Wipro partners with IBM to offer Cloud solutions

MG Motor India, Tata Power join hands to deploy superfast chargers for EVs at select locations

RITES secures order from NHIDCL for highway consulting

Gayatri Projects wins Rs146cr water supply project in Uttar Pradesh

Maruti Suzuki partners with Mahindra Finance to bring easy car finance schemes

State Bank of India slashes MCLR by 25 bps and EBR by 40 bps

HPCL delays USD3bn Vizag refinery expansion: Source

Dr Reddy's completes the acquisition of Wockhardt's select generics plant

Panacea Biotec joins hands with US-based Refana to develop Covid-19 vaccine

HDFC to raise upto Rs4000cr via bonds

Bharti Airtel arm buys additional 6.3% stake in Bangladesh's Robi Axiata

Maruti cuts production by 98% in May amid covid

Adani wins world's largest solar project to invest Rs45000cr

Voda Idea, Airtel may offer spectrum, assets, tax refunds as securities for AGR payments

Biocon gets USFDA nod to launch insulin glargine

India's economy to contract by 3.2% in fiscal year 2020-21: World Bank

RBI to conduct Rs27000cr switch auction

Inflation likely to have hit six month low in May: Poll

Government may soon allow import of untested drugs under trial

Bharatmala Pariyojana to get delayed by 4 years: ICRA

Retail auto sales dive 87% in May amid lockdown

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Cipla Ltd: The company has signed agreement to acquire 21.85% stake in GoApptiv Pr ivate Ltd (for a cash consideration in two tranches) on a fully diluted basis to strengthen its partnership and enable wide reach of key brands. Hikal Ltd: The company has infor med the exchanges that it has r esumed par tial operations from 5th Apr il, 2020 and is currently working at 80-85% capacity utilization. Raw material supply is steady with minimal impact and the company does not foresee impact on demand of its products. No cancelation of orders, projects and contracts have been witnessed.

The Week That Went By:

Benchmark Index extended its strong momentum and commenced the week on a strong note but found resistance of 100DMA. During the week, Index tried to cross the hurdle but failed to do so and was dragged lower as big spike was seen in the markets in the preceding weeks and profit booking was seen. On the last day of the week, Indian markets followed the weak global cues and commenced the day with a 350 points gap-down opening. From the first tick itself, Index recovered from the lower levels and momentum accelerated which pushed the Index to end the session at the highest level of the day. Nifty 50=9972.90 BSE Sensex30=33780.89 Nifty Midcap 100=14339.35 Nifty Smallcap100=4393.50

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Result Synopsis

Company Result This Week

HFCL Ltd CMP: Rs13 Target: Rs25

The net sales for the quarter de-grew by 44.2% to Rs6108mn as compared to Rs10947mn in the same quarter last year. At the onset of the lockdown, the company’s production facilities and turnkey execution remained closed; this impacted the production that can be considered as deferment of supplies and project execution thus resulting in deferred revenues of approx. Rs100cr+ in the last few days of the quarter. The EBITDA margin for the quarter under review stood at 8.0% as compared to 6.4% in Q4FY19. The net profit came in at Rs20mn as against Rs515mn in the same quarter last year; drop of 96.1%. The EPS stands at Rs0.02. On the segmental front, Telecom products and Turnkey Contract and Services de-grew by 53.6% and 41.1% respectively. For the full year, the Net sales reported a drop of 18.8% whereas PAT grew by 10.8%. Outlook and Recommendations: The company reported subdued results for the quarter under reference. As reiterated earlier, the disruptions in supply chain on account of the lockdown and the consequent shutdown of manufacturing facilities did impact the revenues and profits. However, the company has reported decent operational levels when compared on y-o-y basis. For the full year, the performance was slightly below our expectations, an overall industrial slowdown effect. Despite the industry slowdown and the pandemic turmoil, the company has a decent order book, the impact of which is expected to be seen in a deferred manner as and when they get executed. Further, the company anticipates good demand from the 5G roll out, FTTH networks and BharatNet Phase-II once they come in place. The cost rationalisation measures and further ease and gradual restart of operations should help the company get back on track. We thereby retain our target price of Rs25 over a 12months horizon.

