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𝗕𝗜𝗚 𝗡𝗘𝗪𝗦 - 𝗭𝗢𝗠𝗔𝗧𝗢 𝗧𝗢 𝗟𝗜𝗦𝗧 𝗢𝗡 𝟮𝟯 𝗝𝗨𝗟𝗬 𝟮𝟬𝟮𝟭

Originally listing was suppose to take place on 27 July 2021. Company has preponed it by 2 working days.

"First Time Ever in IPO History of India"

Be ready for it tomorrow .. !

Airtel ups base price for postpaid from 199 to 299...this is huge for them

Dmart CEO, Navil Noronha on the concall was asked organizations that he looks up to and considers as a role model in Retail.

He said "Costco, Ikea, Uniqlo. He likes the Culture, the way they think about products, assortment, simplicity, employees, partners, and business."🎺🎺🎺

IEX: Q1 CONS NET PROFIT 628.2M RUPEES VS 421M (YOY); EST 582M | 615M (QOQ) || Q1 REVENUE 910.3M RUPEES VS 679M (YOY); 938M (QOQ)

Rossari Biotech: Calibrated inorganic strategy opens up opportunities

https://www.moneycontrol.com/news/business/moneycontrol-research/rossari-biotech-calibrated-inorganic-strategy-opens-up-opportunities-7195511.html

Will the OPEC+ deal halt surging oil prices?

https://www.moneycontrol.com/news/business/moneycontrol-research/will-the-opec-deal-halt-surging-oil-prices-7195411.html

A soft quarter again, but HCL Tech is running high on stock value

https://www.moneycontrol.com/news/business/earnings/hcl-tech-second-consecutive-soft-quarter-but-stock-offers-great-value-7195711.html

*IndiaMART Q1*

*Cons profit up 18.6% at Rs 87.9 cr vs Rs 74.1 cr (YoY)

*Cons revenue up 18.6% at Rs 181.6 cr Vs Rs 153.1 cr (YoY)

*Cons EBITDA up 20.9% at Rs 88.6 cr Vs Rs 73.3 cr (YoY)

*Cons EBITDA margin at 48.79% Vs 47.88% YoY

Result Highlights

Bajaj Finance Ltd.: NII at Rs. 4488.4 crore, +8.1% YoY and -3.6% QoQ. Net Profit at Rs. 1002.4 crore, +4.2% YoY and -25.6% QoQ.

Asian Paints Ltd.: Net Revenue at Rs. 5585.4 crore, +91.1% YoY and -16% QoQ. EBITDA at Rs. 913.6 crore, +88.7% YoY and -30.7% QoQ. EBITDA Margin at 16.4%, -21 bps YoY and -346 bps QoQ. Net Profit at Rs. 574.3 crore, +161.5% YoY and -34% QoQ. Ashika

ICICI Prudential Life Insurance Company Ltd.: Net Revenue at Rs. 16724.1 crore, -12.2% YoY and -14.8% QoQ. Net Profit at Rs. -185.3 crore, Rs. 286.9 crore YoY, Rs. 62.5 crore QoQ.

Syngene International Ltd.: Net Revenue at Rs. 594.4 crore, +41% YoY and -9.7% QoQ. EBITDA at Rs. 164.9 crore, +32.4% YoY and -23.4% QoQ. EBITDA Margin at 27.7%, -179 bps YoY and -496 bps QoQ. Net Profit at Rs. 77.3 crore, +33.3% YoY and -51.9% QoQ.

ICICI Securities Ltd.: Net Revenue at Rs. 745.3 crore, +36.5% YoY and +0.8% QoQ. EBITDA at Rs. 470.5 crore, +59.3% YoY and -3.1% QoQ. EBITDA Margin at 63.1%, +904 bps YoY and -258 bps QoQ. Net Profit at Rs. 310.7 crore, +60.9% YoY and -5.7% QoQ.

CRISIL Ltd.: Net Revenue at Rs. 528.5 crore, +12% YoY and +6.7% QoQ. EBITDA at Rs. 139.3 crore, +19.8% YoY and +9.3% QoQ. EBITDA Margin at 26.4%, +172 bps YoY and +61 bps QoQ. Net Profit at Rs. 100.8 crore, +51.9% YoY and +20.7% QoQ.

DCM Shriram Ltd.: Net Revenue at Rs. 2007.8 crore, +5% YoY and -8.3% QoQ. EBITDA at Rs. 282.9 crore, +70.6% YoY and -21.6% QoQ. EBITDA Margin at 14.1%, +542 bps YoY and -237 bps QoQ. Net Profit at Rs. 157.9 crore, +126.1% YoY and -31.9% QoQ.

