Buy Larsen & Toubro Ltd For Target Rs.1,750.00 - Motilal Oswal

* LT announced order intake of INR278b in 4QFY17 compared to INR297b in 4QFY16. Order inflow during the quarter has been supported by large order finalization (>INR15b).

* Large orders worth INR210b were finalized during the quarter, of which domestic orders were INR105b and the balance were from overseas. Domestic order wins are supported by order finalization in the hydrocarbon a

21/04/2017 3:44:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Apollo Tyres Ltd For Target Rs.270.00 - Sharekhan

Key points

Commissioning of Hungary plant and receding threat from Chinese imports to boost topline:

Apollo Tyres (ATL) recently commenced operations at a greenfield facility in Hungary (Eastern Europe). The plant is already certified by leading OEMs for supplies and ATL can serve the OEMs through this new pla

21/04/2017 3:38:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Havells India Ltd For Target Rs.425.00 - Motilal Oswal

* During the quarter, Havells acquired the consumer durables segment of Lloyd Electric and Engineering Limited for an enterprise value of INR16b on a debt-free, cash-free basis. Lloyd’s consumer durables arm has an annual turnover of INR12.4b.

* Standalone revenue is expected to register growth of 8% YoY. We expect the cables segment, which contributes 41% of the company’s

21/04/2017 3:28:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy IndusInd Bank Ltd For Target Rs.1,716.00 - Reliance Sec

Operating Performance Remains Healthy; Reiterate BUY

IndusInd Bank (IIB) has delivered a healthy performance on operating front in 4QFY17. Its operating profit grew by 36.6% YoY and 15.3% QoQto Rs15.7bn led by robust growth in balance sheet and healthy improvement in NII and fee-based income. Its NII grew by strong 31.5% YoY & 5.6% QoQ to Rs16.8bn.

21/04/2017 3:20:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Cummins India Ltd For Target Rs.990.00 - Motilal Oswal

* We expect revenue to grow 19% YoY, supported by growth in the industrial (23%) and automotive (12%) segments. Industrial segment growth would be driven by a pick-up in infrastructure (roads and metros) and data center segments.

* Pick-up in the domestic demand environment and various pricing actions taken by KKC would help it to regain lost market share post CPCB-2 compliance.

21/04/2017 3:09:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Cyient Ltd For Target Rs.565.00 - Reliance Sec

Commendable Show on All Counts; FY18 Looks Encouraging

Cyient has delivered a strong show in 4QFY17 - on expected lines - with its USD revenue growing by a healthy 3.8% QoQ (3.6% in CC terms) to US$141mn. A healthy 3.3% sequential growth in Core Services business is a positive factor, in our view. While the DNO business grew by a good pace of 3% QoQ, t

21/04/2017 3:08:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On IndusInd Bank Ltd - Sharekhan

Key points

* Operational performance continues to be robust:

IndusInd Bank (IIB) has posted mixed results for Q4FY2017. While on the one hand, the bank has registered strong operational performance in terms of growth in Net Interest Income (NII) and Pre-Provisioning Operating Profit (PPOP), on the other hand,

20/04/2017 3:51:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bharat Electronics Ltd For Target Rs.180.00 - Motilal Oswal

* Bharat Electronics (BHE) has received an offset contract from Elbit Systems for supply of 10 units of CoMPASS systems for use in the light combat helicopters being manufactured by HAL.

* BHE has launched a remote-controlled weapon system for MBT Arjun MK II, a weapon control system for 12.7mm gun of MBT Arjun MK II battle tank.

* BHE registered provisional revenue of INR88

20/04/2017 3:45:53 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Yes Bank Ltd For Target Rs.1,780.00 - Sharekhan

Key points

Sturdy operational performance continues to impress:

Yes Bank posted mixed set of numbers for Q4FY2017, with its operating performance largely in line with expectations, but the near doubling of GNPA sequentially (QoQ) marred the otherwise stellar performance. The bank has reported a Net Interest I

20/04/2017 3:41:08 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On ABB Ltd For Target Rs.1,190.00 - Motilal Oswal

* ABB has received an order of INR43.5b from PGCIL to set up a transmission link between Raigarh and Pugular with 800KV HVDC systems.

* ABB continues to focus on increased localization and cost optimization. Its direct RM costs have declined to 64.5% of revenue from a peak of 81% in 4QCY10, well below its internal target of 65%. This has aided margins, despite negative operating lever

20/04/2017 3:31:43 PM | 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

20/04/2017 3:24:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tata Motors Ltd For Target Rs.609.00 - Sharekhan

* We expect JLR’s (incl JV) volume to be ~6% YoY (+13% QoQ) led by phasing out of Discovery volume. Net realization should increase by ~14% YoY (flat QoQ) led by ramp up of F-Pace and increase in share of China. EBITDA margin would decline 550bp YoY (+140bp QoQ) to 10.7% led by GBP650m of forex hedge loss estimated for the quarter along with phasing out cost of Discovery. Adjusted PAT lik

20/04/2017 3:16:37 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.1,517.00 - Emkay

Performance reliant on JIO

* Petchem EBIDTA is expected to grow by a CAGR of 13% to Rs220bn during FY17-19 driven by capacity addition and margin expansion. Also, GRM should remain robust at $10.9/12.8bbl in FY18/19. With the phase of mega capex drawing to an end in FY17, FCF generation is expected to be positive from FY18 onwards.

