Sell

Mphasis (MPHL) reported dollar revenue growth of 2% QoQ in Q3FY21, in line with estimates but lagging behind peers.

PVR Ltd owns and operates multiplexes across 21 States and UT's with a total of 831 screens (including 9 in Colombo). Major income segments for them are Box office, Food & Beverage (F&B;) and Advertisement (Ad)....

Kajaria Ceramics (KJC) posted an above-expected Q3FY21 with 13% YoY revenue growth and volumes up 11%.

JK Tyre (JKI) surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand as well as above-expected gross margins which could stem from low-cost inventory.

Bajaj Auto's (BJAUT) Q3FY21 revenue was in line with projections.

Hindustan Zinc (HZ) reported EBITDA tad below our estimates by 3% due to lower volumes. While, earnings beat consensus estimates by 6%. HZ missed its guidance on volumes and ore grade over last 3-4 years due to weaker than assessed ore grade. Ore grade has fallen by ~30% in last 5 years due to lower grade of new mines and reduced share of Rampura Agucha (RA) mines. As the new shafts at both RA and Sindesar Khurd (SK) mines...

We maintain a Sell on the stock with a revised target of Rs 4350 (5x FY23E ABV).

CEAT surprised positively on both revenue and earnings in Q3FY21, led by strong replacement demand and above-expected gross margins which could be a function of low-cost inventory.

PVR (PVRL) reported paltry revenue of Rs 454mn (95% YoY) in Q3FY21 as a lack of content and the 50% capacity cap weighed on footfalls.

Wipro's (WPRO) Q3FY21 IT service revenue growth of 3.4% QoQ in CC was in-line with our forecast. However, IT services EBIT margin of 21.7%, +245bps QoQ was a big beat to our forecast. This resulted in consolidated EBIT margin improving by ~270bps QoQ to...