Mukesh Ambani saw $6.5 billion wiped from his net worth as Reliance Industries’ shares tumbled the most in over 7 months following a drop in quarterly profit.
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.

*Bulk Deals*

Fortis Healthcare: WF Asian Smaller Companies Fund sold 80.5 lakh shares (1.07%) at Rs 125.67 per share.

Premier Explosives: HDFC Mutual Fund sold 2 lakh shares (1.86%) at Rs 115 per share.

*Insider Trades*

HFCL: Promoter MN Ventures acquired 10 lakh shares on November 2 https://t.me/marketswizard

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*NEWS DIGEST to START the Day (03 NOV 2020, Tuesday) 5 Minutes Read - updated at 0629HRS IST*

*World: 47,310,990; Death 1,210,983 (2.56%) Active 12,087,021 (26%) Recovery 34,012,986(72%)*

_India: 8,266,914; Death 123,139 (1.49%) Active 542,346 (7%) Recovery 7,601,429 (92%)_

IPL 2020: DC Beat RCB by 6 Wickets as Both Teams Qualify for Playoffs; RCB better run rate than KKR

*Lab Reports Say Negative": Air India as 19 of 58 Test +Ve; 39 asymptomatic On China Flight to Wuhan*

_A small UK study has found that "cellular immunity" to the pandemic SARS-CoV-2 virus is present after six months in people who had mild or asymptomatic COVID-19 infections_

CureVac, Germany: "Our Covid Vaccine (mRNA approach) Triggered Immune Response In Humans"

*DCGI rejects Dr Reddy's proposal seeking change in regulatory approval status for remdesivir from restricted emergency use to full marketing authorisation*

_Europe risks being hit with further waves of COVID infections next year, probably in vaccine absence_

Germany Shuts Down, Covid Crisis Deepens; Merkel Urges People to Heed Curbs for Virus 'Turnaround

*Indian Naval Ship Airavat arrives in Sudan with 100 Tonnes food aid as part of Mission Sagar-2*

_Mistakes Happen, But Army Earned Lot of Goodwill: J&K LG Manoj Sinha on Shopian 'Fake' Encounter_

Assam CM Writes to Amit Shah amid Rising Border Tension as 1 Die in Custody in Mizoram

*Supreme Court stays EC order on Kamal Nath, poll body has no power to decide campaigner status*

_As Bihar Gears Up to Vote in 2nd Phase, 'Friend' LJP May Shake Up BJP in Saffron Strongholds_

4,100 candidates applied for admission to Delhi University's (UG) courses under the 4th cut-off list

*Tata Steel announces new working models for employees with option to work from home 365 days*

_RBI extends deadline for banks' compliance with new guidelines for existing current accounts_

Onion Costliest at Rs 100/kg in Bengaluru, Lowest at Rs 35/kg in Udaipur and Rampurhat

*GST Shortfall: Centre to Transfer Rs 6,000 Crore to 16 States, 3 UTs in 2nd Tranche of Compensation*

_India's Manufacturing PMI Rises for 3rd Straight Month; Output Rises at Quickest Pace Since Oct 2007_

Kia Registers Its Highest Ever Monthly Sales with 21,021 Units; : Tata Motors Registers 27% growth

*Highways ministry relaxes rules to allow wider participation of domestic companies in road projects*

_China's Regulators Summon Alibaba's Jack Ma Ahead of $39.7 Bn Public Offer of His Ant Group_

Philippines: Airport Staff Find 119 Live Tarantulas (popular as exotic pets) Hidden Inside A Pair Of Shoes

*2 people, including one attacker, have been killed in a shooting in central Vienna; 6 shooting location*

_Several Students Among 22 Killed as Gunmen Attack Kabul University, IS Claims Responsibility_

US Presidential Elections Headed For A Tight Finish as margin between Trump & Biden sinking; US Judge Blocks Republican Bid To Void 1,27,000 Votes in Houston

*U.S. Supreme Court Hands Narrow Win To Black Lives Matter Activist Over Protest Incident*

_Priyanca Radhakrishnan becomes New Zealand’s 1st ever Indian-origin minister from 2017 MP intake_

Xi Jinping Government Removes Domes and Minarets From Mosque Under The Pretext Of ‘Renovation’

Today’s Word - *Ichthytaxidermy* - Fish taxidermy https://t.me/marketswizard

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*GOOD MORNING*

*⛱TODAY MARKET UPDATES⛱*

⏩SGX Nifty indicate a positive opening for the index in India with a 82 points gain.

