Accumulate Indraprastha Gas Ltd For Target Rs.790.00 - Kotak Sec

Volume push and raw material cost decline led to excellent numbers

IGL's results are better than our estimates. In Q1FY17, IGL's PAT has increased 38% qoq to Rs.1.48 bn (45% yoy) mainly on account of lower raw material cost and marginally lower other expenses. Gross margin has meaningfully increased by 17.7% qoq to Rs.4.2 bn (23.2% yoy) reflect

8/09/2016 11:47:22 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Power Grid Corporation of India Ltd For Target Rs.176.00 - Emkay

Capitalisation below expectation; downgrade to HOLD on fair valuation

*  Capitalization declined 46% YoY to Rs24.6bn (below our estimate of Rs65b) primarily due to delay in commissioning of few key projects. However, management remains firm on its capitalization target for FY17. Capex during the quarter was Rs55.8 bn

*  Revenue incr

7/09/2016 2:24:17 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy PNC Infratech Ltd For Target Rs.187.00 - Ventura Sec

PNC Infra Ltd (PNC) is a north-based EPC/BOT contractor. In a short span of 15 years, it has catapulted its market share in the competitive EPC space without compromising on profitability and balance sheet strength. Strong order book visibility and execution track record, low gearing, lean working capital cycle and multiple operating efficiencies make PNC a strong play in the growing roads sect

7/09/2016 2:14:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Allcargo Logistics Ltd For Target Rs.229.00 - Motilal Oswal

Ind AS impacts earnings; volume growth steady amidst macro headwinds

AGLL reported below estimate EBITDA at INR1.3b (vs est. of INR1.4b; -5% YoY). While reported EBIT stood at INR861m (-2% YoY) and PAT at INR624m (-7% YoY) was impacted by higher tax rate at 29% (v/s 20% in FY16). Allcargo adjusted goodwill against net worth to the extent of INR6.2 (of

7/09/2016 2:03:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Rico Auto Industries For Target Rs.72.00 - Sharekhan

Key points

Rico to clock 16% topline CAGR over FY2016-FY2018 on the back of ramp up at Chennai plant and commissioning of Rajasthan plant:

Rico Auto Industries’ (RAI) recently commissioned plant at Chennai is ramping up production due to increased demand from Renault-Nissan. Renault’s Kwid has received strong res

7/09/2016 1:54:40 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Corp Ltd For Target Rs.480.00 - Reliance sec

Background & Business

Bajaj Corp’s (BCL) key brand – Almond Drops Hair Oil (ADHO) – is the 2nd largest brand in the overall hair oil segment, which commands a market share of 60% in Light Hair Oil (LHO) market. BCL has regularly increased its product portfolio in oil category like Brahmi Amla, Kailash Parbat & Jasmine. BCL ha

7/09/2016 1:48:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Strides Shasun Ltd For Target Rs.1,130.00 - RCML

Operating ‘de-leverage’ – downgrade to HOLD

STR reported a below-expected Q1FY17 with an all-round miss across operating comps, and single-digit margins in the PSAI and EM businesses. We slash our FY17/FY18 estimates by 23%/18% given (a) a weak Q1, (b) lower-than-expected margins in PSAI and EM businesses and (c) delays in realisation

7/09/2016 1:40:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate RBL Bank Ltd For Target Rs.325.00 - Angel

Strong management team & focused approach to drive growth:

The new Management led by MD & CEO Mr Vishwavir Ahuja which took charge in 2010 has been instrumental in the outstanding growth of the bank over the years, wherein the bank transformed itself from being a traditional bank to a new age bank. RBL has been largely focusing on funding work

7/09/2016 1:33:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate NTPC Ltd For Targt Rs.182.00 - Kotak Sec

NTPC reported improved operating performance in the first quarter on the back of improved fuel quality 2) higher sourcing of domestic coal 3) sharp rise in incentives from higher PLF. We value the stock at 1.5x FY18 BV (as against 1.3x FY18 earlier), thus arriving at target price of Rs 182 (Rs 160 earlier) on account of

