Who’s Meeting Whom

IRCTC: To meet Madhu Kela, CIO from Cohesion Fund M K Trust on July 14 and Dhawal Mehta of Somerset Capital Management Singapore on July 13

*Good Morning*

Indian Aerospace Electronic Systems Provider Plans $100M IPO

India Wants Rich Countries to Pay More for Green Energy Shift

New climate targets unlikely before global talks in Glasgow

Taliban Resurgence Raises Terror Fears From Moscow to China

India Fails to Get Bids for Most Coal Mines in Biggest Auction

Textile Minister Piyush Goyal takes review of Textile Policies: PIB

India’s June Oil Products Consumption Rises 1.5% Y/y

U.S. Solar Firm CubicPV Targets India for $1 Billion Investment

Biden Taps L.A. Mayor Garcetti, Donor Bauer for Ambassador Posts

Biden to Nominate Garcetti as Ambassador to India

Twitter Names Vinay Prakash India Grievance Officer- Website

Jaguar’s Bond Sale Amid Chip Shortage Tests Market Appetite

Firm is pitching a two-tranche bond in euros, dollars

India Forex Reserves Rise $1.0b to $610.0b in Week to July 2

India Official Reserves Rise to Record in July

Monsoon-Sown Crop Area in India Drops 10.4% in Early Planting

India Signals Tolerance for Higher Yields With Sale of New Bond

India Stocks Post Second Weekly Drop Amid Global Virus Worries

RBI Signaling Comfort With Slightly Higher Yields: FirstRand

Global Funds Sell Net INR11.2B of India Stocks on July 9: NSE

Domestic funds Buy net 1.07b rupees of stocks

Foreign Investors Sell Net INR6.41B of Indian Equities July 8

Foreigners Buy Net INR66.1B of Indian Equity Derivatives July 9

India story remains very strong; climate for disinvestment looks better now: Niti Aayog VC Rajiv to PTI

India to register double- digit growth this fiscal; economic activities to strengthen in 2nd half: VC Rajiv: PTI

India Evacuates Diplomatic Staff From Kandahar Consulate: PTI

Vodafone Idea in Talks to Raise up to $3B From Apollo Global: ET

India Offers Moderna Limited Legal Indemnity For Covid Shots: ET

Paytm President Nayyar, Other Execs Quit Ahead of IPO: ET

5:30pm: India May Industrial Production y/y; Est. 32.0%, Prior 134.4%

5:30pm: India May Consumer Price Inflation y/y; est. 6.59%, prior 6.30%

Adani Ports (ADSEZ): Board to consider raising up to $750m in USD bonds

Adani Power (ADANI): Adani Power, Hindalco, Vedanta Among Bidders in Coal Auction

Avenue Supermarts (DMART): 1Q profit 1.15b rupees vs 495.6m a year ago

Bajaj Auto (BJAUT): Says Omkar Goswami resigns as an independent director of Bajaj Auto and Bajaj Finance (BAF)

Bhansali Engineering (BEPL): 1Q profit 771.1m rupees vs loss 12.3m y/y

Container Corp (CCRI): Says 1Q total volumes rise 35.4% Y/y

Equitas Small Finance Bank (EQUITASB): Got RBI nod to apply for amalgamation plan

Quess Corp (QUESS): Raises stake in Taskmo to 33.33% for INR32m

Tata Motors (TTMT): Jaguar sweetens Euro bond offering to lure reluctant buyers

 

*SGX Nifty +89 pts (15810) from last trade 15721 ,*


Nikkei +613 pts ,
Hangseng +328 pts ,
Now @6.52am .


