Buy NTPC Ltd For Target Rs.178.00 - Reliance Sec

Improving Performance on Operational Metrics

NTPC has delivered an improved performance on key operational metrics in 3QFY17 with EBITDA and pre-tax profit rising by 9.3% YoY and 9.8% YoY, respectively. Net sales surged by 10.9% YoY owing to higher realisation and ~8% growth in regulated equity led by commissioning of new capacity. In line with our exp

22/02/2017 3:24:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kolte-Patil Developers Ltd For Target Rs.182.00 - Emkay

Result highlights

*Higher than expected revenue recognition from Wakad, Pune project led to Kolte-Patil Developers (KPDL) reporting revenue and earnings well ahead of estimates.

* As expected, new sales bookings declined 44% QoQ to 0.32msf (worth Rs1.95bn). However, collections remained strong at Rs247mn (up 6% QoQ).

* While demonet

22/02/2017 3:18:37 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Dhanuka Agritech Ltd For Target Rs.890.00 - RCML

Superior margins spur profitability, outlook positive

DAGRI’s Q3FY17 revenue grew 1.5% YoY to Rs 2.1bn (RCMLe Rs 2.2bn) as volume growth spiraled down to 3.5% YoY (9MFY17: +12-13%) due to demonetisation. However, EBITDA and PAT grew 18% YoY each on lower RM costs and a better product mix. DAGRI has guided to FY18 revenue growth of 15% YoY subject

22/02/2017 3:07:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy TV Today Network Ltd For Target Rs.360.00 - Religare Sec

Demonetisation impacted the advertising revenue

TV Today reported subdued Q3FY17 results as advertising revenue was impacted due to demonetisation. The company reported net sales de-growth of 6.4% yoy at Rs 140.9crs. EBITDA and PAT declined by 30.5% and 28.4% respectively. We expect ad revenue to pick up in Q4FY17E post advertising spends revival. TV T

22/02/2017 2:55:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral no GlaxoSmithKline Pharmaceuticals Ltd - Angel

Performance Highlights

For 3QFY2017 Glaxo Pharmaceuticals (GSK) posted results lower than expectations on all fronts. In sales, the company posted sales of `689cr v/s `700cr expected, a yoy de-growth of 5.6%. On EBITDA front, the company posted EBITDA of 5.1% (v/s 9.1% expected) v/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at `40.8cr (v/s `78.

22/02/2017 2:39:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold MBL Infrastructures Ltd For Target Rs.58 - Reliance Sec

Performance Back on Track; Concerns still Prevail

MBL Infrastructures (MBL) has managed to back on track in 3QFY17 following a worst ever performance in 2QFY17. Despite 18% YoY (+52% QoQ) decline in revenue, its operating profit improved by 8% YoY to Rs708mn mainly owing to 295 bps YoY improvement in operating margin to 12.5%. Notably, interest cost wi

21/02/2017 2:50:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Titan Industries Ltd For Target Rs.380 - Religare Sec

Strong performance in a demon environment

TTAN’s Q3FY17 net sales/EBITDA/adj. PAT grew 14%/21%/13% YoY. Jewellery sales were up 15.4% YoY with flattish EBIT margins while watches sales grew 5.1% YoY with 370bps EBIT margin expansion. Management stated than the Jan’17 sales trajectory continues to be healthy. We raise estimates but maintain

21/02/2017 2:40:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Oil India Ltd For Target Rs.335 - Sharekhan

Key points

*Operating profit below estimate on account of higher other expenses:

Oil India’s (OIL) Q3FY2017 operating profit at Rs734 crore (-1.2% YoY; -12.2% QoQ) was 26.6% below our estimate of Rs1,001 crore due to higher other expenses of Rs690 crore (+14.7% YoY; +31.4% QoQ), and lower-than-expected

21/02/2017 2:26:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy The Ramco Cements Ltd For Target Rs.815 - Motilal Oswal

Strong volume growth and interest cost savings drive profits

* Robust volume growth:

