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Maruti Suzuki rating: Sell – Slump in volumes marred Q1 Ebidta

-21 H Ago
17% fall in volumes expected in FY21e; TP revised to Rs 4,500 due to rollover to Sept ’22; ‘Sell’ maintained.
The company is currently producing 4,000 vehicles per day.

Analyst Corner: ACC rating ‘buy’ – Ebitda beat estimates due to lower costs

CY20e Ebitda cut by 7% to factor in Covid-19; valuation is attractive; ‘Buy’ retained.

-Apr 27, 2020
Maintain Buy with the target price unchanged at Rs 1,520/share based on 9x Mar’22e EV/E.

Pharmaceuticals: Outlook for earnings to now drive re-rating

Covid-19 related gains are largely priced in; Aurobindo, Biocon are top picks; Torrent downgraded to ‘Hold’.

-Apr 27, 2020
Further sector re-rating and upside for stocks from now on will be driven by an improved outlook for earnings growth, in our view.

Tata Steel rating ‘buy’ – Covid-19 woes marred operating performance

While pressure on volumes and realisation is expected in near term, company will gain most from demand revival; ‘Buy’ maintained.

-Apr 27, 2020
Lacklustre Q4FY20 volumes indicate a bleak FY21 for TSL.

Avenue Supermarts Rating: Buy; Company to continue with winning ways

While Q1 will bear brunt of lockdown, FY21 earnings likely to be among best in consumer sector; TP up to Rs 2,800; ‘Buy’ maintained

-Apr 18, 2020
We think DMART is still likely to deliver standout growth performance relative to our consumer coverage and the consensus’ bearish view based on the current lockdown is, in our view, short-sighted.

Greenlam Industries Rating: BUY; Opportunity to invest for medium-long term

15.9/34.7% cut in FY20/21 EPS due to COVID-19; TP down to Rs 754; upgraded to ‘Buy’ given sharp correction

-Apr 18, 2020
Factoring in the same, we cut our revenue/earnings estimates by 5%/13% and 15.9%/34.7%, respectively, for FY20/FY21.

Cipla Rating: Neutral; Approval for inhaler in US boosts prospects

FY21/22e EPS up 6.4/3.8%; TP raised to Rs 535; ‘Neutral’ retained as return ratios are yet to improve significantly

-Apr 14, 2020
We raise our EPS estimates for FY21/FY22e by 6.4/3.8% and revise P/E multiple to 20x (from 18x earlier) to factor in CIPLA’s improving complex pipeline.

Reliance Industries, Rating: overweight; RIL likely to emerge stronger from COVID-19 crisis

Net debt to remain stable in FY21; FY21e EPS down 10% to factor in Covid-19; TP revised to Rs 1,544 from Rs 1,632; ‘OW’ maintained

-Apr 14, 2020
However, RIL has flexibility to prioritise its investments in FY21, and could thereby reduce cash outlay by ~25-30% y-o-y.

Sobha Rating: Buy; Difficult times lie ahead for company

Q4 performance was steady; FY21/22e volumes cut by 40/20% due to Covid-19; TP down to Rs 261 from Rs 522

-Apr 11, 2020
The likely economic fallout of COVID-19 is home buyers deferring their home-buying decisions for 6-9 months which spells trouble for Sobha as it has a residential heavy business model coupled with high debt.

Bajaj Finance rating ‘buy; Correction the sharpest in the past decade

Despite near-term impact, growth story remains intact; FY21-22 EPS cut by average 20%; TP down to Rs 3,750.

-Apr 07, 2020
We believe this macro event will likely further strengthen BAF’s dominance in the retail loan segment.

Analyst Corner: Coal India rating – ‘buy’; dispatches fell by 10.3% y-o-y in March

FY21/22e Ebitda down 25/4% given slump in power demand; CIL’s cash position a positive; ‘Buy’ retained with TP of Rs 202.

-Apr 07, 2020
For FY20, dispatches were down 4% y-o-y at 582mt, while production declined by ~1% y-o-y to 602mt.

Tata Steel Rating: Buy; Quarter of disruption in offing for company

Sharp release in working capital may help liquidity, while the pressures of debt maturities remain low.

