Bank’s valuation is very expensive

Company has filed a writ for PNCPS issuance satisfying RBI norms; irrespective of outcome, HDFC Bank’s a better bet

Hindustan Unilever rated ‘buy;’ SKB deal a shot in the arm for company

EPS boost of 4.5% likely in FY20e; expected to rise further in subsequent years; TP revised to Rs 2,030; one of top picks in sector

Arvind: 12% revenue CAGR likely for demerged unit

It’s expected to post FY19 revenue/PAT of Rs 74/3.2 bn; target price pegged at Rs 157

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

How external-benchmark impacts loan pricing

NBFCs/ HFCs will need to follow banks to offer floating rate loans linked to external benchmarks

CG Power and Industrial rated ‘buy’; Company has enough levers to drive growth

FY19-21 estimates raised by 1-4%, factoring in growth prospects, end of non-compete clause and enhanced ordering from Indian Railways.

Supreme Industries rated ‘Buy’; Focus on value growth rather than volumes

One of best plays on building material industry with bright prospects; ‘Buy’ maintained.

Vodafone Idea Rating ‘hold’ : Keeping resources and spend balanced

We attended the maiden analyst meet of Vodafone Idea Ltd (VIL) and we would have liked to hear about big capex and ambitious plans on home broadband.

Whirlpool of India Rating ‘Buy’ : One of the best plays on the sector

We view WHIRLpool as one of the best plays in Indian home appliances, given its assorted product mix aiding growth across cycles, formidable market share, sturdy product pipeline, strong parentage and

Gail (India) rating ‘buy’: Facing challenges in short term

Adverse situation may be reversed; outlook remains strong over the medium term; ‘Buy’ maintained

Ujjivan Financial Services rating ‘buy’: Q2 earnings were better than expected

Regulatory overhang is a concern; ‘Buy’ retained with TP cut to Rs 280 from Rs 320

Bharti Airtel rating ‘buy’: Revenues to grow from Q3, says company

Company is looking to expand data capacity multiple times through refarming of 900MHz and 2100MHz spectrum to 4G services and splitting of sectors

Mahindra & Mahindra Rating Q2: Revenue beat, margins under pressure

Mahindra & Mahindra’s (M&M’s) Q2FY19 Ebitda of Rs 18.5 bn (down 4% y-o-y) missed estimate by 4% due to cost pressure, which we expect to be passed on gradually.

Sun Pharmaceutical Industries Rating: Showing in second quarter weak

We believe the market is underestimating the upfront costs of building US specialty and overestimating the pace of pick-up in US generic business. Rich valuation also keeps us Underweight.

Titan Company rated ‘hold’; Revenue ahead of estimates, margins slipped

While execution is strong, volatile jewellery topline and regulatory risks leave little upside; ‘Hold’ maintained.

KEC International rated ‘add’; Debt up owing to working capital stress

Showing in Q2 was healthy; earnings revised with a downgrade to ‘Add’; TP cut to Rs 309 from Rs 367.

Britannia Industries rating ‘buy’: Yet another healthy performance in Q2

Raise EPS estimates by 1-2% and retain Buy with TP of Rs 6,400 based on target P/E of 48x Sept-20 (due to higher value creation optionality from portfolio expansion).

Materials (Steel) Gril/Heg ‘buy/buy’: Quarter results were strong

Earnings up 10-13% to factor in higher utilisation and rupee fall; GRIL/HEG TPs raised to Rs 1,450/5,500.

Canara Bank rating ‘Hold’: Quarter results were a mixed bag

Q2FY19 PAT at Rs 3 bn (up 15.1% y-o-y) was higher than expected primarily due to tax reversal (`8.1 bn); else, the bank would have reported a loss. NII growth was healthy at 17.9% y-o-y (on favourable

Gujarat Pipavav Port rating ‘Hold’: Average realisation took a hit in Q2FY19

Hopes of strong volume growth belied; sharp cut in EPS; downgraded to ‘Hold’ with TP cut to Rs 105.

DLF rated ‘buy’; Showing underlines change across verticals

Sales momentum picking up and debt levels are likely to come down further; ‘Buy’ maintained with TP revised to Rs 280 from Rs 306.

GlaxoSmithKline Consumer Healthcare rated ‘hold’; Q2 FY19 results surpassed expectations

FY19/20e EPS raised by 9.1/10.5%; TP up to `7,297; ‘Hold’ retained owing to the overhang of Horlicks review.

Gateway Distriparks ‘rated’ buy; Disappointing performance in the quarter

Estimates see a sharp fall; medium term is strong; ‘Buy’ retained with TP cut to Rs 310.

Torrent Pharmaceuticals rating ‘NR’: Q2 margins continued to impress

Results reflected further synergy gains from Unichem acquisition; EPS estimates for FY19-21 trimmed 1-4%.

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