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Jefferies on Tata Motors
Buy, TP Rs 455
A confluence of improved strategy & cyclical recovery should drive a big turnaround in performance
Find JLR's shift in focus from vols to profit & cash flows promising

A fresh EV roadmap is in place though execution remains a key risk
Improving India biz provides a higher floor to fair value
By FY24, see EBITDA rising 90% from FY21, EPS nearing its past peak & a near zero net auto debt
*FIEM INDUSTRIES LTD.* | *CMP* Rs. 744 | *M Cap* Rs. 979 Cr | *52 W H/L* 763/350
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 421.2 Cr (17.5% QoQ, 30.7% YoY) vs QoQ Rs. 358.4 Cr, YoY Rs. 322.2 Cr
EBIDTA came at Rs. 54.7 Cr (30.7% QoQ, 41.7% YoY) vs QoQ Rs. 41.8 Cr, YoY Rs. 38.6 Cr
EBITDA Margin came at 13% vs QoQ 11.7%, YoY 12%
Adj. PAT came at Rs. 28 Cr vs QoQ Rs. 19.9 Cr, YoY Rs. 23.2 Cr
Quarter EPS is Rs. 21.3
Share is trading at P/E of 10.9x FY22E EPS
*Sequent Scientific Ltd.* | *CMP* Rs. 313 | *M Cap* Rs. 7774 Cr | *52 W H/L* 313/89
(Nirmal Bang Retail Research)
*Result inline with expection*
Revenue from Operations came at Rs. 361.8 Cr (1% QoQ, 20.4% YoY) vs expectation of Rs. 368 Cr, QoQ Rs. 358.2 Cr, YoY Rs. 300.6 Cr
EBIDTA came at Rs. 60.2 Cr (-9.2% QoQ, 34.5% YoY) vs expectation of Rs. 64.1 Cr, QoQ Rs. 66.3 Cr, YoY Rs. 44.7 Cr
EBITDA Margin came at 16.6% vs expectation of 17.4%, QoQ 18.5%, YoY 14.9% (EBITDA for Q4FY2 is adjusted to one off expenses of Rs.16.9cr)
Adj. PAT came at Rs. 20.4 Cr vs expectation of Rs. 34.8 Cr, QoQ Rs. 37.2 Cr, YoY Rs. 16.9 Cr
Quarter EPS is Rs. 0.8
Share is trading at P/E of 42.9x FY22E EPS
#Jet Airways debt resolution is out. Shareholders will get only 1 share of Jet for every 100 shares held in this restructuring process. In other words, 99% shares will be wiped out!
P.S.: Don't expect Jet to list at 10,000 rs./share post restructuring.

Jann hit main jaari...
_*arket D as on*_ 3️⃣0️⃣0️⃣6️⃣2⃣1️⃣ provisional @ 7:45 pm

*BSE* *Sensex* *_(P/E 31.97)_* *- 67 (52,483)* 🔽😕

*BSE* *midcap 150* *_(P/E 44.53)_* *+ 27 (7,849)*🔼🙂

*BSE small cap250* *_(P/E 37.86)_* *+ 23 (3,473)* 🔼🙂

*NSE* *Nifty 50* *_(P/E 28.33)_* *- 27 (15,721)* 🔽😕

*NSE* *Bank Nifty* *_(P/E 23.75)_* *- 238 (34,772)* 🔽🙁

_*Fii Cash - 1,647 Crs*_ ☹️
*_Dii Cash + 1,520 Crs_* 😊

*BrntCrude* _*75.27*_ *$/brl* & _*₹. 5,476*_ 🔼

*Gold Comex* _*1,761*_ *$/oz* *₹/10 gms* _*46,600*_ 🔼

*Silver Comexx* _*26.08*_ *$/oz* _*67,642* *₹/kg*_ ↗️

*_10 Yrs G'Sec. 5.85 GS-2030 (Rs. 98.57) YTM 6.0506 %_* 🔼☹️

*Call:* - _*3.16 % (3.14 %)*_ 🔼
*TREP* : - _*3.22 % (3.22 %)*_ ↔️
_*REPO 3.21 % (3.25 %)*_ 🔽

*ForeX*
*$/₹* *_74.32_* 🔽🙁
*€/₹* *_88.21_* 🔼🙂
*£/₹* *_102.79_* 🔽😕

Data Compiled by: - _*Hitesh R. Pujara*_
_*Baroda Mutual Fund*_
(Not Responsible for Any Error)

