YoY), Ebitda Rs572.2cr (up 73% YoY) – expectation Rs384cr, Ebitda Margin 27.2% vs 19% - expectation 20.8% and Income Rs2100r (up 21% YoY) – expectation Rs1849cr

HPCL Q2 net profit Rs2480cr (up 136% YoY) – expectation Rs1350cr, GRM $2.58/BBL vs $1.87/bbl – expectation $2/bbl, Tax Paid Rs815cr vs Rs560cr – expectation Rs450cr, Ebitda Rs3600cr (up 47% YoY) – 58% BEAT, income Rs61340cr (down Rs7.3% YoY) – expectation Rs56370cr. EBITDA stood higher YoY led by better average marketing margins at Rs7.1/lit in 1HFY21 (v/s Rs4.1/lit in 1HFY20).

Indian Hotel reported lower than expected Q2 results. Company reported consolidated Revenue declined 75% YoY to Rs256.7cr (est. Rs302.2cr). EBITDA loss was broadly in-line with our estimates and stood at Rs150.3cr vs gain of Rs160.5cr last year. Reported net loss of Rs245.5cr vs gain of Rs71.5cr last year.

Positive for metal stocks on Price Hikes and impressive global economy data - Metal stocks expected to be positive on account of steel players hiked metal price in the last three months from August to October. Moreover, hope of metal demand will improve after strong PMI data announced by US, Germany, India and China. We are positive on JSW Steel, Jindal Steel, NMDC, Hindalco.

Auto stocks expects momentum ahead of festival sessions - Automakers have step the production as dealerships are running low on stock ahead of Diwali after their retailed more cars and SUVs in Oct then what the manufacturer's supplied. https://t.me/marketswizard

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India Today:
* US stocks surged to close higher on Wednesday as the presidential election race remained cloudy but the likelihood of gridlock in Congress made investors optimistic that major policy changes would be difficult to enact.

* Asian share markets firmed on Thursday while bonds held big gains as investors awaited a clear result from the U.S. election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight.

* Trends on SGX Nifty indicate a gap-up opening for the index in India, NIFTY Nov future closed at 11825.0 with a premium of 11 points, while Dec futures were at a premium of 31 points towards close.

* Insti Flows: FII(Rs bn):Cash+1.5 IdxFut-2.90 IdxOpt-1.36 SSF+7.64 SSO-0.67, DII-0.08 Fut OI, OI% & basis:Nif Rs134bn+5%, +14 & Bnif Rs47bn-8%, +23 SSF Rs1048 +5.20% Tot OI Rs 2538+ 13.0%.

* Prime Minister Narendra Modi will chair a virtual conference of global investors; RBI to purchase state govt bonds via open-market operations; Top Court hearing case on Loan-Interest Waiver; Godrej Consumer, ABB India, Container Corp., ICRA are among companies to report earnings; External Affairs Minister S. Jaishankar to speak.

* India Virus Tracker: Cases 8.31 million; Deaths 123,611 | Virus Tracker: Global Cases 48 Million; Deaths 1.22 Million | Covid-19 Surges Across U.S.; Europe Tightens Rules.

 

Open Interest Activity 

Nifty Stock :

Long Buildup : ADANIPORTS | KOTAKBANK | SBIN | DRREDDY | INDUSINDBK | WIPRO | CIPLA

Short Covering : SUNPHARMA | HEROMOTOCO | TECHM | AUROPHARMA | RELIANCE

Short Buildup : BHEL | INFRATEL | IDEA | GRASIM | HDFC | HINDALCO | NTPC

Long Liquidation : AXISBANK | ICICIBANK

Non-Nifty Stock :

Long Buildup : MRF | PVR | APOLLOTYRE | GLENMARK | COFORGE | GODREJCP | SRTRANSFIN | EXIDEIND | JINDALSTEL | HAVELLS

Short Covering : BALKRISIND | MFSL | SIEMENS | AUROPHARMA | BHARATFORG | MOTHERSUMI

Short Buildup : COLPAL | LICHSGFIN | BHEL | CUMMINSIND | MUTHOOTFIN | FEDERALBNK | PNB | IDEA

Long Liquidation : CHOLAFIN | TATACHEM

 

Nifty

26-Nov-20

Max Put OI is @ 11000 (34k ctc) & 11500 (29k ctcs)

Max Call OI is @12k (24k ctc).

