Britannia Industries Rating: Buy- Firm widening the gap with its peers
It is poised to gain market share in biscuits; valuations are inexpensive; upgraded to ‘Buy’ with TP of Rs 4,120
Analyst Corner| NTPC: Maintain ‘buy’ with DCF-based TP of Rs 141
The Ministry of Power (MoP) has issued a notification on Late Payment Surcharge (LPS).
Maintain ‘buy’ on Maruti, SUV remains the focus area
Maruti (MSIL) eyes ~12.7% volume CAGR in passenger vehicles (PV) in Asia (excluding Japan) over CY20-25.
Analyst Corner: ‘Buy’ on RIL; investment may come in O2C business as well
RIL in a recent presentation announced initiation of the formal process of carving out the O2C business into a wholly owned subsidiary.
Gujarat Gas: Reiterate ‘buy’ with TP of Rs 560
Gujarat Gas (GUJGA) has proved to be a clear outperformer since the curbing of polluting fuels at Morbi – an impetus by the government toward the adoption of greener fuel.
Power Grid rating – Buy: Strong show by transmission segment
Decline in capitalisation could impact growth; valuations are attractive; TP raised to Rs 248; ‘Buy’ rating maintained
Analyst Corner: Maintain ‘neutral’ on Info Edge, target price Rs 5,440
Billings fell 31% YoY in 1HFY21. The same reflected in the 15% revenue decline during 3QFY21, given the subscription-based model of the business.
ONGC: Gas output may clock 6% CAGR over FY20-23
Crude oil production has reached last year's levels, while gas is still marginally lower YoY due to lower offtake by customers on account of Covid-19.
Bharti Airtel Rating ‘Buy’; India wireless business showing cause for cheer
Subscriber mix was behind healthy ARPU rise; trend of robust subscriber growth persists; net debt, interest cost up; ‘Buy’ maintained
Escorts: Maintain ‘neutral’ as positives are largely priced in
Escorts (ESC)’s 3QFY21 performance was in-line, with strong profitability and over 80% PAT growth.
ICICI Bank: Raise FY21E estimate by 20% due to lower credit cost, maintain ‘buy’
On the asset quality front, controlled slippages led to a 6bp Q-o-Q rise in the pro forma GNPA ratio, while total restructuring stood at 0.4% of loans (v/s 1% guided earlier). Pro forma PCR stood ~78%, the highest in the indu
Axis Bank Rating: buy- Earnings were weak in the third quarter
Prudential provisioning to aid earnings; FY22/23e EPS up 21/10%; maintain ‘Buy’ with target price of Rs 750
Maruti Suzuki: Net sales grow 13.3% to Rs234.6 billion
Higher other income boosted PAT growth by 24% to Rs19.4billion (v/s our estimate of Rs20.3billion.
Hindustan Zinc rating – Neutral: A strong showing in third quarter by company
Ebitda CAGR of 18% is estimated over FY21-23e; positives priced in; ‘Neutral’ retained with TP of Rs 268; promoter move an overhang
Water supply: Smart solutions water down municipal body’s pains
A tie-up between Pimpri Chinchwad corporation and a start-up has led to substantial revenue gains for the body and plugging of water leakages
Maintain ‘neutral’ on Bajaj Auto with TP of Rs 4,000
While domestic 3W recovery might be delayed, it is vulnerable from a possible disruption from electrification.
Analyst Corner: Maintain ‘neutral’ on IRB Infra with TP at Rs 122
IRB’s consolidated financials are not comparable Y-o-Y due to the monetisation of nine assets through the InvIT route and consolidation of the Mumbai-Pune Phase II project.
Analyst Corner: ‘Buy’ on KEC International with target price of Rs 450
As a result, we expect KECI to surpass FY20 order inflows in FY21 (+11% YoY) v/s our earlier assumption of flat order inflows.
Analyst corner- Reiterate ‘buy’ on Piramal Enterprises; co re-strategised its business, increased distribution reach
While Covid-19 has led the CHG segment to take a temporary back seat in terms of growth, it has aided increased order book in the CDMO segment.
Indian Energy Exchange Rating: Buy- Momentum in volumes continued in December
New products aiding market share gains; FY21e EPS up 8%; ‘Buy’ maintained with target price of Rs 255
‘Neutral’ on L&T Infotech with revised TP to Rs 3,910
LTI is up ~130% since its inclusion in our model portfolio (in 3QFY20) and is currently the most expensive (28x FY23 EPS) IT company within our coverage universe.
Analyst Corner: Maintain ‘buy’ on Marico with target price of Rs 470
Channel performance, General trade and e-commerce continued to drive growth. Modern trade fared better in 3Q compared to 1HFY21. CSD continued to decline YoY, but improved sequentially.
Mahindra & Mahindra Rating: buy; seriousness on capital allocation on show
SYMC resolution in sight; move on Ford JV to have limited impact on SUV biz; company best proxy for a rural revival; Buy retained
Maintain ‘buy’ rating on Federal Bank with TP of Rs 80 per share
We expect margin trajectory to stay stable, aided by improving CASA mix and shedding of high cost certificate of deposits (CDs).
Pidilite Industries rating: neutral; past record on wealth creation should be sustained
Outlook is bright in the medium term; ‘Neutral’ retained given expensive valuations and uncertain near-term recovery
Banking Asset quality needs to be monitored
Impact of slippages in H2 to be limited; ICICIBC, HDFCB, SBIN and AUBANK are top picks
Maintain ‘buy’ on SIB with revised target price of Rs 11
The bank plans to increase its focus on Retail, Agri, and MSME segments and aims to capture a higher wallet share via enhanced customer experience through digital analytics.
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