* Net Profit at Rs 44.26 crore from Rs 27.6 crore, revenue increased to Rs 2110.0 crore from Rs 857.0 crore, YoY. (Positive)

*Honda Power:* Net profit jumped to Rs 15.3 crore from Rs 4.9 crore, while revenue increased to Rs 295.0 crore from Rs 195.0 crore, YoY. (Positive)

*Greenlam:* Net profit at Rs 31.3 crore from Rs 22.9 crore, while revenue seen at Rs 415.0 crore from Rs 324.0 crore, YoY (Positive)

*GSFC:* Net profit at Rs 149.8 crore from Rs 61.8 crore, while revenue seen at Rs 1740.0 crore from Rs 1862.0 crore, YoY. (Positive)

*Phoenix Mills:* Net profit at Rs 65.5 crore from Rs 46.7 crore, while revenue seen at Rs 385.0 crore from Rs 399.0 crore, YoY. (Positive)

*Mangalam Organics:* Net profit at Rs 44.6 crore from Rs 16.3 crore, while total income rose to Rs 96.0 crore from Rs 81.0 crore, YoY. (Positive)

*Redington:* Net profit at Rs 303.4 crore from Rs 126.7 crore, while total income rose to Rs 15503.0 crore from Rs 12666.0 crore, YoY. (Positive)

*GPPL:* Net profit at Rs 6.5 crore from Rs 4.8 crore, while total income rose to Rs 193.4 crore from Rs 161.9 crore, YoY. (Positive)

*Navneet:* Net profit at Rs 18.9 crore from loss of Rs 22.7 crore, while revenue rose to Rs 215.6 crore from Rs 123.0 crore, YoY (Positive)

*SH Kelkar:* Net profit at Rs 53.2 crore from Rs 18.1 crore, while revenue rose to Rs 375.9 crore from Rs 269.7 crore, YoY (Positive)

*Punjab Chemicals:* Net profit at Rs 10.5 crore from Rs 4.7 crore, while revenue rose to Rs 209.5 crore from Rs 106.8 crore, YoY (Positive)

*Siyaram:* Net profit at Rs 58.2 crore from Rs 23.3 crore, while revenue rose to Rs 507.0 crore from Rs 466.8 crore, YoY (Positive)

*Hawkins:* Net profit at Rs 24.0 crore from Rs 9.4 crore, while revenue rose to Rs 245.0 crore from Rs 146.0 crore, YoY (Positive)

*Solar Ind:* Net profit at Rs 95.0 crore from Rs 53.2 crore, while revenue rose to Rs 791.4 crore from Rs 547.5 crore, YoY (Positive)

*UCO Bank:* Net profit at Rs 80.0 crore from Rs 16.8 crore, while Interest Earned at Rs 3566.0 crore from Rs 3742.0 crore, YoY (Positive)

*Stylam Ind:* Net profit at Rs 23.5 crore from loss of Rs 9.2 crore, while revenue rose to Rs 166.5 crore from Rs 105.7 crore, YoY (Positive)

*Eicher Motors:* Net profit rose 72.9 percent to Rs 526.1 crore from Rs 304.3 crore, while revenue increased 33.2 percent to Rs 2,940.3 crore from Rs 2,208.2 crore, YoY. (Positive)

*NOCIL:* Net profit at Rs 37.33 crore in Q4FY21 as against Rs 21.87 crore, while revenue jumped to Rs 321.99 crore from Rs 212.66 crore, YoY (Positive)

*Apollo Hospital:* Company launches a drive-in vaccination programme in Ahmedabad. (Positive)

*Jubilant Pharma:* India Ratings has upgraded Long Term Issuer Rating to ‘IND AA+’ from ‘IND AA’. (Positive)

*TCS:* Recognized as a Leader in AWS Services in the US by ISG (Positive)

*TRIL*: Company receives export order of Transformers amounting to Rs. 84 Crores from GE T&D I. (Positive)

*Telecom Stocks:* Department of Telecom finally allotted 5G spectrum to Airtel, Vodafone Idea and Reliance Jio for 5G trials.. (Positive)

*NLC India:* The company has issued and allotted commercial papers worth Rs 300 crore. (Positive)

*Godrej Agrovet:* CRISIL has re-affirmed its "CRISIL A1+" rating on the Rs.1000 Crore. (Neutral)

*IRB Infra:* Net profit at Rs 98.0 crore from Rs 154.0 crore, while revenue increased to Rs 1606.0 crore from Rs 1584.0 crore, YoY (Neutral)

*Sun Pharma:* Net profit at Rs 894.0 crore versus poll of Rs 1443.0 crore, while revenue increased to Rs 8523.0 crore from Rs 8185.0 crore, YoY (Neutral)

*GIPCL:* Net profit at Rs 43.5 crore from Rs 61.9 crore, while revenue seen at Rs 332.0 crore from Rs 342.0 crore, YoY (Neutral)

*BBL:* Net profit at Rs 13.0 crore from Rs 14.2 crore, while revenue increased to Rs 290.0 crore from Rs 260.0 crore, YoY (Neutral)