Shyam Metalics And Energy Ltd.: Net Revenue at Rs. 2465.0 crore, +170.3% YoY and +4.9% QoQ. EBITDA at Rs. 687.6 crore, +352.7% YoY and +9.7% QoQ. EBITDA Margin at 27.9%, +1124 bps YoY and +123 bps QoQ. Net Profit at Rs. 458.0 crore, +469.9% YoY and +18.1% QoQ.

Jubilant Ingrevia Ltd.: Net Revenue at Rs. 1144.6 crore, +67.3% QoQ. EBITDA at Rs. 281.5 crore, +140.4% QoQ. EBITDA Margin at 24.6%, +748 bps QoQ. Net Profit at Rs. 168.3 crore, +209.5% QoQ.

TV18 Broadcast Ltd.: Net Revenue at Rs. 1155.0 crore, +48.9% YoY and -14.3% QoQ. EBITDA at Rs. 187.5 crore, +323% YoY and -32.7% QoQ. EBITDA Margin at 16.2%, +1052 bps YoY and -443 bps QoQ. Net Profit at Rs. 162.4 crore, Rs. 1.9 crore YoY and -35.3% QoQ.

Network 18 Media & Investments Ltd.: Net Revenue at Rs. 1214.4 crore, +50.5% YoY and -14.2% QoQ. EBITDA at Rs. 188.3 crore, +587.5% YoY and -32.3% QoQ. EBITDA Margin at 15.5%, +1211 bps YoY and -417 bps QoQ. Net Profit at Rs. 121.5 crore, Rs. -60.6 crore YoY and -41% QoQ.

Newgen Software Technologies Ltd.: Net Revenue at Rs. 159.5 crore, +20.8% YoY and -20.2% QoQ. EBITDA at Rs. 22.8 crore, +46.2% YoY and -65.7% QoQ. EBITDA Margin at 14.3%, +248 bps YoY and -1892 bps QoQ. Net Profit at Rs. 21.6 crore, +136.8% YoY and -59% QoQ.

JSW Ispat Special Products Ltd.: Net Revenue at Rs. 1462.2 crore, +145.9% YoY and -1% QoQ. EBITDA at Rs. 178.7 crore, Rs. -35.3 crore YoY and -13.1% QoQ. EBITDA Margin at 12.2%, +1817 bps YoY and -170 bps QoQ. Net Profit at Rs. 63.3 crore, Rs. -154.1 crore YoY and -31.9% QoQ.

Thirumalai Chemicals Ltd.: Net Revenue at Rs. 397.1 crore, +249.9% YoY and +2.7% QoQ. EBITDA at Rs. 102.0 crore, Rs. -13.4 crore YoY and -12.9% QoQ. EBITDA Margin at 25.7%, +3746 bps YoY and -459 bps QoQ. Net Profit at Rs. 65.1 crore, Rs. -20.1 crore YoY and -23.1% QoQ.

Mangalam Organics Ltd.: Net Revenue at Rs. 105.7 crore, +117.1% YoY and +10.1% QoQ. EBITDA at Rs. 23.4 crore, +83.8% YoY and -51.6% QoQ. EBITDA Margin at 22.2%, -401 bps YoY and -2821 bps QoQ. Net Profit at Rs. 15.0 crore, +91.5% YoY and -54.6% QoQ.
Ashika Result Highlights

Bajaj Finserv Ltd.: Net Revenue at Rs. 13949.5 crore, -1.7% YoY and -9.3% QoQ. EBITDA at Rs. 13949.5 crore, +174.2% YoY and +200.6% QoQ. EBITDA Margin at 100%, +6415 bps YoY and +6984 bps QoQ. Net Profit at Rs. 1432.7 crore, -25.5% YoY and -17.9% QoQ.

Havells India Ltd.: Net Revenue at Rs. 2610.0 crore, +75.9% YoY and -21.8% QoQ. EBITDA at Rs. 355.3 crore, +170% YoY and -30.1% QoQ. EBITDA Margin at 13.6%, +474 bps YoY and -161 bps QoQ. Net Profit at Rs. 235.8 crore, +268.5% YoY and -22.4% QoQ. Ashika

Gland Pharma Ltd.: Net Revenue at Rs. 1153.9 crore, +30.5% YoY and +30% QoQ. EBITDA at Rs. 436.3 crore, +5.7% YoY and +33.1% QoQ. EBITDA Margin at 37.8%, -886 bps YoY and +90 bps QoQ. Net Profit at Rs. 350.7 crore, +11.8% YoY and +34.7% QoQ.

