NIRMAL BANG OFFICIAL

*JIO Financial Services Ltd.* | *CMP* Rs. 370 | *M Cap* Rs. 235072 Cr | *52 W H/L* 375/203
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 418.1 Cr (1.1% QoQ, -77.4% YoY) vs QoQ Rs. 413.6 Cr, YoY Rs. 1853.9 Cr
YoY revenue is higher due to higher interest
EBIDTA came at Rs. 320.3 Cr (0.1% QoQ, -79.4% YoY) vs QoQ Rs. 320.1 Cr, YoY Rs. 1558.4 Cr
EBITDA Margin came at 76.6% vs QoQ 77.4%, YoY 84.1%
Adj. PAT came at Rs. 310.6 Cr vs QoQ Rs. 293.8 Cr, YoY Rs. 1604.6 Cr
Quarter EPS is Rs. 0.5
Co is in the hiring, strategizing and infra buildup stage for the 50:50 JV with Blackrock
Stock is trading at TTM P/B of 1.7x

Vodafone Idea Ltd - FPO Snapshot
(Nirmal Bang Retail Research)

Price Band: Rs. 10-11
Issue Size: Fresh Issue Rs. 18000 cr
Bidding Date: 18th – 22nd April '24

Recommendation: SUBSCRIBE FOR LISTING GAIN

Company Overview:
Incorporated in March 1995, Vodafone Idea Limited (VIL) is a telecommunications service provider in India formed by the partnership between Aditya Birla Group and Vodafone. The company had over 223.0 million subscribers and a subscriber market share of 19.3% as of Dec 24 making it India's 3rd largest telecom service provider by subscriber base. VIL’s largest shareholder, the Indian government with a 32% stake, will come around to 24% post equity dilution via FPO.
Objects and Details of the Issue:
1. Purchase of equipment for the expansion of the 4G/5G network infrastructure.
2. Payment of certain deferred payments for spectrum to the DoT and the GST thereon; and
3. General corporate purposes.
Valuation and Recommendation:
Current capital will bring in stability to the business
The customer Attrition will reduce
VIL is the third largest player in telecommunication services and ranks as the 6th largest cellular operator worldwide by subscribers in a single country of operation. The company has been making losses due to customer attrition on the back of lack of expansion of 4G network and lower ARPU rates. However, in future, VIL is expected to benefit from the enhanced rate and potential tariff hikes in the telecom industry. In addition, VIL will also restructure the debt and expand its 4G & 5G offerings. Backed by strong parentage support, We recommend Subscribe to the IPO for listing gain.

 *Indian Renewable Energy Development Agency Ltd. -S* | *CMP* Rs. 161 | *M Cap* Rs. 43219 Cr | *52 W H/L* 215/50
(Nirmal Bang Retail Research)
*Result has improved on the back of subdued credit cost*
Disbursement came at Rs. 12869 Cr (+14% YoY)
O/s Loan Book came at Rs. 59650 Cr (+27% YoY, +18% QoQ due to strong seasonality factor)
NII came at Rs. 481.4 Cr vs YoY Rs. 356.4 Cr (+35%), QoQ Rs. 448.1 Cr (+7%)
PBP came at Rs. 479.2 Cr vs YoY Rs. 342.5 Cr (+40%), QoQ Rs. 447.3 Cr (+7%)
Provision came at Rs. 9.4 Cr vs YoY Rs. 49.9 Cr, QoQ Rs. 37.7 Cr
PBT came at Rs. 480 Cr and improved 66% YoY & 24% QoQ
PAT came at Rs. 337.4 Cr vs YoY Rs. 253.6 Cr, QoQ Rs. 335.5 Cr
PAT is impacted by higher tax rate of 30% vs QoQ 13% & YoY 12%
Gross NPA (%) came at 2.36% vs QoQ 2.9%
Net NPA (%) came at 0.99% vs QoQ 1.52%
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 30.9x FY25E EPS & 5x trailing P/BV


 *HDFC Asset Management Company Ltd. - S* | *CMP* Rs. 3707 | *M Cap* Rs. 79139 Cr | *52 W H/L* 4067/1728
(Nirmal Bang Retail Research)
*Result is ok; Strong AUM growth marred by decline in revenue yields*
Revenue from Operations came at Rs. 695.4 Cr vs YoY Rs. 541 Cr, QoQ Rs. 671.3 Cr (+4%)
EBITDA (Excl O.I) came at Rs. 539.3 Cr vs YoY Rs. 410.6 Cr, QoQ Rs. 511.4 Cr (+5%)
EBITDA Margin % came at 77.5% vs YoY 75.9% vs QoQ 76.2%
PAT came at Rs. 541 Cr vs YoY Rs. 376 Cr, QoQ Rs. 490 Cr
AUMs (Rs. Bn) came at Rs. 6129 Cr vs YoY Rs. 4498 Cr, QoQ Rs. 5515 Cr (+11%)
Equity-oriented AUMs (Rs. Bn) came at Rs. 3860 vs YoY Rs. 2445, QoQ Rs. 3166(+22%)
Equity-oriented AUMs (% to total AUMs) came at 63.0% vs YoY 54.4% vs QoQ 57.4%
Overall Market Share came at 11.3% vs YoY 11.1% vs QoQ 11.2%
Equity Market Share came at 12.8% vs YoY 12% vs QoQ 12.5%
Quarter EPS is Rs. 25.3
Stock is trading at P/E of 37.4x FY25E EPS & 11.2x trailing P/BV

