*Indraprastha Medical Corporation Ltd.* | *CMP* Rs. 99 | *M Cap* Rs. 905 Cr | *52 W H/L* 98.7/35
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 198.1 Cr (10% QoQ, -1.2% YoY) vs QoQ Rs. 180 Cr, YoY Rs. 200.5 Cr
EBIDTA came at Rs. 30 Cr (15.4% QoQ, 70.9% YoY) vs QoQ Rs. 26 Cr, YoY Rs. 17.5 Cr
EBITDA Margin came at 15.1% vs QoQ 14.4%, YoY 8.7%
Adj. PAT came at Rs. 15.1 Cr vs QoQ Rs. 12 Cr, YoY Rs. 6.5 Cr
Quarter EPS is Rs. 1.6

Reliance Power Board meeting on 11 June to consider raising of fund through issue of equity share / warrent. Positive

Bulk Deal as on 09-06-21

Deep Ind
- 1.62 Lk @ 91.83 Rakesh Rajkrishan Agarwal

Den Networks
- 42.23 Lk @ 57.35 Icicibank Ltd

Dhanuka Agritech
+ 15.98 Lk @ 853 Government of Singapore
+ 3.56 Lk @ 853 Monetary Authority of Singapore
- 19.66 Lk @ 853 Triveni Trust
- 3.62 Lk @ 861.12 Pushpa Dhanuka Trust
Arm

Ion Exchange
+ 1.20 Lk @ 1984.49 Franklin Templeton Mutual fund

Kalyani Investment
+ 24 K @ 2025.07 Ajinkya Investment & Trading Co
- 24 K @ 2022.73 POONAWALLA Avitation Pvt Ltd

Magadh Sugar
+ 1.03 Lk @ 271.63 Singh Man Mohan

Nazara Technologies
+ 64 K @ 1641.95 Alps/Kotak Growth Fund
+ 5.85 Lk @ 1641.95 Norges Bank Goverment Pension Fund
- 6.49 Lk @ 1641.95 IIFL Special OpportunitIes Fund

Pricol
+ 18.88 Lk @ 89.45 Nomura Singapore Ltd
- 18.88 Lk @ 89.45 Heshika Growth Fund

Talbros Automotive
- 65 K @ 295.37 Krishnaswamy Mohan

Veto Switchgear
+ 1 Lk @ 150 Mahaveer Equibiz

Crompton
- 3.36 Crore @ 400.4 Amalfiaco Ltd
+ 1.24 Crore @ 400.4 Sbi Mutual Fund
+ 18.70 Lk @ 400.4 Sbi Life insurance Co Ltd
+ 30 Lk @ 400.4 Mirae Asset Mutual Fund
+ 17.40 Lk @ 400.4 Public Sector Pension Investment
+ 14.80 Lk @ 400.4 Hdfc Standard Life insurance company Ltd
+ 24.97 Lk @ 400.4 Icici Prudential Life insurance company Ltd
+ 11.95 Lk @ 400.4 Integrated Core Strategies Asia Pte
+ 35.30 Lk @ 400.4 Ashoka India Opportunities Fund
+ 13.23 Lk @ 400.4 Al Mehwar Commercial Investment LLP
+ 2.07 Lk @ 400.4 Abs Direct Equity Fund
+ 2.55 Lk @ 400.4 Alps/Kotak Growth Fund
+ 6.19 Lk @ 400.4 Ashoka India Equity Investment
+ 2.55 Lk @ 400.4 Aurigin Master Fund Ltd
+ 2.55 Lk @ 400.4 Bnp Paribas Arbitage
+ 4.20 Lk @ 400.4 Bharti AXA Life insurance company Ltd
+ 6.73 Lk @ 400.4 Caisse De Depot Et Placement
+ 7.37 Lk @ 400.4 India Acorn Fund
+ 7.20 Lk @ 400.4 Morgan Stanley Mauritius
+ 4.09 Lk @ 400.4 White Oak India Equity Fund

*MF Fundflows, AUM, Folios summary for the month – MAY-2021*
(Amount in Rs.)

