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#VodafoneIdea says its board today accepted the request of #KumarMangalamBirla to step down as Non-Executive Director and Non-Executive Chairman of the Board

#HimanshuKapania has been appointed Non-Executive Chairman

https://www.cnbctv18.com/telecom/kumar-mangalam-birla-steps-down-as-non-executive-chairman-of-vodafone-idea-board-10250481.htm?utm_source=telegramapp&utm_medium=social&utm_campaign=telegram

*Large Block deal in SBI Life tomorrow*

CA Emerald, an affiliate of Carlyle Group, to sell 1.9% stake
Price indicated Rs 1130-1136.85/sh
Deal size Rs 21.47b ($289.4m) at low end of range
Offering is a clean-up sale by Carlyle

Bulk Deal as on 04-08-21

Asian Hotels West Ltd
+ 1.88 Lk @ 255.28 Asian Hotels East Ltd
- 99 K @ 255 Pragati Stockcom PVT Ltd

Astec Lifescience
- 1 Lk @ 1375 Nirmala Vinod kumar Daga

Bharat Gear
+ 60 K @ 129.73 Mukundlal Baheti

Bnk Capital
- 75 K @ 201.39 Mahesh Media Services Pvt Ltd
+ 69 K @ 199.8 Rajasthan Global Securities Pvt Ltd

Coforge Ltd
- 33.50 Lk @ 4738.67 Hulst BV
+ 3.50 Lk @ 4710 Nomura India Investment Fund

Fineotex Chemical
+ 11.78 Lk @ 107.17 Sixteenth Street Asian Gems Fund
- 6.31 Lk @ 108.04 Maruti Nandan Colonizers Pvt Ltd

IBULHSGFIN
- 31.74 Lk @ 280.44 Bnp Paribas Arbitage

Lyka Labs
- 3.11 Lk @ 86.45 Cobra India Mauritius Ltd

Nureca Ltd
- 70 K @ 1988.48 Trishakti Power Holding Pvt Ltd

Rama Steel Tubes
+ 90 K @ 205 Madhukar Sheth

Vishal Fabrics
+ 4.38 Lk @ 127.35 CMM Finvest Pvt Ltd

*SBI LIFE INSURANCE- BLOCK DEAL - CARLYLE EXIT*
_Bloomberg_
SBI Life holder CA Emerald, an affiliate of Carlyle Group, is selling *19m shares* at *INR1,130-INR1,136.85* each, according to terms seen by Bloomberg.
CMP: INR 1136.85
Offer is equal to INR21.47b ($289.4m) at the low end of the range: terms
Offering is a clean-up sale by the seller

*COSMO FILMS LTD.* | *CMP* Rs. 1348 | *M Cap* Rs. 2621 Cr | *52 W H/L* 1348/324
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 687.6 Cr (2.4% QoQ, 42.9% YoY) vs QoQ Rs. 671.8 Cr, YoY Rs. 481.3 Cr
EBIDTA came at Rs. 131.5 Cr (16.7% QoQ, 51% YoY) vs QoQ Rs. 112.7 Cr, YoY Rs. 87.1 Cr
EBITDA Margin came at 19.1% vs QoQ 16.8%, YoY 18.1%
Adj. PAT came at Rs. 86.7 Cr vs QoQ Rs. 74.5 Cr, YoY Rs. 47 Cr
Quarter EPS is Rs. 44.6
Share is trading at P/E of 9.5x TTM EPS

*Adani Total Gas Ltd.* | *CMP* Rs. 902 | *M Cap* Rs. 99203 Cr | *52 W H/L* 1680/149.8
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 522.3 Cr (-10.6% QoQ, 164.9% YoY) vs QoQ Rs. 584.5 Cr, YoY Rs. 197.2 Cr
EBIDTA came at Rs. 207.1 Cr (1.2% QoQ, 167.7% YoY) vs QoQ Rs. 204.7 Cr, YoY Rs. 77.4 Cr
EBITDA Margin came at 39.7% vs QoQ 35%, YoY 39.2%
Adj. PAT came at Rs. 142.6 Cr vs QoQ Rs. 148.2 Cr, YoY Rs. 38.9 Cr
Quarter EPS is Rs. 1.3
Share is trading at P/E of 151.6x FY22E EPS