*Baltic Exchange Dry Index + 94 (3,418)* ↗️

*_DJIA Future_* _*+ 135 (34,365)*_ 🔼🙂

*NASDAQ Future* _*- 24 (14,539)*_🔽😕

_*BTC / US$*_ Future *- 1,552 (34,762)* ↘️☹️
Spicejet Board has approved enabling resolution to raise Rs.2500cr through QIP
*Simplex Infrastructures Ltd.* | *CMP* Rs. 51 | *M Cap* Rs. 290 Cr | *52 W H/L* 56/27
(Nirmal Bang Retail Research)
*Result continue to remain weak*
Revenue from Operations came at Rs. 691.3 Cr (3.1% QoQ, 9.9% YoY) vs QoQ Rs. 670.3 Cr, YoY Rs. 629.3 Cr
EBIDTA came at Rs. 35.2 Cr (47.8% QoQ, -111.3% YoY) vs QoQ Rs. 23.8 Cr, YoY Rs. -312.3 Cr
EBITDA Margin came at 5.1% vs QoQ 3.5%, YoY -49.6%
Adj. PAT came at Rs. -116.5 Cr vs QoQ Rs. -101.9 Cr, YoY Rs. -314.4 Cr
Quarter EPS is Rs. -20.4
Share is trading at P/E of -0.6x TTM EPS
*Timex Group India Ltd.* | *CMP* Rs. 37 | *M Cap* Rs. 378 Cr | *52 W H/L* 43/17
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 50.9 Cr (-4.6% QoQ, -1.1% YoY) vs QoQ Rs. 53.4 Cr, YoY Rs. 51.5 Cr
EBIDTA came at Rs. 4.9 Cr (-6.6% QoQ, -211.2% YoY) vs QoQ Rs. 5.2 Cr, YoY Rs. -4.4 Cr
EBITDA Margin came at 9.5% vs QoQ 9.7%, YoY -8.5%
Adj. PAT came at Rs. 4 Cr vs QoQ Rs. 4 Cr, YoY Rs. -5.6 Cr
Quarter EPS is Rs. 0.4
Share is trading at P/E of -46.6x TTM EPS
*Himadri Speciality Chemical Ltd.* | *CMP* Rs. 57 | *M Cap* Rs. 2388 Cr | *52 W H/L* 64/38
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 565.5 Cr (21.1% QoQ, 55.2% YoY) vs QoQ Rs. 466.8 Cr, YoY Rs. 364.4 Cr
EBIDTA came at Rs. 40.4 Cr (-0.9% QoQ, 32.1% YoY) vs QoQ Rs. 40.8 Cr, YoY Rs. 30.6 Cr
EBITDA Margin came at 7.1% vs QoQ 8.7%, YoY 8.4%
Adj. PAT came at Rs. 22.8 Cr vs QoQ Rs. 16.5 Cr, YoY Rs. 70.8 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 50.3x TTM EPS
*Vadilal Industries Ltd.* | *CMP* Rs. 973 | *M Cap* Rs. 699 Cr | *52 W H/L* 1125/500
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 168.5 Cr (71% QoQ, 72.4% YoY) vs QoQ Rs. 98.6 Cr, YoY Rs. 97.7 Cr
EBIDTA came at Rs. 27.9 Cr (430.3% QoQ, -398.2% YoY) vs QoQ Rs. 5.3 Cr, YoY Rs. -9.4 Cr
EBITDA Margin came at 16.6% vs QoQ 5.3%, YoY -9.6%
Adj. PAT came at Rs. 16.5 Cr vs QoQ Rs. -1.2 Cr, YoY Rs. -14 Cr
Quarter EPS is Rs. 23
Share is trading at P/E of 151.1x TTM EPS
Q1 Result dates:

