Fundamental Analysis of Stocks
|Added Date||Update||Company Name||Note|
|May 25, 2022 00:00||IPO||Delhivery IPO||
Book Profit: `508
|May 10, 2022 00:00||IPO||Rainbow Children’s Medicare IPO||
Book Profit: `492
|February 28, 2022 00:00||Top Picks||Carborundum Univ.||
|February 23, 2022 00:00||IPO||Vedant Fashions||
Book Profit: `867
We Had Recommended NEUTRAL Rating On Vedant Fashions Ltd IPO. The Stock Price Has Flat ~0.1% From Its IPO Issue Price Which Is As Per Our Expectations. Hence, We Are Closing Our Call Vedant Fashions Ltd IPO.
|February 10, 2022 00:00||Top Picks||Safari Inds.||
SIL’s 3QFY22 results were below expectation on the bottom-line front due to increase in raw material cost and expected to remain for a few quarters. Hence recommend exit from stock.
|February 9, 2022 00:00||Top Picks||Devyani Intl.||
Devyani International Ltd. (DIL) is Yum! Brands’ largest franchisee in India, with more than 800 stores including KFC, Pizza Hut and Costa Coffee. Currently, DIL operates 339 KFC stores, 391 Pizza Hut stores, 50 Costa Coffee stores in India and balance stores from other brands and from international locations. QSR industry is expected to grow ~23% CAGR over FY20-25 which would benefit the player like DIL. Going ahead, We expect DIL would add 200 stores per annum (at least 3-4 year) which would drive strong revenue growth. Lower capex (shifted its strategy to smaller & delivery-focused stores) and improving store-level economics would boost the operating margin going ahead. Going forward, we expect DIL to report strong top-line growth & improvement in operating on the back of aggressive store addition, improving store unit economics and strong brand.
|February 8, 2022 00:00||IPO||Adani Wilmar||
Book Profit: `250
We had recommended SUBSCRIBE On Adani Wilmar IPO. The Stock is up ~9% from the higher end of the price band. At CMP Of Rs250, the stock is trading at 41x TTM P/E which leaves little room for upside. Hence, we recommend to book profits.
|January 31, 2022 00:00||IPO||AGS Transact Ltd.||
Book Profit: `167.45
|January 14, 2022 00:00||IPO||Tarsons Products||
Book Profit at CMP: `735
|December 24, 2021 00:00||IPO||Data Patterns||
Book Profit: `507.6
|December 23, 2021 00:00||IPO||Medplus Health Services Limited||
Book Profit: `1100
|December 22, 2021 00:00||IPO||Metro Brands Ltd||
Book Profit: `465
|IPO||CE Info Sytems Ltd.||
Book Profit: `1363
|December 20, 2021 00:00||Top Picks||HCL TECHNOLOGIES||
|December 17, 2021 00:00||IPO||RateGain Travel Technologies||
Book Profit: `353
|December 17, 2021 00:00||Top Picks||Lemon Tree||
|December 14, 2021 00:00||IPO||Anand Rathi Wealth Ltd.||
Book Profit: `582
|December 13, 2021 00:00||IPO||Tega Industries||
Book Profit: `747.25
|December 6, 2021 00:00||Top Picks||Shriram City Union Finance||
|November 30, 2021 00:00||Top Picks||Go Fashion (India)||
Book Profit: `1226
|November 23, 2021 00:00||IPO||Latent View||
Book Profit: `492.75
|November 15, 2021 00:00||IPO||FSN E-Commerce Ventures Ltd. (Nykaa)||
Book Profit: `2240
|November 15, 2021 00:00||IPO||SJS Enterprises||
Book Profit: `517
|November 3, 2021 00:00||Top Picks||Whirlpool India||
|October 19, 2021 00:00||Top Picks||GNA Axles||
|October 13, 2021 00:00||Top Picks||Ramkrishna Forg.||
|September 29, 2021 00:00||Top Picks||Whirlpool India||
|September 27, 2021 00:00||Top Picks||L & T Infotech||
|September 24, 2021 00:00||IPO||Sansera Engineering||
Book Profit: `820
|September 24, 2021 00:00||Top Picks||Bajaj Electrical||
|September 23, 2021 00:00||Top Picks||Lemon Tree Hotel||
|September 22, 2021 00:00||Top Picks||Dalmia Bharat||
|September 22, 2021 00:00||Top Picks||Sobha Developers Ltd||
|September 21, 2021 00:00||IPO||Vijay diagnostic||
|September 14, 2021 00:00||Top Picks||Amber Enterprises||
|September 14, 2021 00:00||Top Picks||Crompton Gr. Con||
|September 9, 2021 00:00||Top Picks||P I Industries||
|September 7, 2021 00:00||Top Picks||Sobha Limited||
|August 31, 2021 00:00||Top Picks||Escort||
|August 31, 2021 00:00||Top Picks||Sobha Limited||
|August 27, 2021 00:00||Top Picks||Bajaj Electrical||
|August 25, 2021 00:00||Top Picks||Godrej Propert.||
|August 25, 2021 00:00||Top Picks||Sona BLW Precis.||
|August 24, 2021 00:00||IPO||Chemplast Sanmar Ltd||
Book Profit: `526
|August 23, 2021 00:00||Top Picks||Jindal Steel||
|August 18, 2021 00:00||Top Picks||Galaxy Surfact.||
|August 16, 2021 00:00||IPO||Krsnaa diagnostic Ltd||
Book Profit: `994
|August 16, 2021 00:00||IPO||Devyani International Ltd||
Book Profit: `127
|August 5, 2021 00:00||Top Picks||IDFC First Bank||
We are exiting IDFC First Bank Given The Uncertainties Surrounding Vodafone Idea Wherein The Bank Has A Significantly Large Exposure At ~2.9% Of Their Book Against Which The Bank Will Need To Make Significant Additional Provisions Which Would Have An Adverse Impact On The Bank. Hence In The Light Of The Uncertainties We Would Recommend To Exit From The Stock.
|July 27, 2021 00:00||Top Picks||Apollo Hospitals||
|July 23, 2021 00:00||IPO||Zomato Ltd||
Book Profit: `127.8
|July 19, 2021 00:00||Top Picks||Safari Inds.||
|July 19, 2021 00:00||IPO||Clean Science & Technology Ltd.||
Book Profit: `1605
|July 19, 2021 00:00||IPO||G R Infraprojects Ltd||
Book Profit: `1682
|July 15, 2021 00:00||Top Picks||Quess Corp||
|July 15, 2021 00:00||Top Picks||Dalmia BharatLtd||
|July 9, 2021 00:00||Top Picks||AU Small Finance||
|July 7, 2021 00:00||Top Picks||Galaxy Surfactant||
|July 5, 2021 00:00||IPO||India Pesticides Limited||
Book Profit: `355
|June 29, 2021 00:00||Top Picks||PVR||
|June 28, 2021 00:00||IPO||Krishna Institute of Medical Sciences||
Book Profit: `977
|June 28, 2021 00:00||IPO||Dodla Dairy||
Book Profit: `633
|June 24, 2021 00:00||IPO||Shyam Metalics||
Book Profit: 377
|June 24, 2021 00:00||IPO||Sona BLW Precis.||
Book Profit: 363
|June 21, 2021 00:00||Top Picks||Stove Kraft||
|June 16, 2021 00:00||Top Picks||Quess Corp||
|June 15, 2021 00:00||Top Picks||Galaxy Surfactants||
|June 14, 2021 00:00||Top Picks||Jindal Steel||
|June 11, 2021 00:00||Top Picks||L&T Infotech||
|June 8, 2021 00:00||Top Picks||NRB Bearing||
|June 8, 2021 00:00||Top Picks||Suprajit Engg.||
Buy: `288 Target Price: `360
|June 4, 2021 00:00||Top Picks||Godrej Propert.||
Buy: `1420 Target Price: `1600
|May 14, 2021 00:00||IPO||Powergrid Invit||
|April 19, 2021 00:00||IPO||Macrotech Developers Ltd||
|March 26, 2021 00:00||IPO||Suryoday SFB||
Book Profit: `282
|March 25, 2021 00:00||IPO||Laxmi Organics||
Book Profit: `159
|March 15, 2021 00:00||IPO||MTAR Technologies||
Book Profit: `115
|March 8, 2021 00:00||IPO||Heranba Industries||
Book Profit: `778
|February 26, 2021 00:00||IPO||RailTel Corporation||
Book Profit: `114.1
|February 2, 2021 00:00||IPO||Indigo Paints||
|January 21, 2021 00:00||IPO||Antony Waste Handling Cell||
EXIT : `322
|December 23, 2020 00:00||IPO||Burger King||
|November 25, 2020 00:00||Top Picks||Bandhan Bank||
Buy: `366 Target Price: `450
|November 24, 2020 00:00||Top Picks||Gujarat Gas||
Buy: `330 Target Price: `397
|November 19, 2020 00:00||Top Picks||Endurance Tech||
|November 17, 2020 00:00||Top Picks||VIP Industries||
|November 2, 2020 00:00||IPO||Mazagon Dock Shipbuilders||
|November 2, 2020 00:00||IPO||Equitas Small Finance Bank||
We have recommended a NEUTRAL rating to Equitas Small finance bank and today it got listed ~6% (Rs.31) discount to IPO rate of Rs.33.