⏩The Nifty futures were trading at 11,752 on the Singaporean Exchange around 07:30 hours IST.

*⛱US MARKET UPDATES⛱*

⏩The Dow Jones Industrial Average rose 423.45 points, or 1.6%, to 26,925.05.

⏩The S&P 500 gained 40.28 points, or 1.23%, to 3,310.24 and

⏩The Nasdaq Composite added 46.02 points, or 0.42%, to 10,957.61.

*⛱NTPC BUYBACK OFFER: APPROVED⛱*

⏩NTPC is expected to trade actively today.

⏩NTPC board approved the buy back of 197.8 million equity shares at a price of Rs 115 per unit for a total consideration of Rs 2,275.74 crore.

⏩NTPC to buy back shares worth Rs 2,275 cr as part of restructuring plan.

⏩The company has fixed November 13, 2020 as the record date for the buyback.

👉NTPC CMP =89
👉BUYBACK PRICE =115
👉DISCOUNT = 26 = 26%

*⛱GLOBAL EDUCATION: BONUS ANNOUNCED = 31:10 RATIO⛱*

👉CMP = 195
👉LAST DATE TO BUY = 11th November
👉EX-DATE =12 th November
👉REC.DATE =16 th November

*⛱COAL INDIA STOCK UPDATE⛱*

⏩Coal India is bleeding but govt keeps pressuring to declare large dividends.

⏩Since September 2018, CIL's cash reserves have fallen over 17 per cent to Rs 28,446.83 crore

*RECOMMENDATION : STRONG BUY*

*⛱Q2 RESULTS FTD⛱*

⏩Sun Pharmaceutical Industries,
⏩Adani Gas, Adani Ports,
⏩Ajanta Pharma,
⏩CARE Ratings,
⏩Dabur India,
⏩Deepak Fertilisers,
⏩Dhanlaxmi Bank
⏩Kansai Nerolac Paints,
⏩Muthoot Finance,
⏩PVR,
⏩Ramco Systems,
EtC

*⛱IOC STOCK UPDATE⛱*

⏩State-owned Indian Oil Corporation (IOC), India's top oil company, has no plans to buyback shares as of now but will consider if there is a mandate, its Director (Finance) Sandeep Kumar Gupta said on November 2.

*⛱TATA MOTOR STOCK UPDATE⛱*

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

*⛱STOCKS NEWS⛱*

⏩ *Bandhan Bank* Q2 net profit falls 5% to Rs 920 crore; NII rises 26%.

⏩ *Punjab National Bank* net profit rises 22% to Rs 621 crore in Sept quarter.

⏩ *PNB's pre-tax* profit surges by 54% to Rs 979 cr in Q2, PAT up 22%.

⏩ *RIL shares tank 9%*; m-cap tumbles over Rs 1 trillion after Q2 earnings.

⏩ *Escorts Q2* net more than doubles to ₹227 crore.

⏩ *Whirlpool India* net profit up 4.6% at ₹135 crore.

*⛱ICICI LOMBARD STOCK UPDATE⛱*

⏩ICICI Lombard General | CCI approved acquisition of general insurance business of Bharti AXA by ICICI Lombard.

*⛱NCC STOCK UPDATE⛱*

⏩NCC | Company has received one new order for Rs 833 crore in October..

*⛱RAMCO CEMENT STOCK UPDATE ⛱*

⏩Ramco Cements records highest-ever quarterly profit of ₹236 crore.

⏩The company’s profit after tax stood at ₹236 crore for the quarter ended September 30, 2020 compared to ₹168 crore in the year-ago period, registering an increase of 40 per cent

*⛱HDFC Q2 RESULTS UPDATE⛱*

⏩HDFC Q2 net profit tanks 28% YoY to Rs 2,870 crore, beats Street estimates.

⏩Overall, the assets under management stood at Rs 5,40,270 crore as against Rs 4,90,072 crore in the previous year. 

*⛱L&T STOCK UPDATE⛱*

⏩Larsen & Toubro might also be in focus after emerging as the lowest bidder for the C6 package of the National High-Speed Rail Corporation’s bullet train project, at Rs 7,289 crore.

