*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

*HPCL surges on strong results and buyback*

State-owned Hindustan Petroleum's shares rose 9.8% today after it announced a 135% year-on-year rise in net profit and a lucrative buyback proposal. The strong jump in net profit to ₹2,477 crore in Q2 was supported by lower inventory cost and gains in foreign currency transactions. The sale of the company's petroleum products has nearly back to last year’s levels with easing lockdown restrictions; sales had halved in April 2020. The company will buy back its shares to the tune of ₹2,500 crore at a maximum price of ₹250, at a premium of over 20% on today’s closing price.

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*Cinemas reopen in Maharashtra from today*

The Maharashtra government has allowed cinema halls in the state to resume operations from today, at 50% capacity. While people are unlikely to rush to theatres immediately, this development marks a change in the status quo and a positive one at that. Stock markets generally respond well to positive changes, and this was visible in the shares of major multiplex operators, such as PVR (+10.0%) and Inox (+4.5%). Reopening of cinemas in Maharashtra was critical to the movie industry because the state contributes 30–35% of the total box office collections. This reopening comes ahead of Diwali, adding to the festive cheer.


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Fosun-owned Gland Pharma IPO price band at ₹1,490-1,500, offer opens 9 Nov - https://www.livemint.com/market/stock-market-news/fosun-owned-gland-pharma-ipo-price-band-at-rs-1-490-1-500-offer-opens-9-nov-11604470297260.html Download mint app for latest in Business News - https://bit.ly/32XEfFE

*Cinemas reopen in Maharashtra from today*

The Maharashtra government has allowed cinema halls in the state to resume operations from today, at 50% capacity. While people are unlikely to rush to theatres immediately, this development marks a change in the status quo and a positive one at that. Stock markets generally respond well to positive changes, and this was visible in the shares of major multiplex operators, such as PVR (+10.0%) and Inox (+4.5%). Reopening of cinemas in Maharashtra was critical to the movie industry because the state contributes 30–35% of the total box office collections. This reopening comes ahead of Diwali, adding to the festive cheer.

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Top Holdings of LIC of India

🏛️ RIL - 80.36K Cr
🏛️ ITC - 38.63K Cr
🏛️ TCS - 36.07K Cr
🏛️ Infosys - 29.45K Cr
🏛️ IDBI Bank - 21.46K Cr
🏛️ HDFC - 16.93K Cr

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https://mybs.in/2YRl7sI Happiest Minds Technologies hits lowest level since listing post Q2 results

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*Matrimony.Com Ltd.* | *CMP* Rs. 671 | *M Cap* Rs. 1530 Cr | *52 W H/L* 770/250
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 93.3 Cr (7.4% QoQ, 1.1% YoY) vs QoQ Rs. 86.8 Cr, YoY Rs. 92.2 Cr
EBIDTA came at Rs. 16.5 Cr (6.8% QoQ, 17.7% YoY) vs QoQ Rs. 15.4 Cr, YoY Rs. 14 Cr
EBITDA Margin came at 17.7% vs QoQ 17.8%, YoY 15.2%
Adj. PAT came at Rs. 10.3 Cr vs QoQ Rs. 9.4 Cr, YoY Rs. 7.8 Cr
Quarter EPS is Rs. 4.5
Share is trading at P/E of 24.3x FY22E EPS

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*Minda Corp Q2FY21 Concall Update*
(Nirmal Bang Retail Research)

*Revival in 2 Wheeler retail demand remains the key monitorable*

*Outlook: Positive in long term*

• Co outperformed OEMs as OEMs’ sales declined by 6% YoY in Q2FY21 while co’s sales increased by 17%. *Co was able to outperform on the back of increase in wiring harness business due to BS6 implementation in 2W, aftermarkets and exports.*
• Demand from 2W OEMs (55% mix) & Tractors (7% mix) is improving every month. *Retail sales performance of 2W industry remains the key.* CV segment (13% mix) is expected to turnaround from here on.
• OEM schedules for November month are healthy.
• Co has a share of atleast 50% with most of the customers for most of its products. In a few products, its share is 70-80% as well.
• *Gross margins declined by 210 bps YoY & 130 bps QoQ to 36.5%. They were impacted due to shift from BS4 to BS6. A major part of it is due to RM indexation (copper) lag which will improve in next qtr and a small part of it is due to the nature of terms with OEMs for BS6 products.*
• To control opex, co had reduced salaries temporarily in light of the poor state of industry in H1FY21. Co has rolled back all salary cuts in the month of Sep.
• *Co will be allotting 1.19 Cr shares to PHI Capital at Rs. 70 per share and raise Rs. 83 Cr.* This will result in equity dilution of 5%. PHI Capital team will support in strategy formation and focus on shareholder value creation. PHI Capital has expertise in auto industry as its management includes several auto industry veterans.
• Debt has already reduced to Rs. 426 Cr (from Rs. 532 Cr in FY20) as KTSN’s debt is not part of the co anymore. Cash is at Rs. 475 Cr.
• Mr. Laxman has retired from the co.

Stock is trading at P/E of 11x FY22E EPS


*Other info:*

Minda KTSN (Germany) filed for insolvency in June as Minda shall focus more on enhancing capital allocation and improving return ratios. With the exit from the loss making German business, co expects EBITDA margins to increase by 2% and ROCE by 5% on account of this development.

