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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*Chambal Fertilisers & Chemicals Ltd.* | *CMP* Rs. 165 | *M Cap* Rs. 6867 Cr | *52 W H/L* 186/94
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 3986.9 Cr (23.9% QoQ, 11.8% YoY) vs QoQ Rs. 3218.7 Cr, YoY Rs. 3566.1 Cr
EBIDTA came at Rs. 742 Cr (25.7% QoQ, 33.1% YoY) vs QoQ Rs. 590.2 Cr, YoY Rs. 557.6 Cr
EBITDA Margin came at 18.6% vs QoQ 18.3%, YoY 15.6%
Adj. PAT came at Rs. 436.7 Cr vs QoQ Rs. 298.8 Cr, YoY Rs. 382.6 Cr
Quarter EPS is Rs. 10.5
Share is trading at P/E of 5.5x FY22E EPS

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*Privi Specialty Chemicals Ltd.* | *CMP* Rs. 541 | *M Cap* Rs. 2113 Cr | *52 W H/L* 644/274
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 307.1 Cr (6.2% QoQ, -5.3% YoY) vs QoQ Rs. 289.2 Cr, YoY Rs. 324.2 Cr
EBIDTA came at Rs. 39.6 Cr (-18.2% QoQ, 9.4% YoY) vs QoQ Rs. 48.4 Cr, YoY Rs. 36.2 Cr
EBITDA Margin came at 12.9% vs QoQ 16.7%, YoY 11.2%
Adj. PAT came at Rs. 17 Cr vs QoQ Rs. 21.2 Cr, YoY Rs. 48 Cr
Quarter EPS is Rs. 4.3

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*Muthoot Capital Services Ltd. -S* | *CMP* Rs. 383 | *M Cap* Rs. 630 Cr | *52 W H/L* 664/222
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 95.8 Cr vs YoY Rs. 87.1 Cr, QoQ Rs. 78.5 Cr
PBP came at Rs. 59.7 Cr vs YoY Rs. 38.2 Cr, QoQ Rs. 50.9 Cr
Provision came at Rs. 38.5 Cr vs YoY Rs. 15.7 Cr, QoQ Rs. 33.4 Cr
PAT came at Rs. 15.7 Cr vs YoY Rs. 14.1 Cr, QoQ Rs. 12.9 Cr
Quarter EPS is Rs. 9.6
Share is trading at P/E of 7.6x FY22E EPS & 1.2x trailing P/BV

# Asset Quality details are awaited

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*Aditya Birla Capital Ltd. - C* | *CMP* Rs. 69 | *M Cap* Rs. 16757 Cr | *52 W H/L* 115/37
(Nirmal Bang Retail Research)
*Result is ok*
_Segment Revenue_
NBFC revenue came at Rs. 1410.7 Cr vs YoY Rs. 1558.2 Cr, QoQ Rs. 1393.9 Cr
Life insurance revenue came at Rs. 2380.5 Cr vs YoY Rs. 1791.3 Cr, QoQ Rs. 1929.6 Cr
Asset Management revenue came at Rs. 290.6 Cr vs YoY Rs. 322.8 Cr, QoQ Rs. 258.5 Cr
General insurance Broking revenue came at Rs. 136.9 Cr vs YoY Rs. 116.4 Cr, QoQ Rs. 104.4 Cr
Money Broking revenue came at Rs. 49.4 Cr vs YoY Rs. 40.1 Cr, QoQ Rs. 44.3 Cr
Health insurance revenue came at Rs. 267.8 Cr vs YoY Rs. 148.5 Cr, QoQ Rs. 221.5 Cr
Other Financial Services revenue came at Rs. 31.4 Cr vs YoY Rs. 10.1 Cr, QoQ Rs. 32.1 Cr

Total Income came at Rs. 4894.8 Cr vs YoY Rs. 4312.4 Cr, QoQ Rs. 4306.6 Cr
PBT came at Rs. 359.6 Cr vs YoY Rs. 371.8 Cr, QoQ Rs. 284.7 Cr
PAT came at Rs. 264.3 Cr vs YoY Rs. 255.8 Cr, QoQ Rs. 198.4 Cr
AMC AUM's came at Rs. 250281 Cr vs YoY Rs. 269393 Cr, QoQ Rs. 225713 Cr
Quarter EPS is Rs. 1.1
Share is trading at P/E of 13.1x FY22E EPS & 1.6x trailing P/BV

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The Public Investment Fund will invest ₹ 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04% into RRVL, a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of ₹ 4.587 lakh crore (approximately $62.4 billion).

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*Somany Ceramics Ltd.* | *CMP* Rs. 225 | *M Cap* Rs. 1384 Cr | *52 W H/L* 253/77
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 423.9 Cr (150.2% QoQ, 0.4% YoY) vs expectation of Rs. 345 Cr, QoQ Rs. 169.4 Cr, YoY Rs. 422.3 Cr
EBIDTA came at Rs. 49.5 Cr (-525.6% QoQ, 10.4% YoY) vs expectation of Rs. 26.2 Cr, QoQ Rs. -11.6 Cr, YoY Rs. 44.8 Cr
EBITDA Margin came at 11.7% vs expectation of 7.6%, QoQ -6.9%, YoY 10.6%
Adj. PAT came at Rs. 21.3 Cr vs expectation of Rs. 2.2 Cr, QoQ Rs. -22 Cr, YoY Rs. 32.6 Cr
Quarter EPS is Rs. 3.5
Share is trading at P/E of 20.2x FY22E EPS

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