Company Overview. Financial Performance

Size: px
Start display at page:

Download "Company Overview. Financial Performance"

Transcription

1 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: January 13, 2015 Stock Details BSE code BSE ID SPS Face value ( ) 10 No of shares (m) week H/L 88.00/78.00 Market cap ( m) days avg vol (No) 907 Free float ( m) Stock performance (%) 1M 3M 12M Absolute 0.7% 0.8% 0.7% Rel. to Sensex 1.5% 8.3% 10.1% Shareholding Pattern* (%) Promoters FIIs DIIs Others 42.6% 2.7% 54.6% *As of September 2015 Relative Chart SPS Finquest Sensex 30,000 29,000 Company Overview SPS Finquest Ltd is a non-banking financial company, which is engaged in the business of advancing loans for investing/trading in securities. Industry Overview Financial Services are fundamental to economic growth and development. India s diversified financial services sector is witnessing swift expansion. Banking savings and investments in insurance and debt and equity financing help private citizens save money, guard against uncertainty and build credit, while enabling businesses to start up, expand, increase efficiency and compete in local and international market. According to the India Brand Equity Foundation it s been noticed that the country s gross domestic savings (GDS) as a percentage of Gross Domestic Product (GDP) has remained above 30 per cent since 2004 and it is expected to reach $1,272 billion by The NBFCs play a very critical role among these financial institutions. Financial Performance SPS Finquest Ltd revenues for FY 15 declined 31.5% to 52.0 million compared to 75.9 million in the previous year. The company has reported a net loss of 0.8 million in FY 15, opposed to a net profit of 6.9 million reported in FY 14. On a half yearly basis SPS Finquest revenues fell 29.8% to 21.3 million in H2 16 than that of 30.4 million in H ,000 27,000 26,000 25,000 24,000 23,000 22,000 Table1: Key Financials (Y/e March) 2H FY15 2H FY 16 Sales ( m) YoY Growth (%) 3.9% -3.5% -31.5% NA -29.8% EBITDA ( m) EBITDA Margin 96.2% 96.3% 50.9% 87.5% 68.4% PAT ( m) (0.8) EPS ( ) (0.18) NA NA Source: Bloomberg YoY Growth (%) -88.7% 92.3% % NA NM Source: Company, Karvy Investment Advisory 1

2 Background and Business Description SPS Finquest Ltd is promoted by Mr.Pramod P. Shah and was originally incorporated in Mumbai as Ceenik Holding Pvt. Ltd on March 12, 1996 under the provisions of the Companies Act, Later the Company converted into a public limited company and consequently, the name of the Company was changed to SPS Finquest Limited and a fresh certificate of incorporation reflecting the new name was issued by the Registrar of Companies, Mumbai on April 5, The company holds NBFC license from RBI and is engaged in the financing business in IPO, Stocks and Securities. Key Strengths Offering diversified services Risks & Concerns Credit risk Market risk Interest rate risk Board of s Table 2: Composition of Board Name Mr. Pramod P. Shah Mr. Sandeep P. Shah Mr. Hitesh S. Shah Ms. Ankita M. Shah Mr. Priyesh Jhaveri Mr. Girish T. Jajoo Source: Company Relation with Company Chairman Managing 2

3 Industry Overview India s financial services sector has been an important contributor to the country s gross domestic product (GDP) accounting for nearly 6 per cent share in It consists of the capital markets, insurance sector and non-banking financial companies (NBFCs). As per a joint report by KPMG-CII, the country is projected to become the fifth largest banking sector globally by The Government of India has implemented several reforms to liberalize, regulate and enhance this industry. The Government and the Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for micro, small and medium enterprises (MSMEs). These measures include launching credit guarantee fund scheme for micro and small enterprises, issuing guideline to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA). The combined support from both government and private sector is paving the way for India to prevail as one of the world's most vibrant capital markets. It is also widely believed that the vision of the new NDA government in the centre would boost the securities market more particularly the primary market. NBFCs in India have recorded significant growth in recent years. After their existence, they found useful and successful for the evolution of a vibrant, competitive and dynamic financial system in the Indian money market. The factors that contribute to NBFC s success in business include ability to contain risk, adapt to changes and tap demand in markets that are likely to be avoided by the bigger players. From large infrastructure financing to small microfinance, the sector has innovated over time and found ways to address the debt requirements of every segment of the economy. Over time, the sector has evolved from being fragmented and informally governed to being well regulated and adopted best practices in technology, innovation and risk management as well as governance. The segment has witnessed considerable growth and importance in the recent years and it is now being recognized as a complementary to the banking sector due to implementation of innovative marketing strategies, introduction of tailor-made products, customer-oriented services and attractive rates of return on deposits and simplified procedures, etc. According to Care ratings the share of NBFC has steadily grown from 10.7% of banking assets in 2009 to 14.3% in Competition analysis Company CMP ( ) Mcap ( m) Rev ( m) OPM (%) EPS ( ) PE (x) SPS Finquest Ltd % NM Shreenath Industrial Investment Company Ltd % 8 NM Saumya Consultants Ltd % Source: BSE 3

