NIRMAL BANG OFFICIAL

Buy Zinc bet 283.7-283.4 SL BELOW 282 TGT 286.7-288

*CG Power and Industrial Solutions Ltd.* | *CMP* Rs. 796 | *M Cap* Rs. 121668 Cr | *52 W H/L* 814/359
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 2412.7 Cr (8.3% QoQ, 20.5% YoY) vs expectation of Rs. 2332.8 Cr, QoQ Rs. 2227.5 Cr, YoY Rs. 2001.5 Cr
EBIDTA came at Rs. 294.7 Cr (-9.9% QoQ, -4.5% YoY) vs expectation of Rs. 335.4 Cr, QoQ Rs. 327.1 Cr, YoY Rs. 308.6 Cr
EBITDA Margin came at 12.2% vs expectation of 14.4%, QoQ 14.7%, YoY 15.4%
Adj. PAT came at Rs. 221 Cr vs expectation of Rs. 259.9 Cr, QoQ Rs. 241.1 Cr, YoY Rs. 215.1 Cr
Quarter EPS is Rs. 1.4
Stock is trading at P/E of 85.4x FY26E EPS

*Gravita India Ltd.* | *CMP* Rs. 2390 | *M Cap* Rs. 16500 Cr | *52 W H/L* 2700/730
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 927.4 Cr (2.2% QoQ, 10.9% YoY) vs QoQ Rs. 907.9 Cr, YoY Rs. 836.2 Cr
EBIDTA came at Rs. 63.5 Cr (-27.6% QoQ, -12.6% YoY) vs QoQ Rs. 87.7 Cr, YoY Rs. 72.6 Cr
EBITDA Margin came at 6.8% vs QoQ 9.7%, YoY 8.7%
Adj. PAT came at Rs. 72 Cr vs QoQ Rs. 67.3 Cr, YoY Rs. 57.9 Cr
Quarter EPS is Rs. 10.4
Stock is trading at P/E of 40.2x FY26E EPS

*Ultratech Cement Ltd.* | *CMP* Rs. 10790 | *M Cap* Rs. 311503 Cr | *52 W H/L* 12138/8087
(Nirmal Bang Retail Research)
Sales volume (in MT) came at 27.84 vs expectation of 27.34, QoQ 32, YoY 26.70
Realizations (Rs./tonne) came at 5616.02 vs expectation of 5881.49, QoQ 5646.88, YoY 5997
EBITDA/tonne (Rs./tonne) came at 724.96 vs expectation of 906.29, QoQ 949.78, YoY 955.39
*Result is below expectations*
Revenue from Operations came at Rs. 15634.7 Cr (-13.5% QoQ, -2.4% YoY) vs expectation of Rs. 16079.7 Cr, QoQ Rs. 18069.6 Cr, YoY Rs. 16012.1 Cr
EBIDTA came at Rs. 2018.3 Cr (-33.6% QoQ, -20.9% YoY) vs expectation of Rs. 2477.8 Cr, QoQ Rs. 3039.3 Cr, YoY Rs. 2550.9 Cr
EBITDA Margin came at 12.9% vs expectation of 15.4%, QoQ 16.8%, YoY 15.9%
Adj. PAT came at Rs. 820 Cr vs expectation of Rs. 1196.9 Cr, QoQ Rs. 1664.1 Cr, YoY Rs. 1281.5 Cr
Quarter EPS is Rs. 28.4
Stock is trading at EV/EBITDA of 17.2x FY26E EBITDA

*Solara Active Pharma Sciences Ltd.* | *CMP* Rs. 836| *M Cap* Rs. 3010 Cr | *52 W H/L* 850/264
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 347 Cr (-4.6% QoQ, -18.4% YoY) vs QoQ Rs. 363.5 Cr, YoY Rs. 425.2 Cr
EBIDTA came at Rs. 61.3 Cr (46.3% QoQ, 62.9% YoY) vs QoQ Rs. 41.9 Cr, YoY Rs. 37.6 Cr
EBITDA Margin came at 17.7% vs QoQ 11.5%, YoY 8.8%
Adj. PAT came at Rs. 8 Cr vs QoQ Rs. -13.5 Cr, YoY Rs. -11.9 Cr
Quarter EPS is Rs. 2.2

