Motilal Oswal

Motilal Oswal maintains ‘neutral’ on Gruh Fin with TP of Rs 600

The Indian Meteorological Department (IMD) released its first forecast for the 2018 southwest monsoon (June-September) rainfall.
Pidilite aims to grow 1-1.5x of GDP in existing categories

According to management, repeated usage of its existing well-penetrated categories, along with rising penetration of the newer categories, will drive growth for PIDI.
Future seems rosy for company

Great play on FMCG opportunities; expensive valuation justified; initiated with ‘Buy’ and TP of `76
Maintain ‘buy’ on SH Kelkar with target price of Rs 318

Fire in BASF’s German chemical plant, China resorting to factory shutdowns in a move to regulate environmental laws, and floods in the US have caused several supply-side disruptions for flavors and fragrances (F&F) players like S H Kelkar (SHKL).
HDFC Bank rating: Growth momentum likely to be maintained

HDFC Bank (HDFCBK) has consistently grown its market share in loans and deposits across credit cycles, and has emerged as the best-managed bank in India with robust profitability/growth metrics.
JAGP: Healthy ad, radio revenues to steer growth

As the impact of GST-related hiccups is waning, print ad revenues are expected to grow at a healthy 10% CAGR over FY18-20 on the back of recovery in ad spends led by increased launches across the FMCG and auto space.
Fortis Healthcare: Banks may look for new investor

Fortis Healthcare needs to recover loan of ~Rs 4.7 billion from promoter entity. Management responded that it is confident about recovering this loan, but we see this as a concern, given the financial health of the promoter entity.
Volume growth for company at inflection point

We visited Jindal Steel and Power (JSP)’s Angul, Raigarh and Tamnar facilities. Crude steel production at Angul is gathering pace.
No let-up in worries over asset quality

FY18e earnings cut sharply to factor in pressure on NIMs and higher credit costs.
Maintain ‘buy’ on United Breweries with TP of Rs 1,380

The recently introduced corporation model in UP could have positive implications for leading brands; would also help reduce receivables risk. Management highlighted an improving business environment.
Budget 2018 aims at creating a welfare state

Budget 2018: THE FInance minister was adversely positioned to present a landmark Budget. As the 2018 Budget comes against the backdrop of a difficult situation post-demonetisation, GST implementation, Gujarat election results and the upcoming general elections in 2019.
We see value unlocking in KPIT-Birlasoft deal

KPIT announced a merger with Birlasoft and a subsequent demerger of its Engineering business, effectively implying creation of two separate businesses – the combined KPIT-Birlasoft entity and the Engineering entity.
Maintain ‘Neutral’ on ITC with target price of Rs 278

EBITDA rose 10.1% y-o-y to Rs 39 billion, while adjusted PAT increased 6.5% y-o-y to Rs 28.2 billion. Cigarette volume decline is likely to have been 2%. Calculated cigarette revenue grew 14% y-o-y, while cigarette EBIT increased 8% (410bp contraction in margin).
Maintain ‘neutral’ for Jyothy Laboratories with TP of Rs 380

Reported power brand sales grew just 9.3% y-o-y. EBITDA rose 36.8% y-o-y to Rs 69.3 crore (est of Rs 61 crore). Adj PAT after non-controlling interest (NCI) grew 61.5% y-o-y to Rs 34.7 croe (est. of Rs 34.7 crore).
Jubilant Life Sciences rated buy

The outlook for the Pharmaceuticals and Life Science Ingredient (LSI) segments remains positive.
Infosys rated buy by Motilal Oswal

Infosys has announced an Advanced Pricing Agreement (APA) with the US Internal Revenue Service (IRS), under which both companies have agreed on a methodology to allocate revenues and compute taxable income of the company’s US operations.
Jubilant Life rated buy by Motilal Oswal

Within Pharmaceuticals, we believe specialty pharma would continue driving growth, led by better traction from recent launches as well as existing products.
Motherson Sumi gets buy rating by Motilal Oswal

Motherson sumi (MSS) has an enviable track record of strong performance with unwavering focus on capital allocation.
Titan gets buy rating by Motilal Oswal

Festive season sales were reportedly healthy, despite a high base. Retail growth in Q3FY18 was in line with management’s expectations, despite the advancement of Dussehra sales to Q2FY18.
Motherson Sumi gets buy rating by Motilal Oswal

MSS has evolved as a partner of choice for almost all OEMs in the world, reflecting an increased share of business and market leadership in all key businesses that it operates.
Sanghi Industries shares get rated ‘Buy’ by Motilal Oswal, says firm poised for high growth

SIL’s strength lies in its access to 1 billion tonne of quality marine limestone reserves, which should allow it to sustainably add capacity over the next 15 years.
Motherson Sumi shares get Buy rating with target price of Rs 458 from Motilal Oswal

Motherson Sumi Systems (MSS) is the flagship company of the Samvardhana Motherson Group. The company was promoted in 1986 in JV with Sumitomo Wiring Systems and Sojitz Corporation of Japan.
Britannia industries rated buy by Motilal Oswal

Britannia’s recent launch of lower unit packs (LUPs) in the creams segment (under Treat Jim Jam brand) offers ‘value for money’ and also caters to customer aspirations.
Britannia looks to increase revenue from rural markets

Britannia’s (BRIT) recent launch of lower unit packs (LUPs) in the creams segment, under Treat JimJam brand, offers ‘value for money’ and also caters to customer aspirations.
Coal India stock rating: Buy says Motilal Oswal, pegs target price at Rs 335

Coal India (COAL) has introduced evacuation facility charges of Rs 50/t on all coal dispatches, except those through rapid loading arrangement. We estimate this will apply to 80% of COAL’s supplies.
Indraprastha Gas rated buy due to these reasons

IGL has made representations to the Environmental Pollution and Control Authority for the effective implementation of a ban on polluting industrial fuel.
KNRC in pact with Essel Infra to sell stake in 2 annuity projects

KNRC has also recently refinanced the Muzaffarpur project, which will help reduce the interest burden for the project by Rs 110 million. Refinancing of the project, pickup in traffic growth, and reduction of debt by infusing equity into the project has led the projects to be self-sustaining.

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