Kotak Institutional Equities

Articles By Kotak Institutional Equities

358 Articles

Maintain ‘buy’ on Tata Motors with TP of Rs 445

Our estimates build in more conservative assumptions than the management guidance. Reiterate BUY with unchanged target price of Rs 445.

Industry News

CG Power and Industrial rating ‘buy’: Kotak Institutional Equities says strength of core business key positive

FY19-20e EPS cut 18-21% and TP down to Rs 65 owing to deal deferral; upgraded to ‘Buy’ on cheap valuations.

Industry News

Outlook is positive

With higher capacity, Apollo will target Central Eastern European countries along with Russia where it does not have enough presence currently and will also target market share gains in Western Europe. Exports to North Americ

Industry News

Cement stocks: Subdued prices augur another weak quarter, says Kotak Institutional Investors

Cement prices for June, 2018 declined by Rs 3/bag (all-India average), per our channel checks. The Q1FY19 prices are flat q-o-q (but down 5% y-o-y) even as cost pressures rise due to higher energy prices and depreciating INR/

Cement, Cement prices, Cement stocks, Kotak Institutional Investors News

Magma Fincorp: Primed for high growth in earnings, Kotak Institutional Equities rates ‘buy’

Magma Fincorp is well-placed to deliver high (30% CAGR) earnings growth during FY2019-21e from current subdued levels on the back of improving loan growth to (moderate) mid-teen levels, improving yields and tight control over

Markets News

Life insurance: Expect inflows into Ulips to be moderate in FY19

Private life insurance companies reported 4% growth in individual annual premium equivalent (APE) (16% excluding ICICI Prudential Life and SBI Life Insurance) during May 2018 on a high base – 46% year-on-year (y-o-y) growth

Insurance News

Thermax Rating: Steps to push growth have promise

While the order backlog is progressing well, lack of visibility on large orders a negative; ‘Reduce’ retained.

stocks, stock market, base, nse, mcap, thermax News

NHPC rating ‘add’: Kotak Institutional Equities says earnings in final quarter distorted

Company is likely to revert to growth path; earnings down 1/7% for FY19/20e even as TP of Rs 30 is retained.

NHPC, domestic market, nhpc share price, nhpc tenders News

Kotak Institutional Equities gives ONGC ‘add’ rating; Final quarter results below estimates

ONGC’s revenues increased 4% q-o-q to Rs 240 bn, 1.4% below our estimate led by modestly lower VAP sales and realisations.

ongc, ongc Q4fY18 results, ongc TP News

Aurobindo Pharma: Kotak Institutional Equities rates ‘add’, sawys weak Q4 showing due to US injectibles, ARVs

ARBP’s Q4FY18 revenues increased by 11% y-o-y, ~4% below our estimates, driven by a sharp 43% y-o-y fall in the ARV segment.

Aurobindo Pharma, Aurobindo Pharma q4fy18, Aurobindo Pharma revenue, Aurobindo Pharma TP News

Maintain ‘reduce’ on SAIL with target price of Rs 72

UBBL’s Q4FY18 earnings print was solid on all counts – volumes, market share gains, gross margins, EBITDA and PAT growth.

Markets News

Maintain ‘sell’ on United Breweries with TP of Rs 1,000

UBBL’s Q4FY18 earnings print was solid on all counts – volumes, market share gains, gross margins, EBITDA and PAT growth.

United Breweries, UBBL,  EBITDA, PAT growth, SELL, DCF, EPS CAGR News

Mindtree: Management upbeat about FY19 prospects, Kotal Institutional Equities rates ‘add’

KIE’s revised INR/USD rate results in 1-6% EPS upgrade over FY19-21e; TP up to Rs 1,015 from Rs 910 with rollover to June ’20

Management is confident of strong growth led by a healthy pipeline of large deals, improving win rates, success through the advisory channel and no apparent headwinds in existing top clients. News

