Edelweiss

Opportunities in consumer durables sector

Our consumer durables coverage universe has jumped 34% YoY over the past 12 months (64% outperformance to the Sensex) and we reiterate our rising consolidation and accelerating cash flows/returns thesis — 33% CAGR over FY18

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

Bharat Electronics rated ‘Buy’; MoD decision could affect margins/ROCE

FY19/20e EPS down 2/5%; TP cut to `110 from `175; CMP factors in development.

electronics, bharat electronics News

Crompton Greaves rated ‘Buy’ with TP of Rs 280

Crompton conducted a successful test-run of its go-to-market (GTM) strategy in select states such as Maharashtra, Gujarat and Chhattisgarh, where results are encouraging with higher growth for those dealers.

Crompton, Crompton greaves News

L&T Technology Services rated ‘BUY’ with TP of Rs 1,725

LTTS’ confidence in achieving its 20% growth target is anchored by strong $1 billion plus deal pipeline spread uniformly across businesses. Management is focusing on deriving bulk of the growth from top-30 clients.

Industry News

Analyst Corner: ‘Buy’ on Pidilite Industries; target price at Rs 1,334

The company expects the core portfolio (two-thirds) to grow 1–2x GDP, growth portfolio at 2–4x GDP, and pioneer portfolio to touch Rs 1 billion in three years (implying 13–15% growth).

Markets News

PVR Rating ‘Buy’: SPI deal to be earnings accretive

Outlook is positive for the company; FY19/20e EPS up 2.70/4.08% and TP raised to Rs 1,608 from Rs 1,442.

Markets News

Analyst corner: For Engineering and capital goods- L&T, KEC top picks

Our top picks are Larsen & Toubro (L&T) and KEC International (KEC) as large and diversified players with strong balance sheets are favourably placed to ride the bigger/broader capex cycle.

Industry News

Jet Airways Rating: Disappointing performance once again

Jet Airways (JAL) continued to disappoint in Q1FY19 with EBITDAR plummeting to a loss of Rs 35 bn (including `36bn forex loss) and net loss widening to Rs 13.6 bn.

Markets News

Analyst corner: ‘Buy’ on Dabur, TP at Rs 560; double-digit growth likely

Dabur is best placed to regain share from some of the herbal companies that are facing a slowdown.

Industry News

PVR: SPI buy to reap benefits; maintain ‘buy’, TP at Rs 1,608

PVR plans to buy 71.7% equity in SPI for cash consideration of Rs 6.3 bn and the balance 28.3% via issue of 1.6 bn shares.

Industry News

Sunteck Realty Rating ‘Buy’

Outlook is bright even as near-term upsides are limited due to stock surge

Industry News

Buy on Tata Steel, TP at Rs 720; higher net debt a concern

Tata Steel's (TSL) Q1FY19 Ebitda at ~Rs 64.6 billion (adjusted for one-off items of Rs 1.3 billion) met consensus estimate.

Markets News

Sun TV Network: Quarter saw a robust beat on all fronts

FY19/20 EPS up 7.9/13.5%, factoring in digitisation in Tamil Nadu and IPL team’s future; TP raised to Rs 1,208

Industry News

Glenmark Pharma: Maintain ‘hold’ with a TP of Rs 530

Glenmark Pharmaceuticals (GNP) reported weak Q1FY19 numbers on muted expectations with revenue and PAT declining 9% and 30% year-on-year, respectively.

Glenmark Pharmaceuticals, gnp, target price, revenue  News

Analyst Corner: ZEE one of the top picks in media space; maintain buy

ZEE expects similar revenue from Jio as it garners from the DTH/cable players. High consumption is happening outside home now, which is good for ZEE.

Markets News

Jindal Steel: Maintain ‘buy’ with a TP of Rs 300

Jindal Steel & Power’s (JSPL) Q1FY19 Ebitda (up 68% y-o-y) at Rs 22.7 billion came in line with consensus.

Markets News

Better-than-expected operational performance

Reviving gas production and rising prices portend brighter prospects though subsidy burden is a risk; undemanding valuations

ongc, oil; sector News

FSC biz gaining momentum, maintain buy with TP of Rs 852

Future Supply Chain’s (FSC) Q1 FY19 Ebitda of Rs 323 million (up 33% y-o-y) surpassed our estimate of 8% due to 11% revenue uptick.

FSC, FSC business, Future Supply Chain, party logistics, Haldirams, Crompton Greaves, Myntra, market News

Maintain buy on Hindustan Construction Company

Hindustan Construction Company (HCC) reported higher-than-expected Q1 FY19 loss of Rs 197 million (versus Rs 104 million) owing to lower claims recognition.

Hindustan Construction, Hindustan Construction company, RBI, RBI circular, market News

Maintain ‘buy’ on Exide with revised TP of Rs 318

Exide Industries (Exide) posted strong Q1 FY19 revenue growth of ~33% y-o-y (~8% above estimate) driven by healthy volumes across segments.

Exide Industries, technology upgradation, Punch Grid technology, future-ready solutions, markets News

NTPC Rating ‘Buy’: Q1 performance was a mixed bag

Coal imports to rise; CERC norms and NHPC merger are overhangs; stock likely to stay at current level in near term; TP down to Rs 190.

Industry News

‘Buy’ on Exide Industries with target price of Rs 318

Exide Industries (Exide) posted strong Q1FY19 revenue growth of 33% y-o-y (8% above estimate) driven by healthy volumes across segments.

Industry News

Maintain ‘buy’ on IDFC Bank with TP at Rs 54

IDFC Bank’s (IDFCB) Q1FY19 earnings exceeded estimates on lower credit cost, while revenue was in line. While erstwhile recognised stress pool remains broadly steady, IDFCB expects additional Rs 6 billion provisions on it (

Banking & Finance News

Analyst Corner: Maintain ‘buy’ on Welspun India with target price at Rs 83

Welspun India’s (WLSI) Q1FY19 performance stood in line with estimates, driven by the 8% growth in volumes.

Markets News

Buy rating on Bharti Airtel: Q1 results were a tad above expectations

Bharti Airtel (Bharti) reported Q1FY19 results a tad above expectations—revenue rose 2.4% q-o-q versus Street’s 0.8% estimate and Ebitda margin fell 170bps q-o-q to 33.8% versus the 34.0% estimate.

airtel bandwidth, airtel bandwidth price, airtel bandwidth check, airtel bandwidth test, airtel bandwidth purchase, airtel bandwidth in india, airtel bandwidth monitor, airtel bandwidth provider, airtel bandwidth on demand, airtel bandwidth for isp News

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
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