⏩ This is the second contract for the company in the mega project.

*⛱EQUITAS SMALL BANK IPO LISTING⛱*

⏩Shares of Equitas Small Finance Bank on Monday debuted with a 6 percent discount against its issue price of Rs 33 and finally closed nearly 1 percent lower.

*ICICI Securities* https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

## Today's Corporate Action
AARTIDRUGS - 2.50
CROMPTON - 3.00
GUFICBIO - 0.05
KKCL - 15.00
MANINDS - 2.00
SAGCEM - 2.00
SEACOAST - Bonus issue 1:2
WAAREE - Bonus issue 2:5

## F&O Ban:
Nil

## Today’s Results:
Sun Pharma, Adani Gas, Adani Ports, Ajanta Pharma, CARE Ratings, Dabur India, Deepak Fertilisers, Dhanlaxmi Bank, Eris Lifesciences, Godrej Properties, Jagran Prakashan, JSW Energy, Kansai Nerolac Paints, Muthoot Finance, PVR, Ramco Systems, TCI, Varun Beverages
EARNINGS: (Sept. quarter; net income adj. ests in rupees)
Adani Ports (ADSEZ) 11.1b (group, 5 analysts)
Dabur India (DABUR) 4.43b (group, 18 analysts)
PVR (PVRL) loss 2.11b (group, 8 analysts)
Sun Pharma (SUNP) 11.2b (group, 8 analysts)

## Newspaper Headlines
Economic Times
Ø Reliance to start gas production from R-Series field in November/December
Ø Hospitality industry pleads for soft loan from government: FHRAI
Ø Agricultural, Marine export bodies may move out of Commerce Ministry
Ø Reliance Capital invites bids for sale of stake in subsidiaries to clear debt
Ø National Investment and Infrastructure Fund acquires 2 Essel projects
Ø Maharashtra government inks Rs 35,000-crore MoUs with 15 companies

Business Standard
Ø Reliance EBITDA improves on rebound; balance sheet strengthened: Moody's
Ø NCAER's business confidence index rises 41.1% in September quarter
Ø NTPC board okays buyback of 197.8 million equity shares worth Rs 2,275 cr
Ø Vedanta, Hindalco post wins in commercial coal auction; new players debut
Ø Data industry to see $5 bln investment by 2025 on higher digitisation
Ø RBI temporarily postpones circular on current account till December 5

Business Line
Ø L&T bags construction order of bullet train project
Ø Kalrock-Jalan consortium deposits ₹150 cr as first step to take ownership of Jet Airways
Ø Manufacturing PMI at a 13-year high of 58.9 in October
Ø Embassy REIT Q2 profit flat at ₹232.56 crore
Ø Escorts Q2 net more than doubles to ₹227 crore
Ø Zydus Cadila standalone net up 17% in Q2

Mint
Ø BPCL eyes doubling bunkering oil sales volume to 14 tmt with terminal upgrade
Ø PNB reports 18% decline in Q2 net profit on higher provisions
Ø Tata Motors sales rise 27% to 49,669 units in Oct
Ø CCI approves acquisition of Bharti AXA by ICICI Lombard
Ø Escorts Ltd reports stellar growth as tractor sales continue to stay strong
Ø Indian Oil says no plan for share buyback as of now

Financial Express
Ø Microsoft's FY20 profit jumps 62% in India to Rs 625 cr even as expenses increase nearly 19%
Ø BPCL eyes doubling bunkering oil sales volume to 14 tmt with terminal upgrade
Ø Telecom sector revenue growth at 5% in Q2 on easing of lockdown curbs: Report

Deccan Chronicle
Ø Manufacturing PMI expands to 13-year high in October, signals economic recovery
Ø Centre to delink land held by 17 sick PSUs
Ø India's economy worst-hit among emerging markets