Dow +448.23 pts ,Nsdq +142.12 pts, S&P
+48.73 pts, Bovespa Clsd , Ftse +91 pts  , Dax +261 pts , Cac +132 pts , Crude @ $74.56 brl (+0.00), Brent @ $75.63 brl (+0.11) , Gold @ 1806.90 (-3.79), Silver @ $26.20 (-0.03), Euro @ $1.187, JPY @ $110.38,  INR @ 74.485







*Today's Corporate Action*
*12th  Jul Ex Date*




ALKYLAMINE
Final Dividend - Rs. - 6.0000
BOSCHLTD
Dividend - Rs. - 115.0000
DIAMINESQ
Final Dividend - Rs. - 5.0000
DWARKESH
Dividend - Rs. - 1.2500
MEGASOFT
Right Issue of Equity Shares
POLYCAB
Dividend - Rs. - 10.0000
RAJGLOWIR
Final Dividend - Rs. - 8.0000
YASHO
Dividend - Rs. - 0.5000




*Today's Key Results/Board Meetings*
*12-Jul-21*



AIIL
General;Quarterly Results
AMITSEC
Quarterly Results
DLCL
Audited Results
DRA
General
DYNAMICP
General
GOKULSOL
Audited Results
HFCL
Quarterly Results
HMT
Audited Results
INDBANK
General;Quarterly Results
INDBNK
Quarterly Results
ISMTLTD
Audited Results
JONJUA
General
SHARIKA
Bonus issue
SMGOLD
Quarterly Results
SPACEAGE
General
SSWL
Quarterly Results
WELCURE
Quarterly Results





*Stock under F&O ban on NSE*
*12-Jul-21*




1IBULHSGFIN

2IDEA

3NATIONALUM

4NMDC

5PNB

6SAIL

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🌄 S̴h̴u̴b̴o̴u̴d̴h̴a̴y̴ : 12 Jul/आषाढ मास(Monday) ग्रीष्म ऋतू {शुक्ल पक्ष}🙏🏻
╰────────────── ───╯
Today's top News ➣➣➣➣➣➣➣➣➣➣➣➣➣

🙏🏻💐 HAPPY RATHYATRA

1. Ratha Yatra will be held Today, July 12, 2021. The Dwitiya Tithi begins on July 11, 2021, at 7:47, and concludes on July 12, 2021 at 8:19. Lord Jagannath’s Puri Rath Yatra is one of the most revered & much awaited festivals for devotees from Odisha & across India. Shri Jagannathji, Balabhadraji, and Subhadraji are revered at the Jagannath Puri shrine.

2. Vice President M. Venkaiah Naidu has greeted the people on the eve of Rath Yatra.

3. Union Transport Minister Nitin Gadkari inaugurated a Private LNG (Liquefied Natural Gas) plant in Nagpur on 11 Jul (Sunday). It is the country's first private LNG plant. LNG is a cost effective fuel which is capable of decreasing the logistics cost.

4. Recently a notice was doing the rounds claiming that the NEET 2021 exams will held on September 5. The National Testing Agency has however clarified that this is a fake notice. There is no clarity on when the NEET 2021 exam will be held.

5. Finance Minister Nirmala Sitharaman on 11 Jul (Sunday) hosted women members of the Union Council of Ministers, at high-tea at her residence in New Delhi. Recent expansion, the number of women Ministers in the Council of Ministers has been increased to 11, which is the highest number of women Ministers in the Central govt since 2004.

6. Uttar Pradesh, the govt has announced new Population Policy 2021-2030′ on the occasion of World Population Day 11 Jul 2021 (Sunday).

7. National Congress Party president Sharad Pawar said that Union govt cannot interfere in the functioning of the Maharashtra state cooperative sector.

8. Heavy rains alert in Karnataka : An orange and red alert has announced. Predicted heavy rainfall in Bengaluru. It said that a low pressure area will be formed over the west and central regions in the days to come.

9. Delhi CM Aravind Kejariwal said that if Aam Aadi party got elected to power in Uttarakhand, the Party will give free electricity up to 300 units per month to every family, waive old bills and give free electricity to farmers. Next year Assembly elections are due in Uttarkhand.

10. Kerala continued to observe a full weekend lockdown on Sunday amid the ongoing COVID-19 pandemic.

11. Andhra Pradesh Chief Minister YS Jagan Mohan Reddy decided to reshuffle the Cabinet after two-and-a-half years to give chances to others.

