*Force Motors Oct'20 Sales – Declined*
(Nirmal Bang Retail Research)
Total Sales came at 1896 vs YoY 2226 units (-14.8%) and MoM 1636 units (15.9%)

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Economic Times

 

Business Standard

Ø  Economy to reach pre-pandemic levels by year-end: Finance Ministry

Ø  Government issues ordinance to amend arbitration law

Ø  Indian realty's institutional fund inflow in 2020 seen at $4.8 bn

Ø  Commercial vehicle volumes to contract 25-28% in FY21, outlook remains negative: Icra

Ø  Suspecting fraud, taxmen block input tax credit of several companies for a year

Ø  Amazon India inks MoU with Silk Mark Organisation of India

 

Ø  Oct services activity at 54.1, grows for first time in 8 months: PMI

Ø  India expects $3.4 billion FDI in data center infrastructure: Anuj Puri

Ø  Sebi issues guidelines for rights issue by unlisted InvITs to raise funds

Ø  Saudi Arabia to remove curbs on foreign workers to attract overseas talent

Ø  Reliance Jio officials depose before parliamentary panel on data security

Ø  HPCL sees two-fold jump in net profit in Q2, okays Rs 2,500-cr buyback

Business Line

 

Mint

Ø  Gold recycling hits 8-year-high on record prices

Ø  APSEZ seeks cessation of coal terminal deal at Vizag Port Trust

Ø  Apollo Tyres Q2 net profit more than doubles to ₹200 crore

Ø  Future Retail raises ₹350-cr loans

Ø  United Spirits Q2 net profit down 21% at Rs 125 crore

Ø  Led by GenNext, Sundram Fasteners eyes buyouts in defence, EV segments

 

Ø  US export jump narrows Sept trade gap to $63.9 billion: Govt

Ø  ED files first chargesheet against Kochhars in ICICI Bank quid-pro quo case

Ø  EuroPacific Growth Fund sells 1.27% stake in Adani Ports for ₹907 crore

Ø  IPO bound Gland Pharma eyes China, Africa market entry

Ø  Adani Enterprises plans ₹50,000 crore capex over 5 years

Ø  SBI net profit grows 52% in September quarter as retail loans shine

Financial Express

 

Deccan Chronicle

Ø  Euro zone economy on track for double-dip recession

Ø  Commercial coal mining: Jindal Power wins block in Chhattisgarh on 3rd day of auction

Ø  CAIT accuses Amazon of violating FEMA norms

 

Ø  Control of US Senate at stake as Donald Trump's allies face Democrats

Ø  Hospitality industry sees signs of revival in September

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*Apollo Tyres Ltd.* | *CMP* Rs. 148 | *M Cap* Rs. 8467 Cr | *52 W H/L* 188/74
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 4233.8 Cr (47.3% QoQ, 6.2% YoY) vs expectation of Rs. 3944.9 Cr, QoQ Rs. 2873.4 Cr, YoY Rs. 3985.8 Cr
EBIDTA came at Rs. 684.4 Cr (188.4% QoQ, 58.4% YoY) vs expectation of Rs. 489.6 Cr, QoQ Rs. 237.3 Cr, YoY Rs. 432 Cr
EBITDA Margin came at 16.2% vs expectation of 12.4%, QoQ 8.3%, YoY 10.8%
Adj. PAT came at Rs. 194.1 Cr vs expectation of Rs. 72.1 Cr, QoQ Rs. -134.6 Cr, YoY Rs. 83.1 Cr
Quarter EPS is Rs. 3.4
Share is trading at P/E of 16.8x FY22E EPS

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*Ratnamani Q2FY21 concall highlight*

*Outlook- Neutral*

· The current order book stands at Rs 1173cr. ~70-75% is to be executed in second half, almost 80% of the order comes from the CS segment from pipeline

· Ratnamani has received API certification for new LSAW mill expects it to start trail production form 3QFY21.

· Orders form small projects is showing good flow, whereas big projects got delayed.

· RMT is targeting 30-40% of the utilisation from new SS mill in FY22.

· The company is also planning to request government to put anti-dumping duty on imported Chinese SS tubes and pipes

· The capex for first half stood at Rs92crore. The capex for FY21 is expected to be Rs 200cr

· CWIP stands at Rs 450cr.

· Management is expecting good opportunities coming from pharma segment post government decision to manufacture API in India.

