Gujarat State Petronet Ltd. INR 135

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Gujarat State Petronet Ltd. INR 135"

Transcription

1 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat State Petronet Ltd. reported revenue of INR mn down 1.9% QoQ and up 2.0% Y-o-Y due to lower transmission volume. EBITDA was also down 6.7% QoQ at INR 2092 mn due to higher operation and maintenance expenses. Profit stood at INR mn (boosted by higher other income) up 13.8% on QoQ and 39.1% on Y-o-Y basis. Transmission volumes stood at 23.1 mmscmd which was down 5.1% QoQ and up 0.7% YoY. Implied tariff was higher 0.9% on a QoQ and down 6.2% on a YoY basis to INR 1,080/mscm. Key Metrics Q3FY16 Q2FY16 Q3FY15 QoQ% YoY% Total Volume (mmscmd) (5.1) 0.7 Tariff (INR/mscm) (6.2) Key Highlights Marginal volume increase YoY: Transmission volumes decreased QoQ and increased YoY basis by 5.1% and 0.7% to 23.1 mmscmd. Marginal tariff decrease YoY: Tariff increased QoQ and decreased YoY basis by 0.9% and 6.2% to INR 1,080/mscm which decreased the revenues. Operating margins decrease: Operating margins decreased by 435 bps on a QoQ basis due to higher operating and maintenance expenses. Operating and maintenance expenses came in at INR 243 mn as compared to INR 121 mn in Q2FY16 Target Price (TP): INR 151 Potential Upside: 11.5% Market Data Shares outs (Mn) 563 EquityCap (INR Mn) 5632 Mkt Cap (INR Mn) Wk H/L (INR) 153/104 Volume Avg (3m K) 594 Face Value (INR) 10 Bloomberg Code GUJS IN Market Info: SENSEX NIFTY 7404 Share Price Performance 120 Net profit margins increased significantly: Net profit margins increased by 683 bps on a QoQ basis and 1,325 bps on a YoY basis. Net profit increased due higher other income. Other income came in at INR 282 mn as compared to INR 120 mn in Q2FY16 Mundra terminal can increase volumes significantly: With the commissioning of mundra terminal (5 mnte) by FY18, we expect GSPL volumes to rise significantly given that 100% of the imports would be transported on GSPL pipelines. Even if Mundra terminal runs at 50% capacity utilization it could add up to ~9.3 mmscmd to GSPL current volumes Sensex GSPL Valuation: We remain positive on the stock considering the following trigger points. 1- ONGC to enhance domestic production by 10 15mmscmd over 1 3 years. 2- CBM production is poised to grow by 6 8mmscmd over 2 3 years. 3- Commissioning of Mundra terminal by FY18. We model transmission tariff at INR 1215, 1230 and 1267 mscm and volumes at 25.8, 27.5 and 29.3 mmscmd for FY16/17/18. We assign ACCUMULATE rating on the stock with the target price of INR 151/share based on the mix of EV/EBITDA, P/E and DCF methodology. Currently Stock trades at 14.3x FY17E EPS of INR 9.5. Key Financials (INR mn) FY13 FY14 FY15 FY16E FY17E Net Sales EBITDA Share Holding pattern (%) Particulars Dec15 Sep15 Jun15 Promoters FIIs DIIs Others Total Source: BSE Analyst Vaibhav Chowdhry PAT EPS OPM (%) 91.4% 88.4% 87.1% 86.2% 85.2% NPM (%) 45.8% 39.9% 38.7% 46.1% 43.9% KRChoksey Research is also available on Bloomberg KRCS<GO>, ThomsonReuters, Factset and Capital IQ February 05, 2016

2 Q3FY16 - Result Analysis Particulars (INR mn) Q3FY16 Q2FY16 Q3FY15 QoQ% YoY% Total Revenue (1.9) 2.0 Employee benefits expense (21.3) (36.0) Operation and Maintenance expenses Other expenses EBITDA (6.7) 2.9 Depreciation (1.3) EBIT (8.8) 4.2 Other income Interest paid (13.5) (36.0) Pre-tax profit Tax (current + deferred) (19.4) (5.2) Net profit EPS OPM 84.3% 88.7% 83.6% -435bps 71bps NPM 49.8% 42.9% 36.5% 683.8bps 1,325bps Exhibit 1: Volume and Tariff details Exhibit 2: EBITDA margin to remain strong 2 KRChoksey-Institutional Research