*Net Outflows:* -38602 Crs
*Total AUM:* 33,05,660 Crs, New High (by Mth end)
*Total Folios:* Crossed 10 Crs milestone, at 10.04 Crs, New High

*Monthly Fund flow highlights:*
👉🏼 Equity attracted inflows of 9235 crs, 3rd most in 26 Mths.
↪️ Major Net Inflows (O.E schemes): Multicap 1954 crs, helped by a NFO ; Midcap 1368 crs, up 74% from 3M avg ; Focused fund 1169 crs, up 142% from 3M avg helped by a NFO ; Sector/Thematic 1137 crs .
↩️ Major Net Outflows: ELSS -290 crs. Close ended equity -848 crs, a 6M high.
🔴 Gross redemptions of Open-ended Equity reduced to 15551 crs, a 11M low.

👉🏼 SIP Inflows in May’21: 8818 crs, 2nd most historically ; SIP A/cs: above 3.79 Crs, a new high

👉🏼 Debt suffered net inflows at -63454 crs. Debt (Ex-liquid and O/n) remained net outflows at -38602 crs.
↪️ Major Net Inflows: Low dur 7823 crs, 6th most in 26M ; Money mkt 4334 crs, down -43% from 3M avg ; Ultra short dur 2924 crs ; Medium to long dur 847 crs, highest in 26M.
↩️ Major Net Outflows: Liquid -45447 crs ; Overnight -11573 crs, 3rd worst in 26M – both a surprise in middle of the quarter ; Corp. bond -1468 crs ; Banking & PSU -1340 crs – both at 4th low in 26M . Close ended Debt -18942 crs, near multi year high outflows, mostly due to redemptions across nearly 69 schemes, highest in recent months.

👉🏼 Hybrid received net inflows of 6217 crs, 4th best in 26M.
↪️ Net Inflows: Arbitrage 4521 crs, down -11.7% from 3M avg ; Dyn AA / Bal Adv 1363 crs, 4th best in 26M. Equity savings saw it’s first inflow in 26 mths at 382 crs (without NFO). Cons. Hybrid 395 crs, most in 26M, in part helped by a NFO.
↩️ Net Outflows: Aggressive hyb -435 crs, 3rd best in 26M ; Multi Asset Alloc -8 crs.

👉🏼 Solution saw net inflows of 68 crs.

👉🏼 Others pulled net inflows of 9332 crs, up 63% from 3M avg inflows.
↪️ Net Inflows: Other ETFs 5380 crs, up 99% from 3M avg ; Overseas FoF 2424 crs, an all-time high monthly inflow, helped by 2 NFOs ; Index fund 1241 crs, 3rd most in 26M ; Gold ETF 288 crs, down -53% from 3M avg.
↩️ Net Outflows: Nil.

👉🏼 NFO sales in May’21: 5910 crs across 12 schemes (53% from Equity ; 28.8% Overseas FoF ; 7.5% Other ETFs).

👉🏼 Between May’20 to May’21: Number of open ended schemes went up by 60 with more NFOs coming in (Equity 27 ; Other ETFs 21 ; Index 12 ; Overseas FoF 8 ; Hybrid 6 ; Soln 2. Debt schemes were down -16) ; Close ended scheme count decreased by -289 (Debt 250 ; Equity 39) primarily owing to maturities and dryness in fresh offerings. Total schemes stood at 1597 (OE: 1027 ; CE: 570).
👉🏼 April/May usually witnesses higher maturity of close ended debt schemes, that were launched at the end of previous FYs, with the timeline advantage of additional year of indexation.

*Monthly Folio change highlights:*
👉🏼 Industry witnessed highest ever monthly folio addition of 1867436 in May’21. The previous high was in Jan’18 at 18.45 lakh folios.

👉🏼 Equity added 1078091 folios, most likely a multi-year high.
➕ Major Folio Additions: Sector / Theme 218854, 3rd most in 25M ; Smallcap 167498, 25M best ; Flexicap 140234 ; Midcap 127751, 2nd best in 25M.
➖ Major Folio Reductions: Value/Contra -182, 2nd best in 25M (lowest reduction).

👉🏼 Debt lost -3035 folios. Debt (ex-liq/on) ended up adding a meagre 178 folios, reversing from 2 mths of reductions.
➕ Major Folio Additions: Corp. bond 11254, despite outflows, up 159% from 3M avg ; Short dur 7536 ; Medium dur 3632 ; Ultra short dur 3224.
➖ Major Folio Reductions: Liquid -3819 ; Low dur -2317, 3rd mth in a row ; Gilt -2091, 4th mth in a row.