Put added OI is @ 10000 (9k ctcs

Call added OI is @ 13 k (4k ctcs)

BankNifty

Max Put OI is @ 21k (9k ctcs)

Max Call OI is @ 27k (11k ctcs)

 

EARNINGS

* ABB India Ltd. (ABB) 3Q

* Adani Power (ADANI) 2Q

* Adani Transmission (ADANIT) 2Q

* Aditya Birla Capital (ABCAP) 2Q

* AstraZeneca Pharma India (ASTR) 2Q

* Bajaj Electricals Ltd. (BJE) 2Q

* Berger Paints (BRGR) 2Q

* Birla Corp. (BCORP) 2Q

* Chambal Fertilizers (CHMB) 2Q

* Container Corp. (CCRI) 2Q

* Dish TV India (DITV) 2Q

* eClerx Services (ECLX) 2Q

* Emami Ltd. (HMN) 2Q

* Dalmia Bharat (DALBHAR) 2Q

* Godrej Consumer Products (GCPL) 2Q

* Greaves Cotton (GRV) 2Q

* Gujarat Gas (GUJGA) 2Q

* ICRA Ltd. (ICRA) 2Q

* IndoStar Capital (INDOSTAR) 2Q

* INOX Leisure (INOL) 2Q

* Minda Corp. (MDA) 2Q

* Prataap Snacks (DIAMOND) 2Q

* Somany Ceramics (SOMC) 2Q

* Trent Ltd. (TRENT) 2Q

* Torrent Power (TPW) 2Q

 

ON THE RADAR/ EQUITY PREVIEW:

* Adani Enterprises (ADE): Plans INR500B Capex in Five Years, CFO Says

* Adani Green (ADANIGR): 2Q net income -81% y/y to 188m rupees

* Apollo Tyres (APTY): 2Q net income 1.99b rupees vs. 830.7m y/y, beats est. 703.4m

* Hindustan Petroleum (HPCL): 2Q net income 24.8b rupees vs. 10.52b y/y, est. 14.8b; revenue -7.3% y/y to 613.4b; To buy back up toINR25b of shares at maximum INR250 each

* Indian Hotels (IH): 2Q net loss 2.3b rupees vs. profit 713.1m y/y, revenue -75% y/y to 2.57b

* Jindal Steel (JSP): Unit Jindal Power top bidder for Gare Palma 4/1 Coal Mine in India: Coal ministry

* Jubilant Life (JUBILANT): 2Q net income -10% y/y to 2.24b rupees, est. 2.46b; revenue +4% y/y to 23.3b

* Kalpataru Power (KPP): Total order book at INR265.2b as of Sept. 30

* KEC International (KECI): 2Q net income +3% y/y to 1.43b rupees, est. 1.26b; revenue +16% y/y to 32.6b

* L&T Finance (LTFH): To consider proposal for raising via equity/bonds Nov. 9

* Lupin (LPC): 2Q revenue 38.35 billion rupees, estimate 37.93 billion

* Pidili

te Industries (PIDI): 2Q profit +10% y/y to 3.56b rupees, est. 2.56b

* SRF Ltd. (SRF): 2Q net income +5% to 3.15b rupees, est. 2b; revenue +21% y/y to 21b

* Thermax (TMX): 2Q net income +22% y/y to 312.4m rupees, misses est. 576.5m; revenue -29% y/y to 11.4b

* United Spirits (UNSP): 2Q net income -43% y/y to 1.28b rupees, est. 1.22b; revenue 2.5% y/y to 74.6b