Jubilant FoodWorks Ltd.: Net Revenue at Rs. 893.2 crore, +130% YoY and -13.9% QoQ. EBITDA at Rs. 212.3 crore, +764.2% YoY and -15.3% QoQ. EBITDA Margin at 23.8%, +1744 bps YoY and -37 bps QoQ. Net Profit at Rs. 69.1 crore, Rs. -74.5 crore YoY, Rs. 105.3 crore QoQ.

Polycab India Ltd.: Net Revenue at Rs. 1880.5 crore, +92.6% YoY and -38.1% QoQ. EBITDA at Rs. 139.3 crore, +142.4% YoY and -66.9% QoQ. EBITDA Margin at 7.4%, +152 bps YoY and -646 bps QoQ. Net Profit at Rs. 75.3 crore, -36% YoY and -73.4% QoQ.

Supreme Industries Ltd.: Net Revenue at Rs. 1342.1 crore, +27.3% YoY and -35.6% QoQ. EBITDA at Rs. 222.0 crore, +89.6% YoY and -56.4% QoQ. EBITDA Margin at 16.5%, +543 bps YoY and -791 bps QoQ. Net Profit at Rs. 170.2 crore, +319.8% YoY and -62.2% QoQ.

Schaeffler India Ltd.: Net Revenue at Rs. 1232.9 crore, +180.9% YoY and -6.4% QoQ. EBITDA at Rs. 206.3 crore, Rs. -19.8 crore YoY, Rs. 212.9 crore QoQ. Net Profit at Rs. 128.1 crore, Rs. -42.5 crore YoY, Rs. 139.5 crore QoQ.

Mahindra CIE Automotive Ltd.: Net Revenue at Rs. 2042.5 crore, +177.7% YoY and -6.7% QoQ. EBITDA at Rs. 259.8 crore, Rs. -96.3 crore YoY, Rs. 286.8 crore QoQ. Net Profit at Rs. 136.2 crore, Rs. -128.7 crore YoY, Rs. 10.1 crore QoQ.

Lakshmi Machine Works Ltd.: Net Revenue at Rs. 457.6 crore, +171.1% YoY and -33.1% QoQ. EBITDA at Rs. 7.2 crore, Rs. -28.1 crore YoY, Rs. 44.1 crore QoQ. Net Profit at Rs. -9.6 crore, Rs. -21.6 crore YoY, Rs. 26.0 crore QoQ.

Rallis India Ltd.: Net Revenue at Rs. 740.5 crore, +11.7% YoY and +57.1% QoQ. EBITDA at Rs. 121.6 crore, -5.3% YoY and +585.9% QoQ. EBITDA Margin at 16.4%, -294 bps YoY and +1265 bps QoQ. Net Profit at Rs. 82.3 crore, -10.4% YoY and +914% QoQ.

Ceat Ltd.: Net Revenue at Rs. 1906.4 crore, +70.2% YoY and -16.7% QoQ. EBITDA at Rs. 166.2 crore, +62.9% YoY and -36.3% QoQ. EBITDA Margin at 8.7%, -39 bps YoY and -268 bps QoQ. Net Profit at Rs. 23.1 crore, Rs. -35.2 crore YoY and -84.9% QoQ.

Hathway Cable & Datacom Ltd.: Net Revenue at Rs. 441.3 crore, +5.2% YoY and +0.6% QoQ. EBITDA at Rs. 109.8 crore, -7.1% YoY and -3.3% QoQ. EBITDA Margin at 24.9%, -329 bps YoY and -100 bps QoQ. Net Profit at Rs. 48.4 crore, -26.7% YoY and -32.9% QoQ.

