Buy NTPC Ltd For Target Rs.198.00 - Motilal Oswal

Project commissioning augurs well for capitalization

Receding concerns to re-rate stock; Reiterating Buy

Recent rapid commissioning has improved visibility of capitalization

NTPCsa (standalone) capitalization (drives regulated equity and PAT) will pick up pace after a lull period of

13/07/2017 3:05:53 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Bharti Airtel Ltd For Target Rs.306.00 - Emkay

Cost efficiencies paying off well; Currency headwinds impacted Africa

* Standalone EBITDA growth was 3% with margin expansion of 125bps, driven by continued focus on ‘War-on-Waste’ initiative, which resulted in cost increase of 1%. Subsidiaries (exBharti Infratel) continued to face pressure.

* Adverse currency movements affected A

13/07/2017 2:42:34 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Bodal Chemicals Ltd - SPA Sec

Bodal Chemicals (BCL) is a leading manufacturer of dyes Intermediates/dyestuff and has diversified into speciality chemicals. Bodal has built an integrated model of dye manufacturing and has the cost advantage due to complete integration. BCL with leadership in domestic market and increasing presence in global market is expected to benefit from downfall of Chinese dyestuff industry and expected

13/07/2017 2:34:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Oil India Ltd For Target Rs.290.00 - Sharekhan

Key points

* A sharp decline in oil price and rupee appreciation led to a 15% cut in our FY2018E and FY2019E earnings estimate for Oil India:

Brent oil price recently declined sharply by 10% to $48.9/bbl, as compared to a sharp rebound to $55/bbl in Q4FY2017 (post decision by OPEC and non-OPEC oil-producing n

13/07/2017 11:54:31 AM | Posted in Broking Firm Views - Long Term Report read full news
Update On IndusInd Bank Ltd - Sharekhan

Key points

* Robust Operational performance continues:

IndusInd Bank (IIB) has posted stable set of numbers in Q1 FY2018 with strong topline growth despite some niggling asset quality issues. The bank witnessed a robust growth of 31% YoY (6% QoQ) of its core NII at Rs 1774 crore on the back of robust busines

13/07/2017 11:47:37 AM | Posted in Broking Firm Views - Long Term Report read full news
Update On Patel Integrated Logistic Ltd - SPA Sec

Patel Integrated Logistics Limited (PIL) is a Mumbai-based logistics solutions provider to over 2000 clients. PIL's business segments (% contribution to total revenues in FY17) include Surface Transportation (39.6%), Co-loading of air cargo (6.6%) and Consolidation of Cargo (53.7%). PIL provides logistics solutions through all over urban and rural India. The Company is also engaged in the b

12/07/2017 4:26:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy South Indian Bank Ltd For Target Rs.33.30 - Kotak Sec

Key Highlights of South Indian Bank's Q1FY2018 Result

South Indian Bank's Q1FY2018 result was quite below our expectations, however we continue to reiterate our BUY on the stock looking at its attractive valuations and the receding asset quality stress

* South Indian Bank (SIB) reported mere 6.7% rise in its net profit for Q1FY2018 t

12/07/2017 3:52:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy IndusInd Bank Ltd For Target Rs.1,820.00 - IIFL

Strenghteninig  franchise

Loan  growth on strong trajectory; mix  to tilt towords consumer fin

Induslnd Bank’s loan growth moderated a bit to 24% yoy on the back of growth deceleration in both retail (~40% of loan book) and corporate (~60%) asset portfolios. In the  case , growth in the vehicle finan

12/07/2017 3:21:03 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Salasar Techno Engineering Ltd For Target Rs.247.00 - Ventura Sec

Salasar Techno Engineering Ltd (Salasar) is a pure EPC company, offering engineering and technical solutions with operations diversified across the segments of telecom, T&D and rural electrification, solar, smart city solutions and fabricated steel and cold formed structures. We expect its revenues to grow at a CAGR of 14.2% from Rs. 384.3 crore to Rs. 573 crore by FY20. EBITDA and PAT are

12/07/2017 2:53:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy APL Apollo Tubes Ltd For Target Rs.2,352.00 - Religare Sec

A strong play on capacity expansion and innovation...

APL Apollo Tubes is amongst India's leading branded steel products manufacturers. The Company operates seven manufacturing facilities with a total capacity of 1.3 Million MTPA. It has pan India presence with units strategically located in Sikandarabad (3 units), Bangalore, Hosur, Murbad and Raip

12/07/2017 2:25:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On South Indian Bank Ltd - Motilal Oswal

PPOP growth marred by provisions; balance sheet cleanup accelerates

* SIB reported PAT growth of -34%/+7% QoQ/YoY. The bank registered 35%/46% QoQ/YoY PPOP growth on the back of high trading gains which formed ~44% of total other income, the 2nd highest in 13 quarters with the exception of 3QFY17. However, provisions soared 36%/97% QoQ/YoY, resulting

12/07/2017 2:09:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy IndusInd Bank Ltd For Target Rs.1,800.00 - Motilal Oswal

Mixed asset quality; strong operating performance

* IndusInd Bank’s (IIB) 1QFY18 PAT grew 31% YoY (in-line) to INR8.4b. Strong loan growth of 24% YoY (in line with management guidance) and steady NIM at 4% (+3bp YoY; ~10bp higher than expected) drove robust NII performance (+31% YoY; 5% beat).

