Kotak Institutional Equities

Reliance Industries Rating ‘SELL’: Results in line, downstream margins a concern

RIL’s Q3FY19 Ebitda was in line with our estimate as a surprisingly wide refining margin was offset by lower contribution from petchem and Jio; higher other income boosted net income.

Markets News

Metals and mining Q3 preview: Lower prices, costs to hurt steel players

Zinc volumes likely to aid Vedanta; a steady Q3 for Hindalco; lower alumina prices to hit Nalco showing.

metals, steel sector, steel industry News

Analyst Corner: Lower L&T estimates by 3-4%

Orders from states/PSUs should continue based on past history of capex spending by states (fiscal targets a limited constraint) and reasonable leverage/capex plans of PSUs.

l&t, psu News

Life insurance: Annual premium collections of private sector players up 14 per cent

Private sector players reported improvement in individual Annualised Premium Equivalent (APE) growth, up 14% year-on-year (y-o-y) in December 2018 after remaining flat in November 2018.

insurance, life insurance, lic News

Bank Of Baroda rating ‘Add’: Merger swap ratio close to initial estimates

BoB Has made an announcement on the swap ratios (every 1,000 shares of each bank) for the merger with Vijaya Bank (402 shares) and Dena Bank (110 shares).

minimum quarterly average balance, QAB, SAVINGS ACCOUNT, Basic Savings Bank Deposit account, zero-balance News

Analyst Corner: Maintain ADD on CIL with revised fair value of Rs 290

Coal India reported a volume decline in December 2018 even as four out of seven subsidiaries reported a positive volume growth.

Markets News

Analyst Corner: Public Sector Banks to benefit from RBI nod to rejig MSME loans

Lenders usually step back lending when the early warning indicators suggest rising trends of deterioration.

Banking & Finance News

Market Strategy: It may indeed be Happy New Year for investors

Market expected to deliver 10-15% returns in CY19; valuations reasonable on a top-down basis but hide vast dispersion in multiples.

Markets News

Banks: Strong growth momentum in retail lending

Loan growth of 21% y-y in Q2FY19 driven by volumes; barring LAP segment, asset quality remains stable.

Banking & Finance News

Capital goods: Pace of land acquisition is strong for NHAI

Pace of land acquisition is strong and NHAI is targeting the 10,000-hectare mark in FY19.

Markets News

Construction materials: Cement realisations expected to fall in Q3

Cost savings to be reflected in Q4; reason for caution given moderate earnings prospects and valuations.

Markets News

Tech Mahindra Rating: Back in groove after a gap of three years

Return of predictability in operations and financial performance is likely to be rewarded through multiple re-rating; ‘Add’ maintained.

Tech Mahindra’s Makers Lab, Tech Mahindra’s Makers Lab news, Tech Mahindra’s Makers Lab business News

Explained: Why residential real estate sales hold momentum

Sales, however, remained upbeat with 6 million sq. ft (+7% y-o-y) residential area being sold during September 2018, contributed by both Mumbai (2.2 million sq. ft) and Thane (2.9 million sq. ft).

Industry News

Correction makes risk-reward favourable

The worst-case scenario has been priced in; crude recovery and gas price hike could boost earnings; upgraded to ‘Buy’.

Industry News

CG Power and Industrial rated ‘buy’; Company has enough levers to drive growth

FY19-21 estimates raised by 1-4%, factoring in growth prospects, end of non-compete clause and enhanced ordering from Indian Railways.

Markets News

Aurobindo Pharma rating ‘add’: A strong performance in the quarter

Showing was led by the US business; strong pipeline for FY19-21 augurs well; FY20/21 estimates up 3-4%; TP raised to Rs 785.

Markets News

Life insurance: Protection story continues to play out

With focus shifting to protection and other high margin policies, the value of new business growth of large players will remain strong.

Life insurance: Protection story continues to play out

Torrent Pharmaceuticals rating ‘NR’: Q2 margins continued to impress

Results reflected further synergy gains from Unichem acquisition; EPS estimates for FY19-21 trimmed 1-4%.

Industry News

Jyothy Laboratories rated ‘Add’; Quality of earnings in Q2 was weak

EPS forecasts cut marginally; ‘Add’ retained on reasonable valuations with TP at Rs 210

Industry News

RBI likely to keep rates on hold in rest of FY2019

Expect average IIP growth to moderate to around 4.1% in H2FY19 as against 5.1% in H1FYF19

rbi, inflation News

HDFC Life, SBI Life and other large private life insurance players grow stronger

HDFC Life saw 20% y-o-y growth in individual APE and similar growth in overall APE in Sept 2018

hdfc life, kotak News

Sadbhav Engineering Rating ‘Buy’: Uncertain ordering remains a overhang

Traffic and BOT portfolio stake sale bode well; TP cut to Rs 370 from Rs 435 given uncertainty in NHAI awards.

Markets News

HCG rated ‘buy’; Correction offers another entry point

Strong execution; FY19-21 estimates down 2-4%; upgraded to ‘Buy’ with TP revised to Rs 270 from Rs 290; valuations are reasonable.

Industry News

Timken rated ‘sell’; commodity prices, demands are headwinds

FY19-21e EPS cut 12-14%; valuation high; ‘Sell’ retained with revised TP of Rs 570.

Industry News

Energy: ‘Add’ on ONGC; negative stance on OMCs

The government’s ad-hoc interventions in fuel prices and subsidy sharing historically suppressed earnings and return ratios for these companies, while limiting visibility on profits until the end of every year during that t

Industry News

Apollo Tyres rating ‘buy’: Correction greater than is needed

FY19-21e EPS cut 4-6% to factor in higher crude prices and rupee depreciation

Industry News

Demand environment is robust for Indian IT firms

Accenture reported an exceptional August 2018 quarter (Q4FY18) with 11% revenue growth in constant currency (c/c).

Indian IT firms, Accenture, financial services, Organic revenue, security services News
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