Buy Intellect Design Arena Ltd For Target Rs.245.00 - GEPL

Investment Rationale

Unique Business structure

Intellect Design Arena Ltd. (Intellect) is the Chennai based IT services providing company. Intellect a global leader in Financial Technology for Banking, Insurance and other Financial Services. A uniquely focused Products business, Intellect addresses the needs

9/06/2016 2:00:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce IDBI Bank Ltd For Target Rs.58.00 - Sharekhan

Key points

* Higher provisioning and weak operating performance dent profitability:

For Q4FY2016, IDBI Bank posted a loss of Rs1,735 crore despite a tax write-back of Rs1,119 crore as operating parameters failed to support the bottom line against higher provisioning. The net interest income declined by 14.0%

9/06/2016 12:54:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold NCC Ltd For Target Rs.73.00 - Emkay Global

Strong execution run rate, FY17e looks challenging

Result highlights  Revenue came at Rs24.52 bn +11% YoY higher than expectation of Rs20.93 bn driven by strong execution run rate led by the buildings segment

 EBITDA came at Rs2.09 bn +13.1% YoY versus expectation of Rs1.86 bn due to higher revenue flow. EBITDA Margin improved by 16 bps YoY

9/06/2016 12:47:15 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Britannia Industries Ltd For Target Rs.2,850.00 - Religare Capital

Risk-reward balanced

BRIT’s Q4FY16 results were below estimates with consolidated net sales/ EBITDA/adj. PAT growth of 7%/15%/14% YoY. Consolidated volumes grew 10% and the EBITDA margin expanded 90bps YoY to 13.2%. As per management, demand remains soft even as higher raw material inflation of ~5% in FY17E (vs. 3% stated earlier) would necessit

9/06/2016 12:26:47 PM | Posted in Broking Firm Views - Long Term Report read full news
AGL makes 52 week high of 199.75 with 2 new products - Dynamic Levels

AGL makes 52 week high of 199.75 with 2 new products

Asian Granito India Limited gets (AGL) 12 lakh Sq. meters order. AGL is one of the leading ceramic company in India who are engaged in manufacturing Ceramic wall, Floors, Vitrified tiles, Marbles and Quartz. AGL has recently launched 2 completely new products. These are: 1000X1000 mm JUMBO Double Cha

9/06/2016 12:15:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Sharda Cropchem Ltd For Target Rs.330.00 - Emkay

Seasonal effect in play

 Sharda reported strong performance led by European region with volume growth of 66% in Q4FY16 as the company increased its product portfolio and penetration in the region. Overall volume growth in Q4/FY16 stood at 62%/24% 

Revenues increased 54% yoy to Rs 5.2bn ahead of our estimate of Rs 3.6bn. EBITDA margin at 29%

8/06/2016 1:08:18 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Amara Raja Batteries Ltd For Target Rs.975.00 - Motilal Oswal

Below est; Sales growth moderates, higher RM and other expenses leads to 8 quarter low EBITDA margins; Downgrade EPS

* Net sales grew by 10% YoY (-4.5% QoQ) to INR11.7b (in line with our est.), with the YoY growth being driven by a broad-based performance across segments.

* EBITDA margin declined by 30bp YoY (-240bp QoQ) to 16.3%, translatin

8/06/2016 12:56:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Container Corporation of India Ltd For Target Rs.1260.00 -  Kotak Securities Ltd

Weakest quarter in the last 5 years - outlook also weak

Concor reported weak numbers for Q4FY16, with Exim volume of 613,543 (-5% YoY), domestic volumes of 125,342 (+6% YoY), sales at Rs 14.2 bn (- 5.5% YoY) and increase in operating expenditure at Rs 12.2 bn (from 11.8 bn YoY) leading to margin erosion and company reporting its worst operating margin

8/06/2016 12:46:36 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Wonderla Holidays Ltd For Target Rs.450.00 - Sharekhan

