UBBL reported 8% yoy growth in revenues to Rs 15.4 bn (3% above estimate) and 9% growth in volumes. On a 2-yr CAGR basis, volumes declined 7% (versus 11% decline in 3Q), and revenues declined 3% (versus 6% decline in 3Q).
We initiate coverage on CAMS with an ADD rating and Fair Value of Rs 1,850 (5% upside). CAMS has a dominant position in India’s registrar and transfer agent (RTA) market duopoly, which reduces risks of market share movement
Scrap spreads hit new highs, Novelis margins to follow. The scrap market remains tight due to seasonal collection issues in the West; however, scrap prices continue to underperform strong primary aluminium prices in 4QFY21.
Tech Mahindra (TechM) has announced acquisition of Perigord, which provides niche packaging supply-chain BPO services for global clients in the life sciences vertical. Specifically, the firm offers digital workflow and artwor
Weak realisations. Coal India (CIL) reported weak performance as realisation for raw coal (contributing 80% by volumes) declined to Coal India1,354/tonne (-4% yoy) leading to flat revenues of Rs 217 billion despite 8.7% y-o-y
CIL reported revenues of Rs217 billion (+1% yoy, +11% qoq), ebitda of Rs32 billion (-5% yoy, +38% qoq) and PAT of Rs30.8 billion (-21% yoy, +4% qoq) against our estimates of Rs223.8 billion, Rs32.5 billion and Rs36 billion, r