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Jefferies

Articles By Jefferies

547 Articles

What dragged down Wipro growth? Find out here

A new CEO, lofty 2020 target, recent large acquisitions and senior hires could kindle turnaround hopes, with Infosys' case study...

wipro shares

Jubilant Foodworks hit by Domino’s, Dunkin biz concerns

Jubilant Foodworks' (JUBI's) Q4FY16 results disappointed at the revenue, EBITDA and PAT levels. While revenues were 4.2% below expectations, EBITDA margins contracted by 80bps y-o-y, with adjusted PAT declining 6.6% y-o-y.

Pharma Sector: Jefferies prefers mid/small cap players, Syngene

Q4FY16 was a mixed quarter for the Indian pharma sector. While revenue growth accelerated, margins moderated despite one-off gains. The key headwinds were 1) rising R&D, 2) pricing pressure and 3) USFDA actions.

medicine

Here’s what can drive upside for ONGC

Stagnant or declining production remain a major concern for ONGC and Oil India. ONGC’s crude production has remained stagnant for the last 4 years...

ONGC, Oil and Natural Gas, Oil in India, KG Fiasco Trehan, KG fiasco Iran, Iran India realtions, oil export in India

Jefferies puts ‘buy’ rating on State Bank of India

A flip-flop on this could be very damaging for SBIN

SBI, State Bank of India

Jefferies maintains ‘Buy’ on Infosys with target price of Rs 1,390

Infosys CEO’s comments elaborate the technology transitions and try to capture the mantle of thought leadership.

Infosys share price bse sensex nse nifty

Improvement in GAIL’s earning seen in FY17, FY18: Jefferies

GAIL India's Q4 EBITDA was 11% below our estimate due to misses in petrochemical and LPG segments though management indicated that some of the higher...

Improvement in GAIL’s earning seen in FY17, FY18: Jefferies

Revised price target for Bajaj Finance Rs 8,800: Jeffferies

Profit after tax for the fourth quarter grew 32% y-o-y, but was below our est. due to higher provision w.r.t a stressed, but standard infra account.

Revised price target for Bajaj Finance Rs 8,800: Jeffferies

Maintain ‘buy’ on Ashoka Buildcon: Jefferies

Ashoka reported 20% decline in Q4FY16 construction revenue led by slow execution on projects due to land possession issues. BOT segment saw 14% toll collection growth

Buy rating on State Bank of India; Decks cleared for merger of SBI with its cubs

While creating a behemoth, the move would entail higher employee costs, besides posing other challenges

Strong numbers in fourth quarter

After 4 years of anaemic growth, share gains in scooter segment and recovery in rural markets are likely to drive Hero’s volumes

Strong numbers in fourth quarter

Hold rating on HDFC Bank; NII growth at its weakest in 5 years

Competition from SOE banks, weak house prices and weak volume growth could continue to depress earnings growth

Hold rating on HDFC Bank; NII growth at its weakest in 5 years

Maintain ‘buy’ on Shriram Transport, target Rs 1,152: Jefferies

Q4 PPOP was higher than expected, but higher than expected provision as Shriram Transport Finance targeted higher coverage ratio while shifting to 150dpd NPA norm led to profit miss.

Maintain ‘buy’ on Shriram Transport, target Rs 1,152: Jefferies

Energy reimbursements drive revenue, margins

Pricing remains a risk, with management indicating major contract renewals at Indus in FY18

Energy reimbursements drive revenue, margins

‘Buy’ rating on ICICI Bank: Jefferies

We believe it is extremely desirable that the bank contours the stress and provides forward guidance. This provides a reasonable upper bound to stress levels, as current stress assumptions for the street...

‘Buy’ rating on ICICI Bank: Jefferies

Retain ‘buy’ on Syngene, growth momentum to continue: Jefferies

Syngene reported a strong quarter with revenue growth ahead of expectation at 31% led by development and biologics discovery services.

Retain ‘buy’ on Syngene, growth momentum to continue: Jefferies

Buy rating on Infosys: Growth a tad below estimates, margins a surprise

Strong guidance for FY17e (estimates) revenue at 11.8-13.8% y-o-y implies sustained industry leading growth which should support premium valuations.

infosys q4 results

Maintain ‘buy’ on Shriram Transport, target Rs 1,152

We remain positive on outlook for CV market in FY17. This should drive 15.6% AUM CAGR over FY16-18E. Funding costs should fall further due to recent interest rate cuts.

Maintain ‘buy’ on Shriram Transport, target Rs 1,152

Hold rating on Wipro; Considering share buyback

What remains uncertain is the quantum of buyback and whether it is in lieu of or in addition to the dividend payout

Hold rating on Wipro; Considering share buyback

Energy Sector Preview: Expect another robust quarter for downstream companies

Lack of inventory losses and strong diesel marketing margins to boost OMCs’ showing

Energy Sector Preview: Expect another robust quarter for downstream companies

Positive on ABB, target price Rs 1,700

“Certain bright spots in the industrial horizon included some movement in stalled projects, traction in the renewable energy market, make in India policy initiatives, and the investment to revamp and upgrade the railways by

Positive on ABB, target price Rs 1,700

Maintain ‘buy’ on Pipavav, target R205

We recently interacted with the management of Gujarat Pipavav Port (Pipavav) on business operations. Focused efforts to win new clients have seen it winning another new liner recently post the incremental two liners in 3QFY16

Maintain ‘buy’ on Pipavav, target R205

Metals & Mining: India Steels; prices may rise further in the near term

We expect domestic steel prices to rise further near term as imports fade post March due to minimum import price (MIP).

Metals & Mining: India Steels; prices may rise further in the near term

FY17e growth likely to be ahead of the pack

But the company needs to articulate concretely its strategy to achieve the targets for 2020

FY17e growth likely to be ahead of the pack

Crompton, First Reserve deal may close in 5-6 months

Crompton Greaves' (CRG's) record date for consumer demerger is declared as March 16, 2016. CRG’s consumer segment, dominated by fans, saw 17% revenue CAGR and 7% EBIT CAGR during FY05-15.

Crompton, First Reserve deal may close in 5-6 months

Buy rating on TCS; High Expectations

Overall revenue growth should improve in FY17e

Buy rating on TCS; High Expectations

Maintain ‘buy’ on Siemens, target Rs 1,275: Jefferies

Siemens has hived off its healthcare division to the parent (SIE GR, buy, 89 euros) for R3,050 crore, in line with global strategy of managing this division separately.

Maintain ‘buy’ on Siemens, target Rs 1,275: Jefferies
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