ADDED ELNET AT 199.15 - 202.4 - 204 -

ADDED ANOTHER 2K RUBY MILLS AT 291.3 - 292 - 293

ADDED UFO MOVIES AT 93

ADDED WONDERLA AT 224.5

ADDED HONDA POWER AT 1129

🎯Definition of Time frame

➡️Positional Calls are for 1 month to 3 months

➡️ Mid Term Calls are for 3 months to 6 months

➡️ Delivery Calls are for 12 months or more

➡️Intraday is for same day

➡️BTST or STBT is for T+1 day

➡️Investment call are for more than 1 year

➡️SHORT TERM calls are for 3 days to 1 month

➡️HERO or ZERO calls are till weekly expiry.


➡️BUY calls are always CASH Levels

➡️SELL calls are always FUT Levels

ALL SL are on closing basis except Intraday Calls.

*Manappuram Finance Ltd. -C* | *CMP* Rs. 195 | *M Cap* Rs. 16504 Cr | *52 W H/L* 191/139
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NPA and total restructured book details are awaited
NII came at Rs. 1070.2 Cr vs expectation of Rs. 1038.4 Cr, YoY Rs. 922.2 Cr, QoQ Rs. 1098.4 Cr
PBP came at Rs. 708.6 Cr vs expectation of Rs. 701.1 Cr, YoY Rs. 637.6 Cr, QoQ Rs. 728.7 Cr
Provision came at Rs. 122.3 Cr vs expectation of Rs. 110 Cr, YoY Rs. 145.3 Cr, QoQ Rs. 106.6 Cr
PAT came at Rs. 436.5 Cr vs expectation of Rs. 456.3 Cr, YoY Rs. 368.1 Cr, QoQ Rs. 468.3 Cr
During Q1, Rs. 1174 Cr worth of stressed loans were restructured
Quarter EPS is Rs. 5.2
Share is trading at P/E of 7x FY23E EPS & 2.1x trailing P/BV

*Max Financial Services Ltd. - C* | *CMP* Rs. 1043 | *M Cap* Rs. 35995 Cr | *52 W H/L* 1098/515
(Nirmal Bang Retail Research)
*Result is below expectations* due to below expected VNB Margins
Gross Premiums Written came at Rs. 3484 Cr vs YoY Rs. 2751 Cr, QoQ Rs. 7106 Cr
APE came at Rs. 875 Cr vs expectation of Rs. 889.9 Cr, YoY Rs. 661 Cr, QoQ Rs. 1916 Cr
Value of New Business (VNB) came at Rs. 172 Cr vs expectation of Rs. 217.4 Cr, YoY Rs. 325 Cr, QoQ Rs. 461 Cr
Value of New Business Margin (%) came at 19.7 % vs expectation of 24.4 %, YoY 17.1 %, QoQ 24.1 %
13th month persistency came at 85.1 % vs YoY 82 %, QoQ 84 %
61st month persistency came at 54 % vs YoY 52 %, QoQ 54 %
Pvt. Market Shares came at 11.3 % vs YoY 10.7 %, QoQ 10.8 %
AUM came at Rs. 93697 Cr, YoY Rs. 73239 Cr, QoQ Rs. 90407 Cr
Quarter EPS is Rs. 2.8
Share is trading at Mkt Cap/EV of 2.9x

*CENTURY ENKA LTD.* | *CMP* Rs. 455 | *M Cap* Rs. 994 Cr | *52 W H/L* 478/154
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 423.3 Cr (-4.8% QoQ, 313.3% YoY) vs QoQ Rs. 444.6 Cr, YoY Rs. 102.4 Cr
EBIDTA came at Rs. 61.4 Cr (-12.2% QoQ, -298.3% YoY) vs QoQ Rs. 69.9 Cr, YoY Rs. -31 Cr
EBITDA Margin came at 14.5% vs QoQ 15.7%, YoY -30.2%
Adj. PAT came at Rs. 42.5 Cr vs QoQ Rs. 48.6 Cr, YoY Rs. -24.9 Cr
Quarter EPS is Rs. 19.5
Share is trading at P/E of 6.8x TTM EPS

*EVEREADY INDUSTRIES INDIA LTD.* | *CMP* Rs. 365 | *M Cap* Rs. 2653 Cr | *52 W H/L* 365/116
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 282.1 Cr (3.5% QoQ, 7.1% YoY) vs QoQ Rs. 272.6 Cr, YoY Rs. 263.4 Cr
EBIDTA came at Rs. 59 Cr (44% QoQ, 43% YoY) vs QoQ Rs. 41 Cr, YoY Rs. 41.3 Cr
EBITDA Margin came at 20.9% vs QoQ 15%, YoY 15.7%
Adj. PAT came at Rs. 31.2 Cr vs QoQ Rs. 20 Cr, YoY Rs. 25 Cr
Quarter EPS is Rs. 4.3
Share is trading at P/E of 16.9x TTM EPS