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*Kalpataru Power Transmission Ltd.* | *CMP* Rs. 250 | *M Cap* Rs. 3868 Cr | *52 W H/L* 476/170
(Nirmal Bang Retail Research)
*Result marginally ahead of expectation*
Revenue from Operations came at Rs. 1882 Cr (29% QoQ, -4.3% YoY) vs expectation of Rs. 1879.5 Cr, QoQ Rs. 1459 Cr, YoY Rs. 1967 Cr
EBIDTA came at Rs. 202 Cr (29.5% QoQ, -2.4% YoY) vs expectation of Rs. 192.7 Cr, QoQ Rs. 156 Cr, YoY Rs. 207 Cr
EBITDA Margin came at 10.7% vs expectation of 10.2%, QoQ 10.7%, YoY 10.5%
Adj. PAT came at Rs. 145 Cr vs expectation of Rs. 102.6 Cr, QoQ Rs. 69 Cr, YoY Rs. 127 Cr
Quarter EPS is Rs. 9.4
Share is trading at P/E of 7.8x FY22E EPS

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Trump files lawsuit to stop vote-counting in crucial battleground - https://www.independent.co.uk/news/world/americas/us-election-2020/trump-lawsuit-biden-michigan-stop-vote-election-b1595982.html

https://ftx.com/en/trade/TRUMP

Trump now down to 52 percent probability down from 80 percent 6 hours ago.

*The Indian Hotels Company Ltd.* | *CMP* Rs. 97 | *M Cap* Rs. 11536 Cr | *52 W H/L* 158/62
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 256.7 Cr (78.7% QoQ, -74.5% YoY) vs expectation of Rs. 407.6 Cr, QoQ Rs. 143.6 Cr, YoY Rs. 1007.4 Cr
EBIDTA came at Rs. -150.3 Cr (-43.5% QoQ, -193.7% YoY) vs expectation of Rs. -141.4 Cr, QoQ Rs. -266 Cr, YoY Rs. 160.5 Cr
EBITDA Margin came at -58.6% vs expectation of -34.7%, QoQ -185.2%, YoY 15.9%
Adj. PAT came at Rs. -272.6 Cr vs expectation of Rs. -206.6 Cr, QoQ Rs. -366 Cr, YoY Rs. 71.6 Cr
Quarter EPS is Rs. -2.3
Share is trading at P/E of 52.4x FY22E EPS

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*KEC International Ltd.* | *CMP* Rs. 329 | *M Cap* Rs. 8459 Cr | *52 W H/L* 359/155
(Nirmal Bang Retail Research)
*Result inline*
Revenue from Operations came at Rs. 3257.7 Cr (47.6% QoQ, 16% YoY) vs expectation of Rs. 2761.7 Cr, QoQ Rs. 2206.8 Cr, YoY Rs. 2808.8 Cr
EBIDTA came at Rs. 293.1 Cr (50.4% QoQ, -0.2% YoY) vs expectation of Rs. 270.2 Cr, QoQ Rs. 194.9 Cr, YoY Rs. 293.8 Cr
EBITDA Margin came at 9% vs expectation of 9.8%, QoQ 8.8%, YoY 10.5%
Adj. PAT came at Rs. 142.6 Cr vs expectation of Rs. 122.9 Cr, QoQ Rs. 70.8 Cr, YoY Rs. 139.1 Cr
Quarter EPS is Rs. 5.5
Share is trading at P/E of 12.2x FY22E EPS

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*Thermax Ltd.* | *CMP* Rs. 754 | *M Cap* Rs. 8988 Cr | *52 W H/L* 1148/644
(Nirmal Bang Retail Research)
*Result is inline*
Revenue from Operations came at Rs. 1141.2 Cr (71.6% QoQ, -28.9% YoY) vs expectation of Rs. 1257.1 Cr, QoQ Rs. 664.9 Cr, YoY Rs. 1605.9 Cr
EBIDTA came at Rs. 79.3 Cr (-796.6% QoQ, -39.1% YoY) vs expectation of Rs. 70 Cr, QoQ Rs. -11.4 Cr, YoY Rs. 130.3 Cr
EBITDA Margin came at 7% vs expectation of 5.6%, QoQ -1.7%, YoY 8.1%
Adj. PAT came at Rs. 55.9 Cr vs expectation of Rs. 45.9 Cr, QoQ Rs. -15.3 Cr, YoY Rs. 25.7 Cr
Quarter EPS is Rs. 4.7
Share is trading at P/E of 25.8x FY22E EPS

