Axis Capital

DLF’s operating cash flow to rise in coming quarters

DLF has assets in the area (retail and commercial SEZ), but the residential segment in the market remains stressed due to large number of legacy issues of developers who have unfinished inventory tied up in litigation.

Markets News

ITC Q4 results broadly in line with estimates

Improving volumes and and pricing in cigarette business are key catalysts; valuation is inexpensive; ‘Add’ rating maintained.

Markets News

Analyst Corner: ‘Add’ on Eric Lifesciences, revised TP at Rs 680

Management expects FY20 sales to be 30-50% higher than market growth. Net cash position expected to remain in FY20 given no acquisition plans.

Markets News

Analyst Corner: Maintain ‘buy’ on Tejas, revenue seen rising

Curbs on Huawei are likely to be aimed at dominance of 5G network technology, as Huawei is a rapidly expanding in 5G technology.

Markets News

Vedanta rating | Add — Showing was in line with estimates

Ebitda fall was due to low LME prices, high input costs, closure of Tuticorin copper smelter, partly offset by strong USD and contribution from Electrosteel plant.

During Q3, Vedanta, through one of its subsidiaries, purchased economic interest in a structured investment in Anglo American PLC from its parent Volcan Investments. News

Analyst corner: PVR’s Q4 Ebitda was in line with expectations

Q4FY19 Ebitda was in line with expectations as relatively strong movie content aided 25% jump in footfalls (37% occupancy vs. 31.5% y-o-y; highest in last 16 qtrs), driving strong performance across segments.

Analyst corner: PVR's Q4 Ebitda was in line with expectations News

Analyst corner: SBI to outperform from current levels – Axis Capital

Q4 operating profit (Rs 169.3 bn; up 7% y-o-y) was higher than expected, but PAT (Rs 8.3 bn vs. estimate of `39.1 bn) was significantly below expectations, primarily on higher provisions.

SBI to outperform from current levels (Reuters File photo) News

Stock corner: ‘Buy’ on Varun Beverages with a target price of Rs 1,050

Varun Beverages (VBL) started CY19 on a good note with robust delivery (ahead of our estimates) in Q1CY19 led by healthy performance in India business and strong performance in international business.

Markets News

Marico Rating: Add; At operational level, subdued showing in Q4

Estimates down 5-6% to bake in lower volumes and margins; TP revised to Rs 380.

Markets News

Titan company rating: Buy with a target price of Rs 1,250

Titan delivered another strong quarter led by jewellery (revenue up 21%, adj. Ebit up 21%, adj. margin at 13.8%) and eyewear (20% revenue growth), while watches delivered a muted quarter.

Markets News

ABB ‘Under review’, stock performance to remain muted

Q1CY19 PAT at Rs 1.16 bn, up 13% y-o-y, beat our/consensus estimate by 13/12%. Beat was led by (1) strong revenue growth of 18%, (2) Robotics & Motion revenue up 34% with 270 bps margin expansion and (3) Rs 211 mn reduction i

Markets News

Hindustan Zinc Rating | Reduce — weak showing in Q4 was on expected lines

Zinc prices are likely to stay muted; FY20/21e EPS cut to Rs 22/24; TP revised to Rs 285; ‘Reduce’ maintained.

Markets News

Stock corner: Retain ‘buy’ on Mahindra CIE Automotive with target price at Rs 283

Q1CY19 consolidated revenue beat expectations on strong growth (against industry production) at both India and Europe operations.

Markets News

Stock corner: ‘Buy’ on Aditya Birla Capital; retail, SME mix to gain further

Share of affordable housing loans in HFC stood at 13.1% of book (10.8% in Q3FY19). Margins for both lending businesses expanded on sequential basis.

Markets News

Analyst corner: L&T Finance – Exposures to IL&FS, Supertech challenge

Headline asset quality improved, but lumpy exposures like IL&FS (Rs 18 bn) and Supertech (Rs 8 bn) remain standard and under-provided.

Markets News

Stock corner: ‘Buy’ on Dabur India with revised target price of Rs 445

Despite flattish GM and 60 bps YoY dip in A&P, domestic EBITDA margin contracted 260 bps YoY to 24.6% dragged by 220 bps jump in staff costs and 90 bps jump in other expenses.

Markets News

Biocon Rating | Add — Strong sales growth led to a margin beat

While Peg-filgrastim is tracking well, we reduce our Trastuzumab market share assumptions (as we expect slower ramp-up) and factor in higher staff cost, R&D & depreciation, resulting in 11/9% cut in FY20/21e EPS and TP of Rs

Markets News

Analyst corner| Carborundum Universal can see 20% PAT growth

CUMI has compounded at 18% per annum for the last 10 years and the stock price can double in four years given 20% PAT CAGR over FY19-21E, 20%+ ROCE, and a debt-free balance sheet with strong FCF:PAT conversion.

Markets News

Analyst corner| ‘Add’ on Exide Industries, target price Rs 228

While batteries have less to gain from the upcoming safety and emission norms, it will relatively outperform the industry in FY21 as replacement can cushion any slowdown in OEM volumes.

Markets News

Analyst corner: SBI Life’s traction in protection Biz to continue

(a) New business premium (NBP) growth was lower at 14.8 y-o-y, primarily on account of lower growth of 13.7% y-o-y in first year premium.

Banking & Finance News

RBL Bank Rating: Buy — A robust showing

A host of positives are likely to boost prospects; TP up to Rs 780 from Rs 725

Markets News

Stock corner: ‘Reduce’ Wipro holdings, soft performance in the last quarter

Q1 guidance weak though share buyback will restrict downside; ‘Reduce’ retained with revised TP of Rs 270.

wipro, wipro rating, it sector, it industry News

Stock corner: ‘Add’ Asian Paints, recent correction a good buying opportunity

Concerns over surge in crude prices and drag from capacity additions are overdone; ‘Add’ retained.

axis capital, stocks News

Stock corner: ‘Add’ on Asian Paints, target price of Rs 1,550

Our estimates & TP of Rs 1,550 remain unchanged; we have 'Add' rating on the stock. The stock has corrected due to rising concerns over a surge in crude oil prices and drag from recent capacity additions on profitability.

‘Add’ on Asian Paints, target price at Rs 1,550 News

Real estate consolidation gains momentum in NCR, Mumbai

Top developers in NCR and Mumbai likely to gain more than those in Bengaluru and other key cities.

Industry News

Cholamandlam Rating| Buy— Ready to grow at the cost of competition

Outlook is good owing to a host of positives; RoE of 21% is estimated over next two years; ‘Buy’ maintained.

Industry News

AFL: Expect 16% revenue CAGR over FY19-21E – Axis Capital

The Indian apparel market at $56 billow is the second-largest retail market behind food and grocery.

Markets News
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