Intraday Derivatives Call Book Partial Profits in BANKNIFTY 23OCT 52000 PE at 306-312, Target 420, Call initiated at 225 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang) 

*VERY IMPORTANT CLARIFICATION FROM BAJAJ AUTO*
WE ARE GROWING 40% FASTER THAN INDUSTRY AVERAGE
GROWTH WILL BE CLOSER TO DOUBLE DIGIT BY DECEMBER

*BAJAJ ATO SAYS*
RAJIV BAJAJ SAYS
COMMENTS WERE MISTAKEN EARLIER
PROMOTERS ARE BUYING STOCK FROM OPEN MARKET
FEEL 20,000 RUPEES IS FAIR VALUE OF BAJAJ AUTO STOCK

MRO-TEK REALTY: CO SUCCESSFULLY PROCURED A PARCEL OF LAND AT CANDOLIM, NORTH GOA FOR SIGNIFICANT STEP IN OUR STRATEGIC EXPANSION INTO THE REAL ESTATE SECTOR

Intraday Derivatives Call Buy BANKNIFTY 23OCT 52000 PE above 225 with SL 130 Target 420 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang)

1-2 DAYS Technical Buy Call BLAL Stop Loss Triggered at 239.  Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Technical Call Buy NETWORK18 above 83.50 with Stop Loss 81 Target 90 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Call Technical call SELL CIPLA FUT 31 OCT BELOW 1555.40 with SL 1575 Target 1515(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

1-2 DAYS  Technical Call book partial profit in BHARTARTL FUT @ 1680-1678 Target 1655 , SELL call initiated 1702.40(ANALYST SWATI).   Visit our website for disclosure (Nirmal Bang).

1-2 DAYS Technical Buy Call DCW Target 110 Achieved, Buy Call initiated at 103 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Technical Buy Call Book Partial Profits in EMBDL at 135-136, Target 140, Buy Call initiated at 130.7(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

[18/10, 22:53] BD-EMP-NB03530 SANDEEP AGRAWAL: *OBEROI REALTY LTD.* | *CMP* Rs. 1931 | *M Cap* Rs. 70212 Cr | *52 W H/L* 2067/1051
(Nirmal Bang Retail Research)
New Booking came at Rs.1442.5cr vs QoQ Rs.1067cr YoY Rs.965cr
*Result Ahead of Expectation*
Revenue from Operations came at Rs. 1319.9 Cr (-6.1% QoQ, 8.4% YoY) vs expectation of Rs. 1252.3 Cr, QoQ Rs. 1405.2 Cr, YoY Rs. 1217.4 Cr
EBIDTA came at Rs. 813.8 Cr (-0.2% QoQ, 27.5% YoY) vs expectation of Rs. 656.7 Cr, QoQ Rs. 815.1 Cr, YoY Rs. 638.2 Cr
EBITDA Margin came at 61.7% vs expectation of 52.4%, QoQ 58%, YoY 52.4%
Adj. PAT came at Rs. 589.4 Cr vs expectation of Rs. 472.5 Cr, QoQ Rs. 584.5 Cr, YoY Rs. 456.8 Cr
Quarter EPS is Rs. 16.2
Stock is trading at P/E of 25x FY26E EPS
[18/10, 23:42] BD-EMP-NB03530 SANDEEP AGRAWAL: *ICICI Lombard General Insurance Co. Ltd. - S* | *CMP* Rs. 2015 | *M Cap* Rs. 104445 Cr | *52 W H/L* 2302/1303
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
GDPI came at Rs. 6721 Cr vs YoY Rs. 6085 Cr, QoQ Rs. 7688 Cr
Net Premiums earned came at Rs. 5026 Cr vs expectation of Rs. 4778 Cr, YoY Rs. 4306 Cr, QoQ Rs. 4504 Cr
PAT came at Rs. 694 Cr vs expectation of Rs. 681 Cr, YoY Rs. 577 Cr, QoQ Rs. 580 Cr
Combined Ratio came at 104.5% vs QoQ 102.3%
Market Share came at 9.4% vs QoQ 10.6%
Quarter EPS is Rs. 14
Stock is trading at P/E of 34.1x FY26E EPS & 7.6x trailing P/BV
[18/10, 23:42] BD-EMP-NB03530 SANDEEP AGRAWAL: *Tejas Networks Ltd.* | *CMP* Rs. 1190 | *M Cap* Rs. 20380 Cr | *52 W H/L* 1495/651
(Nirmal Bang Retail Research)
*With the Execution of BSNL project, order book declined. Order Book has come at Rs.4845cr vs QoQ Rs.7091cr YoY Rs.9271cr New Order booking in the quarter was around Rs.500cr*

