Edelweiss

IndusInd Bank rating ‘Buy’: Yet another steady quarter for bank

FY19e EPS down 6% over likely IL&FS provisions; ‘Buy’ retained with TP up to Rs 2,100

Industry News

Concerns over growth are overstated

Order book imparts 3 years’ revenue visibility; valuations are attractive; ‘Buy’ retained

KNR Constructions, infrastructure sector, CAGR, HAM projects News

IT Result Preview: Tidings good in a seasonally weak Q3

However, the impact will be limited due to lower utilisation owing to furloughs, investments in digital and localisation, and training of freshly inducted employees.

Markets News

Maintain ‘buy’ on Deepak Fertiliser; TP revised to Rs 243

Deepak Fertilisers (DFPCL) reported a weaker-than-expected Q2FY19 due to poor fertiliser results and forex impact. Given its large ongoing capex (Rs 5,500 crore) and leveraged balance sheet, DFPCL’s ability to fund the cape

Deepak Fertilisers , Ishanya Mall News

Wagon industry: Producers witnessing revival of fortunes

Rlys’ tender award offers succour; pick-up in private sector ordering and start of DFC will boost prospects.

indian railways, railways tender, tender award offers, DFC News

Surya Roshni Rating: Company is positioned for growth

Management’s rising focus on key markets, including metros, a key monitorable.

surya roshni, company rating, rating buy News

Pharma sector: Earnings downgrade is yet to bottom out

Change in opportunity mix for generic firms over next five years; recovery from contraction to be gradual

Markets News

Analyst Corner: Maintain ‘buy’ on NMDC with target price of Rs 130

Taking cognisance of 8MFY19 volumes, we are trimming FY19E/FY20E volume by 3%/5%, which in turn reduces FY19E/FY20E Ebitda by 7%/9%.

Markets News

L&T Infotech Rating ‘Buy’: Sector-leading growth likely to be sustained

Fundamentals and growth prospects will continue to warrant a premium multiple; ‘Buy’ retained

Markets News

Eicher Motors rated ‘buy’; Primed for acceleration in pace of growth

17% FY18-20E EPS CAGR driven by strong demand and margin improvement; stock’s a structural story; ‘Buy’ maintained.

echer motor, edelwiss News

ACC rated ‘buy’; Expansion plan augurs well for prospects

While ACC will benefit from sector uptrend, capex offers a tailwind; ‘Buy’ retained.

acc, edelwiss News

Weakening export outlook a dampener

Diversification’s a positive; FY19/20e EPS cut 4/10%; downgraded to ‘Reduce’ with TP revised to Rs 460

exports, bharat forge News

Hindustan Unilever rated ‘buy;’ SKB deal a shot in the arm for company

EPS boost of 4.5% likely in FY20e; expected to rise further in subsequent years; TP revised to Rs 2,030; one of top picks in sector

Industry News

Nagarjuna Constructions: ‘Buy’ with TP of Rs 118

Debt declined Rs 1.4bn sequentially due to working capital improvement.

Markets News

RBI unlikely to tinker with interest rates now

With recent inflation readings coming in much softer than expected, the MPC is likely to hold policy rates for now.

Money News

Equity strategy: Factoring in political risks

We believe equity market valuations, now hovering a little above their long-term averages (still expensive), have seen the froth out.

Markets News

Analyst corner: Kalpataru Power, maintain ‘buy’ with TP of Rs 430

With revenue visibility of 2.2x TTM revenues and structural drivers in place to spur railways and oil & gas pipeline spending, KPP is ideally placed to clock 20%-plus EPS CAGR over FY18-20E.

Markets News

Kalpataru Power: Maintain ‘buy’; target price Rs 430

With revenue visibility of 2.2x TTM revenues and structural drivers in place to spur railways and oil & gas pipeline spending, KPP is ideally placed to clock 20% plus EPS CAGR over FY18-20E.

Industry News

KNR Constructions: Retain ‘buy’ with TP of Rs 286

KNR Constructions’ (KNR) Q2FY19 top line grew 6% YoY as lack of sufficient executable orders (opening book-to-bill at 1x) took a toll. EBITDA margin remained high at 20%, but higher capital charges led to PAT declining 24%

Markets News

Mahindra & Mahindra Rating Q2: Revenue beat, margins under pressure

Mahindra & Mahindra’s (M&M’s) Q2FY19 Ebitda of Rs 18.5 bn (down 4% y-o-y) missed estimate by 4% due to cost pressure, which we expect to be passed on gradually.

mahindra and mahindra vehicle lease, mahindra and mahindra policy News

Tata Steel rated ‘buy’; Stellar show from India operations, Bhushan Steel

Stable spreads and ramp-up at Bhushan likely to drive performance; Europe to be a drag; FY19/20e Ebitda up 2/4%; ‘Buy’ retained.

tata, tata steel News

Analyst Corner: Maintain ‘buy’on Mahanagar Gas, target price Rs 1,098

Mahanagar Gas (MGL) posted a healthy Q2 EBITDA of Rs 2.2bn (11% YoY), 6.5% above consensus due to robust volume growth (9.5% YoY, 3% above estimate) and stable margins.

Markets News

Analyst corner: Retain ‘buy’ on Nagarjuna Construction, target price Rs 118

Nagarjuna Construction (NCC) delivered spectacular Q2FY19 results with revenue and adjusted PAT surging 139% Y-o-Y and 118% Y-o-Y, respectively.

Markets News

Analyst Corner: Maintain ‘buy’ on Eicher Motors, target price Rs 25,442

Eicher Motors (EIM) posted Q2FY19 consolidated Ebitda in line with our estimate (up 7% y-o-y to Rs 7.3bn).

Markets News

Analyst corner: Retain ‘buy’ on TeamLease, target price Rs 2,801

Post a slow FY18, it is becoming evident that TeamLease Services (TeamLease) is making a strong comeback to growth in H1FY19 as it has added 18,000 associates (11% addition over FY18-end).

Markets News

GlaxoSmithKline Consumer Healthcare rated ‘hold’; Q2 FY19 results surpassed expectations

FY19/20e EPS raised by 9.1/10.5%; TP up to `7,297; ‘Hold’ retained owing to the overhang of Horlicks review.

GlaxoSmithKline Consumer Healthcare rated ‘hold’; Q2 FY19 results surpassed expectations

Analyst corner: Maintain ‘buy’ on Coal India with target price of Rs 325

Coal India’s (CIL) October 2018 off take grew 3.6% y-o-y after two preceding months of relatively soft performance.

Markets News
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