* Biden’s Wins in Michigan, Wisconsin Put Him on Brink of Victory

* India Spending Less on Growth Drivers Amid Deficit Blowout Risk

* India Poised to Recover at A Fast Pace, Finance Ministry Says

* Global Funds Buy Korean, Indian Bonds; Sell Indonesian Debt

* India Keeps Capacity Cap on Local Airlines at 60% Until Feb. 24

* Indians May See Better Pay Hikes in 2021 Than Last Year: Survey

* Bumper rains, tax mop up and stimulus to aid companies

* Largest Indian Bank Warns on Bad Debt as Profit Beats Estimates

* Expects retail loans to drive business as economy recovers

* Hindustan Petroleum Expects Integration With MRPL in FY22

* Apollo India Fund’s Two Partners Quit After Split From ICICI

* Apollo will now invest in India from its global pool

* India Top Court hearing Loan-Interest Waiver Case Nov. 5

* India Court to Hear Jharkhand Plea to Stop Coal Mine Bids Nov. 6

* Global Funds Buy Net INR1.46B of India Stocks on Wednesday: NSE

* Domestic funds sell net 81.3m rupees of stocks

* Foreign Investors Buy Net INR15.4B of Indian Equities on Nov. 3

* Foreigners Buy Net IN2.71B of India Equity Derivatives Wednesday

* Abu Dhabi’s Wealth Fund Invests in SoftBank-Backed Tech Startup

 

GOVERNMENT (All times India Time):

* 11:30am: Social Justice Minister Thaawarchand Gehlot to inaugurate a camp for free distribution of Assistive Aids and devices for Divyangjans of North Mumbai under the ADIP scheme virtually through online video streaming

* 2:30pm: External Affairs Minister S. Jaishankar to inaugurate CII-MEA “India-Nordic-Baltic Conclave 2020”

* India’s Modi to Chair Investors’ Conference on Thursday Evening

 

BOND SALES/PURCHASES:

* RBI to Purchase INR100b of State Govt Bonds Via Open-Market-Operations

 

CORPORATE EVENTS:

* 12pm: Balrampur Chini will host a conference call on 2Q FY21 results

* 12pm: United Spirits to host conference call on 2Q FY21 results

* 4pm: Apollo Tyres conference call to discuss on 2Q FY21 earnings

* 4pm: Godrej Agrovetconference call to discuss 2Q FY21 earnings

* 5pm: Godrej Consumer Products conference call on 2Q FY21 results

* 6pm: Lupin to hosts conference call to discuss on 2Q FY21 earnings

* Birla Corp. to consider issue of NCDs on private placement

* Minda Corp. to consider the preferential issue of equity shares

 

OFFERINGS:

* Gland Pharma, Holders Seek Up to $871M in India IPO at INR1,490-INR1,500 each, offer open Nov. 9-11: Terms

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Result Today
Godrej Consumer Products Ltd.
Berger Paints India Ltd.
Adani Transmission Ltd.
Trent Ltd.
Container Corporation Of India Ltd.
Gujarat Gas Ltd.
ABB India Ltd.
Emami Ltd.
Aditya Birla Capital Ltd.
Torrent Power Ltd.
Sumitomo Chemical India Ltd.
Dalmia Bharat Ltd.
Adani Power Ltd.
Vinati Organics Ltd.
Astrazeneca Pharma India Ltd.
Chambal Fertilisers & Chemicals Ltd.
Bajaj Electricals Ltd.
Birlasoft Ltd.
Birla Corporation Ltd.
Caplin Point Laboratories Ltd.
Indostar Capital Finance Ltd.
Inox Leisure Ltd.
ICRA Ltd.
Dish TV India Ltd.
eClerx Services Ltd.
Fairchem Speciality Ltd.
Esab India Ltd.
Privi Speciality Chemicals Ltd.
Jamna Auto Industries Ltd.
Greaves Cotton Ltd.
KSB Ltd.
Minda Corporation Ltd.
Novartis India Ltd.
Matrimony.Com Ltd.
Prataap Snacks Ltd.
RattanIndia Power Ltd.
Cigniti Technologies Ltd.
Apar Industries Ltd.
Godawari Power & Ispat Ltd.
Kirloskar Brothers Ltd.
Somany Ceramics Ltd.
RattanIndia Infrastructure Ltd.
GTL Infrastructure Ltd.
SpencerS Retail Ltd. https://t.me/marketswizard