👉🏼 Hybrid added 62739 folios, 4th most in 25M.
➕ Folio Additions: DAA / Bal Adv 29816, down -45% from 3M avg ; Cons. Hybrid 17006, most in 25M.
➖ Folio Reductions: NIL.

👉🏼 Solution funds added 2376 folios.

👉🏼 Others added 727265 folios, a 25M best.
➕ Folio Additions: Other ETFs 368072, an all-time high (in part support from 4 NFOs) ; Gold ETF 154503, 3rd most historically ; Overseas FoF 115666, an all-time high, in part lifted by 2 NFOs ; Index 89024, 2nd most in 25M, also helped by a NFO.
➖ Folio Reductions: NIL.

Source: AMFI

Highest Equity MF Inflow since Mar 20

👉Equity MF ~10,082 Cr

👉ETF/Index Funds ~9331 Cr

👉SIP ~8819 Cr

👉Multi-cap Funds turned +Ve

👉Highest AUM ~32.99 Lac Cr

MultiBagger Potential🚀 for study

Take Solutions 71 / 72🚀

TAKE Solutions is a technology driven, full service Clinical Research Organization. It helps biopharma companies throughout the drug development process, and beyond & it constitutes 94% of company`s revenue. Headquartered in Chennai, India, it has a global footprint spanning the Americas, Europe and the Asia Pacific region. It has 1,70,000 regulatory submissions and submitted 5% of all regulatory submissions to USFDA 2012 to 2020.

*Geographical Split*
USA: 85% in FY 20 vs 80% in FY17
Asia-Pacific: 13% in FY20
Europe: 2% in FY20 vs 7% in FY17

*Cliental Base*
The Co. had about 400 active clients at the end of FY20. Some of their clients are Pfizer Inc, Celgene Corporation, Mylan N.V, Dr. Reddy’s Laboratories, etc. Top 10 customers contribute only 24% of the overall revenue. 90% of the business is from the same set of clients.

*Recent Cost Cutting Measures*
The Co. has Shut down Europe business during Q1 of FY 21 because it wasn't generating cash, which in turn decreased SG&A expenses from about Rs 185 Cr a quarter in FY20 to around Rs 37 Cr a quarter in FY 21.

*Recent Orders*
Till Sep 20, Company has won 3 contracts worth more than Rs 14 Cr each and won another 3 contracts worth more than Rs 7 Cr each. The Co. has signed exclusive strategic partnership with 2 SME biotech to take over their complete drug Trial portfolio. It has signed a 5-year contract for PV technology and services A top 5 pharmaceutical renewed a Rs 37 Cr contract.

Accelya Solutions OFS Announced
Non-retail date - 10 June
Retail bid date - 11 June

Floor Price - 910/-
Today's close - 1,098/-

Base OFS Size : 21,81,773 Shares
Greenshoe Option : NIL
Total OFS Size : 21,81,773 shares

Retail Reservation - 10% of OFS
Retail Discount - NIL

INDIAN METALS Q4 : Net Profit 65.4 cr against Rs 51 cr loss last year

Revnue up 51 % to Rs 576 cr

EBITDA up 87 % to Rs 128 cr (QOQ)

MARGINS at 22.3 % V 16.07 % (QOQ)

BATA INDIA:
Q4 CONS NET PROFIT 294.7M RUPEES VS 384.1M (YOY); EST 367M | 264M (QOQ)

Q4 REVENUE 5.9B RUPEES VS 6.21B (YOY)

CO BOARD RECOMMENDED A *DIVIDEND OF 4 RUPEES PER SHARE*

CO APPOINTED VIDHYA SRINIVASAN AS CFO FOR 5 YRS

STRONG MONOPOLIES :

*IRCTC* 100% Market share in Rail Network.

*IEX* >90% market share in power trading.

*Zydus wellness* >90% market share in sugar free product.

*Eicher motors* >85% market share in 250cc bikes category.

*MCX* >85% market share in commodity trading.

*Coal India* >80% market share in coal production in India.

*ITC* >75% market share in cigarettes.

*Honda Siel* >75% in portable power generators.