Though the bank has a diversified loan book and best CASA ratio among SFBs, the return ratios are subdued with GNPA above 2.5% for last 3 years. Our concern for Equitas SFB is fresh formation of bad loans from the moratorium book that would keep provisions high and return ratios compressed. We believe investors should wait for price discovery before making any investment decision.
|October 5, 2020 15:15||IPO||Chemcon Speciality Chemicals||
Profit Book: `525.6
We had given a subscribe rating to Chemcon Speciality Chemicals IPO, stock made a stellar listing on the exchange and is currently trading at ~55% above its issue price at the higher price band. Currently stock is trading at 34.2x PE on FY20 basis. We close our IPO call by recommending investors to book profit.
|October 1, 2020 10:15||IPO||Computer Age Management Services||
Profit Book: `1,402
We have a SUBSCRIBE rating to CAMS, considering a leadership position, huge growth potential of the MF industry, strong return ratios, asset-light business, and higher dividend payout ratio. Today it made a high of Rs.1550. short term Investor with can book profit, however, long term horizon investor can hold
|September 28, 2020 12:48||Top Picks||Chalet Hotel||
There has been a spike in Covid-19 cases globally especially in Europe. Many european countries have been reimposing lockdowns though in a limited way which is contributing to market uncertainty. Given the background there could be further delay in resumption of international air travel which would be negative for the Hotel sector. Therefore we are exiting out of Chalet Hotel.
|September 23, 2020 15:00||IPO||Route Mobile||
Profit Book: `777.5
We had given a subscribe rating to Route Mobile IPO, stock made a stellar listing on the exchange by opening at double its issue price and is currently trading at 122% above its issue price at the higher price band. Currently stock is trading at 56.2x PE on FY20 basis. We close our IPO call by recommending investors to book profit.
|September 17, 2020 10:41||IPO||Happiest Minds||
Happiest Minds Technologies Ltd. – We had recommended a “SUBSCRIBE” to Happiest Minds IPO. Post listing as the stock is trading 120% above the issue price,we would recommend to book profits. At current levels the stock is trading at 54x FY2020 EPS, which is significantly higher than industry peers. From a long term perspective digital business will be the key growth driver for the IT sector and Happiest Minds is positioned to take full benefit of the same as the company derives 97% of its revenues from digital services. While we expect Happiest Minds to grow ahead of the Industry current valuations are demanding.
|September 14, 2020 10:06||Top Picks||Britannia Inds||
During the 1QFY21, the company has reported strong revenue growth ~26% yoy which is not sustainable in the coming quarter and provides limited upside in the stock. Hence, we recommend exit form stock.
|September 3, 2020 12:37||Top Picks||Hind.Aeronautics||
CMP: `926 Target Price: `1,125 Upside: 21.5%
Domestic Defence Company – HAL is one of the premier defense PSU in India along with BRL and has over the years showcased research, design and development capabilities with the successful development of military aircraft and helicopters such as the Ajeet, Marut, HPT-32, Kiran and Advanced Light Helicopter
Manufacturing Capability – Indigenous aircraft and helicopters HAL has also manufactured aircrafts under license from such foreign companies including the MiG 21FL/M/BIS, MiG-27, Dornier 228, Su-30 MkI, Hawk Mk 132 aircraft etc.
Order Book – Currently the company has an order backlog of ~Rs. 52,000 cr which is expected increase substantially over the next few years as the company is likely to get many new orders including orders for 83 LCA Mark 1A worth ` 39,000 cr which is expected to go for cabinet approval very soon.The company also has various other projects in the pipeline including Light Utility Helicopter (LUH) and the company is likely to fetch some orders for the same in FY2021.
|September 2, 2020 10:19||Top Picks||Alembic Pharma||
More than 38% of revenue comes from domestic business which is under pressure due to local lock down and Doctors clinic footfall at 50%-60% of pre covid levels. Company may not be able to maintain its margins in the near future. We recommend Exit Alembic Pharma.
|August 31, 2020 10:55||Top Picks||PI Industries||
At current prices PI Industries is trading at a P/E multiple of 32xFY22E which is on the more expensive side. Therefore given limited upides from current levels we are recommending to EXIT from the stock.
|August 28, 2020 09:58||Top Picks||Metropolis Healthcare||
CMP: `1,790 Target Price: `2,156 Upside: 20.5%
We are positive on the company given expected long term growth rates of ~15% CAGR, stable margins profile and moderating competitive intensity
|August 28, 2020 09:45||Top Picks||Inox Leisure||
CMP: `294 Target Price: `350 Upside: 19.1%
Share prices have corrected more than 40% as all theatres are closed down due to covid-19 issue. Although, long term fundamentals are intact. Covid-19 can lead to further consolidation in the industry
|August 28, 2020 09:36||Top Picks||Chalet Hotels||
CMP: `165 Target Price: `200 Upside: 21.2%
Company has posted strong sequential revpar growth in July and future improvement is expected over next few months led by increased occupancy
|August 28, 2020 09:33||Top Picks||VIP Industries||
CMP: `303 Target Price: `348 Upside: 14.8%
Market leader (~50%+ share) with strong brand and wide distribution network. Recent correction provides investment opportunity in high quality stock from long term perspective.
|August 28, 2020 09:30||Top Picks||Hawkins cooker||
CMP: `4,918 Target Price: `5,682 Upside: 15.5%
Gaining market share with peer, strong demand post Covid-19 and increase in penetration of cooking gas to drive higher growth
|August 24, 2020 12:47||Fundamental||Jindal Steel||
The stock has rallied significantly from its lows in March as the company has posted better than expected numbers for Q4FY20 and Q1FY20 due to exports and access toow cost raw materials from Sarda Mines. However post the rally we believe that upsides from current levels will be limited and therefore we recommend to EXIT from the stock at current levels.
|August 24, 2020 12:12||Top Picks||Cholaman.Inv.&Fn||
CMP: `232 Target Price: `280 Upside: 20.7%
The Cholaman.Inv.&Fn has diversified product mix which helps them to capture growth in tractor and 2 W segment. Adequate capital adequacy (20%+) and declined trend in Cost of fund and strong parentage provide comfort.
|August 24, 2020 10:00||Top Picks||JK Lakshmi Cement||
CMP: `286 Target Price: `328 Upside: 14.7%
JK Lakshmi is a predominantly north India cement company with capacity of 13.3 Mn Mt. Currently, north India is favorable location for the cement industry as it is consolidated to a large extent as well as demand and supply outlook is better compared to other locations. Q1FY21 numbers of the Company were better compared to its peers due to favorable regional presence. It is also trading at a significant discount compared to other north based cement company such as JK Cement as well as historical valuation.
|August 24, 2020 09:30||Top Picks||Bharti Airtel||
The burden of AGR dues of bankrupt Videocon Rs.1,376 cr and Aircel Rs.12,389 cr may fall on Bharti Airtel as the SC on the last friday hearing held that if the bankrupt company that holds spectrum does not pay AGR dues then its user should clear the dues. So we recommend investors to exit Bharti Airtel. We will re-evaluate the stock post SC decision on payment timeline on Airtel AGR dues and who will be liable to pay AGR dues of Aircel and Videocon.
|August 20, 2020 12:35||Top Picks||Dr Reddy's Labs||
More than 45% of revenue comes from the Acute segment, which is under pressure. We expect subdued growth in coming quarters. We recommend Exit Dr Reddy’s Labs.
|August 17, 2020 12:27||Top Picks||ICICI Bank||
Slippages from the moratorium book would impact profitability, thus an improvement in return ratio would take a longer time.
|August 14, 2020 12:55||Top Picks||HDFC Ltd||
Subdued real estate market and competition from banks in housing space would keep the pressure on advance growth.
|August 13, 2020 10:19||Top Picks||Galaxy Surfactants||
At current prices Galaxy Surfactants is trading at P/E multiple of 24xFY22E which is at the higher end of its historical average P/E multiple. Therefore given limited upides from current levels we are recommending to EXIT from the stock.
|August 13, 2020 09:43||Top Picks||Aarti Industries||
Aarti Industries Q1FY21 numbers were below our estimates, net profit declined by ~40% YoY, hence we recommend investors to book profit.
|August 13, 2020 09:40||Top Picks||L&T Infotech||
At current prices L&T Infotech is trading at P/E multiple of 22xFY22E which is significantly above its historical average P/e multiple. Therefore given limited upides from current levels we are recommending to EXIT from the stock.
|August 11, 2020 13:09||Top Picks||Ipca Labs||
The company has reported a strong set of numbers in Q1FY21 due to certain one off of 259 Crores which will not be there from next quarter. Despite a bumper quarter management has guided for a 18-19% growth for FY21 implying weak numbers for the rest of the year. Given weak guidance for the rest of FY21 and limited upsides from current level we recommend an exit from stock.
|August 7, 2020 14:54||IPO||Rossari Biotech||
We had given a Subscribe rating to Rossari Biotech IPO, stock has rallied ~80% from the issue price and is currently trading at ~57 PE on a trailing basis. We recommend investors to book profit.
|August 7, 2020 10:14||IPO||Mindspace Business Park RITES||
We have recommended a SUBSCRIBE to Mindspace Reits, currently stock is trading at 301,9.45% above the allotment price of 275, we suggest you to book a profit at current market price.
|August 4, 2020 12:58||Top Picks||Alembic Pharma||
CMP: `1,022 Target Price: `1,400 Upside: 36.9%
Domestic Growth – 31% of revenue comes from domestic Branded business and API business contributes 15.4%. Specialty and Acute business continue to provide revenue growth for Apll Ltd. Expected to gain market share from the current market share of 1.5% of Indian Pharmaceutical market(IPM). We expect Apll Ltd to grow its top line by 15-17% in the upcoming years. Company has incurred large capex in infrastructure in the last couple of years. An increase in capacity utilization by new product launches and improvement in MR productivity will give organic growth to Apll. Last 3 years capex at 2300 crores. New product launches and volume growth will help US business to grow by 10-15% p.a for next couple of years. Currently, Apll has 119 approved ANDA out of which 60 yet to be commercialized.
|August 3, 2020 10:59||Top Picks||Escorts||
July 2020 auto sales numbers were below our expectations. Given the valuation at all time high, we recommend to exit from the stock from current level.