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*Pre-Market Derivatives and Technical Set-up*

● Nifty index opened negative but managed to hold 11750-11777 zones and headed towards 11929 levels. It remained highly volatile during the day amid counting of US presidential votes but bulls continued their grip for third consecutive session. It made a bullish candle and forming higher lows from last three trading sessions

● Now it has to continue to hold above 11750- 11777 zones to witness an up move towards 12020 then 12200 while on the downside support is seen at 11666 then 11550 zones

● India VIX fell down by 4.29% from 24.24 to 23.20 levels. Volatility needs to further cool down for market stability and factoring the US election results

● On option front, Maximum Put OI is at 11000 followed by 11500 strike while maximum Call OI is at 12000 followed by 12500 strike. We have seen marginal Call writing in 12000 and 12500 strike while Put writing is seen at 11900 then 11600 strike. Option data suggests a wider trading range in between 11600 to 12100 zones

● Bank Nifty opened negative and surpassed its previous day’s high to touch 25900 zones but witnessed some profit booking from higher zones. It formed a Bullish candle with a long lower shadow on daily scale which suggests that bulls are having dominance and declines are being bought. It continues to form higher highs - higher lows from the last three sessions

● Now it has to continue to hold above 25500 zones to witness an up move towards 26000 then 26250 zones while immediate key support seen at 25200 then 25000 zones

● Bullish setup in Indusind Bank, Apollotyre, Divislabs, Cipla, Havells, Voltas, Kotak Bank, Siemens, MRF, Tvsmotor, Bajfinance and Ambujacem

● Bearish setup in Upl, Infratel, PNB and Gail

*Technical & Derivatives Research, Motilal Oswal* https://t.me/marketswizard

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Dividend Update
*Ambuja Cements Ltd. Interim Dividend Rs. 17 Ex Date 05-Nov-2020
*Castrol India Ltd. Interim Dividend Rs. 2.5 Ex Date 05-Nov-2020
*Continental Petroleums Ltd. Stock Split From Rs.10/ to Rs.5/ Ex Date 05-Nov-2020
*ICICI Securities Ltd. Interim Dividend Rs. 8 Ex Date 05-Nov-2020
*Kopran Ltd. Interim Dividend Rs. 1.5 Ex Date 05-Nov-2020
*Marico Ltd. Interim Dividend Rs. 3 Ex Date 05-Nov-2020
*Shankar Lal Rampal Dye-Chem Ltd. Bonus issue 1:3 Ex Date 05-Nov-2020
*Supreme Petrochem Ltd. Interim Dividend Rs. 2.5 Ex Date 05-Nov-2020
*Supreme Industries Ltd. Interim Dividend Rs. 5 Ex Date 05-Nov-2020
*Vaibhav Global Ltd. Interim Dividend Rs. 5 Ex Date 05-Nov-2020
*Cosmo Films Ltd. Buy Back of Shares Ex Date 06-Nov-2020
*LT Foods Ltd. Interim Dividend Rs. 0.5 Ex Date 06-Nov-2020
*Surya Roshni Ltd. Interim Dividend Rs. 1.5 Ex Date 06-Nov-2020 https://t.me/marketswizard

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Bulk Deal & Insider Trade Update
Bulk deal
*Matrimony.Com Limited : Sbi Mutual Fund Buy 500000 Shares @ Rs. 628

*Matrimony.Com Limited : Cmdb Ii Sell 500000 Shares @ Rs. 628

*Vikas Multicorp Limited : Albula Investment Fund Ltd Buy 4000000 Shares @ Rs. 7.65

*Siti Networks Limited : Idbi Trusteeship Services Ltd Sell 15016392 Shares @ Rs. 0.55

*Siti Networks Limited : Bp Equities Private Limited Buy 13800016 Shares @ Rs. 0.55