* Robust NII performance, coupled with str

12/07/2017 2:06:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Rajoo Engineers Ltd - Kotak Sec

Rajoo Engineers Ltd (REL)is India’s prominent manufacturer of plastic industry processing machines specifically, extrusion and post extrusion machines for producing plastic products that find application in flexible packaging, drip irrigation, infrastructure, automobile and healthcare industry. Founded in 1986, located in Rajkot (Gujarat), REL has gradually expanded its operatios in India

11/07/2017 3:43:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Uflex Ltd For Target Rs.722.00 - Ventura Sec

We believe that despite a 132.2% appreciation in the stock price of Uflex Ltd (Uflex) since our IC, dated 5th April, 2016, (link) the growth story is far from over. We estimate that revenues will grow at a 12.4% CAGR to Rs 9,234.6 crore by FY20. The EBITDA and PAT are expected to grow at a CAGR of 16.1% to Rs 1,352.3 crore & 20.3% to Rs 611 crore, respectively, over the same period. The pri

11/07/2017 3:05:35 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Divis Laboratories Ltd For Target Rs.600.00 - Motilal Oswal

US FDA lifts 99-32 clause – a sentiment positive

But import alert under another clause remains

* Divi's Laboratories (DIVI) has been informed by the US FDA that it will lift the import alert under clause 99-32 on the company's Unit-II at Visakhapatnam. The US FDA had issued an import alert under clauses 99-32 a

11/07/2017 2:31:34 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Ion Exchange (India) Ltd - Kotak Sec

We recently met the management of ion Exchange (IEL). IEL has a strong position in the water treatment market in India having set up projects for prestigious clients in India and abroad. The company has recently won a large order from Sri Lanka which has boosted its order book.

In view of the strong order book, the profit outlook for the company has improved. Given the rising focus on

10/07/2017 3:15:27 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral IDFC Bank Ltd For Target Rs.62.00 - Motilal Oswal

Creating a large financial conglomerate

Swap ratio – A key for SHTF and SCUF shareholders

IDFC Bank and Shriram Group have announced their intent to explore a merger during the course of a 90 day exclusivity arrangement. During this period the boards of both companies will apply for regulatory approvals. The merger wi

10/07/2017 2:38:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Update on Tech Mahindra Ltd - Equirus Sec

We met Tech IR in Pune and were surprised by the unusual silence on the campus vs. the usual activity observed in our earlier visits. Though it likely emphasizes EBITDA margin focus driven through cost optimization and automation initiatives, revenue traction could be a concern. We are trimming our 1QFY18 estimate which flows through FY18E. This along with PE multiple cut leads to a cut in our

10/07/2017 11:16:18 AM | Posted in Broking Firm Views - Long Term Report read full news
Update on Mayur Uniquoters Ltd - Equirus Sec

Mayur Uniquoters published its 24th Annual report for FY17 yesterday. The management remains positive about the long-term story of synthetic leather industry. Rising disposable income, changing lifestyle and ban on slaughter of animals are some of the factors working in favour of synthetic leather. Though GST rates have no major impact on the business, management remains optimistic about the sh

8/07/2017 3:48:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hero MotoCorp Ltd For Target Rs.4,100.00 - Sharekhan

Key points

* Improvement in rural demand coupled with new launches to aid volume growth; Hero to aggressively tap export markets:

2W industry volumes have revived in Q1FY2018 with industry exhibiting 8% volume growth as against a marginal drop in Q4FY2017. Positive rural sentiments on back of normal monsoon c

7/07/2017 12:14:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral InterGlobe Aviation Ltd For Target Rs.1,283.00 - Motilal Oswal

Just an expression of interest

Keen to acquire international operations of Air India, but won’t pursue if not EPS-accretive

In a conference call arranged by InterGlobe Aviation (INDIGO), the founders Mr Rahul Bhatia and Mr Rakesh Gangwal expressed their interest in buying out Air India and also discussed the company&rs

7/07/2017 12:09:44 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Gujarat Gas Ltd For Target Rs.697.00 - Motilal Oswal

Exclusion of gas from GST adds to pain

Maintain Sell

Gas volumes down post GST

* With gas not being included under GST, it has become more uneconomical. Dirtier alternatives like coal and fuel oil have been included under GST.

* As a result, industrial offtake for Gujara

7/07/2017 12:05:53 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy NMDC Ltd For Target Rs.180.00 - Motilal Oswal

Some pricing pressure, but fundamentals are strong

Trading at 2.8x EV/EBITDA; Re-iterate BUY

Operations are strong, but book cleaning affected PAT in FY17

NMDC’s business is strongly supported by robust demand growth from its key customers (JSW, Essar, RINL, etc.), high qualit

7/07/2017 11:58:56 AM | Posted in Broking Firm Views - Long Term Report read full news
Update On Bhansali Engineerng Polymer Ltd - Kotak Sec

We met the management of BEPL to understand the company's business and industry insight. The company is a vertically integrated petrochemical company in the field of Acrylonitrile Butadiene Styrene (ABS) manufacturing in India. The current installed capacity stands at 80,000 tonnes, spread across two manufacturing facilities in Abu Road, Rajasthan and Satnoor, Madhya Pradesh. ABS acts as a

6/07/2017 2:19:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Gujarat Pipavav Port Ltd For Target Rs.180.00 - Kotak Sec

Weak container shipping market, realignment of services by container majors which lead to market share loss for GPPL and appreciating rupee impacted the performance of the company in FY17. However, improving container volumes on the west coast, potential from the project cargo division, diversification to crude and car segment should yield results for the company over FY17 to FY19E. With the hi

6/07/2017 2:10:16 PM | Posted in Broking Firm Views - Long Term Report read full news