*Oracle Financial Services Software Ltd.* | *CMP* Rs. 3143 | *M Cap* Rs. 27030 Cr | *52 W H/L* 3301/1506
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 1197.3 Cr (-10.5% QoQ, 3% YoY) vs expectation of Rs. 1243.5 Cr, QoQ Rs. 1337.3 Cr, YoY Rs. 1162.5 Cr
EBIDTA came at Rs. 577.8 Cr (-16.3% QoQ, 11.5% YoY) vs expectation of Rs. 624.2 Cr, QoQ Rs. 690.1 Cr, YoY Rs. 518.4 Cr
EBITDA Margin came at 48.3% vs expectation of 50.2%, QoQ 51.6%, YoY 44.6%
Adj. PAT came at Rs. 392 Cr vs expectation of Rs. 393.1 Cr, QoQ Rs. 479.8 Cr, YoY Rs. 358.8 Cr
Quarter EPS is Rs. 45.6
Share is trading at P/E of 15x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Automotive Axles Ltd.* | *CMP* Rs. 700 | *M Cap* Rs. 1057 Cr | *52 W H/L* 970/336
(Nirmal Bang Retail Research)
*Result has declined*
Revenue from Operations came at Rs. 169.2 Cr (335.5% QoQ, -15.4% YoY) vs QoQ Rs. 38.9 Cr, YoY Rs. 200 Cr
EBIDTA came at Rs. 9.2 Cr (-166.9% QoQ, -45.6% YoY) vs QoQ Rs. -13.8 Cr, YoY Rs. 16.9 Cr
EBITDA Margin came at 5.4% vs QoQ -35.4%, YoY 8.5%
Adj. PAT came at Rs. 6 Cr vs QoQ Rs. -19.3 Cr, YoY Rs. 6.2 Cr
Quarter EPS is Rs. 4 https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Tata Motors Oct'20 Sales - Improved*
(Nirmal Bang Retail Research)
Total Domestics Sales came at 49669 vs YoY 39152 units (26.9%) and MoM 44444 units (11.8%) https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

Ntpc buyback approved
Issue size - 19,78,91,146 shares (2275.75 crore)
Buyback price - 115 per share (approx 29% premium to cmp of 89)

Retail Quota - 2,96,83,672 shares
Tender route
Record date - 13th Nov. https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Zee Entertainment Enterprises Ltd.* | *CMP* Rs. 183 | *M Cap* Rs. 17577 Cr | *52 W H/L* 364/114
(Nirmal Bang Retail Research)
*Result below expectation*
Revenue from Operations came at Rs. 1723.7 Cr (31.4% QoQ, -18.8% YoY) vs expectation of Rs. 1778.8 Cr, QoQ Rs. 1312 Cr, YoY Rs. 2122 Cr
EBIDTA came at Rs. 313.7 Cr (42.6% QoQ, -54.7% YoY) vs expectation of Rs. 394 Cr, QoQ Rs. 219.9 Cr, YoY Rs. 692.9 Cr
EBITDA Margin came at 18.2% vs expectation of 22.1%, QoQ 16.8%, YoY 32.7%
Adj. PAT came at Rs. 191.2 Cr vs expectation of Rs. 258.3 Cr, QoQ Rs. 30.4 Cr, YoY Rs. 583.9 Cr
Quarter EPS is Rs. 2
Share is trading at P/E of 11x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*KEI Industries Ltd.* | *CMP* Rs. 334 | *M Cap* Rs. 3003 Cr | *52 W H/L* 591/208
(Nirmal Bang Retail Research)
*Result is marginally ahead of expectations*
Revenue from Operations came at Rs. 1036.9 Cr (39.1% QoQ, -15.7% YoY) vs expectation of Rs. 1090.5 Cr, QoQ Rs. 745.3 Cr, YoY Rs. 1230.2 Cr
EBIDTA came at Rs. 104.9 Cr (45.2% QoQ, -14.2% YoY) vs expectation of Rs. 90.3 Cr, QoQ Rs. 72.3 Cr, YoY Rs. 122.2 Cr
EBITDA Margin came at 10.1% vs expectation of 8.3%, QoQ 9.7%, YoY 9.9%
Adj. PAT came at Rs. 68.2 Cr vs expectation of Rs. 50.1 Cr, QoQ Rs. 36.2 Cr, YoY Rs. 76.2 Cr
Quarter EPS is Rs. 7.6
Share is trading at P/E of 10.2x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Punjab National Bank Ltd.* | *CMP* Rs. 28 | *M Cap* Rs. 26256 Cr | *52 W H/L* 70/26
(Nirmal Bang Retail Research)
*Result is ok*
Net Interest Income came at Rs. 8393 Cr vs YoY Rs. 4264 Cr, QoQ Rs. 6748 Cr
Non Interest Income came at Rs. 2493 Cr vs YoY Rs. 2265 Cr, QoQ Rs. 3688 Cr
PBP came at Rs. 5675 Cr vs YoY Rs. 3562 Cr, QoQ Rs. 5280 Cr
Provisions came at Rs. 4696 Cr vs YoY Rs. 2929 Cr, QoQ Rs. 4686 Cr
Adj. PAT came at Rs. 621 Cr vs YoY Rs. 507 Cr, QoQ Rs. 308 Cr
Gross NPA came at Rs. 96314 Cr vs QoQ Rs. 101849 Cr at 13.43% vs QoQ 14.11%
Net NPA came at Rs. 30920 Cr vs QoQ Rs. 35303 Cr at 4.75% vs QoQ 5.39%
Quarter EPS is Rs. 1
Share is trading at P/E of 12.1x FY22E EPS & 0.3x trailing P/Adj. BV

