Update On Maithan Alloys Ltd - Kotak Sec

We met the management of Maithan Alloys (MAL) to understand long term prospects. MAL is a leading manufacturer and exporter of manganese alloys such as ferro manganese, silico manganese and ferro silicon largely used in manufacturing steel. The company currently has an installed capacity of 137.25MVA at the end of FY17, spread across three locations at Kalyaneshwari, Vishakhapatnam and Byrnihat

29/06/2017 1:51:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Supreme Industries Ltd For Target Rs.1,250.00 - Sharekhan

Key points

* Potential disruption due to GST rollout, could impact H1FY18 earnings performance:

With less than week time for the GST (goods & services tax) roll out, which will be implement from July 1st 2017. Notwithstanding, the long term gain for the organised players like Supreme industries, there wil

29/06/2017 1:41:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sun Pharmaceutical Industries Ltd For Target Rs.650.00 - Motilal Oswal

Opportunity in Adversity

Multiple challenges in FY18; recovery in earnings expected from FY19

* Sun Pharma (SUNP) is trading at ~16x FY19E PER, which is ~20% and 30% below its 10- and 5-year average valuations, respectively. The stock has corrected more than 50% from its peak of >INR1,100 (in April 2015). This downward mo

29/06/2017 1:33:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate GE T&D India Ltd For Target Rs.372.00 - Emkay

Steady performance

* GE T&D's (GETD) operational performance exceeded our expectations. Revenues surged by 27% YoY led by strong execution. EBITDAM increased by 280 bps YoY and APAT increased by 71% YoY.

* Order inflow increased by 5%YoY and 28% for FY17. Order backlog remains strong at Rs81bn. Pricing continues to be under pressure a

29/06/2017 12:27:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy ONGC Ltd For Target Rs.220.00 - Emkay

Operationally in-line: Maintain BUY

* Results were operationally in-line with our estimates as adjusted EBITDA came in at Rs89.3bn. and adjusted PAT came in at Rs66.5bn. after adjusting for one-off royalty payments of Rs24.4bn. and a provision of Rs19.4bn. made for pay revisions.

* Total crude oil production was flat qoq at 6.0MMT while gas p

29/06/2017 12:19:00 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy VIP Industries Ltd For Target Rs.250.00 - GEPL

Company Snapshot

VIP Industries Ltd is the leading manufacturer of baggage and utilities. The company has best selling brands like VIP, Alfa, Aristocrat, Skybags, Caprese etc. which constitutes customers from all the age groups and covering all the segments. VIP has largest market share (more than 50%) in domestic market These brands also have enough m

29/06/2017 12:13:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Mphasis Ltd For Target Rs.545.00 - Emkay

Downgrade to REDUCE

* Mphasis’s Mar’17 quarter revenue performance remained below par yet again driven by challenges at Digital Risk while margins continue to benefit from favourable hedging policy

* Company expects to target growth with DXC (over and above the minimum revenue commitment as part of the HPE MSA) post the new arrang

28/06/2017 3:05:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Voltas Ltd For Target Rs.500.00 - Kotak Sec

The voltas management highlighted some deceleration in room AC segment arising out of disruption from GST rollout. While we continue to like the room AC industry due to its strong growth outlook, we see risk of near-term hiccups in earnings due to GST rollout/high base effect of Q1FY17. Consequently, we have reworked our earnings projections. This has led to marginal revision in our target pric

28/06/2017 3:00:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Aurobindo Pharma Ltd For Target Rs.735.00 - Sharekhan

Key points

The Event:

Aurobindo Pharma’s (Aurobindo) Unit VII (SEZ), an oral formulation plant was recently inspected by the USFDA and the audit concluded successfully without any 483 observations. Unit VII (SEZ) is one of the key plants exporting to US and has till date received 88 product approv

28/06/2017 2:54:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Manpasand Beverages Ltd - Motilal Oswal

Revenue, EBITDA and PAT below estimates

* MANB reported overall revenue of INR2,672m (est. of INR3,272m) in 4QFY17, as against INR2,078m in 4QFY16, marking YoY growth of 28.6%.

* EBITDA margin shrunk 120bp from 20.6% in 4QFY16 to 19.4% (est. of 18.5%) in 4QFY17. EBITDA stood at INR518m (est. of INR605m), as against INR428m in 4QFY16, implyin

28/06/2017 2:47:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold PVR Ltd For Target Rs.1,598.00 - Emkay

Await for better entry price

* PVR reported in-line operating performance with healthy growth in underlying KPI’s albeit on expected lines. For comparable properties KPI’s registered mid-single digit growth. Advertisement revenue growth of 16% was healthy despite demonetization impact

* Rent cost increase of 24.2% yoy is attributa

28/06/2017 2:39:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Torrent Pharmaceuticals Ltd For Target Rs.1,000.00 - Emkay

Generic business model in state of flux

Result highlights

* US revenue decline acute at 9% QoQ, though 36% growth QoQ in Brazil revenues the only saving grace which also helped anchor margins

* Overall numbers below expectations with the lowest gross margins reported in a very long time. We believe the margin press

28/06/2017 2:26:08 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Huhtamaki PPL Ltd - Kotak Sec

Huhtamaki PPL Ltd (HPPL), a leading consumer packaging company is known for its pioneering efforts in flexible packaging. The company is India's leading manufacturer of primary consumer packaging and labelling materials with annual consolidated revenue of Rs21.8 bn. It is the largest manufacturer in volume of finished flexible packaging in India and Asia Pacific region. HPPL offers a wide p