Exit sell call at Cmp 72610

BUY GOLD BET 72610-570 SL BELOW 72300 TGT 73000-73200

Option BUY GOLDPE72K bt 1080-50 SL BELOW 850 TGT 1400-1550

RISKY SELL GOLD BET 72360-410 SL ABV 72899 TGT 71900-820

*Wipro ltd.* | *CMP* Rs. 453 | *M Cap* Rs. 239003 Cr | *52 W H/L* 546/352
(Nirmal Bang Retail Research)
Revenues CC QoQ came at -0.3% vs expectation of -0.4%, QoQ -1.7%, YoY -0.6%
*Result is in line of expectation*
Dollar revenue came at $ 2657.4 Mn,(0% QoQ, -5.9% YoY) vs expectation of $ 2656.3 Mn, QoQ $ 2656.1 Mn, YoY $ 2823 Mn
Net sales came at Rs. 22208.3 Cr (0% QoQ, -4.2% YoY) vs expectation of Rs. 22107.9 Cr, QoQ Rs. 22205.1 Cr, YoY Rs. 23190.3 Cr
EBIT came at Rs. 3550.1 Cr (8.9% QoQ, -3% YoY) vs expectation of Rs. 3409.5 Cr, QoQ Rs. 3260.3 Cr, YoY Rs. 3658.7 Cr
EBIT Margin came at 16% vs expectation of 15.4%, QoQ 14.7%, YoY 15.8%
Adj. PAT came at Rs. 2858.2 Cr vs expectation of Rs. 2818 Cr, QoQ Rs. 2694.2 Cr, YoY Rs. 3074.5 Cr
Quarter EPS is Rs. 5.4
Stock is trading at P/E of 19.6x FY25E EPS

PREMIER EXPLOSIVES: CO APPROVED SUB DIVISION OF 1 SHARE INTO 5 SHARES

PREMIER EXPLOSIVES: CO APPROVED RAISING OF FUNDS UPTO 400 CR RUPEES

*Hindustan Zinc Ltd.* | *CMP* Rs. 397 | *M Cap* Rs. 167618 Cr | *52 W H/L* 396.7/285
(Nirmal Bang Retail Research)
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 7549 Cr (3.3% QoQ, -11.3% YoY) vs expectation of Rs. 7350 Cr, QoQ Rs. 7310 Cr, YoY Rs. 8509 Cr
EBIDTA came at Rs. 3649 Cr (3.6% QoQ, -14.2% YoY) vs expectation of Rs. 3631.9 Cr, QoQ Rs. 3521 Cr, YoY Rs. 4255 Cr
EBITDA Margin came at 48.3% vs expectation of 49.4%, QoQ 48.2%, YoY 50%
Adj. PAT came at Rs. 2038 Cr vs expectation of Rs. 2040.9 Cr, QoQ Rs. 2028 Cr, YoY Rs. 2583 Cr
Quarter EPS is Rs. 4.8
Stock is trading at P/E of 17.6x FY25E EPS

Dixon’s subsidiary Padget Electronics has entered into an Agreement with Longcheer Mobile India for undertaking manufacturing and sale of smart phones for large global brands with Longcheer’s design and technology. Longcheer provides integrated smart product services to global leading consumer electronics brands & tech enterprises across multiple countries & regions with global delivery capabilities & has approximately 28% share of ODM at Global Level (parent of Longcheer). Positive.

*Elecon Engineering Company Ltd.* | *CMP* Rs. 1098 | *M Cap* Rs. 12317 Cr | *52 W H/L* 1122/350
*Result has improved*
Revenue from Operations came at Rs. 564.6 Cr (19.2% QoQ, 33% YoY) vs QoQ Rs. 473.6 Cr, YoY Rs. 424.5 Cr
EBIDTA came at Rs. 135.4 Cr (12.4% QoQ, 45.8% YoY) vs QoQ Rs. 120.4 Cr, YoY Rs. 92.9 Cr
EBITDA Margin came at 24% vs QoQ 25.4%, YoY 21.9%
Adj. PAT came at Rs. 103.7 Cr vs QoQ Rs. 90.4 Cr, YoY Rs. 67.9 Cr
Quarter EPS is Rs. 9.2
Stock is trading at P/E of 30.1x FY25E EPS

1-2 DAYS Technical Buy Call Book Partial Profits in BLAL at 253.7-255, Target 265, Buy Call initiated at 249 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Technical Call Buy BLAL above 249 with Stop Loss 244 Target 265 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Technical Buy Call Book Partial Profits in GRAPHITE at 683-685, Target 700, Buy Call initiated at 670 (ANALYST AYUSH). 

1-2 DAYS Technical Call Buy GRAPHITE above 670 with Stop Loss 655 Target 700 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Technical call Buy SUMICHEM above 406.70 with SL 396 Target 430(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

1-2 DAYS Technical call Buy AAVAS above 1550.70  with SL 1530  Target 1590(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang). 

Intraday Derivatives Call BSXOPT 19APR 72000 PE SL triggered at 120 Visit our website for disclosure (Nirmal Bang)

VEDANTA: UAE'S INTERNATIONAL RESOURCES HOLDING HAS OFFERED TO BUY CO RESOURCES' MAJORITY STAKE IN ZAMBIA COPPER MINES - RTRS