12. Veteran BJP leader & former union minister Thaawarchand Gehlot on 11 Jul (Sunday) took oath as the 19th Governor of Karnataka succeeding Vajubhai Rudabhai Vala.

13. Major fire breaks out at Tikri Kalan PVC market in Delhi. 26 fire tenders rushed. No casualties and immediate cause of fire is reported.

14. Today heavy to heavy rains predicted at several parts of north India including Delhi.

15. Two militants of the Al-Qaeda-supported Ansar Ghazwatul Hind were arrested from the outskirts of Lucknow on 11 Jul, Sunday & they were planning explosions, including using “human bombs”, at several places in Uttar Pradesh for Independence day event.

16. Chandigarh Administration plans to reopen colleges from next month. No decision on reopening of schools.

17. The Indian Space Research Organization (ISRO) is offering two free online courses on Geospatial Modelling and Geospatial Technology through its Indian Institute of Remote Sensing (IIRS) centre. Students and professionals can apply for the same and get certificates upon completion.

18. The Indian Army has invited applications for recruitment to the posts of officers under the NCC Special Entry Scheme for both male and female candidates. The last date for registration is July 15, 2021.

✈️ INTERNATIONAL NEWS

1. India has pulled out around 50 diplomats & security personnel (Indo-Tibetan Border Police personnel) from its consulate in Kandahar in Afghanistan in view of the deteriorating security situation.

2. US based Twitter company has named Vinay Prakash as its Resident Grievance Officer for India, Users can contact him using an email ID listed on company's website.

3. The National I investigation Agency on 11 Jul (Sunday) conducted searches at the premises of an arms trafficker at Uttar Pradesh's Meerut and arrested Mohammad Asif Ali (32), he is allegedly involved in an extortion case, in which international Khalistani terrorists are also named.

🌎 WORLD NEWS 🌍

1. Billionaire Richard Branson reaches Space in his own ship. India-born Sirisha Bandla part of crew.

2. Identifying the victims of the deadly building collapse in Florida on 24 June 202 1. Mayor Daniella Levine Cava said on Sunday that 90 deaths have now been confirmed. Among them are 71 bodies that have been identified. 43 people still missing in the rubble of the 12-story building.

3. Forty Nine Bangladeshi migrants have been rescued off the coast of Tunisia from a sunken boat in the Mediterranean sea last week. Earlier, on July 3, 43 Bangladeshi migrants drowned in the Mediterranean sea trying to go to Italy from Libya.

🚣🚴🏇🏁🏊 Sports:

1. Euro 2020 final: England vs Italy: Italy dashed England at Wembley Stadium on Monday (July 12) on penalties to win the Euro 2020.

Euro 2020 Award Winners with Prize Money
Winners Award: Italy - €10m
Runner-up Award: England - €7m

2. Golden Boot Winner: Cristiano Ronaldo (5 goals in 4 matches)

Silver Boot Winner: Patrik Schick (5 goals in 5 matches)

Bronze Boot Winner: Karim Benzema (4 goals in 4 matches)

Golden Ball (Player of the Tournament): Gianluigi Donnarumma

Most Goals Scored: Italy (13 goals) in 7 matches

3. Leonardo Bonucci made history when he scored Italy's equaliser against England on Sunday (July 11), becoming the oldest player to score in a European Championship final. Bonucci, who made his Italy debut in 2010.

4. Novak Djokovic won a record-equalling 20th Grand Slam title and sixth Wimbledon on 11 Jul (Sunday) with a four-set victory over battling Matteo Berrettini of Italy. The world number one triumphed 6-7 (4), 6-4, 6-4, 6-3 to move level on 20 majors with Roger Federer and Rafael Nadal.

5. Women's International Cricket

India vs England
On 11 Jul
T20 2 of 3 (Tied 1-1)
Ind : 148/4 (20)
Eng : 140/8 (20)

Indian Women Cricket team won by 8 runs..

6. Indian cricket legend Sachin Tendulkar congratulated Lionel Messi & Argentina after the side lifted the 2021 Copa America title, defeating Brazil 1-0 in the final.

7. PM Modi will interact with the Indian athletes’ contingent bound for Tokyo Olympics on 13th July at 5 PM via video conferencing.