27/06/2017 3:27:54 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Cholamandalam Investment and Finance Ltd For Target Rs.1,250.00 - Motilal Oswal

Prepared, Equipped and Armed

On path to become one of India’s finest multi-product lenders

 From a niche vehicle financier, Cholamandalam Investment and Finance Corporation (CIFC) has transformed into a diversified asset finance play, with vehicle finance (VF) now comprising 69% of the loan book, followed by home e

27/06/2017 3:15:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Power Grid Corporation of India Ltd For Target Rs.241.00 - Emkay

Strong capitalisation will continue to drive growth ahead; Reiterate a BUY

* Capitalization came in at Rs150.3bn (above our estimate of Rs140.3bn) driven by strong commissioning of transmission lines during the quarter. Capitalisation in FY17 totaled to Rs310bn including Rs20bn capitalization of Tariff Based Competitive bidding project (TBCB)

27/06/2017 3:06:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Indraprastha Gas Ltd For Target Rs.1,027.00 - Emkay

Operationally inline

* Result came operationally inline with EBITDA came at Rs2.12bn, decline of 14% qoq due to a one-off of Rs300mn in other expenditure. While PAT came in at Rs1.34bn (-7.4% qoq).

* EBITDA/scm came in at Rs5.36/scm (-52bps qoq), while gross margin/scm was flat qoq at Rs10.3/scm. IGL’s volume grew 3.95% qoq to 4.66mmscm

27/06/2017 2:54:15 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Shipping Corporation of India Ltd For Target Rs.110.00 - Kotak Sec

Improved prospects - stratagic sale expected

Shrinking global shipping order book, bottoming asset prices, lower crude prices (lower bunker) and stable shipping freight rates bodes well for shipping companies including SCI. From the above, we can infer that the freight rates to improve from here and operating cost to remain low with lower bunker cost

27/06/2017 2:25:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Multi Commodity Exchange of India Ltd For Target Rs.1,300.00 - Motilal Oswal

Much-awaited SEBI guidelines on options finally out

Expect trading to commence – in gold to start with – from Aug/Sep 2017

* The Securities and Exchange Board of India (SEBI) on 13 June 2017 released a circular to stipulate the necessary guidelines with respect to the product design and risk management framework

27/06/2017 2:11:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Jagran Prakashan Ltd For Target Rs.200.00 - Emkay

Decent quarter

* Consolidated print advertisement registered growth of 5.5% yoy, which was better than DB Corp and HMVL. Management did not highlight the growth from U.P. while stated that Bihar, Jharkhand and Punjab contributed to the growth.

* Mid-Day surprised positively with 13% yoy growth. Other operating revenues registered strong growt

27/06/2017 1:56:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Sterling Tools Ltd For Target Rs.238.00 - Emkay

Long-term story intact; downgraded due to limited upside potential

* Sterling Tools (STL) reported below expectation performance in Mar-17 quarter. Muted top-line show led to below estimate EBITDA and PAT performance. However, on full year basis PAT was exactly in-line with our estimates.

* Disappointment on top-line front was primarily due t

27/06/2017 12:30:46 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Zensar Technologies Ltd For Target Rs.1,020.00 - Motilal Oswal

A ctive Digital-oriented transformation

Synchronizing demand, offerings, delivery and sales

We attended the RPG Group analyst meet. Key highlights of the meeting with Zensar Technologies (ZENT):

* Duality in the business…: 80% of the incremental dollars are being spent on D

26/06/2017 5:22:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hindalco Industries Ltd For Target Rs.240.00 - Emkay

Deleveraging starts

* Revenue came in at Rs 117.5 bn (+27%/+19% YoY/QoQ) backed by higher contribution from aluminium and copper segments. Aluminum revenue rose by 17%/ 13% on YoY/QoQ to Rs 55.5 bn; copper revenue rose 58%/24% on YoY/QoQ to Rs 62 bn

* EBITDA stood at Rs 13.5 bn (+14% each YoY/QoQ). Aluminium and Copper segment EBITDA stood at

26/06/2017 5:14:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy PNC InfratechLtd For Target Rs.165.00 - Emkay

Execution pickup key in H2FY18

* PNCL’s revenue and EBITDA were 30% below estimate as continued land acquisition delays in FY16-17 order wins led to weak execution.

* PNCL has an order book of Rs90bn (including recent HAM orders worth Rs36bn) which is 5x FY17 EPC revenue. However, of the balance Rs54bn of order book, ~Rs29bn of EPC proj

26/06/2017 5:09:41 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On The Mandhana Retail Ventures Ltd - Kotak Sec

The Mandhana Retail Ventures Ltd (MRVL) is exclusive brand partner for Being Human brand owned by The Salman Khan Foundation. The company got listed last year (14th December 2016) after the demerger from Mandhana Industries 84% of its revenue is contributed by domestic market and balance 16% is exports. MRVL, through Being Human brand has positioned itself as a premium aspirational brand with p

26/06/2017 5:00:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tata Motors Ltd For Target Rs.635.00 - Motilal Oswal

JLR May-17 volumes below est. at 47,131 units (+2% YoY)

LR volumes up 2%; Jaguar volumes too up ~2% driven by F-Pace and XF

* JLR May-17 wholesale volumes grew ~2% YoY (+12% MoM) to 47,131 units, below our estimate of 49,200 units.

* Jaguar volumes grew ~2% YoY to 12,652 units (est. of 14,200 units), driven by F-P

26/06/2017 4:50:26 PM | Posted in Broking Firm Views - Long Term Report read full news