Key points

* Footfalls stood flat; higher ticket realisation and non-ticketing revenues drove top line in Q4: For Q4FY2016, Wonderla Holidays Ltd (WHL)’s revenues grew by 22.1% to Rs44.5 crore driven by 23% increase in the average ticket prices, while the footfall remained almost flat during the quarter. The ticket revenues grew by 21.4% YoY and

8/06/2016 12:30:15 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tech Mahindra Ltd For Target Rs.700.00 - Angel Broking Pvt Ltd

Tech Mahindra posted sales of `6,884cr for 4QFY2016 (V/s `6,701cr in 3QFY2016), which is a QoQ growth of 2.7%. In US$ terms, sales came in at US$1,023mn (V/s our expectation of US$1,021mn), a QoQ growth of 0.8%. In terms of geographies, growth was driven by ROW (accounted for 24.7% of sales V/s 23.2% of sales in 3QFY2016). In terms of industry, growth was driven by BFSI (which accounted for 10.

8/06/2016 12:20:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral On GlaxoSmithKline Pharmaceuticals Ltd For Target Rs.3,150.00 - Motilal Oswal Securities Ltd

Results ahead of estimates; margin improvement a positive surprise

* GSK Pharma’s (GLXO) 4QFY16 sales increased by 12% YoY to INR6.9b (in line with our estimate) and EBITDA remained flat YoY at INR1.2b (18% ahead of our estimate), while PAT came in at INR1.1b (up 3% YoY and 9% higher than our estimate). Capacity constraints at GLXO’s Nashik

7/06/2016 2:36:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Ashok Leyland Ltd For Target Rs.114.00 - Prabhudas Lilladher Ltd

While Ashok Leyland’s (AL’s) volume growth was 36.4% YoY in 9MFY16 on a lower base, it was an impressive 28.7% YoY in Q4FY16 even when the base was higher. M&HCV sales growth is expected to sustain at a healthy rate in FY17 due to replacement demand, pre‐buying and fleet addition by operators. Boosted by strong volume growth and benefits of lower commodity costs, AL’s EB

7/06/2016 1:40:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Jubilant Life sciences Ltd For Target Rs.494.00 - India Nivesh Securities Ltd

Jubilant Life sciences(JOL IN)adjusted PAT was much lower than our expectation due to one‐time charge on account of product related intangibles. However top line & EBITDA was in line with our expectation. Pharma segment recorded sales growth of 10% y‐y mainly driven by growth in Rest of World markets while Developed market growth was muted. LSI segment sales were down 14% mainly due to

7/06/2016 1:32:53 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Ashoka Buildcon Ltd For Target Rs.155.00 - Religare Capital Markets Ltd

Mixed Q4; positives priced in – HOLD

ASBL’s Q4FY16 consolidated results (revenue/adj. PAT of Rs 7.3bn/ Rs 497mn) beat estimates on account of higher margins and other income, even as EPC execution at Rs 5bn (-19% YoY) belied expectations. The order book was healthy at Rs 41bn (2.4x FY16 EPC revenue) and ASBL is the lowest bidder (L1) for or

7/06/2016 1:24:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell NMDC Ltd For Target Rs.74.00 - Emkay Global Financial Services Ltd

Price outlook continues to remain subdued

 Continuous fall in iron ore prices weighed on performance again. Revenue stood at Rs 15.3 bn, down 46% YoY and flat QoQ (vs our est of Rs 16.4 bn) despite 18% QoQ rise in iron ore sales volume to 8.5 mt. this is due to 15% QoQ fall in realizations to Rs 1744/ tn 

EBITDA fell 62% YoY and 16% QoQ to

7/06/2016 1:16:59 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Shree Cements Ltd For Target Rs.13604.00 - Kotak Securities Ltd

* Company's revenues for Q3FY16 (Jan-Mar,16 period) grew by 28% YoY, slightly lower than our estimates. Growth in revenues was mainly led by 30% YoY improvement in cement volumes.

