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JSW Steel Rating ‘buy’: Vijayanagar plant upgrade is a positive

Company will continue expanding capacity at low capex with quality assets and low cost of production; ‘Buy’ retained

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Khadim India: Retain ‘buy’ with TP of Rs 675

To revive growth, company has initiated measures like higher media spends, product launches at lower price points and enhanced focus on digital channel.

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Hero Motocorp Rating ‘Buy’: Outlook muted for next couple of months

Volumes expected to recover in FY20; HMCL can rerate due to medium-term volume uptick; ‘Buy’ maintained

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Analyst corner: With improving asset quality, retain ‘buy’ on REC stock

REC’s core business remains strong with improving asset quality and revival in loan growth.

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Arvind: 12% revenue CAGR likely for demerged unit

It’s expected to post FY19 revenue/PAT of Rs 74/3.2 bn; target price pegged at Rs 157

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Marico rating ‘buy’: Earnings trajectory is bound upwards

Fall in copra price to drive healthy Ebitda growth in H2FY19; EPS raised by 2-3% for FY20-21e; TP up to Rs 410 from Rs 360

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‘Buy’ on Jindal Steel and Power with TP of Rs 244

EBITDA at `21 bn, up 53% YoY, exceeded our/consensus estimate of `19 bn mainly due to (1) better-than-expected profitability of power business and (2) Mozambique EBITDA contribution at $5.7 m vs. expectation of minimum profit

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Dr Reddy’s Lab: US sales to improve with new launches

While we expect China and global injectable business to scale up in two-three years, US sales would improve with new launches (15 in FY19).

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Supreme Industries rated ‘Buy’; Focus on value growth rather than volumes

One of best plays on building material industry with bright prospects; ‘Buy’ maintained.

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Analyst Corner: Derating of Siemens stock to continue, retain ‘sell’

The company aims to gradually move away from a pure play equipment/ services supplier to a complete solutions provider, driving productivity and efficiency improvement for customers by leveraging IoT-based technologies.

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‘Sell’ on Siemens, flat order book a concern; TP at Rs 815

Siemens’ Q4FY18 (Sept year ending) PAT at Rs 2.8 billion (up 39% y-o-y) was ahead of consensus estimate due to higher revenue and recognition of incentives; however, we do not expect this to sustain given the depleting orde

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Balaji Telefilms rating ‘buy’: TV realisation saw a jump in Q2

ALTBalaji ramp-up on track; margin likely to be muted in FY19 owing to launch of new shows; ‘Buy’ retained

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Ujjivan Financial Services rating ‘buy’: Q2 earnings were better than expected

Regulatory overhang is a concern; ‘Buy’ retained with TP cut to Rs 280 from Rs 320

Industry News

Retain ‘sell’ on Siemens with target price of Rs 815

Siemens’ exposure to transportation and other sunrise sectors like digitalisation, automation, etc, drove its premium valuations in the past.

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Maintain ‘buy’ on DBL with target price of Rs 620

Dilip Buildcon’s Q2FY19 revenue at Rs 16 billion missed our/street’s estimate (Rs 20 billion).

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Apollo Hospitals on track to achieve 20% Ebitda growth

The H1 Ebitda at Rs 5 billion (up 30% year-on-year, in line) and PAT at Rs 1 billion (up 100% y-o-y) fortify our view that Apollo Hospitals is on track to achieve 20% Ebitda CAGR over FY18-21.

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Analyst Corner: Retain ‘buy’ on Ashok Leyland, target price Rs 135

However, Dasari’s resignation will weigh on investor sentiments in the near term heading into key disruptions such as BS6 and Electric Vehicles (EVs).

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Britannia Industries rating ‘buy’: Yet another healthy performance in Q2

Raise EPS estimates by 1-2% and retain Buy with TP of Rs 6,400 based on target P/E of 48x Sept-20 (due to higher value creation optionality from portfolio expansion).

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Analyst Corner: Sobha to cash in on industry consolidation; maintain ‘buy’

Following adoption of Ind-AS 115 in Q1, Sobha reported 10% QoQ growth in revenue led by 7% QoQ growth in real estate operations and 15% QoQ growth in contractual and manufacturing businesses.

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Analyst Corner: ‘Hold’ on Indraprastha Gas with unchanged target price of Rs 265

The Q2 EBITDA for Indraprastha Gas at Rs 3.1 bn was in line with our/street estimate and PAT at Rs 1.9 bn was 3% beat on our estimate (-3% vs. street) on higher other income.

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Analyst corner: Maintain ‘hold’ on Godrej Properties, valuations rich

Given the strong balance sheet (net D/E at 0.7x), GPL is well-positioned to capitalize on industry consolidation that is expected to accelerate in wake of ongoing NBFC liquidity crisis.

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Canara Bank rating ‘Hold’: Quarter results were a mixed bag

Q2FY19 PAT at Rs 3 bn (up 15.1% y-o-y) was higher than expected primarily due to tax reversal (`8.1 bn); else, the bank would have reported a loss. NII growth was healthy at 17.9% y-o-y (on favourable base) driven by improved

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Analyst Corner: ‘Hold’on NTPC; coal shortage will dampen core RoE

Despite 10% y-o-y rise in regulated equity, H1FY19 adj. PAT at Rs 51 bn was flat y-o-y on under-recovery due to (a) coal shortage at newly-commissioned high-cost plants (Rs 5 bn), (b) plant outage at Unchahar due to fire acci

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Analyst Corner: ‘Buy’on Tata Power; firm upbeat on renewable space

TPWR’s Q2 adj. PAT at `3.7 bn was in line with our/street estimates.

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Analyst Corner: ‘Hold’on KMB; stake dilution remains near-term overhang

Q2FY19 PAT was in line at `11.4 bn (up 15% y-o-y) with marginal improvement in headline asset quality (GNPAs at 2.15%, down 2 bps q-o-q and net NPAs at 0.81%, down 5 bps q-o-q).

Industry News

Havells India rating ‘hold’: Stable growth even as earnings slipped

Headline revenue growth of 23% y-o-y (7th consecutive quarter of 20%+ growth) with ex-Lloyd growth of 28% y-o-y was commendable.

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ACC rating ‘Buy’: Negative operating leverage a dampener

Realisations hit by weak monsoon pricing; Ebitda/t is likely to rise in seasonally strong Q4CY18; ‘Buy’ retained

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