|July 29, 2020 12:22||Top Picks||Persistent Systems||
CMP: `885 Target Price: `1,085 Upside: 22.6%
Persistent Systems Ltd. has posted a very strong set of numbers for Q1FY21 with dollar revenue growth of 3.1% qoq. Services business grew by 1.8% qoq to USD 108.2mn while the IP business also posted strong growth. Company has also reported improvement in margins due to tight cost control. Company has won a large deal during the quarter which will ramp up over the next few quarters. The new management’s focus on annuity deals is expected to lead to stable growth going forward. We expect the company to post revenue/EBITDA/PAT growth of 11.6%/21.4%/19.7% between FY20-FY22 given negligible impact of Covid-19 on FY21 numbers strong deal wins, ramp up of existing projects along with margins expansion. We recommend a BUY on Persistent Systems with a target price of Rs. 1085 (17xFY22 EPS estimate of Rs.63.8)
|July 29, 2020 12:20||Top Picks||Zensar Technologies||
CMP: `155 Target Price: `187 Upside: 20.7%
Zensar Technologies is one of the leading IT service providers to the High tech verticals. Company was adversely impacted in FY2020 due to ramp down in the retail and consumer group segment. The retail and consumer group segment has gone down substantially from 27.1% of revenues in FY2018 to 20.7% of revenues in FY2020. Company has won deals worth USD 150mn during the quarter and management has said that the deal pipeline is very strong at USD 1.5bn as compared to USD 1.0bn a quarter ago. We expect the company to post revenue/EBITDA/PAT growth of 4.5%/17.8%/19.7% between FY20-FY22 given that the worst is over for the company in terms of client ramp downs. We recommend a BUY on Zensar Technologies with a target price of Rs. 187 (11.0xFY2022 EPS estimates).
|July 29, 2020 12:04||Top Picks||Colgate-Palmolive||
Going forward, we expect volume growth to be muted due to strong competition and coronavirus pandemic.Hence we recommend investors to exit the stock.
|July 28, 2020 14:48||Top Picks||Larsen & Toubro||
Daily covid cases are increasing in India which could lead to slower than expected pick up in execution as compared to our earlier estimates. There is also limited clarity on how the ordering activity will pan out in the remaining part of the year given the Covid-19 situation and funding related issues for NHAI and the Government due to shortfall in revenues. Due to lack of clarity on execution and ordering for the sector we are exiting out of L&T.
|July 28, 2020 14:23||IPO||YES Bank FPO||
We had assigned a NEUTRAL rating to Yes Bank FPO, our argument for the rating was 1) At the upper end of the price band, Yes Bank demands Adj. PB of 0.85x post considering FPO. In the current market, other banks are trading at an attractive valuation of FY20 net worth viz. IDFC Bank (0.9x), SBI Bank (0.5x Core banking business), Federal Bank (0.9x). 2) fresh formation of bad loans that would keep provision highs and return ratio compressed for a longer time.3) Rebuilding CASA and deposits is a challenging task and would take a longer time. Overall, the bank’s revival and decent RoE numbers will take a longer time.
FPO rate was Rs.12-13 per share, today is made a low of Rs11.10.
|July 22, 2020 12:42||Top Picks||L&T Infotech||
CMP: `2,338 Target Price: `2,611 Upside: 9.4%
L&T Infotech has declared a better than expected set of numbers for Q1FY21 which has led to upgrades in EPS estimates for FY21 and FY22 to Rs. 99.0 and Rs. 113.5 from Rs. 92.9 and Rs. 106.7 respectively. Company reported a 4.8% qoq decline in Q1FY21 revenues to USD 390.3mn as against our expectations of a 8.8% decline. EBIDTA for the quarter was up by 2.7% qoq while margins expanded by 368bps qoq to 21.1% led by tight cost controls. Management has indicated a very healthy deal pipeline for Q2FY21 and we expect the company to report sequential revenue growth for the rest of the year. We believe that L&T Infotech is amongst the best placed companies in the Indian IT sector and would continue to remain in the growth quadrant for years to come. We are upgrading L&T Infotech Target price to Rs. 2611 post the Q1FY21 numbers.
|July 21, 2020 14:33||Top Picks||Bajaj Finance||
Higher provision cost for bad loans would keep profitability under pressure.
|July 14, 2020 11:14||Top Picks||Axis Bank||
Slippages from the moratorium book would impact profitability adversely, thus an improvement in return ratio would take a longer time.
|July 13, 2020 09:47||Top Picks||Avenue Super.||
Given that 1QFY21 results are below our expectation & currently the company is trading at higher valuation, hence we recommend investors to exit the stock.
|July 8, 2020 13:26||Fundamental||L&T Infotech||
We are putting L&T Infotech on HOLD post the sharp rally in the stock from it’s march lows.At current level the stock is trading at P/E of 19.3xFY2022 EPS estimates of INR 107.3 which is on the higher side. We would evaluate the company post the TCS numbers on the 9th of Jul’20.
|July 8, 2020 12:41||Top Picks||Hind. Unilever||
Going forward, we expect volume growth to be muted due to rebranding of product and possible sale of tea business globally. Hence, we recommend exit from stock.
|June 30, 2020 15:15||Fundamental||L&T Fin.Holdings||
Slippage from Moratorium book and abysmally low advance growth to impact return ratio adversely.
|June 25, 2020 13:30||Fundamental||CCL Products||
We are closing our fundamental call on Elantas Back Ltd. post the sharp rally in the stock from it’s lows of 137.25 on the 24th of March 2020. We feel that upsides from current levels given more than a 75% rally in the stock.
|June 8, 2020 11:22||Top Picks||Endurance Tech.||
CMP: `838 Target Price: `1015 Upside: 21.1%
Endurance Technologies Ltd is one of India’s leading automotive component manufacturers with operations in India and Europe. It mainly caters to two and three-wheeler OEMs in India and supplies aluminum casting products to four-wheeler OEMs in Europe.
Post Covid19, evolving consumer preference for lower ticket priced means of private transport amid pressurized incomes & awareness around social distancing are expected to act as tailwinds for domestic 2-Ws in India, 4-Ws across developed nations.
|June 8, 2020 10:53||Top Picks||IDFC First Bank||
CMP: `25.6 Target Price: `32 Upside: 25%
The Ability to raise sufficient liquidity at Low cost would be The Key criteria for banks to navigate the current situation, as asset side inflow would be limited. IDFC Fist Bank, Post management change has clearly out perform in building liability franchise and retail lending.
Since new management took charge, every qtr. liability franchise has been strengthened.The Bank is raising Rs. 2,000 crores of fresh equity capital during Q1FY21
We believe efforts to built liability franchise, fresh capital infusion and provision taken on wholesale book will help to tide over this difficult time. The IDFC First Bank is trading ( 0.7 x FY22ABV) at a significant discount to historical average valuations.
|June 8, 2020 10:45||Top Picks||Swaraj Engines||
CMP: `1290 Target Price: `1566 Upside: 21.4%
Swaraj Engines is engaged in the business of manufacturing diesel engines and hi-tech engine components. Diesel Engines are specifically designed for tractor application. Going forward, we expect recovery in the tractor industry (due to robust Rabi crop production, hike in MSP & the forecast of a normal monsoon) will benefit players like Swaraj Engines.
|June 8, 2020 10:39||Top Picks||P&G Hygiene||
Considering that FY21 growth will likely remain weak due to slowdown in the economy, stock is likely to remain under pressure. Hence, we recommend investors to exit the stock.
|June 8, 2020 09:51||Top Picks||Nestle India||
Considering CY20 growth will likely remain weak due to lockdown and slowdown in the economy, we recommend investors to exit the stock.
|June 8, 2020 09:30||Top Picks||Infosys||
We are exiting out of Infosys as we believe that the upsides will be limited from current levels given that stock has rallied by ~35% from the lows on 30th March 2020. There will be an impact on demand due to slowdown which will be reflected in Q1FY21 numbers.
|June 3, 2020 11:03||Top Picks||Bajaj Finance||
CMP: `2,455 Target Price: `3,000 Upside: 22.2%
The Ability to raise sufficient liquidity at Low cost would be The Key criteria for banks to navigate the current situation, as asset side inflow would be limited. Bajaj fin is clearly better positioned in the liability side, even in this scenario BAF is able to raise funds at low cost. The Bajaj Finance is trading at a significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds. Key risk to our call would be the rapid spread of covid 19 in India in which case we may have to re-evaluate our investment rationale.
|June 3, 2020 10:59||Top Picks||Axis Bank||
CMP: `424 Target Price: `500 Upside: 17.9%
The Ability to raise sufficient liquidity at Low cost would be The Key criteria for banks to navigate the current situation, as asset side inflow would be limited. AXSB should benefit from the increasing polarisation in the deposit ecosystem – a positive in the current environment. The Axis Bank is trading ( Core Banking Business – 1.2x FY22ABV) at a significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds.
|June 1, 2020 15:04||Top Picks||Escorts||
CMP: `974 Target Price: `1,150 Upside: 18.1%
Escorts is a prominent tractor player domestically with market share in excess of 11%. With rural India relatively less impacted due to Covid-19, record food-grain procurement by government agencies as well as expectation of normal monsoon 2020, we expect the tractor industry to outperform the larger automobile space in FY21E with Escorts a key beneficiary.
|June 1, 2020 13:59||Top Picks||Larsen & Toubro||
CMP: `951 Target Price: `1,093 Upside: 14.9%
L&T is India’s largest EPC company with a strong presence across various verticals including Infra, Hydrocarbon and services segment. The company has a strong order backlog of ~INR 3lakh cr. Majority of the order book is from the central government, state government and PSU, where risk of cancellation is low. The stock is trading at significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds.
|June 1, 2020 13:48||Top Picks||HDFC Ltd||
CMP: `1,740 Target Price: `1,950 Upside: 12.1%
The sufficient liquidity at Low cost would be The Key criteria for NBFC/Bank to navigate the current situation, as asset side inflow is limited due to moratorium. HDFC Ltd is able to raise fund at competitive rate owing to strong operating metrics, experienced Management and industry’s best credit rating. The HDFC Ltd is trading ( Core Banking Business – 1.42x FY22ABV) at a significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds.
