Update On Geometric Ltd - Kotak Sec

* We have suspended rating and refrain from giving a PT for the Geometric stock as we believe that Geometric's stock price will largely track the price of HCLT, going ahead. Also, we believe that this is the last quarterly result which Geometric would be releasing before its proposed merger with HCLT.

Geometric has stopped reporting 3DPLM numbers from 3Q. Geometric's 3Q number

18/01/2017 11:57:17 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Infosys Ltd For Target Rs.1,249.00 - Angel Broking

The Q3FY2017 result of Infosys was better than expected on the EBIT and Net Profit fronts. The company posted a 1.4% sequential de-growth in USD revenues to US$2,551mn v/s US$2,561mn expected. On Constant Currency (CC) terms, de-growth was 0.3%. The volume growth during the quarter was 0.2% qoq. On EBIT front, the company reported an EBIT margin of of 25.1% v/s 24.5% expected, up 20bps qoq. Con

18/01/2017 11:51:05 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Vinati Organics Ltd For Target Rs.828.00 - GEPL

Company Snapshot

Vinati organics ltd. (VOL) Established in 1989, Vinati Organics Limited (VOL) is a specialty chemical company, focusing on manufacturing specialty chemicals and organic intermediaries. VOL have two plants, both situated in Maharashtra at Mahad (Raigad) and Lote Parashuram (Ratnagiri), both the plants are ISO 9001: 2008, ISO 14001: 2004

18/01/2017 11:45:51 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy INOX Wind Ltd For Target Rs.220.00 - Reliance Sec

Background & Business

Inox Wind (INXW) – promoted by Gujarat Fluorochemicals – is a fully integrated player in wind energy market with state-of-theart manufacturing plants at Una (HP) for Hubs & Nacelles and Rohika (Gujarat) for Blades & Tubular Towers. It manufactures key components for the Wind Turbine Generator. It manufactu

18/01/2017 11:38:47 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy LIC Housing Finance Ltd For Target Rs.700.00 - Sharekhan

Key points

Better than expected results with strong growth in NII and PAT:

LIC Housing Finance (LICHF) posted better than expected results for Q3FY2017 with a strong net profit growth of 19.2% YoY to Rs499.3 crore driven by a healthy 22.6% YoY growth in the net interest income (NII) and controlled operating e

18/01/2017 11:35:45 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Jubilant FoodWorks Ltd For Target Rs.960.00 - Reliance Sec

Background & Business

Jubilant FoodWorks (JFL) – a Jubilant Bhartia Group Company incorporated in 1995 – is India’s largest and fastest growing food service company. JFL along with its subsidiary operates Domino’s Pizza brand with the exclusive rights for India, Nepal, Bangladesh and Sri Lanka. The company operated 1081 Domi

18/01/2017 11:30:31 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.1,300.00 - RCML

Riding on cyclicals, while RJIO takes more capital

RIL’s Q3FY17 earnings at Rs80 bn (+10% YoY) outperformed on higher volumes for Petrochemicals, and higher other income. Refining EBIT declined on lower than expected GRMs. Incremental PX volumes (~0.8 mmt) are expected from Q4FY17. Commissioning of ROGC (delayed to Q1FY18), would be followed by

18/01/2017 11:21:58 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Reliance Industries Ltd For Target Rs.1,094.00 - Prabhudas

* In‐line performance:

RIL reported highest quarterly profits in Q3FY17. Results were in‐line with estimates; Standalone EBITDA of Rs106bn (PLe: Rs108.8bn), PAT of Rs80.2bn (PLe: Rs79.3bn). Healthy performance was supported by healthy refining and petrochemicals division along with higher other income from investment sale.

 

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17/01/2017 12:39:17 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy DCB Bank Ltd For Target Rs.144.00 - Reliance Sec

DCB Bank has topped the market expectations in 3QFY17 led by robust growth in NII and other income along with 385bps qoq growth in CASA ratio. It has reported substantially improved performance on operating front with its NII rising by 30.5% yoy & 10.1% qoq to Rs2.09bn led by robust growth in loan book (24.3% yoy & 1.0% qoq) and stable growth in NIMs (3.95%). Despite higher provisioning

17/01/2017 11:53:22 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Infosys Ltd For Target Rs.1,150.00 - RCML

Weak Q3 with muted outlook for Q4FY17

INFO reported below-expected Q3FY17 revenues (-0.3% QoQ CC), but better margins (+20bps QoQ). Seasonal weakness was further exacerbated by ramp-down of the RBS deal, which eroded growth by ~1% CC. INFO’s FY17 USD revenue guidance implies 0-1.2% QoQ growth, weak in our view. Overall, Q3 was a soft quarter and

17/01/2017 11:48:41 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy TV18 Broadcast Ltd For Target Rs.53.00 - Kotak Sec

3QFY17 results of TV18 Broadcast were impacted adversely by demonetization; profits were lower than estimated, primarily as topline growth of entertainment operations missed estimates. Going forward, we expect significant sequential improvement in 4QFY17, helped by news operations (elections in states, resumption of IPO advertising) and modest improvements in advertising environment. Our FY18 E

17/01/2017 11:43:51 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.1,300.00 - Sharekhan

Key points

Higher than expected petchem margin and other income helped beat earnings estimate:

Reliance Industries Ltd (RIL) has reported a stand-alone PAT of Rs8,022 crore (+10% YoY; + 4.1% QoQ) for Q3FY2017 which was higher than our estimate of Rs7,742 crore primarily on account of a higher than expected pet

17/01/2017 11:38:33 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold V-Guard Industries Ltd For Target Rs.170.00 - RCML

Mass market play but valuations full – initiate with HOLD

We initiate coverage on VGRD with HOLD and a Mar’18 TP of Rs 170. VGRD manufactures mass market products (such as stabilisers, cables, pumps, water heaters) and has evolved from a south-based company into a pan-India player by developing a wide distribution network and investing on b

17/01/2017 11:33:47 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.1,160.00 - Emkay Global

Higher other Income drives profitability

* Results slightly missed our estimates with EBIDTA at Rs106bn (vs our estimate of Rs109bn). This was on account of lower Refining EBIT (due to higher opex). PAT came in at Rs80bn vs our estimate of Rs77bn on higher than expected other income due to sale of investment.

