Bulk Deal as on 15-06-21
Action Construction
+ 12.93 Lk @ 230.7 WHV-EAM International SmallCap Equity fund
Bajaj Hindustan
- 69.76 Lk @ 16.42 Ramlal Kanwarlal Jain
Jagran Prakashan Ltd
- 16.17 Lk @ 61.79 Franklin Templeton Mutual fund
+ 12.85 Lk @ 61.58 Rajasthan Global Securities Pvt Ltd
Majesco
+ 2 Lk @ 95.9 Swarnim Commosale Pvt Ltd
McDowell Holdings
+ 1.42 Lk @ 65.33 Suresh Poonati
- 99 K @ 66.88 Milky Investment & Trading
Zee Learn
- 40.18 Lk @ 18.69 Morgan Stanley Asia Singapore Pte
Newgen Software
+ 16.52 Lk @ 454 Abu Dhabi Investment Authority
+ 6.21 Lk @ 454 Al Mehwar Commercial Investment LLC
+ 10.01 Lk @ 454 Ashoka India Opportunities Fund
+ 3.73 Lk @ 454 India Acron Fund Ltd
+ 11.01 Lk @ 454 Kuber India Fund
+ 5 Lk @ 454 Ms Param Value Investment
+ 6 Lk @ 454 Mukul Mahavir Prasad Agarwal
- 13.99 Lk @ 454 Priyadarshini Nigam
- 31.96 Lk @ 454 Varadarajan
- 27.98 Lk @ 454.2 Diwarka Nigam
Action Construction
+ 12.93 Lk @ 230.7 WHV-EAM International SmallCap Equity fund
Bajaj Hindustan
- 69.76 Lk @ 16.42 Ramlal Kanwarlal Jain
Jagran Prakashan Ltd
- 16.17 Lk @ 61.79 Franklin Templeton Mutual fund
+ 12.85 Lk @ 61.58 Rajasthan Global Securities Pvt Ltd
Majesco
+ 2 Lk @ 95.9 Swarnim Commosale Pvt Ltd
McDowell Holdings
+ 1.42 Lk @ 65.33 Suresh Poonati
- 99 K @ 66.88 Milky Investment & Trading
Zee Learn
- 40.18 Lk @ 18.69 Morgan Stanley Asia Singapore Pte
Newgen Software
+ 16.52 Lk @ 454 Abu Dhabi Investment Authority
+ 6.21 Lk @ 454 Al Mehwar Commercial Investment LLC
+ 10.01 Lk @ 454 Ashoka India Opportunities Fund
+ 3.73 Lk @ 454 India Acron Fund Ltd
+ 11.01 Lk @ 454 Kuber India Fund
+ 5 Lk @ 454 Ms Param Value Investment
+ 6 Lk @ 454 Mukul Mahavir Prasad Agarwal
- 13.99 Lk @ 454 Priyadarshini Nigam
- 31.96 Lk @ 454 Varadarajan
- 27.98 Lk @ 454.2 Diwarka Nigam
*Tips Industries Q4FY21 Concall Update*
(Nirmal Bang Securities)
*Demerger of films and music businesses to lead to value unlocking in the music business*
*Outlook: Positive*
• Demerger will enable focused approach for the two separate businesses. It will also unlock value in the music business which has phenomenal ROCE and is slated to grow at 20-25%.
• Music revenue declined from 98cr in FY20 to 91cr in FY21. This was mainly due to a poor Q1 where the whole media industry was in a standstill.
• 68-70% of revenue comes from digital/OTT & 28-30% from TV.
• Digital/OTT has been growing by 30% in recent years while TV media has been growing at around 20%.
• Majority (75-80%) of OTTs pay the co on revenue share basis. Only 20-25% of OTTs do one time deals with co (eg: Gaana).
• Gaana did not renew its contract with Tips in May 2020 as it was not giving any increase in pricing to which Tips did not agree. As Tips has bulk of the 1990s music, Gaana suffered in the market. Now both cos are in talks for a new deal.
• Other expenses in FY21 are lower YoY as co did not buy music rights aggressively and also because of COVID, co did not record many new songs. Also, there was inventory write off (non-cash expenses) last year.
