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Not just tomatoes: Wider range of food items drive 7%-plus inflation Staples like cereals and pulses are unlikely to offer relief in the near term amid hardening international prices and subdued sowing domestically. This raises the likelihood of inflation remaining above 7 per cent in August, said a research report by broking firm, Prabhudas Lilladher. In July, India witnessed a surge in CPI inflation, reaching a 15-month peak at 7.44 per cent, a significant jump from June's 4.81 per cent. This reveals two primary insights for July's inflation na...
Not just tomatoes: Wider range of food items drive 7%-plus inflation
Not just tomatoes: Wider range of food items drive 7%-plus inflation
Source: IANS
27/08/2023 10:20:08 AM
Consumer demand is shifting from goods to services suggests contraction in demand for durables The contraction in demand for consumer durables in Q1 FY24 versus the average of FY23 seems to suggest that consumer demand is shifting from goods to services and, therefore, this could be a structural rather than cyclical trend, says Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers. Despite growth being low, modest momentum in staples seems to suggest recovery in rural demand. The 3.7 per cent IIP growth in Jun’23 was below expectation and...
Consumer demand is shifting from goods to services suggests contraction in demand for durables
Consumer demand is shifting from goods to services suggests contraction in demand for durables
Source: IANS
14/08/2023 3:39:07 PM
Buy Tata Power Ltd For Target Rs.256 - Anand Rathi Shares and Stock Brokers * Consolidated Revenue up by 4.13% at ? 124,538 million in Q4 FY23 vs ? 119,600 million in Q4 FY22 due to higher sales across Distribution Companies & capacity addition in Renewables. Consolidated Revenue growth of 32% at ?5,60,330 million vs ?4,25,760 million in FY22 due to higher availability in Mundra Thermal Plant which operated under Ministry of Power (MoP) guidelines, higher sales across distribution companies & robust addition in Renewables portfolio * Consolidated EBITDA up...
Buy Tata Power Ltd For Target Rs.256 - Anand Rathi Shares and Stock Brokers
Buy Tata Power Ltd For Target Rs.256 - Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers
25/05/2023 2:41:02 PM
The Luggage Sector Update : Sanguine demand outlook for the luggage sector by Anand Rathi Share and Stock Brokers The Indian luggage sector is oligopolistic, especially in branded space. VIP had a 43.8% market share in 9M FY23, Safari ~24.1% and Samsonite ~32%, collectively contributing most of the branded Indian luggage. The sector, which in the past was dominated by non-branded luggage has shifted markedly to branded luggage (45% in FY20, 56% now). Hence, we initiate coverage on VIP and Safari Industries, with Buy ratings and 12-mth TPs of Rs850 and Rs2,750 (valuing both at 34x FY25e earnings, in-line ...
The Luggage Sector Update : Sanguine demand outlook for the luggage sector by Anand Rathi Share and Stock Brokers
The Luggage Sector Update : Sanguine demand outlook for the luggage sector by Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
3/05/2023 12:36:45 PM
Textile Sector Update : Shift in demand to the branded segment by Anand Rathi Share and Stock Brokers We hosted a virtual conference call with Kewal Kiran Clothing’s distributors and a Raymond retailer, covering Maharashtra, Odisha, Jharkhand and Goa. The objective was to seek insights regarding the demand context, premiumisation trends, raw material price increases and competition. The shift from the non-branded to the branded segment, swelling demand, premiumisation, and controlled price hikes to counter raw material price rises, are some factors that have worked well for the appar...
Textile Sector Update : Shift in demand to the branded segment by Anand Rathi Share and Stock Brokers
Textile Sector Update : Shift in demand to the branded segment by Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
3/05/2023 11:47:10 AM
Buy Surya Roshni Ltd For Target Rs. 941 - Anand Rathi Share and Stock Brokers * On a consolidated basis, Surya Roshni’s Q4FY23 performance was above our estimates. The company’s topline fell by 6.5% YoY while it grew by 6.4% QoQ to Rs21,513 mn led by volume growth in steel segment and a healthy product mix. EBITDA increased by 66% YoY and 55% QoQ to Rs2,525 mn due to inventory gain and lower base. EBITDA margin went up by 513bps YoY and 368bps QoQ to 11.7%. * PBT increased by 92.8% YoY and 75.5% QoQ to Rs2,153 mn on account of lower interest expense and ...
Buy Surya Roshni Ltd For Target Rs. 941 - Anand Rathi Share and Stock Brokers
Buy Surya Roshni Ltd For Target Rs. 941 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
3/05/2023 11:34:42 AM
Buy Hindustan Unilever Limited For Target Rs.3,000 - Anand Rathi Share and Stock Brokers Hindustan Unilevers’ Q4 FY23 belied Street estimates: revenue grew 11% y/y and profit 9% y/y as price hikes faded while volume growth was tepid (4%, vs. 5-6% estimated). While softer input costs can continue to provide margin respite in coming quarters, volume uptick is seen slower than earlier anticipated as rural demand is still weak and price-value equations re-balance gradually. We have slightly tweaked our figures to reflect the Q4 miss in estimates. However, the company’s ag...