3 Planned 3 new pipelines Company Pipeline Distance (Kms) Capacity (mmscmd) Capex (INR Crore) GSPL India Gasnet Ltd. (GIGL) Mehsana-Bhatinda 1, ,500 Bhatinda-Srinagar ,200 GSPL India transco Ltd. (GITL) Mallavaram-Bhilwara ,500 Profit & Loss Statement Total Revenue Employee benefits expense Operation and Maintenance expenses Other expenses EBITDA Depreciation EBIT Other income Interest paid Pre-tax profit Tax (current + deferred) Net profit EPS Balance sheet Share capital Reserves & surplus Shareholders' funds Minority Interest Non-current liabilities Long-term borrowings Other non-current liabilities Current liabilities Other current liabilities Total Liabilities Non-current assets Fixed assets (Net block) Non-current Investments Long-term loans and advances Other non current assets Current assets Cash & current investment Other current assets Total Assets KRChoksey-Institutional Research

4 Cash Flow Statement Profit before tax Depreciation Change in working capital (1600) (870) (700) 200 (100) Total tax paid Others Cash flow from operating activities Capital expenditure (3820) (2400) (3400) (1880) (2550) Cash flow from investing activities (3820) (2400) (3600) (1900) (2600) Free cash flow Cash flow from financing activities (100) (4100) (1250) (2480) (1570) Net change in cash and cash equivalents Key Ratios Particulars FY13 FY14 FY15 FY16E FY17E Adjusted EPS (INR) EBITDA margin 91% 88% 87% 86% 85% EBIT margin 76% 71% 68% 68% 68% RoCE 16.6% 13.4% 12.6% 12.3% 12.9% Total debt/equity (x) Net debt/equity (x) Asset turnover (x) Return on equity 17.7% 12.4% 10.9% 12.5% 12.4% Price/Book EV/EBITDA KRChoksey-Institutional Research

5 GSPL Ltd Date CMP Target Recommendation 05-Feb ACCUMULATE 09-Nov ACCUMULATE 08-Aug ACCUMULATE 23-May Under Review Rating Legend Our Rating Upside Buy More than 15% Accumulate 5% - 15% Hold 0 5% Reduce -5% 0 Sell Less than -5% ANALYST CERTIFICATION: I Vaibhav Chowdhry (B.Com, MBA), research analyst, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer(s) or securities. I also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & Conditions and other disclosures: KRChoksey Shares and Securities Pvt. Ltd (hereinafter referred to as KRCSSPL) is a registered member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. KRCSSPL is in the process of making an application with SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, We submit that no material disciplinary action has been taken on KRCSSPL and its associates by any Regulatory Authority impacting Equity Research Analysis activities. KRCSSPL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analyst covers. The information and opinions in this report have been prepared by KRCSSPL and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KRCSSPL. While we would endeavor to update the information herein on a reasonable basis, KRCSSPL is not under any obligation to update the information. Also, there may be regulatory, compliance or other reasons that may prevent KRCSSPL from doing so. Nonrated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or KRCSSPL policies, in circumstances where KRCSSPL might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KRCSSPL will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. KRCSSPL accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. KRCSSPL or its associates might have received any commission/compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of brokerage services or specific transaction or for products and services other than brokerage services. KRCSSPL encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. KRCSSPL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither KRCSSPL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Vaibhav Chowdhry (B.Com, MBA), research analyst of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific brokerage service transactions. KRCSSPL or its associates collectively or its research analyst do not hold any financial interest/beneficial ownership of more than 1% (at the end of the month immediately preceding the date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst. Since associates of KRCSSPL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that Vaibhav Chowdhry (B.Com, MBA), research analyst do not serve as an officer, director or employee of the companies mentioned in the report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject KRCSSPL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Please send your feedback to Visit us at Kisan Ratilal Choksey Shares and Securities Pvt. Ltd Registered Office: 1102, Stock Exchange Tower, Dalal Street, Fort, Mumbai Phone: ; Fax: Corporate Office: ABHISHEK, 5th Floor, Link Road, Andheri (W), Mumbai Phone: ; Fax: KRChoksey-Institutional Research

GAIL (India) Ltd. INR 346

GAIL (India) Ltd. INR 346 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported

