IRB
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*Stock under F&O ban on NSE*
*10-Aug-21*



1CANBK

2IBULHSGFIN

3NATIONALUM

4RBLBANK

5SAIL

6SUNTV

*Good Morning*
• Billionaires Bezos, Murthy to End Controversial India Venture
• India to Spend $1.5B to Boost Oil Palm Plantation to Cut Imports
• India Says Developed World Needs to Make Immediate Emission Cuts
• Paytm to Add Ant’s Feagin to Board, Ramp Up Stock Awards
• Reliance, BP JV Among 7 Cos Given New India Fuel Retail Licenses
• Future Retail Bonds Tumble With Stocks After Reliance Deal Blow
• Vodafone, Cairn in Talks to Settle Tax Disputes, India Says
o India is also finding solution on telecom cos’ dues
• India’s NSE to Introduce Trading in Select U.S. Stocks Via Unit
• Amazon, Walmart Unit Face India Antitrust Probe on Court Order
• India’s July Demand for Oil Products Jumps Most in Three Months
• Diamond Tycoon Nirav Modi Can Appeal Extradition on Mental Health Issues
• UpGrad Scores $185 Million This Year to Join India’s Unicorns
• Indian Stock Funds See Record Inflows of $3 Billion in July
• India Cumulative Monsoon Rainfall 5% Below Normal as of Aug. 9
• Global Funds Buy Net INR2.12b of India Stocks on Monday: NSE
o Domestic funds sell net 7.15b rupees of stocks
• Foreign Investors Buy Net INR1.58B of Indian Equities on Aug. 6
• Foreigners Sell Net INR49.5B of Indian Equity Derivatives Monday
• India Considering Cuts in Import Tax Rates for EVs: Reuters
• Jhunjhunwala to pick up significant strategic stake in Syska LED: CNBC-TV18
• Mumbai airport traffic reaches 1.1 million in July: PTI
• ONGC’s share in India’s oil, gas production rises: PTI
• Coal India (COAL): Says North Eastern coalfield mines suspended from June 3 due to non-availability of clearance
• Gujarat Petronet (GUJS): 1Q net income +17% y/y to 2.32b rupees, beats est. 2.16b; revenue +14% y/y to 5.27b
• ISGEC Heavy Engineering (IGSEC): Wins order for 175 klpd multi feed distillery from Dwarikesh Sugar (DSIL)
• Indian Hotels (IH): 1Q net loss 2.77b rupees, est. loss 2.34b; revenue 3.45b vs. 1.44b
• Shree Cement (SRCM): 1Q net income +79%y/y to 6.62b rupees, beats est. 5.97b; revenue +48% y/y to 34.5b

*Bombay Dyeing And Manufacturing Company Ltd.* | *CMP* Rs. 98 | *M Cap* Rs. 2026 Cr | *52 W H/L* 110/58
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 380.9 Cr (-23.7% QoQ, 317.7% YoY) vs QoQ Rs. 499 Cr, YoY Rs. 91.2 Cr
EBIDTA came at Rs. 2.8 Cr (-94.1% QoQ, -112.5% YoY) vs QoQ Rs. 47.1 Cr, YoY Rs. -22.3 Cr
EBITDA Margin came at 0.7% vs QoQ 9.4%, YoY -24.5%
Adj. PAT came at Rs. -107.9 Cr vs QoQ Rs. -166.7 Cr, YoY Rs. -129.3 Cr
Quarter EPS is Rs. -5.2
Share is trading at P/E of -4x TTM EPS

*Laxmi Organic Industries Ltd.* | *CMP* Rs. 273 | *M Cap* Rs. 7186 Cr | *52 W H/L* 279/143
(Nirmal Bang Retail Research)
*Result Good*
Revenue from Operations came at Rs. 736.4 Cr (41.7% QoQ, 82.4% YoY) vs QoQ Rs. 519.5 Cr, YoY Rs. 403.6 Cr
EBIDTA came at Rs. 145.3 Cr (128.2% QoQ, 246.2% YoY) vs QoQ Rs. 63.7 Cr, YoY Rs. 42 Cr
EBITDA Margin came at 19.7% vs QoQ 12.3%, YoY 10.4%
Adj. PAT came at Rs. 102.3 Cr vs QoQ Rs. 36.3 Cr, YoY Rs. 21.4 Cr
Quarter EPS is Rs. 3.9
Share is trading at P/E of 34.5x TTM EPS

