ICICI Lombard rating – Buy: Higher commissions impacted earnings
Normalisation of tie-up with IBank on health side is key; standalone EPS cut by 2-4% and TP reduced to Rs 1,780; ‘Buy’ retained
Equity Strategy: Broad-based upgrade in earnings likely
All 13 sectors should see growth in Q3; domestic firms to clock 7-qtr high; margins expected to flatten q-o-q
Analyst Corner: Maintain ‘buy’ on ICICI Pru Life with TP at Rs 630
ICICI Pru Life has ramped-up its Banca partnerships through tie-ups with IIB, RBL Bank, AU SFB, IDFC First Bank & NSDL Payments Bank. It now has tie-ups with over 20+ Banks.
Analyst Corner: Maintain ‘buy’ on Colgate with revised TP of Rs 1,820
Colgate's growth agenda, which began under the current CEO, is gaining momentum as evident in the recent investor presentation.
Materials (Steel): Prospects look up for graphite electrodes
FY22-23e EPS up 16-40% for GRIL & HEG; valuations undemanding despite spurt in stock price; ‘Buy’ retained
HDFC Bank rating: RBI curbs to have a limited impact; ‘Buy’ retained
RBI curbs to have a limited impact but resolution of issues will take some time; most retail business lines back to pre-Covid level; ‘Buy’ retained
Bharat Electronics Rating – Buy: Re-rating of stock is in the works
Margin delivery, order flow and execution ramp-up will drive upside; TP raised to Rs145; ‘Buy’ maintained
Maintain ‘buy’ on HDFC Life with price target of Rs 800
Indian insurers better placed to manage hedges on guarantee risks: Management reiterated that its guaranteed return book was hedged for interest rate and cashflow risks.
IndusInd Bank Rating: buy; Sustenance of book quality augurs well
Provisions expected to be high in H2FY21; FY22-23e EPS up 3-5%; valuations are attractive; Buy retained with TP rising to Rs 1,030
Axis Bank Rating: Buy- Growth outlook has improved for bank
Festive season was better than expected; provisions higher than peers despite similar trends; TP raised to Rs 700; ‘Buy’ maintained
Analyst Corner: Adani Group focusing more on B2C as against B2B
Revenue streams related to passenger/non- passenger footfalls is a focus area for generating healthy returns on airport assets
Analyst corner: ‘Hold’ on Motherson Sumi as it reiterates FY25 target
MSS has big growth ambitions although value creation will depend on inorganic opportunities and investment needs where visibility is low. We retain Hold.
Power Grid Rating: Hold- Other income rise drove PAT beat
InvIT cash to be used for capex; FY21-22e EPS up 2-5%; ‘Hold’ retained given medium-term earnings concerns
Analyst corner: Retain ‘buy’ on Tata Steel with revised PT of Rs 680
We upgrade FY22-23E EPS by 22-25% and retain 'buy' with a revised Rs680 PT. Our bull case PT is Rs900, 83% upside.
Ipca Laboratories Rating ‘Buy’; margins were higher than estimated
FY21/22e EPS up 17/10% on growth outlook, margin guidance; TP raised to Rs 2757
Retain ‘buy’ on EicherMotors as good demand kicks in
Demand commentary was positive and RE has 125K bookings but company added the model specific supply constraints are limiting production rate.
‘Buy’ on Cipla; firm likely to beat its cost-saving targets
Covid products now account of 5% of India sales and company also saw a healthy uptick in trade generics.
Divi’s Laboratories Rating ‘Buy’; a strong performance in the second quarter
Custom synthesis capex boosts FY22 prospects; EPS for FY21/22e up 14/14%; upgraded to ‘Buy’ rating
State Bank of India Rating ‘Buy’; overhangs being dispelled for the company
With collections at 97%, asset quality should fare better than apprehended; upgraded to ‘Buy’ with TP revised to Rs 270 from Rs 215
Analyst Corner: Maintain ‘buy’ on Godrej Properties; biz gains pace
Business is gaining pace again with labour force 30% higher than pre-Covid and multiple new launches underway.
Cut rating on Dabur to ‘hold’ from ‘buy’ following outperformance relative to peers
Notable revenue growth. After declining for two consecutive quarters, Dabur’s Q2 revenue grew 14% YoY, a material beat of our and consensus estimates.
Bharti Airtel Rating ‘Buy’; strong showing in operational terms
Sound pick-up in subscriber growth key positive; FY21-23 estimates up 4-6%; ‘Buy’ retained with revised TP of Rs 610
HDFC Life Rating: Buy-Rebound in premiums was impressive
Recovery was led by Par business; EPS estimates up given better trajectory on premiums; ‘Buy’ rating retained with TP of Rs 760
Retain ‘buy’ on Colgate with price target of Rs 1,700
Colgate's GM & Ebitda margins climbed to all-time highs, contributing most to the 2QFY21 earnings beat.
HDFC Bank Rating ‘Buy’; a healthy performance in the quarter
Key positive was collection of 97% of Sept dues; EPS up to factor in better asset quality and retail revival; TP raised to Rs 1,450
Analyst Corner: Retain ‘buy’ on Hindustan Unilever with PT at Rs 2,650
While the company has been able to offset some part of revenue pressure due to strong growth in hygiene portfolio, the impact has been higher on margins.
Motherson Sumi Rating ‘hold’; restructuring exercise has promise
Merger with SAMIL will enhance potential for global growth; TP up to Rs 120 from Rs 105
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