*Mrs. Bectors Food Specialities Ltd.* | *CMP* Rs. 407 | *M Cap* Rs. 2391 Cr | *52 W H/L* 630/328
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 226.4 Cr (1.1% QoQ, 11.6% YoY) vs QoQ Rs. 224 Cr, YoY Rs. 202.8 Cr
EBIDTA came at Rs. 29.1 Cr (-0.5% QoQ, -15.4% YoY) vs QoQ Rs. 29.2 Cr, YoY Rs. 34.4 Cr
EBITDA Margin came at 12.9% vs QoQ 13.1%, YoY 17%
Adj. PAT came at Rs. 13.3 Cr vs QoQ Rs. 12.8 Cr, YoY Rs. 15.8 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 31.8x FY22E EPS

*Max Healthcare Institute Ltd.* | *CMP* Rs. 290 | *M Cap* Rs. 28012 Cr | *52 W H/L* 290/
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1000.2 Cr (24.7% QoQ, 290.3% YoY) vs QoQ Rs. 801.9 Cr, YoY Rs. 256.3 Cr
EBIDTA came at Rs. 244.2 Cr (45.3% QoQ, -1098.7% YoY) vs QoQ Rs. 168.1 Cr, YoY Rs. -24.5 Cr
EBITDA Margin came at 24.4% vs QoQ 21%, YoY -9.5%
Adj. PAT came at Rs. 146.9 Cr vs QoQ Rs. 69.7 Cr, YoY Rs. -80.6 Cr
Quarter EPS is Rs. 1.5
Share is trading at P/E of 87.5x TTM EPS



*WHIRLPOOL OF INDIA LTD.* | *CMP* Rs. 2127 | *M Cap* Rs. 26986 Cr | *52 W H/L* 2787/1980
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 1340.6 Cr (-24.7% QoQ, 30.5% YoY) vs expectation of Rs. 1306.1 Cr, QoQ Rs. 1779.4 Cr, YoY Rs. 1027.1 Cr
EBIDTA came at Rs. 55.5 Cr (-70.8% QoQ, 18.9% YoY) vs expectation of Rs. 103.9 Cr, QoQ Rs. 189.7 Cr, YoY Rs. 46.6 Cr
EBITDA Margin came at 4.1% vs expectation of 8%, QoQ 10.7%, YoY 4.5%
Adj. PAT came at Rs. 23.3 Cr vs expectation of Rs. 63 Cr, QoQ Rs. 123.8 Cr, YoY Rs. 16.5 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 48.4x FY22E EPS

*LINCOLN PHARMACEUTICALS LTD.* | *CMP* Rs. 359 | *M Cap* Rs. 718 Cr | *52 W H/L* 385/167
(Nirmal Bang Retail Research)
*Result inline with Expectation*
Revenue from Operations came at Rs. 122.2 Cr (53.5% QoQ, 17.7% YoY) vs QoQ Rs. 79.6 Cr, YoY Rs. 103.8 Cr
EBIDTA came at Rs. 25.3 Cr (66% QoQ, 14.2% YoY) vs QoQ Rs. 15.2 Cr, YoY Rs. 22.2 Cr
EBITDA Margin came at 20.7% vs QoQ 19.2%, YoY 21.4%
Adj. PAT came at Rs. 17.7 Cr vs QoQ Rs. 12.6 Cr, YoY Rs. 15.3 Cr
Quarter EPS is Rs. 8.9
Share is trading at P/E of 11.1x TTM EPS

*MOTHERSON SUMI SYSTEMS LTD.* | *CMP* Rs. 227 | *M Cap* Rs. 71679 Cr | *52 W H/L* 273/92
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 16157.4 Cr (-4.8% QoQ, 90% YoY) vs expectation of Rs. 16384.9 Cr, QoQ Rs. 16971.9 Cr, YoY Rs. 8503.9 Cr
EBIDTA came at Rs. 1220 Cr (-29.2% QoQ, -269.7% YoY) vs expectation of Rs. 1576.6 Cr, QoQ Rs. 1722.3 Cr, YoY Rs. -718.9 Cr
EBITDA Margin came at 7.6% vs expectation of 9.6%, QoQ 10.1%, YoY -8.5%
Adj. PAT came at Rs. 289.6 Cr vs expectation of Rs. 456.8 Cr, QoQ Rs. 713.8 Cr, YoY Rs. -810.5 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 27.6x FY22E EPS