## Major Stocks/Sector News in Focus :
# Adani Enterprises (ADE): Says commences Lucknow International Airport operations
# Bandhan Bank (BANDHAN): Approves reappointment of Ghosh as CEO for 5 more years
# Cadila Healthcare (CDH): 2Q net income 4.73b rupees, beats est. 4.29b
# City Union Bank (CUBK): 2Q net income 1.58b rupees, beats est. 1.36b; gross NPA 3.44% versus 3.9% q/q
# Edelweiss Fin (EDEL): May spin off asset mangement arm in couple of years
# Embassy Office Parks REIT (EMBASSY): Seeing resumption in India leasing deal activity
# GE Power India (GEPIL): Wins INR127.8m order from NTPC’s Barauni plant
# Hindalco (HNDL), Vedanta (VEDL): Emerge top bidders in landmark India auctions
# ICICI Lombard (ICICIGI): CCI approves ICICI Lombard acquisition of general insurance of Bharti AXA
# Indian Oil (IOCL): Finance head says has no plan for share buyback as of now
# KPIT Technologies (KPITTECH): Says not to pursue Vayavya Labs acquisition
# NTPC (NTPC): 2Q net income 35.04b rupees, beats est. 30.8b. Approves up to INR22.75b share buyback
# Oracle Financial (OFSS): 2Q net income +9.2% y/y to 3.92b rupees
# Piramal (PIEL): Bain Capital makes offer close to $900m for Piramal Gla

ss, Mint reported
# Punjab National Bank (PNB): 2Q net income 6.2b rupees; gross NPA 13.4% versus 14.1% q/q
# Ramco Cements (TRCL): 2Q net income 2.36b rupees, beats est. 1.64b; revenue 12.2b rupees, misses est. 12.6b
# Shipping Corp (SCI): To consider separating non-core assets Nov. 6
# Shriram City (SCUF): 2Q net income 2.57b rupees, beats est. 2.07b
# Sterlite Technologies (SOTL): To acquire Optotec at EV of EU29m
# Tata Motors (TTMT): Oct. local sales +27% y/y to 49,669 units
# Wipro (WPRO): Wipro, AWS announce launch of Wipro AWS Business Group
# Zee Entertainment (Z): 2Q net income 940.7m rupees, misses est. 2.62b; ebitda 3.14b rupees, est. 4b

## Macro News:
~ India Central Bank Increases FX, Bond Market Trading Hours
~ Metal Barons Emerge Winners in Landmark India Coal Auctions
~ Vedanta, Hindalco Emerge Top Bidders in Landmark India Auctions
~ Mukesh Ambani Loses $7 Billion as Oil Sinks Reliance Shares
~ Indian Oil Has No Plan For Share Buyback As of Now: Finance Head
~ India CCI Approves Bharti AXA-ICICI Lombard Transaction
~ India $4.3 Billion Infra Fund Makes Its First Road Purchase
~ Embassy REIT Seeing Resumption in India Leasing Deal Activity
~ Largest India Mortgage sees demand from individual buyers
~ Govt Extends MSME Loan GuaranteeScheme By One Month: BQ
~ Asia Pacific Telcos May Boost Cash for 5G Investments: Fitch
~ Global Funds Buy Net INR7.41B of India Stocks on Monday: NSE
~ Domestic funds sell net 5.34 rupees of stocks
~ Foreign Investors Sell Net INR14.1B of India Equities Oct. 29-30
~ Foreigners Buy Net INR3.01B of Indian Equity Derivatives Monday
~ Bain Capital Makes Offer Close to $900m for Piramal Glass: Mint
~ Techfynder to add 150,000 professional contractors in India by 2021: PTI

## Economic Calendar_03.11.2020
Japan @ Market Holiday
UK Construction PMI @ 15.00 pm
US Presidential Election @ All Day
US Auto Sales @ All Day

## 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.

## Bulk Deals:
Fortis Healthcare: WF Asian Smaller Companies Fund sold 80.5 lakh shares (1.07%) at Rs 125.67 per share.

Premier Explosives: HDFC Mutual Fund sold 2 lakh shares (1.86%) at Rs 115 per share.

## Trading Tweaks

AGM: Gufic Biosciences.

Price Band Revised From 10% To 5%: Oil Country Tubular, Route Mobile, Aarey Drugs & Pharma.

Move Into ASM Framework: GE Power India, Bajaj Healthcare.

Move Into Short Term ASM Framework: Raj Oil Mills.

Move Out Of Short Term ASM Framework: Tejas Networks, Magma Fincorp, Websol Energy System.

