Edelweiss

JSW Steel’s Rating: An excellent performance by steel-maker

Ebitda beat consensus estimates by 8%; company’s profitability is likely to be sustained; ‘Buy’ retained.

Industry News

Hero Motocorp: A muted first quarter for the company

Hero MotoCorp (HMCL) posted Q1FY19 Ebitda of Rs13.8 bn (up 6% y-o-y), which came in 5% below our estimate due to lower-than-expected spare part sales and higher raw material costs.

Industry News

Analyst Corner: Maintain ‘hold’ on MCX with target price of Rs 908

MCX reported Q1FY19 PAT of mere Rs 62 million, much lower than our estimate, largely impacted by: a) exceptional item of Rs 238 million (change in valuation method of bond portfolio) and lower other income (largely treasury i

Markets News

Quarter 1: A great start to the new fiscal year

Hindustan Unilever’s (HUL’s) Q1FY19 revenue, Ebitda and adjusted PAT growth of 11.2%, 20.6% and 22.5%, respectively, came in line with our estimates.

Industry News

Maintain ‘buy’ on Jindal Stainless with TP of Rs 100

Management stated that on the basis of superior operating performance in the past two years, JSL has become eligible for exit from the CDR scheme.

Jindal Stainless, EBITDA ,  Jindal target price, target price, markets News

‘Buy’ on Karnataka Bank with target price of Rs 163

Karnataka Bank’s (KBL) Q1FY19 performance was mixed with PAT at Rs 1.6 billion.

Banking & Finance News

Dr Reddy’s Laboratories Rating: buy

Worst for the US business seems over.

Industry News

Insurance: Growth momentum eased in June

While the growth momentum seems to be moderating, we maintain that predisposition for savings will persist and the industry will regain its growth tempo.

Financial Express/ auto insurance News

Aviation to see subdued quarter on rising oil prices

We expect the aviation sector to clock another subdued quarter with combined EBITDAR/PAT falling 8%/71% y-o-y on rising oil prices and subdued yield expansion.

Aviation, rising oil prices,  aviation sector, EBITDAR, Spicejet, ATF prices, EBITDAR News

TV Today’s English channel may turn profitable in FY19

We recently met senior management of TV Today to gain insights into the company’s: 1) ad revenue potential; 2) expansion into new markets; and 3) growth trajectory for India Today (English TV news), Tez and Dilli Aaj Tak.

TV Today English channel, India Today, Dilli Aaj Tak, BARC, DD Free Dish News

Maintain ‘buy’ on IndusInd Bank with TP of Rs 2,080

IndusInd Bank’s Q1FY19 earnings were in-line with expectations and reaffirms our confidence that the bank is structurally poised to achieve Phase IV targets and achieve scale with quality.

IndusInd Bank, IndusInd Bank Q1FY19 earnings,  CASA, PAT growth, NCLT, MCLR News

Maintain ‘hold’ on Torrent Pharma with TP of Rs 1,333

Torrent Pharmaceuticals’ (TRP) Q4FY18 numbers were weak, with top line up 22%, on Unichem acquisition, and bottom line up 11%, on onetime reversal of deferred tax liability.

Torrent Pharmaceuticals, Unichem, domestic sales, tax liability, EBITDA margin, market News

Top five IT players expected to post-1.1-4.1% cc revenue growth

Mid caps will continue to outpace large peers. However, we perceive positive bias to large caps in the medium-to-long run as digital gains scale.

Markets News

Retain ‘buy’ on gas majors Gujarat Gas, IGL and MGL

The government had earlier set aggressive targets for CGD—10mn households across India to have access to PNG, almost quadrupling in four years.

Markets News

Operating leverage to aid non-ferrous players

In case of: (i) Vedanta, the Jharsuguda-I smelter reported a 41% y-o-y spurt as Q1FY18 was impacted by power outage; and (ii) at Hindalco, all smelters operated at rated capacity.

Markets News

Maintain ‘buy’ on SIS India, TP unchanged at Rs 1,532

SIS reiterated its aim of becoming the leader across the three domestic segments, (viz. security services (SS), facility management and cash logistics (CL), stressing that it would selectively choose targets and thus consider

Markets News

Indiabulls housing finance: On course to achieve its FY20 goals

Company’s stringent risk mitigants and strong track record make execution risks minimal; ‘Buy’ rating maintained.

Industry News

Maintain ‘buy’ on CEAT with target price of Rs 1,649

Our recent interaction with Anant Goenka, managing director of CEAT at the RPG Investor Conference reinforced our conviction on the company’s long-term prospects.

CEAT, target price,  RPG Investor Conference, capex, mrf, maxxis tyres, tyre News

Just Dial rating ‘buy’: Growing user connect boosts prospects, says Edelweiss

Revenue acceleration to boost margin expansion: Focus on cost rationalisation and better execution led to 580bps margin expansion in FY18.

Just Dial, Edelweiss, Just Dial rating, cost rationalisation  News

Maintain ‘hold’ on Avenue Supermarts with TP of Rs 1,550

The D’mart Ready stores are in the pilot phase and now total 58, make a paltry contribution of <0.01% to revenue. That said, the objective is to enhance shopping convenience, tackle deepening competition from e-commerce and

Markets News

Ahluwalia Contracts Rating Q4: A robust performance once again

Ahluwalia Contracts (ACIL) continued its strong performance with Q4FY18 PAT jumping 54% y-o-y to Rs 310 mn.

ahluwalia contracts, ACIL, revenue, markets News

Maintain ‘Hold’ on Tata Motors with TP of Rs 351

In CV, focus is on strengthening product planning to address white spaces & inter-segmental shift and enhancing customer engagement.

tata motors, tata, industry News

Edelweiss says maintain ‘buy’ on PowerGrid with revised TP of Rs 240

PGCIL’s FY18 PAT grew 10%, which was impacted by Rs 350 crore higher employee expenses on account of pay revision.

powergrid, powergrid TP, PGCIL share News

Engineers India: Edelweiss says ‘hold’; lull in fresh orders poses challenge

ENGR posted in-line revenues for Q4/FY18 with 15/23% y-o-y growth led by pick-up in BS VI norms.

Engineers India, Engineers India earnings, Engineers India stock News

A healthy performance in the quarter

Capacity constraints likely to limit growth over next two years; rich valuations do not factor in downside from slow growth

Divi's Laboratories, USFDA, EBITDA,  PAT, CRAMS, india, Naproxen Sodium  News

Maintain ‘buy’ on BHEL with target price of Rs 110

Bharat Heavy Electricals (BHEL) saw a jump in Q4FY18 gross margin which helped neutralise the wage revision impact.

BHEL, EBIDTA growth, BHEL q4 result, market news

Wonderla Holiday shares: Edelweiss says maintain ‘buy’ with TP of Rs 420

Wonderla Holidays’ (Wonderla) 7.5% YoY revenue dip and 79.2% YoY EBITDA growth in Q4FY18 came in line with estimates.

Markets News
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