Good Morning to all the dear members and my colleagues

In Markets every day we are witnessing consolidation in Nifty and in stocks too.
Taking position is becoming risky for Intraday and F&O. There are concerns towards which side the market will show its move

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*TCS*
Bharti Airtel Tata group announce strategic partnership for implementing 5G networks solution for India.

These IPOs are expected to come very soon :

-Glenmark Life (SH Quota - Parent: Glenmark Pharma)
-Clean Science
-Tatva Chintan
-Seven Islands
-Arohan Financial
-Paras Defence
-Exxaro Tiles
-Rolex Rings

IPO Events this Week

1. Jun 21-22 - Shyam Metalics & Sona Allotment
All depends on Registrar
2. Jun 22- India Pesticides Anchor ⚓
3. Jun 23-24 - Dodla Dairy and KIMS Allotment
4. Jun 23-25 - India Pesticides Subscription Days
5. Jun 24 - Shyam & Sona Listing

Rakesh Jhunjhunwala on Metals

“Valuations are a joke!

Good cement stocks are valued at 30-40x earnings. Steel stocks are valued at 5-7x earnings & people are doubting it.

I am not bullish, I am extremely extremely extremely bullish on metal stocks”

*Oil India Ltd.* | *CMP* Rs. 150 | *M Cap* Rs. 16266 Cr | *52 W H/L* 153/83
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 2579.5 Cr (21.3% QoQ, -0.4% YoY) vs expectation of Rs. 2704.1 Cr, QoQ Rs. 2126 Cr, YoY Rs. 2589.6 Cr
EBIDTA came at Rs. 424.7 Cr (-552.7% QoQ, -138.6% YoY) vs expectation of Rs. 865.9 Cr, QoQ Rs. -93.8 Cr, YoY Rs. -1101.4 Cr
EBITDA Margin came at 16.5% vs expectation of 32%, QoQ -4.4%, YoY -42.5%
Adj. PAT came at Rs. 917.7 Cr vs expectation of Rs. 635.6 Cr, QoQ Rs. 1055.1 Cr, YoY Rs. 925.6 Cr
Quarter EPS is Rs. 8.5
Share is trading at P/E of 6.8x FY22E EPS

*RANA SUGARS LTD.* | *CMP* Rs. 22 | *M Cap* Rs. 330 Cr | *52 W H/L* 24/4
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 513.2 Cr (76.5% QoQ, -1.5% YoY) vs QoQ Rs. 290.8 Cr, YoY Rs. 520.7 Cr
EBIDTA came at Rs. 88.3 Cr (216.8% QoQ, 293.4% YoY) vs QoQ Rs. 27.9 Cr, YoY Rs. 22.4 Cr
EBITDA Margin came at 17.2% vs QoQ 9.6%, YoY 4.3%
Adj. PAT came at Rs. 73.2 Cr vs QoQ Rs. 20.3 Cr, YoY Rs. 30.5 Cr
Quarter EPS is Rs. 4.8
Share is trading at P/E of 3.8x TTM EPS

Closing Bell...!!! - 21 June 2021

Sensex Rebounds 834 Points From Low, Ends 230 Points Higher; Nifty Near 15750; IOB, J&K Bank Up 20% Each.

Nifty- 15747 (+63)
Sensex- 52574 (+230)
Nifty Bank- 34871 (+313)
Nifty IT- 28367 (-79)
Gold- 46991 (+263)
Silver- 67729 (+131)
Crude Oil- 5304 (+15)
Natural Gas- 236 (-3)
$/₹- 74.10

Top Gainers- ARMANFIN, IMPAL, SMSLIFE, VENKEYS
Top Losers- ECLERX, PNBHOUSING, UPL, TCNSBRANDS
Most Active- ADANIPORTS, ADANIENT, TATASTEEL, SBIN

Advances- 1223
Declines- 738
Unchanged- 351

*Bharat Dynamics Ltd.* | *CMP* Rs. 349 | *M Cap* Rs. 6397 Cr | *52 W H/L* 482/234
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1136.9 Cr (147.5% QoQ, -20.8% YoY) vs QoQ Rs. 459.3 Cr, YoY Rs. 1435.4 Cr
EBIDTA came at Rs. 344.3 Cr (766.5% QoQ, -14.9% YoY) vs QoQ Rs. 39.7 Cr, YoY Rs. 404.8 Cr
EBITDA Margin came at 30.3% vs QoQ 8.7%, YoY 28.2%
Adj. PAT came at Rs. 260.4 Cr vs QoQ Rs. 49.2 Cr, YoY Rs. 309.7 Cr
Quarter EPS is Rs. 14.2
Share is trading at P/E of 24.8x TTM EPS

*Info Edge (India) Ltd.* | *CMP* Rs. 4871 | *M Cap* Rs. 62731 Cr | *52 W H/L* 5880/2621
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 290 Cr (6.5% QoQ, -10.2% YoY) vs expectation of Rs. 308.9 Cr, QoQ Rs. 272.3 Cr, YoY Rs. 322.8 Cr
EBIDTA came at Rs. 53.2 Cr (-22% QoQ, -44.9% YoY) vs expectation of Rs. 95.8 Cr, QoQ Rs. 68.2 Cr, YoY Rs. 96.5 Cr
EBITDA Margin came at 18.3% vs expectation of 31%, QoQ 25%, YoY 29.9%
Adj. PAT came at Rs. 69.9 Cr vs expectation of Rs. 93.1 Cr, QoQ Rs. 69.9 Cr, YoY Rs. 78.8 Cr
Quarter EPS is Rs. 5.4
Share is trading at P/E of 171.2x FY22E EPS

