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Arihant Capital Markets Ltd

Published on 17/01/2020 3:25:17 PM

INDUSIND BANK LTD. Q3FY20 RESULT UPDATE

IndusInd Bank’s operational metrics improved further in Q 3 FY 20 with Net Interest Income increasing by 34 3 YoY/ 5 7 QoQ, PPOP increasing by 29 7 YoY/ 5 6 QoQ and Net Income increasing by 32 0 YoY/(down) 6 QoQ, alongside benefit of corporate tax rate boosting its profitability However, provisions increased significantly by 72 annually to Rs 1 043 Cr against last year’s Rs 607 Cr which was caused by several key accounts been provided for in advance of being actually turning into 100 bad asset On the business front, the bank did well with 19 8 YoY/ 5 2 QoQ growth in the loan book and 23 3 YoY/ 4 6 QoQ in the deposits The advances growth was driven primarily by the large corporate segment books and among the retail segment, all grew positively during the quarter but the commercial auto books which degrew as it happened in the sectoral sales The deposit growth was robust with the massive growth in the savings 30 YoY) and term deposits(+ 26 YoY)

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Arihant Capital Markets Ltd

Published on 17/01/2020 3:22:44 PM

MINDTREE LTD. Q3FY20 RESULT UPDATE

Mindtree reported stable set of numbers in Q 3 FY 20 mostly in line with our estimates except a minor miss on net sales due to slight sluggishness in European market Consolidated revenue for Q 2 FY 20 stood at Rs 19 653 mn slightly below our estimate of Rs 20 269 mn registering 10 0 YoY 2 7 QoQ growth Reported EBITDA grew 8 1 YoY/+ 23 4 QoQ to Rs 3 063 mn a tad above our estimate of Rs 2 736 mn while EBITDA margin expanded 262 bps QoQ to 15 6 above our estimate PAT for the quarter grew 3 0 YoY to Rs 1 970 mn beating our estimate of Rs 1 621 mn With better than expected results, we maintain our rating on the stock at Neutral due to factors like 1 new management will take time to effectively manage the transition, 2 high attrition rate 3 still high concentration of top clients We recommend Neutral rating on the stock with a target price of Rs 888

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Arihant Capital Markets Ltd

Published on 17/01/2020 3:22:14 PM

TATA CHEMICALS LTD COMPANY UPDATE

Tata Chemical Ltd (TCL) is the third largest producer of soda ash in the world with manufacturing facilities spread across four continents. TCL is a market leader in iodised salt segment and leading manufacturer of urea and phosphatic fertilizers. The product range of the company includes Chemical product soda ash which is used to manufacture of glass, soaps, detergent. They are also used in metal refining, textile processing, and in the manufacturing of cement Caustic soda, used for manufacturing rayon, pulp, paper, gypsum-used in pharmaceuticals, insecticides and bromine, Fertilisers, Consumer products manufactures salt, sodium bicarbonate and cooking soda. The company produces four kinds of salt – iodised salt, crystalline salt, vacuum salt and pure salt. They also produce hydrobromic acid, liquid bromine, hydrochloric acid and liquid chlorine. TCL is also in the business activities of Fertilisers, Other Agri Inputs, Inorganic Chemicals.

 SEBI Registration No.- INH000002764
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Arihant Capital Markets Ltd

Published on 17/01/2020 3:21:49 PM

INFOSYS LTD Q3FY20 RESULT UPDATE

Infosys reported good set of numbers in Q3FY20, mostly in line with our estimate. Consolidated revenue stood at Rs 230,920 mn, slightly above our estimate of Rs 227,369 mn, registering +7.9% YoY/+2.0% QoQ growth. Consolidated EBIT stood at Rs 50,640 mn, registering +4.8% YoY/+3.1% QoQ growth. EBIT margin expanded 22bps QoQ, though on YoY basis margin suffered a decline of 64bps. Consolidated PAT saw growth of 23.5% YoY to Rs 44,570 mn, higher than our estimate of Rs 42,063 mn on account of adoption of low corporate tax rates. The IT major’s digital segment’s revenue is seen growing continuously as each quarter passes by. We maintain our recommendation of ACCUMULATE rating on the stock with a revised target price of Rs 869.

 SEBI Registration No.- INH000002764
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Arihant Capital Markets Ltd

Published on 17/01/2020 9:10:10 AM

News for stocks

GMR INFRA : Debt-laden GMR Infra will sell a higher stake in its crown jewel airports arm than what it had announced earlier.

IDBI Bank : Currently under prompt corrective action since May 2017, is expected to hold meeting with the RBI this week to seek removal of operational restrictions

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Arihant Capital Markets Ltd

Published on 7/01/2020 12:19:27 PM

SHORT TERM TRADING CALL: BUY AARTIND@895 OR DECLINE UP TO 860 SL 840 TGT 970-1000 CMP(896)

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Arihant Capital Markets Ltd

Published on 2/01/2020 2:09:32 PM

 SHORT TERM TRADING CALL: BUY ALKEM@2039 OR DECLINE UP TO 1980 SL 1940 TGT 2170-2220 CMP(2040)

  SEBI Registration No.- INH000002764
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Arihant Capital Markets Ltd

Published on 2/01/2020 2:06:58 PM

 SHORT TERM TRADING CALL: BUY ALKEM@2039 OR DECLINE UP TO 1980 SL 1940 TGT 2170-2220 CMP(2040)

SEBI Registration No.- INH000002764
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Arihant Capital Markets Ltd

Published on 2/01/2020 9:17:40 AM

STATE BANK OF INDIA INITIATING COVERAGE

State Bank of India realizing its mammoth size, trims operational inefficiencies and competes aggressively with private peers to boost its returns The bank has been growing its retail portfolio, which comprises of more than 60 advances towards home loans The bank is known as the banker to every Indian with the largest deposits and advances books, total assets, number of customers accounts and number of branches in the South Asian region The bank’s categorization by RBI as systemically important banks ( makes it the most reliable consumer servicing bank among masses The bank will make the most among all lenders from the recoveries after resolution of insolvent companies under the NCLAT’s resolution programme under IBC filings Foreseeing the bank’s vast recoveries going ahead, increasing home loans, xpress credit and personal loan growth along with the corporate tax rate cuts and significant liquidity in hand for core business growth, we are initiating coverage on State Bank of India with a BUY recommendation.

Valuation View: SBI is competing well with other private banking peers chasing the fruits of higher retail mix in its loan book with its vast branch network, digital app based net banking accessibility for its consumers and an array of various other group company products to cater to its loyal customers The bank has a total of 21 929 branches with more than 66 million internet banking users and is marching through its various new digital initiatives The bank’s subsidiaries are performing even better than the core parent bank with the life insurance subsidiary and the credit cards subsidiary gaining market share SBI is currently trading at a P/adj BV of 1 7 for FY 19 We assign a P/adj BV of 1 0 x for FY 22 E ABVPS of INR 299 per share to arrive at a Target Price of INR 456 per share with an upside of 37 over CMP using SOTP approach for the subsidiaries.

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Arihant Capital Markets Ltd

Published on 1/01/2020 10:19:37 AM

SHORT TERM TRADING CALL: BUY ALKEM@2039 OR DECLINE UP TO 1980 SL 1940 TGT 2170-2220 CMP(2040)

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Notification

HCL Mgmt Says - Q4 Will Be Strong Quarter For Co

Published on 2020-01-17 17:05:01