*Glenmark Life Sciences Limited*

Listing Date : *Friday, Aug 06 2021*
ISIN : *INE03Q201024*
BSE : *543322 (B Group)*
NSE : *GLS (EQ Series)*
Face Value : *₹2*
IPO Price : *₹720*



*Rolex Rings*

Listing Date : *Monday, Aug 09 2021*
ISIN : *INE645S01016*
BSE : *543323 (B Group)*
NSE : *ROLEX (EQ Series)*
Face Value : *₹10*
IPO Price : *₹900*

Investing.com -- A report in The Economic Times said that the government is preparing a relief package for the telecom sector but will not respond to Kumar Mangalam Birla’s letter to the government asking them to take a stake in the beleaguered Vodafone Idea Ltd (NS: VODA ).
The report quoted an anonymous government official who said, “It appears that the proposal is for a government entity to become a minority shareholder while Vodafone (LON:VOD ) continues to be the majority partner and run the company.

TAST BITE Q1FY22: Good result

(QoQ) Performance:
Revenue : 11% Down
PBT : 49% down

(YoY) Performance:
Revenue : 97% up
PBT : 360% up

EPS:
JUN-20 vs JUN-21
5.52 vs 27.94

EBITDA MARGIN:
JUN-20 vs JUN-21
4.29% vs 14.4%

*Tata Steel BSL Reports strong but inline results for Q1FY22 – EBITDA/t at a record Rs27,734/t*



*Consolidated Revenue* for the quarter stood at Rs78.5bn (yoy/qoq: +1.9x/+7%) was in line with our est of Rs 78.7bn

*Blended ASP* for was Rs 65,403/t (yoy/qoq: +81%/+15%) was in line with our est of blended ASP of Rs 66,780/t.

*ASP* was higher than the corresponding increase in HR prices in the quarter due to higher export mix.

*Sales vol* for the quarter was 1.11mt (yoy/qoq: +61%/-6%) in line as inventory build up has been seen across industry.



*EBITDA* stood at Rs 31bn (yoy/qoq: +20x/+21%) was in line with our est of Rs 30bn


*EBITDA/t* at Rs27,734/t (yoy/qoq: +12x/+29%) was in line with our est of Rs 26,702/t.

*EBITDA* was driven by higher top line as other operating expenses were in line with our est of Rs 13.4bn. Employee expenses however was higher at Rs 2bn vs our estimates of 1.75bn. generally Q1 employee costs are substantially lower than Q4 of the previous year due to annual bonus provisioning in Q4.


Interest cost was down 44% sequentially at Rs 2.4bn which drove the PAT beat.

*PAT* stood at Rs 24.*bn (yoy/qoq: vs loss of Rs 6.5bn/+30%) compared to our est of Rs 23.4bn (beat of 6%) driven by lower than anticipated interest cost.



*Our view:* Tata Steel BSL results are precursor to the strong results of Tata Steel. All time high EBITDA of Rs 27,734/t along with rollover of the June steel prices to July and likelihood of a strong second half for FY22 will augur well for Tata Steel.

Maintain Outperformer on Tata Steel and a bullish view on the steel sector.