• Content cost for FY20 was 12cr and for FY21 was at 10cr. Co does not capitalize any of the content acquisition cost.
• Co will be increasing its annual music acquisition budget from 10-12cr currently to 17-18cr in future.
• Currently co is ranked 5th in revenue in India and is aiming to move up to 3rd spot in future. No. 3 co would be having revenue of 170-200cr.
• Bulk of the co’s 29k songs are from 1990s. Around 12k songs are in Hindi and the remaining are in regional languages.
• The typical deal tenure with clients is between 1-2 years.
• Other current liabilities (37cr) includes advance from customers from music business for the next 2-3 years.
• If subscription revenue picks up (currently India has only ad-revenue) after 3-5 years, industry itself can multiply by 3x from ~1700-2000cr today.
Stock is trading at 30x FY21 EPS of Rs. 32.7
(Nirmal Bang Securities)
*Demerger of films and music businesses to lead to value unlocking in the music business*
*Outlook: Positive*
• Demerger will enable focused approach for the two separate businesses. It will also unlock value in the music business which has phenomenal ROCE and is slated to grow at 20-25%.
• Music revenue declined from 98cr in FY20 to 91cr in FY21. This was mainly due to a poor Q1 where the whole media industry was in a standstill.
• 68-70% of revenue comes from digital/OTT & 28-30% from TV.
• Digital/OTT has been growing by 30% in recent years while TV media has been growing at around 20%.
• Majority (75-80%) of OTTs pay the co on revenue share basis. Only 20-25% of OTTs do one time deals with co (eg: Gaana).
• Gaana did not renew its contract with Tips in May 2020 as it was not giving any increase in pricing to which Tips did not agree. As Tips has bulk of the 1990s music, Gaana suffered in the market. Now both cos are in talks for a new deal.
• Other expenses in FY21 are lower YoY as co did not buy music rights aggressively and also because of COVID, co did not record many new songs. Also, there was inventory write off (non-cash expenses) last year.
• Content cost for FY20 was 12cr and for FY21 was at 10cr. Co does not capitalize any of the content acquisition cost.
• Co will be increasing its annual music acquisition budget from 10-12cr currently to 17-18cr in future.
• Currently co is ranked 5th in revenue in India and is aiming to move up to 3rd spot in future. No. 3 co would be having revenue of 170-200cr.
• Bulk of the co’s 29k songs are from 1990s. Around 12k songs are in Hindi and the remaining are in regional languages.
• The typical deal tenure with clients is between 1-2 years.
• Other current liabilities (37cr) includes advance from customers from music business for the next 2-3 years.
• If subscription revenue picks up (currently India has only ad-revenue) after 3-5 years, industry itself can multiply by 3x from ~1700-2000cr today.
Stock is trading at 30x FY21 EPS of Rs. 32.7
*JB Chemicals – Q4FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
The stock is trading at 27.5x FY22E consensus earnings
• The strong revenue growth has been achieved with the core branch and non-COVID portfolio. Thus, the growth achieved during this year reflects the resiliency and the sustainability of the business
• Expect India business to maintain outperformance
• Putting in place a growth strategy for key markets, aided by new product introductions
• The company remain committed to going deeper into some of the existing market and geographies
• In FY21 – seen good momentum in South Africa and US business
• *Expect topline trajectory to continue in FY22 as well with steady EBITDA margins*
• Extending losenges franchisee from conventional cough and cold to immunity building