4 Financial Analysis For the period ending 31 March, 2015, SPS Finquest Ltd reported revenues of 52.0 million, representing a fall of 31.5% when compared to the revenues in FY 14. The company s EBITDA declined from 73.2 million in FY 14 to 26.5 million in FY 15 due to reduced revenues. Year end March Income statement ( million) Revenue % growth 3.9% -3.5% -31.5% EBITDA % EBITDA margin 96.2% 96.3% 50.9% Depreciation and amortisation EBIT Interest PBT Tax Net profit (0.8) % growth net profit -66.1% 92.1% % Balance sheet ( million) Shareholder fund Long term liabilities Current liabilities Fixed assets Current assets Cash & cash equivalents Cash flow statement Cash flow operations Cash flow from investing Cash flow from financing Per share data EPS ( ) CEPS ( ) NA NA NA DPS ( ) BVPS ( ) Financial Ratios % ROE 17.8% 27.1% -0.5% ROCE 12.4% 14.4% 9.5% Debt/Equity % % Interest coverage ratio Current ratio Cash ratio Source: Company, Karvy Investment Advisory 4

5 Financial Snapshot Revenue growth (%) EBITDA margin (%) Revenue ( m) % growth EBITDA ( m) % EBITDA margin Net Profit Margin (%) 1 8.0% 6.0% 4.0% 2.0% -2.0% -4.0% BVS & EPS Net Profit ( m) % net profit margin Book value per share ( ) EPS diluted ( ) Liquidity ratios % 2 Profitability ratios % 1 5.0% 0-5.0% Current ratio Cash ratio ROE ROCE Source: Karvy Investment Advisory 5

6 DISCLAIMER Karvy Investment Advisory Services Ltd (KIASL), an entity of the Karvy Group, has taken utmost care to ensure accuracy and objectivity while writing this report based on publicly available information or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber/user assumes the entire risk of any use made of this report or data herein. KIASL specifically states that it or any of its entities or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information of the authorized recipient in India only. This report or any part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. DISCLOSURE Associates of KIASL might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as stock broker, Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity. KIASL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Compensation of KIASL Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. KIASL 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 analysts cover. KIASL and/or its subsidiaries and /or its group companies collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. KIASL 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 and have no financial interest in the subject company mentioned in this report. Accordingly, neither KIASL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that KIASL and Research Analysts primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. PUBLISHED BY KIASL is a part of the Karvy Group, a premier integrated financial services provider. We offer a wide array of investment advisory services including Comprehensive Financial Planning, Wealth Review and Investment Strategy services, Equity Review and Investment Strategy, Mutual Fund Review and Investment Strategy, Wealth Advice Package, and Wealth Planning for Retired Individuals. Head Office: 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad, , Telangana, India. Tel:

Company Overview. Industry Overview. Financial Performance

Company Overview. Industry 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 Trident Limited CMP: 52.70 January 13, 2016 Stock Details BSE code 521064 BSE ID TRIDENT Face value ( ) 10 No of shares

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 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

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

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

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

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

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

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

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

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

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

Huhtamaki Paper Products Ltd Bloomberg Code: HPPL IN

Huhtamaki Paper Products Ltd Bloomberg Code: HPPL IN Materials - Containers & Packaging Oct 01, 2015 Bloomberg Code: HPPL IN India Research - Stock Broking Backed by Acquisition, Set to Augment Market Share New acquisition: In FY15, HPPL acquired 100% of

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

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

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

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

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

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

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

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

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

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

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED.

