*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

Read more from "https://www.moneycontrol.com/news/business/markets/hpcl-q2-profit-more-than-doubles-to-rs-2477-4-crore-announces-buyback-of-rs-2500-crore-6066861.html"

Download moneycontrol app from "http://t.in.com/21DG"

Data - 05th Nov

FIIs action on net basis was muted, though they bought some stock futs👀

Nifty futs added OI while BN futs reduced OI👀

IV didn't increase, so expect fall in IV post event😅

Longs - KOTAKBANK, BAJFINANCE👍

Shorts - UPL, VEDL👎

Short squeeze in SUNPHARMA🧐

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Stocks To Watch

HPCL: Announces share buyback worth Rs 2,500 crore. The board will buyback 10 crore shares or 6.56% of the total equity at Rs 250 per share. The buyback price is a 33.9% premium to Wednesday's closing price.

SRF: Board approves setting up of a second BOPP film line in Indore at a cost of Rs 424 crore. It will also set up a dedicated facility to produce 200 MT per year of P16 speciality product at Dahej at a cost of Rs 17.5 crore.

Jubilant Life Sciences: Board approved raising Rs 100 crore via NCDs. Company’s arm to acquire 25% stake in U.S.-based Sofie Biosciences for $25 million.

SBI Cards and Payment Services: Partners with Paytm to launch Paytm SBI Card.

Tube Investments: Board approved providing of guarantee(s) in favour of lenders of CG Power and Industrial Solutions towards
the financial assistance to be availed by CG Power for an aggregate amount of up to Rs.1,400 crore.

Kalpataru Power Transmission: All approvals for the sale of Alipurduar Transmission have been received. The company expects to receive cash proceeds this month.

Inox Leisure / PVR: Maharashtra Government allows Cinema halls / multiplexes to open with 50% of their seating capacity in areas outside the containement zone starting today. No eatables will be allowed inside. SoP will be issued by the cultural affairs department and local authorities.

Non-Nifty Earnings Today: Adani Power, Bajaj Electricals, Berger Paints, Birlasoft, CONCORF, Dalmia Bharat, Emami, GCPL, Gujarat Gas, Inox Leisure, Jamna Auto, Muthoot Capital, Torrent Power, Vinati Organics.

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World Markets

Dow + 368
Nasdaq + 430
Dax + 235
Nikkei + 265
Hangseng + 650
Sgxnifty + 177 (12085)
Brent Crude 40.80
Dow Fut - 2

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*SGX Nifty +182 pts (12090) from last trade 11908 ,*

Nikkei +301 pts ,
Hangseng +615 pts ,
Now @6.52am .

Dow +367.63 pts ,Nsdq +430.21 pts, S&P +74.28 pts , Bovespa +1887 pts  , Ftse +98 pts , Dax +235 pts , Cac +117 pts , Crude @ $39.05 brl (-0.10), Brent @ $41.20 brl (+1.49) , Gold @ 1906.10 (+9.90), Silver @ $24.025 (+0.132), Euro @ $1.1732, JPY @ $104.42, INR @ 74.365


*Today's Corporate Action*
*5th Nov Ex Date*
AMBUJACEM
Interim Dividend - Rs. - 17.0000

CASTROLIND
Interim Dividend - Rs. - 2.5000

CONTPTR
Stock  Split From Rs.10/- to Rs.5/-

ISEC
Interim Dividend - Rs. - 8.0000

KOPRAN
Interim Dividend - Rs. - 1.5000

MARICO
Interim Dividend - Rs. - 3.0000

SRD
Bonus issue 1:3

SUPPETRO
Interim Dividend - Rs. - 2.5000

SUPREMEIND
Interim Dividend - Rs. - 5.0000

VAIBHAVGBL
Interim Dividend


*Today's Board Meetings*
*5-Nov-20*
ABB
Quarterly Results

ADORWELD
Quarterly Results

ANDHRAPET
Quarterly Results

APARINDS
Quarterly Results

ASTRAZEN
Quarterly Results

CHAMBLFERT
Interim Dividend;Quarterly Results

CIGNITI
Quarterly Results

CONCOR
General;Quarterly Results

DISHTV
Quarterly Results

EMAMILTD
Interim Dividend;Quarterly Results

ESABINDIA
Quarterly Results

GODREJCP
Quarterly Results

GUJGAS
Quarterly Results

HEMACEM
Quarterly Results

ICRA
Quarterly Results

KILPEST
Quarterly Results

KIRANSY-B
Quarterly Results

MEWATZI
Quarterly Results

NOVARTIND
Quarterly Results

PRIMESECU
Quarterly Results

PRIVISCL
Quarterly Results

REGENTRP
Quarterly Results

RICHUNV
Quarterly Results

SAYAJIIND
Quarterly Results

SJCORP
Quarterly Results

SUMICHEM
Quarterly Results

TRENT
Quarterly Results

UNJHAFOR
Quarterly Results


*Stock under F&O ban on NSE*
*5-Nov-20*
None

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Pledged Share Details

Adani Transmission: Promoter SB Adani Family Trust created pledge of 6.4 crore shares on October 29.

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

Sun Pharma: Promoter Shanghvi Finance created pledge of 27.75 lakh shares on October 29.

LT Foods: Promoter Raghuvesh Holdings released pledge of 30 lakh shares on November 3.

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Who’s Meeting Whom

CRISIL: to meet PGIM India Asset Management on November 5.

CDSL: To meet IIFL AMC on November 5.

Dixon Tech: To meet Ward Ferry Management, Haitong Securities and other investors between November 5-10

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Trading Tweaks

Move Into ASM Framework: Greenpanel Industries.

Move Out Of Short Term ASM Framework: Nahar Polyfilms, Music Broadcast.

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Insider Trades

HFCL: Promoter MN Ventures acquired 10 lakh shares on November 4.

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Money Market Update

The rupee declined for the third time in the last four trading sessions on Wednesday, ending at 74.76 against the U.S. Dollar, as compared to Tuesday's close of 74.41.

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