*Hindustan Zinc Ltd.* | *CMP* Rs. 340 | *M Cap* Rs. 143661 Cr | *52 W H/L* 362/182
(Nirmal Bang Retail Research)
Minned Metal Production came at 0.22 Mnt vs QoQ 0.29 Mnt, YoY 0.20 Mnt
*Result is in line with expectations*
Revenue from Operations came at Rs. 6531 Cr (-6% QoQ, 63.7% YoY) vs expectation of Rs. 5712.6 Cr, QoQ Rs. 6947 Cr, YoY Rs. 3989 Cr
EBIDTA came at Rs. 3558 Cr (-8.2% QoQ, 125.8% YoY) vs expectation of Rs. 3129.5 Cr, QoQ Rs. 3875 Cr, YoY Rs. 1576 Cr
EBITDA Margin came at 54.5% vs expectation of 54.8%, QoQ 55.8%, YoY 39.5%
EBITDA/Tonne came at Rs. 160995 Cr vs QoQ Rs 134549 Cr, YoY Rs 78020 Cr
Adj. PAT came at Rs. 1983 Cr vs expectation of Rs. 2197.3 Cr, QoQ Rs. 2481 Cr, YoY Rs. 1359 Cr
Quarter EPS is Rs. 4.7
Share is trading at EV/EBITDA of 8.68 FY23E EBITDA

*Heidelberg Cement India Ltd.* | *CMP* Rs. 268 | *M Cap* Rs. 6073 Cr | *52 W H/L* 285/172
(Nirmal Bang Retail Research)
*Result is above expectation*
Revenue from Operations came at Rs. 555.9 Cr (-7.3% QoQ, 36.4% YoY) vs expectation of Rs. 490.8 Cr, QoQ Rs. 600 Cr, YoY Rs. 407.7 Cr
Sales volume came at 1.18 mnt vs QoQ 1.25 mnt, YoY 0.86 mnt
Realisation/Tonne came at Rs 4664.24 Cr vs QoQ Rs 4642.57 Cr, YoY Rs 4740.61
EBIDTA came at Rs. 131.1 Cr (-13.8% QoQ, 21% YoY) vs expectation of Rs. 110.6 Cr, QoQ Rs. 152.2 Cr, YoY Rs. 108.3 Cr
EBITDA Margin came at 23.6% vs expectation of 22.5%, QoQ 25.4%, YoY 26.6%
EBITDA/Tonne came at Rs 1111.02 Cr vs QoQ Rs 1215.26 Cr, YoY Rs 1264.06 Cr
Adj. PAT came at Rs. 68.7 Cr vs expectation of Rs. 61 Cr, QoQ Rs. 140 Cr, YoY Rs. 48.9 Cr
Quarter EPS is Rs. 3
Share is trading at EV/EBITDA of 8.9 FY24E EBITDA

China's Shandong provincial govt issues document to cap 2021 total crude steel output at 76.5 million tons - sources

24mt production cut announced in China in 2HCY21

AGR Judgment -

Supreme Court bench headed by Justice LN Rao likely to pronounce judgment tmrw on Airtel, Voda-Idea plea seeking adjustment of AGR demand after accounting for "arithmetic errors".

Time - 10.30am

Bulk Deal as on 22-07-21

GSS Infotech
- 93 K @ 81.55 Anjali Fabrics Ltd

Indo National
- 20 K @ 1036.08 Indo National Ltd

Kakatiya Cement Sugar & Ind Ltd
+ 97 K @ 253.5 Tushar Rameshchandra Mehta
- 97 K @ 253.5 M T Corporation

S S Securities
+ 6 Lk @ 138.9 Xchanging Solution

Vishal Fabrics
+ 5.29 Lk @ 100 Cresta Fund Ltd

*IIFL Securities Ltd.* | *CMP* Rs. 114 | *M Cap* Rs. 3453 Cr | *52 W H/L* 126/36
(Nirmal Bang Retail Research)
*Result is flat*
Revenue came at Rs. 250.6 Cr (5.2% QoQ, 67.3% YoY) vs QoQ Rs. 238.1 Cr, YoY Rs. 149.8 Cr
EBIDTA came at Rs. 97.8 Cr (-0.7% QoQ, 95% YoY) vs QoQ Rs. 98.4 Cr, YoY Rs. 50.1 Cr
EBITDA Margin came at 39% vs QoQ 41.3%, YoY 33.5%
Adj. PAT came at Rs. 68.8 Cr vs QoQ Rs. 77.3 Cr, YoY Rs. 41.5 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 13.9x TTM EPS

