Edelweiss

Edelweiss retains ‘Buy’ on Spicejet; target price raised to Rs 91

SpiceJet’s Rs 58.9-crore profit in Q2FY17 surprised positively as sustained yield pressure in a lean quarter had kept expectations muted.

Edelweiss retains ‘Buy’ on Spicejet; target price raised to Rs 91

Bharat Petroleum rated ‘Buy’ by Edelweiss as Q3 likely to be robust

Bharat Petroleum (BPCL) reported subdued Q2FY17 performance with PAT of R13 billion (down 50% q-o-q, up 26% y-o-y). EBITDA at R14 billion was 50% below estimate; however higher than expected other income (3x) implied only a 2

Industry News

Edelweiss rates ICICI Bank as ‘Buy’; deleveraging moves by corporate borrowers augurs well

While trend is likely to continue over next two quarters, deleveraging moves by corporate borrowers should augur well for bank over ensuing quarters

Markets News

Edelweiss maintains ‘Buy’ rating on Britannia Industries; target price Rs 3,369

Britannia’s 11.3% y-o-y revenue growth was in line, while EBITDA and PAT surge of 4.5% and 5.8% y-o-y, respectively, came slightly below estimates. Overall volumes grew 7% y-o-y, dragged by dip in bread and international bu

Edelweiss maintains ‘Buy’ rating on Britannia Industries; target price Rs 3,369

Edelweiss puts ‘Hold’ rating on GSK Consumer with target price of Rs 6,342

GSK Consumer’s (GSK) Q2FY17 revenue, EBITDA and adjusted PAT came in line with our estimates—revenue dipped 1.7% y-o-y (~1.3% y-o-y fall due to one-off accounting adjustment impact) and EBITDA & adjusted PAT jumped 3.0% a

Edelweiss puts ‘Hold’ rating on GSK Consumer with target price of Rs 6,342

Edelweiss maintains ‘Buy’ on Shoppers Stop; target price Rs 431

Shoppers Stop’s (SSL) Q2FY17 revenue came in line with our estimate, but EBITDA and PAT were tepid—down 16.7% and 11% y-o-y, respectively.

Edelweiss maintains ‘Buy’ on Shoppers Stop; target price Rs 431

ITC’s results in line with estimates, says Edelweiss

ITC’s Q2FY17 revenue and PAT growth (adjusted for IND–AS) at 9.6% and 10.5% y-o-y, respectively, came in line with our estimates.

Economy News

Asian Paints Ltd: All round robust performance, yet again

Company key beneficiary of recovery in urban demand and GDP revival; expect 22% EPS CAGR over FY16-18

Asian Paints Ltd: All round robust performance, yet again

Edelweiss maintains ‘Hold’ on Jubilant FoodWorks; target price Rs 1,096

Jubilant FoodWorks’ (JFL) Q2FY17 revenue came in line, while PAT came below estimate due to lower gross margin. Though SSG came at 4.2% (in line with our 4% estimate), it had the benefit of shift of Ramadan dates.

Edelweiss maintains ‘Hold’ on Jubilant FoodWorks; target price Rs 1,096

Edelweiss maintains ‘Buy’ rating on Zuari Agro Chem; target price Rs 278

Zuari Agro Chemicals’ (ZAC) Q2FY17 standalone revenue and EBITDA at `10.5 billion and `0.7 billion, respectively, surpassed our estimates, primarily owing to better-than-expected volumes.

Edelweiss maintains ‘Buy’ rating on Zuari Agro Chem; target price Rs 278

Maintain ‘buy’ on Hindustan Zinc, with target price of Rs 304

Hindustan Zinc (HZL) reported a stellar set of Q2FY17 numbers with beat on all parameters. The stock seems to have taken a breather post the result after an impressive run up (1M- 17%, 3M- 28%).