*Result Improved*
Revenue from Operations came at Rs. 2811.3 Cr (79.9% QoQ, 610% YoY) vs QoQ Rs. 1562.8 Cr, YoY Rs. 396 Cr
EBIDTA came at Rs. 534.7 Cr (132.5% QoQ, 4022.7% YoY) vs QoQ Rs. 230 Cr, YoY Rs. 13 Cr
EBITDA Margin came at 19% vs QoQ 14.7%, YoY 3.3%
Adj. PAT came at Rs. 275.2 Cr vs QoQ Rs. 77.5 Cr, YoY Rs. -12.6 Cr
Quarter EPS is Rs. 16.1
Stock is trading at P/E of 44.8x TTM EPS

Book 238.4-238.8- BUY ALUMINIUM AT 237- 236.70 SL BELOW 235 TARGET 240

Option BUY NATGASCE200 bt 5.8-5 SL BELOW 2 TGT 11-12.8

*ZEE ENTERTAINMENT ENTERPRISES LTD.* | *CMP* Rs. 130 | *M Cap* Rs. 12453 Cr | *52 W H/L* 300/125
(Nirmal Bang Retail Research)
*Result ahead of Expectation*

*Company Target 8-10% overall revenue CAGR with current portfolio and Aspire to deliver industry-leading 18-20% EBITDA margin*

Revenue from Operations came at Rs. 2000.7 Cr (-6.1% QoQ, -17.9% YoY) vs expectation of Rs. 2104.4 Cr, QoQ Rs. 2130.5 Cr, YoY Rs. 2437.8 Cr
EBIDTA came at Rs. 323.2 Cr (19.5% QoQ, -2.9% YoY) vs expectation of Rs. 275.1 Cr, QoQ Rs. 270.6 Cr, YoY Rs. 332.8 Cr
EBITDA Margin came at 16.2% vs expectation of 13.1%, QoQ 12.7%, YoY 13.6%
Adj. PAT came at Rs. 198.5 Cr vs expectation of Rs. 141.9 Cr, QoQ Rs. 146.7 Cr, YoY Rs. 242.7 Cr
Quarter EPS is Rs. 2.1
Stock is trading at P/E of 12.7x FY26E EPS

*GNA Axles Ltd.* | *CMP* Rs. 418 | *M Cap* Rs. 1793 Cr | *52 W H/L* 519/357
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 387.6 Cr (-3% QoQ, -4.1% YoY) vs QoQ Rs. 399.6 Cr, YoY Rs. 404.2 Cr
EBIDTA came at Rs. 53 Cr (-3.3% QoQ, -3.7% YoY) vs QoQ Rs. 54.8 Cr, YoY Rs. 55 Cr
EBITDA Margin came at 13.7% vs QoQ 13.7%, YoY 13.6%
Adj. PAT came at Rs. 28.5 Cr vs QoQ Rs. 27.8 Cr, YoY Rs. 27.6 Cr
Quarter EPS is Rs. 6.6
Stock is trading at P/E of 18.8x TTM EPS

*Hindustan Zinc Ltd.* | *CMP* Rs. 513 | *M Cap* Rs. 216548 Cr | *52 W H/L* 808/285
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
Revenue from Operations came at Rs. 8242 Cr (1.4% QoQ, 21.3% YoY) vs expectation of Rs. 7929.2 Cr, QoQ Rs. 8130 Cr, YoY Rs. 6792 Cr
EBIDTA came at Rs. 4104 Cr (3.9% QoQ, 30.7% YoY) vs expectation of Rs. 4065.5 Cr, QoQ Rs. 3951 Cr, YoY Rs. 3139 Cr
EBITDA Margin came at 49.8% vs expectation of 51.3%, QoQ 48.6%, YoY 46.2%
Adj. PAT came at Rs. 2381 Cr vs expectation of Rs. 2259.6 Cr, QoQ Rs. 2358 Cr, YoY Rs. 1737 Cr
Quarter EPS is Rs. 5.6
Stock is trading at EV/EBITDA of 12.7x FY26E EBITDA

