Deccan Cements Ltd.    
12 Jun 2021
538.60
0.49%
HDFC Securities
Deccan Cement: In 4QFY21, Deccan Cement's (DECM) utilisation firmed up to 94%, riding on strong demand in the Andhra Pradesh and Tamil Nadu markets. Along with low base of last year, this has led to 50% YoY (4% QoQ) volume uptick. While NSR cooled off 1% QoQ, it remained 13% higher YoY. These drove revenue/EBITDA/APAT by 73/227/ 231% YoY. Elevated maintenance expense more than offset op-lev gains and WHRS benefits. DECM's 2mn MT expansion is expected to gain pace FY22 onwards once COVID impact normalises. A net cash balance and healthy profit outlook should keep leverage under check. We retain ADD rating on the stock with an unchanged target price of INR 610/share (6x its Mar'23 EBITDA). NHPC: NHPCs revenue declined to INR 20.9bn (-30%/-36% YoY/QoQ) in Q4FY21, given 21.6% YoY fall in generation due to shutting down of the Sewa unit and lower water availability in the reservoir. EBITDA also declined 34.6% YoY to INR5.1bn on the back of lower revenue. Depreciation declined 38.8% YoY to INR2.4bn while other income increased 13.4% YoY due to higher late payment surcharge income. After adjusting for one-offs related to provisions for Tawang and Sewa, adjusted PAT declined by 20% YoY to INR4.8bn in Q4FY21, while reported PAT was up 5.6% YoY to INR4.0bn. We have revised our SoTP target price to INR29 from INR27 earlier (+ 9% from the CMP, valuation - core business 1.3x P/BV, RoE 10.0%, CoE 13.5% and FY23BV of INR36/share), factoring in improved cash flow and cash balances in FY21. Full dividend for FY21...
Deccan Cements Ltd. average weekly volume is high.
NHPC Ltd.    
12 Jun 2021
26.95
0.37%
buy
Accumulate: NHPC Ltd.
HDFC Securities
Deccan Cement: In 4QFY21, Deccan Cement's (DECM) utilisation firmed up to 94%, riding on strong demand in the Andhra Pradesh and Tamil Nadu markets. Along with low base of last year, this has led to 50% YoY (4% QoQ) volume uptick. While NSR cooled off 1% QoQ, it remained 13% higher YoY. These drove revenue/EBITDA/APAT by 73/227/ 231% YoY. Elevated maintenance expense more than offset op-lev gains and WHRS benefits. DECM's 2mn MT expansion is expected to gain pace FY22 onwards once COVID impact normalises. A net cash balance and healthy profit outlook should keep leverage under check. We retain ADD rating on the stock with an unchanged target price of INR 610/share (6x its Mar'23 EBITDA). NHPC: NHPCs revenue declined to INR 20.9bn (-30%/-36% YoY/QoQ) in Q4FY21, given 21.6% YoY fall in generation due to shutting down of the Sewa unit and lower water availability in the reservoir. EBITDA also declined 34.6% YoY to INR5.1bn on the back of lower revenue. Depreciation declined 38.8% YoY to INR2.4bn while other income increased 13.4% YoY due to higher late payment surcharge income. After adjusting for one-offs related to provisions for Tawang and Sewa, adjusted PAT declined by 20% YoY to INR4.8bn in Q4FY21, while reported PAT was up 5.6% YoY to INR4.0bn. We have revised our SoTP target price to INR29 from INR27 earlier (+ 9% from the CMP, valuation - core business 1.3x P/BV, RoE 10.0%, CoE 13.5% and FY23BV of INR36/share), factoring in improved cash flow and cash balances in FY21. Full dividend for FY21...