Maintain ‘buy’ on Hindustan Zinc, with target price of Rs 304

DCB Bank rated ‘Reduce’; Edelweiss says improvement in productivity is key

Steady quarter with NII momentum being sustained on account of high loan growth and superior NIMs

DCB Bank rated ‘Reduce’; Edelweiss says improvement in productivity is key

Reiterate ‘buy’ on Tata Comm, revised PO at R764

We reiterate our buy on TCOM with a revised PO of Rs 764 and consider more clarity on the unlocking of land value to act as catalyst to the stock price.

Reiterate ‘buy’ on Tata Comm, revised PO at R764

Maintain ‘buy’ on LIC Housing Finance, revised target R665

LIC Housing Finance’s (LICHF) Q2FY17 PAT, at Rs 4.95 billion (up 20% y-o-y), was better than our estimates on improved NIMs (up 7bps q-o-q). While overall disbursements were below trend (up <10% y-o-y), the quarter saw c

Maintain ‘buy’ on LIC Housing Finance, revised target R665

Tata Consultancy Services gets ‘Hold’ rating; IT major saw no let up in pain

Tata Consultancy Services’ (TCS) Q2FY17 revenue, at $4,373 m (up 0.3% q-o-q, 1.0% in CC), was below Street’s 1.9% estimate due to weakness in Retail & CPG and BFSI verticals. However, operating margin

Tata Consultancy Services gets ‘Hold’ rating; IT major saw no let up in pain

Embarking on strong growth trajectory

J Kumar Infraprojects’ (JKIL) Q1FY17 revenue, at Rs 4 bn, spurted 11% y-o-y with work picking up in flyover projects in the Mumbai region.

Markets News

Edelweiss: Initiate Mahanagar Gas with ‘Buy’ and target price of Rs 755

Mahanagar Gas (MGL) is India’s third largest city gas player with quasi-monopoly in Mumbai and adjoining areas. Our deep-dive analysis of Asian peers indicates that MGL (along with Indraprastha Gas) is the purest play on st

mahanagar gas shares News

Maintain ‘reduce’ on Tata Steel, TP of Rs 294: Edelweiss

At first glance, Tata Steel’s Q1FY17 numbers appear good. Ebitda surpassed our expectations on improved performance by international operations.

Markets News

Maintain hold on Jindal Steel & Power, TP Rs 68

Jindal Steel & Power's (JSPL) consolidated Q1FY17 EBITDA of Rs 9.8 billion (flat y-o-y) surpassed consensus as well as our estimates due to lower operating cost at steel division, higher pellet sales and good performance of J

Markets News

Bhel’s balance sheet revival is in sight

Q1 numbers suggest a turnaround on multiple fronts

BHEL shares News

Petronet LNG: With PAT of Rs 3.8 bn, stellar show in Q1

Dahej expansion should lead to robust 38/35% EPS growth in FY17/18

Petronet LNG shares gain post 55 per cent jump in Q1 net profit News

ONGC: Cost efficiencies help beat PAT estimate

While decline in crude production continues, gas is gathering pace

Markets News

Edelweiss gives thumbs up to BPCL; unsurprising results

Bharat Petroleum Corporation Ltd (BPCL) reported in-line Q1FY17 performance with profit of Rs 26 bn (up 3% q-o-q, 11% y-o-y).

Markets News

Maintain ‘buy’ on ONGC with target of Rs 288

ONGC’s Q1FY17 PAT came in at Rs 42 billion, 25% ahead of estimate on account of lower expenditure.

Markets News

Edelweiss says maintain ‘Hold’ on Crompton Greaves; target price Rs 77

Crompton Greaves’ (CRG) Q1FY17 EBIDTA came in line led by sharp margin improvement, while PAT was below estimate due to significant dip in other income.

Stocks in focus today News

Edelweiss ‘optimistic’ on Crompton Greaves growth; here’s why

Despite a temporary resurgence in power systems performance in Q1 and strong intake in industrial segment, we see key product gaps in power portfolio as a growth challenge.

Edelweiss ‘optimistic’ on Crompton Greaves growth; here’s why

Cement stocks likely to see correction

Our latest survey of the domestic cement sector suggests there is a risk of cement prices contracting by >4-6% in the interim as demand is quite weak.

Cement stocks likely to see correction
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