 USD 74.62 💷GBP 103.60
Delhi (UT)_
🥇 Gold ₹50,495©️10 gm 24 (Krt)
🥈 Silver ₹7,I5,700©️Kg
⛽ Petrol ₹ 101
⛽ Diesel ₹ 89.88
CNG : ₹ 43.40/Kg
LPG : ₹ 834/14.2 Kg

BSE Sensex 52,386.19
NIFTY : 15,689.45

Ⓝⓐⓥⓔⓔⓝ Ⓚⓤⓜⓐⓡ
🇮🇳 Facts about India 🇮🇳
Prithviraja III (1178-1192) popularly known as Prithviraj Chauhan was a king from the Chahamana (Chauhan) dynasty. He ruled Sapadalaksha, the traditional Chahamana territor. He also repulsed the early invasions by Muhammad of Ghor, a ruler of the Muslim Ghurid dynasty. However, in 1192 CE, the Ghurids defeated Prithviraj at the Second battle of Tarain, and executed him shortly after. After Prithviraj's death, the Ghurids appointed his son Govindaraja on the throne of Ajmer as their vassal. In 1192 CE, Prithviraj's younger brother Hariraja dethroned Govindaraja, and recaptured a part of his ancestral kingdom.

Mohammad Ghori tried to invade india 17 times. 16 times he was defeated by Indian kings and was allowed to go back.

😀 Thought of the day 

Happiness always looks small. If you hold it in your hand. But when you learn to share you'll realize how big & precious it.

 Joke of the day 

टीचर - बच्चों बॉडीगार्ड कौन होता है। और हमे क्या सीख मिली?

*पप्पू* - सर बॉडीगॉर्ड सलमान खान है। हमें यही सीख मिली कि लड़कियों का भरोसा नहीं है..वो बॉडीगार्ड से भी सेट हो सकती हैं।😜🤪

😳 Why❓❓

Why people prefer Paan🍃 after meals in Indian Traditional

Paan 🍃has many variations. Slaked lime (chuna) paste is commonly added to bind the leaves. The betel leaf used to make paan has not only traditional uses but also health benefits.

According to Ayurveda, chewing paan after meals eases digestion as it increases secretion of digestive juices, reduces bloating of stomach, relieves constipation and destroys intestinal parasites

A typical paan contains coconut powder, gulkand (sweetened rose petals), cloves, saunf (fennel), and red katha paste. Other variants contain tobacco and areca nut, both of which are harmful and carcinogenic in nature and hence, should be avoided.

FAT BURNING: Since betel leaves are the main ingredient of paan, their chemical composition is helpful in fat loss. This is because eating paan can lead to increase in metabolic rate and hence, lead to weight loss

Betel leaves are nutrient packed with riboflavin, calcium, vitamin C and carotene. The components of paan such as rose petals, cloves, coconut powder and saunf are individually nutritionally strong and together make a healthy combination which can be consumed post-dinner or lunch. However, maintain a gap of at least 30 minutes between paan and your meal

LEARN Sanskrit🙏🏻

वसति : staying, dwelling, house, residence

🤔 How it works ⁉️

How thunder occurs in sky ⚡⛈️🌩️

Heavier, negatively charged particles sink to the bottom of the cloud. When the positive and negative charges grow large enough, a giant spark - lightning - occurs between the two charges within the cloud. ... Most lightning happens inside a cloud, but sometimes it happens between the cloud and the ground.

Thunder is caused by lightning. When a lightning bolt travels from the cloud to the ground it actually opens up a little hole in the air, called a channel. Once then light is gone the air collapses back in and creates a sound wave that we hear as thunder

💁🏻‍♂️ GK TODAY

VETO POWER COUNTRIES
The United Nations Security Council "veto power" refers to the power of the five permanent members of the UN Security Council (China, France, Russia, the United Kingdom and the United States) to veto any "substantive" resolution.

What is the full form of *veto power?* A veto (Latin for "I forbid") is the power (used by an officer of the state, for example) to unilaterally stop an official action, especially the enactment of legislation.