-Mar 28, 2020
Further, situation in the UK remains critical and European steel demand is set to suffer meaningfully.

Analyt Corner: Sobha rating ‘buy’ – stock’s attractive owing to correction

Company’s showing is likely to improve; cash flow issues are cyclical; ‘Buy’ retained with TP reduced to Rs 428.

-Mar 21, 2020
While most realty stocks have corrected heavily since January 2020 (BSE Realty Index down ~25%) in the wake of a disappointing budget, Sobha has fallen more (>45%) than peers.

Analyst Corner: DCB Bank rating ‘buy’; Roadmap for higher RoA evokes confidence

Focus on productivity and use of capital, coupled with best-in-class asset quality, behind ‘Buy’ rating.

-Mar 10, 2020
Post the completion of branch expansion drive in Oct’17, the management has aggressively started focusing on sweating existing assets more effectively.

Infosys, TechM led $500mn+ deals in FY20: Digital, ERS capabilities key driver of acquisition

There have been a greater number of smaller deals (<$25 mn) than in the past. We estimate inorganic contribution to FY21e revenue to be 2%/ 1.7%/0.7% for TechM/HCL Tech/Infosys.

-Mar 10, 2020

Coal India Rating Buy: Excellent performance continued in February

The company is on course to meet fiscal estimates; significant increase in dividend payout likely in FY20; ‘Buy’ retained

-Mar 03, 2020
Performance of the three largest subsidiaries and increased offtake from the power sector continue to be the key factors behind the improvement.

India’s GDP numbers: Power demand growth a silver lining

With most other indicators still weak, earnings outlook is challenging; cause for caution

-Mar 03, 2020
With valuations also rich, we stay defensive, therefore, with a bias for large-caps and Financials.

Aurobindo Pharma Rating – ‘Add’, FDA about-turn likely to lead to volatility

Rescindment of VAI for Unit-IV expected to cause sharp correction in price and puts at risk revenue estimates; TP down to Rs 540

-Feb 25, 2020
ARBP announced that it has received a follow-up communication from the US FDA, wherein the agency has rescinded the VAI status accorded to Unit-IV on February 18.

Analyst Corner: Balkrishna Industries rating ‘buy’ – Stellar performance by the company

Ebitda margin at 8-quarter high; growth prospects are bright; TP raised to Rs 1,497; a high-conviction idea

-Feb 18, 2020
Consensus is likely to upgrade earnings while we believe BIL remains a must-own.

Market Watch: ONGC rating ‘buy’ – Numbers in the third quarter were weak

Higher DDA & lower other income behind PAT miss; consol. FY20e EPS down 5% due to results and soft oil prices; ‘Buy’ retained

-Feb 18, 2020
Oil prices remain subdued in the absence of a recovery in oil demand and the coronavirus-related demand destruction.

Adani Ports: Neutral — Miss on results, but volumes outlook better

Addition of 400kTEU pa of container lines and ramp-up of LNG & LPG volumes key positives; ‘Neutral’ retained

-Feb 10, 2020
Adani Ports, Adani Logistics margins, Adani Harbour, LPG, LNG volumes, ADSEZ

REC rating: Buy — Performance was steady in Q3

Stress resolution outlook improves; upgraded to ‘Buy’ with TP rising to Rs 177

-Feb 10, 2020
REC rating, PFC, REC performance, stress resolutions

Know why health insurers reject claims

Reasons for rejection of claims are not disclosing pre-existing diseases, incomplete knowledge about room-rent capping, extent of coverage of OPD expenses, day-care procedures and not filling claim pr

-Feb 10, 2020
health insurers, health insurance, OPD expenses, PED, ICICI Lombard, health insurance policy, insurer policyholder

Investor – Titan Company, Rating: Add; A strong performance in third quarter

FY21e earnings up 2% to factor in higher jewellery growth expectations; TP raised to Rs 1,450 due to rollover; ‘Add’ retained

-Feb 08, 2020
Investor, Titan Company, JUBI, Tanishq, CAGR, jewellery revenue growth, gold exchanges 
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