Multibase call given to All our Members on 17th December... Friday made New 52wk High of 269.95❤️Gave entry till 168
All Targets Done❤️
61% Returns done from lowest level of entry❤️😍
SL was saved on closing basis
Booked 95% Holding's Earlier❤️
Hold with TSL and Members can book profit at their own comfort.
All Targets Done❤️
61% Returns done from lowest level of entry❤️😍
SL was saved on closing basis
Booked 95% Holding's Earlier❤️
Hold with TSL and Members can book profit at their own comfort.
*Mrs. Bectors Foods Specialities Ltd.* | *CMP* Rs. 432 | *M Cap* Rs. 2538 Cr | *52 W H/L* 630/328
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 224 Cr (-0.8% QoQ, 15.3% YoY) vs QoQ Rs. 225.8 Cr, YoY Rs. 194.3 Cr
EBIDTA came at Rs. 29.3 Cr (-26.3% QoQ, 15.2% YoY) vs QoQ Rs. 39.7 Cr, YoY Rs. 25.4 Cr
EBITDA Margin came at 13.1% vs QoQ 17.6%, YoY 13.1%
Adj. PAT came at Rs. 12.8 Cr vs QoQ Rs. 20.7 Cr, YoY Rs. 9.1 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 33.5x FY22E EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 224 Cr (-0.8% QoQ, 15.3% YoY) vs QoQ Rs. 225.8 Cr, YoY Rs. 194.3 Cr
EBIDTA came at Rs. 29.3 Cr (-26.3% QoQ, 15.2% YoY) vs QoQ Rs. 39.7 Cr, YoY Rs. 25.4 Cr
EBITDA Margin came at 13.1% vs QoQ 17.6%, YoY 13.1%
Adj. PAT came at Rs. 12.8 Cr vs QoQ Rs. 20.7 Cr, YoY Rs. 9.1 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 33.5x FY22E EPS
*Shriram Transport Finance: Fund Raising*
• Co raises fresh funds by issuing Equity Shares (17.36 lac shares / Rs. 250 Cr) and Warrants (17.36 lac warrants / Rs. 250 Cr) to Shriram Capital Limited, Promoter of the Company, on a preferential basis at a price of Rs. 1430 per share.
• This shall result in dilution of 1.4% of pre-issue outstanding shares.
• BVPS shall increase by 1% from Rs. 852 to Rs. 860.
Neutral
• Co raises fresh funds by issuing Equity Shares (17.36 lac shares / Rs. 250 Cr) and Warrants (17.36 lac warrants / Rs. 250 Cr) to Shriram Capital Limited, Promoter of the Company, on a preferential basis at a price of Rs. 1430 per share.
• This shall result in dilution of 1.4% of pre-issue outstanding shares.
• BVPS shall increase by 1% from Rs. 852 to Rs. 860.
Neutral
#BREAKING: Tata Digital, a 100% subsidiary of Tata Sons, will invest up to $75 mn in CureFit, the company announced today.
*The New India Assurance Company Ltd. -S* | *CMP* Rs. 177 | *M Cap* Rs. 29170 Cr | *52 W H/L* 197/100
(Nirmal Bang Retail Research)
*Result has declined*
Net Premiums earned came at Rs. 6960.1 Cr vs YoY Rs. 6147.9 Cr, QoQ Rs. 6686.6 Cr
Operating Profits came at Rs. -117.6 Cr vs YoY Rs. -153.2 Cr, QoQ Rs. 232.1 Cr
PAT came at Rs. 241.4 Cr vs YoY Rs. 118.5 Cr, QoQ Rs. 521.2 Cr
Combined Ratio came at 123.61% vs QoQ 116.94%
Gross NPA came at Rs. 689.8 Cr vs QoQ Rs. 692.5 Cr at 1.38% vs QoQ 1.43%
Quarter EPS is Rs. 1.5
Share is trading at P/E of 17.7x FY22E EPS
(Nirmal Bang Retail Research)
*Result has declined*
Net Premiums earned came at Rs. 6960.1 Cr vs YoY Rs. 6147.9 Cr, QoQ Rs. 6686.6 Cr
Operating Profits came at Rs. -117.6 Cr vs YoY Rs. -153.2 Cr, QoQ Rs. 232.1 Cr
PAT came at Rs. 241.4 Cr vs YoY Rs. 118.5 Cr, QoQ Rs. 521.2 Cr
Combined Ratio came at 123.61% vs QoQ 116.94%
Gross NPA came at Rs. 689.8 Cr vs QoQ Rs. 692.5 Cr at 1.38% vs QoQ 1.43%
Quarter EPS is Rs. 1.5
Share is trading at P/E of 17.7x FY22E EPS
*Morgan Stanley on PNB*
▫️Key negative was weaker than expected asset quality
▫️Bad Loan formation was much higher than expected
▫️Coverage moved lower QoQ
▫️F21 gross slippages were at 4.3% of loans
▫️Gross impaired loan formation was ~6% of loans (much higher than ~2.3% for SBI)
▫️Credit costs were elevated at ~250bps
▫️Adjusted for interest income provisions made during 3QF21, 4QF21 NII was 3% lower than our forecast.
