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

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*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
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Hexa Tradex
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Hindustan Media Venture
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Krishna Institute Medical
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Max India
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Max Venture & Ind Ltd.
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McLeod Russel
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National Aluminium
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Rama Steel Tubes
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Steelcast
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Tanla Platforms
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Thyrocare
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Websol Energy
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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

*Sandur Manganese & Iron Ores Ltd.* | *CMP* Rs. 2012 | *M Cap* Rs. 1811 Cr | *52 W H/L* 2035/540
(Nirmal Bang Retail Research)
*Result Good*
Revenue from Operations came at Rs. 357.7 Cr (205.6% QoQ, 199.2% YoY) vs QoQ Rs. 117.1 Cr, YoY Rs. 119.6 Cr (Higher revenue is due to the commercialisation of Coke Oven Plant on January 28, 2021 which contributed Rs. 128.07 Cr.)
EBIDTA came at Rs. 134.7 Cr (291.3% QoQ, 391.9% YoY) vs QoQ Rs. 34.4 Cr, YoY Rs. 27.4 Cr
EBITDA Margin came at 37.7% vs QoQ 29.4%, YoY 22.9%
Adj. PAT came at Rs. 70.9 Cr vs QoQ Rs. 18.6 Cr, YoY Rs. 45.7 Cr
Quarter EPS is Rs. 78.8
Share is trading at P/E of 11.8x TTM EPS

*Kiri Industries Ltd.* | *CMP* Rs. 626 | *M Cap* Rs. 2105 Cr | *52 W H/L* 679/395
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 362.9 Cr (16.9% QoQ, 21.7% YoY) vs QoQ Rs. 310.3 Cr, YoY Rs. 298.2 Cr
EBIDTA came at Rs. 49 Cr (25.2% QoQ, 59.3% YoY) vs QoQ Rs. 39.2 Cr, YoY Rs. 30.8 Cr
EBITDA Margin came at 13.5% vs QoQ 12.6%, YoY 10.3%
Adj. PAT came at Rs. 116.2 Cr vs QoQ Rs. 148.8 Cr, YoY Rs. 111.9 Cr
Quarter EPS is Rs. 34.6
Share is trading at P/E of 8.3x TTM EPS

*HPL Electric & Power Ltd.* | *CMP* Rs. 62 | *M Cap* Rs. 396 Cr | *52 W H/L* 65/25
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 307.8 Cr (26.2% QoQ, 45.1% YoY) vs QoQ Rs. 244 Cr, YoY Rs. 212.2 Cr
EBIDTA came at Rs. 43.7 Cr (25.8% QoQ, 61.8% YoY) vs QoQ Rs. 34.7 Cr, YoY Rs. 27 Cr
EBITDA Margin came at 14.2% vs QoQ 14.2%, YoY 12.7%
Adj. PAT came at Rs. 14.1 Cr vs QoQ Rs. 8.4 Cr, YoY Rs. 2.5 Cr
Quarter EPS is Rs. 2.2
Share is trading at P/E of 39.5x TTM EPS

*Zee Media Corporation Ltd.* | *CMP* Rs. 11 | *M Cap* Rs. 518 Cr | *52 W H/L* 12/4
(Nirmal Bang Retail Research)
*Result is improved*
Revenue from Operations came at Rs. 182.9 Cr (-0.8% QoQ, 32.4% YoY) vs QoQ Rs. 184.4 Cr, YoY Rs. 138.2 Cr
EBIDTA came at Rs. 60.2 Cr (-11.9% QoQ, 109.5% YoY) vs QoQ Rs. 68.4 Cr, YoY Rs. 28.7 Cr
EBITDA Margin came at 32.9% vs QoQ 37.1%, YoY 20.8%
Adj. PAT came at Rs. 21.7 Cr vs QoQ Rs. 34.5 Cr, YoY Rs. 3.8 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 6x TTM EPS

*Welspun Corp Ltd.* | *CMP* Rs. 142 | *M Cap* Rs. 3702 Cr | *52 W H/L* 166/77
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1819.3 Cr (30.6% QoQ, -34.1% YoY) vs QoQ Rs. 1393.5 Cr, YoY Rs. 2758.9 Cr
EBIDTA came at Rs. 230.1 Cr (23.5% QoQ, -23.8% YoY) vs QoQ Rs. 186.4 Cr, YoY Rs. 301.9 Cr
EBITDA Margin came at 12.6% vs QoQ 13.4%, YoY 10.9%
Adj. PAT came at Rs. 218.7 Cr vs QoQ Rs. 199 Cr, YoY Rs. 138.3 Cr (Higher PAT is on account of lower Tax)
Quarter EPS is Rs. 8.4
Share is trading at P/E of 6.2x FY22E EPS

Flipkart co-founder Sachin Bansal's Navi Mutual Fund to launch cheapest index fund

https://www.moneycontrol.com/news/business/personal-finance/flipkart-co-founder-sachin-bansals-navi-mutual-fund-to-launch-cheapest-index-fund-7099461.html

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