## Insider Trades

HFCL: Promoter MN Ventures acquired 10 lakh shares on November 2

## 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.

## F&O Cues:
Nifty November futures closed at 11,673; premium of 4 points from discount of 2 points
Nifty November futures shed 9% and 9.8 lakh shares in Open Interest
Nifty Bank November futures closed at 24,900; premium of 7 points from 39 points
Nifty Bank November futures add 2% and 34,000 shares in Open Interest Nifty Put-Call Ratio at 1.56

Nifty: November 5 Expiry
Maximum Open Interest on Call side at 12,500 strike (25.5 lakh shares)
Maximum Open Interest on Put side at 11,000 strike (19.8 lakh shares)
Active Options: 11,300 Put (+6.3 lakh shares) and 11,600 Call (-3.6 lakh shares)

Nifty: November 26 Expiry
Maximum Open Interest on Call side at 12,000 strike (15.6 lakh shares)
Maximum Open Interest on Put side at 11,000 strike (26.4 lakh shares)

Brokerage Radar



CLSA On HDFC

Outperform rating maintained, Price target raised to Rs 2,300 from Rs 2,100

Strong NII performance and core mortgage PPoP growth

Meaningful recov

ery in disbursements

Retail collections jump to 96.3% but some uncertainty remains for its builder book

Expect core RoE of 12% by FY23CL



UBS On HDFC

Buy rating maintained, Price target of Rs 2,250 Strong recovery in the retail business

EPS beat supported by lower credit costs and funding costs

Has enough provisions and therefore credit costs can be closer to normal going forward

Mortgage growth likely to remain healthy and large financiers can gain market share

Better placed than peers on asset quality

Surplus liquidity to support



GOLDMAN ON HDFC

Maintain Neutral , Target at 1938/share

Q2 bear on lower provisioning & lower cost of funding

HDFC has a strong & Long term track record



MS ON HDFC

Maintain Overweight , Target at 2545/share

Big Core PPOP Beat; Raising Earnings and Target price

HDFC delivered significant NII and core PPOP beats driven by stronger NIM

More than adequately provisioned

Retail business is back in growth mode

Strong balance sheet, near-term resilience, structural gains, attractive valuation



CLSA On Cadila Healthcare

Buy rating maintained, Price target raised to Rs 540 from Rs 525

R&D initiatives expected to drive long-term growth

Seasonally strong U.S. business, improving profitability in India should drive margins in the near-term

Strong innovation pipeline being built Raise FY21-23

EPS estimates by 3-8%

Success in several new initiatives can pose upside risks to estimates



CLSA On Zee Entertainment

Buy rating maintained Price target of Rs 280

Revenue growth led by ad revenue recovery

Growth to return in H2FY21

Expansion in working capital, rise in debtor days in-line with industry norms Will emerge stronger post Covid-19

Stock offers deep value at current levels



JPMorgan On Escorts

Overweight rating maintained, Price target raised to Rs 1,560 from Rs 1,450

Farm business volumes and margins on a high

Outlook for the tractor industry is positive

Possibility of higher dividend payouts ahead given net cash balance sheet and strong cash generation

Railways business getting back on track, construction may take some time

Raise FY21/22/23 estimates by 24%, 10% and 2% respectively

Escorts is a key overweight in the auto space



HSBC ON ESCORTS

Maintain BUY , Target 1390/share

Strong all round performance in Q2 with record margins

Lower cost structure & focus on growth



CLSA On Ramco Cements

Upgrade to underperform from sell, Price target raised to Rs 805 from Rs 685

Q2 Ebitda above consensus estimates

Growth driven by healthy mix of both regions and products

Profitability may trend down as volumes pick up and mix normalises

Upside, following initial reaction will be capped due to premium valuation Raise FY21-23CL Ebitda estimates by 11-19% on better profitability



UBS ON NTPC

Maintain BUY , Target at 125/share

Attractive valuations; catalysts still elusive

Q2 earnings meet expectations

Deep value zone with attractive valuations

Outstanding dues went up in Q2 despite REC-PFC liquidity infusion



CITI ON TATA MOTORS

Maintain BUY , Target at 165/share

Domestic CV Volume flat as busses witness a decline

PV Continues to surprise positively

Postive stance on Tata Motors is more for JLR recovery



CLSA on ON BANDHAN BANK

BUY, TP Rs430 vs Rs400

Robust performance

Asset quality & collection efficiency trends better

Bank has articulated its next 5-year growth strategy, Bandhan will gain market share

The premium valuations are justified due to its high RoA profile and growth.