Zen Technologies Ltd CMP: Rs50 Target: Rs75

There is a major drop in the total turnover reported by the company for the quarter under review. Net revenue for the quarter under de-grew by 58.1% to Rs187mn as compared to Rs447mn in the same quarter last year. The EBITDA margins for the quarter under review stood at 9.8% as compared to 27.0% in the corresponding quarter last year. However, due to the deferred tax of Rs170.61mn, the company has reported a net profit of Rs178mn as compared to a profit of Rs136mn in the comparative quarter of the previous year. For the full year, the company has reported turnover of Rs1,470mn as compared to Rs922mn; with EBITDA margins of 43% as compared to 24%, the company reported net profit of Rs605mn in FY20 as compared to Rs192mn in FY19. The company has recommended a dividend of 40 paise per equity share of face value of Rs1 per equity share. Some of the other developments which the company has shown during the quarter and over the year includes the approval of the Board of Directors for establishment of a representative/branch office in the UAE in order to tap the global market. The Board has also approved the appointment of Ashok Atluri as the chief financial officer with effect from June 6, 2020. Value of orders in hand on 6th June, 2020 amounted to Rs1.6bn. Outlook and Recommendations: There is no doubt; the company has a strong R&D team which can easily blend in the software and hardware to create substitute products at a cheaper rate and thereby support the idea of Make in India. This is also evident from the progress on the ventilator which the company is working on, which is currently mentioned as a CSR activity by the Management. ZenTech has smartly made use of the opportunity to offset the revenue which would have otherwise be lost due to bleak visibility or sluggish demand of defence simulators. Marketing its products effectively appears to be one of the major problems of the company. Zentech is still one of the few global companies who cater to the requirements in the business of defence simulation and processes. It is a matter of time, when the defence orders will start surfacing again. Zentech has many IP which are an important aspect of the business and with the help of its subsidiary, Unistring, the company can focus on another division related to radars and can develop technology for drone simulations as well. Considering the sluggishness in the business for defence simulators and the new product development which the company is working on, the company can test patience of the investors; consequently, we cut the target price to Rs75 with a horizon of 12 months.

Timken India Ltd CMP: Rs881 Target: Rs1250

The total revenue for the quarter de-grew by 9.5% to Rs4,055mn as compared to Rs4,480mn in the same quarter last year. The EBITDA margin for the quarter under review stood at 23.1% as compared to 22.6% in the corresponding quarter last year. The net profit grew by 7% to Rs613mn as against Rs572mn in the comparative quarter. The EPS stands at Rs8.14. For the full year the sales dropped by 2.8% while the profits clocked a growth of 65.6%. The Board has recommended, subject to approval of the members of the company at ensuing AGM payment of dividend of Rs0.50/- (Previous Year was Re1/-) per equity share of Rs10/- Outlook and Recommendations: With the company already facing the pressure from slowdown of the Auto sector, which does impact the Auto ancillary space as well, the new addition was the pandemic. Inspite of it, the company has been able to continue with its operational leverage reflected in the Ebitda margins and reported decent of results for the quarter. This does give some relief in the uncertainty. Even for the full year, the numbers are pretty much in line with our estimates. Although there are uncertainties due to the pandemic, strong balance sheet, sustained profitability and stronger customer centric business model positions the company to face these challenges. We feel that as things start picking up, the other business i.e. Railways should be the key contributor. We continue with our call on the stock and target price of Rs1250 over a 12 months horizon.

Integra Engineering India Ltd CMP:Rs25 Target: Rs40

Net revenue for the quarter under review de-grew by 12.6% to Rs153mn as compared to Rs175mn in the same quarter last year. The EBITDA margins stood at 11.6% as compared to 13.6% in the corresponding quarter last year. The company reported net profit of Rs10mn as against Rs19mn in the comparative quarter of the previous year, drop of 49.1%. EPS for the quarter under review came in at Rs0.3. For the full year, the company has reported revenues of Rs629mn as compared to Rs627mn in FY19; with EBITDA margins at 13.4% as compared to 14.6%, while the net profits reported stood at Rs58mn as compared to Rs111mn. Outlook and Recommendations: With no exceptions, the operations of the company were disrupted with the lockdown due to the Covid-19 pandemic. Ebitda margins have also been impacted due to high expenses during the quarter. Ideally this should have been a good quarter in the cyclical sense but with activities at a halt, it did not fructify. The optimism is intact with regard to restart of the economy, infrastructure spending anticipated to gradually pick up. The same has been indicated by the management as well being positive about growth kicking back in and also demand. However, in the current scenario of uncertainty we maintain a cautious approach and there by tone down our target to Rs40 over a 12 month horizon.

