Closure of AAL investment will remove overhang on stock; FY20/21e EPS cut to `15/15; ‘Add’ maintained

Q1 Ebitda was 5% below estimate. Ebitda margin at 26% – down 600 bps y-o-y (a 100 bps miss) –…

Dish TV India’s Q1FY20 Ebitda at Rs 530 crore beat our/consensus estimates on lower license fee outgo (down Rs 50…

Strong sales growth in higher margin businesses (biologics) led to gross and Ebitda margin beat. Biocon guided for strong year-on-year…

Q1FY20 was strong for ICICI Bank marked by significantly higher-than-expected PAT of Rs 19.1 billion (our estimate: Rs 16.7 billion)…

The management remains confident of delivering 7-9% SSSG and modest margin expansion in FY20 and is on track to deliver…

Significant exposure to NBFCs (12% of loans) and very high NPAs under infra credit (15.5%) will add to burden. Maintain…

The management is confident of retaining high growth while curtailing costs and improving margin.

However, at CMP, the stock trades at 13x/12x FY20E/FY21E EPS — which implies correction has been overdone.

AUM growth was robust at 18.5% y-o-y to Rs 3.6 trillion with share of equity portfolio at 48% (flat on…

Apollo Munich buy to push HDFC to leading position in general insurance space; TP revised to Rs 2,380; stock valuations…

Merger with Gruh Finance was at expensive valuations (one year forward multiple at 13x P/BV for Gruh vs. 5.4x for…

Equity valuation at 1.7x P/B is thus far premium; on negative side, SIPL’s 10% stake in InVIT valued at `6.5…

We remain positive on NTPC and believe it can deliver upwards of 20% EPS growth in near term (H1FY20) and…

Management has raised the FY19 revenue growth guidance to 8-9% (from 6.5-8.5% earlier; with -3% FX impact), implying stable outlook…

Received OAI (Official Action Indicated) on its API/Intermediate facilities largely on account of Sartans issue. Unit 11 received warning letter…

IndusInd Bank (IIB) has got the final approval to merge Bharat Financial Inclusion (BFIL) with itself effective 4th July 2019…