Data - 30th Oct

FIIs sold in cash & rolled 70% in index futs👀

Despite recent correction it was great expiry & Nifty has seen long rolls👍

BN rally started with SC but later there were LF👍

Short rolls - RELIANCE, SUNPHARMA, UPL👎

Long rolls - INFY, ASIANPAINT, KOTAKBANK👍

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*Tata Chemicals Ltd.* | *CMP* Rs. 326 | *M Cap* Rs. 8306 Cr | *52 W H/L* 346/197
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 2609.4 Cr (11.1% QoQ, -5.8% YoY) vs expectation of Rs. 2541.1 Cr, QoQ Rs. 2348.2 Cr, YoY Rs. 2771.3 Cr
EBIDTA came at Rs. 386.3 Cr (7.4% QoQ, -31.1% YoY) vs expectation of Rs. 446.9 Cr, QoQ Rs. 359.8 Cr, YoY Rs. 560.7 Cr
EBITDA Margin came at 14.8% vs expectation of 17.6%, QoQ 15.3%, YoY 20.2%
Adj. PAT came at Rs. 70.5 Cr vs expectation of Rs. 91.9 Cr, QoQ Rs. 13.3 Cr, YoY Rs. 285.3 Cr
Quarter EPS is Rs. 2.8
Share is trading at P/E of 8.7x FY22E EPS

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*Havells India Concall*
*Outlook: Positive but valuation at peak*
Share is trading at PE of 54x FY22
Prohibition of AC import is positive for Lloyd
Contribution margin is sustainable where as some expenses increase like advertisement will come back
Some RM cost increase is visible which company might have to pass on
Recovery seen in Q2 is expected to sustain
Company is going deeper into rural market
Industrial and Infra continue to de grow whereas Retail and housing demand grew faster
25% of sales is to Infra and industrial and reached to 85% of last year. Further improvement is seen in current quarter
Inventory level in trade is lower than normal
Consumer lighting grew by 15% whereas overall lighting grew by 4%
No Employee cost cut taken and company will give increment
Expenses will take time to go up to normal level which may be lower than pre covid level
Company saw major increase of around 100% in E commerce sales at its around 4% of total sales Profitability is similar
Lloyd growth is on smaller base future growth will depend on market condition
Company want to have complete portfolio of consumer durable in Lloyd and company has launched Refrigerator and washing machine
Margin in Lloyd will improve over a period of time and major benefit will be seen in next season

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*Mangalore Refinery & Petrochemicals Ltd.* | *CMP* Rs. 28 | *M Cap* Rs. 4907 Cr | *52 W H/L* 57/21
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 6066.9 Cr (38.4% QoQ, -53.2% YoY) vs QoQ Rs. 4382.8 Cr, YoY Rs. 12969.9 Cr
EBIDTA came at Rs. 333.9 Cr (-156.2% QoQ, -151.7% YoY) vs QoQ Rs. -594.4 Cr, YoY Rs. -646 Cr
EBITDA Margin came at 5.5% vs QoQ -13.6%, YoY -5%
Adj. PAT came at Rs. 9.4 Cr vs QoQ Rs. -719.8 Cr, YoY Rs. -864.2 Cr
Quarter EPS is Rs. 0.1
Share is trading at P/E of 4.4x FY22E EPS

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*Vaibhav Global Ltd.* | *CMP* Rs. 1857 | *M Cap* Rs. 6035 Cr | *52 W H/L* 1999/476
(Nirmal Bang Retail Research)
*Result good*
Revenue from Operations came at Rs. 598.8 Cr (8.8% QoQ, 23.4% YoY) vs QoQ Rs. 550.4 Cr, YoY Rs. 485.2 Cr
EBIDTA came at Rs. 95.8 Cr (30.3% QoQ, 44.4% YoY) vs QoQ Rs. 73.5 Cr, YoY Rs. 66.3 Cr
EBITDA Margin came at 16% vs QoQ 13.4%, YoY 13.7%
Adj. PAT came at Rs. 70.6 Cr vs QoQ Rs. 52.9 Cr, YoY Rs. 49 Cr
Quarter EPS is Rs. 21.7
Share is trading at P/E of 26.4x TTM EPS

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*Blue Dart Express Ltd.* | *CMP* Rs. 3245 | *M Cap* Rs. 7691 Cr | *52 W H/L* 3450/1822
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 866.4 Cr (108.2% QoQ, 8% YoY) vs QoQ Rs. 416.2 Cr, YoY Rs. 802.2 Cr
EBIDTA came at Rs. 228.6 Cr (-637.3% QoQ, 80.7% YoY) vs QoQ Rs. -42.5 Cr, YoY Rs. 126.5 Cr
EBITDA Margin came at 26.4% vs QoQ -10.2%, YoY 15.8%
Adj. PAT came at Rs. 42.3 Cr vs QoQ Rs. -125.8 Cr, YoY Rs. 14.6 Cr
Quarter EPS is Rs. 17.9
Share is trading at P/E of 98.4x FY22E EPS

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*Aegis Logistics Ltd.* | *CMP* Rs. 215 | *M Cap* Rs. 7424 Cr | *52 W H/L* 267/107
(Nirmal Bang Retail Research)
*Result inline*
Revenue from Operations came at Rs. 650.4 Cr (2.2% QoQ, -64.2% YoY) vs expectation of Rs. 1446 Cr, QoQ Rs. 636.4 Cr, YoY Rs. 1817.7 Cr
EBIDTA came at Rs. 102.3 Cr (51.9% QoQ, -19.1% YoY) vs expectation of Rs. 111.4 Cr, QoQ Rs. 67.4 Cr, YoY Rs. 126.4 Cr
EBITDA Margin came at 15.7% vs expectation of 7.7%, QoQ 10.6%, YoY 7%
Adj. PAT came at Rs. 57 Cr vs expectation of Rs. 70 Cr, QoQ Rs. 29.8 Cr, YoY Rs. 113.1 Cr
Quarter EPS is Rs. 1.7
Share is trading at P/E of 17.6x FY22E EPS