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Result Synopsis

Company Result This Week

KSB Ltd CMP: Rs489 Target: Rs820

The total revenue for the quarter de-grew by 11.2% to Rs2,570mn as compared to Rs2,893mn in the same quarter last year. The EBITDA margin for the quarter under review stood at 7% in comparison to 11% in the corresponding quarter. The net profit dropped by 1.3% to Rs155mn as against Rs157mn in the comparative quarter. This was shielded by the higher other income during the quarter or else the drop would have been on the higher side. The EPS stands at Rs4.5 On the segmental front, the Pumps segment de-grew by 11% while the Valves segment dropped by 12%. Outlook and Recommendations: Q1CY20 results for the company were impacted by the pandemic like any other sector or company is due to extended lockdowns and disruptions in manufacturing. There has been a drop in the revenues for the quarter as well as hit taken on the operational efficiency of the company. Other income actually saved the drop in the PAT levels. The volatility in demand for the products is bound to stay until the uncertainty clears with regard to pick up in economy on the broader view and for the company demand to set in from its customers. Government’s proposal of Rs3.6lakh-crore for piped water supply to every household, was one of the key positives that we bet on for the company. This would happen but surely with a lag in the current scenario. The company has been working on new products which cater to domestic as well as international markets. Considering these rationales for growth but then with a cautious outlook we would tone down our target to the initiating levels of Rs820 over a 12 months horizon.

Westlife Development Ltd CMP: Rs297 Target: Rs450

The net sales for the quarter was almost flat with a drop of 0.9% to Rs3,364mn as compared to Rs3,393mn in the same quarter last year. The EBITDA margin for the quarter under review stood at 10.8% as against 7.5% in the same quarter last year led by the apt cost management. The positive margin trajectory continued despite the shutdown of dine-in in the quarter. There has been improvement in the gross margins seen in the quarter due to favourable product mix and raw material costs. The company is in QSR business and inventory includes food items which are perishable in nature with a short shelf life. Based on the current situation of Covid-19 and continuous lock down, the company expects reduced demand and lower footfalls. Accordingly, the company has made provision for write off food inventory and related onerous commitment of Rs166mn in the quarter ended on March 31, 2020. This has impacted the profits for the quarter. There is a net loss of Rs253mn reported in the quarter under reference. Excluding the impact of IND AS116, the loss stands at Rs175mn. The EPS stands at Rs-1.68 Outlook and Recommendations: The company has closed the year on a decent note with strong sales and cash flows. Westlife was already dealing with tepid consumer sentiment, challenging economic environment which was then followed by the Covid-19 pandemic. One must see that inspite of the volatilities; the company has been capable to manage the same appropriately visible through the numbers. The company has adopted the survival and revival method for FY21 with different measures chalked to continue business positively. The company has the foundation for a quick recovery and all the right ingredients to get back to its growth trajectory as soon as things get back to normal. 2HFY21 should see normalcy clocking in with starting to get back to Pre-Covid growth rate. The company remains committed towards achieving Vision 2022. We would continue to be positive on the growth targets of the company and maintain our target of Rs450 over a 12 months horizon.

Recommendations adjusted as per Corporate Actions

Company Reco Target Corp Action Adj Price Adj Tgt Price

Upside

IHP Ltd 341 600 Bonus 1 : 1 171 500 231%

Engineers India Ltd 211 200 Bonus 1 : 1 105 200 187%

Gulshan Polyols Ltd 390 500 Stock Split from Rs.FV 5 to Rs.FV 1 110 78 31%

Nesco Ltd 2397 3200 Stock Split from Rs.FV 10 to Rs.FV 2 479 640 42%

Castrol India Ltd 447 550 Bonus 1 : 1 223 200 63%

Hikal Ltd 143 325 Bonus 1 : 2 95 216 50%

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Coverage Universe Valuations

Company Reco Reco at (Rs)

