Buy Eicher Motors Ltd For Target Rs.22,627.00 - Motilal Oswal

RE volumes in-line;VECV below est with growth moderating to 20% YoY

Domestic HD trucks drive growth in VECV; Exports moderate from high growth trajectory

* RE volumes grew ~35.7% YoY (+4.3% MoM) to 50,682 units (v/s est. ~51,250 units).Our CY16 estimates indicate a 73% growth, implying residual growth of 101.

7/07/2016 12:31:37 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Cholamandalam Investment & Finance Company Ltd - SPA Sec

Cholamandalam Investment and Finance Company Limited (CIFC), was incorporated in 1978 as the financial services arm of the Murugappa Group. CIFC, which commenced business as an equipment financing company, has transformed into a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and distributi

7/07/2016 12:06:54 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ashok Leyland Ltd For Target Rs.124.00 - Motilal Oswal

In line with 7% YoY growth to ~11.1k (v/s est 10.9k)

Second consecutive month of single digit volume growth; M&HCV grow by 8% while LCV volumes were flat YoY

 

* Jun-16 volumes grew by 6.5% YoY (+12.5% MoM) to 11,108 units (v/s est. 10,950) driven by MHCV volumes.

* M&HCV volu

7/07/2016 11:32:16 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold KPIT Technologies Ltd For Target Rs.170.00 - Anand Rathi Sec

Volatile performance plays spoilsport; downgrade to Hold

KPIT, in our opinion, is fairly valued at 11x FY18E EPS, a 30% discount to Mindtree, which we think is fair given that KPIT is experiencing slower growth in IES (34% of Rev) and may see volatile SAP practice (23% of Rev). The profit warning suggests a bad Q1 (we exp Rev -4% qoq, EBITDA margin -50

7/07/2016 11:24:40 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tata Motors Ltd For Target Rs.556.00 - Motilal Oswal

In-line at ~44,276 units(v/s est ~45,350 units)

LCV witness robust growth; Newly launched Tiago boosts Passenger car sales

* Tata Motors Jun-16 sales volumes grew marginally by 8.3% YoY (+10.5 % MoM) to 44,276 units (v/s est 45,350 units) led by strong LCV sales. Besides passenger car sales increased 36% YoY l

6/07/2016 10:57:42 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Exide Industries Ltd For Target Rs.203 .00 - GEPLCapital Ltd

Company Snapshot

Exide industries Ltd (Exide) is head quartered in Kolkata and it is considered as one of the India’s largest storage battery manufacturing company. The company has presence over six decades across the geographical territories of India. The company is also in the business of making automotive acid led batteries, industrial batteri

6/07/2016 10:30:42 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Mahindra and Mahindra Ltd For Target Rs.1,499.00 - Motilal Oswal

In-line at 68,925 units(v/s est ~67,850) growth of 13% YoY

Recovery in tractors and LCVs continue; 3 wheelers decline

* Jun-16 volumes grew 13.1% YoY to ~68,925 units (v/s est 60,947 units), primarily led by continued recovery in tractors, along with support from LCV’s and UV sales .Our FY17 estimates i

6/07/2016 10:17:36 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy SQS India Ltd For Target Rs.1250.00 - Dynamic Levels

SQS has expanded its Pune-based Centre of Excellence for managed testing services and has doubled its capacity in a shorter period. At Pune-Hinjewadi in Maharashtra the company has increased seating capacity to 2000 from 900 for technical staff. SQS is the Centre of Excellence specializes in serving the needs to its customers in the

* Utilities sectors

* Logistics

5/07/2016 4:12:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Skipper Ltd For Target Rs.205.00 - GEPLCapital Ltd

Company Snapshot

Skipper Ltd is a Kolkata based, flagship company of S.K bansal Group. It is India’s second largest transmission tower manufacturing company & tenth largest in the world, having production capacity of 200,000 MTPA. It is also one of the world’s largest integrated transmission tower manufacturing companies with angle roll

5/07/2016 3:25:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Maruti Suzuki India Ltd For Target Rs.4,525.00 - Motilal Oswal

Below est at 98.8k units (v/s est 109.6k),decline of ~14 %YoY Production loss leads to 10% YoY

domestic decline; Exports fall 45% YoY

* MSIL’s Jun-16 wholesales were below estimates at ~98,840 units (v/s est 109,566 units), 13.9% YoY decline (-19.7% MoM). Our FY17 estimates indicate a 13.7% growth impl

5/07/2016 12:37:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy ITC Ltd For Target Rs.280.00 - Sharekhan

Key points

Smart rally but valuations still at a discount to peers:

ITC’s stock price has rallied by 13% in the last one–and-a half months, which we believe is mainly on account of reducing pressure on sales volume in its core cigarette business and increasing investor appetite for good quality do

5/07/2016 12:09:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Redington (India) Ltd For Target Rs.140.00 - RCML

Structural story intact, valuations cheap – BUY

REDI remains one of the best plays levered to India’s IT capex recovery. While the company has seen a muted FY16 India performance, we believe growth rates are closer to bottom as: (1) Apple headwinds fade out, (2) growth picks up in the IT segment, and (3) new products are added to the distri

5/07/2016 11:59:59 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Coal India Ltd For Target Rs.346.00 - Reliance sec

Output ramps up despite subdued demand

As per the data released on July 2, 2016, Coal India (CIL) produced 42.72 million tonne (MT) of coal in Jun’16 as against 38.83 MT in Jun’15, registering a growth of 10%. Though coal off-take grew 6.6% yoy to 44.96 MT in June 2016 vis-à-vis 42.18 MT in June 2015, the Company has displayed decent

5/07/2016 11:47:56 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ricoh India Ltd For Target Rs.330.00 - Dynamic Levels

RPG Life Sciences is an integrated pharmaceutical company operating in the domestic and international markets in the Global Generics, Branded Formulations, Fermentation and Synthetic APIs space. The company is a research based, pharmaceutical company, producing a wide range of affordable, quality medicines. Its brands are highly trusted by healthcare professionals and patients.