More information

Minda Industries Ltd. INR 886

Minda Industries Ltd. INR 886 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Automobiles RESULT UPDATE Minda Industries Ltd. INR 886 Profit boosted by margins ACCUMULATE In Q3FY16, Minda Industries

More information

Kotak Mahindra Bank Rs 685

Kotak Mahindra Bank Rs 685 India Equity Institutional Research BANKS RESULT UPDATE Kotak Mahindra Bank Rs 685 Smooth merger; benefits to accrue HOLD KMB s consolidated PAT for Q4FY15 stood at INR 9.5 that primarily on the back of

More information

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research. Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG

More information

Quant Picks United Breweries

Quant Picks United Breweries October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i

More information

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765 India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. Rs. 741 One off revenues from Nexium supply drives earnings HOLD Result highlights Cipla s Q1FY16 result beats our estimates due to higher

More information

ICICI BANK INR 233. Dismal asset quality performance. Target Price (INR): 314. India Equity Institutional Research BFSI.

ICICI BANK INR 233. Dismal asset quality performance. Target Price (INR): 314. India Equity Institutional Research BFSI. India Equity Institutional Research BFSI RESULT UPDATE ICICI BANK INR 233 Dismal asset quality performance BUY Q3FY15 earnings for ICICI Bank came as a huge disappointment with bank reporting highest NPAs

More information

Granules India Ltd. INR 113

Granules India Ltd. INR 113 India Equity Institutional Research Pharma RESULT UPDATE Granules India Ltd. INR 113 Misses expectation BUY Result highlights Net sales for the quarter grew by a moderate 8% YoY to INR 3,449mn below our

More information

Higher other income drive the quarter

Higher other income drive the quarter Gujarat State Petronet India Equity Research Oil & Gas February 4, 2016 Result Update Emkay Your success is our success Higher other income drive the quarter CMP Target Price Rs136 Rs163 ( ) Rating Upside

More information

Flexituff International Ltd. (FIL)

Flexituff International Ltd. (FIL) s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)

More information

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI $Com panyname$ Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) HOLD PI Industries Ltd. Custom synthesis

More information

Cipla Ltd. INR 542. India Equity Institutional Research Pharma. Muted quarter; outlook remains robust. Target Price (INR): 646. Potential Upside : 19%

Cipla Ltd. INR 542. India Equity Institutional Research Pharma. Muted quarter; outlook remains robust. Target Price (INR): 646. Potential Upside : 19% India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. INR 542 Muted quarter; outlook remains robust BUY Result highlights Cipla s Q3FY16 Net Sales, EBITDA and PAT were below our estimates.

More information

Khambatta Securities Ltd.

Khambatta Securities Ltd. Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue

More information

Axis Bank INR 521. Target Price (INR): 600. Staunch operating metrics; but blemish asset quality. Potential Upside: 15.16%

Axis Bank INR 521. Target Price (INR): 600. Staunch operating metrics; but blemish asset quality. Potential Upside: 15.16% India Equity Institutional Research BANKS RESULT UPDATE Axis Bank INR 521 Staunch operating metrics; but blemish asset quality ACCUMULATE With strong operating performance, Axis Bank reported net profit

More information

HCC BUY. Infrastructure January 29, 2016

HCC BUY. Infrastructure January 29, 2016 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s

More information

Strong operational performance

Strong operational performance ABB India Equity Research Engineering & Capital Goods February 8, 2016 Result Update Emkay Your success is our success Strong operational performance CMP Target Price Rs1,134 Rs1,407 ( ) Rating Upside

More information

Britannia Industries

Britannia Industries Rally in Input costs near term drag, Maintain BUY June 20, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs2,641

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead 05 FEB 2016 Quarterly Update BUY Target Price: Rs 160 Operationally in line; other income surprises GSPL s Q3FY16PAT at Rs 1.2bn was higher than our estimate (Rs 1.1bn) due to higher other income at Rs

More information

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research FY17 could be a year of revenue growth February 08, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs440 Target Price Rs510 Implied Upside 15.9% Sensex 24,617 Nifty

More information

Share gains with healthy margin uptick; Retain Buy

Share gains with healthy margin uptick; Retain Buy Colgate-Palmolive India Equity Research Consumers January 23, 2015 Result Update Emkay Your success is our success Share gains with healthy margin uptick; Retain Buy CMP Target Price Rs1,913 Rs1,940 (

More information

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Salzer Electronics Ltd. Steady

