Jefferies

Materials (Steel) Gril/Heg ‘buy/buy’: Quarter results were strong

Earnings up 10-13% to factor in higher utilisation and rupee fall; GRIL/HEG TPs raised to Rs 1,450/5,500.

Markets News

Gujarat Pipavav Port rating ‘Hold’: Average realisation took a hit in Q2FY19

Hopes of strong volume growth belied; sharp cut in EPS; downgraded to ‘Hold’ with TP cut to Rs 105.

Markets News

PNB Housing Finance rating ‘hold’: PAT saw a miss, growth in disbursal moderated

ALM mismatch, higher CP mix likely to affect spreads; EPS growth to slow; ‘Hold’ retained owing to valuation.

pmb, pnb housing finance News

Info Edge rating ‘Hold’: Revenue in line even as margins saw miss

Strong billing growth implies positive near-term outlook; ‘Hold’ retained due to expensive valuation

Markets News

Analyst Corner: Maintain ‘buy’ on ABB with revised price target of Rs 1,700

ABB reported strong 31% YoY revenue growth in 3QCY18, in line with our expectations. However, pace of margin recovery has been slower than our expectations and led to the EBITDA miss.

Markets News

Insurance H1: Why growth is slowing and margins are peaking

Our assessment of H1 results indicates (i) Moderating new business growth, (ii) Product mix shifting towards protection & away from par-savings, (iii) Margins peaking out, as delta from protection mix increase slowing down, (

Insurance News

Mahindra Finance rated ‘Buy’; Q2 Results were better than estimates

FY19-21e EPS up 1-9% given the positive outlook; Target Price revised to Rs 490; valuations are attractive

Industry News

Analyst Corner: Maintain‘buy’ on SBI Life, price target Rs 681

The quarter was a mixed bag - (i) new business growth picked up, but driven by lower margin fund management business, (ii) VNB margins improved, but losses from PMJJY led to negative operating variance, (iii) cost ratios & pe

SBI Life, PMJJY, ULIP, APE growth, CAGR News

Hero Motocorp ‘Hold’: Q2 weaker margins offset revenue beat

Cause for caution given cost headwinds for 2Ws and structural growth concerns on Hero; TP cut to Rs 3,070

Hero Motocorp, Hero Q2 EBITDA, Hero Motocorp stock, Hero Q2 revenue, NBFC sector News

Wealth Report: India’s assets dominated by property and other real assets

Annual growth of wealth per adult averaged 8% over 2000–18. Prior to 2008, wealth also rose strongly, from $1,830 in 2000 to $5,020 in 2007. After falling 26% in 2008, it rebounded, and grew at an average rate of 7% up to 2

Markets News

Analyst Corner: Upgrade HDFC to ‘buy’ with revised PT of Rs 2,030

We upgrade HDFC to ‘buy’ with revised PT of Rs 2,030 -- the stock has corrected 17% in a little over two months, although underlying growth/profitability remains strong and valuations are now fair.

Markets News

Auto industry quarterly preview: Margins to be under pressure, commentary on festive season will be key

Volume growth has been divergent across segments and OEMs in Q2FY19e with Ashok Leyland, Bajaj and TVS expected to deliver 20%+ revenue growth and single-digit growth for others, partly on account of a delayed festive season.

Industry News

Pharmaceuticals Q2FY19 preview: Quarter likely to see muted performance

We expect Dr Reddy’s Labs, Syngene, and NTCPH to report strongest earnings growth while Lupin sees the most decline.

Industry News

Consumer sector: Price hikes and dip in promotions

The market saw more price hikes, with price increases in paints, toothpaste, hair oil and edible oil segments.

Industry News

Reliance industries rated ‘underperformed’; Rosy outlook for retail bodes well

EPS goes up by 1-2%; TP raised to Rs 920; ‘U/P’ rating retained given likely EPS misses, rising net liabilities and rich valuations.

Industry News

BHEL rating ‘underperform’: Revival efforts praiseworthy

Import content fell to a low in FY18; triggers of debtor monetisation and reduction in fixed costs needed for upside

Industry News

Consumer sector growth to taper off in Q2FY19

Underlying demand trends are stable, however, some impact can come in due to Kerala floods, below normal monsoon and late festive season.

Pro-GM, Pro-GM journalist, Centre for Science and Environment, Chandra Bhushan, genetically-modified News

Engineering & Construction: Duty hike no dampener

Voltas/Blue Star has partly corrected in a weak market on fear of rise in compressor import duty. Branded AC players in India primarily import compressors from China.

Markets News

Analyst Corner: Tata-Usha Martin: A small deal at reasonable valuation

Tata has signed an agreement to acquire Usha Martin's steel business for a cash consideration of Rs 4,300-4,700 crore.

Markets News

Re-rating plays out for the Consumer Staple sector

The recent macro developments impact the sector's earnings and valuations negatively. We adjust our EPS and PEs to reflect this and roll over to Sep 20 EPS.

Markets News

Analyst corner: Prefer NTPC, ‘hold’ on Power Grid with revised TP at Rs 210

Every five years CERC evaluates and finalises projects returns for regulated generation and transmission companies. FY20E-24E is the next five-year block.

Industry News

Sun Pharma rated ‘hold’; specialty product execution is key

Form 483 with 6 observations for the Halol facility highlights risks in the business; ‘Hold’ maintained.

Industry News

Large pharma companies can grow faster than industry average

India focus for pharma companies has increased with US challenges sustaining. Scale is important in India and we expect large players to gain though growth will be low double digit.

Markets News

LIC Housing finance Rating ‘Hold’: Asset quality, core home loans slipped

Spreads should improve q-o-q, but sharp increase seems unlikely; FY19-20e EPS cut 1-2%; TP revised to Rs 590 from Rs 600

Markets News

Indian Energy Exchange Rating ‘Buy’: 5MFY19 shows company to be a sweet spot

A good long-term portfolio holding that will offer steady returns; ‘Buy’ retained.

Industry News

Retail: August was a month of clearance

M&A activity in the sector should continue, as better macros and share gains from unorganised players keep the growth trajectory strong.

Industry News

IEX to benefit from rise in short-term traded volumes

Pricing and costs are stable with no incremental noise bytes from CERC on pricing. We believe IEX is in a sweet spot as it benefits from the rise in short-term traded volumes and market share gains from bilateral traders. The

electricity, indian energy exchange, iex, electricity prices on high News
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