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

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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

Coal India Rating ‘Buy’: Share buyback plan in the works

Outlay for share buyback in FY19 would be capped at Rs 29.2 bn; healthy interim dividend likely in Q4FY19F; ‘Buy’ retained.

Markets News

Reliance Nippon Life Asset Management rated ‘neutral’; TER cut mars prospects for profitability

10-15% impact expected on earnings; downgraded to ‘Neutral’ with TP cut to Rs 210

Markets News

Analyst Corner: Maintain ‘Buy’ on JSW Steel with TP of Rs 484

Steel capacity expansion in FY18-21F likely to be limited, which will likely saturate capacity in next three-four years, in our view. Already in FY19 we are seeing steel demand growing faster than GDP.

Markets News

IT Services: Tier-1 players lagging across segments

Indian Tier-1 IT, after progressively showing lower market share gains over the past three years, has lost market share to MNCs (ACN/CAP) on an LTM basis.

Industry News

JLR US sales the silver lining in August

Risk to estimates if weak demand persists in major markets; stock trading at lowest end of historical band; ‘Buy’ retained

Markets News

Nomura gives Coal India Rating as buy; August numbers were subdued

5MFY19 production/offtake rose 12/9.5% y-o-y; implied run-rate for meeting FY19F targets seems achievable

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Larsen and Toubro’s working capital levels may shrink

Over the past decade, L&T has experienced significant growth in its core E&C business’ working capital. Our analysis suggests that in the core E&C business, working capital has increased by  Rs 148 billion for L&T over FY1

larsen and toubro, industry News

August auto volume growth likely to remain subdued

August-18 automotive volume growth is likely to remain subdued across segments due to a delayed festive season in FY19.

Industry News

AIA Engineering Rating: Neutral, first quarter reflected a turnaround

AIAE reported Q1FY19 15% y-o-y volume growth coupled with record production levels.

Industry News

Larsen & Toubro Rating ‘Buy’: Share buyback move will be value-accretive

"We estimate that while the buyback will lead to a loss of other income of Rs 4.0 bn in FY19F we estimate ROE will improve by 100-150bp over FY19-21F, thus implying the buyback would be value accretive"

Industry News

Execution issues cloud near-term outlook

FY19/20F EPS cut 34/37% to account for delay in projects; downgraded to ‘Neutral’ with TP reduced to Rs 82 from Rs 129.

Execution issues cloud near-term outlook

AIA Engg: Strong outlook for H2; TP at Rs 1,955

AIAE reported 15% y-o-y volume growth in Q1FY19 coupled with record production levels. Thus, the H2FY19 volume outlook looks strong to us, says Nomura.

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Indian Oil Corporation Rating: Like peers, strong quarter for company

Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts.

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Amara Raja: Ebitda margins to improve, TP at Rs 960

Amara Raja's (AMRJ) Q1FY19 revenue grew ~19% year-on-year, ~2%-4% ahead of our/consensus estimate.

Markets News

Indraprastha Gas: Ebitda, PAT ahead of our estimates

We expected Q1 to be relatively muted for Indraprastha Gas (IGL) as typically, volume growth is muted (summer holidays). Also, we expected a negative impact of sharp rupee weakness.

Indraprastha Gas, Ebitda, PAT,  CNG News

Analyst Corner: Dr Lal PathLabs valuations boosted by growth prospects

Dr Lal pathlabs’ (DLPL) 1FY19 results were below our estimates. Sales recorded 17% growth y-o-y and were 3.4% lower than our estimates.

Markets News

Apollo Hospitals: Ebitda growth is strong, TP at Rs 1,307

APHS’s Q1FY19 results are ahead of our estimates. Standalone sales and Ebitda were 6%/3% ahead of our estimates. Existing or old hospital standalone/consolidated revenue growth was 9.7%/8.8%, respectively.

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