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KEC's 1QFY21 revenues came in at 22.1bn, down 8.5% YoY. EBITDA margins came in above consensus estimate at 8.8%, down 160 bps YoY. With reopening of lockdown, operational ramp up has been encouraging with all manufacturing units now operating at pre-COVID levels, work resuming across sites and labour strength more than 80% of pre-COVID level. The order inflow during the quarter remained healthy, with new order wins worth 19.3bn (+73% YoY) (75% from T&D;, 13% from Civil and 12% from Cables). The company highlighted continuity of a (1) robust tendering momentum and, (2) push to ramp up execution from Railways pertaining to OHE (overhead electrification), Signaling & Communication....

Multiple rounds of stimulus from central banks and the hope of further rounds of such liquidity gush continuing in a view to stabilize the economy.

After clocking a moderate surplus of $0.8bn in June - first time in nearly two decades, the merchandise trade balance moved back to deficit of $4.8bn in July.

Freshtrop fruits has shown remarkable results during the Q1FY20-21. From a net loss of ` 0.66cr in the march quarter, it delivered net profit of ` 5.27cr in the recent quarter. This growth is mainly attributable to its Revenue from fresh fruits segment which grew to ` 58.16 as compared to ` 51.15cr in the previous quarter. In addition, reduction in other expenses to ` 5.59cr from ` 14.42cr has also contributed to the bottom-line. Food processing business saw a de-growth of 37%. But, we believe demand & market for Processed and packaged food to witness huge potential in future. Changing demographics,...

Carbofuron, Propiconazole, Thiophinate Methyl) on Paddy crop to reduce market size of these molecules (including combination molecules) is expected to be ~Rs 2.5-4.0 bn in Punjab. We don't expect any impact of the ban on financials of any company as (1) Ban is restricted to only 1 crop in 1...

Order Inflows came in at ~Rs4.4bn, up 6% YoY. Order book stood at ~Rs57bn providing revenue visibility for the next 1.5 years. GE T&D; (GETD) reported better than expected numbers for the quarter led by higher than anticipated sales and well executed cost control measures. Sales declined by 12% YoY on account of lockdown, unavailability of skilled labor and supply chain issues. GETD secured order inflows worth Rs4.4bn (L1 Rs2.5bn) few projects was deferred due to delay in decision making by...

Revenue declined by 46% YoY, on account of overall weak demand scenario & Covid-19 related disruptions. EBITDA margins contracted by 70bps YoY to 8.5% and PAT declined by 67% on account of weak operating leverage. The worst earnings downgrade has already been factored in the stock price and we expect revival from H2FY21E. Focus on client addition in E-commerce, pick-up in seaway business, demand from warehousing space, faster adoption of e-way bill and gradual pick-up in Auto sector will drive growth. We remain positive on TCI given its strong presence in warehousing space, multimodal logistics services and supply chain management....

IPM growth has been very volatile during lockdown (April-July), despite no restriction imposed on the industry. Anti-Infective continued to be most impacted, while Cardiac was an outlier showing healthy growth in every lockdown month. 1QFY21 sales of domestic formulation were negative for most companies, and real growth was only reported by ERIS and IPCA. Early trends and management comments indicate 2QFY21 domestic formulation sales could be negative as MRs continue to be off-field and vector borne disease cases have also been on lower side. The biggest beneficiaries for...

Notwithstanding strong industry headwinds, Transport Corp (TRPC) reported a sturdy Q1FY21 print, underscoring the strength of its business model.