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*United Spirits Ltd.* | *CMP* Rs. 510 | *M Cap* Rs. 37057 Cr | *52 W H/L* 743/443
(Nirmal Bang Retail Research)
Volumes came at -3.4% vs expectation of -15.5%, QoQ -20%, YoY 8.4%
*Result ahead of expectation*
Revenue from Operations came at Rs. 2145.9 Cr (108.3% QoQ, -6.5% YoY) vs expectation of Rs. 1722.3 Cr, QoQ Rs. 1030.2 Cr, YoY Rs. 2296.2 Cr
EBIDTA came at Rs. 269.7 Cr (-447.6% QoQ, -35.1% YoY) vs expectation of Rs. 229.9 Cr, QoQ Rs. -77.6 Cr, YoY Rs. 415.6 Cr
EBITDA Margin came at 12.6% vs expectation of 13.4%, QoQ -7.5%, YoY 18.1%
Adj. PAT came at Rs. 128.4 Cr vs expectation of Rs. 98.9 Cr, QoQ Rs. -140.3 Cr, YoY Rs. 224.6 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 37.8x FY22E EPS

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*SRF Ltd.* | *CMP* Rs. 4440 | *M Cap* Rs. 25530 Cr | *52 W H/L* 4475/2468
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 2100.8 Cr (36% QoQ, 20.9% YoY) vs expectation of Rs. 1828.4 Cr, QoQ Rs. 1545.2 Cr, YoY Rs. 1737.8 Cr
EBIDTA came at Rs. 582.1 Cr (56.3% QoQ, 73.6% YoY) vs expectation of Rs. 395.2 Cr, QoQ Rs. 372.3 Cr, YoY Rs. 335.2 Cr
EBITDA Margin came at 27.7% vs expectation of 21.6%, QoQ 24.1%, YoY 19.3%
Adj. PAT came at Rs. 315.7 Cr vs expectation of Rs. 195.8 Cr, QoQ Rs. 177.1 Cr, YoY Rs. 301.1 Cr
Quarter EPS is Rs. 54.9
Share is trading at P/E of 23.4x FY22E EPS

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*Godrej Agrovet Ltd.* | *CMP* Rs. 524 | *M Cap* Rs. 10066 Cr | *52 W H/L* 598/265
(Nirmal Bang Retail Research)
*Result is marginally below expectation*
Revenue from Operations came at Rs. 1723.9 Cr (10.9% QoQ, -6.9% YoY) vs expectation of Rs. 1810.6 Cr, QoQ Rs. 1554.2 Cr, YoY Rs. 1851.1 Cr
EBIDTA came at Rs. 173.2 Cr (4.4% QoQ, 44.6% YoY) vs expectation of Rs. 182.3 Cr, QoQ Rs. 165.9 Cr, YoY Rs. 119.7 Cr
EBITDA Margin came at 10% vs expectation of 10.1%, QoQ 10.7%, YoY 6.5%
Adj. PAT came at Rs. 115.5 Cr vs expectation of Rs. 104 Cr, QoQ Rs. 88.5 Cr, YoY Rs. 104 Cr
Quarter EPS is Rs. 6
Share is trading at P/E of 27.7x FY22E EPS

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*Hindustan Petroleum Corporation Ltd.* | *CMP* Rs. 187 | *M Cap* Rs. 28495 Cr | *52 W H/L* 328/150
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 51773.3 Cr (37.3% QoQ, -14.9% YoY) vs expectation of Rs. 48103.1 Cr, QoQ Rs. 37720.9 Cr, YoY Rs. 60863.3 Cr
EBIDTA came at Rs. 3603.9 Cr (-17.2% QoQ, 55.4% YoY) vs expectation of Rs. 3052.8 Cr, QoQ Rs. 4353.6 Cr, YoY Rs. 2318.9 Cr
EBITDA Margin came at 7% vs expectation of 6.3%, QoQ 11.5%, YoY 3.8%
Adj. PAT came at Rs. 2477.5 Cr vs expectation of Rs. 1720.1 Cr, QoQ Rs. 2813.8 Cr, YoY Rs. 1052.3 Cr
Quarter EPS is Rs. 16.3
Share is trading at P/E of 4.6x FY22E EPS

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*Pidilite Industries Ltd.* | *CMP* Rs. 1563 | *M Cap* Rs. 79416 Cr | *52 W H/L* 1710/1186
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 1880.3 Cr (114.2% QoQ, 4.1% YoY) vs expectation of Rs. 1695.8 Cr, QoQ Rs. 877.8 Cr, YoY Rs. 1806.6 Cr
EBIDTA came at Rs. 512.6 Cr (672.4% QoQ, 39.2% YoY) vs expectation of Rs. 377.2 Cr, QoQ Rs. 66.4 Cr, YoY Rs. 368.2 Cr
EBITDA Margin came at 27.3% vs expectation of 22.2%, QoQ 7.6%, YoY 20.4%
Adj. PAT came at Rs. 356.4 Cr vs expectation of Rs. 264.6 Cr, QoQ Rs. 26.8 Cr, YoY Rs. 346.5 Cr
Quarter EPS is Rs. 7
Share is trading at P/E of 56.6x FY22E EPS

