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Edelweiss

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ICICI Lombard rating: Buy — Significant deal at not too high valuation

Bharti AXA losses not best gauge of value creation; details to make picture clearer; ‘Buy’ retained with TP of Rs 1,600

Zee Entertainment rating: ‘Buy’; Covid-19 took a toll on ad revenue in Q1

Worst behind the company; long-term prospects are positive; ‘Buy’ maintained.

Analyst Corner: Maintain ‘buy’ on Voltas with target price at Rs 730

In our view, Voltas has consolidated supply chain via robust sourcing strategies and smarter SKU positioning while retaining one of the lowest cost structures versus most peers.

We maintain Voltas as our top pick despite a sharp recent rally.

KEC International rating: Buy – Performance in first quarter was steady

Margin is likely to improve to ~9.8-10.0%, but unlikely to touch 10.5% given commodity headwinds. Debt management and cash collection have been key focus areas, reflected in flat net debt at Rs 33 bn in Q1FY21.

Analyst Corner: ‘Hold’ on Eicher Motors with revised TP of Rs 23,730

Royal Enfield (RE) is well placed to capitalise on rising structural premiumisation trend and minimal replacement demand.

Lemon Tree rating: Maintain ‘buy’ with target price of Rs 26

From the liquidity perspective, LT has sufficient cash to meet its total expenses including debt obligations for the next four quarters assuming the worst-case scenario.

Our sector outlook (including mid-market) remains bleak (unchanged).

Godrej Properties Rating: ‘Buy’; Resilient show in Q1 despite Covid-19 pressure

While disruption could get stretched, prospects robust in long term; ‘Buy’ retained.

Analyst Corner| Retain ‘reduce’ on Adani Power with target price of Rs 31

According to the company, claims under various regulatory orders stand at Rs 235 billion (50% approved; Rs 60 billion received so far). Subsequent to approval from Board and shareholders, the company has made application to s

Analyst Corner, adani power, Ebitda, Covid-19 locdown, DCF, short term market tariff, latest news on adani power

UPL rating: Buy — Q1 results broadly in line with estimates

India business was strong; growth in coming quarters key trigger for stock; ‘Buy’ retained with TP of Rs 597

The improvement in working capital days (driven by an increase in payable days) to 84 along with similar net debt levels remains a key positive.

Reliance Industries rating: Hold — Weak Q1 earnings in line with estimates

Digital business did better than expected while retail disappointed; market’s exuberance is misplaced; ‘Hold’ rating maintained

RJio turned in an Ebitda of Rs 70 bn (+50% y-o-y), sharply beating estimates due to 7.6% q-o-q ARPU improvement.

Sunteck Realty rating: Buy — Pandemic hurt bookings in first quarter

Attractive outlook; launches and pre-sales to drive stock trajectory; ‘Buy’ maintained

Tech Mahindra rating: Buy — Company performed better than expected

While growth revival may take some time, execution and cost focus are likely to lift earnings; TP up to Rs 902

We believe, while 5G spends have been put off for a year, the enterprise business should recover strongly.

ICICI Bank rating: Maintain with target price of Rs 525

ICICI Bank’s (ICICI) Q1FY21 PAT of Rs 26 billion came broadly in line with estimate.

Bajaj Finserv rating: Hold — A soft performance in the first quarter of fiscal

BFL and BALIC income dip hit results; TP up toRs 7,200 given markedly higher CMP for BFL; upgraded to ‘Hold.’

Axis Bank rating: Hold — Core performance was soft in Q1

While there were lower slippages in quarter, uncertainty persists on asset front; ‘Hold’ retained with TP of Rs 460

Unpredictable future— Axis’s performance has been volatile on the asset front despite significant liability gains.

SBI Life rating: Buy with target price of Rs 1,010

Incrementally competitive protection pricing has the potential to boost margins through product mix. This adds 100 bps on a sustainable basis to our earlier estimated ‘steady-state RoEV’ of 18%.

Cyient Rating: Buy — Quarter showing beat expectations

Cyient’s Q1FY21 revenue fell 12.5% q-o-q owing to >20% q-o-q dip in its A&D, utilities and semi-conductors businesses. While the DLM business grew ~8% q-o-q, its small base could not offset the decline in services.

HCL Tech rating: Maintain ‘buy’ revised target price of Rs 952

The three takeaways are reinstatement of guidance at 1.5–2.5% CQGR for the remaining quarters of FY21E implies 1–2% decline for the year.

Bajaj Consumer Care rating: Hold — Q1 performance was below estimates

The hair oil segment took a severe beating; recovery is likely to be gradual; ‘Hold’ retained with TP of Rs 195

Federal Bank rating: Buy — Performance in first quarter was steady

Spike in slippages expected in H2FY21/H1FY22; ‘Buy’ retained given valuations

With moratorium still high at 24%, of which ~50% have not paid a single EMI in this period, we see them as harbingers of—as we expect—higher slippages/credit cost in H2FY21/H1FY22.

SAIL rating: Reduce — Sharp rise in stock price unjustified

Q4 Ebitda slightly below estimate; earnings likely to be under pressure; Reduce retained

L&T rating: Buy with revised target price of Rs 1,826

The plunge in gross margin is attributable to an almost 800bps q-o-q drop in utilisation, which management attributed to their decision to maintain capacity for future execution.

Indian Energy Exchange rating ‘buy’ – volumes saw healthy growth in Q1 FY21

RTM numbers in first month boost growth prospects; ‘Buy’ maintained with TP of Rs 220

We have realigned our volumes without changing the overall volume growth.

Analyst Corner: Retain ‘hold’ on NBCC; revised target price Rs 27

NBCC posted weak set of numbers in Q4FY20 (partly due to covid-19) with top line falling 17% YoY to Rs 26 bn; while EBITDA margin plunged 300bps YoY to 2%, PAT declined 42% YoY.

Analyst Corner, NBCC, EBITDA, realty monetisation, NBCC revenue growth

Jindal Steel & Power Rating buy: Operating performance a cause for cheer

Volumes grew despite Covid-19 in Q1; JSPL in a sweet spot, likely to outdo peers in the quarter; ‘Buy’ retained with TP of `190

Jindal Steel & Power Rating, COVID-19,JSPL performance, Jindal Shadeed

Analyst Corner: ONGC rating ‘buy’ – Impairment loss hit the bottomline

While outlook for oil production is muted, KG-98/2 will boost gas output; valuations inexpensive; ‘Buy’ retained

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