Buy Hindustan Unilever Limited For Target Rs.3,000 - Anand Rathi Share and Stock Brokers
Buy Hindustan Unilever Limited For Target Rs.3,000 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
29/04/2023 12:55:34 PM
Buy Voltas Ltd For Target Rs. 973 - Anand Rathi Share and Stock Brokers Despite 20% y/y growth in FY23 revenue, higher material costs weighed on EBITDA margins. One-offs led to its FY23 net income dropping to a nadir. The falling market share in room A/Cs amid stiff and mounting competition is still a major concern. However, the 52% y/y higher projects OB is a positive. Earnings are expected to normalise in FY24 after reaching a nadir in FY23. We upgrade the stock to a Buy. Q4FY23 revenue growth supported by all categories. Q4FY23 revenue at Rs29.6bn was up 11...
Buy Voltas Ltd For Target Rs. 973 - Anand Rathi Share and Stock Brokers
Buy Voltas Ltd For Target Rs. 973 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
29/04/2023 12:49:35 PM
Automobiles Sector Update : April 2023 volume preview by Anand Rathi Share and Stock Brokers 2W Apr’23 volumes should have grown in double digits y/y, aided by urban and rural replacement demand and production ramp-ups of BS6 phase-2 models. Also, PV volumes are likely to have grown in near double digits owing to healthy order books and launches despite supply constraints. Further, CVs are likely to have maintained their growth momentum, driven by replacement demand due to healthy freight volumes and rates, even with early buying in the last quarter. In contrast, tractor volume...
Automobiles Sector Update : April 2023 volume preview by Anand Rathi Share and Stock Brokers
Automobiles Sector Update : April 2023 volume preview by Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
29/04/2023 12:39:36 PM
Buy Dalmia Bharat Ltd For Target Rs.2,346 - Anand Rathi Share and Stock Brokers Dalmia’s operating performance was hit by high-cost raw material stocks, but softening fuel prices offer a respite for coming quarters. Helping it become a pure cement player would be the divestment of its refractory business (a non-core asset). Its entry into the Central region, and greater focus on a higher ‘green energy’ share are positives. We retain a Buy, with a lower (12-mth) TP of Rs2,346 (earlier Rs2,536), 12x FY25e EV/EBITDA. High-cost inventory. Aided by 12.1% ...
Buy Dalmia Bharat Ltd For Target Rs.2,346 - Anand Rathi Share and Stock Brokers
Buy Dalmia Bharat Ltd For Target Rs.2,346 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
29/04/2023 11:29:32 AM
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers Driven by strong, 52% y/y, NII growth, Poonawalla Fincorp’s Q4 FY23 net profit rose 103% y/y to Rs1,813m (far exceeding ARe). We expect robust growth, competitive cost of funds and tech savviness to drive the standalone unit’s 38% loan CAGR over FY23-25. We retain our Buy stance on the company with a 12-mth target price of Rs417, valuing it at 3x FY25e standalone P/ABV, derived using a multi-stage DDM method. Robust consumer finance-led AUM growth. Driven by the increasing prod...
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
27/04/2023 3:01:50 PM
Consumer Durables Outlook robust premiumisation prospects unhindered by Anand Rathi Share and Stock Brokers We hosted a virtual conference call with the channel partners of leading brands in consumer durables. The objective was to seek insights pertaining to demand, premiumisation trends and the impact of consumer financing of consumer durables retailers. Key highlights of our interactions follow. Demand picking up for rated fans. Most old non-rated fan stocks were cleared over Jan–Mar’23. Demand for rated (starred) fans has been picking up from Apr’23, despite the difference i...
Consumer Durables Outlook robust premiumisation prospects unhindered by Anand Rathi Share and Stock Brokers
Consumer Durables Outlook robust premiumisation prospects unhindered by Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
25/04/2023 2:22:34 PM
Fertilisers Sector Update : Focus on reducing dependency on imported fertilisers in long run By Anand Rathi Share and Stock Brokers We hosted a virtual investor conference with Arvind Choudhary, DirectorGeneral, The Fertiliser Association of India. We discussed IndianMagriculture regarding changing patterns of fertiliser consumption and  benefits of nano-urea. Key highlights of our interactions follow. Indian agriculture. India has been running one of the largest food-security programmes in the world and recorded its highest agricultural production in 2022- 23. The government aims to maintain 3-4% growth in agricu...
