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CCRI: Annual report analysis FY20 a mixed bag. BESTAGRO: Up-and-coming agrochem player

Container Corp's (CCRI) FY20 annual report reveals a mixed year with some hits and some misses.

Outlook and Valuation: Currently the stock is trading at very stretched valuations and way beyond fundamentals as the markets are pricing in qualitative factors like solid fundamentals, strong competitive moat, value unlock potential in some of the investments, which will take some time to reflect in the numbers.

Monthly Chartbook: India's recovery gathers steam. INFOE: Lower billings a cause for concern. VMART: Revival hopes pinned on Q3 festive season

On the cusp of recovery; Rising debt is a concern Ramkrishna Forgings (RMKF) Q1FY21 performance was dismal. A sharp decline in domestic M&HCV; sales due to lockdown adversely affected its domestic revenue (-82% YoY). Export revenue also plunged 46%...

The domestic manufacturing story is leading the path for Dixon and it sits comfortably with a diversified product mix, client mix and fungible manufacturing facilities which can be adjusted to make use of any unutilized capacity. It has been successful in backward integration, improving operational efficiencies and design capabilities to continue on its growth trajectory. It continues to transition from the OEM model to ODM model of doing business, which should improve its margins going forward. The PLI scheme is another opportunity for Dixon, which can...

Info Edge (INFOE) posted weak Q1FY21 revenues with a 10% YoY decline, weighed down by a 25% slump in 99acres.com revenues.

Key takeaways from our recent interaction with the V-Mart Retail management (VMART).

Post declaration of Future Group deal with Reliance Retail, we had given a call of sell on rallies (link to note). FRL shareholders in this deal will get shares of FEL which will have businesses like Consumer brands, Apparel Manufcaturing, Food park, Stake in Insurance ventures etc. we believe massive equity dilution in FEL (Rs12.26bn shares) and little profitability, makes the risk reward unfavorable. We believe FRL is no more a play on structural growth story of organised retail in India. we recommend exit from FRL and drop coverage on the stock....

We reduce earnings estimate of JUBILANT by 23%17.5%11.6% for FY21/22/23E due to weak and inconsistent performance of its Pharmaceutical segment (65% revenue and 78% EBITDA contribution in FY20) whose key contributors Radio pharma and Allergy are currently witnessing lower volumes caused by pandemic in US. Radiopharma being a hospital driven...