*Adaniports : Europacific Growth Fund Sell 25759633 Shares @ Rs. 352.01

Insider Trade
Acquisition
*MN Ventures Private Limited Promoter Acquisition 1000000 shares of Hfcl Ltd on 04-Nov-20

*Satish Pai Director Acquisition 65652 shares of Hindalco Industries Ltd. on 13-Oct-20

*Viswanathan Hariharan Kollengode & Jayalekshmy Viswanathan Director Acquisition 4500 shares of Welspun Corp Limited on 02-Nov-20

*SOUMYA CHAVA Promoter Group Acquisition 4400 shares of Laurus Labs Ltd on 02-Nov-20

*CHANDRAKANTH CHEREDDI Promoter Group Acquisition 3500 shares of Laurus Labs Ltd on 03-Nov-20

Disposal
*Gaurang Shah Director Disposal 12000 shares of Kotak Mahindra Bank Ltd. on 02-Nov-20

Pledge
*Shanghvi Finance Private Limited Promoter Group Pledge 2775000 shares of Sun Pharmaceutical Industries Ltd.

Revoke
*Nerka Chemicals Private Limited Promoter Revoke 4100000 shares of Upl Limited on 03-Nov-20

*RAGHUVESH HOLDINGS PRIVATE LIMITED Promoter Group Revoke 3000000 shares of Lt Foods Ltd. on 03-Nov-20 https://t.me/marketswizard

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*SERNET Morning Note*
5th Nov 2020

“NIFTY CROSSES THE 11,900 MARK”

 On Wednesday, the Indian markets bounced back to close above the 11,900 mark even as the Sensex closed decisively above the 40,000 level. The banking and financial stocks drove the rally even as RIL staged a huge comeback in the markets.

 There is a quick rally likely across the global markets as Biden gets closer to the magic 270 mark in the US elections. That is what the markets were anticipating and that puts to rest most of the concerns over the last few days about electoral uncertainty.

 FPIs were net buyers to the tune of Rs.146 crore while DFIs sold Rs.5 crore on Wednesday. The FPI flows could get a better sense of direction as the situation on the US electoral front becomes a lot clearer.

 It was a day of the bulls. The Dow was up 1.5% while the NASDAQ jumped nearly 4% on Wednesday. This trend was seen across Asia and Europe too. Even the SGX Nifty is nearly 2% higher at 12,100 levels in early trade and that promises a gap-up opening.

 As the situation in the US stabilizes, it is time to pick Infosys at Rs.1090 levels for upside targets of Rs.1250 on the stock. With a new government in place, the strategy towards Indian IT is likely to get a lot more sober and liberal.

 The results of Adani Enterprises may have shown a turnaround but the real cream would be the massive investments that the group is planning. Traders can look to buy Adani Enterprises at Rs.350 for upside targets of Rs.450 in 2 months time frame.

 Buy Apollo Tyres, where profits have more than doubled and volumes are now above pre-COVID levels. The stock is a good buy at Rs.145 for upside targets of Rs.185 on the stock in the short to medium term.

As Biden gets close to the 270 mark, it is likely to be a day when global markets are likely to rejoice. At least, there is now the promise of an end to uncertainty. https://t.me/marketswizard

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*Amid U.S. election uncertainty, Fed likely to lay low this week*

With the final result of Tuesday’s presidential election still uncertain, the U.S. central bank’s policy-setting Federal Open Market Committee is expected to stick closely to its last statement and repeat its pledge to do whatever it can to help the economy through the coronavirus-triggered recession.