• Looking to increase the filings runrate from current 1-2 per year to 3-4 in next 12-18 months. And some of these ANDAs would be supported at backend by company’s own API
• Russia – looking to launch couple of products; South Africa – it is a mix of public and private business and the company is good visibility on public business; APAC – focus is to improve the business through CMO
• Capex FY22 – maintenance capex of Rs 50 cr
• Actively and aggressively looking at inorganic opportunities for India business
*Outlook – Positive*
The stock is trading at 27.5x FY22E consensus earnings
• The strong revenue growth has been achieved with the core branch and non-COVID portfolio. Thus, the growth achieved during this year reflects the resiliency and the sustainability of the business
• Expect India business to maintain outperformance
• Putting in place a growth strategy for key markets, aided by new product introductions
• The company remain committed to going deeper into some of the existing market and geographies
• In FY21 – seen good momentum in South Africa and US business
• *Expect topline trajectory to continue in FY22 as well with steady EBITDA margins*
• Extending losenges franchisee from conventional cough and cold to immunity building
• Looking to increase the filings runrate from current 1-2 per year to 3-4 in next 12-18 months. And some of these ANDAs would be supported at backend by company’s own API
• Russia – looking to launch couple of products; South Africa – it is a mix of public and private business and the company is good visibility on public business; APAC – focus is to improve the business through CMO
• Capex FY22 – maintenance capex of Rs 50 cr
• Actively and aggressively looking at inorganic opportunities for India business
*LIC Housing Finance Ltd. -S* | *CMP* Rs. 522 | *M Cap* Rs. 26331 Cr | *52 W H/L* 488/219
(Nirmal Bang Retail Research)
*Result is below expectations*as asset quality has deteriorated
NII came at Rs. 1574.8 Cr vs expectation of Rs. 1283.7 Cr, YoY Rs. 1155.9 Cr, QoQ Rs. 1311.7 Cr
PBP came at Rs. 1329.2 Cr vs expectation of Rs. 1148.4 Cr, YoY Rs. 854 Cr, QoQ Rs. 1150.6 Cr
Provision came at Rs. 977.2 Cr vs expectation of Rs. 384.8 Cr, YoY Rs. 27.3 Cr, QoQ Rs. 181 Cr
PAT came at Rs. 398.9 Cr vs expectation of Rs. 664.9 Cr, YoY Rs. 421.4 Cr, QoQ Rs. 727 Cr
Loan Book came at Rs. 232003 Cr vs YoY Rs. 210578 Cr, QoQ Rs. 220197 Cr
Disbursement came at Rs. 22362 Cr vs YoY Rs. 11325 Cr, QoQ Rs. 16005 Cr
Gross NPA (%) came at 4.1% vs QoQ 2.7%
Net NPA (%) came at 2.7% vs QoQ 1.3%
Covid-19 related provision stood at Rs. 520 Cr (0.2% of AUM)
Quarter EPS is Rs. 7.9
Share is trading at P/E of 10.8x FY22E EPS & 1.3x trailing P/BV
(Nirmal Bang Retail Research)
*Result is below expectations*as asset quality has deteriorated
NII came at Rs. 1574.8 Cr vs expectation of Rs. 1283.7 Cr, YoY Rs. 1155.9 Cr, QoQ Rs. 1311.7 Cr
PBP came at Rs. 1329.2 Cr vs expectation of Rs. 1148.4 Cr, YoY Rs. 854 Cr, QoQ Rs. 1150.6 Cr
Provision came at Rs. 977.2 Cr vs expectation of Rs. 384.8 Cr, YoY Rs. 27.3 Cr, QoQ Rs. 181 Cr
PAT came at Rs. 398.9 Cr vs expectation of Rs. 664.9 Cr, YoY Rs. 421.4 Cr, QoQ Rs. 727 Cr
Loan Book came at Rs. 232003 Cr vs YoY Rs. 210578 Cr, QoQ Rs. 220197 Cr
Disbursement came at Rs. 22362 Cr vs YoY Rs. 11325 Cr, QoQ Rs. 16005 Cr
Gross NPA (%) came at 4.1% vs QoQ 2.7%
Net NPA (%) came at 2.7% vs QoQ 1.3%
Covid-19 related provision stood at Rs. 520 Cr (0.2% of AUM)
Quarter EPS is Rs. 7.9
Share is trading at P/E of 10.8x FY22E EPS & 1.3x trailing P/BV
Closing Bell...!!! - 15 June 2021
Banks, FMCG Stocks Give Sensex 222-Point Lift; Nifty Above 15850; Asian Paints Climbs 3%, Axis Bank 2%.
