The Equity Research Desk provides fundamental analysis of capital market-related entities to aid wise investment decisions. The analysis also includes IPO news and updates. An Initial Public Offering allows investors to explore the opportunities in various sectors. Nirmal Bang’s IPO watch helps market participants to stay abreast of all the latest developments in this segment.

Monthly Report - March '22 Series

28-Feb-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? HDFC Bank ? Infosys Ltd Technical Outlook Technical Stocks ? HINDALCO ? DMART Derivatives Outlook Derivatives Strategies ? NIFTY ? NATIONALUM

Union Budget FY22-23

02-Feb-22

Budget Summary – A Growth Oriented Budget FM kept Fiscal Deficit higher than expectation of 5.7-5.8% at 6.4% But Divestment target was also kept at achievable level Rs.65000cr Vs market expectation of 1.25 lakh cr. So adjusted Fiscal Deficit is inline with market expectation. FM has continued its thrust on higher Capital expenditure which is likely to support growth during the year. Higher Capital Expenditure is targeted towards core infrastructure like Road, Railway and Communication . Through custom duty increase FM has targeted to promote domestic manufacturing under PLI scheme. Budget is missing direct support for growth in demand especially for bottom of pyramid people. Budget is positive for Sectors like Infrastructure, Capital Goods, Steel & Cement. And negative for Oil and Gas, Auto.

Monthly Report - February'22 Series

29-Jan-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Home First Finance ? Supriya Lifesciences Technical Outlook Technical Stocks ? SRF ? NTPC Derivatives Outlook Derivatives Strategies ? NIFTY ? BHARTIARTL

Tata Consultancy Services - Buy Back Strategy

25-Jan-22

• TCS is one of the largest IT service Provider • TCV wins for FY21 stood at $31.6Bn (+16.7%). 9MFY22 TCV wins stood at $23.3Bn (+4.5%) On the people front, the company added 68337 employees in 9MFY22 vs 47797 in 9MFY21 taking the total base to 556986 during the quarter, an all-time high employee base which gives confidence about the robust demand pipeline going ahead. • TCS is also investing in growth and transformation services of its clients , management expects better revenue growth for the next 3-5 years and operating costs to normalise post the pandemic • Approved Buyback of Rs 18000 cr at a Price of Rs 4500 per share. The record date is not yet announced . Minimum no of days between announcement date to buyback completion previously is around 90-100days . So buyback completion is expected to happen in April. Assuming acceptance ratio of 50% at CMP , investment gain is around 9.7% • Looking at TCS being confident with multi -year growth opportunity, accompanied with buy back opportunity , we feel TCS is available at attractive valuation at PE of 31.7x FY23E EPS

Market Outlook Jan'22

11-Jan-22

Market Outlook Jan’22 India underperformed developed market but outperformed other EM Fed has changed its stand and now even discussing unwinding of stimulus …leading to outflow of funds from emerging market Recent Indian market rally was driven by limited sectors Higher commodity prices continue to impact margin or demand in many sectors Interest rate cycle also seems to reversing in India and RBI may start increasing Interest rate Nifty Earning are expected to grow strongly on lower base but earnings growth is skewed towards limited sectors posing risk of downgrades Valuation continue to run all high and not leaving scope for error We feel market to remain range bound and it will be more of stock specific market

Monthly Report - January'22 Series

03-Jan-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Sapphire Foods ? State Bank of India Technical Outlook Technical Stocks ? GODREJCP ? ABCAPITAL Derivatives Outlook Derivatives Strategies ? NIFTY ? AUROPHARMA

Monthly Metaliks - Dec'21

29-Dec-21

Shares of Indian steel companies have corrected from their peaks during the year about 15-25%. Weak demand condition in China and falling realizations may continue to pose a threat to Indian steel prices. Earnings for Q3FY22 are likely to remain soft. Steel prices have come off its highs, whereas coking coal has declined from its highs of above $420/t but still remains high on YoY basis. Given the headwinds, we expect EBITDA/t and margins to decline marginally. Going into Q4FY22 India HRC prices are likely to further decline by Rs 1500-2000/t in Jan’22 owing to sluggish overseas demand. Iron ore prices have declined substantially from its highs of above Rs 7000/t in Jun-Aug’21 to Rs 5200/t in Dec’21. These prices are likely to remain sideways going forward. However higher volumes are expected in Q4 given the completion of pending infrastructure projects. With coking coal prices to decline further, input costs will come down thereby improving profitability of companies. We remain Neutral on this sector.