RPG Li

4/07/2016 5:59:44 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Alembic Pharmaceuticals Ltd For Target Rs.576.00 - Anand Rathi Sec

Minimal regulatory risk in the medium term; Hold

Zero observations by US FDA at API plant inspection.

The Alembic Pharma’s Panelav API plant was recently (Jun’16) inspected by the US FDA, with zero observations. This follows its Mar’16 inspection of the company’s formulations plant. Th

4/07/2016 2:04:27 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Zensar Technologies Ltd For Target Rs.1,300.00 - Motilal Oswal

Enabling Digital Transformation

Dual force of Digital prowess and IMS/Cloud expertise

* Zensar (ZENT) is a technology services provider with a portfolio spread across traditional to transformational solutions: Applications, Infrastructure, Digital and Industry-specific solutions. It is part of the USD3b RPG

4/07/2016 1:57:00 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sun Pharmaceutical Industries Ltd For Target Rs.875.00 - Reliance sec

Background & Business

Sun Pharmaceutical Industries (SUNP) is the largest Indian pharmaceutical player in the US market with presence niche segments. Its presence in the US has further been strengthened by multiple acquisitions such as Caraco, Taro Pharma, URL Pharma, DUSA Pharmaceuticals etc. At the same time post Ranbaxy acquisition, SUNP is rank

4/07/2016 1:44:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Aarti Industries Ltd For Target Rs.630.00 - Motilal Oswal

We recommend to BUY Aarti Industries for a target of INR 630- valuing the company on SOTP basis.

Geared for growth with global leadership in Speciality Chemicals:

AIL has a strong understanding of chlorine derivative chemistry and has the largest nitro-chlorobenzene capacity in India at 60,000 tonnes per annu

4/07/2016 12:56:34 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Finolex Cables Ltd For Target Rs.390.00 - Sharekhan

Key points

Growth catalysts getting connected to sustain healthy growth:

Finolex Cables (FCL) reported impressive results for Q4FY2016 and looks poised to sustain this healthy growth in the coming quarters too, underpinned by the company’s strong fundamentals and adequate growth catalysts. The government

4/07/2016 12:47:44 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sagar Cements Ltd For Target Rs.941.00 - Ventura Sec

Sagar Cements Ltd. (Sagar) is a cement manufacturer with a dominant presence in South India. We believe that the cement industry is on an up-turn and expect Sagar to be a key beneficiary.

 

We are positive on the company given that:

i) The cement industry is on the verge of a turn-around: South India (which accounts for ~ 70% o

4/07/2016 12:41:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ceat Ltd For Target Rs.1,370.00 - Anand Rathi Securities Ltd

Latest strategy: agri-radial tyres for export; Buy

We continue to favour Ceat for its timely strategic move. After successfully venturing into two-wheeler tyres, and pricing them at a premium to MRF’s two-wheeler tyres, Ceat now plans to venture into radial off-highway tyres (OHT). A new radial plant will be ready and functional by end-FY17. OHT

4/07/2016 12:30:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate KEC International Ltd For Target Rs.160.00 - Prabhudas

On right Track

We recently met up with the management of KEC International (KEC) and came back positive on T&D market outlook and KEC’s growth prospects over the next few years. In domestic market, order flows are likely to be driven by the SEB and private players (due to TBCB orders). In international markets KEC has increased focus on South

2/07/2016 12:11:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Grasim Industries Ltd For Target Rs.5,195.00 - Sharekhan

Grasim Industries’ (GIL) stock has appreciated by over 20% in the past three months, backed by revival in its VSF business, along with a strong performance by its subsidiary UltraTech Cement. Further, we believe that higher VSF prices, narrowing spread between VSF and cotton and uptick in demand are likely to improve the VSF segment’s profitability going forward. We also see discoun

2/07/2016 11:56:48 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Mahanagar Gas Ltd For Target Rs.516.00 - Prabhudas

Steady growth ahead

* Attractive play on gas marketing:

Mahanagar Gas (MGL) is one of the largest City Gas Distributors (CGD) players in the country which caters to high growth market of Mumbai and neighbouring areas to over 1.3m customers. With over 6.7m vehicles and 3m households in its geographical area, M

2/07/2016 11:41:02 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Dr. Reddy's Laboratories Ltd For Target Rs.7,920.00 - Emkay

20-F Highlights - Underlying FY16 margins strength under appreciated

 As per the 20-F, Dr Reddy (DRL) incurred costs of Rs 2.3bn (USD 35mn) in FY16, towards FDA remediation measures. EBITDA margins adjusted for the remediation expenses stood at 30.5% in FY16, compared to reported margins of 25.5% (FY15: 22.6%) 

US prescription revenues grew

2/07/2016 11:32:50 AM | Posted in Broking Firm Views - Long Term Report read full news