Regards,
Vishal Chandak
DAM Capital

*State Bank of India Q1FY22 Concall Update*
(Nirmal Bang Securities)

*Stable performance in tough times*

*Outlook: Positive*

• Result was in line with estimates mainly due to lower stress formation compared to other leading Pvt banks.
• GNPA came at 5.3% vs QoQ 5.0%. NNPA came at 1.8% vs QoQ 1.5%. PCR remains reasonable at 68% vs QoQ 71%.
• Slippages came at Rs. 15666 Cr vs QoQ Rs. 5473 Cr at 2.58% vs QoQ 0.89%. *Slippages were mainly from SME (Rs. 6416 Cr) and Retail (Rs. 5268 Cr) and Agri (Rs. 2920 Cr).* Almost Rs. 4-5k Cr of these slippages have already been upgraded in July.
• Under OTR 2.0, Rs. 5246 Cr (22 bps) worth of loans were approved and Rs. 2056 Cr (8 bps) are still pending approval. Including these two and also the earlier restructuring, the total restructured book is at Rs. 20,297 Cr (83 bps).
• SMA 1 & 2 book remained flat QoQ at Rs. 11,303 Cr (46 bps).
• Contingent provisions stand at Rs. 9065 Cr (37 bps)
• Advances growth was -1% QoQ and +2% YoY and stood at Rs. 24.3 Lac Cr. Retail advances grew 16% YoY while corporate degrew by -2% YoY.
• Gold book is at Rs. 21293 Cr and grew by 339% YoY.
• Domestic NIM for the quarter at 3.15% vs QoQ 3.26% & YoY 3.24% YoY.
• Bank continues to target ROE of 15% in coming years.

Share is trading at P/E of 10x FY23E EPS & 1.4x trailing P/Adj. BV (adj. for subsidiaries value)

*Tata Consumer – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
*Margins are expected to improve in coming quarters*

The stock is trading at 62.9x FY22E consensus earnings

• Consolidated Revenue grew 11% YoY despite a challenging operating environment and a high base
• India business performed well while international markets as expected saw a decline owing to pantry loading in the base quarter
• EBITDA margins were down yoy due to higher A&P investments in India business
• Started rural expansion – expanded 3x filed force recently
• Launched Superlite salt (30% reduced salt)
• Launching Eight O’clock in India
• Q2FY21 was peak of tea prices in India; prices are coming down but still high from 2 yrs ago; not yet taken whole tea price increases in selling price; so when the tea prices would come down, margins are expected to go up
• *Margins are on upward trend on the back of price hikes taken – margins likely to move up more in next 1-2 quarters and likely to reach pre-covid levels*
• Salt – 20% value growth - mainly from volume growth, premium salt grew by 34%- likely to continue
• Tata Sampann – targeting aggressive growth on this; not happy with 30% growth; Poha strong momentum, followed by pulses followed by Spices
• Guided for revenue and synergies of Rs 150 cr per month – currently at Rs 100 cr mainly from cost synergies

*Outlook*
• Second wave of COVID-19 in India is now receding and there seems to be a V-shaped recovery since second half of June.
• International markets (US, UK, Canada) are seeing a return to pre-COVID demand trends of packaged tea and coffee categories
• Nourishco – grew by 91%, despite lockdowns

*India*
• India Beverages volume growth was 3%; Food volume growth was 17%
• Gained 170 bps market share in Tea segment and 370 bps in Salt segment
• *Saw good momentum in June and continuation of that in July – June was better than May and July is better than June*

*International tea business*
• Declined due to high base and due to divestment of certain businesses namely MAP coffee, as well as Empirical, which were included in base business

*Nocil – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
Considering company’s recent capacity additions, it is targeting to capture a large share of this volume growth, thus improving its overall market share.

The stock is trading at 32.8x FY22E consensus earnings

• FY22 stated with better results as selling prices were revised from April’21 to compensate the significant raw material increases
• Volume declined by 13% QoQ where price and mix increased by 20% QoQ resulting into Sales growth of 7% QoQ. Lower sales volume in q1 as compared to Q4FY21 due to client’s facilities in certain specific regions were closed for 2-3 weeks
• *Going forward, expect better volumes, with some legacy cost on account of high cost of raw material, likely to be consumed in Q2FY22*
• Tyre Industry outlook is positive from mid to long term
o Continued restrictions on import of tyre is helping domestic tyre companies in operating at higher utilisation
• Global rubber consumption shows upward trend – Q1CY21 consumption data shows growth of ~10% vs CY20
o CY20 registered de-growth of 6% over CY19; CY21 is expected to grow at 3-4% as compared to CY19
• *The company targeting to achieve 100% CU by Sept’23, which would translate to global market share of 7-8%*, current CU is 68-70%
• The company continues to aim to maintain an improved absolute profitability rather than on a percentage basis