Fertilisers Sector Update : Focus on reducing dependency on imported fertilisers in long run By Anand Rathi Share and Stock Brokers
Fertilisers Sector Update : Focus on reducing dependency on imported fertilisers in long run By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
25/04/2023 12:50:17 PM
Quote on Akshaya Tritiya : From Last Akshaya Tritiya to date the yellow metal has given 18 - 20% returns on MCX Says Naveen Mathur, Anand Rathi Shares and Stock Brokers Below The Quote on Akshaya Tritiya By Naveen Mathur, Director Commodities and Currencies, Anand Rathi Shares and Stock Brokers “From Last Akshaya Tritiya to date the yellow metal has given 18 - 20% returns on MCX. Recessionary fears, Central Bank buying & Dollar weakness are the major factors that could enhance returns till next Akshaya tritiya, whereas gold is still expected to average in the range of Rs. 59,000 – 60,000 / 10 gm over & above Rs. 51,058 / 10 gm ave...
Quote on Akshaya Tritiya : From Last Akshaya Tritiya to date the yellow metal has given 18 - 20% returns on MCX Says Naveen Mathur, Anand Rathi Shares and Stock Brokers
Quote on Akshaya Tritiya : From Last Akshaya Tritiya to date the yellow metal has given 18 - 20% returns on MCX Says Naveen Mathur, Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers
22/04/2023 10:26:50 AM
Infrastructure Sector Update : Awarding at a new high near-term outlook bright By Anand Rathi Share and Stock Brokers A general trend of strong awarding in the run-up to the general elections, and the recurring phenomenon (more often than not) of the year-end surges made FY23’s fresh investment intentions, tendering and awarding to be strongest in any single year. Besides the push for the two reasons above, a sound banking system, robust tax collections and sufficient foreign exchange reserves appear to be responsible for this feat. Gradually receding inflation sustains optimism regarding growth expect...
Infrastructure Sector Update : Awarding at a new high near-term outlook bright By Anand Rathi Share and Stock Brokers
Infrastructure Sector Update : Awarding at a new high near-term outlook bright By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
19/04/2023 12:01:57 PM
Microfinance Sector Update : MFIs outlook positive; tech to be an enabler By Anand Rathi Share and Stock Brokers We hosted virtual investor conference with various experts from the microfinance industry and rural finance space seeking interesting insights from them across multiple aspects related to microfinance sector. Key takeaways of our interactions follow. MFI has survived 3 black swan events and emerged stronger; Clients are the strongest pillars of microfinance who hold the industry up followed by the employees, investors and the external environment. All of these in combination enables t...
Microfinance Sector Update : MFIs outlook positive; tech to be an enabler By Anand Rathi Share and Stock Brokers
Microfinance Sector Update : MFIs outlook positive; tech to be an enabler By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
18/04/2023 2:55:43 PM
Agriculture Sector Update : Technology gaining traction acceptance of nano-urea would take time By Anand Rathi Share and Stock Brokers We hosted a virtual investor conference with a drone-tech expert, a COO of an organic farm, the AGM of the Maharashtra State Agricultural Marketing Board, a fertiliser expert in Bhopal, and an agrochemicals dealer for Sumitomo, Rallis India, PI Industries, Dhanuka Agritech and Bayer, etc. Key highlights of our interactions follow. Organic farming. Market size: ~Rs70bn-80bn, 70% exported. The difference in prices of organic and normal produce is roughly 2-10x. The yield is also different. G...
Agriculture Sector Update : Technology gaining traction acceptance of nano-urea would take time By Anand Rathi Share and Stock Brokers
Agriculture Sector Update : Technology gaining traction acceptance of nano-urea would take time By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
18/04/2023 2:40:37 PM
Cement Sector Update : Sustaining price hikes remains the prime issue By Anand Rathi Share and Stock Brokers We hosted a multitude of cement dealers from places and regions such as Hyderabad, Bengaluru, Kolkata, Patna and Vidarbha with respect to assessing the demand and pricing environment. While healthy demand in most regions persists, sustaining price hikes remains the prime issue due to huge supplies and market-share wars. Key takeaways from the conference follow. South. In the south, cement companies announced a price hike of Rs40-50 a bag. Dealers, however, believe only Rs10-15 would hold....
Cement Sector Update : Sustaining price hikes remains the prime issue By Anand Rathi Share and Stock Brokers
Cement Sector Update : Sustaining price hikes remains the prime issue By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
18/04/2023 12:43:33 PM
Automobiles Sector Update : Premiumization in play for two and four-wheelers; tractor demand weak By Anand Rathi Share and Stock Brokers We hosted multiple tractor dealers from regions such as Bihar, Rajasthan and Gurgaon with respect to addressing rural demand. A bountiful harvest, better MSPs for crops and expected government spending are a few factors that could spark growth in rural  markets. Key takeaways from the conference follow. Tractors. Tractor demand across markets was robust in FY23. The segment recorded consistent strong volumes in FY23 (~945,000 units), up 12% y/y. The segment is seeing some saturation b...