Nifty- 15869 (+57)
Sensex- 52773 (+222)
Nifty Bank- 35248 (+297)
Nifty IT- 28378 (+64)
Gold- 48613 (+90)
Silver- 71322 (-557)
Crude Oil- 5220 (+29)
Natural Gas- 245 (+2)
$/₹- 73.31
Top Gainers- KEI, WHIRLPOOL, SUPRAJIT, SANGHVIMOV
Top Losers- ATGL, ADANITRANS, PNBHOUSING, METROPOLIS
Most Active- ADANIPORTS, ADANIENT, RELIANCE, TATAMOTORS
Advances- 1156
Declines- 787
Unchanged- 320
Banks, FMCG Stocks Give Sensex 222-Point Lift; Nifty Above 15850; Asian Paints Climbs 3%, Axis Bank 2%.
Nifty- 15869 (+57)
Sensex- 52773 (+222)
Nifty Bank- 35248 (+297)
Nifty IT- 28378 (+64)
Gold- 48613 (+90)
Silver- 71322 (-557)
Crude Oil- 5220 (+29)
Natural Gas- 245 (+2)
$/₹- 73.31
Top Gainers- KEI, WHIRLPOOL, SUPRAJIT, SANGHVIMOV
Top Losers- ATGL, ADANITRANS, PNBHOUSING, METROPOLIS
Most Active- ADANIPORTS, ADANIENT, RELIANCE, TATAMOTORS
Advances- 1156
Declines- 787
Unchanged- 320
Whirlpool of India - Q4FY21 - Strong
🧥Revenue up 30.0% YoY
🧥EBITDA up 24.7% YoY
🧥Net Profit up 40.8% YoY
🧥Good Cash Flows
🧥Dividend of Rs 5 per share
🧥Revenue up 30.0% YoY
🧥EBITDA up 24.7% YoY
🧥Net Profit up 40.8% YoY
🧥Good Cash Flows
🧥Dividend of Rs 5 per share
*Easy Trip Planners Ltd.* | *CMP* Rs. 439 | *M Cap* Rs. 4770 Cr | *52 W H/L* 439/148
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 57.4 Cr (60.6% QoQ, 82.3% YoY) vs QoQ Rs. 35.8 Cr, YoY Rs. 31.5 Cr
EBIDTA came at Rs. 32.4 Cr (73.8% QoQ, -1384.1% YoY) vs QoQ Rs. 18.6 Cr, YoY Rs. -2.5 Cr
EBITDA Margin came at 56.4% vs QoQ 52.1%, YoY -8%
Adj. PAT came at Rs. 30.4 Cr vs QoQ Rs. 21.8 Cr, YoY Rs. 3.4 Cr
Quarter EPS is Rs. 2.8 Share is trading at 39x Q4 annualised EPS
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 57.4 Cr (60.6% QoQ, 82.3% YoY) vs QoQ Rs. 35.8 Cr, YoY Rs. 31.5 Cr
EBIDTA came at Rs. 32.4 Cr (73.8% QoQ, -1384.1% YoY) vs QoQ Rs. 18.6 Cr, YoY Rs. -2.5 Cr
EBITDA Margin came at 56.4% vs QoQ 52.1%, YoY -8%
Adj. PAT came at Rs. 30.4 Cr vs QoQ Rs. 21.8 Cr, YoY Rs. 3.4 Cr
Quarter EPS is Rs. 2.8 Share is trading at 39x Q4 annualised EPS
RELIANCE: BIG ANNOUNCEMENT LIKELY IN CO AGM FOR SAUDI ARAMCO CHAIRMAN INDUCTION IN BOARD - ET
MACROTECH DEVELOPERS: LODHA IN TALKS WITH HDFC TO DEVELOP 1.4-MILLION-SQ-FT OFFICE PROJECT IN MUMBAI'S ANDHERI - ET PRIME
India CPI for may month came at 6.30% vs exp 5.38% mom 4.29%. May be disrupted on account of lockdown.