# Collection Efficiency data is awaited https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Wonderla Holidays Ltd.* | *CMP* Rs. 156 | *M Cap* Rs. 881 Cr | *52 W H/L* 293/105
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 0.2 Cr (757.1% QoQ, -99.6% YoY) vs QoQ Rs. 0 Cr, YoY Rs. 40.8 Cr
EBIDTA came at Rs. -7.6 Cr (-36.3% QoQ, -237.9% YoY) vs QoQ Rs. -11.9 Cr, YoY Rs. 5.5 Cr
EBITDA Margin came at -4200.7% vs QoQ -56552.4%, YoY 13.4%
Adj. PAT came at Rs. -15.8 Cr vs QoQ Rs. -14.5 Cr, YoY Rs. 0.2 Cr
Quarter EPS is Rs. -2.8
Share is trading at P/E of 16.3x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*City Union Bank Ltd.* | *CMP* Rs. 153 | *M Cap* Rs. 11261 Cr | *52 W H/L* 249/110
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
Net Interest Income came at Rs. 475 Cr vs expectation of Rs. 442 Cr, YoY Rs. 412 Cr, QoQ Rs. 437 Cr
Non Interest Income came at Rs. 169 Cr vs expectation of Rs. 150 Cr, YoY Rs. 195 Cr, QoQ Rs. 161 Cr
PBP came at Rs. 385 Cr vs expectation of Rs. 334 Cr, YoY Rs. 346 Cr, QoQ Rs. 356 Cr
Provisions came at Rs. 177 Cr vs expectation of Rs. 150 Cr, YoY Rs. 108 Cr, QoQ Rs. 157 Cr
Bank made covid provisions of Rs. 115 Cr during the qtr taking cumulative provisions to Rs. 330 Cr (0.95% of AUM)
Adj. PAT came at Rs. 158 Cr vs expectation of Rs. 136 Cr, YoY Rs. 194 Cr, QoQ Rs. 154 Cr
Gross NPA came at Rs. 1221 Cr vs QoQ Rs. 1346 Cr at 3.44% vs QoQ 3.9%
Net NPA came at Rs. 631 Cr vs QoQ Rs. 716 Cr at 1.81% vs QoQ 2.11%
Quarter EPS is Rs. 2.1
Share is trading at P/E of 16.1x FY22E EPS & 2.3x trailing P/Adj. BV