Automobiles Sector Update : Premiumization in play for two and four-wheelers; tractor demand weak By Anand Rathi Share and Stock Brokers
Automobiles Sector Update : Premiumization in play for two and four-wheelers; tractor demand weak By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
13/04/2023 3:57:54 PM
FMCG Sector Update : Gearing up for fresh competition amid steady demand momentum By Anand Rathi Share and Stock Brokers We hosted virtual investor conference with many FMCG distributorscatering to rural and urban areas in Punjab, Hyderabad, Vishakhapatnamand Vadodara. They held distri-butorships for ITC, Britannia, Reckitt Benckiser, Emami, L’Oréal, Zydus Wellness, VST Industries, etc. Key highlights of our interactions follow. Demand. Over the last year, demand has been healthy across markets with good price increases. Soaps, detergents and certain packaged foods have seen goodgrowth momentum ...
FMCG Sector Update : Gearing up for fresh competition amid steady demand momentum By Anand Rathi Share and Stock Brokers
FMCG Sector Update : Gearing up for fresh competition amid steady demand momentum By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
13/04/2023 3:47:59 PM
Tech Edge : Buy Tata Motors Ltd For Target Rs.500/600 - Anand Rathi Share and Stock Brokers Tata Motors Ltd ? On larger degree chart; TATAMOTORS confirmed a range breakout from the previous swing high of 460. ? The stock also managed to breakout from the major falling trend line. ? Thus we advise traders to go long in the stock in the range of 470 – 460 with a stop loss of 400 for the upside target of 560 and 600 in 3 – 6 months. Buy Tata Motors Ltd For Target Rs.500/600; CMP: 465; Stop Loss:400 ; Upside :29%   To Read Compl...
Tech Edge : Buy Tata Motors Ltd For Target Rs.500/600 - Anand Rathi Share and Stock Brokers
Tech Edge : Buy Tata Motors Ltd For Target Rs.500/600 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
12/04/2023 12:29:51 PM
Pick For the Month : Buy PVR Ltd For Target Rs.1784 - Anand Rathi Share and Stock Brokers PVR Ltd * PVR has been under pressure since quiet some time but at this juncture its trading near its crucial support. * Previously the stock turned from this level and we saw a rally towards 2200. * On DAILY chart there is solid base formation along with bullish regular divergence which is looking lucrative. * Thus we advise traders to go long in the stock with a stop loss of 1455 Buy PVR Ltd For Target Rs.1784; CMP: 1565; Upside :14%   To Read Complet...
Pick For the Month : Buy PVR Ltd For Target Rs.1784 - Anand Rathi Share and Stock Brokers
Pick For the Month : Buy PVR Ltd For Target Rs.1784 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
12/04/2023 11:49:46 AM
Buy Surya Roshni Ltd For Target Rs. 860 - Anand Rathi Share and Stock Brokers * Surya Roshni (formerly known as Prakash Surya Roshni Ltd) was founded by Mr. J. P. Agarwal, started with steel pipe manufacturing in 1973. It commenced operations with a tube-making unit at Bahadurgarh, Haryana. The company started its lighting business in 1984, PVC pipes business in 2010 and consumer durables business in mid of 2014-15. * The company operates the steel business through its manufacturing units across Haryana, Gujarat, Madhya Pradesh and Andhra Pradesh. It also has a pres...
Buy Surya Roshni Ltd For Target Rs. 860 - Anand Rathi Share and Stock Brokers
Buy Surya Roshni Ltd For Target Rs. 860 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
10/04/2023 11:51:57 AM
Gas Utilities Sector Update : Falling gas prices, India demand growth to pick up By Anand Rathi Shares and Stock Brokers Gas utilities. We have a Hold on the segment, preferring GAIL, Gujarat State Petronet (GSP) to Petronet LNG (PLNG) Gas consumption in India’s energy mix is expected to be 15% by 2030. The fall in crude and gas prices has been a boon for energy consumption in India. We believe gas demand in the country will be strong over FY23-25, supported by strong gas infrastructure with GAIL/GSPL in transmission and PLNG the low-cost LNG re-gasifier. Demand is still strong across sectors. CGD wo...
Gas Utilities Sector Update : Falling gas prices, India demand growth to pick up By Anand Rathi Shares and Stock Brokers
Gas Utilities Sector Update : Falling gas prices, India demand growth to pick up By Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers
5/04/2023 1:43:55 PM
IPO Note : Avalon Technologies Ltd By Anand Rathi Share and Stock Brokers Company Description Avalon Technologies is one of the leading fully integrated Electronic Manufacturing Services (EMS) companies with end-to-end capabilities in delivering box build solutions in India, with a focus on high value precision engineered products. They provide a full stack product and solution suite, right from printed circuit board design and assembly to the manufacture of complete electronic systems to certain global original equipment manufacturers (OEMs), including OEMs loc...
