HDFC Securities Broker Research reports

FSN ECommerce Ventures Limited - IPO Note Issue Open: Oct 28 Nov 01 2021, Price Band: Rs. 1085 1125 (Discount of Rs .100 for all eligible employees, *Issue Size: 47,572,660 eq sh (Fresh issue of Rs.630 crs + offer for sale of 41,972,660 eq sh)

In turn, we expect EBITDA for oil and gas companies under our coverage to increase ~8% QoQ and ~30% YoY in Q2FY22 Revenue for the companies in our coverage universe is estimated to increase by ~14% QoQ and ~53% YoY, owing to improvement in demand with unlock post the second wave of COVID-19, improvement in GRMs and oil and gas realisation. We expect higher marketing sales volumes for OMCs, higher gas volumes (YoY) for CGD companies except GUJGA, and improvement in realisation for upstream companies.

We initiate coverage on Orient Electric with a BUY rating and maintain our BUY rating on Crompton Consumer and ADD ratings on Havells, Voltas, TTK Prestige, V-Guard and Symphony. We roll forward the target price for our coverage universe to FY24. The consumer durable industry, including fans, has seen numerous trends over the past decade. However, fan continues to remain an underrated category. The industry (>INR 90bn) has seen a shift across product evolution, customer preferences, and distribution. With the best RoCE amongst durables, fans have helped companies reinvest and diversify into other appliances. We see further transformation in the fan industry with the implementation of energy efficiency norms, which would consolidate the industry further. We believe top brands including Crompton Consumer, Havells and Orient Electric stand to benefit the most from the industry transformation

Aditya Birla Sun Life AMC Limited Issue Open: Sep 29 Oct 01 2021 Price Band: Rs. 695 712 Issue Size: 38,880,000 eq sh (Entirely Offer for Sale) Rs.2702.1 -2768.2 cr Reservation for: QIB Upto 18,468,000 eq sh Non Institutional atleast 5,540,400 eq sh Retail atleast 12,927,600 eq sh ABCL Shareholders Upto 1,944,000 eq sh

Sansera Engineering Limited Issue Open: Sep 14 Sep 16 2021 Price Band: Rs. 734 744 (Discount of Rs 36 for all eligible employees) Issue Size: Rs.1265.7 1282.9 cr (1.724 cr shares entirely offer for sale) Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Employee Reservation: eq sh aggregating Upto Rs.9 cr

We expect strong EBITDAand PAT CAGRs of 35/47% over FY22-24E. We initiate coverage on NCL with a BUY and target price of INR 1,220, (WACC 10%, terminal growth 5%). The stock is trading at 43.4/28.0 on FY23/24E EPS. Neogen Chemicals Ltd (NCL) is a leading manufacturer of bromine and lithium-based derivatives in India with technocrat promoters at the helm. We believe the improvement in the share of custom synthesis manufacturing (CSM) and advanced intermediates will result in strengthening of the balance sheet and manifest earnings visibility. The tripling of its organic chemicals manufacturing capacity will not only allow it to fulfil commitments of the two long-term contracts, but also bestow flexibility in selection of new molecules. Capacity expansion will accelerate the pace of growth, which was previously curtailed by limited infrastructure.

Vijaya Diagnostic Centre Limited IPO Note Issue Open: Sep 01 Sep 03 2021 Price Band: Rs. 522 531 (Discount of Rs 52 for eligible Employees) *Issue Size: 35,688,064 eq shares (Entirely Offer for sale ) Issue Size: Rs.1862.92 1895.03 cr Reservation for: QIB Upto 17,769,031 eq sh Non Institutional atleast 5,330,710 eq sh Retail atleast 12,438,323 eq sh Employee Reservation : 150,000 eq sh

Ami Organics Limited IPO Note Issue Open: Sep 01 Sep 03 2021 Price Band: Rs. 603 610 *Issue Size: 9,338,289 eq shares (Fresh Issue of Rs.200 cr + Offer for sale of 6,059,600 eq sh ) Issue Size: Rs.563.1 569.6 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh

Nuvoco Vistas Corporation Limited IPO Note Issue Open: Aug 09 Aug 11 2021 Price Band: Rs. 560 570 *Issue Size: 87,719,298 eq shares (Fresh issue of 1500 cr + offer for sale of 3500 cr) *Issue Size: Rs.4912.3 5000.0 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh