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Bajaj Finance Rating: Buy — BAF will cement its dominance once the dust settles

FY21/22e earnings cut by ~8% due to present crisis; TP lowered to Rs 3,500; growth story is intact; ‘Buy’ retained

BAF’s headline earnings of Rs 9.48 bn (-19% y-o-y/-41% q-o-q) were lower than expected on the back of higher provisions towards COVID-19 and select identified stressed accounts News

Retain ‘hold’ on Cipla with higher TP of Rs 575

Cipla saw a sales impact of Rs 200 crore in Q4FY20 (~5% of total sales) due to challenges in the movement of logistics mainly for its India formulations business and exports to emerging markets in the initial lockdown phase.

Cipla, Cipla Q4FY20 performance, FDA approval, gProventil, Advair Diskus, pre-Covid, RoE input, latest news on cipla News

Analyst Corner: Maruti Suzuki rating ‘hold’ – hard times ahead for the company

Q4 saw a slight miss on margins; FY21/22e EPS cut by 30/11% to factor in Covid-19; TP reduced to Rs 5,700.

Maruti reported a 4.2% Ebit margin in Q4, missing the consensus estimate of 5.5%. Ex one-offs (BSIV write-off of 70bps) the Ebit margin was only a tad lower. News

Analyst Corner| GCPL: Retain ‘hold’ with target price of Rs 600

Subdued performance continues, the key issue for GCPL has been that its operating performance in almost all geographies (barring sequential improvements in Indonesia) has been deteriorating — or has remained patchy — for

Analyst Corner, GCPL, Domestic sales growth, household insecticides, GAUM cluster growth, GCPL factories News

ICICI Bank Rating: Buy; operating performance met estimates

Covid-19 related provisions impacted PAT; there’s relative comfort on asset quality; FY21-22e PAT up 2-3%; TP revised to Rs 415

Markets News

HUL rating: Structural appeal intact, ‘buy’ with target price of Rs 2,650

HUL's investment case rises above this short-term disruption: HUL's structural appeal lies beyond the defensiveness it offers amid Covid-19 disruption, in our view.

Markets News

Alembic Pharmaceuticals Rating: Buy — A good performance by the company in Q4

India business saw strong growth; FY21/22e EPS up 7.5/7.3%; outlook for US is bright; TP raised to Rs 770.

Markets News

Pharmaceuticals: Outlook for earnings to now drive re-rating

Covid-19 related gains are largely priced in; Aurobindo, Biocon are top picks; Torrent downgraded to ‘Hold’.

Further sector re-rating and upside for stocks from now on will be driven by an improved outlook for earnings growth, in our view. News

Avenue Supermarts Rating: Buy; Company to continue with winning ways

While Q1 will bear brunt of lockdown, FY21 earnings likely to be among best in consumer sector; TP up to Rs 2,800; ‘Buy’ maintained

We think DMART is still likely to deliver standout growth performance relative to our consumer coverage and the consensus’ bearish view based on the current lockdown is, in our view, short-sighted. News

Gujarat Pipavav Ports Rating: Buy; better off in hard times due to its strengths

FY20-22e Ebitda cut by 2-12% due to the impact of Covid-19; TP revised to Rs 90.

Markets News

UPL Rating: Buy; a few bright spots in challenging scenario

Q4 is likely to be subdued; FY20-22 EPS down 3-12% to factor in Covid-19; stock’s attractively priced; TP cut to Rs 450 from Rs 680

We test UPL on two-bear case scenarios that suggest it would remain cash flow positive. News

Bajaj Finance rating ‘buy; Correction the sharpest in the past decade

Despite near-term impact, growth story remains intact; FY21-22 EPS cut by average 20%; TP down to Rs 3,750.

We believe this macro event will likely further strengthen BAF’s dominance in the retail loan segment. News

Analyst Corner: Apollo Hospitals rating ‘buy’; performance to be hit in the near term

FY20/21/22e Ebitda down 4.1/15.1/4.5%; TP cut to Rs 1,550; ‘Buy’ maintained.

Markets News

Mahindra & Mahindra Rating: Buy, Market is undervaluing the business, says HSBC

Multiple potential triggers could yield substantial returns; given challenges, TP reduced to Rs 500 from Rs 770; ‘Buy’ maintained.