*South Indian Bank Ltd.* | *CMP* Rs. 12 | *M Cap* Rs. 2559 Cr | *52 W H/L* 14/6
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 542 Cr vs expectation of Rs. 589 Cr, YoY Rs. 587 Cr, QoQ Rs. 561 Cr
Non Interest Income came at Rs. 435 Cr vs expectation of Rs. 272 Cr, YoY Rs. 285 Cr, QoQ Rs. 390 Cr
PBP came at Rs. 512 Cr vs expectation of Rs. 374 Cr, YoY Rs. 404 Cr, QoQ Rs. 423 Cr
Provisions came at Rs. 498 Cr vs expectation of Rs. 363 Cr, YoY Rs. 293 Cr, QoQ Rs. 412 Cr
Adj. PAT came at Rs. 10 Cr vs expectation of Rs. 15 Cr, YoY Rs. 82 Cr, QoQ Rs. 7 Cr
PAT is higher because of higher non-interest income
Gross NPA came at Rs. 4677 Cr vs QoQ Rs. 4143 Cr at 8.02% vs QoQ 6.97%
Net NPA came at Rs. 2855 Cr vs QoQ Rs. 2735 Cr at 5.05% vs QoQ 4.71%
Quarter EPS is Rs. 0.0
Share is trading at P/E of 5.5x FY23E EPS & 0.9x trailing P/Adj. BV

Securities in Ban For Trade Date 23-July-2021:

CADILLHC
CANBANK
IBULHSGFIN
NATIONALALUM
SUNTV


*Added - No*
*Deleted-NMDC*

*CSB Bank Q1FY22 Concall Update*
(Nirmal Bang Securities)

*# Asset quality deteriorates although is of transitory nature*
*# Growth momentum takes a pause*

*Outlook: Neutral in near term; Positive in long term*

*Asset Quality deteriorates*
• Credit cost came at at 2.9% vs QoQ 2.1% and YoY 2.0%.
• GNPA came at Rs. 686 Cr vs QoQ Rs. 393 Cr at 4.9% vs QoQ 2.7%. Increase in GNPA is mainly because of increase in Gold slippages. CSB is optimistic of recovering the same without much losses/haircuts. The lockdowns and intermittent holidays impacted both fresh pledges and releases. However Gold NPA recovery trend is gaining traction every month with April being at 20%, May at 46% and June at 62%.
• Slippages came at Rs. 435 Cr vs QoQ Rs. 188 Cr with slippage ratio of 12.6% vs QoQ 5.2%. Slippages worth Rs. 337 Cr were from Gold alone. Thus Rs. 98 Cr of non-gold slippages translates to slippage ratio of 4.2% (for comparison sake, HDFC Bank was at 2.5% in Q1).
• MTM loss on gold auction of Rs. 43 Cr during Q1 was at just Rs. 1 Cr
• Normally when auction notice is given, more than 90% of customers repay while co auctions for the remaining clients. In current scenario when client’s incomes are hit and there are no social functions, clients don’t feel the urgency to reclaim their gold by repaying loans.
• Slippages from gold book are expected to normalize from Q2 onwards as SMA gold book is at just Rs. 354 Cr against Rs. 954 Cr in March.
• Non-gold SMA book stands at around Rs. 485 Cr vs QoQ Rs. 385 Cr.
• Restructured advances is at 0.48% and constitutes mainly of SME loans.
• Contingent provisions stand at Rs. 106 Cr (75 bps)

*Advances growth takes a pause*
• Advances were at Rs. 14,863 Cr (+23% YoY, -3% QoQ). Decline in loans was mostly due to degrowth in Gold Loans which declined by -8% QoQ. Gold loan mix declined to 38% vs QoQ 40%. Non Gold loans were flat QoQ and increased by 12% YoY.
• Many 2W dealers are still closed so demand will take time. Same is the case with MSMEs.
• Only once lockdown restrictions are removed and small businesses restart their operations, demand for gold loans would again emerge strongly.
• *Disbursements run-rate is currently at just 30% of Q4 levels. This would mean a temporary deceleration of growth in loan book for the Sep qtr to ~15% YoY levels (as per our estimate), a departure from the robust 26% YoY and 9% QoQ growth witnessed during Q4FY21. We expect CSB to subsequently accelerate loan growth again to 20% plus levels by Q4FY22.*
• The bank is targeting to grow advances in excess of 25% CAGR over next 3-4 years.

*Other highlights*
• Ticket size in gold is 1.3 lacs and in SME is 2 Cr.
• Corporate book yield is at 9.5% and incremental yield is at 8-8.5%.
• CSB opened 3 branches (net) during Q1 and plans to open 50 branches during Q2. (earlier guidance of 200 during FY22).
• Management expects C/I to remain at below 50% levels (47.7% in Q1).
• CASA stands at 33.1% vs QoQ 32.2% and YoY 29.2%.

Stock is trading at P/E of 13.5x FY23E EPS & 3.2x trailing P/Adj. BV