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Kotak

Articles By Kotak

126 Articles

Retain ‘reduce’ on Mindtree, target Rs 713

Mindtree reported organic c/c revenue growth of 3.6% and reported growth of 6.1%, a material outperformance after the guiding down in Mar 2016. Growth was led by the travel and hospitality vertical and top client.

Retain ‘reduce’ on Mindtree, target Rs 713

Bajaj Corp’s Q4 FY16 results weak overall: Kotak

Bajaj Corp (BJCOR) reported a disappointing quarter on all fronts

Bajaj Corp’s Q4 FY16 results weak overall: Kotak

Acquisition will help UltraTech consolidate: Kotak

UltraTech signed a definitive agreement with Jaiprakash for the acquisition of 21.2 mtpa capacity for 164 billion while leaving out a Karantaka...

Acquisition will help UltraTech consolidate: Kotak

GPL maintains asset light strategy: Kotak

Godrej Properties (GPL) announced a second investment platform for new business development, thus maintaining its asset light strategy.

GPL maintains asset light strategy: Kotak

Kotak downgrades Lupin to ‘Reduce’, citing USFDA action

Lupin Pharmaceuticals (LPC) had a double whammy as news of a form 483 at its key Goa facility led to fears about negative FDA action, though we are yet to see the 483.

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Maintain ‘reduce’ on Lupin Pharma: Kotak

Lupin Pharmaceuticals (LPC) announced the completion of GAVIS acquisition in the US.

Maintain ‘reduce’ on Lupin Pharma: Kotak

Maintain ‘buy’ on Kaveri Seed: Kotak

As per unauthenticated media articles, the Central Government panel on cottonseeds pricing has recommended lowering the MRP to 800/packet (versus 830-1,100 at present), mainly by cutting royalty payable to Monsanto.

Maintain ‘buy’ on Kaveri Seed: Kotak

Retain ‘sell’ on Castrol India, target Rs 385: Kotak

Castrol’s reported results were well below our estimates led by 4% y-o-y decline in volumes and 1% q-o-q decline in gross realizations.

Retain ‘sell’ on Castrol India, target Rs 385: Kotak

Lupin betting big on US launches: Kotak

Lupin’s US business reported sales in line with our estimates after four successive quarters of misses, helped by flu season and benefits of Fortamet price increase.

Lupin betting big on US launches: Kotak

Maintain ‘add’ on Union Bank, target Rs 140: Kotak

Union Bank’s earnings declined 74% y-o-y on the back of 9% y-o-y decline in operating profits and 45% y-o-y increase in provisions.

Maintain ‘add’ on Union Bank, target Rs 140: Kotak

Maintain ‘sell’ on Motherson, target Rs 220: Kotak

Motherson Sumi reported consolidated net profit of Rs 310 crore, which was largely in line with our estimates but below consensus estimates.

Maintain ‘sell’ on Motherson, target Rs 220: Kotak

Cut rating on Sadbhav Engg to ‘add’, target price Rs 335: Kotak

More than the weakness on margin and interest cost (to normalize from FY2017), we focus on Sadbhav’s potential to secure orders in 4QFY2016. An 8% market share for Sadbhav in NHAI’s 450 billion tendering pipeline will rai

Cut rating on Sadbhav Engg to ‘add’, target price Rs 335: Kotak

Maintain ‘reduce’ on Cummins India, target Rs 875: Kotak

The weaker-than-expected operational performance during the third quarter was largely led by weak exports; the growth may remain subdued in FY2017 given a weak HHP market.

Maintain ‘reduce’ on Cummins India, target Rs 875: Kotak

Maintain ‘sell’ on United Breweries, target price Rs 750: Kotak

United Breweries (UBBL) reported an above-expectations 3QFY16 partly aided by a low base. Outperformance was driven by higher-than-expected volume growth that flowed through the entire P&L.

Maintain ‘sell’ on United Breweries, target price Rs 750: Kotak

Retain ‘reduce’ on Havells, target revised to Rs 285: Kotak

Havells’ 3Q FY16 results and conference call were encouraging given strong domestic sales across segments, improvement in contribution margins, positive outlook across segments, conclusion of Sylvania stake sale.

Retain ‘reduce’ on Havells, target revised to Rs 285: Kotak

Maintain ‘buy’ on Mahindra and Mahindra Fin, target Rs 265: Kotak

Mahindra Finance’s (MMFS) 3QFY16 performance was significantly weaker than expected, highlighting the extent of stress in parts of rural India.

Maintain ‘buy’ on Mahindra and Mahindra Fin, target Rs 265: Kotak

Cautious on TGBL, target price Rs 150: Kotak

We discuss Starbucks JV’s FY2015 financial performance in this note.

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Buy Siemens with target of Rs 750: Kotak

Siemens reaffirmed that pick-up in capex is led by T&D, railways, renewables and roads, while capex in other key sectors like defence, power generation & distribution, steel and cement continues to be lackluster.

siemens
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