*Hindustan Zinc* >75% market share in primary zinc industry.

*Asahi India Glass* >70% market share in automotive glass.

*NRB Bearings* >70% market share in needle roller bearings.

*Pidilite* >65% market share in adhesives.

*CAMS* >65% market share in RTA within mutual fund industry.

*Time Technoplast* >65% market share in polymer based industrial packaging.

*Concor* >65% market share in domestic container cargo transport.

*Exide* >60% market share in lead batteries.

*Naukri* >60% market share in the Indian job market space.

*Praj* >60% market share in ethanol plant installing.

*Indiamart Intermesh* >55% market share in the online B2B Classified space.

*Borosil Renewables* >55% market share in Lab glass.

*Vst Tillers* >50% market share in
Power tillers.

*Delta corp* >50% in online poker games.

*Vinati Organics* >50% market share in IBB.

*OCCL* >50% market share in IS.

*LMW* >50% market share in textile machinery.

*Bajaj consumer* >50% market share in almond hair oil.

*Asian paints* >50% market share in decorative paints.

*Colgate* >50% market share in oral care.

*Symphony* >50% market share in
coolers.

*PGHH* >50% market share female care & vaporub.

*La Opala Rg* >50% market share in opalware.

*HLE Glasscoat* >50% market share in filtration & drying equipment.

*Maruti suzuki* >50% market share in passenger cars.

*APL Apollo* >50% market share in structural & pre galvanized tubes.

*GMM pfaudler* >50% market share in glass lined equipment.

*Marico* >40% market share in hair oil (coconut) & edible oil.

*HUL* >40% market share in soaps, household products.

*Nestle* >40% market share in Instant noodles. >95% in infant nutrition.

*Blue dart* >40% market share in air express courier service.

*VIP* >40% market share in luggage.

*USL* >40% market share in spirits/whisky.

*UBL* >40% market share in beer.

*Sundram fasteners* >40% market share in fasteners.

*Nocil* >40% market share in rubber chemicals.

*Gillette* >40% market share in razors & blades.

*Alkyl Amines* >40% market share in DMAHCL.

*TTK Prestige* >40% market share in pressure cookers.

*Hero Motocorp* >35% market share in 2 wheelers.

*Reliance* >35% market share in telecom.

*Britannia* >35% market share in biscuits.

U.S : US 10-year yield falls below 1.5%, lowest since May 7

COVID OUTBREAK IN CHINA SPARKS FEARS OF TRADE DISRUPTION.

SUDDEN FALL IN MARKET 👇👇

https://www.businesstoday.in/current/world/fresh-covid-outbreak-in-china-rattles-trade-stokes-fears-of-disruption/story/441187.html

Daily Market Highlights | 9th Jun 2021 📊

NIFTY50: ₹15,635.35 | -0.67%

Top Gainers 📈

POWERGRID: +3.93%
SBILIFE: +1.75%
NTPC: +1.55%
TITAN: +0.88%
COALINDIA: +0.77%

Top losers 📉

TATAMOTORS: -2.61%
ADANIPORTS: -2.43%
SHREECEM: -2.02%
LT: -1.83%
RELIANCE: -1.65%

*Global-Market Insight*
-US markets finished near their lows as the market continued to struggle to break out from a tight range
-Dow -153 to 34447
-S&P -7.71 to 4219
-Nasdaq -13.16 to 13912
-Ahead of inflation number 10-year bond yield fell below 1.5%
-Crude oil and Gold are in a narrow range
-Metals are highly volatile
-President Joe Biden revoked the ban on the Chinese-owned apps TikTok and WeChat
-El Salvador becomes the first country to adopt bitcoin as legal tender

Railtel thread .. courtesy Twitter handle @market801


In Q3 FY21, Revenue growth and profit growth was 50% +

Railtel has a bright future. Today it won the 700 Mhz spectrum for mobile train radio communications.

Railtel overall marketcap is less than 5000 crores. Today's project to Indian railways is worth 25,000 crores to be executed in next 5 years.

Railtel will play a major role in that project. It appear to be a good Telecom cum railway cum government play.



Railtel is India's largest neutral telecom infra provider with pan India right of way along 67,415 kms passing through 7321 railway stations.

