ICICI Securities

Analyst Corner: ‘Buy’ on IndusInd Bank with Target Price of Rs 2,023

As per management, the bank now only awaits for NCLT approval for their merger with BHAFIN. The merger will be effective from January 1, 2018.

Markets News

Siemens Rating Buy: New avenues likely to propel growth

‘Buy’ retained owing to benign valuation, balance sheet strength and short-cycle prospects; TP revised to Rs 1,238

Industry News

Rise in PVC prices was unexpected

Amidst expectation of a decline, PVC prices have seen an unexpected rise of 3.3% led by recent consecutive price hikes.

Commodities News

High single-digit earnings growth likely for paint cos

Paint companies under our coverage are expected to report robust high double- digit decorative paints volume growth (ex-AKZO) in Q3FY19 driven by strong festive season sales.

Markets News

Analyst Corner: Jyothy Lab’s long-term growth story remains intact

JLL launched 100% natural and chemicals free incense stick Maxo Agarbatti in Q2FY19.

Markets News

JK Lakshmi Cement Rating ‘Buy’: Company to outdo its mid-cap peers

Cost-saving initiatives and fall in input costs boost prospects; valuations are attractive; ‘Buy’ retained.

Markets News

Slippery path: Car sales have de-grown in 4 out of last 5 months

PV sales have de-grown in 4 out of last 5 months, with incremental demand (ID) slipping to a 38-month low.

Passenger vehicle sales, gst rollout, Domestic PV sales, SIAM, Hero MotoCorp, honda two wheelers, Bajaj Auto, gst News

Metals: Reiterate ‘hold’ for Tata Steel, JSW

As prospects of Chinese steel demand decline for CY19 become more and more acute, Indian steel players are rediscovering the perils of high leverage in a deep cyclical sector.

Markets News

CreditAccess Grameen: ‘Buy’ with TP of Rs 480

Notably, CAGL is one of the most cost efficient players in the industry with operating cost/AAum at 5.0% as at H1FY19-end, one of the lowest in the industry.

Markets News

Crompton: Competition will keep earnings under pressure

Consumer electrical space in India is amidst high competitive intensity which will keep near term earnings for player like Crompton Greaves Consumer Electricals (Crompton) under pressure.

Markets News

TEECL balance sheet offers comfort in hard times

EPC segment growth and margin concerns warrant a cautious stance; earnings revised; TP cut to `231

TEECL balance sheet offers comfort in hard times

Analyst corner: TCS; Double digit growth sustainable in FY20

Though revenue growth in FY19 will be aided by bunching up of platform centric deal wins, TCS believes double digit growth is sustainable in FY20

Industry News

‘Add’ on Bharti Infratel with revised TP of Rs 290

We see incremental pressure on earnings as Vodafone Idea (VIL) has guided for exit of an additional 22,000 tenancies that have overlapping coverage.

Markets News

Vodafone Idea Rating ‘hold’ : Keeping resources and spend balanced

We attended the maiden analyst meet of Vodafone Idea Ltd (VIL) and we would have liked to hear about big capex and ambitious plans on home broadband.

Commodities News

Analyst Corner: Maintain ‘Buy’ on HEG; target price at Rs 5,750

The board of HEG has approved a proposal to buy back up to 13,63,636 equity shares comprising 3.41% of the total paid-up equity share capital for an aggregate amount not exceeding Rs 750 crore.

Markets News

M&M Financial Services: ‘Buy’ with a TP of Rs 645

We hosted the senior management of Mahindra & Mahindra Financial Services (MMFS) at the Mahindra Finance Day on November 21, 2018, at Mumbai.

Markets News

Analyst corner: ‘Hold’ on GE T&D India with a revised TP of Rs 241

GE T&D’s current orderbook at Rs 62 bn (1.4 x TTM sales) indicates stress in terms of growth and lack of any large order is also expected to impact overall revenue traction.

Markets News

Bharti Airtel rating ‘buy’: Revenues to grow from Q3, says company

Company is looking to expand data capacity multiple times through refarming of 900MHz and 2100MHz spectrum to 4G services and splitting of sectors

Industry News

Grasim Industries rating ‘buy’: Performance in core businesses strong

Grasim is likely to invest in the equity raise plan of Vodafone Idea Ltd (VIL) and Aditya Birla Capital Ltd (ABCL) as the management mentioned that it would likely maintain its stake in VIL and is unlikely to dilute its stak

Industry News

Maintain ‘buy’ on Sunteck Realty; target price at Rs 541

Sunteck Realty’s (SRIN) Q2FY19 operating performance was boosted by the launch of the Westworld affordable housing project at Naigaon in Mumbai’s extended western suburbs during the quarter.

Markets News

Maintain ‘buy’ on CESC with target price of Rs 881

Calcutta Electric Supply Corporation (CESC) reported better than expected numbers for Q2FY19, with revenues up 7.6% year-on-year to Rs 22.6 billion — 1.6% better than our estimate.

CESC, calcutta electric supply, electricity news, CESC news

KEC International rated ‘add’; Debt up owing to working capital stress

Showing in Q2 was healthy; earnings revised with a downgrade to ‘Add’; TP cut to Rs 309 from Rs 367.

kec, kec international News

Analyst Corner: Retain ‘add’ on Prabhat Dairy, revised target price Rs 116

Though the value creation will be curtailed, 30% fall in stock price over past 3 months offers comfort on valuations. Hence, we retain ‘add’ rating on the stock with revised target price of Rs 116 (15x FY20E).

Markets News

DLF rated ‘buy’; Showing underlines change across verticals

Sales momentum picking up and debt levels are likely to come down further; ‘Buy’ maintained with TP revised to Rs 280 from Rs 306.

dlf, qip News

Analyst corner: Maintain ‘add’ on Future Lifestyle Fashions, target price at Rs 425

Future Lifestyle Fashion’s (FLFL) Q2FY19 Ebitda (adjusted for start-up expenses of Rs 15mn in Lee Cooper Footwear) increased 18% y-o-y to Rs 1.23bn led by strong growth in high-margin power brands and better operating lever

Markets News

Tech Mahindra rated ‘Buy’; Q2 FY19 results were better than expected

FY20/21e Ebitda margins go up to 19.1/18.9%; TP revised to Rs 830 owing to global macro uncertainty; valuations very reasonable.

Markets News

Analyst Corner: Solar Industries: Maintain ‘buy’ with target of Rs 1,241

Solar Industries (SOIL) reported an in-line print. Consolidated revenues grew 28% YoY to `5.21bn. Standalone revenues increased 42% YoY, while translation loss in overseas subsidiary lead to subdued growth.

Markets News
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