# Collection Efficiency data is awaited https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Atul Auto Oct'20 Sales – Continued to remain weak*
(Nirmal Bang Retail Research)
Sales came at 2311 vs YoY 5171 units (-55.3%) and MoM 1633 units (41.5%) https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Greenlam Industries Ltd.* | *CMP* Rs. 755 | *M Cap* Rs. 1821 Cr | *52 W H/L* 1055/442
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 289.3 Cr (80.4% QoQ, -17.1% YoY) vs expectation of Rs. 272 Cr, QoQ Rs. 160.4 Cr, YoY Rs. 349 Cr
EBIDTA came at Rs. 40.5 Cr (414.7% QoQ, -16.6% YoY) vs expectation of Rs. 36.3 Cr, QoQ Rs. 7.9 Cr, YoY Rs. 48.5 Cr
EBITDA Margin came at 14% vs expectation of 13.3%, QoQ 4.9%, YoY 13.9%
Adj. PAT came at Rs. 18.5 Cr vs expectation of Rs. 14.2 Cr, QoQ Rs. -7.7 Cr, YoY Rs. 27.5 Cr
Quarter EPS is Rs. 7.7
Share is trading at P/E of 18.8x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Fine Organic Industries Ltd.* | *CMP* Rs. 2592 | *M Cap* Rs. 7957 Cr | *52 W H/L* 3260/1500
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 271 Cr (12.9% QoQ, -1.1% YoY) vs expectation of Rs. 269.4 Cr, QoQ Rs. 240 Cr, YoY Rs. 274 Cr
EBIDTA came at Rs. 51.2 Cr (-2.4% QoQ, -21.4% YoY) vs expectation of Rs. 59.9 Cr, QoQ Rs. 52.5 Cr, YoY Rs. 65.1 Cr
EBITDA Margin came at 18.9% vs expectation of 22.2%, QoQ 21.9%, YoY 23.8%
Adj. PAT came at Rs. 31.2 Cr vs expectation of Rs. 37.9 Cr, QoQ Rs. 28.6 Cr, YoY Rs. 57 Cr
Quarter EPS is Rs. 10.2
Share is trading at P/E of 35.9x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Cadila Healthcare Ltd.* | *CMP* Rs. 410 | *M Cap* Rs. 41972 Cr | *52 W H/L* 448/202
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 3820 Cr (4.9% QoQ, 13.5% YoY) vs expectation of Rs. 3673.1 Cr, QoQ Rs. 3639.9 Cr, YoY Rs. 3366.6 Cr
EBIDTA came at Rs. 863.4 Cr (5.9% QoQ, 38% YoY) vs expectation of Rs. 777 Cr, QoQ Rs. 815.4 Cr, YoY Rs. 625.6 Cr
EBITDA Margin came at 22.6% vs expectation of 21.2%, QoQ 22.4%, YoY 18.6%
Adj. PAT came at Rs. 473.4 Cr vs expectation of Rs. 448.7 Cr, QoQ Rs. 454 Cr, YoY Rs. 375.3 Cr
Quarter EPS is Rs. 4.6
Share is trading at P/E of 22.1x FY22E EPS https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

🏦 *Bandhan Bank Q2 Results Highlights*

🖋️Net Profit 9.2B Rupees Vs 9.72B(YOY): Est 8B

🖋️Interest Income 31.98B Rupees Vs 26.9B (YOY)

🖋️Provisions 3.95B Rupees Vs 1.46B (YOY) 11 Q2

🖋️Gross NPA 1.18% Vs 1.43% (QOQ) Net NPA 0.36%Vs 0.48% (QOQ)

🖋️Gross NPA 1.18% Vs 1.43% (QOQ)

🖋️Annualised Net Interest Margin 8% Vs 8.2% (YOY)

▶️ *Impact* : Neutral

▶️. *Technical view* - The stock looks good on the charts. Support around 287 and resistance around 310. Break and hourly close above 310 will take it to 318 and then to 325+ levels in days to come.https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Stocks in the news*

*Tata Motors:* Company recorded higher domestic sales at 49,669 units in October against 39,152 units YoY.

*Punjab National Bank:* Bank reported higher profit at Rs 620.8 crore in Q2FY21 against Rs 308.5 crore, NII grew to Rs 8,393.2 crore from Rs 6,748.4 crore QoQ.

*City Union Bank:* Bank reported lower profit at Rs 157.7 crore in Q2FY21 against Rs 193.5 crore, NII rose to Rs 475.1 crore from Rs 411.5 crore YoY.

*Zee Entertainment Enterprises:* Company reported lower profit at Rs 93.4 crore in Q2FY21 against Rs 413 crore, revenue fell to Rs 1,722.7 crore from Rs 2,122 crore YoY.https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Bandhan Bank Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*Collection efficiency remains a key monitorable*