* Operating margins were in line with our estimates while net profit performance was led by volume growth, margin improvement and tax write back during the quarter

* At current market price of

7/06/2016 1:08:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy J Kumar Infraprojects Ltd For Target Rs.448.00 - SPA Securities Ltd

JKIL delivered lower than expected set of numbers as commencement of execution of JNPT NHAI orders got delayed owing to utilities shifting & land compensation issues. While revenues stood flat at INR 4039 mn, earnings improved by 4.7% led by 39.3% decline in interest income & 55.5% increase in other income. Order inflow/Order backlog as on FY16 stood at INR 15.7bn/32.1 bn. In addition,

7/06/2016 1:02:25 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy PI Industries Ltd For Target Rs.800.00 - Sharekhan

Key points

* Healthy growth in domestic business and margin expansion boost earnings:

For Q4FY2016, PI Industries posted a revenue growth of 9% YoY to Rs584.8 crore which was largely driven by a 6% growth in custom synthesis manufacturing (CSM) and 17% growth in domestic agri segment. Better operating efficie

7/06/2016 12:52:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Info Edge Ltd For Target Rs.1,050.00 - Religare Capital Markets Ltd

Strong revenue, margins drive EPS beat

INFOE reported above-expected Q4 revenues (+18% YoY to Rs 2.04bn) led by a 19% YoY growth in Naurki.com, even as 99acres.com grew by a weak 5% YoY. Consolidated margins at 30.5% jumped 830bps QoQ on lower discretionary marketing spends. Zomato grew at an impressive 91% YoY in FY16 but posted an EBITDA loss of Rs

6/06/2016 3:03:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Thermax Ltd For Target Rs.651.00 - Emkay Global Financial Services Ltd

Recovery in capex still far away

Result highlights  Thermax Q4FY16 (standalone) operational results were below expectations - (a) 14%YoY dip in revenues to Rs12.9bn and (b) 160bps YoY fall in EBITDAM to 9% 

Order intake (consolidated) increased by 2% YoY to Rs15.2bn. Order backlog (consolidated) was down by 18% YoY to Rs46.6bn



6/06/2016 2:53:41 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Bajaj Finance Ltd For Target Rs.7740.00 - India Nivesh Securities Ltd

Bajaj Finance Limited (BFL) reported yet another quarter of above 35% Asset Under Management (AUM) and earnings growth. Net Interest Income at Rs 10.1 bn grew 37% yoy (slightly below expectation of Rs 10.6 bn). NIMs (Calc) declined 275 bps qoq to 9.3% due to seasonality of high disbursements in Consumer segment in Q3FY15. Operating profit came in at Rs 6.5 bn, up 41% yoy and inline with expecta

6/06/2016 2:46:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Mphasis Ltd For Target Rs.510.00 - Prabhudas Lilladher Ltd

Operating performance has likely bottomed out

`Mphasis’ Q4FY16 performance was largely in‐line; revenue miss offset by margin expansion. Revenue drop was led by BPO business and Digital risk. HP channel had some semblance of stability with ~1% QoQ drop in US$ revenues. HP is now only 24% of revenues, down significantly from ~66% in FY11. FY16 h

6/06/2016 2:40:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Escorts Ltd For Target Rs.196.00 - Kotak Securities Ltd

In a relatively weak demand environment, Escorts reported healthy operational performance in 4QFY16. Revenues for the quarter declined by 2% YoY to Rs8,047mn - marginally lower than our estimates. However, EBITDA margin at 4.8% improved meaningfully YoY and QoQ and was above our estimates. Adjusted PAT for the quarter was Rs295mn (post adding back Rs131mn exceptional loss) - strong growth YoY a

6/06/2016 1:46:18 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Bank of India Ltd For Target Rs.75.00 - Sharekhan

Key points

* Higher provisioning dents profitability:

During Q4FY2016, Bank of India (BoI) reported a lacklustre performance as it posted a loss of Rs3,587.1 crore owing to provisions worth Rs5,470 crore (up 142.5% year on year [YoY]). The net interest income during the quarter was up by 12.0% YoY however the

6/06/2016 1:40:32 PM | Posted in Broking Firm Views - Long Term Report read full news