TCS- 8 july
Infy- 14 july
LTTS-14 july
LTI- 15 july
HdfcAMC- 16 July
Hdfcbank- 17july
Hdfclife- 19 July
Bajfinance- 20July
Bajajfinsv- 21 July
Glandpharma- 21July
Bajajauto- 22 July
Mphasis- 22July
JSWSTEEL- 23July
Icicibank- 24 July
Axisbank- 26 July
Navinfluor- 26July
RBL - 26July
Drreddy - 27 July
MOIL has revised prices for Q2 FY'22. Prices for ferro grade and silico manganese grade ore have been increased by 7.5%. The increase can be attributed to rising manganese ore import prices on higher silico manganese prices in the global market.
*Dish TV India Ltd.* | *CMP* Rs. 14 | *M Cap* Rs. 2550 Cr | *52 W H/L* 18/7
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 751.8 Cr (-7.8% QoQ, -13.5% YoY) vs QoQ Rs. 815.7 Cr, YoY Rs. 869.1 Cr
EBIDTA came at Rs. 426 Cr (-15.5% QoQ, -21.6% YoY) vs QoQ Rs. 503.9 Cr, YoY Rs. 543.2 Cr
EBITDA Margin came at 56.7% vs QoQ 61.8%, YoY 62.5%
Adj. PAT came at Rs. -628.8 Cr vs QoQ Rs. 90.7 Cr, YoY Rs. 464.6 Cr
Quarter EPS is Rs. -3.4
Share is trading at P/E of -6.4x TTM EPS
*Vodafone Idea Ltd.* | *CMP* Rs. 10 | *M Cap* Rs. 28362 Cr | *52 W H/L* 14/7
(Nirmal Bang Retail Research)
ARPU came at Rs 107vs expectation of Rs 111 , QoQ Rs 121 , YoY Rs 121
*Result is below expectations*
Revenue from Operations came at Rs. 9607.8 Cr (-11.8% QoQ, -18.3% YoY) vs expectation of Rs. 10040.5 Cr, QoQ Rs. 10894.1 Cr, YoY Rs. 11754.2 Cr
EBIDTA came at Rs. 4408.7 Cr (2.9% QoQ, 0.7% YoY) vs expectation of Rs. 4302.6 Cr, QoQ Rs. 4286.2 Cr, YoY Rs. 4380.1 Cr (Q4FY21 has a one off gain of Rs.450cr in Network and IT cost)
EBITDA Margin came at 45.9% vs expectation of 42.9%, QoQ 39.3%, YoY 37.3%
Adj. PAT came at Rs. -6048.5 Cr vs expectation of Rs. -6241.1 Cr, QoQ Rs. -6228.6 Cr, YoY Rs. -5502.6 Cr
Quarter EPS is Rs. -2.1
Share is trading at P/E of -1.6x FY22E EPS
Company has a net debt of Rs.180000cr
For Fund raising company said it is currently in active discussion with potential investors.
*Spicejet Ltd.* | *CMP* Rs. 81 | *M Cap* Rs. 4871 Cr | *52 W H/L* 108/45
(Nirmal Bang Retail Research)
*Result is below expectation*
Net sales came at Rs. 1888.1 Cr (11.6% QoQ, -34.1% YoY) vs expectation of Rs. 1900.6 Cr, QoQ Rs. 1691.6 Cr, YoY Rs. 2867 Cr
EBITDAR with forex came at Rs. 54.4 Cr (-82.9% QoQ, -120.2% YoY) vs QoQ Rs. 317.3 Cr, YoY Rs. -269.9 Cr
EBITDAR Margin came at 2.9% vs QoQ18.8%, YoY -9.4%
Adj. PAT came at Rs. -256.7 Cr vs expectation of Rs. -33.3 Cr, QoQ Rs. -66.9 Cr, YoY Rs. -816.2 Cr
Quarter EPS is Rs. -4.3
Share is trading at P/E of -46.8x EPS
Bulk Deal & Insider Trade Update
Bulk Deals
*Sterling & Wilson So Ltd : Bnp Paribas Arbitrage Buy 1161000 Shares @ Rs. 261.96

*Indo-National Limited : Hdfc Bank Limited Sell 31569 Shares @ Rs. 1019.47

*Ansal Housing And Constru : Housing Development Finance Corporation Limited Sell 1302820 Shares @ Rs. 8.05

*Iifl : Cdc Group Plc Sell 14000000 Shares @ Rs. 240.64

*Iifl : Smallcap World Fund Inc Buy 5836000 Shares @ Rs. 240

*Iifl : Abakkus Emerging Oppertunities Fund - 1 Buy 2000000 Shares @ Rs. 240

*Ecoreco : Bennett Coleman & Co Ltd Sell 98206 Shares @ Rs. 57.5
Ashika

Insider Trade
Acquisition
*Promoter Group Acquisition 222100 shares of Ncl Industries Ltd.

