Edelweiss

IndusInd Bank’s rural bet

IndusInd Bank (IIB) and Bharat Financial (BhaFin) are finally set to merge (subject to RBI, CCI, SEBI and NCLT approvals). IIB board has agreed on swap ratio of 0.639:1 (639 shares of IIB for 1,000 BhaFin shares).

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Reliance Jio a surprise, Edelweiss rates Reliance Industries stock as Buy

RJIO debuted with EBIT breakeven, with healthy ARPU of Rs 156 and 139 million subscribers. RJIO’s operating cost surprised positively with unit network cost 49% lower than Idea’s in Q1FY18.

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Oberoi Realty: New launches expected to boost sales

Favourable product mix led to EBITDA margin expansion, 4% y-o-y and 2% q-o-q to 54%. Consequently, net profit spurted 25% y-o-y to Rs 1.05 billion, up 15% q-o-q versus our estimate of Rs 979 million.

Oberoi Realty, real estate, gst, demonetisation News

NBCC gearing up for better performance, says Edelweiss, rates stock as Buy

Revenues to rise in FY19; pace of work on projects will determine stock movement.

NBCC, Edelweiss News

Shoppers Stop stock rating: HyperCity sold to Future Retail; Edelweiss says situation is win-win

Shoppers Stop (SSL) has announced the sale of its entire stake (51.09%) in HyperCity to Future Retail (FRL).

Shoppers Stop,HyperCity, Future Retail News

ICICI Bank stock rated Buy by Edelweiss; says retail franchise remains strong

Consequently, we believe the bank’s strong franchise should enable it to deliver above-average normalised returns by FY20E, post uncertainty in the near term.

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Adani Transmission stock rated Buy by Edelweiss

Cost overruns in new projects, aggressive bidding in TBCB projects, unfavourable regulatory changes and delay in true-up orders are risks. Rs 3 trillion domestic transmission opportunity over FY18-22e.

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Shoppers Stop stock rated Buy by Edelweiss as company made structural shifts post demonetisation, GST

Amazon India & Shoppers Stop tie up and the exit of Aditya Birla Group from its online platform (abof closed) shows huge relevance of physical retailing in India.

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Edelweiss puts Buy rating on Oberoi Realty; target price revised to Rs 524

Oberoi Realty has won the bid to acquire GSK Pharma’s 60-acre land parcel in Thane for Rs 5.55 billion.

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TCS hit by BFSI, retail segments? See what that means for its stock

Quarter expected to witness subdued showing; soft revenues and appreciation of rupee likely to lead to muted growth in earnings

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Marico stock rated Buy by Edelweiss with TP of Rs 368

Management believes, Marico has ample levers to sustain market leadership as well as 8-10% YoY volume spurt over the next few years. While Parachute rigid is estimated to clock 5-7% y-o-y volume growth, all other portfolios v

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Vedanta stock rated Buy by Edelweiss, but here is what could have an adverse impact

However, extended closure of power plant units could have a material bearing on account of external sourcing.

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Private insurance players see strong growth in August

Private insurance players sustained strong growth momentum in August— individual APE grew ~29%, while LIC grew at a softer 9% y-o-y.

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On Bajaj Electricals, here is what Edelweiss has to say

There are 100,000 RREP outlets, which account for around 60% of BJE’s outlets. It has been rolled out in 240 of 400 districts.

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Edelweiss says Hold DLF as sale of DCCDC equity to slash net debt

However, this will reduce NAV/share by 5-11%; with DLF’s residential operations slow and Gurugram market sluggish, maintain ‘Hold’.

DLF, DCCDL, DLF promoters, GIC Singapore News

Edelweiss maintains Buy on Eicher Motors, pegs TP at Rs 34,891

Our recent meeting with Lalit Malik, CFO, Eicher Motors (EIM), reinforces our confidence in the company’s long-term prospects.

Eicher Motors, CFO, Lalit Malik, EIM News

Reliance Industries, IGL, IOCL are Edelweiss top picks in oil and gas sector

The oil & gas sector remained a bright spot in an otherwise subdued quarter for the overall market, reporting 3% y-o-y PAT growth (ex-OMCs) versus 4% decline for NIFTY.

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Essel Propack performance to bounce back: Edelweiss

Essel Propack’s (EPL) consolidated Q1FY18 revenue at `560 crore rose 6% with 12.3% y-o-y constant currency growth. AMESA growth was muted despite strong performance in Egypt.

Essel Propack, GST, Edelweiss, EBIT, EBITDA News

DLF stock rated HOLD by Edelweiss as operational issues cast shadow on Q1

DLF’s Q1FY18 residential new sales were severely impacted as beginning May 2017 it had halted sales across projects citing RERA compliance.

Markets News

Buy on Deepak Fertilizers shares retained by Edelweiss, TP hiked to Rs 43

Deepak Fertiliser’s Q1FY18 consolidated sales, at Rs 12.8 billion, 20% plus y-o-y, surpassed estimates, but PAT of Rs 374 million, -17% y-o-y, disappointed owing to decline in chemical profitability.

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Cipla stock rated ‘Hold’ by Edelweiss, says macro environment challenging

Cipla’s Q1FY18 revenue fell 3% y-o-y due to 13% dip in India business, where GST-led inventory destocking impacted revenue.

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Sun TV shares: Edelweiss maintains ‘Buy’ rating with Rs 1,024 target price

Key positives: ~29.7% y-o-y spurt in cable subscription aided by catch-up revenue; 9.4% y-o-y jump in DTH subscription; and IPL losses were stable at Rs 224, Rs 241 million in FY17, even though Sun TV lost the IPL series in F

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Whirlpool rated ‘Buy’, passes GST hurdle

Whirlpool of India posted in-line Q1FY18 numbers with 15% and 11% revenue and Ebitda spurt.

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SRF stock: Edelweiss rates ‘hold’ as chemical business is slower; TP Rs 1598

SRF posted another disappointing quarter with Q1FY18 revenue/ EBITDA/ PAT declining 6%/32%/37% y-o-y to Rs 12.9/2/1 billion on poor performance by chemical segment.

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ICRA’s Q1 revenue dips 20 pct due to sale of IT business: Edelweiss

ICRA’s Q1FY18 revenue dipped 20% due to sale of IT business; excluding which, revenue grew 5%. Ratings segment jumped a strong 9%, led by robust 17% surge in the profitable debt segment and negligible exposure to the SME se

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Thermax stock: Edelweiss recommends ‘reduce’ with target price of Rs 600

Thermax (TMX) posted tepid Q1FY18 numbers due to top line disruption and weak operating margin.

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Nagarjuna Construction rated BUY by Edelweiss

Nagarjuna Construction (NCC) reported 6% y-o-y top-line growth for Q1FY18 to Rs 20.1 billion against estimated Rs 19.8 billion. With EBITDA margin declining ~20bps y-o-y, adjusted PAT at Rs 510 million dipped 2.5% y-o-y.

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