Articles By Kotak

126 Articles

Why we need additional disclosures on promoter entities

Current disclosures on pledged shares of promoters and related-party transactions of listed entities are helpful but fall short of providing a complete picture to minority shareholders.

additional disclosures, Stock exchanges, SEC, Hong Kong, corporate governance

Expect 50 bps of rate cut in 1HCY19

The softer CPI and WPI prints are likely to give confidence to the MPC to change its stance to ‘neutral’ from ‘calibrated tightening’ in February.

Initiate ‘buy’ on Varroc Engineering; TP Rs 1,250

Varroc Engineering is a leading tier-1 manufacturer of automotive exterior lighting and supplier of polymers, electrical and metallic products to two-wheeler and three-wheeler OEMs in India.

Varroc Engineering, R&D footprint, india, Varroc, Bajaj Auto, market, money news

Analyst Corner: Telecom- Jio’s pricing stance challenges other operators

On a reported basis, Idea-Voda’s combined AGRMS is above 50% now only in three circles – Maharashtra (53.9%), Gujarat (54.1%), and Kerala (57.5%).

L&T Infotech confident of strong growth in FY19

LTI grew 9.3% and 16.7% in FY17 and FY18. The company grew 23.4% in dollar terms in Q1FY19.

Laurus’ Ebitda slips 14.9%; target price cut to Rs 500

We expect the China cost push impact to persist until Q3 FY19E. We cut our FY2019E EPS by 25% and FY2020-21E EPS by ~14% each & also cut TP to Rs 500 (from Rs 540 earlier).

Laurus, Laurus labs, Ebitda, target price cut, market

Retain ‘reduce’ on Mahindra & Mahindra Finance with TP at Rs 500

Mahindra & Mahindra Financial Services (MMFS) is benefitting from buoyancy in rural cash flows and growth in construction/infra activity across the country.

Expect CIL revenue to grow in line with market growth, says Kotak

CIL shared the scope of improving costing based on past programmes (ACE, six sigma, AMaZe) and recent ones (ASCent).

CIL, CIL revenue, CIL market growth

Reiterate ‘reduce’ on Dr Lal Pathlabs, TP revised to Rs 865

DLPL posted robust 21% y-o-y growth in revenues in Q4FY18, helped by a low base. Lower other expenses led to EBITDA exceeding our estimates by 7%.

Lal Pathlabs, Dr Lal Pathlabs, Lal Pathlabs stock, ICICI Securities, GST, GST Council, free cash flow generation

Retain ‘buy’ on ICICI Pru Life with TP of Rs 500

ICICI Prudential Life reported further margin expansion, 140 bps qoq and 880 bps yoy to 18.9% in 4QFY18. Favorable operating experience, mostly on account of better persistency, and sharp assumption changes (one-off) led to h

ICICI Prudential Life reported further margin expansion, 140 bps qoq and 880 bps yoy to 18.9% in 4QFY18.

Maintain ‘buy’ on Gateway Distriparks with TP of Rs 270

Q3FY18 was a weak quarter for the rail and CFS businesses, reflecting inability to service rail demand (slow-moving rakes), high exim imbalance, weak growth in key NCR volumes, increase in instances of direct port delivery at

Q3FY18, CFS businesses, EBITDA, EBITDA margin, SOTP, Krishnapatnam terminal, Viramgam terminal, JNPT, GDPL

All Cargo rated buy by Kotak

Strong relationship with shipping lines, vast experience and wide network in the Multimodal Transport (MTO) segment, global presence, experienced management team and efforts taken by the company to improve operational perform

Kotak, Multimodal Transport Segment, Shipping liness, Weak global container trade

Wonderla Holidays rated buy by Kotak

Wonderla Holidays (WHL) is the largest amusement park chain in India with over 17 years of successful operations.