*The Fed’s latest policy statement, due to be released at 2 p.m. EST (1900 GMT). Fed Chair Jerome Powell is scheduled to hold a news conference at 2:30 p.m. EST.*

Supreme Court adjourns #InterestWaiverCase hearing till November 18

*Cigniti Technologies Ltd.* | *CMP* Rs. 459 | *M Cap* Rs. 1276 Cr | *52 W H/L* 506/175
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 221.2 Cr (1.3% QoQ, 3.1% YoY) vs QoQ Rs. 218.4 Cr, YoY Rs. 214.6 Cr
EBIDTA came at Rs. 44.2 Cr (30.6% QoQ, 19.9% YoY) vs QoQ Rs. 33.8 Cr, YoY Rs. 36.9 Cr
EBITDA Margin came at 20% vs QoQ 15.5%, YoY 17.2%
Adj. PAT came at Rs. 25.2 Cr vs QoQ Rs. 29.1 Cr, YoY Rs. 35.7 Cr
Quarter EPS is Rs. 9.1
Share is trading at P/E of 11.4x TTM EPS

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*Ambika Cotton Mills Ltd.* | *CMP* Rs. 712 | *M Cap* Rs. 406 Cr | *52 W H/L* 948/390
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 145.6 Cr (46.9% QoQ, -9% YoY) vs QoQ Rs. 99.2 Cr, YoY Rs. 160.1 Cr
EBIDTA came at Rs. 25.7 Cr (70.7% QoQ, 8.5% YoY) vs QoQ Rs. 15 Cr, YoY Rs. 23.7 Cr
EBITDA Margin came at 17.6% vs QoQ 15.2%, YoY 14.8%
Adj. PAT came at Rs. 12.9 Cr vs QoQ Rs. 5 Cr, YoY Rs. 11.8 Cr
Quarter EPS is Rs. 22.6
Share is trading at P/E of 9.1x TTM EPS

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BULK DEAL OF 12 LAKHS SHARES IN VBL @ 682 IN NSE
CMP 689 +2

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*Emami Ltd.* | *CMP* Rs. 379 | *M Cap* Rs. 16847 Cr | *52 W H/L* 408/131
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 734.8 Cr (52.7% QoQ, 11.3% YoY) vs expectation of Rs. 683.3 Cr, QoQ Rs. 481.3 Cr, YoY Rs. 660.1 Cr
EBIDTA came at Rs. 257.1 Cr (109.1% QoQ, 33.2% YoY) vs expectation of Rs. 208.6 Cr, QoQ Rs. 123 Cr, YoY Rs. 193 Cr
EBITDA Margin came at 35% vs expectation of 30.5%, QoQ 25.5%, YoY 29.2%
Adj. PAT came at Rs. 118.5 Cr vs expectation of Rs. 143.5 Cr, QoQ Rs. 39.6 Cr, YoY Rs. 96 Cr
Quarter EPS is Rs. 2.7
Share is trading at P/E of 29.5x FY22E EPS

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*Bajaj Electricals Ltd.* | *CMP* Rs. 507 | *M Cap* Rs. 5775 Cr | *52 W H/L* 545/260
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 1217.7 Cr (100.2% QoQ, 11.1% YoY) vs QoQ Rs. 608.3 Cr, YoY Rs. 1095.7 Cr
EBIDTA came at Rs. 104.8 Cr (-581.8% QoQ, 339.4% YoY) vs QoQ Rs. -21.8 Cr, YoY Rs. 23.9 Cr
EBITDA Margin came at 8.6% vs QoQ -3.6%, YoY 2.2%
Adj. PAT came at Rs. 53.1 Cr vs QoQ Rs. -44.4 Cr, YoY Rs. -32.4 Cr
Quarter EPS is Rs. 4.7
Share is trading at P/E of 29.9x FY22E EPS

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*Caplin Point Laboratories Ltd.* | *CMP* Rs. 497 | *M Cap* Rs. 3757 Cr | *52 W H/L* 686/176
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 268.1 Cr (11.7% QoQ, 18% YoY) vs QoQ Rs. 240.1 Cr, YoY Rs. 227.2 Cr
EBIDTA came at Rs. 87.4 Cr (22.1% QoQ, 22.9% YoY) vs QoQ Rs. 71.6 Cr, YoY Rs. 71.1 Cr
EBITDA Margin came at 32.6% vs QoQ 29.8%, YoY 31.3%
Adj. PAT came at Rs. 62.8 Cr vs QoQ Rs. 54.5 Cr, YoY Rs. 57.3 Cr
Quarter EPS is Rs. 8.3
Share is trading at P/E of 12.7x FY22E EPS