*Hinduja Global Solutions Ltd.* | *CMP* Rs. 3081 | *M Cap* Rs. 6432 Cr | *52 W H/L* 3269/630
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1550.5 Cr (-0.8% QoQ, 25.5% YoY) vs QoQ Rs. 1563.6 Cr, YoY Rs. 1235.9 Cr
EBIDTA came at Rs. 232.1 Cr (-0.9% QoQ, 59.2% YoY) vs QoQ Rs. 234.2 Cr, YoY Rs. 145.8 Cr
EBITDA Margin came at 15% vs QoQ 15%, YoY 11.8%
Adj. PAT came at Rs. 117 Cr vs QoQ Rs. 131.7 Cr, YoY Rs. 47.9 Cr
Quarter EPS is Rs. 56
Share is trading at P/E of 15.3x TTM EPS

Correction *SHREE CEMENT LTD.* | *CMP* Rs. 28287 | *M Cap* Rs. 102062 Cr | *52 W H/L* 32050/18184
(Nirmal Bang Retail Research)
Volume came at 6.84mnT vs Exp 6.82mn T QoQ 8.22mnT yoy 4.93mnT
*Result inline*
Revenue from Operations came at Rs. 3449 Cr (-12.3% QoQ, 48.3% YoY) vs expectation of Rs. 3385.6 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. 1031 Cr, QoQ Rs. 1177.2 Cr, YoY Rs. 700.6 Cr
EBITDA Margin came at 29.4% vs expectation of 30.5%, QoQ 29.9%, YoY 30.1%
Adj. PAT came at Rs. 661.7 Cr vs expectation of Rs. 559.3 Cr, QoQ Rs. 767.7 Cr, YoY Rs. 370.8 Cr
Quarter EPS is Rs. 183.4
Share is trading at P/E of 40x FY22E EPS

Dear All,

Nirmal Bang is inviting you to a Zoom webinar.
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Topic: Morning Market Update

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*JSW Steel – S*: Crude steel production for July month came at 1.38 mnt marginally up by 1.5% MoM (1.36mnt) and up by 11% YoY (1.25mnt)

If we close at this point, approx 13 trading calls might be closing below SL.

Now people is banging what to do? Kya karein? We can hold for more 3 - 5 months shall we hold?

My answer:- Follow Risk Management. Respect SL levels. Don't panic. SL are part of game. 13 SL is ok, we had more than 100 Targets too. Respect SL in trading. Don't convert your trading position to forcefully delivery position.

Please don't expect spoon feeding

*Coal India Ltd.* | *CMP* Rs. 142 | *M Cap* Rs. 87511 Cr | *52 W H/L* 165/110
(Nirmal Bang Retail Research)
Off-Take came at 160.3 mnt vs QoQ 164.9mnt, YoY 164.3 mnt
*Result below expectation*
Revenue from Operations came at Rs. 25282.2 Cr (-5.3% QoQ, 36.8% YoY) vs expectation of Rs. 25515.3 Cr, QoQ Rs. 26700.1 Cr, YoY Rs. 18486.8 Cr
Realisation came at Rs 1577/T vs QoQ Rs 1486/T, YoY Rs 1408/T
EBIDTA came at Rs. 4843.9 Cr (-24.1% QoQ, 58.7% YoY) vs expectation of Rs. 5780.9 Cr, QoQ Rs. 6382.1 Cr, YoY Rs. 3051.7 Cr
EBITDA/T came at Rs 302/T vs QoQ Rs 387/T, YoY Rs 253/T
EBITDA Margin came at 19.2% vs expectation of 22.7%, QoQ 23.9%, YoY 16.5%
Adj. PAT came at Rs. 3169.9 Cr vs expectation of Rs. 3973 Cr, QoQ Rs. 4586.8 Cr, YoY Rs. 2079.6 Cr
Quarter EPS is Rs. 5.1
Share is trading at EV/EBITDA of 3.37x FY23E EBITDA

*Century Plyboards (India) Ltd.* | *CMP* Rs. 423 | *M Cap* Rs. 9398 Cr | *52 W H/L* 459/129
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 457.5 Cr (-38.6% QoQ, 125.4% YoY) vs expectation of Rs. 440 Cr, QoQ Rs. 745 Cr, YoY Rs. 203 Cr
EBIDTA came at Rs. 60.2 Cr (-52.2% QoQ, -10392.1% YoY) vs expectation of Rs. 61.9 Cr, QoQ Rs. 125.9 Cr, YoY Rs. -0.6 Cr
EBITDA Margin came at 13.2% vs expectation of 14.1%, QoQ 16.9%, YoY -0.3%
Adj. PAT came at Rs. 31.1 Cr vs expectation of Rs. 35.5 Cr, QoQ Rs. 86.6 Cr, YoY Rs. -11.3 Cr
Quarter EPS is Rs. 1.4
Share is trading at P/E of 34.8x FY22E EPS