IPO Note : Avalon Technologies Ltd By Anand Rathi Share and Stock Brokers
IPO Note : Avalon Technologies Ltd By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
3/04/2023 5:15:54 PM
Buy Star Health and Allied Insurance Ltd For Target Rs.723 - Anand Rathi Share and Stock Brokers STARHEALTH hosted an analyst meet on 29th March to share the process of claim settlement and outlook on its retail health insurance segment. Below are the key takeaways The Indian health insurance market remains in the early stages of its life cycle and continues to be one of the most underpenetrated health insurance markets globally. A number of demographic factors are expected to continue to drive growth in the health insurance industry in India, with the retail health insurance segment ...
Buy Star Health and Allied Insurance Ltd For Target Rs.723 - Anand Rathi Share and Stock Brokers
Buy Star Health and Allied Insurance Ltd For Target Rs.723 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
1/04/2023 10:41:39 AM
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers Building a profitable Fintech at scale The erstwhile Magma Fincorp, now Poonawalla Fincorp has seen perhaps, one of the fastest turnarounds in the BFSI sector. Poonawalla Fincorp (PFL) is now a tech led high growth NBFC backed by a strong promoter and having topnotch processes and best-in-class cost-of-funds. With digital as core for the new management, we expect robust growth, competitive cost of funds and tech savviness to drive a 38% loan CAGR over FY23-25e for the standalone unit. We r...
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers
Buy Poonawalla Fincorp Ltd For Target Rs. 417 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
31/03/2023 12:10:16 PM
Buy Asian Paints Ltd For Target Rs.3,260 - Anand Rathi Share and Stock Brokers On industry interaction and channel checks, we expect Asian Paints’ demand to rise, vs. weak Q3 volumes. Lower input prices would help margins expand from Q4. While we lower our FY23e/24e/FY25e 8%/6%/6% to factor in weak Q3 volumes and higher capex, we are optimistic of its earnings (~17% CAGR) over FY23-25. The recent stock-price fall provides an entry, driving our upgrade to a Buy at TP of Rs3,260 (55xFY25e EPS) vs. Rs3,570 (60x Sep’24e EPS) earlier. Pricing discipline unlike...
Buy Asian Paints Ltd For Target Rs.3,260 - Anand Rathi Share and Stock Brokers
Buy Asian Paints Ltd For Target Rs.3,260 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
31/03/2023 11:48:02 AM
Recent US bank failures: Impact on the Indian stock market By Anand Rathi Share and Stock Brokers Objective Understanding the impact of the Silicon Valley Bank (SVB) and Signature Bank failures on Indian equity markets. The event Two U.S. banks, Silicon Valley Bank (SVB) and Signature Bank, were ordered to cease normal operations this week because their liabilities far exceeded their assets. Causes of bank failures Different causes led to the failure of these two banks The Signature Bank's massive crypto-currency investments resulted in enormous losses, which eroded ...
Recent US bank failures: Impact on the Indian stock market By Anand Rathi Share and Stock Brokers
Recent US bank failures: Impact on the Indian stock market By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
21/03/2023 11:46:14 AM
Buy Hero Motocorp Ltd Target Rs. 2,855 - Anand Rathi Share and Stock Brokers Result Update – Q3FY23 * Revenues for the quarter ended December were increased by 1.3% to Rs.81,183 million vs Rs.80,131 for 3QFY22. Improvement in top line of the company due to sequential market share improvement and multiple launches and front end action. * Gross profit per vehicle has reached an all time high of Rs.19,800 per vehicle, which increases company operating leverage and will benefit when higher volumes kick in, in upcoming quarters. This has been made possible thro...
Buy Hero Motocorp Ltd Target Rs. 2,855 - Anand Rathi Share and Stock Brokers
Buy Hero Motocorp Ltd Target Rs. 2,855 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
17/03/2023 2:15:58 PM
Buy Greenply Industries Ltd For Target Rs.230- Anand Rathi Shares and Stock Brokers Healthy plywood growth and greater MDF utilisation would drive Greenply’s domestic performance. Overseas demand expected to be soft. Expected input-cost easing would expand margins. The stock trades at attractive valuation; we retain a Buy, at a lower TP, 15x FY25e earnings. Plywood division: decent growth, sustainable profitability. Trading and its asset-light model provides Greenply flexibility to raise volumes on mounting demand. The Sandila (UP) manufacturing plant (13.5m sq.mtr)...