🛕 VEDIK GNAN

Facts Behind Lord Shiva Third Eye

According to Shiva Purana, once, Lord Shiva was sitting fully engaged in meditation. Goddess Parvati, his consort came there and playfully covered both his eyes with her hands. ... With his divine power, Siva created a third eye in the centre of his forehead. Fire emerged from his third eye and he restored light in the universe

He is also referred as Tryambaka for the third eye, placed on his forehead. It is the eye of wisdom, free from “Maya”, the illusion, and duality of life. It looks beyond the obvious with clear perception, and shows one what is true. Lord Shiva's third eye is also famous for emitting flames that destroy evil.

🧬 HEALTH CARE: HOME REMEDIES🩺
( Note : These home tips followed in villages/ancient traditions, it is up to you to use it or not🙏🏻)

Betel leaves are used as a stimulant, an antiseptic, and a breath-freshener,

Analgesic: Betel leaf is an excellent analgesic that offers instant relief from pain. It can be used in alleviating pain caused due to cuts, bruises, rashes. Make a paste with tender betel leaves and apply on the affected area. Betel leaf juice provides relief from internal pains in the body.

Reduces respiratory issues: Betel leaf widely helps in treating issues related to cough and cold. It is an excellent cure for those suffering from chest, lung congestion and asthma. Apply some mustard oil on the leaf, warm it and place it on the chest to cure congestion. You can also boil few leaves in water, add cardamom, cloves and cinnamon in two cups of water.

Reduce it to 1 cup and consume this concoction two to three times a day for an excellent relief from congestion and breathing issues.

Cures headache: If you are suffering from a severe headache, betel leaves can come to your rescue. The leaves have cooling properties which provide instant relief from the ache when applied externally.

Regards
CH Nαʋҽҽɳ Kυɱαɾ...✒️
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*🙏PLZ FOLLOW GOVT. NORMS, MAINT SOCIAL DISTANCE, KEEP YOURSELF ©️YOUR FAMILY SAFE🌼*
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*Bhansali Engineering Polymers Ltd.* | *CMP* Rs. 188 | *M Cap* Rs. 3125 Cr | *52 W H/L* 197/36
(Nirmal Bang Retail Research)
*Result ok* Lower Sales due to lock down Gross margin improved QoQ
Revenue from Operations came at Rs. 231.9 Cr (-51% QoQ, 133.3% YoY) vs QoQ Rs. 473.4 Cr, YoY Rs. 99.4 Cr
EBIDTA came at Rs. 100.8 Cr (-54% QoQ, -3131.9% YoY) vs QoQ Rs. 219.4 Cr, YoY Rs. -3.3 Cr
EBITDA Margin came at 43.5% vs QoQ 46.3%, YoY -3.3%
Adj. PAT came at Rs. 77.4 Cr vs QoQ Rs. 163.5 Cr, YoY Rs. -1.4 Cr
Quarter EPS is Rs. 4.7
Share is trading at P/E of 7.6x TTM EPS

Money Market Update

The rupee ended at 74.63 against the U.S. Dollar on Friday as compared to Thursday’s closing of 74.71.

Real Estate vs Equity
Region: USA
Time Frame: 1890 - 2012 (112 yrs)

Inflation Adjusted Returns %:
Real Estate: 0.17%
Equities (Index): 6.27%

$ 10,000 invested:
Real Estate: $12,300
Equity: $ 16 Million

https://m.freepressjournal.in/article/business/easemytrip-eyes-100-growth-this-year-as-tourism-demand-recovers/50a9fd7c-4e41-42e1-9bb0-394ab4785823?