*IFB Industries Ltd.* | *CMP* Rs. 1161 | *M Cap* Rs. 4704 Cr | *52 W H/L* 1503/360
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 825.2 Cr (-13.2% QoQ, 62.8% YoY) vs QoQ Rs. 951 Cr, YoY Rs. 506.9 Cr
EBIDTA came at Rs. 54.1 Cr (-49.6% QoQ, 6662.5% YoY) vs QoQ Rs. 107.2 Cr, YoY Rs. 0.8 Cr
EBITDA Margin came at 6.6% vs QoQ 11.3%, YoY 0.2%
Adj. PAT came at Rs. 7.7 Cr vs QoQ Rs. 68.7 Cr, YoY Rs. -19.6 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 30.9x FY22E EPS
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 825.2 Cr (-13.2% QoQ, 62.8% YoY) vs QoQ Rs. 951 Cr, YoY Rs. 506.9 Cr
EBIDTA came at Rs. 54.1 Cr (-49.6% QoQ, 6662.5% YoY) vs QoQ Rs. 107.2 Cr, YoY Rs. 0.8 Cr
EBITDA Margin came at 6.6% vs QoQ 11.3%, YoY 0.2%
Adj. PAT came at Rs. 7.7 Cr vs QoQ Rs. 68.7 Cr, YoY Rs. -19.6 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 30.9x FY22E EPS
JSW Ispat Special Products: Promoter AION Investments Private II Ltd to sell up to 9.94 crore shares, representing 21.18% of the total equity share capital through an offer for sale. The floor price of Rs 27 per share is at a discount of 52.92% to Monday’s closing price.Negative
*JB Chemicals & Pharmaceuticals Ltd.* | *CMP* Rs. 1546 | *M Cap* Rs. 11948 Cr | *52 W H/L* 1616/657
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 490.3 Cr (-10.6% QoQ, 10.5% YoY) vs expectation of Rs. 503.3 Cr, QoQ Rs. 548.2 Cr, YoY Rs. 443.6 Cr
EBIDTA came at Rs. 125.9 Cr (-26.4% QoQ, 37.2% YoY) vs expectation of Rs. 126.2 Cr, QoQ Rs. 171 Cr, YoY Rs. 91.7 Cr
EBITDA Margin came at 25.7% vs expectation of 25.1%, QoQ 31.2%, YoY 20.7%
Adj. PAT came at Rs. 102.5 Cr vs expectation of Rs. 85.7 Cr, QoQ Rs. 154.1 Cr, YoY Rs. 60.1 Cr
Quarter EPS is Rs. 13.3
Share is trading at P/E of 28.3x FY22E EPS
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 490.3 Cr (-10.6% QoQ, 10.5% YoY) vs expectation of Rs. 503.3 Cr, QoQ Rs. 548.2 Cr, YoY Rs. 443.6 Cr
EBIDTA came at Rs. 125.9 Cr (-26.4% QoQ, 37.2% YoY) vs expectation of Rs. 126.2 Cr, QoQ Rs. 171 Cr, YoY Rs. 91.7 Cr
EBITDA Margin came at 25.7% vs expectation of 25.1%, QoQ 31.2%, YoY 20.7%
Adj. PAT came at Rs. 102.5 Cr vs expectation of Rs. 85.7 Cr, QoQ Rs. 154.1 Cr, YoY Rs. 60.1 Cr
Quarter EPS is Rs. 13.3
Share is trading at P/E of 28.3x FY22E EPS
Brokrage Reports
Brokrage Reports on Coal India
CITI Buy, TP raised to Rs 160
Jp Morgan maintain OW with Tgt price of 200
CITI on Adani Ports
BUY, TP Rs 1000
Jp Morgan on Tata Steel maintain OW with Tgt price of 1610
Jp Morgan on lupin maintain UW with Tgt price of 965
Elara on Jk cement maintain buy with Tgt price of 2813
Icici sec on hdfc bank maintain buy with Tgt price of 1818
Icici sec hdfc maintain buy with Tgt price of 3307
Nomura on affle india Downgrade to Neutral with Tgt price of 5000
Mac on GCPL maintain OW with Tgt price of 1040
Brokrage Reports on Coal India
CITI Buy, TP raised to Rs 160
Jp Morgan maintain OW with Tgt price of 200
CITI on Adani Ports
BUY, TP Rs 1000
Jp Morgan on Tata Steel maintain OW with Tgt price of 1610
Jp Morgan on lupin maintain UW with Tgt price of 965
Elara on Jk cement maintain buy with Tgt price of 2813
Icici sec on hdfc bank maintain buy with Tgt price of 1818
Icici sec hdfc maintain buy with Tgt price of 3307
Nomura on affle india Downgrade to Neutral with Tgt price of 5000
Mac on GCPL maintain OW with Tgt price of 1040