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Kotak Securities
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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.
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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.
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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 outlook in exports market (business impact yet to be confirmed by the management).
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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.
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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.
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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 by new product launches which are eco-friendly, lead free, low VOC, among others.
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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.
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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.
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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 that have a strong presence in India.
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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).
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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.
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‘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.
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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.
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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.
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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.
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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.
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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.
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Capital gains tax: All you want to know in brief
There are two broad asset classes — physical assets like gold, real estate etc, and financial assets like equity, debt, mutual funds and others, which are intangible in nature.
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‘Attractive’ on Tech Mahindra, target Rs 630
Tech Mahindra (TM) and parent M&M (60:40 ratio) have announced the acquisition of Pininfarina, a listed Italian auto design and engineering services firm, at an EV of 81 million euros.
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Upgrade Tata Global Beverages to buy, target Rs 150
We ascribe 30/share to Tata Global Beverages’ (TGBL) share of Starbucks JV; we see the Starbucks JV as a successful, value-creating venture in the medium term and our valuation is based on a long-term DCF model.
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India retail inflation: 5 power points
Retail inflation: finding the floor. February inflation continued to signal the ongoing disinflationary process…