|June 1, 2020 11:46||Top Picks||ICICI Bank||
CMP: `345 Target Price: `410 Upside: 18.8%
The Ability to raise sufficient liquidity at Low cost would be The Key criteria for banks to navigate the current situation, as asset side inflow would be limited. ICICI Bank is clearly better positioned in the liability side (in Q4FY20, Deposit grew 18% yoy and CASA ratio of 45%). Easier and cheaper availability of deposits give an advantage to manage ALM given limited inflow from advance due to moratorium. the ICICI Bank is trading ( Core Banking Business – 1.1x FY22ABV) at a significant discount to historical average valuations and offers favorable risk reward from current levels given global tailwinds.
|May 28, 2020 14:15||Top Picks||Dr Reddy's Labs||
CMP: `3,877 Target Price: `4,570 Upside: 17.8%
Dr Reddy’s has a very strong product portfolio with 55%-65% of it’s revenue coming from it’s chronic which is a high growth segment and will be least impacted due to lockdown globally. The company also has a very diversified geographical spread with the US accounting for 38% of revenue followed by RoW (26%), Emerging markets (19%) and India (17%).
|May 27, 2020 15:24||Top Picks||Dhanuka Agritech||
Dhanuka Agritech has given close to 31% return in less than 1 month from our buy recommendation. We recommend investors to book profit in the stock as it has run up significantly in such a short period of time. We will reevaluate the stock in case there is a correction from current levels.
|May 27, 2020 10:39||Top Picks||Alkem Lab||
Anti-infective sales will be affected by Lockdown and Companies 40% of revenue comes from Anti-infective.
|May 26, 2020 14:31||Fundamental||GMM Pfaudler||
GMM Pfaudler has reported 4QFY20 results which were below our expectation. We expect that the company will have a weak H1FY21 on account of delay in finalization of capex on the non agro non pharma chemicals side of the business. Hence given the sharp run up in the stock price we recommend to exit the stock at current levels given very steep valuation of 38xFY22 EPS estimates.
|May 26, 2020 09:46||Top Picks||Bata India||
Given that 4QFY20 results are below our expectation, and also considering FY21 growth will likely remain weak due to lockdown and slowdown in the economy, we recommend investors to exit the stock.
|May 22, 2020 09:39||Top Picks||Hawkins Cookers||
Given that 4QFY20 results are below our expectation, and also considering FY21 growth will likely remain weak due to lockdown and slowdown in the economy, we recommend investors to exit the stock.
|May 8, 2020 11:09||Top Picks||Hind. Unilever||
CMP: `2,056 Target Price: `2,364 Upside: 14.9%
Hindustan Unilever Ltd (HUL) is engaged in manufacturing of branded and packaged FMCG products. Going forward, we expect HUL to report healthy bottom-line growth due to healthy volume growth on the back of strong brand, wide distribution network.
|May 7, 2020 16:55||Top Picks||Dhanuka Agritech||
CMP: `438 Target Price: `520 Upside: 18.7%
Dhanuka Agritech is a 100% focused domestic market agrochemical company. It has an asset light business model with a clear focus on marketing and creating brands. Company has better return ratios, working capital cycle and cash flow compared to its peers. We are positive on the long term prospects of the company owing to high industry growth rate, management capability and wide & diversified product portfolio as well as reach.
|May 7, 2020 09:37||Top Picks||Asian Paints||
Amid current scenario, demand for paints (discretionary products) remain weak, pressure to continue going forward; recommend exit from stock.
|May 6, 2020 12:43||Top Picks||Dabur India||
Considering that FY21 growth will likely remain weak due to lockdown and slowdown in the economy, stock is likely to remain under pressure. Hence, we recommend investors to exit the stock.
|May 5, 2020 15:00||Fundamental||ICICI Bank||
ICICI Bank asset quality to impacted negatively owing to lock down and this environment advance growth would be difficult. Which will keep RoE under pressure for a longer time.
|May 4, 2020 10:34||Top Picks||Hind. Unilever||
Given that 4QFY20 results are below our expectation, and also considering that FY21 growth will likely remain weak due to lockdown and slowdown in the economy, we recommend investors to exit the stock.
|April 24, 2020 11:35||Fundamental||INOX wind||
Stock is likely to remain under pressure given that fall in power demand due to slowdown will have an adverse impact on new projects including renewables. There could also be a delay in execution of projects already awarded due to funding constraints which can lead to elongation of working capital cycle for the company. As a result recovery in business is also likely to get pushed back. We are therefore exiting from Inox wind post the recent rally in the stock.
|April 24, 2020 09:34||Top Picks||Aarti Industries||
CMP: `929 Target Price: `1,084 Upside: 16.7%
Aarti Industries is engaged in large scale production of various chemicals like benzene intermediaries, pharmaceuticals, surfactants etc. It is well diversified across product, customer, geography and end user industry and is not likely to be impacted too much from the Covid-19 outbreak. Exports account for 40% of revenues while balance 60% is from domestic sales. Significant opportunity for Aarti will arise from environmental related issues in China and companies looking to diversify supply chains. Company has signed 3 long term contracts with customers worth more than USD 2.5bn which are expecting to start ramping up from H2FY21 onwards.
|April 24, 2020 09:32||Top Picks||Galaxy Surfactants||
CMP: `1,394 Target Price: `1,610 Upside: 15.5%
Galaxy Surfactants is a leader in oleo based surfactants which is used in personal care products including skin care oral care, cosmetics and detergent products. The company has been increasing it’s share of high margin special care products over the years and is uniquely positioned in terms of having a very strong relationship with MNC customers to which it supplies raw materials globally including the US, EU, MENA apart from India. Though the company’s operations had been impacted due to Covid 19 outbreak, it is normalizing gradually given that the company supplies products to the FMCG space which are essential in nature.
|April 24, 2020 09:28||Top Picks||PI Industries||
CMP: `1,506 Target Price: `1,784 Upside: 18.5%
PI Industries is a leading player in providing Custom synthesis and manufacturing solutions (CSM) to global agrochemical players. The CSM business accounted for 66% of the company’s revenues in FY19 and is expected to be the key growth driver for the company in future PI is leveraging its chemistry skill sets and is looking to diversify its CSM portfolio to electronic chemicals, Pharma API, fluoro chemicals, etc. which will help drive business. Though the company’s operations have been impacted partially due to the Covid-19 outbreak we expect that PI Industries would be amongst the least impacted in the sector given that the company is a pure play agrochemical player which are part of essential commodities.
|April 21, 2020 13:13||Fundamental||UltraTech Cement||
Q1 & Q4 are considered to be the strongest quarters for the cement industry. Due to covid-19, the last 15 days of Q4FY19 & entire Q1FY20 volumes will show substantial decline. We expect muted cement demand at least till H1FY21 due to slowdown in construction. So, we recommend investors to exit UltraTech Cement.
|April 17, 2020 15:25||Top Picks||Alkem laboratories||
67% of revenue comes from domestic generic and API business. Anti-infectives and Cronic business continues to provide revenue growth for Alkem. Expected to outperform the Indian Pharmaceutical market(IPM) by 1.5x growth rate for the next 2 years. We expect alkem to grow its top line by 13-15% in the upcoming years.
|April 17, 2020 15:19||Top Picks||Reliance Industries||
Reliance Industries Ltd. (RIL) is India’s largest company with a dominant presence in Refining, Petrochemicals, Telecom and Retail businesses. Telecom business to witness robust growth over next few years due to tariff hikes and shift of subscribers from Vodafone Idea to other telecom players. Retail business to be a key value driver for Reliance over the long run though there would be some impact on business in FY21 due to the Covid 9 outbreak. Refining and petrochemicals business would be a stable low growth business for RIL going forward but will be a major cash generator for the company as there will be negligible capex requirements. The cash flows would be used to fund expansion into other businesses.
|April 17, 2020 09:33||Top Picks||Dabur India||
Dabur India Ltd (Dabur), a leading Indian FMCG company, is a world leader in Ayurveda operates through Health Supplements, Digestives, Shampoos, Hair Oils, Skin Care, Oral Care, Foods and Other OTC & Ethical products
Company increased market share of the company across most of its categories. .The company further improved its rural reach to 51.5k villages and is set to touch 60k villages by end of FY20. Going forward, we expect healthy growth and profitability on the back of strong brand, wide distribution network and new product launches.
|April 17, 2020 09:18||Top Picks||L&T Infotech||
The company has a very strong exposure to the BFSI & manufacturing verticals which accounts for ~45% and 17.5% of the company’s revenues and are amongst the least impacted vertical due to the shutdown on account of Covid – 19. The company doesn’t have a very large exposure to service oriented verticals like travel & Tourism which are amongst the worst impacted due to the Covid – 19 outbreak. We expect the company to out performance the sector. Rupee depreciation to help company’s topline and bottomline positively. Post recent correction stock is available at reasonable valuations.
|April 17, 2020 09:06||Top Picks||Infosys||
Under the new management of Mr. Salil Parekh Infosys has become aggressive in terms of signing new deals which is expected to drive growth for the company. In FY19 the company won large deals of USD 6.3bn as against USD 3.1bn in FY18. For the first 9 months of FY21 the company has already signed large deals worth USD 7.3bn. We expect Infosys to report above industry average growth rates on the back of strong deal wins which will drive topline growth. Rupee depreciation from ~71 levels to ~77 to the US dollar will have a positive impact on top line and bottom-line and will mitigate the adverse impact due to Covid-19 outbreak to a large extent.
|April 17, 2020 09:02||Top Picks||Britannia Industries||
BRIT has brands like Tiger, Good-Day, 50:50 under its fold with an estimated market share of 33% in the Indian biscuits industry. Biscuits contribute more than 80% of the company’s turnover. BRIT continued to gain market share ahead of competition and has narrowed its gap with the No. 1 player in the category. BRIT has gained market share in new categories like Wafers and Milk Shakes.