CMP (Rs)

Tgt price (Rs)

Upside 1M Var 3M Var 12M Var

Supreme Petrochem Ltd BUY 77 162 275 70% 4.4% 15.0% -20.3%

Shanthi Gears Ltd BUY 107 88 125 41% 10.4% 26.1% -23.8%

Hind Rectifiers Ltd BUY 69 122 275 125% 3.2% -11.1% -8.2%

KCP Ltd BUY 71 45 105 135% 11.6% -14.1% -49.6%

The Hitech Gears Ltd BUY 298 101 300 197% 12.2% -9.8% -62.6%

Bharat Bijlee Ltd BUY 787 705 1500 113% 6.7% 15.8% -37.5%

Triveni Turbines Ltd BUY 92 71 150 111% 12.6% -12.9% -35.0%

Siemens Ltd BUY 1128 1067 1350 26% 5.2% -9.7% -15.3%

GMM Pfaudler Ltd BUY 332 4440 5200 17% 23.9% 63.1% 204.1%

Alicon Castalloy Ltd BUY 288 231 650 181% 7.2% -4.0% -59.8%

Gufic Biosciences Ltd BUY 50 64 120 87% 12.6% 22.8% -14.4%

Excel Industries Ltd BUY 380 712 1200 69% 16.2% 35.6% -30.0%

Vesuvius India Ltd BUY 1165 856 1165 36% -0.5% -14.0% -26.1%

Munjal Showa Ltd BUY 191 98 191 95% 29.4% 34.9% -35.7%

Bharat Rasayan Ltd BUY 2747 7069 9000 27% 11.2% 21.5% 72.0%

Alkyl Amines Chemicals Ltd BUY 391 2095 2250 7% 19.0% 63.7% 156.4%

Grauer and Weil (India) Ltd BUY 45 36 65 79% 11.5% -10.5% -32.6%

Texmaco Rail & Engineering Ltd BUY 91 27 91 240% 18.8% 44.1% -61.7%

Nagarjuna Agrichem Ltd BUY 29 26 45 73% 6.3% 10.6% -19.1%

ITD Cementation India Ltd BUY 158 43 100 131% 27.1% -9.6% -61.3%

Westlife Development Ltd BUY 266 297 450 52% 2.4% -20.8% -7.3%

Dynamatic Technologies Ltd BUY 2160 631 1700 169% 30.2% -1.3% -55.2%

Hitech Corporation Ltd BUY 175 77 125 62% 34.1% 18.5% -15.8%

NRB Bearings Ltd BUY 138 69 138 101% 10.0% -6.3% -58.1%

Kokuyo Camlin Ltd BUY 132 56 132 134% 20.4% 4.4% -31.1%

Timken India Ltd BUY 883 881 1250 42% 5.2% -0.8% 30.7%

Morganite Crucible (India) Ltd BUY 1047 1530 2500 63% 6.6% -4.6% 14.6%

Vardhman Special Steels Ltd BUY 151 62 110 77% 41.5% 20.8% -34.9%

Zen Technologies Ltd BUY 115 50 75 52% 45.8% 35.4% -35.1%

KSB Ltd BUY 820 489 820 68% 12.5% -18.4% -31.4%

Thermax Ltd BUY 1019 718 1230 71% 2.5% -13.6% -35.7%

Transpek Industry Ltd BUY 1547 1675 2000 19% -0.6% 18.2% 11.3%

BASF India Ltd BUY 1954 1080 1400 30% 7.9% 10.3% -23.4%

Artson Engineering Ltd BUY 64 23 45 96% 3.8% -6.5% -48.3%

Remsons Industries Ltd BUY 104 77 130 69% 40.8% 39.2% -18.5%

Snowman Logistics Ltd BUY 33 29 55 90% 15.8% -0.7% -15.4%

Alembic Pharmaceuticals Ltd BUY 605 850 1100 29% 6.1% 46.9% 70.3%

SKF India Ltd BUY 1942 1444 1942 34% 0.4% -17.5% -24.8%

HFCL Ltd BUY 25 13 25 94% 27.8% 30.6% -39.0%

Sudarshan Chemical Industries Ltd BUY 372 385 500 30% 5.3% 7.6% 18.6%

Huhtamaki PPL Ltd BUY 254 198 320 62% -0.6% -19.6% -29.3%

Mishra Dhatu Nigam Ltd BUY 123 197 190 -3.4% -1.7% 4.1% 57.7%

Anuh Pharma Ltd BUY 142 223 226 1% 55.2% 87.0% 66.7%

Kirloskar Pneumatic Co. Ltd BUY 134 107 192 79% 14.4% -10.2% -42.1%