Buy Greenply Industries Ltd For Target Rs.230- Anand Rathi Shares and Stock Brokers
Buy Greenply Industries Ltd For Target Rs.230- Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers
16/03/2023 12:55:35 PM
Oil And Gas Sector Update : Oil Marketing Report from IEA March`23 By Anand Rathi Share and Stock Brokers OECD stock at 5-yr average; Brent to fall further to $73/bbl or lower Global oil demand in 2023 is set to rise by 2m b/d to 102m. Asia-Pacific and China would command most of the growth.??Jet/kerosene demand (at ~91% of 2019 levels) is expected to increase on rebounding air traffic and pent-up China demand. World oil supply rose in Feb’23 to 101.5m b/d, vs. 100.8m the month prior. (The rise comes from rebounding supplies from the US and Canada after winter storms and outages.) Glo...
Oil And Gas Sector Update : Oil Marketing Report from IEA March`23 By Anand Rathi Share and Stock Brokers
Oil And Gas Sector Update : Oil Marketing Report from IEA March`23 By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
16/03/2023 12:34:11 PM
Buy Bharti Airtel Ltd For Target Rs. 890 - Anand Rathi Share and Stock Brokers Q3-FY23 Result Update * Bharti Airtel Limited (BHARTIARTL) has reported consolidated revenue of ?358 billion in Q3-FY23 as against ?298 billion in Q3-FY22, a growth of 19.9%. Consolidated net revenues, after netting off access costs, license fees and cost of goods sold, stood at ?302 billion, up 22.1% as compared to ?247 billion in the corresponding quarter last year. India business revenues for the quarter stood at ?249 billion, up 19.4% vis-à-vis ?209 billion in the corresponding ...
Buy Bharti Airtel Ltd For Target Rs. 890 - Anand Rathi Share and Stock Brokers
Buy Bharti Airtel Ltd For Target Rs. 890 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
10/03/2023 10:45:51 AM
Buy Poly Medicure Ltd For Target Rs.1,060 - Anand Rathi Share and Stock Brokers Q3-FY23 Result Update Poly Medicure reported upbeat results in Q3FY22, Its revenues came in at Rs.2,848 Mn up by 23.7% YoY and 4% QoQ led by strong demand across segments. The company’s EBITDA/PAT came in at Rs.7,101 Mn/Rs.5,000 Mn up by 39%/45% YoY respectively. The company’s EBITDA margin in Q3FY23 came in at 24.9% vs 22.2% in Q3FY22 with a jump of 272bps YoY and 139 bps QoQ on account of moderating raw material prices and favourable product mix despite exports remaining m...
Buy Poly Medicure Ltd For Target Rs.1,060 - Anand Rathi Share and Stock Brokers
Buy Poly Medicure Ltd For Target Rs.1,060 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers
8/03/2023 11:21:10 AM
Buy Dr. Reddy`s Laboratories Ltd For Target Rs. 5,800 - Anand Rathi Share and Stock Brokers Q3-FY23 Result Update * Dr. Reddy’s Laboratories Ltd. revenue for the quarter stood at ?67,898 million, grew by 27.9% YoY on consolidated basis. Segment wise revenue from Global Generic, Pharmaceutical services and active ingredients (PSAI) and Others segment stood at ? 59,200 million ?7,800 million and ?700 million, grew by 33%, 7% and (51%) YoY respectively. * Revenue from Gobal generic business was primarily driven by new product launches, increase in volumes of their base busi...
Buy Dr. Reddy`s Laboratories Ltd For Target Rs. 5,800 - Anand Rathi Share and Stock Brokers
Buy Dr. Reddy`s Laboratories Ltd For Target Rs. 5,800 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
6/03/2023 12:23:11 PM
Buy Poly Medicure Ltd For Target Rs.980 - Anand Rathi Share and Stock Brokers Q3-FY23 Result Update Poly Medicure reported upbeat results in Q3FY22, Its revenues came in at Rs.2,848 Mn up by 23.7% YoY and 4% QoQ led by strong demand across segments. The company’s EBITDA/PAT came in at Rs.7,101 Mn/Rs.5,000 Mn up by 39%/45% YoY respectively. The company’s EBITDA margin in Q3FY23 came in at 24.9% vs 22.2% in Q3FY22 with a jump of 272bps YoY and 139 bps QoQ on account of moderating raw material prices and favourable product mix despite exports remaining m...
Buy Poly Medicure Ltd For Target Rs.980 - Anand Rathi Share and Stock Brokers
Buy Poly Medicure Ltd For Target Rs.980 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
6/03/2023 12:03:26 PM
Buy Ramco Cements Ltd For Target Rs.838 - Anand Rathi Share and Stock Brokers In the best position to address mounting demand; retaining a Buy Good demand and greater operating efficiency led to Ramco reporting a firm Q3 performance. While various cost-saving levers are in place to improve operating efficiency, land monetisation is also on the cards to fund expansions and de-leveraging. However, management retained its capex guidance for FY23/24 at ~Rs17.17bn/ Rs8.9bn. We maintain our Buy rating, at a higher TP of Rs838 (earlier Rs752).   Bright demand ou...