*Worldwide Emerging Market Holding Ltd Promoter Group Acquisition 867000 shares of Adani Ports And Special Economic Zone Ltd. on 29-Jun-21

*Infinite Trade and Investment Limited Promoter Group Acquisition 1746000 shares of Adani Green Energy Ltd on 29-Jun-21

Disposal
*RANGAN SRINIVASA V Director Disposal 12200 shares of Housing Development Finance Corp.Ltd. on 28-Jun-21

*Promoter Group Disposal 429575 shares of Ncl Industries Ltd.

*Anil Gupta Promoter & Director Disposal 350022 shares of Kei Industries Ltd. on 28-Jun-21

*Mrs.Soma Philips Promoter Disposal 1282 shares of Mrf Ltd.

Revoke
*Max Ventures Investment Holdings Private Limited Promoter Revoke 2774862 shares of Max Financial Services Ltd

*Zuari Global Limited Promoter Revoke 750000 shares of Chambal Fertilisers & Chemicals Ltd. on 28-Jun-21

Dividend Update
*Adani Enterprises Ltd. Dividend Rs. 1 Ex Date 01-Jul-2021
*Apcotex Industries Ltd. Final Dividend Rs. 2 Ex Date 01-Jul-2021
*Dhunseri Tea & Industries Ltd. Dividend Rs. 5 Ex Date 01-Jul-2021
*The Federal Bank Ltd. Final Dividend Rs. 0.7 Ex Date 01-Jul-2021
*Larsen & Toubro Infotech Ltd. Final Dividend Rs. 25 Ex Date 01-Jul-2021
*Marksans Pharma Ltd. E.G.M. Ex Date 01-Jul-2021
*Minda Corporation Ltd. Final Dividend Rs. 0.35 Ex Date 01-Jul-2021
*MM Forgings Ltd. Interim Dividend Rs. 5 Ex Date 01-Jul-2021
*Petronet LNG Ltd. Final Dividend Rs. 3.5 Ex Date 01-Jul-2021
*Power Finance Corporation Ltd. Final Dividend Rs. 2 Ex Date 01-Jul-2021
*PTL Enterprises Ltd. Final Dividend Rs. 2.5 Ex Date 01-Jul-2021
*Smruthi Organics Ltd. Dividend Rs. 3 Ex Date 01-Jul-2021
*Subex Ltd. Final Dividend Rs. 0.25 Ex Date 01-Jul-2021
*Sundaram Finance Ltd. Final Dividend Rs. 6 Ex Date 01-Jul-2021
*Swaraj Engines Ltd. Dividend Rs. 50 Ex Date 01-Jul-2021
*Swaraj Engines Ltd. Special Dividend Rs. 19 Ex Date 01-Jul-2021
*TTK Prestige Ltd. Dividend Rs. 30 Ex Date 01-Jul-2021
*United Breweries Ltd. Dividend Rs. 0.5 Ex Date 01-Jul-2021
*Vishnu Chemicals Ltd. Dividend Rs. 1 Ex Date 01-Jul-2021
Bulk Deal as on 30-06-21

Aro Granite
+ 1.71 Lk @ 65 Abhinandan Stock Broking Pvt Ltd
- 1.30 Lk @ 67 Dilipkumar Lakhi

Hexa Tradex
+ 3.58 Lk @ 117.05 Siddeshwari Tradex Pvt Ltd

IIFL Finance
+ 20 Lk @ 240 Abakkus Emerging Opportunities Fund
+ 58.36 Lk @ 240 SmallCap World Fund Inc
- 1.40 Crore @ 240.64 CDC Group Plc

Indo National
- 31 k @ 1019.47 Hdfc Bank

JTL infra
- 1 Lk @ 460.44 Jagan Industries Pvt Ltd

Kp Energy Ltd
- 3.22 Lk @ 99.42 Farukbhai Gulambhai Patel

McLeod Russel
+ 6 Lk @ 38.15 Ketan Mohanlal Kakrecha

NBI ind Fin
+ 30 K @ 2250 Newa Investment Pvt Ltd
- 20 K @ 2250 Castamet Works Pvt Ltd

Prozone Intu Properties
- 8.50 Lk @ 33.95 Deep Gupta Family Trust

Sadbhav Infra
+ 21.07 Lk @ 36.17 Vallabh Realtors Pvt Ltd

Speciality Restaurant
+ 6.25 Lk @ 63.26 Anjan Chaterjee
- 5.86 Lk @ 63.24 Shah Viren