Post exiting the German business –
- The share of India business has increased to 85% (balance being from EU, US & S.E.Asia).
- The share of 2/3W has increase from 42% to 55%; PV has decline from 28% to 8%, CVs & Tractors has been stable at 20% while Aftermarket mix has increased from 10% to 17%.
- Since the German business was mainly into Plastic Interiors; the share of Mechatronic & Aftermarket has increased from 41% to 56% and that of Info & Connected Systems has increased from 36% to 44%.
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*ABB India Ltd.* | *CMP* Rs. 896 | *M Cap* Rs. 18986 Cr | *52 W H/L* 1412/722
(Nirmal Bang Retail Research)
*Result ok*
Order book at Rs. 1308 Cr vs Rs. 1606 Cr YoY
Revenue from Operations came at Rs. 1612.2 Cr (63.5% QoQ, -7.6% YoY) vs expectation of Rs. 1475.1 Cr, QoQ Rs. 985.8 Cr, YoY Rs. 1745.6 Cr
EBIDTA came at Rs. 121.4 Cr (417.9% QoQ, -1.6% YoY) vs expectation of Rs. 71.2 Cr, QoQ Rs. 23.4 Cr, YoY Rs. 123.4 Cr
EBITDA Margin came at 7.5% vs expectation of 4.8%, QoQ 2.4%, YoY 7.1%
Adj. PAT came at Rs. 85.5 Cr vs expectation of Rs. 49.8 Cr, QoQ Rs. 14.8 Cr, YoY Rs. 78.8 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 38.8x FY22E EPS

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*Astrazeneca Pharma India Ltd.* | *CMP* Rs. 4296 | *M Cap* Rs. 10740 Cr | *52 W H/L* 4970/1885
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 209.5 Cr (8.2% QoQ, 0.5% YoY) vs QoQ Rs. 193.6 Cr, YoY Rs. 208.5 Cr
EBIDTA came at Rs. 35.5 Cr (24.2% QoQ, 5.7% YoY) vs QoQ Rs. 28.6 Cr, YoY Rs. 33.6 Cr
EBITDA Margin came at 16.9% vs QoQ 14.8%, YoY 16.1%
Adj. PAT came at Rs. 26.3 Cr vs QoQ Rs. 18.6 Cr, YoY Rs. 14.4 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 132.2x TTM EPS

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*Gujarat Gas Ltd.* | *CMP* Rs. 301 | *M Cap* Rs. 20721 Cr | *52 W H/L* 335/174
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 2513 Cr (132.1% QoQ, 0% YoY) vs expectation of Rs. 2198.7 Cr, QoQ Rs. 1082.9 Cr, YoY Rs. 2512.9 Cr
EBIDTA came at Rs. 733 Cr (294.6% QoQ, 97.8% YoY) vs expectation of Rs. 426.6 Cr, QoQ Rs. 185.7 Cr, YoY Rs. 370.6 Cr
EBITDA Margin came at 29.2% vs expectation of 19.4%, QoQ 17.2%, YoY 14.7%
Adj. PAT came at Rs. 475.5 Cr vs expectation of Rs. 226.9 Cr, QoQ Rs. 59.1 Cr, YoY Rs. 517 Cr
Quarter EPS is Rs. 6.9
Share is trading at P/E of 17.9x FY22E EPS

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*Vinati Organics Ltd.* | *CMP* Rs. 1174 | *M Cap* Rs. 12069 Cr | *52 W H/L* 1419/651
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 219.4 Cr (-5.2% QoQ, -11.9% YoY) vs expectation of Rs. 233.4 Cr, QoQ Rs. 231.6 Cr, YoY Rs. 249.1 Cr
EBIDTA came at Rs. 84.1 Cr (-13.4% QoQ, -15.8% YoY) vs expectation of Rs. 94.1 Cr, QoQ Rs. 97.2 Cr, YoY Rs. 99.9 Cr
EBITDA Margin came at 38.3% vs expectation of 40.3%, QoQ 42%, YoY 40.1%
Adj. PAT came at Rs. 62 Cr vs expectation of Rs. 69.4 Cr, QoQ Rs. 72.3 Cr, YoY Rs. 110 Cr
Quarter EPS is Rs. 6
Share is trading at P/E of 32.8x FY22E EPS

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*Berger Paints India Ltd.* | *CMP* Rs. 647 | *M Cap* Rs. 62837 Cr | *52 W H/L* 647/389
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 1742.6 Cr (87.2% QoQ, 9% YoY) vs expectation of Rs. 1500.2 Cr, QoQ Rs. 930.8 Cr, YoY Rs. 1598.6 Cr
EBIDTA came at Rs. 335.2 Cr (264% QoQ, 33.5% YoY) vs expectation of Rs. 258.5 Cr, QoQ Rs. 92.1 Cr, YoY Rs. 251.1 Cr
EBITDA Margin came at 19.2% vs expectation of 17.2%, QoQ 9.9%, YoY 15.7%
Adj. PAT came at Rs. 221.1 Cr vs expectation of Rs. 153.4 Cr, QoQ Rs. 15.4 Cr, YoY Rs. 195 Cr
Quarter EPS is Rs. 2.3
Share is trading at P/E of 73.2x FY22E EPS

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