Monthly Report - December'21 Series

27-Nov-21

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? CCL Products ? ICICI Bank Technical Outlook Technical Stocks ? BIOCON ? COALINDIA Derivatives Outlook Derivatives Strategies ? NIFTY ? AXISBANK

Monthly Report - November'21 Series

30-Oct-21

We at Nirmal Bang Retail Research Desk are pleased to provide you with our Monthly Report followed after every F&O expiry. The objective of the report is to provide you insights into Equity markets, both from the Fundamental and Technical perspectives along with the stock picks for short to medium term. The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Navin Fluorine ? SBI Cards & Payment Services Technical Outlook Technical Stocks ? MARUTI ? MANAPPURAM Derivatives Outlook Derivatives Strategies ? NIFTY ? BEL

Diwali Technical Stock Picks 2021

27-Oct-21

Diwali Technical Stock Picks 2021

Investment Picks for Diwali 2021

26-Oct-21

Investment Picks for Diwali 2021

Market Outlook Oct'21

12-Oct-21

Market Outlook October’21 Indian market is outperforming with wide margin Revival in Economy, Higher corporate earnings growth expectation and domestic money supporting outperformance World Economy is also moving towards normalisation and Pre-CoVID level But With much higher commodity prices Commodity prices has seen higher acceleration in recent past Leading to higher inflation. Fed seems more concern about inflation in recent past Monetary support to economy may start reverting faster than expected Higher commodity cost can have impact on margin of corporate and on demand as well. Valuation continue to run all time high and not leaving much scope for error We feel it’s time to be cautious going into the results

Monthly Report - October'21 Series

02-Oct-21

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Can Fin Homes ? India Glycols Technical Outlook Technical Stocks ? CIPLA ? IBREALEST Derivatives Outlook Derivatives Strategies ? NIFTY ? TATA MOTOR

Monthly Metaliks - September 2021

30-Sep-21

Performance of Indian metal companies has fallen in the past two months due to higher coking coal price and raw material price taking a dip in Aug-Sep’21. Domestic consumption of steel slumped to 7.8 mnt in Aug’21, a decline of 3% MoM as Auto players opted for production cut owing to shortage of semi-conductor. Exports were also lower and will continue to remain sideways in the short term as Indian mills do not have much order bookings for October shipments on account of European quotas being exhausted and South East Asia still in Covid throes. Indian primary mills, however, will be looking to increase prices in the coming months as the monsoon season which is relatively a weak season for steel producers has ended. Although, whether the prices will be able to sustain or not will depend on its demand. The impact of higher coking coal prices may not be visible in Q2 results due to higher inventories and will only be seen from Q3 onwards. With China focusing more on its domestic market due to production curbs, export disincentives and a strict inspections regime, we believe such measures will help to boost Indian steel exports in the medium-to-long term. Aluminium soared to a 13-year high of $3,000 per tonne in Sep’21 in London Metal Exchange (LME) on supply concerns. The price surge was triggered by the political turmoil in Guinea, a major producer of bauxite that goes into the making of aluminium, and a cut in production by China, the largest aluminium producer, to control carbon emission from mines. Though aluminium prices have fallen to about $2,850 per tonne, they remain over 60% higher than a year ago. We believe the outlook is positive for aluminium producers as the prices will sustain given the demand for aluminium is increasing globally.

Vaibhav Global Q1FY22 Result Update

02-Sep-21

Vaibhav Global Ltd (VGL) started the new fiscal year on strong note. Sales grew by 24% yoy to Rs 682 cr, despite high base of last year due to covid related high traction. Gross margins came at 65% vs 64.3%/61.2% in Q1FY21/Q4FY21. It is also highest in last 4-5 yrs. EBITDA margins improved to 13.4% vs 13.4%/11.8% in Q1/Q4. Current quarter includes the initial phase launch expenses of Gemrnay business. Excluding this the EBITDA grew by 34% vs reported growth of 24%. The company had forayed into Germany with ~2mn investment during Q4FY21. VGL is confident of breaking even in Germany within three years of roll out, given Germany is Europe’s largest home shopping market with 38 mn TV at homes. In the first year i.e. FY22, Germany is expected to do loss of $3-5 mn. Since the advent of COVID, the company has witnessed accelerated digital adoption. As a result, VGL has gained traction on TV Home shopping, e-commerce and several emerging platforms For FY22, the management has maintained its guidance of 16-18% retail volume growth. Valuations and Recommendation Our last quarter’s call of booking partial profits has worked well. The stock has corrected since then despite broader markets booming. However, as the demand outlook remains positive we believe investors can re-enter at current price. Though the company has narrowed the valuation gap with other FMCG players, we believe there is still scope for further upmove. We recommend investors to re-enter at current levels.

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