Nomura

Bajaj Auto: Q4 was in keeping with expectation

It said 3W demand is likely to remain tepid in the near term due to a slowdown in India and Egypt.

Markets News

Analyst corner | Amara Raja: Margins to improve to 15.7% in FY20

Revenues were lower y-o-y due to a 13% y-o-y decline in lead prices that was passed on in all segments ex-Replacement. Given the slower OEM growth, we think Replacement 4W battery volume may slow to 6% y-o-y in FY21 from 10%

Amara Raja: Margins to improve to 15.7% in FY20 News

ICICI Bank Rating: Buy; Q4 was in line for estimates operationally

PPoP trend is improving; RoEs of 15.5/16.2% likely by FY21/22F; TP up to Rs 500; one of top picks in the sector.

Markets News

Max Financial Rating| Buy — Valuations are factoring in binary risks

TP raised to Rs 550 from Rs 492 on rollover to Mar’21F and improving business mix

Max Financial Rating, Max Financial, PAR share, ULIP share, APE growth, VNB margins News

Drug major Lupin finds itself muddled with regulatory issues; here are some key concerns

The warning letter highlighted deficiencies in the investigation of OOS results and hold time studies.

Lupin, Official Action Indicated, Out of Specification, Form 483, market news

Ujjivan Financial Services: Analyst sees higher execution risks

Nitin Chugh, Head of Digital Banking at HDFC Bank, is likely to be the new CEO of Ujjivan.

nomura, stock markets News

Crompton Greaves Rating | Earnings revival likely to lead to a re-rating

Undemanding valuations; upgraded to ‘Buy’ with TP rising to Rs 300 from Rs 266.

Markets News

Havells India Ratings | Neutral — Prospects are exciting in key segments

Sharp outperformance over past year means most positives are priced in; TP up to Rs 750 even as stock is downgraded to ‘Neutral’.

Markets News

Lupin Ratings| Buy — USFDA move raises concern on capabilities

Event to have a negative impact; TP and earnings under review; ‘Buy’ retained

Markets News

Stock Call: ‘Neutral’ on Adani Ports and SEZ, target price Rs 380: FY22 outlook postive

Higher volume growth is expected to ensure market share gains; FCF pegged at Rs 50 bn by FY22; ‘Neutral’ retained with TP of Rs 380

adani, adani group, adani ports News

‘Neutral’ on Tata Motors: Healthy growth for JLR’s US sales in February

Retail sales up 29% y-o-y in country; while stock is trading at lower end of its range, rerating is unlikely; ‘Neutral’ maintained.

Markets News

‘Buy’ on Somany Ceramics, FY20F may see turnaround: Nomura

Optimism is driven by the company’s lower base, commencement of its south plant and the likely shift of business from unorganised Morbi players to organised players

Markets News

Retain ‘buy’ on Lupin, target price of Rs 1,017 – Nomura

The annualised revenue contribution from new launches over the past 12 months at USD60mn was lower than our estimate of ~USD100mn.

Markets News

SUN Pharmaceutical Industries rating ‘Buy’: Stock trading at lower end of historical range

Q3 results were ahead of estimates; FY19/20F EPS up 22/5% due to 9MFY19 showing; TP raised to Rs 536

Sun Pharmaceutical industries Rating 'Buy': Stock trading at lower end of historical range News

Axis bank is on the cusp of a re-rating

Q3 showing was strong; normalising credit cycle and improving PPOP growth boost prospects; TP up to Rs 850 from Rs 750

Axis bank, PPOP, ICICI, HDFCB, PPOP growth, Axis Bank share News

Maruti Suzuki Rating – ‘Buy’: Higher costs cast a shadow on the quarter

Industry demand remains slow but improving macro (lower fuel price, rural support schemes by government and improving liquidity) should drive recovery.

Industry News

Ultratech Cement Rating – ‘Buy’: A weak Q3 owing to flat realisation

TP reduced to Rs 4,400 from Rs 5,150; company well placed for an upcycle; ‘Buy’ retained

Markets News

ICICI Prudential Life Insurance rating ‘Buy’: New business trend stabilising for company

‘Buy’ maintained as valuations lend stock value; however, as insurer is in a transitory phase, its growth is likely to lag private peers

Industry News

Fall in North America orders a cause of concern for Bharat Forge

Decline in North America Class 8 truck orders in November the first in two years; expensive valuation; ‘Neutral’ retained

Industry News

GAIL (INDIA) rated buy; Impending tariff hike will aid earnings

A hike of 40-50% in HVJ tariff looks likely; it will provide an upside of 7-11% to FY20F EPS and fair value

Industry News

Analyst corner: ‘Buy’ on Zee Entertainment Enterprises with TP of Rs 627

The stock is trading at 25x/21x FY20/21F PE, which we find quite attractive, given our forecast of 18% EPS CAGR (FY19-21F) and potential upside from Zee5.

Industry News

Glenmark Pharmaceuticals rating ‘buy’: Domestic growth to stand out

FY19 EPS up 22% even as FY20F EPS is cut 14.9% due to expenses; TP raised to Rs 850

Industry News

Axis Bank rated ‘Buy’; improvement in RoEs could spring a surprise

Stock rerating is possible due to better asset/liability mix and normalisation of RoEs; ‘Buy’ retained; one of the preferred picks.

Markets News

Union Bank of India rated ‘Buy’; performance in the quarter was decent

Q2FY19 core PPOP was in line, and it reported PAT of Rs 1.4 bn vs our forecast of a loss of Rs 1.6 bn, due mainly to lower provisioning (coverage was flat q-o-q).

Banking & Finance News

Wipro rating ‘Neutral’: An improvement in performance

Results were marginally ahead on growth, but materially ahead on margins. Growth was broad-based across verticals (ex. Healthcare) and geos (ex of EU) and guidance of 1-3% q-o-q (1% inorganic) was in line with expectations.

Markets News

Infosys Rating ‘Reduce’: Growth cheer even as margins slipped

Margin outlook for H2 is weaker; earnings likely to lag revenue growth after transitory INR gains in FY19F; ‘Reduce’ retained

Infosys Rating, Infosys stock, Infosys Rating revenue growth, Infosys Rating q2, TCS News

Cummins India rated ‘buy’; stage is set for recovery in earnings

FY19-21F EPS up 1-2%; valuation inexpensive; ‘Buy’ maintained with TP of Rs 890

Markets News
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