*Outlook: Positive in long term*

• *CE (Collection Efficiency) is at 91% in Oct vs 89% in Sep (76% in June qtr). MFI collections are the same as for the bank.*
• In terms of number of customers, CE is at 95%.
• CE for WB is at 91% and for Assam at 87%.
• MFI mix for states is WB 47%, Assam 17%, Bihar 9%
• Bank expects CE to normalize by next qtr. (Bank had guided for the same for Sep qtr even in June qtr)
• *Bank made covid provisions of Rs. 300 Cr taking cumulative covid provisions to Rs. 1740 Cr (2.3% of AUM)*
• Resumption of train services, if happens, will give a boost to CE.
• GNPA came at 1.2% vs QoQ 1.4%. NNPA came at 0.4% vs QoQ 0.6%.
• *Bank provided a vision for FY25 whereby it sees its AUM mix as follows: MFI 30%, Mortgages 30%, SME 30%, Retail 10%. As on Q2FY21, the mix stands at MFI: 62%, Mortgages 25%, SME 9%, Retail 4%.*
• Avg ticket size in SME covers many customer segments from Rs. 2 Lacs to 2 Crs
• Advances grew by 19% YoY / 3% QoQ to Rs. 76,620 Cr. Share of Micro Banking is stable at 62%.
• Overall disbursements are at 95% of pre-covid levels while for MFI it is at 78%.
• NIM declined by 20 bps both YoY / QoQ at 8.0%. NII/PPP growth was at 26%/25%.
• *Deposits grew by 34% YoY/ 9% QoQ to Rs. 66,130 Cr. CASA continues to improve to 38% vs QoQ 37% & YoY 33%.*
• 30-35% of MFI customers have additional loans (cross selling) from Bandhan. 50% of MFI customers have a single loan (only from Bandhan) and the bank would look to offer them other loans - for house or business.
• Bank is targeting to open 574 new branches. 100 will be full fledged and remaining will be MFI based. (1045 branches currently)

Share is trading at P/E 12.3x FY22E EPS and trailing P/Adj BV of 3x. https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

World Markets

Dow + 423
Nasdaq + 46
Dax + 228
Nikkei Closed
Hangseng + 348
Sgxnifty + 70 (11742)
Brent Crude 38.71
Dow Fut + 138 https://t.me/marketswizard

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Stocks To Watch

NTPC: Announces buyback of shares worth Rs 2,275.7 crore. Board to buyback 19.79 crore shares or 2% of the total equity. Buyback price of Rs 115 per share is a 28.9% premium to Monday's closing. Record date set as November 13. Board approves extension of Gurdeep Singh as chairman and managing director till July 2025.

Tata Motors: Domestic sales up 27% to 49,669 units in October.

Sterlite Tech: To acquire 100% stake in Italy’s Optotec for 29 million euros. The target company belongs to the optical telecommunications industry. The transaction is expected to be completed by end of the calendar year 2020.

ICICI Lombard: Competition Commission of India approves acquisition of general insurance business of Bharti Axa.

Supreme Petrochem: To establish a new line for production of polystyrene which may enhance the production capacity by 80,000 TPA. To also revamp EPS plant which will increase capacity 20,000 TPA. Expansion likely to be completed by December 2021 at a cost of Rs 250 crore. Funding will be done through internal accruals.

Hindalco: Bloomberg News reports that the company has emerged as the preferred bidder for Chakla coal block in the first round of commercial coal mining auctions.

NCC: Gets orders worth Rs 833 crore from mining division of Coal India's arm.

Adani Enterprises: Commenced Lucknow International Airport operations.

National Fertilisers: Bentonite Sulphur sale up 3.37 times to 11,730 MT, while SSP sales up 2.33 times at 14,726 MT during the April-October period. The company has registered growth in the sale of all non-urea fertilisers during FY21.

Prism Johnson: Joint Venture Antique Marbonite to close one of its production lines with a 3 MSM per annum capacity due to an ageing, unviable plant. The closure of capacit will not have any impact on overall sales of the HRJ division.

Shipping Corporation of India: To consider demerging non-core assets on November 6.

Bandhan Bank: Board approved re-appointment of Chandra Shekhar Ghosh as managing director and chief executive officer of the Bank till July 2026. Application to RBI will be made.

Nifty Earnings Today: Adani Ports & SEZ, Sun Pharma

Non-Nifty Earnings Today: Ajanta Pharma, Dabur, Deepak Fertilisers, Godrej Properties, IIFL Finance, JSW Energy, Kansai Nerolac, Muthoot Finance, Prince Pipes, PVR, Varun Beverages https://t.me/marketswizard

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Pledged Share Details

Adani Ports and SEZ: Promoter SB Adani Family Trust created pledge of 15.51 crore shares on October 29.

Adani Transmission: Promoter SB Adani Family Trust created pledge 6.64 crore shares on October 29.

Adani Green Energy: Promoter SB Adani Family Trust created pledge 91.28 lakh shares on October 29. https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

Who’s Meeting Whom

UPL: To meet HDFC AMC, Azim Premji Investments and other investors on November 3.

Sudarshan Chemical: To meet Ashmore Investment Management and ICICI Prudential Mutual Fund between November 3-5.

Syngene International: To meet Columbia Threadneedle Investments on November 3. https://t.me/marketswizard

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