Buy Ramco Cements Ltd For Target Rs.838 - Anand Rathi Share and Stock Brokers
Buy Ramco Cements Ltd For Target Rs.838 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
6/03/2023 11:11:17 AM
Buy Escorts Kubota Ltd For Target Rs. 2,360 - Anand Rathi Share and Stock Brokers Volume growth to continue, margins pressure to ease; retaining a Buy For Escorts Kubota, tractor volumes continued to rise and the company sustained market share across regions. Under-recovery in RM costs and small price increases in the quarter led to pressure on the gross margin, which however is expected to improve in Q4. The ground situation for a gradual revival in the rural economy is in place and we expect better volume off-take ahead. Accordingly, we maintain a Buy at a revised TP ...
Buy Escorts Kubota Ltd For Target Rs. 2,360 - Anand Rathi Share and Stock Brokers
Buy Escorts Kubota Ltd For Target Rs. 2,360 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
3/03/2023 11:56:03 AM
Buy Aditya Birla Fashion and Retail Ltd For Target Rs.370 - Anand Rathi Share and Stock Brokers Madura brands continue resilient performance; maintaining a Buy Slightly above our estimates, ABFRL’s Q3 revenue grew ~20% y/y. Its 12.1% EBITDA margin, though, was lower, hit by higher ad-spend and newer business investments. Its Madura Lifestyle brands’ resilient performance continued while Pantaloons and other businesses (innerwear, athleisure) dragged on overall profits. Ethnic growth was healthy with small profits (vs. a loss in Q2), driven by strong festival & wedding...
Buy Aditya Birla Fashion and Retail Ltd For Target Rs.370 - Anand Rathi Share and Stock Brokers
Buy Aditya Birla Fashion and Retail Ltd For Target Rs.370 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
3/03/2023 11:15:20 AM
India GDP Q3 FY23 : Slowed down but strong fixed investment and exports By Anand Rathi Share and Stock Brokers Slowdown in manufacturing dragged down the GDP growth in Q3 FY23. However, India remains a bright spot for the world with 7% growth expected for the FY 2022-23. Signs of recovery of rural demand and resilience of fixed investment and services offer hope   Growth below expectation. The 4.4% GDP growth in Q3 FY23 was below the expectations. The fall in growth rate can be partly attributed to the upwardly revised GDP for the corresponding period of the last year by Rs. 290 billion. ...
India GDP Q3 FY23 : Slowed down but strong fixed investment and exports By Anand Rathi Share and Stock Brokers
India GDP Q3 FY23 : Slowed down but strong fixed investment and exports By Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
2/03/2023 12:58:11 PM
Buy Gabriel India Ltd For Target Rs. 226 - Anand Rathi Share and Stock Brokers Proportion of EVs increasing, margin pressure; maintaining a Buy For Gabriel India, demand is strong in the automotive segment, while two wheelers remained under severe pressure. Launches in passenger vehicles, where Gabriel has a major share of business, augur well for long-term growth. For CVs, it plans to leverage its dominance in domestic markets and subsequently enter exports. On EVs, the proportion continues to grow. We maintain a Buy at a revised TP of Rs226 (15x FY25e)   ...
Buy Gabriel India Ltd For Target Rs. 226 - Anand Rathi Share and Stock Brokers
Buy Gabriel India Ltd For Target Rs. 226 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
2/03/2023 12:05:50 PM
Buy MapMyIndia For Target Rs. .1,500 - Anand Rathi Share and Stock Brokers Growth story unscathed; maintaining a Buy   MapMyIndia’s 9M FY23 revenue grew 45.7% y/y (org. 23.4%) to Rs2.1bn. Its A&M business (bringing 53.8% to revenue) grew 51.1% y/y, and its C&E business (46.2%) grew 40.1% y/y. The 9M EBITDA margin was flat y/y at 42.2%, chiefly due to higher marketing expenses and high growth in the IoT business. This initially compresses margins as device hardware has lower margins, but then (12 months down) generates high margin SaaS revenu...
Buy MapMyIndia For Target Rs. .1,500 - Anand Rathi Share and Stock Brokers
Buy MapMyIndia For Target Rs. .1,500 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers Ltd
2/03/2023 10:10:26 AM
Buy Affle India Ltd For Target Rs.1,300 - Anand Rathi Shares and Brokers Revenue missed, margins expanded; maintaining our Buy Affle India’s Q3 FY23 revenue grew 10.8% y/y, 6.1% q/q, to Rs3.76bn. The company is faced with pressure in developed markets (US, Europe), which bring ~20% to its revenue. India and other emerging markets (~80% of revenue) grew 23% y/y. The gross margin expanded 280bps y/y, 138bps q/q, to 39.3%, as inventory and data costs (as percent of revenue) fell to 60.7%, from 63.5% a year ago, 62% the prior quarter. Factoring in the slowdow...