* Gas production declined by

17/01/2017 11:27:45 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Maruti Suzuki India Ltd For Target Rs.6,325.00 - RCML

Ignis first look – One more ace in the pack

We visited MSIL’s NEXA showroom to see the newly launched Ignis and were impressed by the premium hatchback’s modern styling, attractive pricing (Rs 459k-780k), wide breadth of variants and rich feature list. Ignis already has a 6-12 week waiting period and looks to be another 10k+/month vol

17/01/2017 11:09:17 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Infosys Ltd For Target Rs.1,100.00 - Reliance Sec

Infosys delivered encouraging performance in 3QFY17, with its USD revenue coming in-line (down 1.4% qoq in USD terms & down 0.3% qoq in CC terms), while EBIT margin (+20bps qoq, 53bps above estimate) and net profit (3.8% above estimate) topped our estimates. CC revenue growth guidance was slightly revised to 8.4-8.8% (8-9% earlier) with the lower end of the band raised by 40bps while the up

16/01/2017 12:25:37 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Tata Consultancy Services Ltd For Target Rs.2,300.00 - RCML

In-line Q3; management transition a key monitorable

TCS reported below-expected US$ revenue growth of 0.3% QoQ for Q3FY17 (RCMLe +0.6%), even as CC growth of 2% came in ahead of RCMLe (1.8%). EBIT margins were flat QoQ and in line with estimates. Traditional service lines like Application Development & Maintenance (ADM) continued to struggle (+1.6%

16/01/2017 12:21:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Corp Ltd For Target Rs.481.00 - Reliance Sec

In the light of demonetisation and its resultant impact on consumer demand, Bajaj Corp has reported decent numbers in 3QFY17. Its net sales fell by 4.8% yoy to Rs1.9bn, while net profit grew by 17.2% yoy to Rs578mn aided by favourable base that included amortisation charge of Nomarks. We expect recovery in demand in FY18E owing to improved consumer sentiments and higher currency circulation. Ex

16/01/2017 12:14:27 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Infosys Ltd For Target Rs.1,080.00 - Emkay

Revenues miss; operational optimization supports margins

 Q3FY17 marked another quarter of miss on the revenue front, similar to what we have seen through FY17YTD, led by sharp declines in revenues from top clients. EBIT margins however held up nicely at the top end of the Management’s near term outlook of 24-25%.

* The BFSI vertical

16/01/2017 12:08:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Bajaj Corp Ltd - Sharekhan

Key points

ŠQ3FY2017 results ahead of estimates against the challenging demonetisation backdrop:

Bajaj Corp (BCL) reported revenue of Rs186.9 crore, down by 4.7% YoY, but better than our expectation of a 7.7% YoY decline. The drop in Q3FY2017 revenue was mainly on account of a 4.2% YoY decline in the volume

16/01/2017 12:01:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Maruti Suzuki India Ltd For Target Rs.6,300.00 - Emkay

Competitive pricing for IGNIS

IGNIS launch update

* MSIL IGNIS launched:

MSIL launched the IGNIS in 4 variants + 2 AMT version with pricing in the range of Rs 4,59,000 to Rs 7,80,000 (ex-showroom Delhi). Slated as competition for the likes of KUV100 (sells ~2000 per m

16/01/2017 11:55:37 AM | Posted in Broking Firm Views - Long Term Report read full news
Update On Insecticides India Ltd - RCML

Partnering with global players to drive growth

INST, which commenced operations in 2001, has emerged as an integrated player in the Indian agrochemicals market by entering into global tie-ups. With state-of-the-art R&D facilities and manufacturing units, and a strong portfolio (99 products), INST enjoys a ~7% share in the domestic market. Global ti

16/01/2017 11:47:50 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy IL&FS Transportation Networks Ltd For Target Rs.145.00 - Sharekhan

Key points

*  Sturdy operating margin and softer interest rates lead to profitability:

IL&FS Transportation Networks’ standalone revenue grew by a modest 4.7% YoY to Rs1,020.50 crore, constrained by completion of few projects and delay in getting appointed dates for two projects (construction i

14/01/2017 11:54:02 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate South Indian Bank Ltd For Target Rs.25.00 - Prabhudas

SIB’s net earnings of Rs1.11bn were higher than estimates (PLe: Rs1.05bn) led by high treasury gains (up 1.5x QoQ), while core performance was weak on sluggish NII growth & soft fees. NII growth of 2.7% YoY was impacted by lower margins of 2.67% (down 9bps QoQ), while fee income was impacted waiving off transaction fees on demonetisation. Asset quality was largely stable with incremen

14/01/2017 11:44:10 AM | Posted in Broking Firm Views - Long Term Report read full news
Update On Excel Crop Care Ltd - RCML

Transforming from a domestic to MNC play

EXCC, which recently sold a majority stake (65%) to Japan’s Sumitomo Chemicals (Sumitomo), is set to anchor its position in India’s agrochemicals market. The combined entity is expected to become the fourth largest domestic player with a ~10% share. While EXCC would likely enjoy premium valuations d

14/01/2017 11:34:57 AM | Posted in Broking Firm Views - Long Term Report read full news