BRIT has an overall distribution reach of 5.5 million outlets. BRIT has narrowed the gap with the No. 1 player. The gap with the largest distributed brand is now just 0.8 million outlets which it expects to bridge soon and thereby become the largest player over the medium to long term
|April 16, 2020 11:37||Fundamental||Amber Enterprises||
Lockdown has impacted summer AC demand, likely to remain weak in FY21 also, affecting Amber’s revenue (Room AC sales contribute ~60% of revenue).
|April 16, 2020 11:33||Fundamental||KEI Industries||
We expect demand risks for wires/B2B cables business due to COVID-19 pandemic; recommend exit from stock.
|April 16, 2020 11:29||Fundamental||Safari Industries||
Luggage industry is highly dependent on Travel & Tourism which is impacted due to coronavirus, pressure to remain going forward; recommend exit from stock.
|April 15, 2020 14:36||Fundamental||Shriram Transport Finance||
We expect the current lockdown to weaken fleet operator cash flow and this could worsen asset quality metrics.
|April 15, 2020 14:23||Fundamental||RBL Bank||
Due to lock down we expect higher stress/Slippages in microfinance (11% of loan book) / credit cards Loans (15.7% of Loan Book), further, subdued loan book growth and lower third party product sale to lower fees income. Hence, ROE would remain under pressure.
|April 9, 2020 10:00||Top Picks||Dr Lal Pathlabs||
Yesterday, the Supreme Court directed covid-19 tests should be done free of cost in NABL accredited labs. As per the supreme court interim judgement the question of government reimbursement to private labs will be considered at a later date. Private labs are currently charging INR 4500 per test. We believe that this judgement will cause short term uncertainties given that existing business has also seen a drop due to the Covid – 19 outbreak. We therefore recommend to EXIT Dr Lal Pathlabs in absence of any clarity on the issue as of now.
|April 3, 2020 09:44||Top Picks||Ipca Lab.||
CMP: `1,398 Target Price: `1,900 Upside: 35.9%
Leading generics and API player with strong presence in India markets which account for 54% of the company’s revenues. IPCA expected to outperform the Indian Pharmaceutical market (IPM) by 8%-10% p.a in FY 22. Europe which accounts for 15% of the company’s revenues is expected to scale up over next few years driven by increased capacity utilization. Company also has 18 ANDA approvals from the US FDA with 46 ANDAs in the pipeline which will drive US business.
|April 3, 2020 09:33||Top Picks||Bharti Airtel||
CMP: `421 Target Price: `492 Upside: 16.8%
Telecom operators have increased tariffs by ~35% in Nov’19 and there is possibility of more rate hike in FY21 given that tariffs are still low. If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers. Bharti is also well positioned in terms of liquidity given that it has raised capital of USD 2bn from a QIP at Rs.445 per share along with FCCB issues of USD 1bn in January 2020.
|April 3, 2020 09:19||Top Picks||Dr Lal PathLabs||
CMP: ‘1,385 Target Price: ‘1,768 Upside: 27.6%
Dr. Lal Pathlabs is a leading Pathology center in India and market leader in Delhi with ~25% market share. It has the largest pathology set up in India with 200 clinical labs (including National Reference Lab at Delhi and Regional Reference lab at Kolkata), as on 31st March, 2019. Over the next few years the company is targeting to penetrate north (ex NCR) & east India which I sexpected to drive growth for the company.
|April 2, 2020 15:14||Top Picks||P&G Hygiene||
CMP: 10,161 Target Price: 11,670 Upside: 14.9%
P&GHH manufactures, distributes and markets three major brands in India – Whisper, Vicks, and Old Spice. Sanitary Pads having less than 20% market penetration leaves immense growth opportunity for Whisper.
Going forward, we expect healthy growth and profitability on the back of strong brand, wide distribution network and new product launches.
|March 30, 2020 09:15||Top Picks||Avenue Supermart||
CMP: 2,038 Target Price: 2,395 Upside: 17.5%
Avenue Supermarts owns and operates the supermarket chain ‘D-MART’. Focused on value retailing, it offers a wide range of fast-moving consumer products, general merchandise and apparel. Currently, the company has 196 D-MART stores and it expects to open 30 stores every year. Operating margin is higher compared to its peers due to the company’s low cost structure. We expect DMART to report consolidated revenue/PAT CAGR of 18%/26%, respectively over FY2019-22E.
|March 30, 2020 09:10||Top Picks||Colgate Palmolive||
CMP: 1,152 Target Price: 1,325 Upside: 15.1%
We believe that the company should ultimately be able to see sharper market share gain in toothpastes segment on the back of higher ad-spend and re-launch of Colgate Strong Teeth (decent traction seen).
|March 30, 2020 09:06||Top Picks||Hindustan Unilever||
CMP: 2,140 Target Price: 2,461 Upside: 15%
Hindustan Unilever Ltd (HUL) is engaged in manufacturing of branded and packaged FMCG products. We expect HUL to report healthy bottom-line CAGR of ~12% over FY2019-22E due to healthy volume growth on the back of strong brand, wide distribution network.
|March 30, 2020 09:05||Top Picks||Nestle India||
CMP: 15,091 Target Price: 17,355 Upside: 15.1%
Nestle India Ltd (Nestle) manufactures and sells a variety of food products such as Milk & Nutrition, Prepared Dishes & Cooking Aids, Powdered & Liquid Beverages and Confectionery. Going forward, we expect healthy growth and profitability on the back of strong brand recall, wide distribution network (4.6mn outlets across India) and new product launches.
|March 13, 2020 09:15||Top Picks||Bata India||
Buy – Bata India CMP – `1,411 TP –`1,800
We expect Bata India to report net revenue CAGR of ~11% to ~`3,974cr over FY2019-22E mainly due to increasing brand consciousness among Indian consumers, new product launches, higher number of store additions in tier II/ III cities and focus on high growth women’s segment. Further, on the bottom-line front, we expect CAGR of ~20% to `562cr over the same period on the back of margin improvement (increasing premium product sales).
|March 11, 2020 09:15||Top Picks||Asian Paints||
Buy- CMP – 1,864; Target Price -2118
Asian Paints (APL) is India’s largest paints company. Decorative Paints contributes ~75% revenue and the balance contribution is from Industrial Paints. We expect APL to report healthy bottom-line CAGR of ~19% over FY2019-22E due to leadership position, strong brand, wide distribution network (60,000+ dealers across the country) and improvement in operating margins (back of falling crude prices).
|March 6, 2020 09:05||Fundamental||Aditya Birla Capital||
Exit: CMP at `75
Moderate growth in lending book and concern related to group companies will keep valuation depress.
|February 25, 2020 12:00||Top Picks||Larsen & Toubro||
Exit Larsen & Toubro at CMP Rs.1249.7
Amid slowdown in private capex, Larsen & Toubro has managed to increase its order inflow by 11% for 9MFY20 primarily due to international orders coming from Middle East, USA, South East Asia & Europe. An increase in Coronavirus cases in Middle East, SE Asia as well as Europe, will limit its order inflow coming from these regions.
|February 7, 2020 09:15||Fundamental||Bata India||
Exit at CMP: `1856
Stock has rallied ~138% since June 2018 and is trading at a high valuation of 62.8x trailing PE. We believe that the positives are currently factored and recommend exit at current market price.
|January 31, 2020 17:30||Top Picks||Parag Milk Food||
Exit – `138
During 9MFY20, PMFL’s PAT de-grew by ~7% mainly due to increasing competition and the rising cost of milk procurement. Hence, we recommend exit from Parag Milk Foods at current market price.
|January 31, 2020 09:00||Fundamental||GIC Housing Finanace Ltd||
Exit at Cmp: `154
We recommend EXIT from GIC Housing on account of weakening in asset quality, moderation in profitability (NIM & Spread) and loan book growth for the last 2 quarters.
|January 30, 2020 09:00||Fundamental||Nilkamal Ltd||
Exit at CMP: `1,449
Over the last 4 quarters, Nilkamal has reported de-growth in revenue performance due to slowdown in economy that affected overall buying sentiment of consumers. Thus, we recommend exit from stock at current market price.
|January 29, 2020 10:00||Fundamental||Music Broadcast Ltd||
Exit at CMP: `29
Over the last 4-5 quarters, music broadcast has reported poor financial performance due to slowdown in economy that affected overall ad spend. Thus, we recommend exit from stock at current market price.
|January 29, 2020 00:00||Fundamental||Siyaram Silk Mills||
Over the last 4-5 quarter, Siyaram Silk has reported poor financial performance due to slowdown in their branded textiles. Thus, we recommend exit from stock at current market price.
|January 28, 2020 14:15||Top Picks||Maruti Suzuki||
After a fall in sales numbers in H1 FY20, Q3FY20 sales numbers were flat on account of festive buying. Q3FY20 numbers have also come in below street estimates due to fall in realizations. Going forward, competitive intensity is also likely to increase. As upsides are limited from current levels we would recommend to exit the stock at current levels.
|January 22, 2020 10:26||Fundamental||HDFC Bank||
Exit CMP: `1,244
The HDFC bank is currently trading at a higher band of valuation 3.70x of FY21E Book Value. We believe that the positives are currently factored and recommend Exit at the current market price
|January 10, 2020 13:37||Top Picks||Hawkins Cookers||
CMP: `3,591 Target Price:`4,353 Upside: 21.2%
We forecast HCL to report healthy top-line CAGR of ~14% to `976cr over FY19-22E on the back of government initiatives, new product launches, strong brand name and wide distribution network. On the bottom-line front (reported PAT), we estimate ~23% CAGR to `100cr due to strong revenue and operating margin improvement (on the back of correction in raw material prices). We initiate coverage on HCL with a Buy recommendation and Target Price of `4,353 (23x FY2022E EPS), indicating an upside of ~21% from the current levels.