*Titan – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*

The stock is trading at 62x FY23E consensus earnings

• The Company entered the quarter with a good sales momentum
• The sales were hit only to a small extent until third week of April, primarily due to the temporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June only, with several restrictions on operating hours and days of the week.
• the sales bounced back strongly towards Q1 quarter-end, with good momentum in Q2 quarter till date.
• Change in Gold hedging policy – earlier used to hedge cash flows from gold, now from 1st July started doing inventory of gold
• Making re-entry in US market (NRI PROs) – had tested water in 2008 as well; the company is much confident now given the balance sheet strength, differentiated approach, market opportunity and on the back of strong brand awareness now
• *In 9M, should reach FY20 sales*
• Cash on books – Rs 2000 cr
• Except very few, all stores are operational as on the date, however, some states still have restrictions on days of operation and timings.

*Jewellery*
• GHS – enrolments have kicked in from June and doing well in July as well
• Total store operational days were at 73%, 10% and 58% for the April, May and June month respectively and 47% for the quarterSaw pent up demand in June
• Wedding demand is expected to be strong in 2H, early signs are already visible
• Benefit of demand shifting from overseas travel to jewellery is likely to continue for some more time
• ~70% recovery rate
• Targeting 34-35 stores in FY22, YTD opened 7

*Watches*
• This year, Watches & Wearables and Eyewear segments have also witnessed rapid recovery in walk-ins and sales with the re-opening of stores, which was seen in only Jewellery division last year.
• Sales were strong in the E-commerce channel especially in the second half of April and May
• Recovery in higher ticket products is much better compared to the recovery in lower priced products.
• 65-70% recovery rate – lower due to malls closure

*Caratlane*
• Total store operational days were 41% for the quarter
• Present in 44 towns and among that has depth in 16 towns only
• 88% recovery rate

*Subros Ltd.* | *CMP* Rs. 338 | *M Cap* Rs. 2204 Cr | *52 W H/L* 365/178
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 480.5 Cr (-27.2% QoQ, 551.3% YoY) vs QoQ Rs. 659.9 Cr, YoY Rs. 73.8 Cr
EBIDTA came at Rs. 27 Cr (-57.7% QoQ, -190.5% YoY) vs QoQ Rs. 63.9 Cr, YoY Rs. -29.9 Cr
EBITDA Margin came at 5.6% vs QoQ 9.7%, YoY -40.5%
Adj. PAT came at Rs. 3.4 Cr vs QoQ Rs. 26.2 Cr, YoY Rs. -24 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 27.5x FY22E EPS

*Adani Green Energy Ltd.* | *CMP* Rs. 893 | *M Cap* Rs. 139666 Cr | *52 W H/L* 1394/334
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 977 Cr (-0.9% QoQ, 25.5% YoY) vs QoQ Rs. 986 Cr, YoY Rs. 778.5 Cr
EBIDTA came at Rs. 790 Cr (27.2% QoQ, 36.1% YoY) vs QoQ Rs. 621 Cr, YoY Rs. 580.6 Cr
EBITDA Margin came at 80.9% vs QoQ 63%, YoY 74.6%
Adj. PAT came at Rs. 139 Cr vs QoQ Rs. 118 Cr, YoY Rs. 116 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 437.1x TTM EPS

