Articles By Edelweiss

571 Articles

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

Maintain ‘hold’ on Torrent Pharma with TP of Rs 1,333

Torrent Pharmaceuticals’ (TRP) Q4FY18 numbers were weak, with top line up 22%, on Unichem acquisition, and bottom line up 11%, on onetime reversal of deferred tax liability.

Torrent Pharmaceuticals, Unichem, domestic sales, tax liability, EBITDA margin, market News

Top five IT players expected to post-1.1-4.1% cc revenue growth

Mid caps will continue to outpace large peers. However, we perceive positive bias to large caps in the medium-to-long run as digital gains scale.

Markets News

Retain ‘buy’ on gas majors Gujarat Gas, IGL and MGL

The government had earlier set aggressive targets for CGD—10mn households across India to have access to PNG, almost quadrupling in four years.

Markets News

Operating leverage to aid non-ferrous players

In case of: (i) Vedanta, the Jharsuguda-I smelter reported a 41% y-o-y spurt as Q1FY18 was impacted by power outage; and (ii) at Hindalco, all smelters operated at rated capacity.

Markets News

Maintain ‘buy’ on SIS India, TP unchanged at Rs 1,532

SIS reiterated its aim of becoming the leader across the three domestic segments, (viz. security services (SS), facility management and cash logistics (CL), stressing that it would selectively choose targets and thus consider

Markets News

Indiabulls housing finance: On course to achieve its FY20 goals

Company’s stringent risk mitigants and strong track record make execution risks minimal; ‘Buy’ rating maintained.

Industry News