TRCL’s volumes grew 22% YoY (but declined 2% QoQ) to 1.99mt in 3QFY17 (v/s our estimate of 1.93mt), driven by higher sales to eastern markets. Volumes grew 90-100% YoY in the eastern markets and ~11% YoY in the souther

21/02/2017 2:17:08 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold GIC Housing Finance Ltd For Target Rs.310 - Inda Nivesh

GIC Housing Finance (GICHSG) reported numbers in‐line with our expectations with Net Interest Income of Rs 813 mn, up 17% yoy. Operating Profit grew 24% yoy to Rs 653 mn v/s our expectation of Rs 622 mn. Provisioning expense were up 112% yoy to Rs 125 mn and net profit was marginally lower than expectation at Rs 344 mn v/s INSL estimate of Rs 355 mn..

 

21/02/2017 2:05:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Skipper Ltd For Target Rs.187 - Reliance Sec

Transmission Capex Play; On Right Track

Skipper has reported in-line performance in 3QFY17. Its net revenue grew by 15.8% YoY to Rs4306mn, aided by healthy performance in all operating segments. Its EBITDA stood at Rs570mn, while reported EBITDA margin came in at 13.2% in 3QFY17 compared to 13.3% in 3QFY16. On the back of better execution, its PAT surg

21/02/2017 1:53:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold NTPC Ltd For Target Rs.175 - Emkay

Q3FY17 marginally below our estimates; Maintain Hold

* NTPC reported 11.1% YoY increased in reported revenue to Rs192.9 bn during Q3FY17. While revenues after adjusting for prior period sales increased 9.0% YoY to Rs189.0bn (above our estimate of Rs179.8 bn).

* Derived realization and variable cost increased 7.7% YoY and 12.9% YoY to Rs3.3/un

21/02/2017 1:38:32 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Punjab National Bank Ltd For Target Rs.100 - RCML

Slippages decline but remain at elevated levels

PNB’s Q3FY17 PAT declined 62% QoQ to Rs 2.1bn, largely due to a 4% QoQ drop in NII and an above-expected rise in operating expenses and provisions. Trading gains worth Rs 5.2bn partially cushioned earnings. Absolute GNPAs were down 2% QoQ as fresh slippages decreased by Rs 3bn. PNB’s loan book

21/02/2017 1:26:47 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Mangalore Refinery and Petrochemicals Limited For Target Rs.114.00 - Motilal Oswal

EBITDA below est.; forex loss lowers PAT further

MRPL reported 3QFY17 EBITDA of INR13.1b (excl. forex loss of INR1.6b; est. of
INR15.7b; +46% QoQ, +157% YoY), led by lower-than-estimated GRM of
USD7.43/bbl (est. of USD9.3/bbl). Interest cost came in at INR1.4b (est. of
INR1.1b, +25% QoQ, -10% YoY). Other income of INR636m (-31% QoQ

20/02/2017 3:44:02 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy V-Guard Industries Ltd For Target Rs.205.00 - Sharekhan

Key points

* Earnings growth supported by higher other income and lower tax;

OPM maintained: V-Guard Industries delivered yet another healthy performance in Q3FY2017 despite demonetisation. The company maintained its Operating Profit Margin (OPM) at 8.4% due to lower input cost and various cost-saving initiati

20/02/2017 3:32:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Navkar Corporation Ltd For Target Rs.224.00 - Reliance Sec

Stable Performance; Strong Volume Growth on the Cards

Navkar Corporation (NCL) has reported decent performance in 3QFY17, with its consolidated revenue growing by 4% YoY and 2% QoQ to Rs916mn. Notably, revenue growth surpassed volume growth, which grew by 2% YoY (flat 1% QoQ) to 82,472 TEUs. Further, realization rose by 2.5% QoQ and YoY to Rs10,933/TEU

20/02/2017 3:26:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Bharat Heavy Electricals Ltd For Target Rs.100.00 - RCML