▫️Margin declined ~40bps QoQ, to 2.7%
▫️Fees stayed muted (down 10% YoY on a pro forma merged basis)
*Risks to Downside*
▫️Sharp rise in Covid-19 cases/delayed availability of vaccines leading to slower than expected macro pickup - driving slower growth and higher NPLs
▫️Higher stress in the MSME segment on a lagged basis
▫️Key negative was weaker than expected asset quality
▫️Bad Loan formation was much higher than expected
▫️Coverage moved lower QoQ
▫️F21 gross slippages were at 4.3% of loans
▫️Gross impaired loan formation was ~6% of loans (much higher than ~2.3% for SBI)
▫️Credit costs were elevated at ~250bps
▫️Adjusted for interest income provisions made during 3QF21, 4QF21 NII was 3% lower than our forecast.
▫️Margin declined ~40bps QoQ, to 2.7%
▫️Fees stayed muted (down 10% YoY on a pro forma merged basis)
*Risks to Downside*
▫️Sharp rise in Covid-19 cases/delayed availability of vaccines leading to slower than expected macro pickup - driving slower growth and higher NPLs
▫️Higher stress in the MSME segment on a lagged basis
*PNB Q4FY21 Concall Update*
(Nirmal Bang Securities)
*Elevated SMA book remains an overhang*
*Outlook: Neutral*
• Gross NPA came at 14.12% vs QoQ (proforma) 14.71%. NNPA remained elevated at 5.73%. PCR remained constant at 63%.
• Proforma slippages in 9MFY21 were at Rs. 12,919 Cr (2.6%) while in Q4 they were at Rs. 11,253 Cr (6.7%). FY21 slippages were at Rs. 28,940 Cr (4.3%) vs FY20 figure of Rs. 30,924 Cr (6.6%).
• Out of the above slippages, Rs. 5000 Cr should get upgraded in Q1.
• Majority of slippage is from MSME (9k + cr), Agri (5k + cr) and Retail (3k + cr).
• SMA 2 is at 4.9%, higher than pre-pandemic levels of 3.2%. SMA 1 is at Rs. 50k Cr (7.4%).
• Rs. 8k Cr of NPAs would be transferred to the Bad Bank which have been provided 100%. Extraction is typically around 25%. 15% of this extraction will be in form of cash and 85% in form o Security Receipts.
• GNPAs wont increase as entire slippages in FY22would be offset by recoveries.
• Ageing provisions could be around Rs. 7k Cr in FY22E. Credit cost is expected at 1.5% n FY22 v/s 2.24% in FY21.
• Bank expects Rs. 1100 Cr of cash recovery via NCLT in H1 including Rs. 440 Cr of DHFL.
• Advances growth was +2% QoQ & -3% YoY at Rs. 6.74 Lac Cr. Corporate loans degrew by -9% YoY and their mix declined to 48% from 51% YoY.
• NIM will be above 2.75% in FY22E, cost/income will be the same as in FY21 and credit growth will be at 8% in FY22E.
Stock is trading at P/E of 9x FY22E EPS & 0.9x trailing P/Adj. BV
(Nirmal Bang Securities)
*Elevated SMA book remains an overhang*
*Outlook: Neutral*
• Gross NPA came at 14.12% vs QoQ (proforma) 14.71%. NNPA remained elevated at 5.73%. PCR remained constant at 63%.
• Proforma slippages in 9MFY21 were at Rs. 12,919 Cr (2.6%) while in Q4 they were at Rs. 11,253 Cr (6.7%). FY21 slippages were at Rs. 28,940 Cr (4.3%) vs FY20 figure of Rs. 30,924 Cr (6.6%).
• Out of the above slippages, Rs. 5000 Cr should get upgraded in Q1.
• Majority of slippage is from MSME (9k + cr), Agri (5k + cr) and Retail (3k + cr).
• SMA 2 is at 4.9%, higher than pre-pandemic levels of 3.2%. SMA 1 is at Rs. 50k Cr (7.4%).
• Rs. 8k Cr of NPAs would be transferred to the Bad Bank which have been provided 100%. Extraction is typically around 25%. 15% of this extraction will be in form of cash and 85% in form o Security Receipts.
• GNPAs wont increase as entire slippages in FY22would be offset by recoveries.
• Ageing provisions could be around Rs. 7k Cr in FY22E. Credit cost is expected at 1.5% n FY22 v/s 2.24% in FY21.
• Bank expects Rs. 1100 Cr of cash recovery via NCLT in H1 including Rs. 440 Cr of DHFL.
• Advances growth was +2% QoQ & -3% YoY at Rs. 6.74 Lac Cr. Corporate loans degrew by -9% YoY and their mix declined to 48% from 51% YoY.
• NIM will be above 2.75% in FY22E, cost/income will be the same as in FY21 and credit growth will be at 8% in FY22E.
Stock is trading at P/E of 9x FY22E EPS & 0.9x trailing P/Adj. BV