Simplex Infra
- 3 Lk @ 56.5 Pragya Mercantile Pvt Ltd

SwSolar
+ 11.61 Lk @ 261.96 Bnp Paribas Arbitage
Ashika Result Highlights

Vodafone Idea Ltd.: Net Revenue at Rs. 9601.8 crore, Rs. 11754.2 crore YoY, Rs. 10894.1 crore QoQ (-18.3% YoY, -11.9% QoQ). EBITDA at Rs. 4402.9 crore, Rs. 4380.1 crore YoY, Rs. 4286.2 crore QoQ (+0.5% YoY, +2.7% QoQ). EBITDA Margin at 45.9%, +859 bps YoY and +651 bps QoQ. Net Profit at Rs. -7022.8 crore, Rs. -11643.5 crore YoY, Rs. -4532.1 crore QoQ.

Rajesh Exports Ltd.: Net Revenue at Rs. 64522.6 crore, Rs. 47552.7 crore YoY, Rs. 45586.4 crore QoQ (+35.7% YoY, +41.5% QoQ). EBITDA at Rs. 326.4 crore, Rs. 285.2 crore YoY, Rs. 263.5 crore QoQ (+14.4% YoY, +23.8% QoQ). EBITDA Margin at 0.5%, -9 bps YoY and -7 bps QoQ. Net Profit at Rs. 292.8 crore, Rs. 271.7 crore YoY, Rs. 227.6 crore QoQ (+7.8% YoY, +28.6% QoQ). Ashika

Spicejet Ltd.: Net Revenue at Rs. 1888.2 crore, Rs. 2867.0 crore YoY, Rs. 1691.6 crore QoQ (-34.1% YoY, +11.6% QoQ). EBITDA at Rs. -77.3 crore, Rs. -402.6 crore YoY, Rs. 244.7 crore QoQ. EBITDA Margin at -4.1%, +995 bps YoY and +-1856 bps QoQ. Net Profit at Rs. -257.0 crore, Rs. -816.2 crore YoY, Rs. -66.8 crore QoQ.

Ircon International Ltd.: Net Revenue at Rs. 2421.7 crore, Rs. 1873.4 crore YoY, Rs. 1353.0 crore QoQ (+29.3% YoY, +79% QoQ). EBITDA at Rs. 205.3 crore, Rs. 155.0 crore YoY, Rs. 127.7 crore QoQ (+32.5% YoY, +60.8% QoQ). EBITDA Margin at 8.5%, +21 bps YoY and +-96 bps QoQ. Net Profit at Rs. 170.4 crore, Rs. 115.4 crore YoY, Rs. 102.1 crore QoQ (+47.7% YoY, +66.9% QoQ). Ashika

Dish TV India Ltd.: Net Revenue at Rs. 751.8 crore, Rs. 869.1 crore YoY, Rs. 815.7 crore QoQ (-13.5% YoY, -7.8% QoQ). EBITDA at Rs. 426.0 crore, Rs. 543.2 crore YoY, Rs. 503.9 crore QoQ (-21.6% YoY, -15.5% QoQ). EBITDA Margin at 56.7%, -583 bps YoY and -511 bps QoQ. Net Profit at Rs. -1415.2 crore, Rs. -1456.3 crore YoY, Rs. 86.4 crore QoQ.

Swan Energy Ltd.: Net Revenue at Rs. 106.1 crore, Rs. 105.0 crore YoY, Rs. 97.8 crore QoQ (+1.1% YoY, +8.5% QoQ). EBITDA at Rs. 36.3 crore, Rs. 12.4 crore YoY, Rs. 13.7 crore QoQ (+191.7% YoY, +164.7% QoQ). EBITDA Margin at 34.2%, +2235 bps YoY and +2018 bps QoQ. Net Profit at Rs. -59.1 crore, Rs. -5.6 crore YoY, Rs. 1.3 crore QoQ.
*Sequent Scientific Q4 Result*

Rev up 20% YoY, 12% EBITDA margin, Pat up 22%
Formulations up 34% & APIs up 3%
Outperformance in Flag of Brazil, Flag of India & Flag of Turkey markets
Stable Cashflows (high investments in WC):
Paid back 100crs of debt
Dividend of 0.5