Wonderla Holidays, Kotak, buy, Wonderla Holidays

Add on KEC International, target price at Rs 405

Our recent meeting with the management of KEC International highlighted the company’s increasing focus on profitability and return ratios. Reduction in working capital would be a key tool to achieve the targets.

kec international, stringent tender review, working capital, it infrastructure, right incentive structure

Tata Motors stock rating: Kotak says Buy, pegs target price at Rs 535

JLR retail volumes increased by 10% y-o-y in November 2017, the first month of near double-digit growth after five months of disappointment.

Automobiles sector logs healthy double digit growth in November; Maruti Suzuki, Honda outperform

The domestic auto industry posted healthy double-digit volume growth in November 2017 across all automotive segments led by low base due to negative impact of demonetisation last year and a steady underlying demand environmen

Automobiles, Automobiles sector, auto sector growth, Maruti Suzuki, Honda, auto sector growth november

KPTL in line to achieve 20% y-o-y growth target

Good ordering in railways and L1 pipeline has helped KPTL come in striking distance of achieving the 20% y-o-y growth target for ordering in FY2018E.

KTPL, growth target, L1 pipeline, non-T&D businesses

Maintain ‘sell’ on ABB with target price at Rs 1,230

The revenue decline in Q3CY17 was transitory on account of GST-led disruption. Such deferred businesses would likely be recovered in the coming few quarters. Continued margin improvement and resilient base orders are a big po

GST, post GST-implementation, EBITDA, NPAs, capex, T&D utilities, exports, railways

Cement players facing significant risk, says Kotak

The Street is pricing in more benign profitability and utilization parameters, while one may not get the benefit of both in a modest demand environment.

Cement, Kotak

Vredestein geared up for huge presence in European market

Vredestein has been selected as tire supplier for Volkswagen Polo, SEAT Ibiza and Ford EcoSport models in Europe, according to the company’s media release.

Vredestein, Vredestein news, Vredestein latest news, Vredestein Volkswagen Polo, Vredestein SEAT Ibiza, Vredestein Ford EcoSport

Dish TV: Strong EBITDA growth seen over 2-3years

Dish TV management has guided synergy gains of Rs 5.1 billion in FY2019 implying 20%+ EBITDA upside, significantly ahead of our expectation of P&L synergies of Rs 3-3.5 billion in FY2020E.

Dish TV: Strong EBITDA growth seen over 2-3years

Vardhman Textiles shares get Add rating, TP of Rs 1225 from Kotak

Vardhman’s Q1FY18 results were expectedly impacted by GST-led destocking, adverse exchange rate and high cotton prices.

Dhanuka Agritech gets ‘Reduce’ rating from Kotak, target price Rs 750

Dhanuka reported weak Q1FY18 results, as channel destocking ahead of GST rollout impacted shipments, revenues down 2% y-o-y, and adverse operating leverage eroded profitability, PAT down 19% y-o-y.

Dhanuka Agritech gets ‘Reduce’ rating from Kotak, target price Rs 750

Varun Beverages stock: Kotak rates ‘Buy’ with a revised TP of Rs 580

GST-related marketplace disruption meant a weak Q2CY17 and the high salience of the June quarter to annual financials means, CY2017E will likely be a weak year and any assessment of underlying business fundamentals now has to

Varun Beverages, Varun Beverages stcoks, Kotak, kotak rates varun beverages, varun beverages stock target price, market, market news

Kotak says Hexaware Technologies well poised for double digit growth

5.5% q-o-q and 17.7% y-o-y revenue growth to $152.6 million was well distributed across geos, verticals and service offerings and the large client base.

Retain sell on India Cements with revised target price of Rs 175: Kotak

India Cements reported weak earnings with 8% yoy decline in Ebitda, 15% below estimates, despite 23% y-o-y growth in revenues aided by the merger of Trinetra and better realizations.

India Cements, retail sell of indian cements, kotak, ESOP, EBITDA, Tamil Nadu, kerala

Mindtree’s digital practice, expertise to drive growth

Mindtree has built up an impressive digital practice over the past few years. Digital business is scaling up nicely with wins of large integrated digital transformational programs.

mindtree, mindtree digital practice, mindtree market, mindtree growth
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