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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

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
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