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
*Jubilant Ingrevia – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive for long term*
*FY22 would be better than FY21. New Diketene facility (to be commercialised by Q3FY22) would drive the growth in 2HFY22*
The stock is trading at 29.6x FY21 EPS
• Demand outlook continues to be remained strong
• All growth plans are on track
• Rs 300-350 cr capex – ongoing
• Rs 594 cr net debt reduced in FY21. Would continue to repay in FY22 as well. Net debt at the end of FY21 is Rs 431cr
• Has MAT credit in books for next 2 yrs
*_Specialty_*
• Specialty Chemicals revenue grew by 17% on YoY basis driven by higher volume
• Input prices and logistics cost increased which was passed on by increasing prices
• Paraquat ban in Brazil and Thailand resulted in lower demand of Pyridine, which resulted in lower prices during the quarter
• EBITDA Margin were slightly lower, mainly on account of discontinuation of export benefit
• FY21 – commercialised 6 new products, have 21 products in pipeline to be launched in 2-3 years
• *By Q3FY22 – diketene plant would commercialise*
• *Going forward Prices of Pyridine and Beta Picoline are going to be stronger* due to (1) Exit of some of the small manufacturers (2) Lower Pyridine production resulting into lower Beta production while demand of Beta continues to be stronger in future
*_Nutrition and Health Solutions_*
• Growth in Nutrition & Health Solutions Revenue was led by volume growth
• Demand in Animal Nutrition segment got impacted due to COVID-19, especially in Poultry segment
*_LSI_*
• Demand for Pharmaceutical products like Ibuprofen, Paracetamol, Aspirin and others remained high across the globe driven by COVID-19 impact and this has helped in increased demand of Acetic Anhydride
• Business had higher capacity utilization during the quarter across all plants for both Acetic Anhydride and Ethyl Acetate driven by high demand in domestic as well as Global market
• Getting into agro active business at Bharuch; for which the company has incorporated a separate subsidiary – Investment of Rs 200 cr in 2-3 yrs
• *Prices of Acetic Anhydride are likely to continue for some more time*
*Outlook – Positive for long term*
*FY22 would be better than FY21. New Diketene facility (to be commercialised by Q3FY22) would drive the growth in 2HFY22*
The stock is trading at 29.6x FY21 EPS
• Demand outlook continues to be remained strong
• All growth plans are on track
• Rs 300-350 cr capex – ongoing
• Rs 594 cr net debt reduced in FY21. Would continue to repay in FY22 as well. Net debt at the end of FY21 is Rs 431cr
• Has MAT credit in books for next 2 yrs
*_Specialty_*
• Specialty Chemicals revenue grew by 17% on YoY basis driven by higher volume
• Input prices and logistics cost increased which was passed on by increasing prices
• Paraquat ban in Brazil and Thailand resulted in lower demand of Pyridine, which resulted in lower prices during the quarter
• EBITDA Margin were slightly lower, mainly on account of discontinuation of export benefit
• FY21 – commercialised 6 new products, have 21 products in pipeline to be launched in 2-3 years
• *By Q3FY22 – diketene plant would commercialise*
• *Going forward Prices of Pyridine and Beta Picoline are going to be stronger* due to (1) Exit of some of the small manufacturers (2) Lower Pyridine production resulting into lower Beta production while demand of Beta continues to be stronger in future
*_Nutrition and Health Solutions_*
• Growth in Nutrition & Health Solutions Revenue was led by volume growth
• Demand in Animal Nutrition segment got impacted due to COVID-19, especially in Poultry segment
*_LSI_*
• Demand for Pharmaceutical products like Ibuprofen, Paracetamol, Aspirin and others remained high across the globe driven by COVID-19 impact and this has helped in increased demand of Acetic Anhydride
• Business had higher capacity utilization during the quarter across all plants for both Acetic Anhydride and Ethyl Acetate driven by high demand in domestic as well as Global market
• Getting into agro active business at Bharuch; for which the company has incorporated a separate subsidiary – Investment of Rs 200 cr in 2-3 yrs
• *Prices of Acetic Anhydride are likely to continue for some more time*
*Union Bank of India Ltd.* | *CMP* Rs. 36 | *M Cap* Rs. 22808 Cr | *52 W H/L* 45/23
(Nirmal Bang Retail Research)
*Result is ok*
Net Interest Income came at Rs. 5403 Cr vs YoY Rs. 2878 Cr, QoQ Rs. 6590 Cr
Non Interest Income came at Rs. 4551 Cr vs YoY Rs. 2018 Cr, QoQ Rs. 3016 Cr
PBP came at Rs. 5180 Cr vs YoY Rs. 2653 Cr, QoQ Rs. 5311 Cr
Provisions came at Rs. 3904 Cr vs YoY Rs. 3502 Cr, QoQ Rs. 5256 Cr
Adj. PAT came at Rs. 1330 Cr vs YoY Rs. -2503 Cr, QoQ Rs. 727 Cr
Gross NPA came at Rs. 89788 Cr vs QoQ Rs. 87969 Cr at 13.74% vs QoQ 15.28% (proforma)
Net NPA came at Rs. 27281 Cr vs QoQ Rs. 19063 Cr at 4.62% vs QoQ 5.02% (proforma)
Restructured book is at 1.55% vs QoQ 2.5% & YoY 0.60%
SMA 2 is at 0.6% vs QoQ 0.8%
Slippages came at 3.0% in FY21 vs 4.7% in FY20.
Quarter EPS is Rs. 2.1
Share is trading at P/E of 9x FY22E EPS & 0.6x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result is ok*
Net Interest Income came at Rs. 5403 Cr vs YoY Rs. 2878 Cr, QoQ Rs. 6590 Cr
Non Interest Income came at Rs. 4551 Cr vs YoY Rs. 2018 Cr, QoQ Rs. 3016 Cr
PBP came at Rs. 5180 Cr vs YoY Rs. 2653 Cr, QoQ Rs. 5311 Cr
Provisions came at Rs. 3904 Cr vs YoY Rs. 3502 Cr, QoQ Rs. 5256 Cr
Adj. PAT came at Rs. 1330 Cr vs YoY Rs. -2503 Cr, QoQ Rs. 727 Cr
Gross NPA came at Rs. 89788 Cr vs QoQ Rs. 87969 Cr at 13.74% vs QoQ 15.28% (proforma)
Net NPA came at Rs. 27281 Cr vs QoQ Rs. 19063 Cr at 4.62% vs QoQ 5.02% (proforma)
Restructured book is at 1.55% vs QoQ 2.5% & YoY 0.60%
SMA 2 is at 0.6% vs QoQ 0.8%
Slippages came at 3.0% in FY21 vs 4.7% in FY20.
Quarter EPS is Rs. 2.1
Share is trading at P/E of 9x FY22E EPS & 0.6x trailing P/Adj. BV