Weak operational performance in Q4

Tata Chemicals (TTCH) reported weak results in Q4FY18 with 9% q-o-q decline in Ebitda to Rs 5.1 bn led by 4% q-o-q decline in India soda ash volumes, 25% q-o-q decline in Europe volumes and escalation in costs for North Ameri

Industry News

Vardhman Textiles: Kotak Institutional Equities rates ‘add’, results largely in line with estimates

Robust margins offset weak volumes; multiple factors to drive strong growth in earnings; FY19e EPS reduced 6%; retain ‘Add’

textile, textile industry News

Lupin Rating: Final quarter a mixed bag for company

Lower margin assumptions behind 7/3% cut in EPS for FY19-20e; TP down to Rs 800.

Lupin, OTC segment, Anil Kaushal, Softovac, Nilesh Gupta, West Bengal, OTC products, india, mumbai, news of lupin, latest news on lupin News

Automobile industry looks poised for robust growth

April 2018 was a strong month for the domestic automotive industry with robust volume growth across all segments. However, we note that growth has come off a relatively low base, particularly in the MHCV industry; therefore i

auto, automobile, MHCV News

Bharat Financial Inclusion rating ‘neutral’; Kotak Institutional Equities says healthy growth mixed expectations

Though high at 38% yoy, loans grew 7% below estimates; near-term growth estimates cut

Bharat Financial Inclusion (Bhafin) reported better-than-expected earnings due to lower operating expenses and credit costs. News

DCB Bank: Kotak Institutional Equities rates it ‘Add’, says Q4 saw recovery from slowdown

Broad trends were stable; RoE trajectory moving towards 13-15% in medium term; the outlook on NIM remains negative

DCB Bank, Kotak Institutional Equities rates, NIM, dcb bank q4 result News

Metals and Mining: Outlook to improve strongly over 2 years

There are not many large aluminum projects to be commissioned outside China over the next 2-3 years.

rusal, aluminium market, US, China, Russia News

Grasim Industries on a strong growth trajectory, Kotak Institutional Equities rates its ‘add’

Grasim expects both legs of its standalone operations — vsf and chemicals — to see strong volume growth led by improved underlying demand and expanded capacities.

Grasim, Grasim rating, Kotak Institutional Equities, markets, industry news

Kotak Institutional Equities rates Maruti Suzuki as ‘add’, says recent launches to keep momentum going

Weak launch pipeline for competitors in next two years likely to work in company’s favour; FY18e EPS down 3% even as TP is revised to Rs 10,000 from Rs 10,500.

Kotak Institutional Equities, Maruti Suzuki, autonobile sector News

Kotak Instituional Equities rates SBI ‘buy’, says subsidiaries are in good health

While most of these businesses are strong on growth and/or profitability, the key concern is on the parent where the scope for valuation expansion is the highest.

SBI, SBI stock, State Bank of India, SBI TP News

Gujarat Gas buy to dent earnings

FY18e EPS up 2% to factor in higher transmission volumes; TP revised to Rs180

GSPC, GSPL, Gujarat Gas, RoAE, GSPL management  News

Interglobe Aviation: Kotak Institutional Equities rates IndiGo’s parent company ‘buy’, says demand suited to fleet expansion

While the grounding of additional A320neo planes is a negative, it is unlikely to lead to material operational disruption; TP unchanged at Rs 1,500.

airlines sector, airlines industry, indigo. asia, middle east News

Mahindra Logistics Rating: Readying for an uptick in business

MLL’s focus on deepening working relationships with clients and business associates would help it outperform the fast-growing 3PL market. The market is yet to see the benefits of consolidation of warehouses (GST) and formal

Mahindra Logistics, Mahindra logistics rating, MLL, logistics sector, Tepid debt, Stock News

Aurobindo Pharma Rating: 483 no cause for alarm

Our analysis of Aurobindo’s Unit-IV 483 indicates that the observations can be viewed as ‘low to moderate’ in criticality and we believe these can be addressed by Aurobindo without major remediation.

Aurobindo Pharma, Aurobindo Pharma rating, markets, aurobindo News
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