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED. Result Update Rating matrix Rating : Hold Target : 727 Target Period : 12-15 months Potential Upside : 6% Key Financials ( Crore) FY1 FY11E FY12E FY13E Revenues 122359.9 151625.2 186429.1 183147.7 EBITDA

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

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

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

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

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

Mahindra Holidays & Resorts India Ltd Bloomberg Code: MHRL IN

Mahindra Holidays & Resorts India Ltd Bloomberg Code: MHRL IN Consumer Discretionary - Gaming, Lodging & Restaurants May 26, 216 Bloomberg Code: MHRL IN India Research - Stock Broking Strong Inventory to Drive Growth through Club Mahindra Strong inventory to drive

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

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

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

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

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

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

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

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

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

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

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

Adani Power Ltd. August 10 th, 2015 CMP (`) 28. Key Developments

Adani Power Ltd. August 10 th, 2015 CMP (`) 28. Key Developments Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 s. Adani Power Ltd.. August 10 th, 2015 BSE Code: 533096 NSE Code: ADANIPOWER Reuters Code: ADAN.NS Bloomberg Code: ADANI:IN

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

Mazda Limited BSE Scrip Code:

Mazda Limited BSE Scrip Code: Mazda Limited BSE Scrip Code: 523792 Industrial Machinery September 14, 2012 Equity Statistics Current Market Price Rs. 91.2 52 Week High / Low Rs. 106.0/70.25 Market Capitalisation Rs. crores 38.8 Free

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

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

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

Investment Rationale

Investment Rationale TM PTC India Financial Services Ltd IPO Analysis 15th Mar. 2011 Recommendation : Subscribe Sector NBFC Bidding Details Price Band Rs 26 - Rs 28 Face value Rs 10 Bid Size 250 and in multiple thereof Issue

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

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

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

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

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

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

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

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

www.pvpglobal.com SECTOR: REALTY REPORTING DATE: 31 ST MAY, 2016 PVP Ventures Ltd

www.pvpglobal.com SECTOR: REALTY REPORTING DATE: 31 ST MAY, 2016 PVP Ventures Ltd 31 st May, 2016 TABLE 1 MARKET DATA (STANDALONE) (As on 31 st May, 2016) NSE Code PVP NSE Market Price ( ) 4.50 NSE Market Cap. ( Cr.) 118.85 Sector Realty Face Value ( ) 10.00 Equity ( Cr.) 245.05 52

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

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

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

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

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

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

Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation Ltd Bharat Petroleum Corporation Ltd Sector: Refineries/Petro-Products/PSU BSE/NSE: 500547/BPCL - EQ Index: BSE 100/Nifty 50 Meeting Type: Postal Ballot Announcement Date: 19 December 2011 Proxy Deadline:19

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

Sphere Global Services Limited

Sphere Global Services Limited Sphere Global Services Limited Date: 13 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 3.95^ Face Value : ` 1 per share 52 wk High / Low : ` 9.35 / 31.1

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

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 514.75 Target Price 590.00 DOC CODE: FOTL_090220164_3 IGARASHI MOTORS INDIA LTD Result Update (PARENT BASIS): Q3 FY16 FEBRUARY 9 th 2016 ISIN: INE188B01013 12 th h, 2013 Index Details Stock Data

More information

Axis Bank. Strong core performance. Source: Company Data; PL Research

Axis Bank. Strong core performance. Source: Company Data; PL Research Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied

More information

MBL Infrastructure Ltd

MBL Infrastructure Ltd Q4FY11 First Cut Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis

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

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

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

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

Indo Count Industries Ltd (INDCOU)

Indo Count Industries Ltd (INDCOU) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY11 FY12 FY13 FY14 FY15 Net Sales 708.2 779.7 1,186.8 1,467.6 1716.9 EBITDA

More information

East India Hotels (EIH) Ltd Growing Strategically

East India Hotels (EIH) Ltd Growing Strategically East India Hotels (EIH) Ltd Growing Strategically BSE Code 500840 NSE Code EIHOTEL Bloomberg Code EIH@IN Face Value 10 CMP Rs 224 Market Cap Rs 11.7bn (as on August 27th 2004) Share Holding Pattern Others

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

Agrium Inc. - Company Profile, SWOT & Financial Report

Agrium Inc. - Company Profile, SWOT & Financial Report - Company Profile, SWOT & Financial Report ICD Research. This product is licensed and not to be photocopied _ TABLE OF CONTENTS 1 Agrium Inc. - Key Employees... 7 2 Agrium Inc. - Key Employee Biographies...

