*Muthoot Finance Ltd. -S* | *CMP* Rs. 1231 | *M Cap* Rs. 49384 Cr | *52 W H/L* 1406/477
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
NII came at Rs. 1659.3 Cr vs expectation of Rs. 1585.7 Cr, YoY Rs. 1467 Cr, QoQ Rs. 1513.6 Cr
PBP came at Rs. 1210.7 Cr vs expectation of Rs. 1204.3 Cr, YoY Rs. 1073.8 Cr, QoQ Rs. 1142.6 Cr
Provision came at Rs. 10.7 Cr vs expectation of Rs. 40 Cr, YoY Rs. 26.5 Cr, QoQ Rs. 14.6 Cr
PAT came at Rs. 894.4 Cr vs expectation of Rs. 873.8 Cr, YoY Rs. 857.9 Cr, QoQ Rs. 843.3 Cr
Quarter EPS is Rs. 22.3
Share is trading at P/E of 12.3x FY22E EPS & 3.7x trailing P/BV

# Asset Quality etails are awaited


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*SGX Nifty -40 pts (11783) from last trade 11823 ,*


Nikkei +333 pts ,
Hangseng -150 pts ,
Now @6.52am .


Dow +554.98 pts ,Nsdq +202.96 pts, S&P +58.78 pts , Bovespa +2027 pts  , Ftse +131 pts , Dax +300 pts , Cac +114 pts , Crude @ $38.51 brl (+0.85), Brent @ $40.16 brl (+1.29) , Gold @ 1915.20 (+4.79), Silver @ $24.475 (+0.14), Euro @ $1.1756, JPY @ $104.56, INR @ 74.615




*Today's Corporate Action*

*4th Nov Ex Date*



LT

Special Dividend - Rs. - 18.0000

RICOAUTO

Dividend - Rs. - 0.3000







*Today's Board Meetings*

*4-Nov-20*




ABIRAFN

Quarterly Results

ALCHCORP

Quarterly Results

BASF

Quarterly Results

EIHOTEL

Quarterly Results

GAYAHWS

Quarterly Results

HAPPSTMNDS

Quarterly Results

HINDPETRO

Quarterly Results

INDCEMCAP

Quarterly Results

JKLAKSHMI

Quarterly Results

KALPATPOWR*

General;Quarterly Results

KCPSUGIND

Quarterly Results

LUPIN

General;Quarterly Results

MAFATIND

Quarterly Results

NELCO

Quarterly Results

NRAGRINDQ

Quarterly Results

PETRONET

Quarterly Results

PIDILITIND

Quarterly Results

PTL

Quarterly Results

SBIN

Quarterly Results

SUNDRMFAST

Interim Dividend;Quarterly Results

TTL

Quarterly Results

UNITDSPR

Quarterly Results

UPSURGE

Quarterly Results

VISAKAIND

Audited Results;Quarterly Results

 




*Stock under F&O ban on NSE*

*4-Nov-20*



None


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*Economic Times*
*Business Standard*

Ø  IMF chief economist urges more fiscal stimulus to boost recovery
Ø  Adani's Stratatech Mineral Resources bags big coal block
Ø  Scam-hit PMC Bank invites EoI from potential investors for reconstruction
Ø  India's GSPL says new pipeline to boost FY22 gas supply by a quarter
Ø  Finmin says no increase in service charges by any public sector bank
Ø  Government reaches out to MNCs over global digital tax
Ø  Sun Pharma's Q2 net profit rises 70% on one-time tax credit
Ø  Adani Group frontrunner for developing Sri Lanka's port terminal: Report
Ø  No additional compliance burden on private firms for LTC scheme: Fin Sec
Ø  Govt may allow EPFO to invest in cash-starved infra sector through AIFs
Ø  European Union considering further legal action in Brexit standoff
Ø  RBI looking to diversify investment options for forex reserves: Report

