Buy Suzlon Energy Ltd For Target Rs.26.00 - Emkay

Big beneficiary of wind auction target of 5GW; Reiterate BUY

* The Government is planning 5GW of wind auctions every year to meet its aggressive wind installation targets. This is big positive for SUEL, which is taking away market share from its peers. We maintain BUY with a TP of Rs26. Incremental order wins in the upcoming auctions will be the key ca

25/07/2017 3:31:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Canara Bank Ltd For Target Rs.360.00 - Motilal Oswal

Slippages remain elevated; One off gains help PPoP

* Canara Bank’s (CBK) PBT declined 18% YoY to INR2.7b, missing our estimate by ~68% due to elevated provisions of INR22.0b (94% higher than our estimate). Loan growth stood muted at 8% YoY due to 11% YoY decline in infra loans (13% of advances), despite retail/SME loans growing 8%/12% YoY.

25/07/2017 3:20:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce HT Media Ltd For Target Rs.85.00 - Equirus Sec

HT Media (HTML) reported 1QFY18 revenues of ~Rs 6bn (-3% yoy and 5% below EE). English advertisement revenues, which have been on a downtrend even before demonetisation, declined further by 7% yoy in 1QFY18. Circulation revenues of the English business slid by 23% yoy as many editions were closed down. Radio segment however grew by a strong 30% yoy aided by the launch of new stations. HTML&rsqu

25/07/2017 3:13:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ashok Leyland Ltd For Target Rs.120.00 - Sharekhan

Key points

* Weak operating performance:

Ashok Leyland Limited (ALL) reported a weak operating performance for Q1FY2018, with numbers coming below consensus estimates. The company’s results are not comparable on a YoY basis due to merger of Hinduja Foundries. ALL’s topline for the quarter stood fl

25/07/2017 3:03:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Persistent Systems Ltd For Target Rs.675.00 - Arihant Capital

Revenues increased by 0.1% QoQ and 3.7% YoY:

Persistent Systems posted steady numbers for the quarter ended June 2017 with Rupee revenues increased by 0.1% QoQ and by 3.7% on YoY basis to Rs 728 cr. Persistent Systems USD Revenue grew by 3.6% QoQ and by 7.8% YoY to US$ 112.97 Million. Profit Before tax dipped by 3% QoQ and increased 5% YoY to Rs 102 c

25/07/2017 1:39:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.2,000.00 - IIFL

Exemplary performance
Reliance Industries (RIL) reported an exemplary operational performance in Q1 FY 18 in both of its core segments of refining and petrochemicals. GRM at US$11.9/bbl was highest since Q2 FY09 and a petrochemical segment EBIT margin of 16.5% was highest since Q2 FY 10. With a backdrop of such strong performance along with scale up of ne

25/07/2017 12:54:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Rallis India Ltd For Target Rs.246.00 - Emkay

Lower placement hurts domestic sales; expect to bounce back in Q2

* Standalone revenue declined by 5% yoy to Rs2.6bn due to lower placement ahead of GST implementation. EBITDA margin contracted by 600bps yoy to 3.2%, owing to higher freight cost and absence of operating leverage.

* Metahelix posted healthy performance, with its EBITDA margin

25/07/2017 12:30:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell KPIT Technologies Ltd For Target Rs.121.00 - Kotak Sec

KPIT Technologies recorded a healthy growth in USD revenue of 4.8% QoQ to USD 134.4mn (includes USD 2mn of license revenue) in 1QFY18. EBITDA margin declined by 100bps QoQ to 9.1% despite strong revenue growth and absence of wage hike (2Q wage hike 225-250bp) which will be effective in 2Q, margins were mainly impacted by rupee appreciation to the tune of 150bps. PAT stood at INR555mn above our

25/07/2017 12:24:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral NIIT Technologies Ltd For Target Rs.540.00 - Motilal Oswal

In-line performance; navigating client-specific challenges

* Largely in-line performance: NITEC’s 1QFY18 CC revenue growth of 1.4% QoQ (excluding one-time revenue gains in 4Q) was largely in line with our estimate of +1.3%. RuleTek acquisition contributed ~0.5% QoQ CC (one-month impact), adjusted for which, the performance was m

25/07/2017 12:19:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell ABB India Ltd For Target Rs.1,180.00 - Motilal Oswal

Performance hurt by ECL provisioning; valuation premium warrants Sell

* Operational performance below expectations: 2QCY17 revenue rose 6% YoY to INR22.3b, missing our estimate of INR23.8b by 7%. EBIDTA margin of 6.6% (+120bp YoY) too was below our estimate of 9.7%. EBITDA rose 30% YoY to INR1.5b, but came in below our estimate of INR

25/07/2017 12:15:59 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hindustan Unilever Ltd For Target Rs.1,296.00 - Reliance Se

Superior Growth Trajectory to Sustain Rich Multiples; Upgrade to BUY

Hindustan Unilever (HUL) has reported a strong set of numbers in 1QFY18 as its net sales grew by 5.2% YoY to Rs84bn, while EBITDA and PAT (before exceptional item) surged by 14.1% YoY and 14.6% YoY, respectively. Despite flat volume growth due to overhang on account of GST rollout, re

25/07/2017 12:03:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Hindustan Zinc Ltd For Target Rs.301.00 - Motilal Oswal

Operating performance in line

Zinc price outlook remains bullish; Maintain Neutral

1QFY18 operating performance was in line

* Hindustan Zinc’s (HZL) EBITDA increased 111% YoY to INR23.8b (in-line) in 1QFY18, driven by 85% growth in mine production to 233kt and a 35% increase in LME for zinc.