*Business News Headlines*🇮🇳

*Economic Times*

Ø EaseMyTrip aims 100% growth this year
Ø Jet Airways owes employees between Rs 3 lakh and Rs 85 lakh. New owners want to pay Rs 23,000 to each
Ø Don't rely on markets to see inflation threat: Ex-US Treasury sec
Ø FPIs pull out Rs 2,249 crore from Indian equities in July so far
Ø Global boom in house prices becomes a dilemma for central banks
Ø PNB Housing's bond investors not worried, yields drop up to 211 bps
Ø Indian tea exports likely to fall nearly 15 per cent in 2021
Ø India poised for double-digit growth this fiscal; disinvestment climate looks better: Niti VC
Ø FPIs turn bullish on insurance stocks amid revival in premium collection
Ø Govt identifies items for customs exemptions review, seeks industry views
Ø Swift recovery expected due to limited impact of lockdown on economy: Survey

*Business Standard*

Ø Vedanta among 11 bidders vying for Videocon's Brazil assets worth $2 bn
Ø Hero Electric Vehicles to invest Rs 700 crore in business expansion by 2025
Ø Maruti shifts Dzire production to Gujarat to create space for new launches
Ø India's coal import rises 20 pc in May; volumes may be subdued in monsoon
Ø Govt moves deadline for legal advisors to bid for managing IDBI Bank sale
Ø 'Christie fiction': Biocon chief slams Sebi order on Allegro Capital
Ø SPARC raises over Rs 1,110 cr; issues warrants to Dilip Shanghvi, others
Ø Sovereign Gold Bond Scheme IV: Issue price fixed at Rs 4,807 per gram
Ø Amid consolidation, gains for realty index may continue in the near term
Ø Investors raise exposure to equity funds amid pandemic: Cafemutual Survey

*Financial Express*

Ø High iron-ore, pellet prices forcing small secondary steel units to close shops
Ø Real estate investment tops $1.35 bn in Q2 2021, shows nine-fold increase YoY: JLL
Ø India's fuel demand rebounds in June
Ø Six of top-10 valued companies lose Rs 92,147 cr in market valuation
Ø Cement – Q1FY22 Preview: Resilient performance expected in quarter
Ø Sebi puts in place guidelines on valuation of securities with multiple put options
Ø Clean Science IPO subscribed 93.41 times on final day of subscription
Ø GR Infraprojects IPO subscribed 102.58 times
Ø Current environment is supportive of further equity gains: UBS
Ø Stock markets remain resilient despite covid-19; use corrections as opportunities

*Mint*

Ø Tata Motors rating – Buy: Semiconductor shortage to hit volumes
Ø Earnings kick off with sky-high forecasts, record stock market
Ø Ujjivan to seek RBI's nod for merger of holding company with itself
Ø GST authorities detect fake invoices worth ₹551 crore
Ø 'India to see double-digit growth in FY22; disinvestment climate looks better'
Ø Investment advisors cannot take power of attorney from clients: Sebi
Ø Indian banks to see bad loans peaking post FY23: Fitch
Ø ISG’s outlook likely to keep the hopes alive for IT stocks
Ø Numbers to watch this week: Infosys results, inflation, China GDP
Ø India’s SJVN pitches for more hydropower projects from Nepal
Ø Equitas to merge holding company with small finance bank

Insider Trades

Oriental Hotels: Promoter Dodla Venkataramani sold around 33,268 shares on May 25.

Mold-Tek Packaging: Promoter Mold-Tek Technologies bought 81,374 shares between June 30 and July 2.

*Avenue Supermarts Ltd.* | *CMP* Rs. 3379 | *M Cap* Rs. 218892 Cr | *52 W H/L* 3425/1900
(Nirmal Bang Retail Research)
*Result marginally below expectation*
Revenue from Operations came at Rs. 5031.8 Cr (-31.1% QoQ, 31.3% YoY) vs expectation of Rs. 5032 Cr, QoQ Rs. 7303.1 Cr, YoY Rs. 3833.2 Cr
EBIDTA came at Rs. 221.2 Cr (-64.1% QoQ, 103.2% YoY) vs expectation of Rs. 277 Cr, QoQ Rs. 616.6 Cr, YoY Rs. 108.9 Cr
EBITDA Margin came at 4.4% vs expectation of 5.5%, QoQ 8.4%, YoY 2.8%
Adj. PAT came at Rs. 115.1 Cr vs expectation of Rs. 159.8 Cr, QoQ Rs. 435 Cr, YoY Rs. 49.6 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 133.8x FY22E EPS