1) large capacity pipeline to be commissioned in the next three y

7/09/2016 1:28:38 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Indian Oil Corporation Ltd For Target Rs.689.00 - Prabhudas

Inventory gains drive outperformance:

IOCL reported Q1FY17 results ahead of our and consensus estimates; EBITDA of Rs136.8bn (PLe: Rs77.0bn) (+33%YoY, +188%QoQ) and PAT of Rs82.7bn (PLe: Rs39.3bn) (+35%YoY, +388%QoQ). Better‐than‐expected earnings was led by

1) higher‐than‐expected refining margins of US$9.98/bbl (PLe: US$8.7/bbl), gi

6/09/2016 12:32:59 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Monte Carlo Fashions Ltd For Target Rs.575.00 - Emkay

Favourable winter key; Maintain Buy

*  Revenues in-line but miss on margins – Revenue up 10% yoy at Rs 754mn; EBITDA margins at 12.5%, down 140bps yoy; APAT at Rs 20mn, up 39% yoy

*  Store expansion & increased penetration in South and West drives growth. Cotton revenues at Rs 554, up 39%, home furnishing at Rs 120mn down

6/09/2016 12:27:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Electricals Ltd For Target Rs.298.00 - Anand Rathi Securities Ltd

Growth momentum in all divisions expected in 2HFY17; Buy

On the recent applicability of the TOC-based model, Bajaj Electricals’ Q1 sales slid 4.5% yoy. The company expects margins to expand. With healthy growth in EPC division in FY17, a robust order book, and higher profitability, we maintain a Buy, with a revised price target of `298 (earlier `

6/09/2016 12:15:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Oberoi Realty Ltd For Target Rs.352.00 - Motilal Oswal

Operationally strong quarter, led by bookings in Three Sixty West

Strong P&L:

Revenue grew 52% YoY to INR3.2b, EBITDA grew 30% YoY to INR1.7b, and PAT grew 30% YoY to INR1.1b. EBITDA margin shrank 9pp YoY but expanded 6pp QoQ to 52%. The P&L strength is attributable to strong revenue recognition from Esquire in 1QFY

6/09/2016 12:09:06 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Infosys Ltd For Target Rs.1,180.00 - Reliance securities Ltd

Background & Business

Infosys is India’s second-largest IT services firm which clocked US$9.5bn revenue in FY16. It offers a wide range of IT services like Consulting, Enterprise Solutions, Cloud, Software Products and various others to a cluster of industries. It earns majority of its revenue from North America (62%), followed by Europe (23

6/09/2016 12:02:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Grasim Industries Ltd - Religare Capital Markets Ltd

Grasim–AB Nuvo merger a dampener

Grasim reported strong Q1 EBITDA margins of 21.2% (RCMLe: 19%) on higher VSF and chemical margins. PAT jumped 138% YoY to Rs 3.2bn (RCMLe: Rs 2.6bn) led by strong operating results. We think the merger with AB Nuvo would likely push up the holding company discount, with more unrelated business in the portfolio. A

6/09/2016 11:52:33 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy State Bank of India Ltd For Target Rs.303 - Sharekhan

Event:

The Board of Directors of State Bank of India (SBI) has approved the merger of its listed associate banks, namely State Bank of Mysore (SBM), State Bank of Travancore (SBT) and State Bank of Bikaner & Jaipur (SBBJ), along with the unlisted Bhartiya Mahila Bank (BMB) with itself.