*Shree Cement Ltd.* | *CMP* Rs. 28287 | *M Cap* Rs. 102062 Cr | *52 W H/L* 32050/18184
(Nirmal Bang Retail Research)
Volume came at Expectation*
Revenue from Operations came at Rs. 3449.5 Cr (-12.2% QoQ, 48.3% YoY) vs expectation of Rs. 3385.8 Cr, QoQ Rs. 3930.8 Cr, YoY Rs. 2325.8 Cr
EBIDTA came at Rs. 1013.5 Cr (-13.9% QoQ, 44.7% YoY) vs expectation of Rs. 993.2 Cr, QoQ Rs. 1177.2 Cr, YoY Rs. 700.6 Cr
EBITDA Margin came at 29.4% vs expectation of 29.3%, QoQ 29.9%, YoY 30.1%
Adj. PAT came at Rs. 661.7 Cr vs expectation of Rs. 552.9 Cr, QoQ Rs. 767.7 Cr, YoY Rs. 370.8 Cr
Quarter EPS is Rs. 183.4
Share is trading at 19.4x FY23E EV/EBITDA

*GATI Ltd.* | *CMP* Rs. 153 | *M Cap* Rs. 1866 Cr | *52 W H/L* 180/42
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 290.2 Cr (-27% QoQ, 83.8% YoY) vs QoQ Rs. 397.9 Cr, YoY Rs. 158 Cr
EBIDTA came at Rs. 0 Cr (-99.7% QoQ, -100.1% YoY) vs QoQ Rs. 7.8 Cr, YoY Rs. -27.1 Cr
EBITDA Margin came at 0% vs QoQ 2%, YoY -17.2%
Adj. PAT came at Rs. -8.4 Cr vs QoQ Rs. 4.5 Cr, YoY Rs. -31.6 Cr
Quarter EPS is Rs. -0.7
Share is trading at P/E of -218.2x TTM EPS

Affle (India) Ltd.
(Nirmal Bang Retail Research)
*Outlook – Neutral*
Management has indicated of sustainable growth and bottom line performance on organic basis. ON organic basis management indicates of having EBitda margin of 25%.The company has done jammp acquisition which will be reflected in Q2 . management indicates Acquisition usually lower down the margins of the company on an overall basis , which, gets improved over a period of time
Revenue from Operations came at Rs. 152.5 Cr (7.7% QoQ, 69.8% YoY) . The CPCU business noted strong momentum delivering 3.1 crore of converted users in Q1 FY2022,vs QoQ 2.96cr .ARPU came at Rs 42 vs QoQ at Rs 40.90
Share is trading at P/E of 73x FY22E EPS

*Indraprastha Medical Corporation Ltd.* | *CMP* Rs. 80 | *M Cap* Rs. 733 Cr | *52 W H/L* 103/45
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 202.9 Cr (2.4% QoQ, 115.4% YoY) vs QoQ Rs. 198.1 Cr, YoY Rs. 94.2 Cr
EBIDTA came at Rs. 30.1 Cr (0.6% QoQ, -220.1% YoY) vs QoQ Rs. 30 Cr, YoY Rs. -25.1 Cr
EBITDA Margin came at 14.9% vs QoQ 15.1%, YoY -26.6%
Adj. PAT came at Rs. 15.4 Cr vs QoQ Rs. 15.1 Cr, YoY Rs. -25.2 Cr
Quarter EPS is Rs. 1.7
Share is trading at P/E of 17.1x TTM EPS

*Gujarat State Petronet Ltd.* | *CMP* Rs. 325 | *M Cap* Rs. 18337 Cr | *52 W H/L* 361/177
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 527.2 Cr (13.4% QoQ, 13.6% YoY) vs expectation of Rs. 489.9 Cr, QoQ Rs. 465 Cr, YoY Rs. 464.3 Cr
EBIDTA came at Rs. 374.4 Cr (8.8% QoQ, 8.2% YoY) vs expectation of Rs. 357.2 Cr, QoQ Rs. 344.2 Cr, YoY Rs. 346.2 Cr
EBITDA Margin came at 71% vs expectation of 72.9%, QoQ 74%, YoY 74.6%
Adj. PAT came at Rs. 233.3 Cr vs expectation of Rs. 216.1 Cr, QoQ Rs. 207.9 Cr, YoY Rs. 199.4 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 13.2x FY22E EPS

*Shalby Ltd.* | *CMP* Rs. 211 | *M Cap* Rs. 2279 Cr | *52 W H/L* 211/72
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 192.4 Cr (32.6% QoQ, 400.4% YoY) vs QoQ Rs. 145 Cr, YoY Rs. 38.4 Cr
EBIDTA came at Rs. 38.3 Cr (23.5% QoQ, -891.4% YoY) vs QoQ Rs. 31 Cr, YoY Rs. -4.8 Cr
EBITDA Margin came at 19.9% vs QoQ 21.4%, YoY -12.6%
Adj. PAT came at Rs. 20.2 Cr vs QoQ Rs. 9.8 Cr, YoY Rs. -8.7 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 32x TTM EPS

