*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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*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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