Order inflows disappoint, positives priced in – SELL

BHEL’s Q3FY17 results (revenue: +19% YoY to Rs 63bn; adj. PAT Rs 935mn) were ahead of estimates on account of faster execution. However, order inflows for Q3/9MFY17 spiraled down 73%/76% YoY to Rs 16.1bn/Rs 66.1bn while the order book slid 10% YoY to Rs 984bn. BHEL expects key orders of R

20/02/2017 3:19:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Garware Wall Ropes Ltd For Target Rs.710.00 - Angel

Performance Highlights

For 3QFY2017 Garware Wall Ropes (GWRL) posted results which outperformed our estimates on the bottom-line front, while the top-line was in-line with our estimates. On the operating front, the company reported margin improvement, primarily on account of lower other expenditures. Further, on the bottom-line front, the company repor

20/02/2017 3:09:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Auto Ltd For Target Rs.2,838 - Sharekhan

Key points

* Operating performance marginally ahead of estimate;

higher other income further boosts profit: Bajaj Auto’s (BAL) topline in Q3FY2017 declined by 9% YoY to Rs5,067 crore, driven by an 11% drop in volumes. Domestic volumes dipped by 5% YoY, adversely impacted by demonetisation while the expor

20/02/2017 2:57:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Punjab National Bank Ltd For Target Rs.172.00 - Motilal Oswal

Provisions dent profitability; Stable headline asset quality

* PNB reported PAT of INR2.1b (53% miss). While PPoP performance (+8% YoY) was largely in line with estimate, ageing of NPLs and thus elevated credit costs (3.5%) led to the earnings miss. Net interest income declined 9% YoY (-4% QoQ; in-line) owing to muted loan growth (-2% QoQ) and NIM cont

20/02/2017 2:47:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Union Bank of India Ltd For Target Rs.164.00 - Reliance Sec

Union Bank of India

Asset Quality Pressure Persists; Downgrade to HOLD

Union Bank of India (UBI) has delivered dismal performance in 3QFY17 with its net profit declining by 41.1% QoQ to Rs1bn in 3QFY17. Dismal profit can be attributed to 6.2% QoQ decline in Net Interest Income (NII) to Rs21.4bn, 5.2% QoQ decli

20/02/2017 2:34:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold ICICI Bank Ltd For Target Rs.290.00 - Sharekhan

Key points

* Mixed results with PAT better than expected but loan growth subdued: ICICI Bank posted mixed Q3FY2017 results, with earnings coming in better than expected, but worries on asset quality persisted – casting a shadow on the overall performance. ICICI Bank reported a PAT of Rs2,442 crore, which declined

18/02/2017 12:35:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Pidilite Industries Ltd For Target Rs.642.00 - Emkay

Competition and RM inflation to keep margins at bay; Maintain Reduce

* Revenue and PAT above estimates - Revenues decline 0.3% yoy to Rs13.3bn while Standalone business revenue declined by 2.8% yoy; Consolidated EBITDA at Rs2.9bn declined 0.8% yoy, EBITDA margins steady at 21.8% (-10bps yoy) function of controlled ad spends, APAT at Rs2.0bn, up 1.7% yo

18/02/2017 12:27:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Tata Steel Ltd For Target Rs.440.00 - Religare sec

Q3 beat, Q4 looks stronger – upgrade to HOLD

TATA’s consol. Q3 EBITDA/PAT of Rs 35.4bn/Rs 1.7bn beat street estimates by 14%/55% led by strong India operations (EBITDA: + 77% QoQ to Rs 33.8bn, EBITDA/t: Rs 11,300 vs. Rs 7,300 in Q2). With TATA guiding for better Q4 EU profits, we expect a stronger performance QoQ as India operations mitigat

18/02/2017 12:19:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Exide Industries Ltd - Sharekhan

Key points

*Q3FY2017 operating results below estimates due to demonetisation; higher other income leads to in-line PAT: Exide Industries (EIL) posted lower-than-estimated results for Q3FY2017, impacted by the government’s demonetisation move. The topline grew by 13% YoY to Rs1,729 crore (marginally lower than our

18/02/2017 12:12:57 PM | Posted in Broking Firm Views - Long Term Report read full news