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
When: Jun 22, 2021 08:45 AM India
Topic: Morning Market Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_QDxYtXI8QA-HRxNc_Cb5BQ


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

Introduction of Futures & Options Contracts on 4 Individual Securities w.e.f. June 25, 2021
1.ABFRL
2.COROMANDEL
3.INDHOTEL
4.METROPOLIS

Brokrage Reports


Brokrage Reports on NTPC

CS OP, TP raised to Rs 135


CS on Bandhan BK
Upgrade to O-P, TP raised to Rs 390

CLSA on Bandhan BK
U-P, TP Rs 300

Jefferies on Bandhan Bk
Buy, TP Rs 400


Jefferies on hul maintain buy with Tgt price of 2850


Hsbc on RIL maintain hold with Tgt price of 2070


Citi on powergrid maintain buy with Tgt price of 284

*Jubilant Pharmova – Analyst Meet Update*
*Outlook – Positive*

The stock is trading at 13x FY22E consensus earnings

Jubilant Pharmova (JPL) arranged an analyst day to share the details of the current status and future strategies of the company.

The revenue comes from 4 major heads:-
(1) Specialty Pharma (38% of FY21 rev) – It houses radiopharma and Allergy businesses. Both businesses have high entry barriers. Radio Pharma is currently growing at 6-8% but has the potential to grow faster. JPL has pipeline of 7 products in Radiopharma having $300 mn market size. The company currently enjoys 6% global market share. In addition, it has recently tied up with 2 existing players in the space – SOFIE and Isotopes, and with these partnerships JPL in scaling up the value chain in radiopharmacy business i.e. from SPECT to PET and finally to theragnostics which expected to grow fastest. JPL’s current portfolio is serving $400mn market however has the products under expansion which has the potential to serve $1.5bn market by 2025. The company also has planned products which would be serving $5bn market by 2030.
For further growth the company is planning to expand the core portfolio of SPECT products which is likely to remain strong in next decade. Also, the Rubyfill would be launched in 27 countries by 2025. Jubilant is also conducting two clinical trials for I-131-MIBG, a unique approach under evaluation for first-line and later stage treatment. NDA targeted for 2023. In addition, it is looking for acquisition of companies around the world working on innovative SPECT/PET products and trying for In-licensing of diagnostic and therapeutic products.
JPL is also bullish on its Radiopharmacy business through which is covering 22 states in US as of now. *The management expects recovery of radiopharma sales to pre-covid levels by 1HFY22*
*_Allergy_* – JPL’s product range includes portfolio of 100+ different allergenic extracts, six insect venom products and exclusive skin diagnostic testing devices. It is second largest player in the allergenic SCIT extract market in the US and the sole supplier for venom immunotherapy in the US - High barrier to entry considering that the products are branded biologicals which have regulatory approval grandfathered in. Products sold under own brand ‘HollisterStier’ with significant brand loyalty going back 100 years. For growth, the company is leveraging existing capabilities and Expanding capacity by installing new venom line by FY24 & upgrade existing non-venom manufacturing lines & processes. JPL has entered into partnerships to further deepen the penetration in Canada and Europe, specifically France and Germany

(2) CDMO (33% of FY21 rev) – consists of CMO and API businesses. Sterile injectables accounts for 80% CMO revenue while non-sterile products account for the balance 20% CMO revenue. It has a robust order book with strong visibility to revenues going forward. Therefore, *the company is making a $92 mn investment to expand sterile injectable manufacturing capacity by 50% at Spokane that will be commercially operational by the end CY24; Peak potential annual revenue from investment at $90 mn*. Jubilant is also expanding its Montreal facility to triple the capacity - Sterile fill & finish capacity in 4 years having peak potential revenue of $60 Mn and new Flex line with PFS in 2 years with peak revenue of $20 Mn. In addition, Additional ophthalmic line being evaluated in Montreal with peak revenue of $30 Mn
*_API_* - ~60% API sales are to regulated markets, resulting in high customer retention levels. As a strategy, the company is initiated debottlenecking initiatives underway to increase capacity from existing utilization of 80-85% - Add ~280 MT capacity in the next 5 years, Increasing share of in-house APIs to Generics business

Nanjungarh is under OAI – not escalated to warning letter – resolution halted due to movement restrictions for physical inspection; plant is running at full operating capacity (except 2.5months when the plant was shut) – there is need to increase the capacity – would be debottleneck the 30% more capacity in next 2 yrs – planning another greenfield capacity

(3) Generics (24% of FY21 rev) – Generics business has a benefit of Vertical integration via its own APIs business. The company has selected strategic product portfolio enabling presence in molecules with low competition. Going forward, the company is exploring additional manufacturing sites through partnerships and inorganic expansion. To further expand the non- US market, JPL plans to o launch 45 products in US and 27 products in Non-US market during FY22-FY26. New products are expected to generate an additional potential revenue of more than US $300 Mn during FY22-FY26

(4) Jubilant Biosys - CRDS (5% of rev) – JPL provides new Drug Discovery services to global innovators in US, EU, Japan & APAC. It is Fully integrated Drug Discovery service provider as well as functional specialist for complex chemistry, computational chemistry and scaleup up to GMP phase 1. For future growth, the company is expanding capacity & capability in Greater Noida & Bengaluru in addition to increasing research delivery efficiencies and identifying new customer targets.
*_Jubilant Therapeutics_* - was launched in 2019. Programs incubated inside Jubilant for 3+ years prior to company launch. It is transitioning to clinical stage in 6-9 months; next two IND filings by Q1FY23. * The Company is working towards creating shareholder value in this business through pharma/biotech partnerships and private / public equity raise during coming 18-24 months*