Analyst Corner: Maintain ‘buy’ on Hindustan Unilever with TP of Rs 2,780
Prediction of a normal monsoon, good Rabi harvest, favourably timed kharif sowing, and MNREGA provide prospective support as well. The modern trade (MT) channel was affected.
Analyst Corner: Maintain ‘buy’ on SBI with target price of Rs 530
On a segmental basis, the Corporate segment has reported profits after four years of consecutive losses. On the other hand, Retail PBT has declined 48% YoY, impacted by pandemic-led provisions.
Eicher Motors rating – Buy: Performance in line with estimates
New products will be vital to growth; FY22e EPS cut by 7% due to Covid wave and inflation; ‘Buy’ maintained
Analyst Corner: Maintain ‘buy’ on Coal India with TP of Rs 180
Offtake growth in May 2021 comes on the back of: a) a 15% rise in coal-based generation (based on initial data from POSOCO), amid a 7% rise in overall power demand, and b) re-stocking of inventory at power plants (up 5 mt MoM
Analyst Corner: Colgate downgraded to ‘neutral’ with TP of Rs 1,700
Notably, certain factors that led to the positive margin surprise in 4QFY21 and the full-year FY21 — resulting in all-time high EBITDA margins — are not sustainable.
Jindal Steel & Power rating – Buy: Deal improves growth outlook for steel business
Debt level to go down; stock valuation is attractive; ‘Buy’ retained with TP of Rs 539
Motilal Oswal maintains ‘Buy’ rating on ICICI Securities with TP of Rs 650
C/I ratio declined 200bp QoQ and 17pp YoY to 40%. The management has guided at near term C/I ratio above these levels. The lending book grew 37% QoQ to Rs 25.7b.
Bandhan Bank Rating: Neutral – In a position to better growth trajectory
Collections have seen strong improvement; ‘Neutral’ retained with TP of Rs 370
Analyst Corner: ‘Neutral’ on Dr Reddy’s; firm gets rights for 250m doses of Sputnik
Dr Reddy’s (DRRD) has exclusive marketing and distribution rights for the first 250m doses of Sputnik V vaccines in India.
IPCA Labs: Reiterate ‘buy’, target price at Rs 2,480
Superior execution, market share gains to drive growth in DF. While doctors have resumed their clinics, partly on account of having received their vaccinations, patient footfall is yet to return to normal levels.
Coromandel International: ‘Buy’ with TP of Rs 1,030
Overall fertilizer industry volumes grew 8% YoY in FY21 on the back of 19% volume growth in MOP; NPKS and SSP volumes grew 17% each for FY21.
Britannia Industries Rating: buy-Attractive investment prospects on offer
Strong structural outlook; second Covid wave could boost FY22 EPS; valuations are inexpensive; TP up to Rs 4,575; ‘Buy’ maintained
DMART: ‘Neutral’ rating with TP of Rs 2,878
Recovery trends steady until the second Covid-19 wave hit DMART published its Mar’21 performance, which offers a positive trend before the second Covid wave once again impacted performance.
Reiterate ‘buy’ on SAIL; expect volumes to post 9% CAGR
SAIL, in a press release, informed that it has reduced its gross debt by Rs 161 billion (30%) in FY21 to Rs 353 billion (excluding lease liabilities).
Maruti Suzuki: Expect ~30% volume growth in FY22E
We expect ~30% volume growth in FY22E and positive evolution of margin. We see 27% upside at our TP of Rs 8,700/share. MSIL is our top auto pick.
Motilal Oswal maintains ‘Buy’ rating on Cadila Healthcare, revised TP Rs 550
Expects a 19% earnings CAGR over FY20–23
Divi’s Labs Rating ‘Buy’; Generic API molecules boost outlook
Product offerings and better asset utilisation to drive EPS CAGR of 38% over FY20-23; Buy retained with Rs 4,530 TP
Steel Authority of India Rating: Buy-Stock best bet on higher steel prices
FY22/23e Ebitda up 34/37%; TP revised to Rs 104; valuations attractive; ‘Buy’ retained
Bharti Airtel: Assign 10x EV/EBITDA to India biz
This deal should also incorporate lease agreements and the sites in these regions. This transaction is expected to be completed by end-FY22.
Analyst Corner| HCL: Maintain ‘Buy’; higher exposure to IMS, cloud benefits
HCL remains one the most attractive stocks in our coverage, trading at 15x FY23E P/E (38%/26% discount to TCS /Infosys), despite delivering 20% earnings growth in FY21 YTD.
SBI Cards and Payments Services rating: Buy; Motilal Oswal says valuations have turned attractive
Growth momentum is likely to accelerate; earnings CAGR of 47% is estimated over FY21-23; upgraded to ‘Buy’
Maintain ‘neutral’ on Bajaj Auto, target price Rs 3,875
On the core business side, we expect strength in the export markets to continue, especially since the Africa business would see the benefit of higher crude oil prices (with a lag).
Orient Electric rating – Buy: Earnings don’t reflect value of business
Margins likely to converge with its peers; coverage initiated with ‘Buy’ and TP of Rs 350
Endurance Tech rating- Buy: Firm’s the best play on the 2W industry
It has several levers to grow faster than industry; ‘Buy’ retained with TP of Rs 1,750
Analyst Corner: Retain ‘buy’ on V-Mart, TP increased to Rs 3,500
In the last one-year, the Apparel retail sector has been one of the worst hit and is still operating below pre-COVID levels, raising concerns of a permanent business impairment risk to retailers.
InfoEdge holds 18.4% stake in Zomato, maintain ‘neutral’
Apart from early deliveries (online shopping), exclusive deals, and video/audio content, food delivery is another angle for entry into the prime ecosystem.
UPL: Maintain ‘neutral’ view with a target price of Rs 631/share
The pact allows UPL access to key markets prior to the patent expiry and to commercialise Rynaxypyr Active: FMC’s leading insecticide. According to the agreement, UPL will toll manufacture and supply Rynaxypyr to FMC in Ind
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