More information

Indo Count Industries Ltd Bloomberg Code: ICNT IN

Indo Count Industries Ltd Bloomberg Code: ICNT IN Aug 26, 215 Consumer Discretionary - Apparel & Textile Products Aug 26, 215 Bloomberg Code: ICNT IN India Research - Stock Broking Home Textile Segment - Key Growth Driver Higher contribution from Bed-Linen

More information

Software Testing Market India

Software Testing Market India Software Testing Market India July 2014 Executive Summary Market Software Testing market in India was valued at ~ INR xx bn in 20-- and is projected to grow at a CAGR of ~ x1% between 20--- and 20-- Over

More information

Bharat Electronics (BHAELE)

Bharat Electronics (BHAELE) Company Update Rating Matrix Rating Matrix Rating : Buy Target : 1560 Target Period : 12-15 months Potential Upside : 24% What s changed? Target Unchanged at 1560 EPS FY17E Unchanged at 57.8 EPS FY18E

More information

VoIP Market India July 2014

VoIP Market India July 2014 VoIP Market India July 2014 Executive Summary Market Overview The Indian VoIP market is currently valued at INR x1 mn and is expected to attain a CAGR of x2% to reach INR x3 mn by 20-- Mobile VoIP market

More information

On the right track. Source: Company Data; PL Research

On the right track. Source: Company Data; PL Research On the right track December 09, 2013 Balwindar Singh balwindarsingh@plindia.com +912266322239 Rating BUY Price Rs170 Target Price Rs210 Implied Upside 23.5% Sensex 20,997 Nifty 6,260 (Prices as on December

More information

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747)

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747) (CMP/TP: `732/1,006) (Buying Range: `732 to `747) Core business margins to stabilise: RIL reported robust refining margins of US$10.2/bbl in 1HFY2012. However, during 3QFY2012, Singapore gross refining

More information

Bharat Petroleum Corporation Ltd. (BPCL)

Bharat Petroleum Corporation Ltd. (BPCL) Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 COMPANY RESULTS REPORT REVIEW Nifty: 8,296; Sensex: 26,819 November 15, 2016 Bharat Petroleum

More information

BUY. JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16. CMP 298.00 Target Price 340.00. DECEMBER 29 th 2015.

BUY. JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16. CMP 298.00 Target Price 340.00. DECEMBER 29 th 2015. BUY CMP 298.00 Target Price 340.00 JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16 DECEMBER 29 th 2015 ISIN: INE668F01031 12 th h, 2013 Index Details Stock Data Sector Household Products

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

Taj GVK Hotels (TAJGVK) 85

Taj GVK Hotels (TAJGVK) 85 Result Update Rating matrix Rating : Buy Target : 105 Target Period : 12-15 months Potential Upside : 24% What s Changed? Target Changed from 116 to 105 EPS FY15E Changed from 1.0 to 0.8 EPS FY16E Changed

More information

Tube Investments of India Ltd Bloomberg Code: TI IN

Tube Investments of India Ltd Bloomberg Code: TI IN Industrials - Manufactured Goods - Fabricated Metal & Hardware Dec 14, 2015 Bloomberg Code: TI IN India Research - Stock Broking Cycles Business to Outperform while other Segments Recover Gradually Cycles

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

Aditya Birla Money Limited

Aditya Birla Money Limited May-14 Jul-14 Aug-14 Oct-14 Dec-14 Jan-15 Mar-15 May-15 Relative Performance Result Update Consumer Goods 27 May 15 Result Analysis Voltas Ltd Good show continues Muted top-line growth; UCP continues to

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

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38.

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38. 3QFY216 Result Update Oil & Gas Reliance Industries ACCUMULATE Performance highlights CMP Target Price Consolidated (Rs cr) 3QFY16 3QFY15 yoy (%) 2QFY16 qoq% Net revenue 68,261 93,528 (27.) 7,91 (3.7)

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

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period)

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) November 2015 NFO Start Date: 20 th Nov, 2015 @ NFO End Date: 18 th Dec, 2015 @ Scheme re-opens for continuous

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

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