Analyst corner: Downgrade KMB to ‘neutral’ with TP revised to Rs 1,800
The sharp outperformance in the stock (aided by MSCI inclusion) when seen in the context of growth outlook and return ratios (average RoE of 12.7% over FY21-23E) drives us to downgrade our rating to Neutral
Analyst corner: Maintain ‘buy’ on Mahindra & Mahindra with TP of Rs 830
The company is reorienting its SUV business to maintain its DNA and brand position and garner market share.
Analyst corner: Maintain ‘buy’on V-Mart with TP of Rs 2,350
We interacted with the the V-Mart management to gain the latest insights on the developments and recovery in the Retail Apparel market.
Motherson Sumi Rating ‘Buy’; demand recovery drove Q2 showing
Global operations surprised positively while India missed estimates; FY22e EPS up 7% to factor in stronger revival in SMRPBV and PKC; ‘Buy’ maintained with TP of Rs 150
Hindalco Industries Rating ‘BUY’; a strong performance in the quarter
India Ebitda up 15% y-y; higher LME & lower costs to boost profitability; valuations attractive; ‘Buy’ retained with TP of Rs 275
JSW Energy Rating ‘Buy’; Q2 impacted by lower merchant sales
FY21/22e EPS up 12/7% owing to robust cash flows, efficiencies; TP raised to Rs 73
Maintain ‘buy’ on Marico with target price at Rs 440
Over the past year, MRCO has witnessed remarkable recovery in its key segments — Parachute, Saffola and more recently in case of VAHO.
Kotak Mahindra Bank Rating: Buy- A strong second quarter for company
Asset quality remained resilient; FY21/22e EPS up 27/20% given outlook; upgraded to ‘Buy’ with TP rising to Rs 1,650
Analyst Corner: Maintain ‘buy’ on SBI Life Insurance with TP at Rs 1,000
1HFY21 VNB margins remained broadly stable at 18.8% (vs 18.7% in 1QFY21), supported by an improving business mix.
Maintain ‘neutral’ on Asian Paints with TP of Rs 1,980
Asian Paints (APNT) witnessed consistent MoM demand improvement in 2QFY21.
RBL Bank Rating buy; Loan growth slipped, CASA mix a positive
Q2 update shows retail was robust; credit cost to remain high in FY21;
Vedanta Rating: neutral; weak commodity prices impacted Q1
The aluminium business offset weakness in zinc and O&G; all eyes now on delisting process; retain ‘Neutral’ with TP of Rs 148
Analyst Corner: Motilal Oswal upgrades Hero MotoCorp to ‘buy’ with TP of Rs 3,900
With an apt product portfolio for the rural market, the highest brand recall, and a strong distribution network, it is best placed to benefit from low penetration and ongoing momentum in the rural economy.
Reiterate ‘buy’ on ICICI Securities, company can gain from consolidation
Recent regulatory changes may accelerate consolidation in the industry, and ISEC could be a major beneficiary. Reiterate ‘Buy’.
Analyst Corner: Maintain ‘Buy’ on CESC with TP of Rs 760, stock trades fair
S/A PAT declined ~38% YoY to Rs 1.3 billion (29% below our estimate of Rs 1.9 billion). This was largely on account of decline in sales volumes (-31% YoY) to 2.1BU.
Coal India rating: Buy — Muted power demand hit quarter results
COAL’s management has noted that the company’s receivables have increased to Rs 230 bn in Q1FY21 from Rs 178 bn at end-FY20. However, these decreased to Rs 210 bn at end-Aug’20. COAL expects the situation to normalise f
Jubilant FoodWorks rating: Valuation expensive, maintain neutral
Nevertheless, recovery in system sales was sharp in July ’20 and Aug ’20 to 69.8% and 84.6%, respectively, of last year’s levels for the corresponding months.
Analyst corner: Target price for NTPC revised to Rs 137 from Rs 139 earlier
NTPC expects FGD systems to be commissioned within the timelines given by the CEA. In this regard, the company has awarded ~59GW of capacity at project cost of Rs 281b. Furthermore, ~5GW of capacity is under tendering and is
Oil India rating: Maintain ‘buy’ with target price of Rs 115
Total production was at 1.40mmtoe (-6% YoY). On similar lines, oil sales declined 8% YoY to 0.73mmt and gas sales 6% YoY to 0.58bcm. Total sales were at 1.31mmtoe (-7% YoY).
Hero Motocorp rating: Neutral — A decent operating performance
FY21e EPS up 9% due to faster volume recovery; ‘Neutral’ retained with TP of Rs 3,045
Power Grid rating: Buy — Rebate impacted profitability in Q1
Declining capitalisation could impact growth, but valuation remains attractive: While the awarding of transmission schemes (~Rs 250 bn) under renewable integration provides a good opportunity to win new awards, our checks hav
Cipla rating: Neutral — Opex fall led to strong beat on earnings in Q1
Ebitda margin registered a high; FY21/22e EPS up by 19/14%; ‘Neutral’ retained with revised TP of Rs 790.
SBI rating: Maintain ‘buy’ with target price of Rs 285
SBIN reported strong 1QFY21. This was led by robust NII growth with domestic NIMs improving 30 bps Q-o-Q and controlled opex.
Bharti Airtel rating: Buy — Quarter showing beat expectations
Domestic wireless business withstood Covid-19 impact; ‘Buy’ retained with TP of Rs 700
Asian Paints rating: Neutral — Momentum in June drives Q1 FY21 beat
Recovery was better than expected; fears of sharp fall in earnings recede; upgraded to ‘Neutral’ with TP of Rs 1,605.
Oberoi Realty planning to raise Rs 35 bn of capital via combination of equity and NCD
On capital raise plans, company is planning to raise Rs 35 billion of capital via combination of equity (Rs 20 billion) and NCD (Rs 15 billion).
Avenue Supermarts rating ‘sell’ – Closure of stores hit Q1FY21 bottomline
Second part of lockdown could prolong Covid-19’s impact, with slow recovery extending beyond H1; ‘Sell’ retained with TP of Rs 2,000.
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