*Consumer Discretionary*
*Second wave puts a halt on recovery of discretionary companies*
*Q1FY2022 Results Preview*
*Sector: Consumer Discretionary*
*Sector View: Positive*
Consumer discretionary companies posted strong operating performance in Q4FY2021 with recovery in sales led by improving footfalls and stark improvement in profitability because of better operating leverage and cost-saving initiatives undertaken by companies. Revenue of most branded apparel, footwear, and retail companies recovered to 100% in Q4 mainly on account of strong pent-up demand. However, jump in COVID-19 cases from fag-end of March and pick-up in April-May led to many states getting into the lockdown mode, putting restrictions on operations of non-essential stores, restaurants, and internal mobility.
*Outlook*
*Strong recovery anticipated by H2FY2022:* Strong recovery is expected with receding COVID-19 cases from the fag-end of Q1FY2022 (although Q1 is expected to disrupted). The company expects the festive season and deferred wedding season to again bring in cheers for branded apparel and retail companies with higher footfalls and higher ticket size sales, which would drive sales for the apparel and jewellery segment.
*Valuation and preferred picks* We prefer companies having a stable balance sheet, pan-India presence, and strong brand recognition. Thus, we like Trent and ABFRL, which are likely to see faster recovery post normalisation of the pandemic situation. ABFRL will also gain from its steps undertaken to deleverage its balance sheet. Titan will continue to gain market share from small players due to sustained shift to strong brands, sustained new production addition, and its focus on improving penetration in tier 2/3 markets.
*Key risk*
Any slowdown in recovery in discretionary demand or frequent lockdowns affecting store-level operations due to spike of COVID-19 cases would act as a key risk to our earnings estimates.
*Leaders in Q1FY2022 :* JFL, HimatSingka, KPR Mill, and Relaxo Footwear
*Laggards in Q1FY2022:* Wonderla Holidays
*Preferred Picks:* Titan, ABFRL, KPR Mill, HimatSingka, JFL, and Trent

*Agri Inputs and Speciality Chemical*
*Steady growth ahead for agri-input space; specialty chemical players to benefit from low base*
*Q1FY2022 Results Preview*
*Sector: Agri Inputs and Speciality Chemicals*
*Sector View: Positive*
We expect a strong 23% y-o-y earnings growth for our universe of agri-input companies supported by a 12.8% y-o-y revenue growth and 69 bps y-o-y improvement in margins. The revenue growth is likely to be supported by market share gain for large players (such as UPL, PI Industries and Sumitomo Chemical India) in the domestic market and strong growth in exports led by elevated crop prices globally. We expect a stable demand environment for agri-inputs in domestic markets despite lower kharif acreage and high base effect of last year.
*Outlook*
After a good rabi season and higher procurement by government, the early monsoon and expectation of above-normal rainfall will be beneficial for kharif sowing. In addition, higher MSPs leading to better crop prices would bode well for the upcoming kharif season. This would help domestic agrochemical companies to report strong growth (monsoons during July to September 2021 will be crucial for earnings of domestic focused agri-input players) and favourable sourcing policies of global companies (China plus One factor) would drive market share gains in the exports segment.
*Valuation*
Conducive government policies, product innovation, massive export opportunity (CRAMS) would help the sector witness sustained, high double-digit growth over the next 2-3 years. Structural revenue growth drivers (higher domestic demand, rising exports and import substitution) and potential for margin expansion (rise in share of high-margin value-added products) would help sustain high valuations of quality companies (like PI Industries and Sumitomo Chemical India) in the sector. Moreover, companies have raised money through QIPs, which would be utilised for capacity expansion and inorganic opportunities, thus boosting growth prospects. Hence, we stay positive on the sector.
*Key Risks* Lower-than-expected sowing for kharif Season and higher raw material price could impact earnings of agri-input companies. Higher raw material cost for speciality chemical might impact margins if they are not able to pass it on to customers. Lower demand offtake for products as a result of a slowdown in economic activity for specialty chemicals may also affect earnings.
*Leaders in Q1FY22:* PI Industries, UPL, Sumitomo Chemical India, SRF, Aarti Industries and Atul Limited
*Laggards in Q1FY22:* Vinati Organics
*Preferred Picks:* Coromandel International, PI Industries, Sumitomo Chemical India, SRF Limited, Atul Limited and Sudarshan Chemical