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*TVS Motor Company Ltd.* | *CMP* Rs. 423 | *M Cap* Rs. 20097 Cr | *52 W H/L* 503/240
(Nirmal Bang Retail Research)
*Result is ahead of expectations*
Revenue from Operations came at Rs. 4605.5 Cr (221.7% QoQ, 5.9% YoY) vs expectation of Rs. 4476.8 Cr, QoQ Rs. 1431.7 Cr, YoY Rs. 4347.8 Cr
EBIDTA came at Rs. 430.1 Cr (-981% QoQ, 12.6% YoY) vs expectation of Rs. 360.9 Cr, QoQ Rs. -48.8 Cr, YoY Rs. 382 Cr
EBITDA Margin came at 9.3% vs expectation of 8.1%, QoQ -3.4%, YoY 8.8%
Adj. PAT came at Rs. 196.3 Cr vs expectation of Rs. 157.7 Cr, QoQ Rs. -139.1 Cr, YoY Rs. 179 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 30.2x FY22E EPS

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*Welspun India Ltd.* | *CMP* Rs. 74 | *M Cap* Rs. 7435 Cr | *52 W H/L* 76/18
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1973.7 Cr (64.2% QoQ, 8.2% YoY) vs QoQ Rs. 1201.8 Cr, YoY Rs. 1824.9 Cr
EBIDTA came at Rs. 385.9 Cr (72.4% QoQ, -1.4% YoY) vs QoQ Rs. 223.9 Cr, YoY Rs. 391.3 Cr
EBITDA Margin came at 19.6% vs QoQ 18.6%, YoY 21.4%
Adj. PAT came at Rs. 179.7 Cr vs QoQ Rs. 49.1 Cr, YoY Rs. 198.5 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 13x FY22E EPS

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World Markets

Dow + 139
Nasdaq + 181
Dax + 38
Nikkei - 174
Hangseng - 121
Sgxnifty - 32 (11643)
Brent Crude 38.45
Dow Fut - 172

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*ET NOW BROKERAGE RADAR*
CLSA ON MARUTI
Maintain SELL , Target at 6300/share
Profitability improvement lags peers
Strong volume growth but a weak mix
gross profit/vehicle declined despite lower discounts
Management gearing up for strong demand in the near term

GS ON HERO MOTORS
Maintain SELL , Target at 2463/share
Festive trends don’t reflect the demand optimism
Expect Oct’20 dispatches to be elevated given management optimism
Reiterate Sell as , Stock trading at 13.5x FY22E EV/EBITDA

GS ON MARUTI
Maintain BUY , Target at 8006/share
2QFY21 in-line; emerging stronger from the pandemic
Factors bode well for Maruti’s market share,
Maruti Suzuki emerging stronger from this pandemic

JP MORGAN ON INTERGLOBLE
Maintain Neutral for Indigo post results
Streamlining operations well amidst low demand
Loss better than estimates due to better cost management
Yields benefited from charter flights,
Increase FY22 EPS by 8% to 55

GS ON INDIGO
Maintain BUY , Target at 1500/share
Lower cash burn, B/S strength maintained
Raise FY21-FY23 estimates by 7.9%/7.5%/7%
Implies stock trading on a EV/EBITDAR multiple of implying 8x

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Thursday Rollover (NB RESEARCH)

Nifty Highlights:

The Nifty Oct expiry rollover is at 77.45% on Thursday compared to 70.63% on same day of previous expiry.

The Banknifty Oct expiry rollover is at 73.59% on Thursday compared to 79.05% on same day of previous expiry.

The Market wide Oct expiry rollover is at 92.85% on Thursday as compared to 89.03% on same day of previous expiry.

The Nifty Oct rollover is lower than its Three months average of 78.76% and higher than its six months average of 75.67%.

The Banknifty Oct rollover is lower than its Three months average of 76.6% and its six months average of 79.26%.

The market wide rollover is higher than its three months average of 89.94% and its six months average of 90.36%.

Sector Highlights:

Fertilisers, Infrastructure, Technology, FMCG and Automobile sectors witnessed higher rollovers compared to same day of previous expiry.

Telecom, Cement, Metals, Pharma and Power sectors witnessed lower rollovers compared to same day of previous expiry.

Highest rollover in current expiry: Infrastructure, Banking, Media, Realty and Fertilisers.

Lowest rollover in current expiry: Telecom, Metals, Technology, Power and Oil_Gas.

Stock Highlights:

HINDUNILVR, IBULHSGFIN, APOLLOTYRE, INFY and GMRINFRA saw higher rollovers compared to same day of previous expiry.

BOSCHLTD, LUPIN, COFORGE, NMDC and CHOLAFIN saw lower rollovers compared to same day of previous expiry.

Higher percentage rollover in current expiry: BOSCHLTD, GRASIM, HDFCLIFE, ICICIBANK and ADANIPORTS.

Lower percentage rollover in current expiry: PETRONET, NMDC, COFORGE, LUPIN and IDEA.

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Trading Tweaks

Price Band Revised From 20% To No Band: ICICI Lombard General Insurance.

Record Date For Share Buyback: KIOCL

Move Into ASM Framework: Globus Spirits.

Move Into Short Term ASM Framework: GE Power.

Move Out Of Short Term ASM Framework: Borosil Remewables.

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Money Market Update

The currency closed at 74.11 against the U.S. Dollar, as compared to Wednesday's close of 73.87.

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