Stock corner: Buy HDFC share, lower NIMs came as a disappointment

NIMs lowered in line with FY18 & FY19 figures; need for caution on NBFC/HFCs though HDFC is shielded better; TP revised to Rs 2310

Stock corner: Buy HDFC share, lower NIMs came as a disappointment News

‘Buy’ Asian Paints, Q4 was a blip in growth trajectory

FY20/21e EPS down 7/3% owing to FY19 margin miss; TP cut to Rs 1575 from Rs 1620

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Stock corner: ‘Buy’ Hindalco Industries shares, Aleris reported strong margins in the quarter

Aleris reported strong margins in the quarter; prospects are good for Novelis given a host of positives; ‘Buy’ retained.

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Hindustan Unilever Rating | Hold — Q4 was broadly in line with estimates

While execution is better than for peers, headwinds make valuations rich; base business estimates down 3%; TP up to Rs 1,820.

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Stock corner: Maintain ‘hold’ on Marico; price target of Rs 380

Parachute saw volume growth of 6% YoY in Q4FY19 on favourable base of 5% YoY dip. With price hikes coming into base, overall value growth was 4% YoY.

ulip, Unit Linked Insurance Products, 4G Ulips, ulip charges, ulip returns, Click2Invest, insurance, investment, maximum returns, best Ulip plans News

Stock corner: ‘Buy’ on Gujarat Gas with target price of Rs 185

Industrial volumes in 4QFY19 were down 6.8% q/q but came 1.6% ahead of JEFe while overall volumes declined 3% q/q coming 1.5% ahead of JEFe.

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Stock corner: ‘Hold’ Britannia Industries, steady performance by the company

Standalone domestic business grew by 11.7% y-o-y led by 7% y-o-y volume growth in Q4FY19. Given the backdrop of slowdown in rural growth, we believe that growth trajectory is steady, also helped by market share gains, distrib

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Hero Motocorp | Hold — Q4 showing was in line with estimates

Maestro/scooters is a worry as initial traction in Destini 125 could fizzle out post initial 6-9 months, as is often the case with new launches.

Industry News

Stock corner: Jupiter, Ntorq drive TVS’ market share gain, target price at Rs 540

TVS has gained 3% market share in scooters in FY19 as both Jupiter and Ntorq have done well relative to most peers.

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Stock corner: ‘Buy’ on India Energy Exchange, target price Rs 215

DAM+TAM (short-term market) accounts for ~85% of IEX’s revenues.

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Analyst corner| Maintain ‘hold’ on Yes Bank and price target of Rs 265

With stressed asset resolutions taking time, though, the initial stages of a sweeping reset may well be disruptive, especially if fee income erodes and in the context of its thin capital ratios.

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Analyst corner| Maintain ‘buy’ on SBI Life; price target at Rs 745

New business for Q4 grew 15% yoy, driven by ULIP (+21%) and protection (+176%). Par-savings business was down 19% yoy, as the focus of SBI shifted to cross-selling protection.

SBI Life, retail protection, APE growth, IPRU, HDFC Life, capital market volatility, retail NBP News

HDFC Bank Rating: Buy — Modest performance in last quarter

Agri NPLs will be key going forward; EPS down 7% owing to moderation in fee income and higher provisions; ‘Buy’ retained

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Infosys Rating: Margin miss was key disappointment

Growth outlook remains positive; estimates cut to reflect lower margin over FY20-21; TP revised to `835; ‘Buy’ maintained.

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ICICI Lombard Ratings| Buy — In a position to maintain dominance

For ICICIGI, overall float (assets to net premium) increases from 2.5x to 2.9x over FY19-21e, and even after passing part benefit as lower prices, we expect 150 bps sustainable RoE expansion.

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Mahindra Finance Rating| Buy — Improving asset quality offers comfort

Tractor mix would fall, likely offset by a higher mix of pre-owned vehicles. Stronger pricing power in rural markets should cushion the impact of higher funding costs.

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Analyst Corner| Retailers — Margins to likely come under pressure

Sharp store expansion by retailers should keep overall growth strong but margins will likely come under pressure due to deteriorating store mix and gestation costs.

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Aditya Birla Fashion, Trent top picks in broadlines space

On back of sharp store expansion, gross debt for Reliance Retail has risen to `124 bn in March 2019 from `50 bn in Q2FY19.

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Larsen & Toubro Rating| Buy — Capital allocation to invite scrutiny

However, we believe any move contrary to having a leaner B/S from now on can lead to a sustained de-rating.

Industry News

‘Hold’ Info Edge shares; target price raised to Rs 1,715 – Jefferies

Info Edge management reiterated strong growth momentum across key businesses, as demonstrated by recent results.

‘Hold’ Info Edge shares; target price raised to Rs 1,715 – Jefferies

Analyst Corner| Downgrade Finolex Cables to ‘hold’, price target Rs 525

FNXC launched new products in 2016, whose revenue is < 5% of overall sales.

Markets News

Hero Motocorp Ratings| Hold — Valuation de-rating justified given outlook

Hero has multiple growth headwinds in our view: (i) entry motorcycles will lag industry growth; BS-6 is an additional head wind; (ii) sharp decline of Maestro is a concern in an already weak scooter franchise; (iii) weak pres

Hero Motocorp Ratings| Hold — Valuation de-rating justified given outlook

Mindtree acquisition may lead to near-term pressure for L&T

Since January 2019, there have been media reports of a possible MindTree takeover by L&T InfoTech. However, according to recent media reports, L&T has been speculated to be the acquirer.

Analyst Corner: Mindtree acquistion may lead to near-term pressure for L&T News

Hindalco: Prices on the path of recovery

FCF generation should be strong; valuations appear cheap; ‘Buy’ maintained with TP of Rs 282

Hindalco Rating buy: Al prices on the path of recovery News

Havells India: Primed for a steady growth trajectory

Company is ahead of peers; EPS CAGR of 22% estimated over FY18-21; ‘Buy’ retained

Havells India Rating Buy: Primed for a steady growth trajectory News

Analyst Corner | Margin recovery in sight, retain ‘buy’ on Gujarat Gas

Gujarat Gas currently derives 2.5 mmsmcd of volumes from Morbi but has a connected capacity of 3 mmsmcd which is not using natural gas.

Markets News

‘Buy’ Indraprastha Gas: No near-term impact of Delhi move

The immediate target was the introduction of 1,000 electric buses in 2019. The next target is for electric buses to constitute 50% of DTC buses by 2023.

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