|December 16, 2019 09:40||Fundamental||Greenply Industries||
Exit CMP: `160
Considering the overall slowdown in the plywood industry, the Greenply Industries is facing oversupply in MDF segment, which has resulted into continuous margin pressure. Hence, we recommend investors to exit from the stock at current levels. Moreover, there is a corporate action also in Greenply Industries. It was spin off. On every one share of Greenply Industries (Rs160) the investors have received one new share of Greenpanel Industries (Rs45). We recommend investors to exit from both the stocks at current levels.
|December 9, 2019 11:12||Top Picks||Blue Star||
CMP – Rs813
Recently, we have seen increased competition in the room AC industry, owing to white level companies like flipkart and Amazon entering the segment. Further, Haier Appliances (Haier Group is positioned No.1 in global home appliance industry for consecutive 10 years) is expanding its capacity by 1mn room AC (17% capacity addition of FY19 AC sales volume) in the coming financial years. Going forward, we believe competition will intensify in this industry. Considering the last one year’s move in the stock and currently trading at 38.7x tailing PE, we believe all the positives are factored into the price. Hence, we recommend exit from stock at current market price.
|December 6, 2019 11:15||Fundamental||Ashok Leyland||
We are exiting from Ashok Leyland given that November M&HCV sales are down 36% which is also below our estimates and we do not expect demand to pick up for the rest of FY20 as envisaged earlier which puts our FY20 earnings estimate at risk. We also expect demand to remain under pressure in FY21 as well. Going by industry commentary, no major pre-buying is expected on account of migration to BS6 in CV segment as transportation demand continues to remain sluggish. Also, lack of clarity on the final contours of the scrappage policy is adding to the uncertainties. Hence we recommend our clients to exit from the stock at CMP of `75.75.
|December 2, 2019 13:05||Top Picks||Yes Bank||
Yes Banks Balance sheet deteriorated with asset quality worsened sharply. Quantum of BB and below-rated book remains elevated as a result of which slippage continues to remain high. Upgrade and recovery remain negligible. High bad assets and slippages led to accelerated provisioning, which in turn led to weak core profitability.
The current deal (Capita Infusion) would require RBI approval, given that individual investors/institutions want to invest more than 5% in the bank which can take time. High provisions and the bank’s intention to build retail liability will keep ROE under pressure. Hence, we recommend investors to exit from Yes bank.
|November 19, 2019 09:15||Top Picks||GMM Pfaudler||
GMM posted a good set of numbers for Q2FY20 with a topline and EBITDA and PAT growth of 37.2%, 66.9% and 85.7% respectively. Management has guided that the growth is expected to continue for the rest of the year given strong order backlog. While the glass lined equipment and mixing business continue to post strong growth turnaround in the heavy engineering division helped the company post a record EBIDTA margin of 19.6% for Q2FY20 up 310bps YoY and 210bps QoQ. We assign a target P/E multiple of 25xFY21e EPS estimate of INR 82.4 and revise our target to INR 2059 from INR 1740.
|November 7, 2019 10:30||Top Picks||Mahindra & Mahindra||
We are exiting out of M&M from Top Picks. We are exiting out of M&M as we expect the company’s auto sales numbers to remain under pressure. The stock had rallied by about 15% from it’s lows in early September on the back of festive demand which has helped arrest the sharp decline in sales for September and October 2019. Acquisition of Ford’s India operations were also viewed favourably by the markets though synergy benefits may take a very long time to pan out.
However with festive season nw behind us auto sales could come under pressure for M&M given increasing competition in the SUV space which is M&M’s key market. Moreover pending migration to BS6 would also weigh on numbers till April 2020 as companies will want to keep inventories of BS4 vehicles at minimum. With M&M having a predominantly diesel portfolio sales volumes could get adversely impacted in FY21 as cost increase will be significant for diesel vehicles as compared to petrol vehicles post migration to BS6, thus eroding the competitiveness of diesel vehicles relative to petrol vehicles.
GIven that the company has no new major products in the pipeline to counter competition along with pending changes in top management, we believe that the medium term outlook has deteriorated for the company. Therefore we are exiting the stock at current levels.
|November 4, 2019 09:42||Fundamental||Elantas Beck India||
Elantas Beck is trading above our target price of INR 2500 and we would recommend to book full profits given recent rally in the stock price. We had recommended Elantas Back at INR 2155 on the 7th of Feb 2019.
|October 14, 2019 17:50||IPO||IRCTC Ltd.||
We had recommended ‘Subscribe’ to the IRCTC Ltd IPO based on the fact that it is the only entity authorized by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India. It made a strong debut on the stock exchanges at `620, up 93.75% from the issue price of `320 on October 14, 2019. Considering the bumper listing, we close our view on the stock.
|October 7, 2019 11:35||Top Picks||Aurobindo Pharma||
Aurobindo Pharma has received observations for it’s Unit VI plant which manufactures oral formulations for the US market. The company had earlier already received observations or warning letters for Unit 11 (Intermediate facility), Unit 1(API facility), and Unit 9 (API facility). Unit 3 (oral formulations) had also got 483 in Jun 2019. Unit 7 and Unit 3 are the two biggest plants for Aurobindo which supply oral formulations to the US. Earnings for the company can be severely impacted if the form 483 for unit 3 and unit 7 gets converted into warning letters. Given the regulatory overhang for the company we would recommend to exit the stock at CMP.
|October 4, 2019 10:10||Top Picks||UltraTech Cement||
Target Price: `4,982
Ultratech Cement is India’s largest cement manufacturer with ~100mn TPA of capacity spread across the country with a strong presence in Central, North, and West India. The company has added capacity be taking over stressed assets of over ~30mn TPA since 2017. Company would also be taking over Century textile’s cement capacity of 13.4mn TPA from H2FY20 which will give it 40% plus market share in West and Central India which are amongst the best regions. We are positive on the long term prospects of the Company given ramp up from acquired capacities, pricing discipline in the industry and benign energy & freight costs. Reduction in tax rate for domestic companies to 22% from 30% will improve profitability by ~15% for the company.
|October 4, 2019 10:05||Top Picks||Larsen & Toubro||
Target Price: `1,850
L&T is India’s largest EPC company with strong presence across various verticals including Infra, Hydrocarbon and services segment. The company also has a very strong presence in the IT services and NBFC space through it’s various subsidiary companies which are also growth drivers for the company. Management had indicated a very strong pipeline for FY20 of INR 9lakh cr. which includes both domestic as well as international orders. The company has a strong order backlog of ~INR 3lakh cr. and the pipeline provides strong visibility for new order flows for the rest of the year. We are positive on the prospects of the Company given the Government’s thrust on Infrastructure with over 100lakh cr. of investments lined up over the next 5 years. Reduction in tax rate for domestic companies to 22% from 30% will improve profitability by ~15% for the company
|September 26, 2019 09:25||Top Picks||Aurobindo Pharma||
We are moving Aurobindo pharma from BUY to HOLD despite a good set of numbers in Q1FY20 as there is increasing uncertainty due to regulatory issues. The US FDA has issued a warning letter for unit 9 which is an API manufacturing facility. The company has also received a form 483 from the US FDA for Unit 3 in Jun 2019 which is an oral formulation unit with 115 final approvals and 10 tentative approvals. Funding of Sandoz acquisition is also expected to increase leverage on balance sheet. Management also needs to clarity on natural decline in Sandoz business being acquired as the portfolio is a matured one.
|September 23, 2019 09:15||Top Picks||GMM Pfaudler||
Name: GMM Pfaulder CMP: `1,520 Target: `1,740
Post reduction of tax rates by the Government effective tax rate for GMM would come down to 25.2% as compared to our earlier estimate of 33%. As a result EPS gets upgraded from INR 67.8 to INR 75.6 for FY21. Therefore we upgrade our target price to INR 1740 (23xFY21 EPS estimate) from INR 1570. We upgrade the stock to a buy with a revised buy upto price of INR 1550.
|July 17, 2019 10:00||Fundamental||Capacite Infraprojects||
We are terminating our coverage on Capacite Infraprojects from the 17th of July 2019. We had initiated coverage on Capacite Infraprojects on the 28th of May 2018 at a price of INR 273.
|June 11, 2019 00:00||Top Picks||GMM Pfaudler||
All the Indian agrochemical and specialty chemical companies are increasing their capacities in view of the robust global agrochemical demand outlook as increasingly capacities are shifting to India from China. As of end of 4QFY19 company’s order book is up 50% yoy which provides strong revenue visibility for FY20. New capacity has come online in Q1FY20 which will drive revenue growth in FY20. Post the 4QFY19 numbers we roll over to FY21 and increase the target price to 1570 ( 30x FY2021 EPS estimate of INR 49.1).
|May 28, 2019 00:00||Top Picks||KEI Industries||
CMP: `488 Target Price: `612 Upside: 25.4%
Company posted good set of numbers for 4QFY19. Revenues were up by 22.2% yoy to INR 1259 cr. while EBIDA was up by 36.1% yoy to INR 137cr. EBITDA margins expanded by 112bps yoy to 10.9% while net profits were up by 20.8% yoy to INR 60cr. Company has an order backlog of INR 4,700 cr and has guided for growth of 17-18% for FY20. Post the Q4FY19 numbers we assign a target P/E multiple of 20xFY20E and revise our target price to INR 612.
|April 15, 2019 00:00||IPO||Rail Vikas Nigam Ltd||
We have recommended SUBSCRIBE to the issue and stock has given a positive return of around 7% since listing on 11th April 2019. Investor wishes to book quick profit can exit the stock, However RVNL is good bet for investment purpose in railway infrastructure space for long term prospective.