*Sundaram Finance Ltd. -S* | *CMP* Rs. 2583 | *M Cap* Rs. 28698 Cr | *52 W H/L* 2884/1213
(Nirmal Bang Retail Research)
*Result is ok* - Although NPAs increased, it was an industry wide phenomenon with July month witnessing strong recoveries and collections
NII came at Rs. 491.6 Cr vs YoY Rs. 425 Cr, QoQ Rs. 482.7 Cr
PBP came at Rs. 338.3 Cr vs YoY Rs. 279.7 Cr, QoQ Rs. 368.9 Cr
Provision came at Rs. 85.2 Cr vs YoY Rs. 60.7 Cr, QoQ Rs. 105.5 Cr
PAT came at Rs. 191.6 Cr vs YoY Rs. 165.7 Cr, QoQ Rs. 209.2 Cr
AUM came at Rs. 29823 Cr vs YoY Rs. 29580 Cr, QoQ Rs. 30882 Cr
Gross NPA (%) came at 4.25% vs QoQ 1.84%
Net NPA (%) came at 3.12% vs QoQ 1.01%
Total restructured assets were Rs. 1,395 Cr, about 4.9% of AUM
Quarter EPS is Rs. 17.2
Share is trading at P/E of 24.6x FY23E EPS & 4.5x trailing P/BV

*Satin Creditcare Network Ltd. -S* | *CMP* Rs. 82 | *M Cap* Rs. 429 Cr | *52 W H/L* 113/51
(Nirmal Bang Retail Research)
*Result continued to remain weak*
NII came at Rs. 158.7 Cr vs YoY Rs. 134 Cr, QoQ Rs. 215.5 Cr
PBP came at Rs. 54 Cr vs YoY Rs. 49.4 Cr, QoQ Rs. 116.5 Cr
Provision came at Rs. 149.1 Cr vs YoY Rs. 32 Cr, QoQ Rs. 53.1 Cr
PAT came at Rs. -71.3 Cr vs YoY Rs. 12.9 Cr, QoQ Rs. 46.7 Cr
AUM came at Rs. 6444 Cr vs YoY Rs. 7181 Cr, QoQ Rs. 7275 Cr
Disbursement came at Rs. 222 Cr vs YoY Rs. 54 Cr, QoQ Rs. 2084 Cr
Gross NPA came at Rs. 625.1 Cr vs QoQ Rs. 611.1 Cr at 9.7% vs QoQ 8.4%
Net NPA came at Rs. 77.3 Cr vs QoQ Rs. 240.1 Cr at 1.2% vs QoQ 3.3%
Retsructured loans are at just 0.7% of AUM
Non paying customer mix is at 5% against 11% during the 1st wave.
Collection efficiency had dipped to 75% in May and is back to 90% in August (March at 105%).
Quarter EPS is Rs. -13.8
Share is trading at P/E of 8240x FY23E EPS & 0.3x trailing P/BV

*Life Insurance Monthly Update for July 2021*

July 2021 APE - Total Pvt. Players increased by +27% YoY to Rs. 4475 Cr
> Outperformers: SBI +39%,
> Inline with industry: Bajaj +29%, ICICI +28%
> Underperformers: Max +18%, HDFC +15%

YTD (Apr-July 2021) APE - Pvt. Players increased by +27% YoY at Rs. 12,430 Cr
> Outperformers: Bajaj +44%, ICICI +40%, SBI +31%, Max +29%
> Underperformers: HDFC +22%


*SBI Life Insurance Company. Ltd. July'21 performance*
• APE came at Rs. 1128 Cr. vs YoY Rs. 814 Cr. (+39%) and MoM Rs. 799 Cr. (+41%)
• *July. Month* Market Share (pvt player APE) came at 25.2% vs YoY 23.1% and MoM 20.9%
• *YTD* Market Share (pvt player APE) came at 21.5% vs YoY 20.8%

*Bajaj Allianz Life Insurance Co. Ltd. (Bajaj Finserv) July'21 performance*
• APE came at Rs. 284 Cr. vs YoY Rs. 220 Cr. (+29%) and MoM Rs. 262 Cr. (+8%)
• *July. Month* Market Share (pvt player APE) came at 6.3% vs YoY 6.2% and MoM 6.9%
• *YTD* Market Share (pvt player APE) came at 6.8% vs YoY 6.0%