Share swap ratio:

6/09/2016 11:45:48 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy PNC Infratech Ltd For Target Rs.143.00 - Angel Broking Pvt Ltd

Performance Highlights

For 1QFY2017, PNC Infratech (PNC) reported top-line growth of 18.6% while the bottom-line grew by substantial 145.6% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and Varanasi-Gorakhpur road projects. Despite strong execution, decline in raw material and other expenses led to 81bp yoy decline in EB

6/09/2016 11:40:01 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy The India Cement Ltd. For Target Rs.153.00 - Kotak Securities Ltd

Revenues of the company were in line with our estimates, as decline in the cement realizations was offset by volume improvement. Operating margins stood ahead of estimates led by sharp reduction in power and fuel costs. Despite higher tax expense, company posted a net profit growth of 16% YoY for the quarter led by margin improvement and lower interest expense. Cement prices in South India decl

6/09/2016 11:34:13 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Shree Cements Ltd For arget Rs.15,874.00 - Emkay

In-line performance, downgrade to HOLD on rich valuation

*  Adjusted for subsidies, Shree Cement’s operating performance was in-line with estimates with EBITDA at Rs6.95bn (vs. est. 6.96bn) and OPM at 32.1% (vs. est. 31.9%). Subsidy income was Rs630mn (Rs260mn in other operating income and Rs360mn in revenues)

*  Sales volume

5/09/2016 11:23:55 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold India Cements LTd For Target Rs.138.00 - Anand Rathi Securities Ltd

Subdued quarter; prices to recover; Hold

India Cements’ Q1 FY17 revenue slipped 2% yoy; its EBITDA rose 3% yoy due to a better operational performance. We expect both prices and volumes in the South to improve from H2, increasing utilisations. We maintain our Hold rating, with a target price of `138 (earlier `101).

Volume

5/09/2016 11:12:44 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On Nestle India Ltd For Target Rs.6,846.00 - Motilal Oswal

On the right track but pick up will be slow We attended the analyst meet of Nestle India.

Our key takeaways:

*  Spate of new launches, performance incentives for innovations encouraging.

*  Company will continue to focus on the urban consumer.

*  There has been a tremendous improvement in pr

5/09/2016 11:03:12 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold EClerx Services Ltd For Target Rs.1,520.00 - Reliance securities Ltd

Revenue Challenges Abound; Buy-back could Support Stock

1QFY17 financials of eClerx Services (eClerx) reflect major revenue challenges led by automation, in-sourcing initiatives and project roll offs. USD revenue fell 1.2% qoq (-0.6% in CC terms) to US$50.2mn, while yoy revenue grew by single digit (8.2%) for the first time since 3QFY15. It disappointe

5/09/2016 10:46:29 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Info Edge (India) Ltd For Target Rs.1,050.00 - Religare Capital Markets Ltd

FY16 Annual Report highlights – Competition abating

Naukri rolls out new products:

Revenue from INFOE’s jobs portal Naukri grew 19.4% YoY to Rs 5.3bn in FY16, with a 7.7% increase in unique customers to 61,000 (vs. 57,000 in FY15). During the year, Naukri focused on building new products such as a career site mana

5/09/2016 10:28:03 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Indraprastha Gas Ltd For Target Rs.725.00 - Prabhudas Lilladher Ltd

Volume growth + margin expansion drive earnings:

Indraprastha Gas (IGL) reported Q1FY17 EBITDA and PAT of Rs2.59bn and Rs 1.48bn, respectively, ahead of ours and consensus estimates. IGL’s gas sales momentum has pickedup as rising pollution concerns has improved CNG demand from private vehicles and taxis. Also, government push for PNG domestic co

5/09/2016 10:20:54 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Aurobindo Pharma Ltd For Target Rs.877.00 - Angel Broking Pvt Ltd

Performance Highlights

For 1QFY2017, the company’s sales came in at `3,664cr V/s `3,900cr expected and V/s `3,664cr in 1QFY2017, a yoy growth of 13.0%, mainly driven by formulations. Formulations (`3,032cr) posted a yoy growth of 15.9% and constituted around 80% of overall sales, while API (`735cr) posted a yoy growth of 1.6%. On the operating fr

5/09/2016 10:15:48 AM | Posted in Broking Firm Views - Long Term Report read full news