More information

The Ramco Cements. Source: Company Data; PL Research

The Ramco Cements. Source: Company Data; PL Research Robust performance; remains the best play on Southern region February 09, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price

More information

Research Analysts. September 30, 2015

Research Analysts. September 30, 2015 Stocks on the move Scrip I-Direct Code Action Target Stoploss Hitachi Home and Life Solutions AMTAPP Buy in the range of 1380.00-1400.00 1640.00 1280.00 Time Frame: 3 Months Research Analysts Dharmesh

More information

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH Q2FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH SUPREME INDUSTRIES LTD Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SIL IN SENSEX: 24,470 HOLD CMP Rs725

More information

Techno Electric & Engineering Limited

Techno Electric & Engineering Limited Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:

More information

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research Offer for Sale Note Rating matrix Rating : Subscribe Issue Details Auction Date January 3, 215 Issue Size 22613 crore* No of Shares on offer 63.16 crore * Fresh Issue Nil *Based on floor price, considering

More information

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16 RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader

More information

Simplex Infrastructures

Simplex Infrastructures 2QFY216 Result Update Infrastructure November 17, 215 Simplex Infrastructures Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq) Net

More information

Results impacted by subdued demand

Results impacted by subdued demand India Equity Research Agri Input & Chemicals January 25, 2016 Result Update Coromandel International Results impacted by subdued demand Emkay Your success is our success CMP Target Price Rs165 Rs225 (

More information

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months CMP: 160.00 00 Buying Range: 155.00-160.00 160 Target: 196.00 Stop loss: 137.00 Upside: 25% Stock Data 52 Week High / Low 162.95/80

More information

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research Strong margins, improved inflows! January 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,228 Target Price Rs1,353

More information

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights The case of missing sales growth Zydus Q3 net sales at Rs1.1 bn was up 3% on a like-to-like basis (Q3 15 had Rs 223 mn additional excise duty credit from prior periods), below our estimate of 6%. The company

More information

Mangalam Cement Weak volumes marred performance

Mangalam Cement Weak volumes marred performance CMP* (Rs) 206 Market Cap. (Rs bn) 5.5 Free Float (%) 72 Shares O/S (mn) 26.7 Mangalam Cement Weak volumes marred performance Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally

More information

RamKrishna Forgings Ltd.

RamKrishna Forgings Ltd. January 3, 2014 RamKrishna Forgings Ltd. Poised for Growth CMP INR 81 Target INR 117.2 Coverage Follow Up BUY Key Share Data Face Value (INR) 10 Equity Capital (in INR Million) 211.0 Market Cap (in INR

More information

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights 05 FEB 2016 Quarterly Update BUY Target Price: Rs 344 Muted Q3; Brands & Retail story to unfold Arvind s Q3 consolidated revenue at Rs 21.6 bn (Rs 20.7 bn in Q3FY15) was marginally below our estimate of

More information

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121. Stocks on the move Scrip IDi I-Direct Code Action Target Stoploss Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.00 Time Frame:

More information

Tree House Education & Accessories

Tree House Education & Accessories 2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1

More information

Navin Fluorine International

Navin Fluorine International RESULTS REVIEW 2QFY16 29 OCT 2015 Navin Fluorine International INDUSTRY CHEMICALS CMP (as on 29 Oct 2015) Rs 1,579 Target Price Rs 1,800 Nifty 8,112 Sensex 26,838 KEY STOCK DATA Bloomberg NFIL IN No. of

More information

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016 JSW Energy Ltd. Interest expenses dragged the bottom-line JSW Energy Ltd. (JSWEL) reported a mixed set of numbers for Q3 FY16 quarter. The company reported a consolidated total operating income of Rs.

More information

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 252 Q4 lackluster; CY16 holds promise Hexaware s Q4CY15 performance was lower than our estimates. Revenue growth and margin were largely impacted due

More information

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins HSIL India Equity Research Others February 3, 2016 Result Update Emkay Your success is our success Revenues traction improves; Retain BUY CMP Target Price Rs271 Rs370 ( ) Rating Upside BUY ( ) 36.6 % Healthy

More information

Pidilite Industries. Source: Company Data; PL Research

Pidilite Industries. Source: Company Data; PL Research Bountiful margin expansion in a tepid demand scenario February 03, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate

More information

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 1,213 Q4 earnings beat but order backlog flat s Q4CY15revenue at Rs24bnwasin line withour expectation of Rs24bn. EBITDA margin improved 290 bps YoYand

More information

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH Q3FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH Exide Industries Ltd(EIL) Automobile Ancillaries BSE CODE: 500086 NSE CODE: EXIDEIND Bloomberg CODE: EXID IN SENSEX: 23,759 Accumulate

More information

UltraTech Cement Ltd.