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*Sumitomo Chemical India Ltd.* | *CMP* Rs. 285 | *M Cap* Rs. 14224 Cr | *52 W H/L* 317/151
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 902 Cr (39.3% QoQ, 8.9% YoY) vs QoQ Rs. 647.7 Cr, YoY Rs. 828.3 Cr
EBIDTA came at Rs. 218.9 Cr (84.4% QoQ, 34.1% YoY) vs QoQ Rs. 118.7 Cr, YoY Rs. 163.2 Cr
EBITDA Margin came at 24.3% vs QoQ 18.3%, YoY 19.7%
Adj. PAT came at Rs. 157.8 Cr vs QoQ Rs. 79.4 Cr, YoY Rs. 133.7 Cr
Quarter EPS is Rs. 3.2
Share is trading at P/E of 38.8x FY22E EPS

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*Praj Industries Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*Execution remains muted, Order Inflows flat in H1; although performance is expected to improve*

*Outlook: Positive in long term*

• Revenue came at Rs. 260 Cr (-12% YoY). Order inflow for the qtr was Rs. 405 Cr (-25% YoY) and for H1 at Rs. 715 Cr (+1% YoY).
• Order book improved to Rs. 1408 Cr vs QoQ Rs. 1263 Cr (+11%) & YoY Rs. 1130 Cr YoY (+25%). Order book has grown mainly due to lower execution since last 4 consecutive qtrs which witnessed negative revenue YoY growth.
• 70% mix of the order book is towards ethanol/bio-fuel, 22% towards Engineering/breweries and 8% towards Hi purity.
• Co is building four 2G bio refineries for GOI in total. Co has already progressed with 2 projects since last year.
• The Cabinet Committee on Economic Affairs has approved upward revision of ethanol prices from different routes. The rate for ethanol from C-heavy molasses (normal procedure) has been increased from Rs. 43.75 per litre to Rs. 45.69 and that of ethanol from B-heavy to Rs. 57.61 per litre from Rs. 54.27. Price of ethanol extracted directly from cane has been increased to Rs. 62.65 per iitre from Rs. 59.48 per litre.
• 362 distilleries have applied for loans worth Rs. 18k cr out of which 64 distilleries have been sanctioned loans worth Rs. 165 crore liter.
• This will increase the countries ethanol production from 426 crore litre to 591 crore litre.
• As on Sept 30, 2020, average ethanol blending rate in India is at 5.1% (200 crore litres) vs 5.0% last year. OMCs have targeted to procure 430 crore litre in FY22.
• OMCs, sugar mills and banks have agreed to a tripartite financing mechanism in an effort to boost the ethanol capacity of sugar mills.
• The Govt. under the "Sustainable Alternative Towards Affordable Transportation" (SATAT) policy, envisages implementation of 5,000 Compressed Bio Gas plants in the next 5 years. CBG is a complementary renewable transportation fuel to CNG. Avg ticket size of orders will be at Rs. 25-40 Cr for Praj. 500 entities have submitted EOI to Govt till now although this has not yet translated into order inflows. OMCs have announced a price of Rs. 46/kg until March 2024 and a minimum of Rs. 46/kg from 2024-29 period.
• Co has a market share in excess of 75% in biofuel & breweries /engineering.
• Tax rate will be at 20%.
• Cash in books is at Rs. 341 Cr

Share is trading at P/E of 15.3x FY22E EPS

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Tech Mahindra and Subex Partner to roll-out blockchain based solutions for telecom operators globally. These solutions will enable fraud mitigation and drive operational efficiencies for communication service providers (CSP) by reducing compliance complexities and faster time-to-market. *Positive –Subex*

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Positional

Buy Aurionpro at CMP of 71.7
Add more till 69
Sl 68 closing basis
Targets:- 75 - 78 - 81 - 84 - 88 - 91 - 95 - 100+

Disclaimer:- I am not SEBI Registered