25/07/2017 11:55:44 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy UltraTech Cement Ltd For Target Rs.4,750.00 - Reliance Se

Sound Performance amid Challenging Environment

UltraTech Cement (UCL) has reported a better-than-estimated operating performance in 1QFY18 with its reported EBITDA coming in at Rs14.7bn marginally topping our estimate of Rs14.4bn. EBITDA/tonne stood at Rs1,113 compared to Rs1,039 and Rs841 in 1QFY17 and 4QFY17, respectively. While average realization h

24/07/2017 4:01:46 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Wipro Ltd For Target Rs.270.00 - Motilal Oswal

Revenue beat offset by 2Q guidance Announces INR110b buyback

* Revenue exceeds estimate and guidance: 1QFY18 CC revenue growth stood at 0.3% QoQ, ahead of our estimate of -1% QoQ and also marginally exceeded the company’s guidance of -2% to 0% QoQ. However, growth was lopsided and came from India/ME/APAC/Emerging markets, while

24/07/2017 3:57:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Aarti Industries Ltd - Emkay

* Tighter environment compliance norms in China and MNC's strategy of de-risking  reliance for sourcing from China bodes well for the Indian chemical industry

* Ramp up in expanded capacities for NCB, pharma and hydrogenation to lead to volume led growth of 15-20% CAGR over the next three to four years. New capex commitment of Rs 2.3bn over the next 12-18 months to provide ea

24/07/2017 3:28:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce KPIT Technologies Ltd For Target Rs.120.00 - Arihant Capital

* Weak Performance:

* Dollar revenue for the quarter stood at $134.4 Million, a Q-o-Q growth of 4.8% and Y-o-Y growth of 12.2%. In ₹ terms revenue grew by 1.4% Q-o-Q and 8.4% Y-o-Y to ₹ 870.4cr. During the quarter, it had around $2 million worth technology license revenues which will not repeat in Q2. Amongst SBUs the growth across most of the SBU

24/07/2017 3:22:30 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Bajaj Auto Ltd For Target Rs.2,900.00 - Sharekhan

Key points

* Weak operating performance as expected, but higher other income led to better-thanexpected PAT:

As anticipated, Bajaj Auto Limited (BAL) reported weak operating performance for Q1FY2018. The topline for the quarter at Rs.5,442 crore declined by 5% YoY, driven by a 10.7% YoY drop in volumes due t

24/07/2017 3:11:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Music Broadcast Ltd For Target Rs.434.00 - Angel Broking

Rhythm of profitable investment

Music Broadcast Limited (MBL) owns and operates FM radio stations under the brand names Radio City and Radio Mantra. MBL has 39 radio stations and operates in 37 Indian cities. The company has a strong listenership base in cities like Mumbai, Delhi and Bengaluru.

 

Long term barrie

24/07/2017 3:01:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kotak Mahindra Bank Ltd For Target Rs.1,153.00 - Motilal Oswal

Strong all-around performance; Merger synergies yielding results

* Standalone results: PAT grew 30% YoY to INR9.1b (in-line). Core operating profit grew strongly by 30% YoY, led by healthy NII growth (17% YoY; NIMs strong at 4.5%), acceleration in fee income (+43% YoY) and pristine asset quality (stable GNPAs at 2.6%). KMB holds more t

24/07/2017 12:32:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold DB Corp Ltd For Target Rs.403.00 - Emkay

In-line quarter

* DB Corp delivered a decent performance, which was in line with estimates. Advertising revenue growth was driven by volume increase while Circulation revenue was underpinned by yield growth. Print Ad/circulation recorded growth of 4.5%/4.9% yoy.

* Radio revenue grew by 11% yoy, with EBITDA of Rs56mn while Digital revenue decl

24/07/2017 12:26:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kansai Nerolac Paints Ltd For Target Rs.515.00 - Kotak Sec

Strong Outlook

Double digit volume growth in the decorative paint segment as well as the auto segment has translated into revenue of Rs 11.74 bn (+12% YoY and +24% QoQ) for KNPL for the quarter. Lower crude prices kept the raw material situation benign with the company reporting healthy EBIDTA of Rs 2.06 bn (highest ever) and EBIDTA margin of 17.5 % (

24/07/2017 12:21:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hindustan Media Ventures Ltd For Target Rs.350.00 - Motilal Oswal

GST-led pain impacts ad growth

* EBITDA misses estimate led by unfavorable operating leverage: HMVL’s 1QFY18 EBITDA declined 10% YoY to INR510m (est. of INR651m) due to GSTled ad pain. The base quarter does not include charges pertaining to HTDSL (HTML’s multimedia digital content arm) carve-out, and thus, financials are st

24/07/2017 12:18:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate MPS Ltd For Target Rs.700.00 - Emkay

Think Subscription adds to platform business traction

* Strong growth in non-top 10 clients (up 75% YoY aided by consolidation of MagPlus from Sep’16 quarter and Think Subscription from Jun’17 quarter) continue to support overall revenues while performance of company’s top 10 clients continued to be muted for yet another quarter.

22/07/2017 12:03:38 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive Bajaj Auto Ltd For Target Rs.3,120.00 - LKP Sec

One off quarter, fate to revive soon on exports and 3W growth

Q1 FY18 margins at a seven year low, driven by multiple levers

Bajaj Auto posted better than expected numbers at the topline as 11% decline in volumes were somewhat offset by a 6% realizations improvement yoy. This was on the back of price hikes tak

22/07/2017 11:58:49 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Mahindra and Mahindra Ltd For Target Rs.1,625.00 - Motilal Oswal

Getting future ready

UV segment needs push; tractor segment healthy

* Mahindra & Mahindra’s (MM) FY17 annual report highlights the company’s focus on technologically advanced new products in the farm segment, continuous improvement in the UV segment to comply with the new emission/regulatory norms, and market

22/07/2017 11:52:10 AM | Posted in Broking Firm Views - Long Term Report read full news