*Sonata Software Ltd.* | *CMP* Rs. 808 | *M Cap* Rs. 8497 Cr | *52 W H/L* 813/240
(Nirmal Bang Retail Research)
Dollar revenue came at $ 44.5 mn vs expectation of $ 45 mn, QoQ $ 44 mn, YoY $ 36.5 mn
*Result is in-line with expectations*
Revenue from Operations came at Rs. 1268.5 Cr (17.9% QoQ, 33.2% YoY) vs expectation of Rs. 1129.6 Cr, QoQ Rs. 1075.7 Cr, YoY Rs. 952.4 Cr
EBIDTA came at Rs. 101 Cr (-2% QoQ, 29.4% YoY) vs expectation of Rs. 105.7 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 78.1 Cr
EBITDA Margin came at 8% vs expectation of 9.4%, QoQ 9.6%, YoY 8.2%
Adj. PAT came at Rs. 82.5 Cr vs expectation of Rs. 75.1 Cr, QoQ Rs. 83.1 Cr, YoY Rs. 49.9 Cr
Quarter EPS is Rs. 7.8
Share is trading at P/E of 25x FY22E EPS

GM jsk stock in news sci,eil,greenply,alkemlab,drl,sonatasoft,godrejagro,Novartis,tatacom,vardhamnsteel,dhanushreetea,MNM,kesoram,mazdock,subros,adanigreen,Hindalco,srilkalasthipipe,sumintochem,filatex. Negative stocks apollotyre,HPCL,maruthi,idea. Nifty range 16150-16350.

*Good Morning*
• Billionaire Birla Quits as Chair of Troubled Vodafone India Unit
• Largest Indian Bank Surges to Record on Biggest-Ever Profit
• India Sugar Mills Ask Govt to Continue Export Subsidy Next Year
• HPCL Readying Mumbai, Vizag Plants to Run at Full Capacity
• India Cumulative Monsoon Rainfall 2% Below Normal on Aug. 4
• BRICS 2Q GDP Forecast Steady in Past Week; India Seen at 19.1%
• Boeing 737 Max Heads to China for Key Test to End Flight Ban
• Gold Pares Gains After ISM Report, Comments From Fed’s Clarida
• Global Funds Buy Net INR28.3B of India Stocks Wednesday: NSE
o Domestic funds sell net 4.11b rupees of stocks,
• Foreign Investors Buy Net INR21B of Indian Equities on Tuesday
• Foreigners Sell Net INR40.3B Indian Equity Derivatives Wednesday
• Parliament passes bill to amend Airports Economic Regulatory Authority Act: PTI
• Rajya Sabha passes DICGC amendment bill: PTI
• Billionaire Jhunjhunwala’s Airline Gets India Initial Nod: CNBC
• Adani Total Gas (ATGL): 1Q net income 1.43b rupees vs. 389.1m y/y; revenue 5.22b vs. 2.1b y/y
• Apollo Tyres (APTY): 1Q net income 1.28b rupees vs. loss 1.35b y/y, est. 1.44b
• Dr. Reddy’s (DRRD): BioDelivery Sciences entered into an agreement with Dr. Reddy’s to acquire the U.S. and Canadian rights to ELYXYB for $6m upfront payment, plus $9 million
• Hindalco Industries (HNDL): Unit Novelis 1Q net from cont. ops., ex. items $260m vs $22m; net sales up 59% y/y to $3.9b
• Hindustan Petroleum (HPCL): 1Q net income -36% y/y to 17.95b rupees, beats est. 14.7b; revenue +69% y/y to 773.1b
• Prakash Industries (PKI): Wins Bhaskarpara coal mine in India auction
• Reliance (RIL): To double PET recycling capacity with new Andhra plant
• Shipping Corp of India (SCI): Approvesdemerger of non-core business; SCI shareholders to get 1 share of spun off company for each held
• State Bank of India (SBIN): Sees FY22 Credit Growth at 9%; to Keep Slippages Within 2%: Chairman Khara Says
• Titan (TTAN): 1Q net income 610m rupees vs. loss 2.70b y/y, est. loss 112.4m
• Vodafone Idea (IDEA): Kumar Mangalam Birla to Step Down as Chairman