* The comp

20/04/2017 3:11:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Maruti Suzuki Ltd For Target Rs.7,299.00 - Motilal Oswal

* Volume grew by ~15% YoY (+7% QoQ) in 4QFY17 to ~414,439 units, led by continuous better performance from Baleno and Brezza, with ongoing high waiting period.

* Net realization is likely to improve 6% YoY (+3.3% QoQ) to INR449,769 per unit, boosting net revenue by ~22% YoY (+10.5% QoQ) to INR186.4b. Growth in realization is likely to be driven by improvement in product mix due to com

20/04/2017 3:01:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Voltas Ltd For Target Rs.374.00 - Motilal Oswal

* Unitary cooling division (UCP) is likely to report revenue growth of 8% YoY, given primary channel filling, driven by a strong summer and LG vacating the fixed-speed air conditioning segment.

* We expect revenue growth of 6% YoY in the MEP segment, led by high base effect (37% YoY growth in 4QFY16). However, the key monitorable would be sustainability of margins in the segment. VOLT

19/04/2017 1:10:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Natco Pharma Ltd - Sharekhan

Key points

* Delivers strong 91.3% return since initiation nine months ago; downgrade to Neutral on expensive valuation:

We had initiated coverage on Natco Pharma (Natco) through a viewpoint report dated June 8, 2016 on expectation of an exponential growth on the back of a strong product pipeline. In line wi

19/04/2017 1:06:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Thermax Ltd For Target Rs.781.00 - Motilal Oswal

* During the quarter, Thermax through its step-down subsidiary, has agreed to acquire 100% stake in Barite Investments, Poland. The Polish company manufactures boilers and the acquisition would provide Thermax additional manufacturing capacity and help advance its business in the Eastern Europe region.

* Revenue is likely to register muted decline of 1% YoY, led by constrained executi

19/04/2017 1:02:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Tata Consultancy Services Ltd For Target Rs.2,450.00 - Sharekhan

Key points

* Steady quarter:

Tata Consultancy Services (TCS) has delivered a stable quarter, with both revenue and margins coming broadly in line with our estimates. Constant currency revenues were up by 1% QoQ at $4,430.9 million, while reported revenues were up by 1.5% QoQ to $4,452 million. Volume grew by

19/04/2017 12:58:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Siemens Ltd For Target Rs.1,340.00 - Motilal Oswal

* During the quarter, SIEM in JV with Sumitomo Electric Industries has been awarded an order from Power Grid to supply HVDC transmission system for the Pugalur-Thrissur line. The total order size is USD520m (INR34.3b), of which SIEM’s share is INR16.8b.

* SIEM received an order from Delhi Transco to install 220/66/33KV GIS substation at RK Puram.

* SIEM has received an

19/04/2017 12:50:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Power Ltd For Target Rs.59.00 - Emkay

Lower PLF and PAF impacted Q4 result

* PAT at Rs2.2bn (+251% YoY) was below our estimates of Rs3.1bn, primarily due to lower than anticipated realization and higher other expenses during the quarter. Lower generation across Rosa and Butibori also impacted blended realization during Q4FY17.

* Sasan’s PLF in Q4FY17 declined to 91.0% vs 94

19/04/2017 12:40:26 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Tata Consultancy Services Ltd For Target Rs.2,200.00 - Reliance Sec

In-line Performance; Challenging Year Ahead

Tata Consultancy Services (TCS) has delivered largely an in-line performance in 4QFY17, with its USD revenue growing by 1.5% QoQ (up 1% QoQ in CC terms). Volume growth came in at 1.7% QoQ, while CC pricing declined by 0.7% QoQ. Its EBIT margin declined by 28bps QoQ (11bps higher than our estimate), while net

19/04/2017 12:31:46 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Corp Ltd For Target Rs.463.00 - Reliance Sec

Yet Another Tough Quarter

Bajaj Corp has delivered poor set of numbers in 4QFY17 with its net sales falling by 1.9% YoY to Rs2bn, while pre-exceptional net profit plummeted by 20.2% YoY to Rs527mn. Overall volume for the quarter has declined by 7% YoY. Considering the tough quarter, we have revised our revenue and profit estimate for FY18E downwards by

18/04/2017 4:28:36 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy S.P. Apparels Ltd For Target Rs.530.00 - LKP Sec

S.P. Apparels (SPAL) is a leading manufacturer & exporter of knitted garments for infants & children in India with an extensive product range of body suits, sleep suits, tops & bottoms. It generates more than 80 % of its top-line through export of knitted garments to big brand retailers of repute such as TESCO, Primark, ASDA & Mothercare. The company also manufactures & reta

18/04/2017 4:16:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Bajaj Corp Ltd - Sharekhan

Key points

* Volume decline leads to flat sales; higher other expenditure results in lower profit:

Bajaj Corp (BCL) reported revenue of Rs204.5 crore for Q4FY2017, which fell marginally by 2% YoY. The decline in the topline was mainly on account of a 7.1% drop in volume in the flagship brand Bajaj Almond Dro

18/04/2017 4:00:03 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sterlite Technologies Ltd For Target Rs.208.00 - Emkay Global

All the more bullish, TP upgraded

* The SOTL stock has doubled since we initiated coverage in Sept’ 16. We are now more bullish on the stock than before given the prospects of the Optic Fiber (OF) business and the opportunities in the System Integration (SI) business. We raise our TP by 65% to street-high Rs208 valuing it on 25x PER FY19E.

18/04/2017 3:48:30 PM | Posted in Broking Firm Views - Long Term Report read full news