Kotak Securities

Articles By Kotak Securities

31 Articles

Analyst corner: Suven Life Sciences’ earnings have reached sustainable base – Kotak Securities

Our analysis highlights that company’s earnings have reached a sustainable base (three drugs commercialised over past three years) and will continue to improve on this base going ahead.

Suven Life Sciences, Suven Life Sciences earnings, Kotak Securities, CRAMS business, market news

Mangalore Refinery and Petrochemicals rating ‘Buy’: Weak GRM and inventory losses likely to dent earnings

Estimates revised to take into account headwinds; ‘Buy’ maintained with TP cut to Rs 92 from Rs 100

Analyst Corner: ‘Buy’ rating on CDSL with target price of Rs 290

Central Depository Services continues to gain market share in the month of Oct and Nov 2018 with net beneficial owner accounts increasing to 16.5mn at the end of November 2018 compared to 16 mn at the end of 2QFY19.

Representative Image: File

Prism Johnson’s focus to be on boosting plant utilisation

Between FY16 and FY18, company’s revenues grew at a CAGR of 1.3% while profits have jumped from Rs 81 mn in FY16 to Rs 705 mn in FY18 led by improvement in margins and capacity utilisation.

PNC Infratech: ‘Buy’ rating with target price of Rs 197

PNC has submitted duly executed financing documents to NHAI for the three HAM projects (in Chakeri Allahabad, Aligarh Kanpur and Challakere Hariyur) and expects to receive appointed date in the current financial year (FY19).

highway, highway project, road project

Analyst corner: Allcargo Logistics target price unchanged at Rs 145

Healthy performance in H1FY19 has given us confidence of a decent performance in FY19.

‘Buy’ on MOIL, TP at Rs 260; volume outlook is positive

MOIL Q2FY19 revenue was higher than estimates, driven by better-than-expected sales volume.

‘Buy’ on Supreme Industries with target price of Rs 1, 205

The company reported 24.7% y-o-y growth in revenue, which was driven by Rs 808.5 million contribution from sale of commercial real estate.

Analyst Corner: Recommend ‘buy’ on Cyient with TP of Rs 785

Cyient Q2FY19 revenue grew by 5.1% q-o-q in dollar term to $169 million ahead of our estimate of $166.4 million. Services grew by 2.3% and DLM revenue grew by ~27% sequentially in dollar terms.

Castrol India: Kotak Securities rates ‘buy’; Says quarter performance met expectations

In Q1CY18, Castrol’s net revenue increased 5% y-o-y to Rs 9.3 bn supported by higher sales volume and higher realisation.

castrol india, castrol india stock, castrol india growth

Why focus will remain on how govt manages fiscal deficit situation

Any shortfall in estimated GST collections or higher inflation is likely to keep yields elevated, thereby adversely impact market valuations.

Fiscal deficit, revenue deficit, budget 2018, fiscal deficit target, Arun Jaitley, BUDGET, borrowing from market, treasury bills

Revise ‘buy’ on Cummins India with TP of Rs 862

We expect Cummins India to be able to deliver growth at c.16.4% CAGR (against flat YoY growth in FY18E) between FY18-20 given the continued momentum in industrial demand and potential benefits arising from improving economic

Cummins India, stock price of Cummins India, Power Generation segment, CAGR 

Recommend ‘reduce’ on Bodal Chemicals with TP of Rs 140

The management is upbeat about the dyestuff expansion plan and believes that, the recent uptick in Vinyl Sulphone and H-Acid prices shall support the final product prices and overall revenues.

bodal chemicals, reduce rating, bodal chemicals stock

RBL to scale up materially without teething issues

We met with the senior management of RBL and came back confident on its outlook and execution capabilities. Growth rates to remain healthy with benefits flowing from multi-channel distribution network.

RBL, RBL management, retail franchise, farm loan book

Kotak gives ‘buy’ rating to Kansai Nerolac with TP at Rs 660

KNPL has maintained a low double digit volume growth rate in the decorative segment for the last 12 quarters in the decorative segment outperforming the performance of market leader Asian Paints and peer Berger Paints driven

kotak, kansai nerolac, nerolac stock, nerolac shares, nerolac TP

Maintain ‘buy’ for Carborundum Universal with TP of Rs 418

CUMI Q3FY18 result was in line with our estimate. Volumes across divisions have started to pick up with exception to channel abrasives, severed by GST rollout.

GST rollout, CUMI Q3FY18 result, Russia, EBIT margins, VAW, GST impact

Gabriel Indian gets buy rating by Kotak Securities

We met with the management of Gabriel India. The company is optimistic of healthy growth in revenues on the back of repeat business and new order wins.

Kotak Securities, Gabriel Indian, EBITDA, Yamaha India, Tata Motors, Mahindra and Mahindra, Honda Motorcycle, Bajaj Auto, export revenues

Maintain ‘positive’ stance on KNPL with TP of Rs 600

The company supplies to nearly all the major auto OEMs across the four, two wheeler and LCV segment. KNPL's strong dominance in automotive paints segment is supplemented by its parent Kansai's association with global OEMs tha

GDP, KNPL, per capita income, real estate sector reforms, GDP growth, OEM

MSIL rated buy by Kotak Securities

MSIL new products in the past couple of years continues to perform strongly with robust demand. Baleno/Dzire/Brezza and Ignis accounts for 40% of the company’s domestic sales volumes (up from 32% in FY17).

Maruti Suzuki India, MSIL,  Kotak Securities

IT firms require innovation to stay in high-value spaces

Indian IT has invested over $1 bn in the last few quarters to gain access to IBM’s library of IP revenues with hopes of mid-teens IRR.

indian it, it firm, high value space, ip revenue, ibm liberary, indian it companies

‘Accumulate’ on Engineers India; target price at Rs 221

Reiterating our positive view on EIL, we introduce and roll forward our target price on FY20 core earnings.

Engineers India, Engineers India limited, eil target price

Vascon Engineers rated buy by Kotak Securities

Vascon Engineers Ltd (VEL) has presence in construction and development of residential and commercial real estate projects with a history of over 25 years.

Vascon Engineers, Kotak Securities, residential projects , commercial real estate projects

Jindal Stainless rated buy by Kotak Securities

Jindal Stainless Hisar, is a Hisar unit of Jindal Stainless which got separated due to Asset Monetization Plan (AMP), in 2015.

Jindal Stainless rated buy by Kotak Securities

VRL Logistics rated Buy by Kotak Securities with target price of Rs 500

VRL has reported a very strong H1FY18 and we expect the trend to continue in future quarters as well.

VRL Logistics, Buy, Kotak Securities,  post GST implementation, Healthy estimated GDP growth, Amended Motor vehicle Act, GDP growth, cargo movement

FIEM Industries stock rating: Buy says Kotak, price target Rs 1203

LED business is expected to remain under pressure in the near-to-medium term.

FIEM, Kotak

Blue Dart stock downgraded by Kotak, says revenues to grow 6 pct

Shrinking business in the B2B segment, increasing competition and slowing business from the e-commerce segment has been impacting the performance of Blue Dart Express (BDE) since few quarters.

Blue Dart, Blue Dart stock, Blue Dart stock downgraded, stock downgraded, e-commerce, e-commerce segment, Blue Dart Express, GST, digitization and competition, e-commerce companies
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