#FinanceMinister @nsitharaman speak on relief for stressed sectors and steps taken towards economic revival!

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INDIA FINANCE MINISTER: TO OFFER CREDIT GUARANTEE TO SMALLEST BORROWERS THROUGH MICROFINANCE FIRMS

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INDIA FINANCE MINISTER ANNOUNCES FINANCIAL SUPPORT FOR TOURISM SECTOR

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Securities in Ban For Trade Date 29-June-2021:

NATIONALUM

*Added - NATIONALUM*
*Deleted-No*

Here are the key highlights from the finance minister's presentation:

Loan guarantees worth Rs 1.1 lakh crore to be provided for Covid-hit sectors.

Size of emergency credit guarantee scheme to be increased to Rs 4.5 lakh crore from Rs 3 lakh crore.

Government to offer guarantees to banks for lending to microfinance sector.

Loan guarantees to be given for tourism sector under the emergency credit guarantee scheme.

Free visa for first 5 lakh tourists once borders reopen.

Atmanirbhar Bharat Rozgar Yojana extended till March 31, 2022.

An additional Rs 23,220 crore has been earmarked for public health in FY22.

BharatNet plan expanded with an additional Rs 19,041 crore.

Tenure of performance-linked incentive scheme for electronic manufacturing extended by a year.

*28-Jun: Prov Cash: Rs.crs: *
*FIIs: - 1,659* (4,276-5,934)
*DIIs: + 1,277* (5,634-4,357)

*HDFCLIFE (HDFCLIFE)*: Standard Life is offering up to 70 million shares (~3.5% equity). The block is expected to happen tomorrow.

*Impact*: The stock being a part of key large indices, it will lead to buying flows largely on account of stake sale by a Promoter entity.

*MSCI*: The current FIF in the stock is ~0.4 which will increase to 0.45 post the stake sale. As a result the weight of the stock will increase by ~12 bps, leading to a buying flows of $46 million | 4.7 million shares | 1.3x ATV.

*Nifty*: The current IWF in the stock is ~0.41 which will increase to 0.45 post the stake sale. As a result the weight of the stock will increase by ~9 bps, leading to a buying flows of $15.5 million | 1.6 million shares | 0.4x ATV

*Technically*, the stock in last 6 months has been moving in a downward slopping channel pattern with the lower trend-line support at ~654 levels. The 200-day EMA level in the stock is placed at ~659 levels.

*Recent Performance*: On a 3 month basis, the stock has under-performed Nifty by ~1.2%. It has under-performed IPRU and SBILIFE by ~38% and 10% respectively.

SEBI grounds GoAir IPO for 90 days pending enquiry against promoter Bombay Dyeing

https://www.moneycontrol.com/news/business/ipo/sebi-grounds-goair-ipo-for-90-days-pending-enquiry-against-promoter-bombay-dyeing-7097571.html

Download moneycontrol app: http://m.moneycontrol.com/mom

*Savita Oil Technologies Ltd.* | *CMP* Rs. 1374 | *M Cap* Rs. 1899 Cr | *52 W H/L* 1393/621
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 633.1 Cr (18.4% QoQ, 40.8% YoY) vs QoQ Rs. 534.9 Cr, YoY Rs. 449.7 Cr
EBIDTA came at Rs. 131.1 Cr (25.1% QoQ, 390.5% YoY) vs QoQ Rs. 104.8 Cr, YoY Rs. 26.7 Cr
EBITDA Margin came at 20.7% vs QoQ 19.6%, YoY 5.9%
Adj. PAT came at Rs. 94.5 Cr vs QoQ Rs. 81.1 Cr, YoY Rs. 20.6 Cr
Quarter EPS is Rs. 68.4
Share is trading at P/E of 8.5x TTM EPS

*ISGEC Heavy Engineering Ltd.* | *CMP* Rs. 641 | *M Cap* Rs. 4713 Cr | *52 W H/L* 654/217
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 1617.7 Cr (16.2% QoQ, 4.9% YoY) vs QoQ Rs. 1392.5 Cr, YoY Rs. 1541.5 Cr
EBIDTA came at Rs. 121.6 Cr (20.9% QoQ, 133.6% YoY) vs QoQ Rs. 100.6 Cr, YoY Rs. 52.1 Cr
EBITDA Margin came at 7.5% vs QoQ 7.2%, YoY 3.4%
Adj. PAT came at Rs. 68.5 Cr vs QoQ Rs. 66.3 Cr, YoY Rs. 14.3 Cr
Quarter EPS is Rs. 9.3
Share is trading at P/E of 18.6x TTM EPS

SRF: CO APPROVED FOR A PROJECT FOR SETTING-UP OF A RANGE OF DEDICATED PLANTS TO PRODUCE SPECIALTY CHEMICALS AT AN ESTIMATED COST OF 2.38B RUPEES.

