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Soft Performance; Maintain HOLD
Broadly in-line with our estimates, India Cements (ICEM) has reported a weak performance in 2QFY20, with EBITDA declining by 5% YoY and..
Big miss on margins led by higher fuel cost!
STAR delivered a weak set of numbers for Q2FY20 primarily led by a sharp surge in input costs. Total volumes during the qu..
Religare Super Ideas
UltraTech Cement Limited (ULTRACEMCO)
ULTRACEMCO has surged strongly today i.e. on Nov 27 supported with decent rise in volume. It has also sur..
Strong in-line quarter
JK Cement (JKCE)’s Q2FY20 standalone EBITDA increased 50% YoY to Rs2.54bn, broadly in-line with our estimates. Grey cement realisation inc..
We maintain BUY on Star Cement with a TP of Rs 135 (10x Sep’21E consol EBITDA), implying EV of USD 176/MT.
HIGHLIGHTS OF THE QUART..
Miss led by lower volumes
* Volume miss led by poor demand…: 2QFY20 volumes declined 27% YoY to 0.45mt (v/s est. 0.51mt) due to demand pressure in Gujarat. Whi..
Miss on margins led by weak VSF and Chemical profitability
* 2QFY20 standalone revenue declined 6% YoY to INR48b (in-line). EBITDA declined 38% YoY to INR6.6b (v/s es..
Accelya Solutions In Q4 net profit up 32.35% at Rs 24.71 cr
US dollar rises after Fed policy meeting
Rupee rises by 12 paise to Rs 69.05 against dollar
Headwinds recede for Tata Motors, but it is not out of the woods just yet
Infosys signs agreement with U.S. IRS; sees lower tax rate
Banking and Finance in 2020: Time for radical cost efficiency and operational scalability
Budget, Coronavirus to be key monitorables next week
Will Budget 2020 deliver on expectations raised by FM Sitharaman on personal tax concessions?
Franklin Templeton Mutual Fund side pockets its exposure to Vodafone Idea
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