Motilal Oswal

Analyst Corner: ‘Neutral’ on Zee Ent, target price stands at Rs 475

Consolidated revenue grew 18% YoY to Rs 2,170 crore (in-line), driven by robust ad/subscription growth. EBITDA grew 27% YoY to Rs 750 crore (5% beat), with margin expanding 250 bp YoY to 34.8%. This, coupled with higher other

zee, zee entertainment News

Analyst Corner: Maintain ‘Buy’ with target price of Rs 320 Delta Corp

Sustained growth in casino biz; cost rationalisation supporting online gaming Casino gaming revenue grew 30% YoY (flat QoQ) to INR2,021m in the quarter, supported by increasing visitations (+18% QoQ to 118K).

Markets News

Analyst Corner: ‘Neutral’ rating on Tata Power with TP of Rs 72

After about a year-long competitive bidding process, BEST DISCOM found it economical to extend the existing PPA with Tata Power’s Trombay and hydro power plants due to transmission constraints in Mumbai. Mumbai distribution

Commodities News

Marico: Newer portfolios grew well, TP at Rs 465

Overall demand environment was good in Q3FY19 with market share gains across key portfolios.

Markets News

Analyst Corner: ‘Buy’on Petronet LNG with a Target Price of Rs 317

Domestic gas production has also been lagging projections.

Markets News

Analyst Corner: ‘Buy’ on Calcutta Electric Supply Corp; target price at Rs 801

CESC has become a pure power distribution and generation business. We have reworked our model to account for the demerger.

Markets News

Analyst Corner: Maintain ‘buy’ with target price of Rs 360 for SBI

SBIN earnings have been suppressed over past several years owing to challenges on asset quality, merger issues and adverse rate environment.

SBI Life rating 'buy', Jeferies rating SBI Life, SBI LIfe latest rating News

‘Buy’ on Sun Pharma; price target reduced to Rs 560

Sun Pharma (SUNP) conducted conference call to address issues, which were raised by some media reports, related to corporate governance and whistleblower against the company.

Markets News

Analyst Corner: UPLL well poised to benefit from prospects in LatAm

We met UPLL’s management to cognize the narrative around the company’s strategy to emerge as a better player with an improved product basket.

Markets News

Mahindra Financial Services: Maintain ‘Buy’; TP at Rs 525

MMFS reported PAT of Rs 3.8b (up 1.5x y-o-y) under Ind-AS. The quarter was marked by robust disbursement and AUM growth, and an improvement in margins.

Markets News

Analyst Corner: Maintain‘buy’ on Ultratech Cement, target price Rs 4,157

UTCEM’s volumes grew 20% Y-o-Y to 15.8 mt (our estimate: 16.7mt) in 2QFY19. Realisations increased 1.4% Q-o-Q to Rs 5,015/t (in-line) due to higher prices in the central, north and southern markets. 

Markets News

Tata Elxsi rated ‘Buy’; Q2 revenue growth misses estimate

TELX has seen a gradual increase in growth rates since it hit its bottom in Q1FY18, from 9% y-o-y to 18% y-o-y now.

Markets News

Nalco Rated ‘Buy’: Wages take a toll on strategic advantages offset by wages

We analysed NALCO’s FY18 annual report. Key takeways: Revenues from sale of metal and alumina increased 26% y-o-y to Rs 93.7 bn driven by 21% increase in LME, partially offset by 4% appreciation of currency and 11% /3% inc

Industry News

HDFC Standard Life Insurance Rating ‘Buy’: Well calibrated approach paying dividends

FY18 was a strong performance year for HDFC Life in terms of total premium growth across premium categories, distribution channels, technology and margins.

Markets News

Analyst Corner: ‘Buy’ on Piramal Enterprises with target price of Rs 3,685

Management believes that opportunities in corporate lending are aplenty, given that most public sector banks and some private sector banks are not so active in this space.

Markets News

Q1 sales and margin registered a miss

Revenue growth expected to pick up for remainder of the year; ‘Buy’ maintained with revised TP of Rs 69

economy, revenue News

Motilal Oswal gives Hexaware Technologies ‘sell’ rating; Says performance in the quarter was good

Our TP for HEXW is Rs 390 (14% downside), which discounts forward earnings by 17x.

hexaware tech, hexaware tech revenue growth, hexaware tech share News

Maintain ‘neutral’ on HCL Tech with TP at Rs 1,050

HCLT’s 4QFY18 revenue grew 8.2% year-on-year CC, EBITDA rose 14.6%, and PAT increased 10% to Rs 22.3 billion.

HCL Technologies, HCL Technologies buy rating, HCL Technologies nomura, HCL Technologies Q3 rating nomura News

Analyst Corner: Maintain ‘buy’ on M&M Fin Services with TP of Rs 600

Calculated NIM on AUM expanded 140bp q-o-q, led by yield expansion, as MMFS gained market share in used vehicles and non-M&M OEMs. b) Adj. AUM grew 19.5%/6.6% y-o-y/q-o-q (ahead of our estimate), marking sturdy growth after 1

Mahindra & Mahindra Financial Services reported PAT of Rs 420 crore (5% miss). News

Maintain ‘buy’ on Mahindra CIE with a TP of Rs 298

Consol. revenue grew 27% YoY to Rs 2,000 crore (est of Rs 1,660 crore), driven by strong volume growth in India/Europe and rupee depreciation.

Mahindra CIE, India, Europe, EBITDA, bfl mexico, Bill Forge Mexico,  Hyundai, kia News

Aluminium, alumina market dynamics turn favourable

Aluminum and alumina market dynamics have turned favorable after recent events, leading to supply vacuum of 2.8mtpa of metal (Rusal and Hydro) and 8mtpa of alumina (from the world’s largest alumina refinery in Brazil owned

alumina market, US rusal, russia, brazil, US sanctions News

A strong performance in final quarter

Cost of funds likely to rise; FY19/20 estimates cut 2/4% due to spread compression

GRUH Finance, GRUH Finance q4 results, CAGR, GNPL ratio News

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.

gruh finance, loan growth, IMD News

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.

Pidilite, GDP, GDP growth, CIPY Polyurethanes, floor coatings market, india News

Future seems rosy for company

Great play on FMCG opportunities; expensive valuation justified; initiated with ‘Buy’ and TP of `76

Future Consumer, fcl News

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

SH Kelkar, SH Kelkar target price, BASF, markets News

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.

HDFC Bank rating, HDFC Bank, market shares, loans, deposits, banking News
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