*National Aluminium Company Ltd.* | *CMP* Rs. 80 | *M Cap* Rs. 14702 Cr | *52 W H/L* 82/29
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 2821.5 Cr (18.6% QoQ, 45.7% YoY) vs QoQ Rs. 2378.8 Cr, YoY Rs. 1935.9 Cr
EBIDTA came at Rs. 944 Cr (117.6% QoQ, 353% YoY) vs QoQ Rs. 433.9 Cr, YoY Rs. 208.4 Cr
EBITDA Margin came at 33.5% vs QoQ 18.2%, YoY 10.8%
Adj. PAT came at Rs. 935.6 Cr vs QoQ Rs. 239.8 Cr, YoY Rs. 102.8 Cr (Higher PAT is also on account of Tax W/back)
Quarter EPS is Rs. 5.1
Share is trading at P/E of 14.1x FY22E EPS

Bulk Deal as on 26-06-21

Dodla Dairy
+ 2.90 Lk @ 551.19 Maruti Nandan Colonizers Pvt Ltd

Hexa Tradex
+ 4.94 Lk @ 117.39 Siddeshwari Tradex Pvt Ltd

Hindustan Media Venture
- 39.68 Lk @ 81.17 Kotak Mahindra (International) Ltd
- 30.50 Lk @ 81.16 Lavender Investment Ltd

Krishna Institute Medical
- 4.23 Lk @ 959.59 Ashish Kacholia
+ 12.89 Lk @ 992.3 Nomura India Investment Fund
- 4.42 Lk @ 981.4 Societe Generale

Max India
- 26.83 Lk @ 70.4 Max Venture Investment Holding
+ 26.83 Lk @ 70.4 Siva Enterprises Pvt Ltd

Max Venture & Ind Ltd.
- 1.46 Crore @ 69.5 Max Venture Investment Holding
+ 1.46 Crore @ 69.5 Siva Enterprises Pvt Ltd

McLeod Russel
- 70.67 Lk @ 34.65 IndusInd Bank Ltd
+ 10 Lk @ 34.65 Sanghvi Associate
+ 6 Lk @ 35.1 Pankaj Babulal Vora
+ 14.90 Lk @ 34.65 Visa Capital Partners

National Aluminium
+ 1.20 Crore @ 79.72 Kotak Securities Ltd

Rama Steel Tubes
+ 1 Lk @ 125.55 Invictus Stock Research Pvt Ltd

Steelcast
+ 2 Lk @ 160 Chetan Kumar Tamboli
+ 1.99 Lk @ 160 Manaliben Chetan Kumar Tamboli
- 3.14 Lk @ 160 Bellwether Capital Pvt Ltd

Tanla Platforms
+ 5 Lk @ 836.8 Sbi Life Insurance
+ 4.64 Lk @ 836.8 SmallCap World Fund
- 7.14 Lk @ 836.8 Banyan Investment Ltd
- 1.25 Lk @ 836.8 Mihir Ashok Gandhi
- 1.25 Lk @ 836.8 Sidhant Sachdev

Thyrocare
+ 15 Lk @ 1300 Plutus Wealth Management
- 37.09 Lk @ 1314.63 Nalanda India Equity fund Ltd

Websol Energy
- 8 Lk @ 57.33 Keynote Commodities Ltd
+ 5.5 Lk @ 57 Zyana Stock & Commodities

Standard Life Seeks Up to $640m From HDFC Life Share Sale



Standard Life (Mauritius Holdings) 2006 Ltd. is selling 70 million (nearly 3.5% stake) shares in HDFC Life Insurance. The shares are being offered at Rs658 rupees to Rs678 each. The price range represents a discount of 2.6% to 5.5% to Monday’s close of Rs696. Standard Life current holding at 8.8% stake while HDFC Holding at 49.95% stake

*Schemes impacting Banks & NBFCs announced by FM today*
• Centre has increased the threshold for Emergency Credit-Linked Guarantee Scheme (ECLGS) to Rs 4.5 lakh crore from the current Rs 3 lakh crore. *Positive for banks*
• Guarantee will be provided to Banks for loans to NBFC-MFIs for on lending up to Rs 1.25 lakh to approximately 25 lakh small borrowers. Thus total amount comes to Rs. 31,250 Cr. Interest rate on loans from banks to be capped at MCLR plus 2%. *Positive mostly for Banks & slightly for MFIs as their liquidity position eases*

*MSTC Q4FY21 Concall Update*
(Nirmal Bang Reatil Research)

*Change in business model towards e-commerce progresses well; although long term growth in e-commerce is expected to be modest at 10-15%*