Integra Engineering India Ltd BUY 37 25 40 58% 30.0% 1.8% -47.2%

ICICI Bank Ltd BUY 535 344 430 25% 7.1% -19.0% -17.6%

Srikalahasthi Pipes Ltd BUY 205 168 250 49% 28.3% 10.1% -3.6%

Acrysil Ltd BUY 115 73 150 105% 17.0% -19.1% -30.5%

Paushak Ltd BUY 2210 2088 2800 34% 4.7% -4.2% -13.2%

FDC Ltd BUY 240 244 325 33% 0.1% 12.9% 37.5%

Tube Investments of India Ltd BUY 340 395 425 8% 18.2% -18.3% -0.6%

Cipla Ltd BUY 612 643 751 17% 12.7% 62.8% 14.7%

S H Kelkar and Company Ltd BUY 51 72 80 12% 46.4% -11.0% -49.4%

Revathi Equipment Ltd BUY 291 374 391 5% 26.3% 2.4% -12.7%

IHP Ltd BUY 171 151 500 231% 4.4% 1.9% 6.9%

Engineers India Ltd BUY 105 70 200 187% 16.3% 13.1% 18.3%

Gulshan Polyols Ltd BUY 78 34 45 31% 34.7% 5.9% -26.1%

Nesco Ltd BUY 479 450 640 42% 10.3% -24.4% -21.0%

Castrol India Ltd BUY 223 123 200 63% 1.3% -4.1% 69.2%

Hikal Ltd BUY 95 117 175 50% 17.4% 31.2% 6.0%

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MARKET OUTLOOK

NIFTY (WEEKLY)

BANK NIFTY (WEEKLY)

Sharp run up was seen in the preceding 2 weeks as a result profit booking was witnessed during the week under review. Majority of the sectors have faced resistance at higher levels and have formed a bearish candlestick. Some consolidation in the markets is anticipated.

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NIFTY 50 COMPONENTS (WEEKLY PERFORMANCE)

SECTORAL PERFORMANCE

HDFC Bank -5.96

Hero Motocorp 2.39

Hindalco -2.60

HUL 0.91

ICICI Bank -4.67

Indusind Bank 23.74

Infratel -5.38

INFY -1.95

IOC -1.34

ITC -3.15

Jsw Steel -5.05

Kotak Bank -5.03

LT -3.40

M&M 5.40

Maruti -3.60

Nestle India -3.33

NTPC -1.23

ONGC -3.73

PowerGrid -3.80

Reliance 0.60

SBIN -5.50

Shree Cement 2.22

Sun Pharma -3.16

Tata Motors -6.43

Tata Steel -5.92

TCS -0.75

Tech Mahindra -4.43

TITAN -1.78

Ultratech -2.56

UPL -6.50

VEDL -2.84

Wipro -4.89

Zee Entertainment -19.10

Adani Ports 1.42

Asian Paints -0.43

Axis Bank -0.42

Bajaj Auto 0.65

Bajaj Finserv 0.06

Bajaj Finance 1.71

Bharti Airtel -3.75

BPCL 0.65

Britannia -2.98

Cipla -1.73

Coal India -7.36

DR Reddy’s Labs -0.47

Eicher Motors -3.86

Gail -1.83

Grasim -4.32

HCL Tech -0.70

HDFC 0.85

* Gain/ Loss in %

Media sector ended the week with a cut of over 7% and underperformed the Benchmark Index. Heavyweight stocks like Zeel,(19.10%) PVR (-17.26%) dragged the sector lower. On the other hand, DishTV(+25.47%) was the outperformer. TV18 stocks i.e. Network 18 and TV18 ended the week with a return of 24.42% and 20.49% respectively.

Page No 7

SECTORAL LOSER

With the Market sentiment being bearish all the sectors have ended the week on a negative note.

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