UltraTech Cement Ltd. Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 October 31, 212 COMPANY RESULTS REPORT REVIEW UltraTech Cement Ltd. Rich valuation overlooks strong performance

More information

Butterfly Gandhimathi (GANAP) 188

Butterfly Gandhimathi (GANAP) 188 Result Update Rating matrix Rating : Buy Target : 240 Target Period : 12 months Potential Upside : 27% What s changed? Target EPS FY16E EPS FY17E Rating Quarterly performance Unchanged Unchanged Unchanged

More information

Va Tech Wabag. Source: Company Data; PL Research

Va Tech Wabag. Source: Company Data; PL Research Weak execution, guidance hints a strong Q4FY16 February 08, 2016 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs577

More information

Research Analysts. April 8, 2016. West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00

Research Analysts. April 8, 2016. West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00 Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015 17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.

More information

Aurobindo Pharma. Source: Company Data; PL Research

Aurobindo Pharma. Source: Company Data; PL Research Earnings in line; Strong guidance for FY17E maintained February 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs691 Target Price Rs943 Implied Upside 36.5% Sensex 23,759 Nifty

More information

Aban Offshore (ABALLO) 180

Aban Offshore (ABALLO) 180 Result Update Rating matrix Rating : Sell Target : 145 Target Period : 12 months Potential Upside : -19% What s changed? Target Changed from 223 to 145 EPS FY16E Changed from 73.1 to 9.7 EPS FY17E Changed

More information

Jubilant Life Sciences

Jubilant Life Sciences Radiopharma, Niacin continues to drive sales, margins October 30, 2015 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs401 Target Price Rs578 Implied Upside 44.1% Sensex 26,838 Nifty

More information

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India.

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India. CMP* (Rs) 204 Market Cap. (Rs bn) 20 Free Float (%) 71 Shares O/S (mn) 100 Polaris Virtusa acquires majority in Polaris Virtusa Corp has purchased promoter and Citi s stake in Polaris of 53% for Rs220

More information

Bharti Infratel (BHAINF) 370

Bharti Infratel (BHAINF) 370 Result Update Rating matrix Rating : Buy Target : 500 Target Period : 12 months Potential Upside : 35% What s changed? Target Changed from 530 to 500 EPS FY16E Changed from 12.1 to 12 EPS FY17E Changed

More information

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022 BUY CMP 226.50 Target Price 260.00 KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code 519602

More information

Larsen & Toubro. Source: Company Data; PL Research

Larsen & Toubro. Source: Company Data; PL Research Order inflow surprise, challenges on profitability continues! January 29, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,102

More information

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD Index Details SWARAJ ENGINES LTD Result Update (PARENT BASIS): Q4 FY16 Stock Data Sector Auto Parts & Equipment BSE Code 500407 Face Value 10.00 52wk. High / Low (Rs.) 1207.90/762.00 Volume (2wk. Avg.)

More information

Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months

Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months CMP: 1012.00 00 Buying Range: 990.00-1012.00 00 00 Target: 1145.00 Stop loss: 938.00 Upside: 15% Stock Data 52 Week High / Low 1089.75/818

More information

Gail (India) Ltd (GAIL) 305

Gail (India) Ltd (GAIL) 305 Result Update Rating matrix Rating : Buy Target : 355 Target Period : 18-24 months Potential Upside : 16% What s changed? Target Changed from 390 to 355 EPS FY16E Changed from 17.2 to 14.2 EPS FY17E Changed

More information

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement

More information

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014 2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

BUY. Lower realization impacts earnings CAIRN INDIA. Target Price: Rs 155. Analyst call highlights

BUY. Lower realization impacts earnings CAIRN INDIA. Target Price: Rs 155. Analyst call highlights 25 JAN 2016 Quarterly Update BUY Target Price: Rs 155 Lower realization impacts earnings Despite flat QoQ oil and gas production, Cairn s Q3FY16 PAT slumped to Rs 87mn (vs. Rs 6,727 bn in Q2FY16) due to