GOLDMAN ON BANDHAN BANK

Maintain BUY , Target at 442/share

Q2 Bear as asset quality under control

Banking franchise for Bandhan playing out well

Growth drivers for the bank well in place https://t.me/marketswizard

https://t.me/BooksMakeIndiaRead

*Prism Johnson Ltd.* | *CMP* Rs. 73 | *M Cap* Rs. 3695 Cr | *52 W H/L* 86/26
(Nirmal Bang Retail Research)
*Result better than expectation*
Revenue from Operations came at Rs. 1350.8 Cr (56.9% QoQ, -4.5% YoY) vs expectation of Rs. 1202.4 Cr, QoQ Rs. 860.7 Cr, YoY Rs. 1414.3 Cr
EBIDTA came at Rs. 171.7 Cr (671.4% QoQ, 99.6% YoY) vs expectation of Rs. 125.9 Cr, QoQ Rs. 22.3 Cr, YoY Rs. 86 Cr
EBITDA Margin came at 12.7% vs expectation of 10.5%, QoQ 2.6%, YoY 6.1%
Adj. PAT came at Rs. 26.4 Cr vs expectation of Rs. 9.4 Cr, QoQ Rs. -80.2 Cr, YoY Rs. -23.4 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 18.8x FY22E EPS

https://t.me/marketswizard
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*Prism Johnson Ltd.* | *CMP* Rs. 73 | *M Cap* Rs. 3695 Cr | *52 W H/L* 86/26
(Nirmal Bang Retail Research)
*Result better than expectation*
Revenue from Operations came at Rs. 1350.8 Cr (56.9% QoQ, -4.5% YoY) vs expectation of Rs. 1202.4 Cr, QoQ Rs. 860.7 Cr, YoY Rs. 1414.3 Cr
EBIDTA came at Rs. 171.7 Cr (671.4% QoQ, 99.6% YoY) vs expectation of Rs. 125.9 Cr, QoQ Rs. 22.3 Cr, YoY Rs. 86 Cr
EBITDA Margin came at 12.7% vs expectation of 10.5%, QoQ 2.6%, YoY 6.1%
Adj. PAT came at Rs. 26.4 Cr vs expectation of Rs. 9.4 Cr, QoQ Rs. -80.2 Cr, YoY Rs. -23.4 Cr
Quarter EPS is Rs. 0.5
Share is trading at P/E of 18.8x FY22E EPS

https://t.me/marketswizard
https://t.me/BooksMakeIndiaRead

*Ramco Industries Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 1656 Cr | *52 W H/L* 214/104
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 205.6 Cr (-25% QoQ, 16.2% YoY) vs QoQ Rs. 274 Cr, YoY Rs. 177 Cr
EBIDTA came at Rs. 31.9 Cr (-41.8% QoQ, 114.2% YoY) vs QoQ Rs. 54.7 Cr, YoY Rs. 14.9 Cr
EBITDA Margin came at 15.5% vs QoQ 20%, YoY 8.4%
Adj. PAT came at Rs. 27.1 Cr vs QoQ Rs. 30 Cr, YoY Rs. 17.5 Cr
Quarter EPS is Rs. 3.1
Share is trading at P/E of 22.3x TTM EPS

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https://t.me/BooksMakeIndiaRead

*Varun Beverages Ltd.* | *CMP* Rs. 681 | *M Cap* Rs. 19660 Cr | *52 W H/L* 870/482
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1839.5 Cr (12.2% QoQ, 5.7% YoY) vs expectation of Rs. 1721 Cr, QoQ Rs. 1640.2 Cr, YoY Rs. 1739.7 Cr
EBIDTA came at Rs. 380.8 Cr (0.8% QoQ, 16.9% YoY) vs expectation of Rs. 354.7 Cr, QoQ Rs. 377.7 Cr, YoY Rs. 325.7 Cr
EBITDA Margin came at 20.7% vs expectation of 20.6%, QoQ 23%, YoY 18.7%
Adj. PAT came at Rs. 153 Cr vs expectation of Rs. 116 Cr, QoQ Rs. 140.8 Cr, YoY Rs. 80.7 Cr
Quarter EPS is Rs. 5.3
Share is trading at P/E of 22x FY22E EPS

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