Markets News

Analyst Corner: HCL Technologies rating – ‘buy’; Core business likely to normalise in near term

While some effect of COVID-19 is expected in Q4, Q1FY21 may face material impact; ‘Buy’ retained with TP of Rs 650.

Analyst Corner, HCL Technologies rating, HCLT management, COVID-19, P&P business, HCLT’s balance sheet News

Reliance Industries Rating: ‘Buy’; Underperformance a buying opportunity

Fears of a large change in estimates are overdone; FY21/22e EPS down 8/5% due to lower downstream margins; TP cut to Rs 1,740

RIL’s chemical product portfolio is well diversified with feedstock flexibility placing it on the lower end of the global cost curve. News

Analyst Corner: Phoenix Mills rating ‘buy’; Company has moved ahead on all fronts

Prospects for existing and under-construction malls is bright; TP raised to Rs 1,110.

Analyst Corner, Phoenix Mills, DCF methodology, Pre leasing momentum, Investment News

Analyst Corner: Cipla rating ‘hold’; FDA move on Goa plant a dampener

While we earlier liked Cipla for its stable outlook in focus markets, India and South Africa, we now believe it will be a tall order for Cipla to turn around US sales that are required to improve profitability

Goa is Cipla’s key plant for the US market that attributed 25-30% of its US sales in FY19 and accounts for c33% of pending 87 ANDAs. News

Analyst Corner: LTI Deal win momentum remains strong; TP at Rs 2,100

L&T InfoTech’s Q2FY19 revenues came in below street expectation with constant currency growth of 3.5% and reported revenues of 2.7% (versus street expectation of 4.0% in cc terms).

Markets News

Market seeking more clarity on method for valuing Fortis, Manipal

On 27 March 2018 the Board of Fortis Healthcare (FHL) approved the demerger from and sale of its hospital business to Manipal Hospitals, a private hospital group.

Fortis, Manipal, Fortis Manipal merger, markets, Religare Health Trust News

Goa Form483 is not a serious event

Cipla the preferred pick in challenging environment, on a comfortable India and EM base and strong US growth outlook

CIPLA, US market, ANDA, FDA, Cipla, FDA audit, US sales, US growth News

Avenue supermarts rated buy by HSBC

Earnings estimates for FY18-20 raised 15-30%; Upgraded to ‘Buy’; TP rises to Rs 1,600 from Rs 900 with rollover to Jan, 2018

Avenue supermarts, HSBC, economy, india News

Dalmia Bharat rated buy as its growth momentum is still intact

DBEL reported volumes of 7.6mt for 1HFY18, up 6.3% y-o-y. Although volume growth was significantly lower compared with c20% y-o-y growth in FY16 and FY17, industry outperformance continued.

Dalmia Bharat, DBEL rated buy, Ebitda ratio, Murli Industries, Binani Cement,ACC, ACEM, CAGR, DBEL assets News

HSBC rates Jubilant Foodworks stock as ‘Hold’, pegs TP at Rs 1640

Jubilant stock has had an impressive run this year, with the stock price nearly doubling year-to-date in 2017.

Jubilant stocks, HSBC, Foodworks News

Wipro stock: HSBC has this to say after IT major underperforms peers

Wipro has outperformed peers within the BFSI vertical with double-digit revenue growth (14% y-o-y in 2Q18) and strong deal wins. The recovery in IT spending by some of its banking clients (for which Wipro has a larger presen

Wipro stock, HSBC, Wipro, IT major, HSBC Asia Investor Conference News

Motherson Sumi stock tagged as Buy by HSBC, price target Rs 365; key risk is slowdown in global car market

Discussions on Motherson Sumi are often focused on the domestic wiring harness business, its larger subsidiaries SMP, SMR and now PKC. But it has a total of 134 subsidiaries and 6 joint ventures (JV).

motherson sumi, motherson sumi stock rating, hsbc stock ratings  News

HSBC rates TCS stock as Hold, flags rupee as a concern

Company confident of demand picking up; while it has ability to drive through tech cycles, high base and valuations limit upside.

TCS, HSBC, TCS CFO V Ramakrishnan News
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