Speed from 2Mbps to 100Gbps, state of art technology. Railtel is in a position to serve 70% of country`s population.
(1/n)
Rail Tel Revenue is mainly from Telecom and Projects:
Telecom:
Data services (Railcloud), Leased line, VPN, Internet leased line, Data centre, Tower collocation

Project works:
Projects for railways,
National optical fibre network,
IT services related projects
(2/n)


Enterprise specific IT and ITES Projects, content on demand will,be introduced in trains (similar to plane model).

https://www.livemint.com/news/india/this-rs-25-000-crore-high-tech-project-will-make-your-indian-railways-journey-safer-11623232971360.html

*Sharekhan Stock Idea- 3R Recommendation*
*Laurus Labs Limited*
*Marching ahead*
*Rating: Buy*
(CMP: 611, Price Target: 725)
*Company Description*
Laurus is a leading research-driven pharmaceutical company, working with nine of the world’s top 10 generic pharmaceutical companies in the world. Laurus sells APIs in 56 countries. The company’s major focus areas include anti-retroviral, Hepatitis C, and Oncology drugs. Oncology is one of its core competencies, where it offers a comprehensive range of APIs in this segment. Laurus is continuously extending its portfolio by focusing on molecules in diabetes, ophthalmology, and cardio-vascular therapy areas. Laurus has four distinct business units, namely: Generics API, Generics FDF, Ingredients, and Synthesis.
*Key Investment Arguments*
• We retain a Buy recommendation on the stock of Laurus Labs’ with a revised PT of Rs. 725.
• Sustained demand for ARV-APIs and tapping of new areas such as anti-diabetics and cardiology are the key drivers for the API business. Strong demand environment, easing capacity constraints and commissioning of new block would drive the Formulations and Synthesis business growth.
• Given the Commissioning of new fermentation capacities and strong order book, the revenues of Laurus Bio are expected to double for FY22E.
• Basis robust outlook across segments, Laurus has targeted $1 bn revenues by FY2023E. Strong growth prospects, visibility on earnings, healthy return ratios and low debt-equity are the key growth drivers.

*Pharmaceuticals*
*Strong quarter; brighter prospects ahead*
*Q4FY2021 Results Review*
*Sector: Pharmaceuticals Sector*
*View: Positive*
Q4FY2021 was yet another quarter of a strong performance for pharmaceutical companies under the Sharekhan universe. In Q4FY21, US business for most of the companies was weak on the back of a weak flu season while the domestic business bounced back with the IPM (Indian Pharmaceutical Markets) reporting a 5.3% y-o-y growth. Management commentaries suggested that companies faced logistical / operational challenges due to COVID-19 led disruptions, while benefits of low operating costs reduced as marketing activities resumed gradually.
*Outlook*
*Growth Levers Intact:* Indian pharmaceutical companies are better placed to harness opportunities and post healthy growth going ahead. Indian companies are among the most competitive globally and hold a sizeable market share in most developed as well as other markets. Indian pharmaceutical companies have developed strong capabilities over the years, which are depicted in their inherent strength.
*Valuation*
*Sector View - Positive:* Considering a long term horizon from April 2015 to March 2019 the healthcare index has underperformed benchmark indices, with the Nifty Pharma index reporting a negative return of 11%. However, little over the past year, the healthcare index has bucked the trend, outperforming benchmark indices, yielding a sturdy 73% return as compared to a ~31% return clocked by the benchmarks. The strong outperformance is expected to continue going ahead as well and we see this as the initial phase of a multi-year bull run.
*Key Risks* Adverse regulatory changes, delay in plant inspections and currency volatility could over weigh on the financial performance of the companies in the sector;
*Our Preferred Picks:*
*Large Caps:* Aurobindo, Cadila, Lupin, Dr Reddy’s, Sun Pharma, Biocon
*Mid Caps:* Gland Pharma, Laurus Labs, Strides Pharma Sciences, Abbott India
*Outperformers in Q4FY2021:* Divis Labs, Laurus Labs, Solara Active Pharma Sciences, Gland Pharma
*Underperformers in Q4FY2021:* Shilpa Medicare, Aurobindo