*Business Line*
*Mint*

Ø  Power sector InvIT IndiGrid reports ₹384-crore revenue
Ø  FinMin notifies Abu Dhabi’s Sovereign Wealth Fund
Ø  Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr
Ø  GSFC posts 400% q-o-q rise in standalone Q2 net
Ø  Adani Gas’ Q2 profit jumps 195% fired by volume recovery
Ø  Mangalore Chemicals Q2 net profit up 79 per cent to Rs 40.5 cr
Ø  Ant Group's $37-bn IPO suspended in Shanghai and Hong Kong
Ø  Xiaomi manages to sell 10 million Made in India powerbanks
Ø  Saudi Aramco profits dive in coronavirus-hit Q3
Ø  PVR reports losses of ₹184 crore for Q2 2021
Ø  RBI exploring investment options for forex reserves, sources say

*Financial Express*
*Deccan Chronicle*

Ø  PM Modi to chair virtual global investor roundtable on Thursday
Ø  India, UAE agree to explore ways to facilitate investments
Ø  India’s exports dip 5.4 pc in October to USD 24.82 bn: Govt data
Ø  Centre to delink land held by 17 sick PSUs
Ø  India's economy worst-hit among emerging markets

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DOW JONES UP 555
DOW JONES FUT DOWN 153
NASDAQ UP 203
NASDAQ FUT UP 32
SGX NIFTY DOWN 48

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*Sun Pharma – Q2FY21 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
The stock is trading at 20.7x FY22E consensus earnings

• Gradual recovery in business despite markets not being normalised
• Specialty Biz
o $108 mn revenues
o R&D – 37% of total R&D spend
o Recently Launched illumya in japan and received good response
• *Margins improved on account of product mix, operating leverage, higher contribution from specialty business*
• Forex loss Rs 116 cr, vs gain 79 cr in Q1,
• The company repaid debt of ~$300mn; Current Net debt is $400mn
• *India*
o 6% qoq
o 30% of consol sales
o In-line with mkt growth – led by chronic which grew by high single digit, acute decline however lower than q1, sub-chronic recovered in Q2 – low single digit growth whereas Q1 declined
o Acute affected due to lower footfall and lower flu season
o Launched 22 new products
o *Q3 would have better growth*
• *US*
o Revenues $235mn
o 30% of consol sales
o Specialty business Improved qoq
o Illumya reached pre-covid levels
o *Taken 5% price increase on Illumya*
o Generics – continues to be competitive however grew yoy
• *Emerging mkts*
o $210mn up 4% yoy and 21% qoq
o Yoy underlying growth in cc at 9%
o 18% of total sales
• *ROW*
o $178mn up 10% yoy and 31% qoq
o Driven by all round growth in multiple mkts japan, EU plus taro’s ROW
o 16% of total sales
• *API*
o Rs 510 cr, up 9% yoy
• Continue to invest in R&D – Q2 Rs 613 cr – 7.2% of sales
o 92 ANDAs, 6 NDAs awaiting approvals
• Halol – completed CAPAs and waiting from agency’s response

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Brokers Radar

·   Dabur India CLSA raised TGT from 590 to 620

·   Dabur India Citi raised TGT from 490 to 590

·   Adani Ports HSBC TGT at 470

·   Adani Ports Nomura TGT 450

·   Adani Ports CLSA TGT 425

·   Adani Ports Jefferies TGT 475

·   Dabur India TGT by Credit Swiss at 590

·   SUN Pharma CLSA TGT at 710,

·   Sun Pharma Nomura TGT at 623

·   Morgan Stanley TGT on Sun Pharma at 611

·   Godrej Properties downgraded by Macquarie to 1050

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BLOCK DEAL AS ON 03-11-2020

INDUSINDBK
+ 23 LK @ 642.85 BOFA SECURITIES EUROPE SA
- 23 LK @ 642.85 UBS PRINCIPAL CAPITAL ASIA LIMITED


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Data - 04th Nov

FIIs bought in cash, few longs in index futs, bought index options👍👍👀

BN futs add long positions with more built up in puts🧐

Longs - SUNPHARMA, DABUR, RBLBANK👍

Shorts - UPL, HCLTECH👎

SC - ITC, BPCL, HEROMOTOCO👀

Very few fresh shorts in RELIANCE 👀 https://t.me/marketswizard

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*Bulk deal*
❇️Vikas Multicorp Limited : Albula Investment Fund Ltd Buy 3500000 Shares @ Rs. 7.3