Buy Affle India Ltd For Target Rs.1,300 - Anand Rathi Shares and Brokers
Buy Affle India Ltd For Target Rs.1,300 - Anand Rathi Shares and Brokers
Source: Anand Rathi Shares and Brokers
1/03/2023 12:23:12 PM
Buy Kansai Nerolac For Target Rs. 560 - Anand Rathi Share and Stock Brokers Auto-paints shine but high-cost raw material stocks dim margins; Buy Kansai Nerolac’s posted a broadly in-line performance on adj Q3 FY23 figures (for exceptionals incl. in other income in Q2 FY22). Revenue growth was driven by auto paints; decorative paints slightly declined (volumes likely to be flat) hit by a prolonged monsoon and early Diwali. Margins was squeezed by high-cost stocks, expected to be exhausted gradually in another 1-2 quarters. Thus, dimming margin expectations. H...
Buy Kansai Nerolac For Target Rs. 560 - Anand Rathi Share and Stock Brokers
Buy Kansai Nerolac For Target Rs. 560 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
1/03/2023 12:00:24 PM
Buy Mangalore Refinery and Petrochemical Ltd For Target Rs. 66 - Anand Rathi Shares and Stock Brokers Shareholder wealth to improve on stronger GRMs; initiating with a Buy The 15mtpa Mangalore Refinery and Petrochemicals is a play on refining and petchem in South India, promoted by ONGC and HPC. The high refining-margin context and robust demand would support earnings, creating shareholder wealth with lower debt. The Nelson complexity is ~10.6 but operating efficiency has been impacted on acquiring OMP, given the weak petchem environment. Falling crude prices and discounted crude sourcing ...
Buy Mangalore Refinery and Petrochemical Ltd For Target Rs. 66 - Anand Rathi Shares and Stock Brokers
Buy Mangalore Refinery and Petrochemical Ltd For Target Rs. 66 - Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers Ltd
1/03/2023 11:35:10 AM
NRB Bearings Ltd For Target Rs. 174 - Anand Rathi Shares and Stock Brokers * Revenues increased by 8.83% in Q3FY23 to Rs.2,511 million. NRB reported strong performance due to a sharp focus on fundamental business operations and an upsurge in demand across all vehicle segments within the automobile industry. The e-vehicle segment witnessed a boost in business, particularly from exports. * EBITDA jumped by 17.45% and margins improved by 100bps in Q3FY23, mainly because of improved margins by a combination of price increase and operational efficiency. Logistics cost...
NRB Bearings Ltd For Target Rs. 174 - Anand Rathi Shares and Stock Brokers
NRB Bearings Ltd For Target Rs. 174 - Anand Rathi Shares and Stock Brokers
Source: Anand Rathi Shares and Stock Brokers Ltd
1/03/2023 10:16:59 AM
Buy Orient Cement Ltd For Target Rs.174 - Anand Rathi Share and Stock Brokers To add 3m tonnes by FY26; retaining a Buy Though good infrastructure demand boosted Orient Cement’s Q3 volume growth, high input costs curbed its operating performance. While cement capacity expansion continues to be delayed, the falling fuel cost benefit will be visible post-May’23. Cost savings from the 10MW WHRS, more government spending on infra and the firm B/S are positives. We retain a Buy rating on the stock, with a lower target price of Rs.174 (earlier Rs.176) on 7.5x ...
Buy Orient Cement Ltd For Target Rs.174 - Anand Rathi Share and Stock Brokers
Buy Orient Cement Ltd For Target Rs.174 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
28/02/2023 2:23:56 PM
Buy Cera Sanitaryware Ltd For Target Rs.7,222 - Anand Rathi Share and Stock Brokers Highest quarterly revenue; retaining a Buy With its highest quarterly revenue and good operating margins, Cera Sanitaryware’s strong performance in Q3 continues. While it continues to operate at 100%, it continues to gain market share. The ongoing expansions are on track and the B/S is robust with healthy cash generation. The higher retail share, high SKU-addition focus, price rationalisation, etc., are key positives. We retain our Buy rating, with a higher TP of Rs7,222 (earlier Rs6...
Buy Cera Sanitaryware Ltd For Target Rs.7,222 - Anand Rathi Share and Stock Brokers
Buy Cera Sanitaryware Ltd For Target Rs.7,222 - Anand Rathi Share and Stock Brokers
Source: Anand Rathi Share and Stock Brokers Ltd
28/02/2023 2:03:14 PM