*Sharekhan Stock Idea- 3R Recommendation*
*Sundram Fasteners Limited*
*Broadening the growth horizons*
*Rating: Buy*
(CMP: 837, Price Target: 994)
*Company Description*
Sundram Fasteners Limited (SFL), incorporated in 1966, is a part of TVS Group, headquartered in Chennai. It manufactures critical and high precision component for automotive, infrastructure, windmill and aviation sectors. The company produces fasteners, powertrain components, sintered metal products, iron powders, cold extruded parts, radiator caps, water pumps, oil pumps and wind energy components. SFL has customer portfolio including and domestic and international client. The revenue mix comprises of 52% domestic OEMs, 13% aftermarket and 35% from exports.
*Key Investment Arguments*
• We retain a Buy rating on Sundram Fasteners with a revised PT of Rs. 994, factoring in better multiples on strong traction in business outlook and an upgrade in earnings estimates.
• We expect SFL to benefit from strong growth traction in the automotive industry as its clients well-diversified across segments, geographies and products.
• Export and non-automotive segments remain top focus areas for the management to derisk business from cyclicality.
• We expect SFL’s earnings to clock a 32.3% CAGR during FY21E-23E, driven by a 26% revenue CAGR, better EBITDA margins and RoCE. Stock trades at P/E multiple of 27.8x and EV/EBITDA multiple of 16.8x its FY2023E estimates.

*Sharekhan Stock Idea- 3R Recommendation*
*Max Financial Services Limited*
*Delivered strong set of numbers*
*Rating: Buy*
(CMP: 996, Price Target: 1250)
*Company Description*
Max Financial Services Limited (MFSL) is part of India’s leading business conglomerate - Max Group. Focused on life insurance, MSFL owns and actively manages an 81.83% majority stake in MLI, which is the sole operating subsidiary of MFSL. Max Life is India’s largest nonbank private life insurer and the fourth largest private life insurance company. MLI offers comprehensive long-term savings, protection, and retirement solutions through its high-quality agency distribution and multi-channel distribution partners.
*Key Investment Arguments*
• Max Financials Services (MFS, holding company of Max Life Insurance) saw positive results from the subsidiary, Max Life Insurance (MLI) with smart pickup in VNB and new business margins.
• For Q4FY2021, Max Life saw individual APE up by 35.4% y-o-y and 65.5% q-o-q, led by the nonpar savings business (up by 121% y-o-y) and ULIP business (43% y-o-y) in Q4FY2021. VNB grew by healthy 44% y-o-y.
• Healthy metrics continued with margin expanding to 25.2% in FY2021; persistency also improved and MLI achieved its decade-high new business market share of 10.8%.
• We have maintained our Buy rating on the stock with a revised PT of Rs. 1,250.

*Sharekhan Stock Idea- 3R Recommendation*
*Petronet LNG*
*Lacks near trigger; Cash utilisation a concern*
*Rating: Buy*
(CMP: 229, Price Target: 285)
*Company Description*
PLNG was incorporated in April 1998. PLNG imports, re-gasifies, and markets liquefied natural gas (LNG) in India. The company owns and operates India’s largest LNG terminal with a capacity of 17.5 mmt at Dahej (Gujarat) and 5 mmt at Kochi (Kerala). The company plans to further increase Dahej LNG terminal capacity to 19.5 mmt in the next 2-3 years. The company operates on a simple business model of charging re-gas margins on LNG volumes imported (both long-term and spot) through its terminals.
*Key Investment Arguments*
• In-line operating profit at Rs. 1,091 crore (up 20.4% y-o-y) as volume of 218 tbtu meets our expectation. Adjusted PAT at Rs. 674 crore (up 20.6% y-o-y), marginally below our estimate due to lower other income.
• Near-tern volume outlook remain muted due to lockdown, high spot LNG price and rampup of domestic gas production. Kochi terminal utilisation ramp-up expected to reach 30% (from 22% in Q4FY21) in the next six months.
• Massive capex plan of Rs. 18,000 crore over the next five years with 66% spending on new unestablished avenues such as LNG retailing stations (Rs. 8,000 crore) and compressed bio-gas plants (Rs. 4,000 crore), while benefits would be back-ended and could impact dividend payout going forward.
• However, valuation remains attractive at 9.7x its FY2023E EPS; and thus, we maintain our Buy rating on PLNG with a revised PT to Rs. 285 (lowered to reflect cut in earnings estimate given lower volume assumption).