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*Happiest Mind Technologies ltd. | CMP Rs. 349 | M Cap Rs. 4928 Cr | 52 W H/L 307/395*
(Nirmal Bang Retail Research)
*Dollar revenue came at $ 24.7 mn vs QoQ $ 23.4 mn, YoY $ 24.9 mn*
*Result ok*
Revenue from Operations came at Rs. 182.8 Cr (3.3% QoQ, 4.4% YoY) vs QoQ Rs. 177 Cr, YoY Rs. 175.1 Cr
EBIDTA came at Rs. 44.5 Cr (17.6% QoQ, 59.5% YoY) vs QoQ Rs. 37.9 Cr, YoY Rs. 27.9 Cr
EBITDA Margin came at 24.3% vs QoQ 21.4%, YoY 15.9%
Adj. PAT came at Rs. 34.1 Cr vs QoQ Rs. 50.2 Cr, YoY Rs. 26.7 Cr
Tax credit led to higher PAT in Q1FY21
Quarter EPS is Rs. 2.4
Share is trading at P/E of 36.1x FY22E EPS

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*Prince Pipes and Fittings Ltd Q2FY21 Con-call Update*
(Nirmal Bang Retail Research)
*Outlook: Positive*
• Sales grew by 7% at Rs. 459 Cr compared to Rs. 429 Cr YoY and volume increased by 1.7% at 35142 MT 34553 MT YoY
Company Pipe sales grew faster at 7% as compared to Finolex Ind negative 3% and Supreme Ind pipe sales growth of 4.4%
• PAT grew by 42% YoY from Rs. 33 Cr to Rs. 47 Cr
• EBITDA margin is at 17.5%, a 230 bps expansion, having increased due to higher PVC prices leading to inventory gain, market consolidation and favourable operating leverage
• Net debt for Q2FY21is at Rs. 105 Cr and total debt at Rs. 185.9 Cr
• Capex till date is at Rs. 46 Cr and for FY21 it is estimated to be around Rs. 115-120 Cr

• Average cost of capital for Q2FY21 declined to 8.4% from 10.1% YoY
• The CPVC is almost 20% of revenue and sales has been extremely encouraging with repeat orders being seen

• The tanks business will take another 12-18 months to be a significant part of revenue which is a market of Rs. 4000 to Rs. 5000 Cr. The tanks will have in-house capacity and outsourcing by the year end
• Distributors through channel finance are 20-25% and constitute around Rs.73-74 Cr
• The Telangana plant is expected to commence commercial production by Q2FY22 which will produce around 30-35 kT in the first 6 months which is expected to further increase to 50 kT in the coming 2-3 years. 20% of the work has been done with all approvals in place
• Branding cost for the company is at Rs. 7 Cr as compared to Rs. 10-11 Cr YoY, which is 1.5% of sales
• The company has collaborated with Lubrizol to create a new product- Prince Flowguard Plus, the commercial production commenced in mid-October

Share is trading at a P/E of 18.2x FY22EPS

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*Lupin Ltd.* | *CMP* Rs. 944 | *M Cap* Rs. 42782 Cr | *52 W H/L* 1122/505
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 3835 Cr (8.7% QoQ, -12% YoY) vs expectation of Rs. 3777.5 Cr, QoQ Rs. 3527.9 Cr, YoY Rs. 4359.7 Cr
EBIDTA came at Rs. 581.2 Cr (19.1% QoQ, -20.5% YoY) vs expectation of Rs. 592.5 Cr, QoQ Rs. 488.1 Cr, YoY Rs. 731 Cr
EBITDA Margin came at 15.2% vs expectation of 15.7%, QoQ 13.8%, YoY 16.8%
Adj. PAT came at Rs. 213.5 Cr vs expectation of Rs. 233.8 Cr, QoQ Rs. 106.9 Cr, YoY Rs. 419.2 Cr
Quarter EPS is Rs. 4.7
Share is trading at P/E of 24.5x FY22E EPS


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DOW JONES UP 368
DOW JONES FUT UP 04
NASDAQ UP 430
NASDAQ FUT UP 70
SGX NIFTY UP 181


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HPCL Q2 profit more than doubles to Rs 2,477.4 crore; announces buyback of Rs 2,500 crore

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