More information

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015 Result Update Rating matrix Rating : Hold Target : 175 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 185 to 175 EPS FY16E Unchanged from 9.1 to 9.5 EPS FY17E Unchanged

More information

Just Dial Ltd Bloomberg Code: JUST IN

Just Dial Ltd Bloomberg Code: JUST IN Communications - Internet Media Oct 14, 215 Bloomberg Code: JUST IN India Research - Stock Broking India s local search engine, warming up with add-on services Just Dial is now into a platform where people

More information

Firstsource Solutions (FIRSOU) 31

Firstsource Solutions (FIRSOU) 31 Result Update Rating matrix Rating : Buy Target : 45 Target Period : 12 months Potential Upside : 45% What s changed? Target EPS FY16E EPS FY17E Rating Unchanged Unchanged Unchanged Unchanged Quarterly

More information

Indian Overseas Bank Limited

Indian Overseas Bank Limited Vol. 03/09-10 June 27, 2009 Analyst: Abhishek Gupta abhishekg@bajajcapital.com Reviewed by: Alok Agarwala aloka@bajajcapital.com B U Y CMP (26.06.09) : Rs. 85.90 Target : Rs. 125.00 Upside Potential :

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015 Result Update Rating matrix Rating : Sell Target : 50 Target Period : 12 months Potential Upside : -11% What s Changed? Target Changed from 60 to 50 EPS FY16E Changed from 4.8 to 1.1 EPS FY17E Changed

More information

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16 BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 170.30 Target Price 196.00 GEOMETRIC LTD Result Update (CONSOLIDATED): Q2 FY16 DECEMBER 17 th 2015 ISIN: INE797A01021 12 th h, 2013 Index Details Stock Data Sector IT Consulting & Software BSE

More information

India Equity Research Telecommunications September 2, 2015 Management Meet Update

India Equity Research Telecommunications September 2, 2015 Management Meet Update Bharti Infratel India Equity Research Telecommunications September 2, 2015 Management Meet Update Emkay Your success is our success Data demand to accelerate growth CMP Rs396 Target Price Rs505 ( ) Rating

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

HOLD ASTRAL POLYTECHNIK. Q3 muted; recovery ahead. Target Price: Rs 377. Key highlights. Key drivers

HOLD ASTRAL POLYTECHNIK. Q3 muted; recovery ahead. Target Price: Rs 377. Key highlights. Key drivers 11 FEB 2016 Quarterly Update HOLD Target Price: Rs 377 Q3 muted; recovery ahead Astral sq3fy16 results were impacted due to: (1) adverse raw-material prices in pipe division (~Rs 80 mn), (2) closure of

More information

Bata India Ltd. (BIL)

Bata India Ltd. (BIL) Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Q2FY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Bata India Ltd. (BIL) Cloudy quarter sunshine ahead;

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015 2015 FIRST HALF RESULTS CONFERENCE CALL August 31st, 2015 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

BUY. Key Risks. Technology - Technology Services - Information Services. Nov 19, 2015. CRISIL Ltd. Recommendation (Rs.)

BUY. Key Risks. Technology - Technology Services - Information Services. Nov 19, 2015. CRISIL Ltd. Recommendation (Rs.) Technology - Technology Services - Information Services India Research - Stock Broking Economic recovery to boost revenues across business segments: The rating revenues witnessed 8% growth in 214 compared

More information

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research Weak execution, but strong order outlook February 09, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs299 Target Price Rs340

More information

Shriram Transport Finance Subsidiaries witness sharp increase in NPA

Shriram Transport Finance Subsidiaries witness sharp increase in NPA Shriram Transport Finance Subsidiaries witness sharp increase in NPA Shriram Transport Finance s (STFC) standalone performance was broadly in-line with our expectation but grossly disappointed on asset

More information

Outlook and valuation

Outlook and valuation February 9, 2016 Neutral Bajaj Auto Industry: Auto and Auto Components Industry View: Positive l Result Update Downgrade on export worries Q3 FY16 results came above our expectations despite exports worries

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products

More information

Dr. Reddy's Laboratories

Dr. Reddy's Laboratories Result in line; Tepid guidance for Q4FY16 on weak EM, currency February 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,960 Target Price Rs3,083 Implied Upside 4.2%

