Your medical insurance plan will now cover mental illness, similar to those offered for treatment of physical illness
With deposit rates broadly stable, further rise in MCLR at a swift pace is less likely
Amway plans to invest Rs 1,000 cr in India over a period of 2-3 years, aims to bolster its position and product line
Frshly: This automated fresh food retailer makes dishes from top restaurants available on demand
- SteelonCall: This startup in steel sustains its business by charging Rs 200 per tonne levied on each transaction
- How contrarian measures are better suited to kick-start industrial revival and help in job creation
- If trade wars continue, it will be tough for India to keep export competitiveness high
- World is consuming resources at an alarming rate, far quicker than our planet can replenish
Jefferies
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Sun Pharmaceutical Industries Rating: Q1FY19 results were ahead of expectations
Sun’s Q1 results were ahead of expectation led by improvement in US ex Taro and lower R&D. Gross Margins though disappointed.
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Titan company Rating: First quarter results were a mixed bag
TITAN’s Q1FY19 revenue (up 8.2% y-o-y) came slightly below while Ebitda (up 27.4% y-o-y) and PAT (up 27.3% y-o-y) were ahead of our expectations.
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Q2CY18 results met expectations
While Ebitda margin expansion will slow down, CY18-20e EPS raised by 7% given 1HCY18 margin growth; TP up to Rs 11,800
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Retain buy on ICICI Bank with revised TP of Rs 380
ICICI bank’s core PPOP was 6%+ below JEFe (higher OpEx) offset by better credit costs. Fresh NPLs came mostly from known stressed assets and there were a few large recoveries which held up NIMs and lowered gross stressed assets.
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Retain buy on Strides with target price of Rs 600
Strides Arcolab has reported inline results. US business improved q-o-q which was the key positive, though Australia was weaker due to supply constraints.
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Hold Britannia as execution remains strong, TP Rs 5,850
Britannia’s Q1 FY19 revenue (grew 12.4% y-o-y) was in line while Ebitda (up 18.5% y-o-y) and PAT (up 19.6% y-o-y) came below estimates.
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Maintain ‘buy’ on Nestle India with TP at Rs 11,800
NEST Q2CY18 revenue, Ebitda and PAT came in line with our expectations. 14.5% year-on-year LTL growth in the domestic sales, which was volume-led and broad-based, highlights steady delivery.
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HDFC rating ‘Hold’: A stable performance in operational terms
NIMs saw weak trend; comparisons difficult due to IND-AS; FY19 estimates up 8%; ‘Hold’ maintained with TP revised to Rs 1,930.
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Avenue Supermarts Rating: A strong all-round showing in quarter
DMART revenues stood at Rs 45,594 million and saw 26.7% y-o-y topline growth coming on a high base of 35.7% y-o-y.
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Analyst Corner: Maintain ‘buy’ on Yes Bank with target price at Rs 445
YES posted 30% net income growth. The key negative was a much lower NII growth (23% year-on-year) against a strong RWA growth (46% year-on-year) with NIMs keeping lower by 40 basis points year-on-year.
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HDFC Bank Rating: Weaker top-line offset by cost control
NII growth trajectory weakened to a low point last witnessed in FY14, driven by 20bp lower NIM (time deposits grew rapidly), offset by a reduction in the cost-to-asset ratio and higher fees. Retain Buy with price target of Rs 2,530
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Analyst corner: Metals & mining companies may report strong Q1 results
Indian metal companies should report strong 1Q results. Steel cos should benefit from the full impact of 4Q price hikes, though volume may be lower QoQ.
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TCS rating ‘buy’: Jefferies says strong performance beats expectations
Constant ccy growth rates for FY19-21e up to 10-11.5%; upgraded to ‘Buy’ with TP rising to Rs 2,140 from Rs 1,600.
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Key metrics saw improvement in FY18
Topline/Ebitda estimates up 2/4% owing to strong execution and a Q1FY19 that bettered expectations; TP raised to Rs 2,580
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Expect divergent growth performance by top IT companies
We expect divergent growth performance by top tier IT services cos in 1QFY19E with TCS leading at 3.8% QoQ constant ccy growth, Wipro & Tech Mahindra lagging at -1.0 to -1.2% decline and Infosys & HCL Tech in between.
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Maintain ‘buy’ on Future Lifestyle Fashions; TP Rs 540
Future lifestyle fashions (FLFL) has acquired a 29.9% stake in Koovs (Koovs Plc) for approx. R140 crore, giving it access to an online fashion platform, something that was missing from its portfolio.
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Shriram Transport Rating ‘buy’: Exposure to SVL NCDs poses a risk
SHTF has provided guarantee (Rs 8.7 bn) for NCDs issued by SVL Ltd., an unlisted Shriram group co. With SVL/subsidiaries likely under financial stress, NCD repayment may be an issue.
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HDFC Bank Rating: Its retail or SME clientele sets the bank apart
The asset-liability gap is tighter than ever, auguring well for NIMs; risk-based pricing principle driving earnings; TP up to Rs 2,465.
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SBI Life rating ‘buy’: Jeferies says on strong footing vis-a-vis peers in private sector
Business mix and access to SBI’s branches work in company’s favour; robust individual NBP growth is likely to be sustained.
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Maintain ‘hold’ on Tata Steel with TP of Rs 586
Broader JV with Thyssen should be on track, but Tata may be willing to adjust deal terms given recent divergence in margin trends. With net debt rising, post-Bhushan deal, Tata may be keen to push through the JV, so that it could deconsolidate JV debt.
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ONGC’s natural gas segment to do well as gas prices rise
India’s LNG imports were flat m/m in May but rose 17% y/y, boding well for PLNG where Dahej unit was also steady at ~110% in April/May.
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Private insurers focus on Ulips for individual business
The product mix is slowly shifting towards Ulips as stringent cap on surrender charges offer better proposition to policyholder than traditional par-savings.
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Telecom Services Q4: Industry revenues fell 7% q-o-q
With the exit of RCOM and Aircel, most large operators gained market share. Idea was the only large operator to lose market share (down 30bps q-o-q), losing market share in 14 of the 22 circles.
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Steel prices are likely to moderate: Jeferies
Chinese spreads have stayed high despite rising Chinese output, due to strong demand. Inventories appear to be bottoming out. Moderation in demand post seasonally strong period may lead regional spreads/prices to ease.
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ONGC rating ‘buy’: Rebound in OVL profits in FY 19 key tailwind
A host of positives cushion earnings at time of subsidy overhang; inexpensive valuations leave risk-reward favourable.
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Steel: Fundamental outlook for the sector is strong
Demand supply tightness continues, with contracts signed for the next two quarters at higher electrode prices vs Q4 realisation.
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Bank-led private insurers to gain more market share
Strengthening bancassurance channel for private players and customer preference shift towards ULIPs have led to private players gaining 20% retail business market share from LIC over FY12-18.
