*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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Stocks To Watch

Tata Group Stocks: The Mistry-family owned SP Group has proposed a plan of separation from Tata Sons. The SP Group has proposed a selective reduction of capital at Tata Sons, thereby extinguishing the shares held by them. In exchange, SP Group can be granted shares in listed companies of the group. It has also proposed cash consideration or shares for brand value, unlisted assets
etc. The SP Group holds 18.37% stake in Tata Sons, which it values at more than Rs 1.75 lakh crore.

HPCL: To consider share buyback on November 4.

InterGlobe Aviation: To defer decision on Qualified Institutional Placement to December.

ICICI Prudential Life Insurance: Board approved raising Rs 1,200 crore via NCDs.

Aviation Stocks: Hardeep Singh Puri, Minister of Civil Aviation stated that there
will be an extension of the fare-cap on airlines by another three months.

Indian Energy Exchange: Signs agreement with MCX which will enable the latter to use IEX's electricity clearing prices for settlement of its electricity derivative contracts.

Vedanta: CRISIL downgrades long-term facilities to CRISIL AA- from CRISIL AA. The outlook has been revised to stable from negative. The company will also be considering its quarterly results on November 6.

MRPL: Board approved raising up to Rs 5,000 crore via NCDs.

Zensar Tech: Board gives in-principle approval for merger of its wholly-owned arm Cynosure Interface Services with itself.

AU Small Finance Bank: Board has approved re-appointment of Raj Vikash Verma as part chairman till April 8, 2023.

Nifty Earnings Today: Indian Oil Corporation,IndusInd Bank, Reliance Industries, UPL

Non-Nifty Earnings Today: Deepak Nitrite, Dhanuka Agritech, Dixon Technologies, DLF, Edelweiss, JSPL, Just Dial, Max Financial Services, Motilal Oswal, Quess Corp, Rain Industries

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30 October 2020

8:00 AM Shriram Trans
Dial: +91 22 6280 1216

10:00 AM Zensar Tech
Dial: +91 22 6280 1259

10:00 AM cholamandalam investment & finance company
(Results)
Dial: +91 22 7195 0000

10:00 AM Cummins
Dial: 2239402340

11:00 AM BPCL
(Results)
Dial: +91 22 6280 1259

11:00 AM Laurus Labs
(Results, Investor/Analyst Presentation, Press Release )
Dial: +91 22 6280 1214

11:15 AM Welspun India
Dial: +91 22 6280 1297

11:30 AM Tata Chemicals
(Results, Investor/Analyst Presentation)
Dial: +91 22 6280 1141

11:30 AM Canara Bank
Dial: +91 22 6280 1342

2:00 PM WABCO India
No Contact Available

2:00 PM SIS
Dial: +91 22 6280 1457

2:30 PM DHANUKA
Dial: +91 22 6280 1342

2:30 PM Vodafone Idea
Dial: +91 22 7115 8260

3:00 PM SOLARA ACTIVE P
Dial: +91 22 6280 1346

3:30 PM Mastek
Dial: +91 22 6280 1107

3:30 PM NIIT
Dial: +91 22 6280 1251

3:30 PM AAVAS Financier
(Results, Investor/Analyst Presentation, Press Release )
Dial: +91 22 6280 1309

4:00 PM Orient Cement
No Contact Available

4:00 PM PTC India Fin
(Press Release )
Dial: +91 22 6280 1341

4:00 PM IRB InvIT
Dial: +91 22 6280 1341

4:00 PM Arvind SmartSpaces
Dial: +91 22 6280 1383

4:00 PM Heritage Foods
Dial: +91 22 6280 1456

4:30 PM Aegis Chemicals Inds. .
Dial: +91 22 6280 1309

4:30 PM LT Foods
Dial: +91 22 7115 8050

4:30 PM Kirloskar Ferro
Dial: +9122 62801455

5:00 PM Intellect Desig
5:00 PM Vaibhav Global
Dial: +91 22 6280 1141

5:00 PM Vakrangee
(Press Release )
Dial: +91 22 6280 1341

5:00 PM UPL
Dial: 02262801518

5:30 PM Rain Industries
Dial: +91226280 1275

6:00 PM IndusInd Bank
Dial: +91 22 6280 1102


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