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Edelweiss

Articles By Edelweiss

715 Articles

Gujarat Gas Rating: Buy; volumes at an all-time high in November

Long term margin guidance up to Rs 5/SCM; growth prospects are bright; ‘Buy’ retained with TP of Rs 373

Reiterate ‘buy/SO’ on Reddy’s Lab with TP of Rs 5,730

We hosted DR. Reddy’s at Edelweiss India e-Conference 2020,Asia Pacific.

Maintain ‘buy’ on Wipro with unchanged TP of Rs 467

The CEO explained the five strategic priorities, but also focussed on his strategy of prioritising and deprioritising sectors and markets, bringing in a chief growth officer, creating a large deals team and leveraging strateg

Retain ‘buy’ on Mahanagar Gas with TP of Rs 1,241

Capex guidance for FY21 remains at ~Rs 5 billion, and we expect internal cash flow to be sufficient to fund this despite modest earnings.

Maintain ‘buy’ on Fortis Healthcare with TP of Rs 160

Commissioning of the WIP facility with no major expansion and turning around the lagging facilities, which are low-occupancy and low-Ebitda, would help improve margins.

Analyst Corner: M&M upgraded to ‘buy’ with revised TP of Rs 721

We upgrade Mahindra & Mahindra (M&M) to ‘Buy’ and revise up FY22E core EPS 8% with TP of Rs 721 (earlier Rs 633) led by strong Q2FY21 performance; improving auto segment outlook (lean inventory, Thar launch, recovery in

Crompton Greaves Consumer Rating ‘Buy’; results beat estimates by a wide margin

Strategy of expanding reach, portfolio is delivering; TP raised to Rs 380 from Rs 335

While we agree that some benefits could reverse, we believe CRG’s strategy of expanding product/distribution reach has fared far better.

JSW Steel Rating: Reduce- Great performance at the standalone level

FY21/22e Ebitda up 19/3%; potentially high leverage and valuation are concerns; TP revised to Rs 260 from Rs 250

Taking note of the Q2FY21 performance and earlier-than-expected uptick in spreads, we are raising FY21e/FY22e Ebitda by 19%/3%.

L&T Technology Services Rating: Buy – a weak set of numbers in the quarter

Upgraded guidance shows worst is over, with recovery in works; ‘Buy’ maintained

Britannia Industries Rating: Buy- Performance was in line with estimates

Volumes fell q-o-q given rise in outdoor consumption; outlook is strong; ‘Buy’ retained with TP of Rs 4,345

HCL Technologies Rating ‘Buy’; company fired on all cylinders in Q2FY21

Margin guidance raised; firm on cusp of an upcycle led by cloud and digital change; maintain ‘Buy’

IMS (12% of business) had powered HCLT’s 16% revenue CAGR during the FY09-16 phase, lifting its market cap 14.5x.

Analyst Corner: Maintain ‘buy’ on Tata Steel with TP of Rs 500

We remain positive on TS-BSL due to possibility of further improvement in profitability from higher downstream shipments; deleveraging focus; and multi-pronged cost reduction initiatives.

Analyst Corner: Fair value of Rs 30 on Cipla for concerns on IV Tramadol

Cipla as future payment is based on several conditions being met, failing which Cipla can renegotiate deal terms.

Tata Steel Rating ‘buy’; India volumes in Q2 a positive surprise

Domestic Ebitda/t likely to rise by 2x q-o-q in quarter; Europe operations on the mend; outlook is positive; ‘Buy’ maintained

Maintain ‘buy’ on JSPL with a target price of Rs 275

Taking cognizance of 6MFY21 performance (sales volume of 3.5mt), we believe that management’s guidance of 7mt of standalone shipments looks achievable.

Welspun India Rating: buy; revival of US demand boosts outlook for firm

FY21/22e Ebitda up 3/1% given robust order book and leadership; TP raised to Rs 75

Avenue Supermarts rating: Hold; Online scale-up a must for future

Company expected to gain from industry consolidation; ‘Hold’ retained, given lofty valuations, with TP of Rs 2,157

All priced in—We remain positive on DMart given the long-term structural play, lean cost structure, strong liquidity support and a superior execution record.

Dr Reddy’s bets big on agreement with Celgene

The settlement ahead of a pre-trial hearing lend more visibility to earnings beyond FY22 and removes a long-pending overhang for Dr Reddy’s as well as Natco.

Dr Reddy, gRevlimid, Celgene, Natco, Aurobindo, Cadila, Dr Reddy shares

Voltas Rating ‘buy’; firm’s arsenal is growing stronger

It outdid peers in last fiscal; crisis helping firm reposition itself; ‘Buy’ maintained

Solar Industries Rating ‘hold’; first quarter bore the brunt of the lockdown

Growth in exports and order book of Rs 12 bn were key positives; FY22e EPS up 4%; TP raised to Rs 1,026

SOIL expects its international business to perform well given the gradual pick-up in demand across Nigeria, Turkey and Tanzania.

India Grid Trust rating: Buy — KKR as sponsor will remove uncertainty

Move creates undercurrent of tangible gains; a long-term structural bet; ‘Buy’ retained

Heritage Foods rating: Buy — Outlook is positive for company

RoCE is expected to jump 640bps in FY21e; TP raised to Rs 456; ‘Buy’ rating maintained

All in all, we expect RoCE to jump 640bps in FY21 and 860bps over FY20–22 to 23%.

Page Industries rating: Hold — Covid cast a shadow on performance in Q1

Page reported 66% y-o-y contraction in revenue (volumes down 69% y-o-y), primarily due to its metro city focus, where the lockdown impact was sharper. Gross margin plunged to 48% (Q4FY20: 59%, Q1FY20: 55%) due to under-absorp

United Spirits rating: Hold — Worst is over for the liquor company

Manufacturing and sale of alcoholic beverages was banned from 24th March to 4th May, which dragged USL’s volumes 49.2% y-o-y. By the end of June, all manufacturing units had become operational; by mid-August about 90% off-t

Maintain ‘buy’ on Sadbhav Engineering with TP at Rs 67

The lockdown and the pandemic dragged toll collection significantly during the quarter, but it has now recovered to ~95% of pre-Covid level.

sadhav engineering, SEL, Ebitda margin, NHAI, HAM projects, Sadbhav Engineering Revenue

Larsen & Toubro rating: Buy — E&A deal conclusion lends more firepower

It will help build cash pool to push growth in core businesses; to add 10% to FY22e core EPS if used to trim debt; ‘Buy’ retained

Given recent deterioration in L&T’s balance sheet due to cyclical issues in E&C, commissioning of Hyderabad Metro and NBFC challenges, Monday’s development will enhance investors’ comfort.

Maintain ‘buy’ on GMR Infrastructure with TP of Rs 30

The pandemic sent the traffic at DIAL and HIAL spiraling down 92% YoY and 95% YoY, respectively, in Q1FY21. Non-aero revenue at DIAL and HIAL also plummeted, down 57% YoY and 80% YoY respectively.

GMR Infrastructure, Covid-19, DIAL, GMR Airports, Groupe ADP deal, HIAL, latest news on GMR Infrastructure
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