1-2 Days Technical Call Buy SYRMA above 412 with SL 398 Target 445 (ANALYST NIRAV) Visit our website for disclosure (Nirmal Bang)

1-2 DAYS Technical Call Buy BLAL above 245 with Stop Loss 239 Target 260 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Technical Buy Call Book Partial Profits in ONMOBILE at 89.30-90, Target 95, Buy Call initiated at 87 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang).

1-2 DAYS Technical Call Buy ONMOBILE above 87 with Stop Loss 84 Target 95 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang). 

1-2 DAYS Technical Buy Call Book Partial Profits in DCW at 106-107, Target 110, Buy Call initiated at 103 (ANALYST AYUSH).  Visit our website for disclosure. (Nirmal Bang).

*Elecon Engineering Company Ltd.* | *CMP* Rs. 658 | *M Cap* Rs. 14766 Cr | *52 W H/L* 720/357
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 508.1 Cr (29.5% QoQ, 4.8% YoY) vs QoQ Rs. 392.4 Cr, YoY Rs. 484.9 Cr
EBIDTA came at Rs. 112.3 Cr (21.6% QoQ, -5.4% YoY) vs QoQ Rs. 92.4 Cr, YoY Rs. 118.7 Cr
EBITDA Margin came at 22.1% vs QoQ 23.5%, YoY 24.5%
Adj. PAT came at Rs. 87.7 Cr vs QoQ Rs. 73.4 Cr, YoY Rs. 88.6 Cr
Quarter EPS is Rs. 3.9
Stock is trading at P/E of 18.8x FY26E EPS

*Aether Industries Ltd.* | *CMP* Rs. 933 | *M Cap* Rs. 12369 Cr | *52 W H/L* 1071/762
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 198.8 Cr (10.4% QoQ, 21.1% YoY) vs QoQ Rs. 180 Cr, YoY Rs. 164.2 Cr
EBIDTA came at Rs. 53.6 Cr (24.3% QoQ, 16.7% YoY) vs QoQ Rs. 43.2 Cr, YoY Rs. 46 Cr
EBITDA Margin came at 27% vs QoQ 24%, YoY 28%
Adj. PAT came at Rs. 38.1 Cr vs QoQ Rs. 32.9 Cr, YoY Rs. 36.7 Cr
Quarter EPS is Rs. 2.9
Stock is trading at P/E of 55.9x FY26E EPS

AJMERA REALTY & INFRA INDIA: CO ISSUED 7.59 LAKHS SHARES TO MUKUL MAHAVIR AGRAWAL AT AN ISSUE PRICE OF RS.711

GRANULES INDIA: CO ANNOUNCES ANDA APPROVAL FOR BUPROPION HYDROCHLORIDE EXTENDED-RELEASE TABLETS

AJMERA REALTY ALLOTTED PREF SHARES TO MUKUL AGRAWAL

Intraday Derivatives Call Buy NIFTY 24OCT 25000CE above 92.5 with SL 70 Target 125(ANALYST AMIT). Visit our website for disclosure. (Nirmal Bang). 

BUY ALUMINIUM AT 237-236.70 SL BELOW 235 TARGET 240

BUY LEAD AT 183.20 -183 SL BELOW 181.30 TARGET 186

Plant Capacity 3200 TDP

BOOK PARTIAL PROFIT IN COPPER BUY CALL AT 823.75

STEEL AUTHORITY OF INDIA: MINISTRY OF NEW AND RENEWABLE ENERGY HAS SANCTIONED TOTAL THREE PILOT PROJECTS IN THE STEEL SECTOR, MATRIX GAS AND RENEWABLES LTD , SIMPLEX CASTINGS AND CO

BUY CRUDE OIL 5950 CE BUY AT 275 SL BELOW 230 TARGET 350