*Cement/Infrastructure/Building Material/Logistics*
*On a resilient growth path*
*Q1FY2022 Results Preview*
*Sector: Cement/Infra/ Building Material/Logistics*
*Sector View: Positive*
Our cement universe (ex-Grasim) is likely to register strong 51% y-o-y (-15.8%) rise in revenue, led by 44.3% y-o-y rise in volumes (-20.4% q-o-q) and 4.6% growth in blended realisations (+6% q-o-q) for Q1FY2022. Strong cement demand witnessed in Q4FY2021 is expected to be sequentially impacted during Q1FY2022 by weak offtake during mid-April to May 2021 end (led by state-wise restrictions due to COVID-19 second wave), while June witnessed healthy improvement with easing restrictions and rising vaccination. As per our channel check, average pan-India cement prices in Q1FY2022 were up 6.8% q-o-q (up 5.5% y-o-y), which would aid in higher realisations for the sector.
*Outlook*
Structural growth drivers remain unhindered by COVID-19 second wave risk: The government’s focus on increasing infrastructure investments, especially in roads, remains unhindered and is expected to start tendering activities from as early as next month. The rebound seen in property registrations in June 2021 suggests demand improving from the urban housing segment going ahead. We expect the cement sector to benefit from rebound in demand and healthy pricing discipline, which would lead to better control on input costs and maintaining operational profitability.
*Our Call*
*Valuation:* Preferred companies in each sector: We prefer industry leader UltraTech and efficient regional players such as Shree Cements, The Ramco Cements, Dalmia Bharat, and JK Lakshmi Cement in the cement space. In the infrastructure space, we prefer companies having strong order books, low leverage, and distinct execution capabilities such as KNR Construction and PNC Infratech. In the building material space, we prefer companies that are poised to gain market share from unorganised players and have strong cash flow generation capabilities such as Century Plyboards, Greenlam Industries, Greenpanel Industries, and Pidilite Industries. In the logistics space, we prefer asset-light business models such as Mahindra Logistics, TCI Ltd., and TCI Express along with asset-heavy models such as Gateway Distriparks.
*Key risks:* Weak macroeconomic environment and rising interest rates are key risks across three sectors
*Leaders for Q1FY2022:* UltraTech, Dalmia Bharat, Ramco Cements, PNC Infratech, KNR Constructions, Century Plyboards, APL Apollo Tubes, and TCI Express.
*Laggards for Q1FY2022:* Mangalam Cement, Sadbhav Engineering, and Mahindra logistics
*Preferred Picks:* UltraTech, Shree Cement, Grasim, Dalmia Bharat, The Ramco Cements, JK Lakshmi Cement, KNR Construction, PNC Infratech, Century Plyboards, Greenlam Industries, Greenpanel Industries, Pidilite Industries, TCI Express, TCI Ltd., and Gateway Distriparks.

Trading Tweaks

Ex-Date Final Dividend: UCO Bank, Artemis Medicare Services, Rajratan Global Wire, Polycab India, Camlin Fine Sciences, Alkyl Amines Chemicals, Punjab & Sind Bank, Rane (Madras), Dwarikesh Sugar Industries, Bosch, Persistent Systems, Syngene International, Seshasayee Paper and Boards, Thirumalai Chemicals

Price Band Revised From 10% To 5%: 3P Land Holdings, Kingfa Science & Technology (India), Vishal Fabrics

Move Into Short-Term ASM Framework: Sanginita Chemicals, Agro Phos India, IIFL Securities

Move Into Long-Term ASM Framework: Premier Polyfilm, Oswal Agro Mills, Creative Peripherals and Distribution, Nahar Capital and Financial Services

ITC to announce Q1 Result on 24 July