Articles By Kotak

126 Articles

Axis Bank stock rated ‘Reduce’ by Kotak

In FY2017, Axis Bank had its worst performance in two decades, where a combination of all negative factors led to its worst RoE. Many corrective steps taken today augur well for the next cycle.

Indian IT industry’s growth pangs continues: Kotak

Industry body Nasscom guided for FY2018E IT services export growth of 7-8% in constant currency, slower than 8.6% in FY2017. Most tier 1 IT companies grew at a slower pace than the industry in FY2017, a trend that does not se

Indian IT industry, Indian IT industry growth, IT industry, Nasscom, IT companies, IT companies in india, Nasscom’s guidance, Infosys, Wipro, TCS, HCLT

Add on ONGC, TP at Rs 190; sell on OIL, TP at Rs 285

The recent weakness in crude prices despite extension of production cuts by OPEC and select non-OPEC countries reflect quicker-than-expected recovery in crude production from Libya and Nigeria and the US shale.

ONGC, Oil companies in India, ONGC stock, IOR production

Concor: Major ports’ growth in April, May positive news

A year after Khatuwas started to dramatically increase double-stacking, rail activity has been contracting in spite of port volume growth gaining momentum, +8% in YTD FY2018 for major ports.

Khatuwas increase double-stacking, khatuwas rail activity, port volume growth, major ports

Manpasand Beverages stock gets ‘Reduce’ rating from Kotak, TP at Rs 700 after reporting healthy quarter

Manpasand reported a healthy quarter overall albeit EBITDA/PAT were below our estimates. Overall, FY2017 was broadly in line with company guidance at start of the year and both Mango Sip and Fruits Up posted robust growth.


ICICI Bank shares get ‘Buy’ rating with TP of Rs 365 from Kotak

In a clear departure from the past, ICICI is laying a strong foundation for sustainable growth instead of trying to regain lost market share.

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Kotak downgrades United Spirits to ‘Reduce’, pegs TP at Rs 2,400

United Spirits (UNSP) reiterated its medium-term goal of double-digit topline growth and mid-to-high teen operating margin; key enablers for this goal remain strengthening core (P&A), maximising value from popular (via franch

United Spirits, Kotak, McDowell, UNSP, Maharashtra, Karnataka, west bengal

Kotak retains ‘Add’ on Tata Global Beverages with TP of Rs 160

TGBL’s Q4FY17 print was a mixed bag with a miss in its domestic tea business while Tata Coffee, CAA, UK, non-branded business and JVs did well.

Tata Global Beverages, Tata Global Beverages news, Tata Global Beverages latest news, tgbl, tgbl news, tgbl latest news

‘Add’ on Pidilite Industries with revised TP of Rs 775

Pidilite delivered a modest and broadly in-line quarter on revenue/ EBITDA front; recurring PAT growth was dragged down by sharp jump in ETR.

Kotak puts ‘Reduce’ rating on Ambuja Cements with target price of Rs 230

Ambuja’s standalone EBITDA declined 14% y-o-y to Rs 3.7 billion (+24% q-o-q) amid rising cost pressures and subdued volumes (+3% y-o-y). The stock is expensive at 15X CY2017E EBITDA and 32X earnings.

Kotak, EBITDA, TP, Ambuja, Ambuja Cements

Kotak puts ‘Sell’ on Reliance Power; target price at Rs 34

Reliance Power reported weak earnings with net income of Rs 2.7 billion (-33% y-o-y) owing to weak generation and reversal of revenues of Rs 400 million during the quarter.

Sell on RBL Bank with target price of Rs 350

RBL Bank has shed its image of an old generation bank by reinventing itself under the current management and accelerated growth by making the requisite changes to its business model.

Kotak puts ‘Reduce’ rating on Hindustan Unilever, pegs target price at Rs 860

We would be wary of looking at Unilever’s renewed aggressive focus (and stated targets) on operating margin expansion as a positive for HUVR, for two reasons – our (and presumably Street’s) numbers for HUVR already bake

Supreme Court’s liquor order to hit United Spirits

The Supreme Court has reserved its December 15, 2016 order banning liquor outlets within 500 metres of state and national highways effective April 1, 2017.

Supreme Court, liquor ban, United Spirits, TN government, liquor ban on state highways, Chandigarh government, Mukul Rohatgi, all you need to know, alcohol ban all you need to know

Maruti Suzuki shares rated ‘Add’ with target price of Rs 6,400 by Kotak

Our analysis suggests that the Gujarat plant of Suzuki will be margin accretive to MSIL from FY2019 due to VAT incentives received by Suzuki for the plant for sales in Gujarat and richer product mix as the company prioritises

Maruti Suzuki's 8 models drive into top 10 best-selling PVs in January

Bharti Infratel could face material impacts

The peak (time/location) characteristics of mobile data could restrict the upside from a potential data demand explosion for BHIN, in our view.

Doctor Reddy’s Laboratories resilient on US FDA clearance hopes

DRRD announced the completion of an FDA audit for its Vizag facility which resulted in 13 observations.

Kotak upgrades Colgate to ‘Buy’; puts target price at Rs 1,100

We expect CLGT’s revenue growth to recover to double digits and model ~19% EPS CAGR over FY2017-20 aided by 300 bps EBITDA margin expansion on the back of benign RM environment, better leverage and lower A&SP spends (as % o

Kotak maintains ‘Buy’ on TeamLease; puts target price at Rs 1200

The TeamLease stock has underperformed and corrected recently on account of heightened concerns on business momentum post demonisation as well as a technical overhang of share sale post the expiry of the IPO lock-in.

Delhi University, Teamlease

Castrol’s Q4 CY 16 results ahead by 28% high EBITDA margins

Castrol’s Q4CY16 results were ahead of our estimates led by a modest 2% growth in volumes versus our assumption of a decline and higher-than-expected EBITDA margins at 28%.

Castrol, Castrol business, EBITDA, Castrol revenue, demonetisation, RM costs, Castrol business in India

GAIL outlook positive, TP at R515

Gail’s EBITDA at R17.3 billion and net income at R9.8 billion were 3% ahead of our estimates, reflecting robust operating performance across key segments.

Crompton shares’ outlook good, says Kotak; pegs target price at Rs 65

Crompton’s results were operationally sound on the standalone front and overseas losses did moderate.

‘Add’ on JK Lakshmi Cement with a TP of R460, 4% growth reported

JK Lakshmi reported 4% growth in volumes despite a slowdown due to demonetisation. Earnings were ahead of our estimate aided by good volumes and lower other expenses and after sharp increase in fuel costs (due to pet-coke cos

shree cement

Kotak: Risk to Mphasis’ profitability is higher than peers

Mphasis reported another weak revenue performance. Revenues declined 1% y-o-y and were flat on sequential basis. EBIT margin decreased 60 bps partly due to wage hikes.

Retain ‘add’ on Info Edge, TP Rs 960

INFOE’s Q3FY17 results missed estimates on account of weaker growth in all its segments.

Kotak puts ‘Buy’ rating on Federal Bank stock; target price Rs 90

FB delivered another strong quarter with earnings growth of 26% y-o-y led by ~33% y-o-y revenue growth. Cost growth remains high despite negligible expansion in infrastructure led by demonetisation and retirement-related cost

Kotak maintains ‘Reduce’ rating on Mindtree; target price Rs 490

Mindtree reported 0.4% c/c growth and surprised positively with 90 bps q-o-q EBITDA margin increase.

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