|April 4, 2019 00:00||Top Picks||RBL Bank||
CMP: `649 Target Price: `775 Upside: 19.4%
RBL is well on track to achieve its vision 2020 Goals. Retail asset contributes 29% if advance and growing at a healthy rate( 56%yoy). Changing advance mix and improving yields helping NIM (4.12% for Q3FY19)
|April 1, 2019 00:00||IPO||EMBASSY REIT||
We have recommended SUBSCRIBE to the issue and stock has given a positive listing of around 4%.
|March 13, 2019 00:00||Top Picks||GMM Pfaudler Ltd||
Since all the Indian agrochemical companies are increasing their capacities in view of the robust global agrochemical demand outlook, we marginally increase the target price to 1400 ( 30x FY2020 EPS). The stock has given 76% return since initiation.
|January 30, 2019 11:00||Fundamental||Dewan Housing Finance Corporation Ltd||
Considering, the past liquidity issue for NBFC, subdued performance in Q3FY19 and concern raised by cobra post yesterday, we recommend to exit DHFL at current price of `162.
|November 30, 2018 08:45||Top Picks||TTK Prestige Ltd||
CMP – `7,245 Target Price – `8,200 Upside – 13.2%
The Stock Has Reported A 16% Rise Since Our Initiation On 17th August 2018. In View Of Positive Demand Outlook Especially Rural, We Are Increasing Our Target Price To Rs 8200 At 38x FY2020 Earnings.
|September 7, 2018 11:00||Top Picks||Aurobindo Pharma Ltd||
CMP; `759 Target Price: `870 Upside: 14.6%
Aurobindo Has Announced Acquiring Dermatology And Oral Solids Businesses From Sandoz Inc., USA, Making It 2nd Largest Generic Player In The US By Prescriptions. The Deal Can Add ~`11% To EPS Growth In FY2020. We Maintain Our Buy With A Price Target Of `870.
|August 31, 2018 09:15||Top Picks||TTK Prestige Ltd||
CMP: `7,236 Traget Price: `8,200 Upside: 13.3%
The Stock Has Reported A 16% Rise Since Our Initiation On 17th August 2018. In View Of Positive Demand Outlook Especially Rural, We Are Increasing Our Target Price To Rs.8,200 At 38x FY2020 Earnings.
|September 7, 2018 11:00||Top Picks||RBL Bank Ltd||
CMP: `640 Target Price: `690 Upside: 7.8%
|August 28, 2018 10:30||Top Picks||Safari Industries (India) Ltd||
CMP: `974 Target Price: `1,071 Upside: 10%
We Raise The Target Price Of Safari Industries By 10% In View Of Good Demand Traction.
|August 28, 2018 10:30||Top Picks||GMM Pfaudler Ltd||
CMP: `1,169 Target Price: `1,287 Upside: 10%
We Raise The Target Price Of Gmm Pfaulder By 10% In View Of Good Demand Traction.
|August 27, 2018 09:00||Top Picks||T.V. Today Network Ltd||
Moderate Portfolio – CMP: `446 Target Price: `560 Upside: 25.6%
Considering The Strong Leadership In Hindi News Channel, Gradual Reduction In Radio Business Losses And 2019 Lok Sabha Elections (Anticipation Of Strong Ad Spends), We Give BUY Rating On The Stock.
|August 23, 2018 17:30||Top Picks||Bata India Ltd||
CMP: ₹1,081 Target Price: ₹1,243 Upside: 15%
We Are Upgrading The Target Price Of Bata India By 15% To ₹1,243 On Account Of Healthy Growth On Top-Line Front As Well As Better Operating Margin In 1QFY19.
|August 17, 2018 15:45||Top Picks||Ashok Leyland Ltd||
CMP: Rs.128 Target Price: Rs.156
Considering The Strong CV Demand Due To Change In BS-VI Emission Norms (Will Trigger Pre-Buying Activities), Pick Up In Construction Activities And No Significant Impact On Industry Due To Recent Axle Load Norms, We Recommend BUY On Ashok Leyland At Current Valuations.
|August 17, 2018 08:45||Top Picks||Matrimony.com Ltd||
Exit From Matrimony.Com At CMP:- Rs573
Considering The Subdued 1QFY19 Performance And Tough Competition Strengthened By Deep Discount Subscription Strategy By Competitors, We Recommend Investors To Exit From The Stock At Current Level (Rs573).
|August 15, 2018 10:45||Top Picks||Safari Industries (India) Ltd||
CMP: ₹788 Target Price: ₹870 Upside: 10.5%
We Are Increasing The Target Price Of Safari Industries To ‘870 In View Of Continued Demand Momentum In The Organized Luggage Industry.
|August 10, 2018 08:45||Top Picks||Inox Wind Ltd||
CMP: ₹103 Target Price: ₹127 Upside: 23.3%
We Expect Inox Wind To Report Exponential Growth In Top-Line And Bottom-Line Over FY19-20E. The Growth Would Be Led By Changing Renewable Energy Industry Dynamics In Favor Of Wind Energy Segment Viz. Changes In Auction Regime From Feed-In-Tariff (FIT) To Reverse Auction Regime And Government’s Guidance For 10GW Auction In FY19 And FY20 Each. Further, Being The Lowest Wind Turbine Producer Globally Coupled With Healthy Order Book Of 950MW And Low Debt Equity, We Believe INOX Wind Is In A Sweet Spot To Tap The Upcoming Opportunity In Renewable Energy Segments. At The CMP Of INR 103, Inox Wind Is Trading At 6.5x FY20E EPS Of INR 16. Further, Considering The Above Positives, We Assign A Multiple Of 8x On FY20EPS To Arrive At A Target Price Of INR 127 (Potential Upside Of 23% Over A Period Of Next 10-12 Months).
|August 9, 2018 10:15||Top Picks||TTK Prestige Ltd||
CMP: `6,206 TP: `7,500 Upside: 20.8%
TTK Prestige Has Emerged As One Of The Leading Brands In Kitchen Appliances In India After Its Successful Transformation From A Single Product Company To Offering An Entire Gamut Of Home And Kitchen Appliances. We Feel That The Company Is On The Cusp Of Exponential Growth Break Out Where The Company Is Launching New Products While Expanding Its Distribution Reach. We Are Expecting A CAGR Of 18% In Revenue And 25% In PAT Over FY2018-20. Hence, We Recommend A Buy On The Stock With A Target Price Of `7500 ( 35x FY2020 Earnings).
|August 8, 2018 08:45||Top Picks||GMM Pfaudler Ltd||
CMP: `984 Target Price: `1,100 Upside: 11.8%
We Are Increasing The Target Price Of GMM Pfaudler To 1100 In View Of Continued Demand Momentum From The User Industries.
|August 7, 2018 08:45||Top Picks||Safari Industries (India) Ltd||
CMP: ₹788 Target Price: ₹870 Upside: 10.5%
We Are Increasing The Target Price Of Safari Industries To ‘870 In View Of Continued Demand Momentum In The Organized Luggage Industry.
|July 31, 2018 08:45||Top Picks||Bata India Ltd||
CMP: ₹918 Target Price: ₹1,007 Upside: 9.6%
We Are Upgrading The Target Price Of BATA India By 9.6% To ₹1,007 On An Account Of Healthy Growth In Top-Line Front As Well As Better Operating Marging In 1QFY19.
|July 23, 2018 08:30||Top Picks||Bata India Ltd||
CMP: ₹842 Target Price: ₹955 Upside: 13%
We Are Upgrading The Target Price Of BATA India By 13% To ₹955 On An Account Of Healthy Growth In Top-Line Front As Well As Better Operating Marging In 1QFY19.
|July 16, 2018 08:45||Top Picks||Aurobindo Pharma Ltd||
CMP: ₹603 TP: ₹780 Upside: 28.7%
We Expect Aurobindo To Report Net Revenue CAGR Of ~13% & Net Profit To Grow At ~5% CAGR During FY2018-20E, Due To Increased R&D Expenditure. However, Valuations Of The Company Are Cheap V/S Its Peers And Own Fair Multiples Of 17-18x. We Recommend BUY Rating.
|July 16, 2018 08:45||Top Picks||Safari Industries (India) Ltd||
CMP: ₹693 TP:₹800 Upside: 15.4%
We Are Increasing The Target Price Of Safari Industries To 800 At 40x FY2020 Earnings In View Of Continued Demand Momentum.
|July 6, 2018 09:00||Top Picks||RBL Bank Ltd||
CMP: ₹565 TP: ₹670 Upside: 18.5%
We Believe Advance To Grow At A Healthy CAGR Of 35% Over FY18-20E. Below Peers Level ROA (1.2% FY18) To Expand Led By Margin Expansion And Lower Credit Cost.
|July 6, 2018 08:45||Top Picks||Yes Bank Ltd||
CMP: ₹348 TP: ₹418 Upside: 20.1%
Well Planned Strategy To Grow Small Business Loans And Cross-Selling Would Propel Fees Income. We Expect YES To Grow Its Advance Much Higher Than Industry And Improvement In Asset Quality To Support Profitability.
|June 30, 2018 13:15||Fundamental||Aurobindo Pharma Ltd||
CMP: ₹601 Target Price: ₹780 Upside: 29%
We Expect Aurobindo To Report Net Revenue CAGR Of ~13% & Net Profit To Grow At ~5% CAGR During FY2018-20E, Due To Increased R&D Expenditure. However, Valuations Of The Company Are Cheap V/S Its Peers And Own Fair Multiples Of 17-18x. We Recommend BUY Rating.
|June 30, 2018 12:45||Top Picks||Jindal Steel & Power Ltd||
CMP: ₹222 Target Price: ₹350 Upside: 57%
We Expect JSPL’s Top Line To Grow At 27% CAGR Over FY19-FY20 On The Back Of Strong Steel Demand And Capacity Addition (Mostly From Real Estate, Automotive & Infra Sector). On The Bottom Line Front, We Expect JSPL To Turn In To Profit By FY19 On Back Of Strong Operating Margin Improvement (Due To Higher Utilization In Steel And Power Segment And Simultaneous Reduction In Debt Level). Along With That, The Management Intend To Increase The Shareholders Value By Either Monetizing Some The Asset Or Building It To Improve The Profitability Of JSPL. We Recommend To BUY The Stock With A Target Price Of ₹350 Based On Peer Comparison Method, We Value The Steel Segment On EV/Tonne Basis And Power Business As Per EW/MW Basis.