*ICICI Prudential Life Insurance Company. Ltd. July'21 performance*
• APE came at Rs. 495 Cr. vs YoY Rs. 388 Cr. (+28%) and MoM Rs. 452 Cr. (+10%)
• *July. Month* Market Share (pvt player APE) came at 11.1% vs YoY 11.0% and MoM 11.8%
• *YTD* Market Share (pvt player APE) came at 11.9% vs YoY 10.8%

*Max Life Insurance Company. Ltd. July'21 performance*
• APE came at Rs. 399 Cr. vs YoY Rs. 342 Cr. (+18%) and MoM Rs. 420 Cr. (-5%)
• *July. Month* Market Share (pvt player APE) came at 8.9% vs YoY 9.7% and MoM 11.0%
• *YTD* Market Share (pvt player APE) came at 10.0% vs YoY 9.9%

*HDFC Life Insurance Company. Ltd. July'21 performance*
• APE came at Rs. 789 Cr. vs YoY Rs. 688 Cr. (+15%) and MoM Rs. 654 Cr. (+21%)
• *July. Month* Market Share (pvt player APE) came at 17.6% vs YoY 19.5% and MoM 17.1%
• *YTD* Market Share (pvt player APE) came at 18.3% vs YoY 19.1%

GOVT IMPOSES ANTI-DUMPING DUTY ON PHTHALIC ANHYDRIDE IMPORTS FROM CHINA, OTHERS

Big positive for Thirumalai Chemicals, IG Petchem

DiGiSPICE launches new-age startup Korero Platforms to offer communication platform-as-a-service solutions

https://www.moneycontrol.com/news/business/startup/digispice-launches-new-age-startup-korero-platforms-to-offer-communication-platform-as-a-service-solutions-6997911.html

Download moneycontrol app: http://m.moneycontrol.com/mom

World Markets

Dow - 107
Nasdaq + 24
Dax - 16
Nikkei + 253
Hangseng - 38
Sgxnifty + 11 (16275)
Brent Crude 69.31
Dow Fut - 3
Dollar Index 92.96

Stocks Ban In F&O:
Canara Bank,
IndiabullsHsg,
Nalco,
RBL Bank,
Sail,
Sun TV

Bulk Deal as on 09-08-21

Abans Enterprises
+ 5.10 Lk @ 102 Astute Foodstuff Trading LLC
- 5.10 Lk @ 102 Shreeji Corporate Solutions & Trade Llp

Adani Port
+ 18.22 Ok @ 704.55 World Wide Emerging Market Holding
- 18.22 Lk @ 704.55 Infinite Trade & Investment

Glenmark Life Sciences
+ 8.36 Lk @ 732.55 Polar Capital Funds Plc-
HealthCare

Moksh Ornaments
+ 5 Lk @ 30.6 Ambe Securities Pvt Ltd

Mukand Ltd
+ 1.04 Crore @ 153 Bachhraj & Co Pvt Ltd
+ 46.02 Lk @ 153 Bachhraj Factories Pvt Ltd
+ 61.71 Lk @ 153 Bajaj Sevashram Pvt Ltd
+ 20.18 Lk @ 153 Sanraj Nayan Investment Pvt Ltd
- 11 Lk @ 153 Aaryaman Trust
- 22.90 Lk @ 153 Bansri Rajesh Shah
- 8.96 Lk @ 153 Isarnan Steel & Investment
Pvt Ltd
- 36.42 Lk @ 153 Jadavdevi Suketu Trust
- 11.96 Lk @ 153 Kaustubh Rajesh Shah
- 9.60 Lk @ 153 PriyaRadhika Rajesh Shah
- 72.23 Lk @ 153 Rajesh Viren Shah
- 38.75 Lk @ 153 Shah Czaee Suketu
- 20.18 Lk @ 153 Vir Rishabh Sukumar


Pg Foils
- 65 K @ 176.3 P G Warehousing Company Pvt Ltd

Rolex Rings
+ 1.44 Lk @ 1250 Hsbc Pooled Investment Fund

Quess Corp Ltd
+ 41.30 Lk @ 900 SmallCap World Fund LLC
- 20 Lk @ 900 Ajit Isaac
- 30 Lk @ 900 Fairbridge Capital (Mauritius) Ltd

Seamec Ltd
+ 2 Lk @ 690 Ashwin Kothari Family Trust
+ 2 Lk @ 690 Urudavan Investment & Trading Pvt Ltd

Systematix Corporation
+ 88 K @ 262.5 Madhukar Sheth
- 88 K @ 262.5 WonderDreams Developers Pvt Ltd

Tanfac Ind
+ 97 K @ 333.05 Santosh Ind Ltd

Yasho Industries
- 63 K @ 672.6 Emrald Commercial Ltd

Money Market Update

The rupee ended at 74.26 against the U.S. Dollar on Monday as compared to Friday's closing of 74.15.