NHPC Ltd. is trading above all available SMAs
416.00
-0.67%
ICICI Securities Limited
CPIL's overall plywood division volumes for Q4 grew 39.1% YoY to 77,489 CBM on account of 44.1% YoY growth in plywood and 6.7% growth in Decoply while commercial veneer declined 23.3% YoY. Plywood EBITDA margins were up 470 bps YoY at 12.8%. Laminates division volumes were up 37.9% YoY to 19,30,535 units. Revenue from this segment was up 45.4% YoY to | 150.7 crore. We expect ~15% CAGR in FY21-23 in plywood revenues to | 1477.4 crore, led by a) pent-up demand, b) benefits arising due to ViroKill technology and c) market share gain. For laminates, we bake...
ICICI Securities Limited increased Buy price target of Century Plyboards (India) Ltd. to 490.0 on 12 Jun, 2021.
Sun TV Network Ltd.    
12 Jun 2021
521.80
-1.74%
buy
ICICI Securities Limited
Sun TV, in its key market of Tamil, has improved its prime time fiction market share from 37% to 42% in the last three quarters, albeit it remains well below that earlier levels. The company envisages to take it to 50% in the medium term. Sun TV also intends to launch five to six shows including two big ticket shows (with total spend of | 50 crore for both shows) in Telugu and Malayalam in Q1FY22, which were delayed due to second wave that halted shootings. We expect the overall impact of the second wave and higher presence of local ad to push back ad revenue recovery. Furthermore,...
Sun TV Network Ltd. has gained 35.72% in the last 1 Year
GAIL (India) Ltd.    
11 Jun 2021
161.30
-1.50%
HDFC Securities
Star Cement: Star Cement reported a weak show in 4QFY21. Consolidated revenue rose 10% YoY to INR 6.03bn on 4/12% volume/NSR growth. However, EBITDA declined 16% YoY to INR 1.04bn due to significant cost inflation. Lower tax rate moderated APAT (at INR 853mn) decline to 1% YoY. We expect margin to expand FY22 onwards on production ramp-up. We maintain our BUY rating with a revised our target price of INR 125 (8x FY23 consolidated EBITDA). GAIL (India): Our BUY recommendation on GAIL with a price target of INR 195 is based on 9% CAGR expansion in gas transmission volume over FY21-23E to 124mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in the eastern and southern parts of India. 4QFY21 EBITDA/APAT were 7/7% below our estimates owing to higher-than-expected raw material cost and operating expenses, offset by an 8% rise in revenue and lower-than-expected finance cost and tax outgo.
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GAIL (India) Ltd. has gained 68.71% in the last 1 Year
Market Movement    
TREND | 11 Jun 2021
Axis Direct
Axis Securities Research Scorecard
Edelweiss released a Strategy Note report for Market Movement on 11 Jun, 2021.
Star Cement Ltd.    
11 Jun 2021
111.20
-1.55%
buy
Axis Direct
We retain our BUY rating on the stock and value the company at 8x of its FY23E EV/EBITDA to arrive at a target price of Rs 125/share, implying an upside of 14% from CMP.
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Star Cement Ltd. has gained 30.75% in the last 1 Year
CreditAccess Grameen Ltd.    
11 Jun 2021
718.25
-0.60%
Axis Direct
We maintain a BUY rating on the stock with a revised target price of Rs 810/share, implying an upside of 12% from CMP.
CreditAccess Grameen.. has an average target of 792.50 from 6 brokers.
World Economy and Markets    
TREND | 11 Jun 2021
Axis Direct
Asian markets are trading mixed while investors take note of US inflation data. Nikkei is trading lower by 0.09%, Shanghai is trading lower by 0.24% while Hang Seng is trading higher by 0.30%.
Axis Direct released a Daily Note report for World Economy and Markets on 11 Jun, 2021.
Ashika Research
51 Equity Shares and in multiples thereof. Public issue of 190,721,649 Equity shares of Face value Rs. 10 each, (Comprising of fresh issue of 10,309,278 Equity Shares* (Rs. 300 cr.) and Offer for Sale of...
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Ashika Research released a IPO Note report for Sona BLW Precision Forgings Ltd. on 11 Jun, 2021.