|June 30, 2018 11:45||Top Picks||Bata India Ltd||
CMP: ₹862 Target Price: ₹948 Upside: 10%
We Have Revised Our Target Price From `896 To `948 On An Anticipation Of Strong Sales Growth And Better Operating Margin (Increase In Volume Of Premium Products I.E. Hush Puppies, Naturalizer, Power, Etc).
|June 29, 2018 10:30||Top Picks||GMM Pfaudler Ltd||
GMM Pfaudler Ltd. – CMP ₹775 Target Price – ₹1020
GMM Is The Indian Market Leader In Glass-Lined Steel Equipment Used In Corrosive Chemical Processes Of Agrochemicals, Specialty Chemical And Pharma Sector. GMM Has A Strong And Sticky Clientele Comprising Global Giants In Chemicals And Pharma Space. Indian Agrochemicals And Specialty Chemicals Players Are Seeing A Buoyant Demand Due To Slowdown In Chinese Competition. Most Of These Companies Are Expanding Or Upgrading Their Manufacturing Facilities Which Will Augur Well For GMM. Strong Order Inflow From The User Industries Is Likely To Provide 20%+ Growth Outlook For Next Couple Of Years. Hence, We Recommend A Buy On The Stock With A Target Price Of ₹1020 ( 24x FY2020 Earnings).
|June 25, 2018 16:00||Top Picks||Navkar Corporation Ltd||
Exit From Navkar Corporation (NCL): CMP ₹133
In FY18, The Company Has Reported Subdued Performance, Both On Top-Line & Bottom-Line Growth Mainly To Due Increase In Volume Of Direct Port Delivery (DPD), Which Is Expected To Increase Further Increase. Thus, We Are Advising Client To Exit From The Stock.
|June 20, 2018 10:00||Top Picks||Shriram Transport Finance Company Ltd||
Shriram Transport Finance Company Ltd (BUY) – CMP: ₹1,466, Target Price: ₹1,764
SHTF Is In The Sweet Spot With Benefits From Stronger CV Volumes, NIMs Unaffected By Rising Bond Yields On The Back Of Stronger Pricing Power And An Enhancing ROE By 750bps Over FY18-20E, Supported By Decline In Credit Cost.
|June 18, 2018 13:30||Top Picks||L T Foods Ltd||
Going Forward, We Are Expecting LT Foods Would Get Pressure On Operating Margin Due To Pricing Constraint (Higher Production Of Rice). Further, Newly Opened European Operation (Rotterdam) Is Expect To Report Operating Losses Which Would Create Further Pressure On Profitability. Thus We Are Recommending Exit On Stocks At Rs.66
|June 15, 2018 10:45||Top Picks||Bata India Ltd||
Bata India (BUY) – CMP: ₹779, Target Price: ₹896
BIL Is The Largest Footwear Retailer In India, Offering Footwear, Accessories And Bags Across Brands. We Expect BIL To Report Net PAT CAGR Of ~16% To ~`3115cr Over FY2018-20E Mainly Due To New Product Launches, Higher Number Of Stores Addition And Focus On Women’s High Growth Segment And Margin Improvement
|June 14, 2018 08:30||Top Picks||Amber Enterprises India Ltd||
Amber Enterprises (BUY)– CMP: ₹1026, Target Price: ₹1230
Amber Enterprises (Amber) Is The Market Leader In The Room Air Conditioner (RAC) Outsourced Manufacturing Space In India With A Market Share Of ~55%. It Has Emerged As A One-Stop Solutions Provider For The Major Brands In The RAC Industry And Currently Serves Eight Out Of The Ten Top RAC Brands In India. Amber Has Posted A CAGR Of 19%/26% In Revenue/ Net Profit Over FY13-18. It Would Continue To Post Robust Growth Of 20%+ Over The Next Few Years Owing To Its Higher Capacity Utilization, Buoyant Demand In RACs/ Consumer Electronics And Reduction In Leverage. Hence We Recommend A Buy On The Stock.
|June 11, 2018 08:45||Top Picks||Mahindra & Mahindra Ltd||
We Expect Mahindra & Mahindra (M&M) To Report Net Revenue CAGR Of ~15% To ~₹62,218cr Over FY2018-20E Mainly Due To Healthy Growth In Automobile Segment Like Utility Vehicles (On The Back Of New Launches And Facelift Of Some Models) And Strong Growth In Tractors Segment Driven By Strong Brand Recall And Improvement In Rural Sentiment. Further On The Bottom-Line Front, We Expect CAGR Of ~15% To ₹4771cr Over The Same Period On The Back Of Margin Improvement. Thus, We Recommend An Accumulate Rating On The Stock With Target Price Of ₹1050.
|March 31, 2018 08:45||Top Picks||Alkem Laboratories Ltd||
In 4QFY18, The Company Has Reported De-Growth Of 51% Yoy To `67cr On Bottom-Line Front Which Is Below Our Expectation. Hence We Are Advising To Client To Book The Profit In Alkem Laboratories.
|May 31, 2018 08:45||Top Picks||HSIL Ltd||
During The 4QFY18, The Company Reported Growth Of ~4% Yoy To `661cr On Top-Line Front Which Is Below Our Expectation And On Bottom-Line Front Reported De-Growth Of ~22% Yoy To `31cr On Back Of Lower Revenue And Poor Operating Performance (Mainly Impacted Due To Increase In Power And Fuel Costs). Considering Below Expectation In 4QFY18 Results And Increase In Gas Prices, Which Will Further Impact HSIL. Hence We Are Downgrading Stock From Buy To Neutral Rating.
|May 29, 2018 08:45||Fundamental||GMM Pfaudler Ltd||
GMM Pfaudler Has Given 31% Returns Since Our Coverage Initiated On The Stock, Last Month. In View Of Continued Traction In Its User Industries Like Pharma And Agrochemical, We Are Increasing Our Target Price To ₹1020 ( Revised Target Multiple Of 24x On Its FY2020 Earnings). In View Of Limited Upside, We Maintain Accumulate Rating On The Stock.
|May 24, 2018 09:45||Top Picks||KEI Industries Ltd||
We Expect KEI To Report Net Revenue CAGR Of ~16% To ~`4,646cr Over FY2018-19E Mainly Due To (A) Higher Order Book Execution In EPC Segment; (B) Growth In EHV Business; (C) Higher B2C Sales; And (D) Higher Exports. On The Bottom-Line Front, We Expect A CAGR Of ~19% To `207cr Over The Same Period On The Back Strong Revenue And Lower Interest Costs. At The CMP Of `481, The Stock Trades At 18.0x Its FY2020E EPS Of `26.8. Thus, We Maintain Our Buy Rating With The Revised Target Price Of `589.
|May 17, 2018 08:45||Top Picks||T.V. Today Network Ltd||
The Stock At CMP Of ₹460 Has Given A Return Of 55%. Considering The Recent Past Move In Share Price And Valuation, We Recommend To Book Profit At CMP.
|May 17, 2018 08:30||Top Picks||Century Plyboards (India) Ltd||
We Are Downgrading Century Plyboards At CMP Of ₹280 From Buy To Neutral As Company Posted Weak 4QFY18 Result And Rupees Has Also Depreciated By 10% From January 2018 As Company Imports 50% Of Raw Material.
|May 15, 2018 10:30||Top Picks||Parag Milk Foods Ltd||
We Have Slightly Upgraded Our Earnings Estimates In View Of New Products Pipeline, Better Off Take In Whey Protein And The Revised Margin Guidance From The Management. We Now Expect PARAG To Report A CAGR Of ~18%/37% In Revenue/ Earnings Over FY18-20E. The Stock Has Given 35% Return Since Our Initiation In April. The Stock Is Currently Trading At 17.5x Its FY2020 Earnings, Which Still Looks Attractive Looking At Its Evolving FMCG Story. Hence We
|May 14, 2018 16:30||Fundamental||GMM Pfaudler Ltd||
GMM Pfaudler Has Given 16% Returns Since Our Coverage Initiated On The Stock, Last Month. In View Of Continued Traction In Its User Industries Like Pharma And Agrochemical, We Are Increasing Our Target Price To ₹900 From ₹861 (Target Multiple Of 21x On Its FY2020 Earnings).
|May 9, 2018 16:15||Fundamental||Prism Johnson Ltd||
Prism Johnson Ltd (PJL) Is An Integrated Building Materials Company And Has A Wide Range Of Products From Cement, Ready-Mixed Concrete (RMC), Tiles, Bath Products To Kitchens (TBK). TBK Contribute 43% Of The Revenue. Lately, Jump In Natural Gas Price Has Impacted EBITDA Margin Of Other Listed Ceramics Company. TBK Segment Is Reporting Loss And Jump In Natural Gas Price Would Impact Margin And PJL Revival Process. Hence Considering This We Discontinue Our Coverage In PJL
|April 16, 2018 16:15||Top Picks||Safari Industries (India) Ltd||
We Are Upgrading Target Price Of Safari Industries To ₹720 From ₹650 As We Are Upgrading Target Multiple From 36x To 40x In View Of Buoyancy.
|February 19, 2018 16:15||Top Picks||Asian Granito India Ltd||
We Have Stopped Covering The Asain Granito India Ltd. Stock From February 19, 2018.
|March 12, 2018 16:15||Top Picks||Karur Vysya Bank Ltd||
We Have Stopped Covering The Karur Vysya Stock From March 12, 2018.
|February 9, 2018 16:15||Top Picks||Ruchira Papers Ltd||
We Have Stopped Covering The Ruchira Paper Stock From February 09, 2018.