*Insider Trade*
*Acquisition*
❇️MN Ventures Private Limited Promoter Acquisition 1000000 shares of Hfcl Ltd on 03-Nov-20

❇️SHARAD V. PAREKH Promoter Acquisition 20800 shares of Nilkamal Ltd. on 02-Nov-20

❇️Varun Berry Director Acquisition 142666 shares of Britannia Industries Ltd. on 02-Nov-20

*Disposal*
❇️SHARAD V. PAREKH JT. WITH MS. MAYA S. PAREKH Promoter Disposal 20800 shares of Nilkamal Ltd. on 02-Nov-20

❇️JSW Steel Employees Welfare Trust – ESOP Plan 2016 A/c Promoter Group Disposal 5000 shares of Jsw Steel Ltd. on 29-Oct-20

*Revoke*
❇️BHANU VYAPAAR PRIVATE LIMITED Promoter Group Revoke 36000 shares of Emami Ltd.-$ on 29-Oct-20

❇️TMT VINIYOGAN LIMITED Promoter Group Revoke 15000 shares of Emami Ltd.-$ on 29-Oct-2020 https://t.me/marketswizard

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*Fund Houses Recommendations*


MS maintains Overweight call on *Adani Port*, raise target at Rs 439/sh. (Positive)

Goldman maintains Buy call on *Adani Ports*, raise target at Rs 430/sh. (Positive)

CLSA maintains Buy call on *Adani Ports*, target price at Rs 425/sh. (Positive)

HSBC maintains Buy call on *Adani Ports* with FY21-23 Port EBITDA estimates being raised by 5.8-9.5%, target price at Rs 470/sh. (Positive)

Jefferies maintains Buy call on *Adani Ports* with 10% upward revision to FY22 EPS estimates, target price at Rs 475/sh. (Positive)

MS has an Overweight call on *Sun Pharma*. It believes, ramp-up of global specialty biz could be a medium-term re-rating catalyst, target at Rs 611/sh. (Positive)

CLSA maintains Buy call on *Sun Pharma*, raises FY21 EPS estimate by 39% on back of its big beat in Q2, raise target at Rs 710/sh. (Positive)

CITI maintains Buy call on *Dabur*, raise target price at Rs 590/sh. (Positive)

JP Morgan maintains Buy call on *Dabur*, raise target price at Rs 580/sh. (Positive)

CLSA maintains Buy call on *Dabur* with target being raised to Rs 620/Sh. (Positive)

CS has an Outperform call on *Dabur*, target raised to Rs 590/Sh (Positive)

Credit Suisse has an Underperform call on *Sun Pharma* as it believes Ilumya will face high competition from three new drugs next year, target price at Rs 420/sh (Neutral)

Macquarie has downgraded *Godrej Properties*, maintain target at Rs 1050/sh (Negative) https://t.me/marketswizard

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#Havells India regains Rs 50,000 crore m-cap mark as stock hits record high
https://www.business-standard.com/article/markets/havells-india-regains-rs-50-000-crore-market-cap-stock-hit-record-high-120110300494_1.html

Morning Market News & Update - 4 November 2020

:dizzy:Ajanta Pharma: Announces share buyback worth Rs 136 crore. Board to buyback 7.35 lakh shares or 0.84% of total equity at Rs 1,850 per share. The buyback price is a 15% premium to Tuesday's closing price. Record date for the same has been set as November 13.

:dizzy:Cera Sanitaryware: Production at sanitaryware unit continues to be partially affected due to an unrest at its Mehsana facility. Production of Faucetware unit is not affected materially. Management is in the process of resolving the issue.

:dizzy:Somany Home Innovation: HDFC MF reduced its stake to 4.67% from 6.68% on October 30.

:dizzy:Bombay Dyeing: Brickwork Ratings downgraded bank facilities to BWR BBB+ from BWR A-, with outlook remaining negative.

:dizzy:Asahi Songwon Colors: To consider share buyback on November 6.
@stockmarketLover
:dizzy:Deepak Fertilizers: Statutory auditors BSR and Associates resign due to commercial reasons.