*Outlook: Positive in Long Term*

• Within e-commerce, ~50% mix comes from scrap auctions – where co earns a percentage fee.
• Scrap prices are higher by 15-20% YoY and that has led to higher revenue in e-commerce during the qtr. Also H1 was very soft for the co and much of those volumes were pushed into H2 and Q4 resulting in higher revenue.
• Provisions constitutes bad debt w/off of 180cr which was made earlier. Thus other income shows this write back. This both these entries offset each other and has no impact on income statement. Still 47-48cr of provisions are pending to be made against the same amount of debtors.
• GEM (Govt E-marketplace) is a threat for MSTC as Govt is pushing for usage of this portal for procurement of all Govt good and services. MSTC’s e-procurement reduced from 17cr in FY20 to 7.5cr in FY21. MSTC believes GEM will remain a threat as the Govt continues to push for usage of GEM portal.
• Non recurring revenue segments have miniscule contribution in e-commerce. Telecom auctions, Coal block, Iron ore mine auctions are examples. However co keeps getting such one time aveues eg in current qtr it conducted an online auction for Rajasthan Govt for allotment of License for Liquor Shops. This could be replicated by other state Govts as well in long term. Also, A.P. Govt appointed MSTC for providing online bidding platform for selection of Agency to carry out Sand Operations.
• Recurring segments include scrap metal, coal, iron ore which form majority of the revenues.
• For coal auctions, spectrum auctions, co charges on event basis.
• *Co expects e-commerce to grow at around 10-15% from FY22 onwards which has been the historical growth rate of the co.*
• Opex on ongoing basis will be at Rs. 100 Cr for e-commerce segment.
• *Marketing segment (trading):* Co is not entering new contracts and just fulfilling older commitments. Some of these commitments may continue into FY22.
• *Out of total receivables of Rs. 890 Cr, co believes Rs. 48 Cr of receivables will turn into bad debts and will have to be provided for in P&L. Co will bring down the receivables to nil by the end of FY22.*
• Revenue model is changing towards asset light e-commerce business from capital intensive trading business. This will result in improvement in ROCE in coming years and improve the co’s perception as an e-commerce platform business rather than a commodity trading business.

Share is trading at P/E of 16.8x TTM EPS

*Federal-Mogul Goetze (India) Ltd.* | *CMP* Rs. 346 | *M Cap* Rs. 1925 Cr | *52 W H/L* 470/246
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 376.3 Cr (5.5% QoQ, 60.7% YoY) vs QoQ Rs. 356.8 Cr, YoY Rs. 234.2 Cr
EBIDTA came at Rs. 63.4 Cr (-3.8% QoQ, 133.8% YoY) vs QoQ Rs. 65.9 Cr, YoY Rs. 27.1 Cr
EBITDA Margin came at 16.9% vs QoQ 18.5%, YoY 11.6%
Adj. PAT came at Rs. 37 Cr vs QoQ Rs. 34.8 Cr, YoY Rs. 2.3 Cr
Quarter EPS is Rs. 6.7

*Hindustan Aeronautics Ltd.* | *CMP* Rs. 1042 | *M Cap* Rs. 34836 Cr | *52 W H/L* 1424/660
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 10738.7 Cr (97.9% QoQ, 4.9% YoY) vs QoQ Rs. 5425.5 Cr, YoY Rs. 10239.3 Cr
EBIDTA came at Rs. 2726.7 Cr (125.6% QoQ, 10.4% YoY) vs QoQ Rs. 1208.8 Cr, YoY Rs. 2470.8 Cr
EBITDA Margin came at 25.4% vs QoQ 22.3%, YoY 24.1%
Adj. PAT came at Rs. 1621.8 Cr vs QoQ Rs. 853.5 Cr, YoY Rs. 1226.1 Cr
Quarter EPS is Rs. 48.5
Share is trading at P/E of 10.8x TTM EPS

*Graphite India Ltd.* | *CMP* Rs. 613 | *M Cap* Rs. 11978 Cr | *52 W H/L* 815/162
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 565 Cr (13.2% QoQ, -6.1% YoY) vs expectation of Rs. 554.8 Cr, QoQ Rs. 499 Cr, YoY Rs. 602 Cr
EBIDTA came at Rs. 78 Cr vs expectation of Rs. 4.1 Cr, QoQ Rs. -74 Cr, YoY Rs. -26 Cr
EBITDA Margin came at 13.8% vs expectation of 0.7%, QoQ -14.8%, YoY -4.3%
Adj. PAT came at Rs. 64 Cr vs expectation of Rs. 28.4 Cr, QoQ Rs. 23 Cr, YoY Rs. -7 Cr
Quarter EPS is Rs. 3.3
Share is trading at P/E of 16.8x FY22E EPS