More information

Smruthi Organics Limited BSE Scrip Code: 590046

Smruthi Organics Limited BSE Scrip Code: 590046 Smruthi Organics Limited BSE Scrip Code: 590046 Pharmaceuticals September 21, 2012 Equity Statistics Current Market Price Rs. 218.1 52 Week High / Low Rs. 273.9 / 155 Market Capitalisation Rs. crores 83.2

More information

Federal Bank (FEDBAN) 50

Federal Bank (FEDBAN) 50 Result Update Rating matrix Rating : Sell Target : 45 Target Period : 12 months Potential Upside : -10% What s Changed? Target Changed from 60 to 45 EPS Changed from 4.7 to 4.0 EPS Changed from 5.4 to

More information

Bharat Earth Movers (BEML)

Bharat Earth Movers (BEML) 2QFY2016 Result Update Capital Goods November 13, 2015 Bharat Earth Movers (BEML) Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq)

More information

HPCL CMP: INR288 TP: INR Buy

HPCL CMP: INR288 TP: INR Buy BSE SENSEX S&P CNX CMP: INR288 TP: INR Buy 17,831 5,412 Bloomberg HPCL IN Equity Shares (m) 339.0 52-Week Range (INR) 420/239 1,6,12 Rel. Perf. (%) 7/-31/-16 M.Cap. (INR b) 97.5 M.Cap. (USD b) 2.0 10 February

More information

HCL Technologies BUY. Performance Highlights CMP. `857 Target Price `1,132. 1QFY2016 Result Update IT. 3-year price chart

HCL Technologies BUY. Performance Highlights CMP. `857 Target Price `1,132. 1QFY2016 Result Update IT. 3-year price chart 1QFY2016 Result Update IT October 21, 2015 HCL Technologies Performance Highlights (` cr) Consl. 1QFY16 4QFY15 % chg (qoq) 1QFY15 % chg (yoy) Net revenue 10,097 9,777 3.3 8,735 15.6 EBIT 1,979 1,976 0.2

More information

YES Bank HOLD. Not out of the woods yet; Asset quality remains a key monitorable. Institutional Equity Research. January 30, 2016. Target Price Rs788

YES Bank HOLD. Not out of the woods yet; Asset quality remains a key monitorable. Institutional Equity Research. January 30, 2016. Target Price Rs788 January 3, 216 CMP* (Rs) 748 Upside/ (Downside) 5 Market Cap. (Rs bn) 314 Free Float 78 Shares O/S (mn) 419 YES Bank Not out of the woods yet; Asset quality remains a key monitorable YES Bank reported

More information

CD Equisearch Pvt Ltd

CD Equisearch Pvt Ltd Dec 10, 2015 Mayur Uniquoters Ltd. No. of shares (m) 46.3 Mkt cap (Rs crs/$m) 1943/291 Current price (Rs/$) 420/6.3 Price target (Rs/$) 475/7.1 52 week H/L (Rs.) 518/378 Book Value (Rs/$) 67.8/1.0 P/BV

More information

State Bank of India. Source: Company Data; PL Research

State Bank of India. Source: Company Data; PL Research Weak as expected; remain positive over medium term February 12, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs154 Target

More information

JLR Nov-15 wholesale up 24% YoY to 51,021 units

JLR Nov-15 wholesale up 24% YoY to 51,021 units BSE Sensex S&P CNX 25,036 7,613 9 December 2015 Update Sector: Automobiles Tata Motors CMP: INR394 TP: INR471 (+20%) Buy Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 M.Cap. (INR b)/(usd b) 1,338/20

More information

Exhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY)

Exhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY) Capital Goods Manufacturing ector August 29, 214 Company Report Rating: HOLD TP: HK$ 4.8 H-hare price (HK$) 5.17 Est. share price return (7.16%) Est. dividend yield 1.39% Est. total return (5.77%) First

More information

Hathway Cable & Datacom (HATCAB) 40

Hathway Cable & Datacom (HATCAB) 40 Result Update Rating matrix Rating : S ell Target : 36 Target Period : 12 months Potential Upside : - 10% What s changed? Target Changed from 42 to 36 EPS FY16E Changed from -2.1 to -2.1 EPS FY17E Changed

More information

MOSt Market Outlook 1st, July 2016

MOSt Market Outlook 1st, July 2016 Nifty Chart Nifty Outlook Nifty Fut. R1 R2 S1 S2 8326 8345 8380 8300 8160 'Nifty saw a strong recovery from the low of the weekly Spinning Top formation. For the ongoing momentum to sustain, follow up

More information