:dizzy:Gujarat State Fertilizers & Chemicals: Set to manufacture pharma grade Ammonium Sulphate. Initial capacity of manufacturing will be around 300 MTPA and will be expandable in future.

:dizzy:ICICI Lombard General Insurance: Received no adverse observation letter from exchanges regarding the acquisition of Bharat Axa General Insurance.

:dizzy:PVR: Got complete rent waiver on lockdown period on 60% of its screens and significant discounts on reopening. Has secured permission to re-open 575 out of the total 831 screens.

:dizzy:HLE Glascoat: Board approves overall capex of Rs 20 crore for new manufacturing facility at Silvassa for filtration and drying equipment. Malabar India Fund to acquire 1.44 lakh shares at Rs 1,385 per share, aggregating to Rs 20 crore and 5.78 lakh warrants at Rs 1,385 per warrant, aggregating to Rs 80 crore.

:dizzy:HLE Glascoat: Board approves overall capex of Rs 20 crore for new manufacturing facility at Silvassa for filtration and drying equipment. Malabar India Fund to acquire 1.44 lakh shares at Rs 1,385 per share, aggregating to Rs 20 crore and 5.78 lakh warrants at Rs 1,385 per warrant, aggregating to Rs 80 crore.

:dizzy:Nifty Earnings Today: State Bank of India

:dizzy:Non-Nifty Earnings Today: HPCL, Adani Enterprises, Apollo Tyres, Balrampur Chini, Godrej Agrovet, JK Lakshmi Cement, Jubilant Life, Jyothy Laboratories, KEC International, Lupin, Petronet LNG, Pidilite, Thermax, United Spirits.

Pledged Share Details

:sunny:Emami: Promoters released pledge of 49,000 shares on October 29

Who’s Meeting Whom

:small_blue_diamond:CG Consumer Electricals: To meet UBS AMC on November 4.

Trading Tweaks

:zap:AGM: Rico Auto Industries.

:zap:Price Band Revised From 10% To 5%: GE Power India.

:zap:Move Into Surveillance Measure In Respect Of High Encumbrance: Jindal Stainless (Hisar), Sterling And Wilson Solar, Forbes @StockMarketLover

:zap:Move Out Of Surveillance Measure In Respect Of High Encumbrance: Deepak Fertilizers, GMR Infrastructure, Jindal Stainless, Shree Renuka Sugars, Omaxe, Hindustan Zinc, Emami.

:zap:Move Into ASM Framework: Salona Cotspin.

:zap:Move Into Short Term ASM Framework: Tata Teleservices (Maharashtra).

:zap:Move Out Of Short Term ASM Framework: Reliance Power, Himatsingka Seide, Menon Bearings, Trejhara Solutions.

Insider Trades

:boom:HFCL: Promoter MN Ventures Private Limited acquired 10 lakh shares on November 3

Money Market Update

:fire:The currency snapped a three-day losing streak on Tuesday, ending little changed at 74.41 against the U.S. Dollar, as compared to Monday's close of 74.44.

Asian markets are trading with gains this morning, even as U.S. futures gave up gains as votes get counted in the U.S. Presidential elections.

Benchmark indices in Japan and South Korea are trading higher.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 11,790 as of 7:00 a.m.

Treasury yields fluctuated around the mark of 0.9%. A portion of the yield curve has steepened the most since 2016, as longer-dated bonds fell more than their short-term counterp

arts. https://t.me/marketswizard

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As per early data available, democratic candidate Joe Biden has won Virginia, Illinois, Maryland, New Jersey, Massachusetts, Connecticut, Vermont, Rhode Island, Delaware and District of Columbia, according to the AP.

President Donald Trump has won Indiana, Kentucky, Tennesse, South Carolina, Alabama, Mississippi, West Virginia and Oklahoma.

West Texas Intermediate crude gained 2.1% to $38.44 per barrel while Gold reversed early gains to trade little changed at $1,911.3/Oz. https://t.me/marketswizard

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Money Market Update

The currency snapped a three-day losing streak on Tuesday, ending little changed at 74.41 against the U.S. Dollar, as compared to Monday's close of 74.44 https://t.me/marketswizard

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