Axis Capital

Analyst Corner: Maintain ‘buy’ on Hero MotoCorp; TP at Rs 3,369

The second quarter was operationally in-line. On the call, management highlighted first 5 days of festive season have been subdued after the sudden increase in insurance costs, but it still expects overall festive retails to

Markets News

Analyst Corner ‘Sobha’: Expect collections to remain steady QoQ

Sobha continued to report strong volumes at 1 msf (up 20% YoY) in Q2 totalling Rs 7.4 bn (Sobha’s share at `6.2 bn).

Markets News

Voltas is the best bet in consumer durables space

Voltbek (Voltas-Arcelik JV) substantially improves Voltas’ right to win against entrenched players in key categories.

Industry News

Endurance Tech rated ‘Buy’ with a TP of Rs 1,690

Endurance enjoys high share of business (>80%) with Bajaj Auto and Royal Enfield (RE) – these are the only OEMs where it is supplying all its 4 products (casting, suspension, transmission and brakes).

Industry News

Aditya Birla Fashion rated ‘buy’; prospects are bright for the company

India is on the cusp of the $-2,000 GDP per capita mark that studies have shown leads to a disproportionate growth in the apparel market.

Industry News

Reiterate ‘buy’ with raised TP of Rs 440 on GAIL India

PNGRB’s tariff hikes for GAIL’s 4 pipelines (18% of gas transmission volumes) were much anticipated and will increase blended tariff for its gas transmission business by 15% y-o-y in FY19.

GAIL India, HVJ-DVPL, DVPL II, Mumbai pipelines, gas-based fertiliser plants, CGD flourishes News

Infosys’ move to acquire Fluido positive, retain ‘Buy’

Infosys has signed a definitive agreement to acquire Fluido, a Salesforce advisor and consulting partner in Nordics.

Industry News

Analyst corner: TechM’s earnings upgrade to continue in FY19

Management expects vertical to deliver mid-single digit growth in FY19E (implying 5%+ CQGR over Q2-Q4FY19), accelerating to low double digit in FY20.

Industry News

Crompton Greaves rated ‘Buy’; market strategy likely to boost share of pie

Stock’s cheap valuations are expected to go up; upgraded to ‘Buy’ with TP of Rs 243.

Industry News

Execution will be key to sustainable growth

Prospects for the long-term are healthy; needs tie-ups with field experts for new initiatives; ‘Hold’ retained

Container Corp, concor, RTH, MMLP, JNPT volume, Coastal shipping News

Reiterate ‘buy’ for M&M, target price at Rs 1,075

We attended the launch event of M&M’s new MPV — the Marazzo — in Nashik. In most aspects, the product is a huge step-up from Mahindra’s offerings.

M&M, target price, Marazzo, Mahindra, Toyota Innova Crysta, Maruti Ertiga, market, money News

Maintain ‘hold’ with TP of Rs 197 for Power Grid Corp

Key takeaways from our recent meeting with PGCIL’s management: (1) Order book could double — visibility can improve substantially if PGCIL receives Rs 500-600 bn projects on nomination basis (cost-plus) to link 7-8 GW of

Markets News

Retain ‘buy’ on Dabur India, target price revised to Rs 550

Underlying confidence on delivering double-digit volume growth for remaining M9FY19 was high led by rural-led demand uptick.

Industry News

Maruti Suzuki India Rating: Buy, Q1 Story intact despite operational miss

Volume outlook remains strong; earnings CAGR of 22% estimated over FY18-20; ‘Buy’ retained with TP revised to Rs 11,187.

Industry News

Analyst Corner: Maintain ‘buy’ on Jubilant Foodworks with TP at Rs 1,600

Jubilant Foodworks continued its strong momentum into FY19 delivering another quarter of beat led by positive surprise in SSSG (up 26% year-on-year).

Markets News

Kotak Mahindra Bank Rating: Core income was a disappointment

Franchise is improving; a host of negatives make stock an expensive bet at current levels; ‘Hold’ maintained.

Markets News

Analyst Corner: Reiterate ‘hold’ on HCL Tech with TP of Rs 1,000

HCL Tech’s board has approved the proposal to buy back up to 36.4 million equity shares for an aggregate amount not exceeding Rs 4,000 crore, i.e, 2.6% of total paid-up equity share capital, at Rs 1,100 per share.

Industry News

Strong earnings expected on reported basis

Staples likely to outperform discretionary pack; revenue and Ebitda/PAT growth of 12% and 20-22% expected

CAGR, GST, GST anniversarisation, Ebitda, PAT growt, GCPL, Emami, GCPL News

Poised to tap fast growing market

Trades at discount to other players despite a host of positives; coverage initiated with ‘Buy’ and TP of Rs 1,020

Khadim India, Khadim India, footwear market, footwear retailers in India, Khadim trades, CAGR News

Shriram Transport Finance Rating: Growth momentum likely to be sustained

Multiple impending levers expected to ensure strong AUM growth; NIMs likely to be resilient; a preferred name among CV financiers

Markets News

Risk-reward favourable at current price, ‘hold’ HCL

HCL Tech continues to invest in new opportunities like IP, niche acquisition and S&M to strengthen client relationship.

Markets News

Maintain ‘hold’ on Eicher Motors with TP unchanged

With new Vallam Vadagal facility ramping up, it can do a production of 950k units in FY19 . RE has started work towards phase 2 of its new plant and will have exit capacity of 1.2 mn per annum eventually, post which it will h

Industry News

Retain ‘hold’ on HCL Tech; revenue to reverse in FY19

HCL Tech continues to invest in new opportunities like IP, niche acquisition and S&M to strengthen client relationship.

Markets News

Maintain ‘buy’ on Tejas, see strong India business growth

Tejas’ management in the analyst meet reiterated 20% CAGR revenue guidance for FY17-20E led by a strong order book to be executed over FY18-20E (after muted FY18) implying a stronger growth.

tejas, tejas rating, tejas growth, tejas market News

Maintain ‘buy’ on Westlife with target price of Rs 450

Giving an update on Vision 2022, Westlife’s management in the analyst meet highlighted that the company remains on track to expand to 450-500 restaurants, 300-350 McCafes and 300-325 McDelivery hubs by FY22.

Westlife, Westlife target price, McCafe, McDelivery,  News

Maintain ‘buy’ on Phoenix Mills, portfolio to see 10%+ growth

Phoenix Mills (PML) has acquired an under-construction retail asset with 0.9 msf developable area in Gomti Nagar extension, Lucknow, for Rs 453 crore.

Industry News

Maintain ‘buy’ on Hindustan Unilever with TP unchanged

Solid all-round performance, modest improvement in industry-leading working capital position, sharp jump in FCF (up 42% YoY) and 900 bps jump in RoE YoY were the key highlights of HUL’s FY18 performance.

Q3 earnings, Hindustan Unilever, GST, Revenues, domestic consumer businesses, interest, tax, depreciation, amortisation, GST rate, GST slabs News
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