Larsen & Toubro. Source: Company Data; PL Research
|
|
- Candace Dawson
- 8 years ago
- Views:
Transcription
1 Order inflow surprise, challenges on profitability continues! January 29, 2016 Kunal Sheth Samir Bendre Rating BUY Price Rs1,102 Target Price Rs1,407 Implied Upside 27.7% Sensex 24,871 Nifty 7,564 (Prices as on January 29, 2016) Trading data Market Cap. (Rs bn) 1,024.0 Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 0.00% Foreign 18.18% Domestic Inst % Public & Other 44.72% Stock Performance (%) 1M 6M 12M Absolute (14.6) (38.5) (36.1) Relative (9.9) (28.7) (19.9) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: LART.BO, BB: LT IN) L&T reported consolidated PAT of Rs10.4bn for Q3FY16 in line with our estimates, led by lower interest cost and higher other income. However, the operating performance was weak as challenges continued to persist in E&C segment both on execution and profitability front. Increased order inflow for the quarter was a surprise (up 11% YoY to Rs385bn). L&T is expecting order flow to be flat YoY in FY16 against previous guidance of 5 7% growth. L&T maintained its sales guidance at 10 15% growth for FY16. It highlighted that domestic ordering continues to be dominated by public spending and Private sector capex is yet to pick up. Middle East continues to witness tendering activity for basic infrastructure even in the face of oil price drop. Working capital remained stable at 23.6% of sales in Q3FY16 (V/s 24% sales in Q2FY16). We have cut our earnings estimate by ~10% for FY16& FY17 to factor in weak margin and revised out TP downward to Rs 1407 (Previous Rs1721). We Maintain BUY, given the potential the company has once the turnaround sets in. Weak profitability in E&C segment: L&T reported consolidated sales of Rs258bn, up 8% YoY (PLe: Rs262bn). Domestic sales were down 6% YoY and International sales were up 39% YoY. L&T highlighted that domestic execution environment continues to be challenging across sectors like Building & Factory/Transport/water etc. While E&C business grew by 10% YoY Services businesses were up (IT&Ts and Financial services) up ~ 16% YoY. EBITDA for the quarter was down 8% YoY to Rs26.4bn and EBITDA margin stood at 10.3% (PLe: 12.1%) down 190bps YoY. Under utilization in MMH and Heavy Engineering segment and job mix issues (project not reaching profit booking stage) in Infrastructure segment and increased provision impacted margins in E&C segment. Reduced Interest cost ( down 19% YoY due to debt repayment and refinancing) and higher other income ( up 92% YoY due to treasury gain). Led to Adj. PAT growth of 20% YoY at Rs10.4bn (PLe: Rs 10.4bn). Contd...2 Key financials (Y/e March) E 2017E 2018E Revenues (Rs m) 920,046 1,012,050 1,163,858 1,396,630 Growth (%) EBITDA (Rs m) 113, , , ,106 PAT (Rs m) 44,077 42,741 58,051 75,171 EPS (Rs) Growth (%) 1.9 (3.0) Net DPS (Rs) Q3FY16 Result Update (Rs) 2,000 1,500 1, Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Profitability & Valuation E 2017E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Bloomberg Source: Company Data; PL Research Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Order inflow surprised positively: L&T maintained their guidance for sales growth of 10 15%, while trimmed order inflow guidance for FY16. L&T is expecting order flow to be flat YoY in FY16 against previous guidance of 5 7% growth implying Q4 inflow of Rs 600bn (up 27% YoY). Order flow for the quarter surprised positively (up 11% YoY) to Rs384bn and order book stood at Rs2.56tn up 14% YoY. Q3FY16 Order Inflow growth led by Transportation Infra (Roads/Railways), Power T&D, and Water Businesses. Domestic ordering dominated by public spending and Private sector capex yet to pick up. Middle East continues to witness tendering activity for basic infrastructure even in the face of oil price drop. The current prospect pipeline is Rs2trn (v/s Rs3.7trn at the start of Q2FY16 and Rs5trn at the start of FY16). Out of prospect pipeline of Rs2trn, (Rs900bn Infrastructure/Rs550bn Power BTG and T&D/Rs80bn MMH/Rs180bn Hydrocarbon/ Rs 350bn others including defence). Standalone numbers remain weak execution challenges persist: Standalone sales were down 1.5% YoY to Rs147bn. EBITDA was down 36% YoY to Rs10.1bn, EBITDA margin dipped 350bps YoY to 6.5%. Margin was impacted by weak execution, under utilization in various segments, cost provision and job mix issue in Infrastructure segment. Adjusted PAT was down 25% YoY to Rs8bn. The company highlighted that the execution scenario in domestic market continues to challenging. Other con call highlights: 1) working capital remained steady at 24% sales at end of Q3FY16 (Vs 24% end of Q2FY16) 2) Sold Mall in Chandigarh in Q3FY16 (booked in others segment) 3) other income includes gain from sale of investment (Astra micro wave shares) 4) Revenue growth in infrastructure segment affected by delayed execution in areas where slow payments and delayed clearances are seen 5) Legacy project nearing completion in the hydro carbon segment. Outlook and Valuation: The stock is trading at 18xFY17E earnings. We have cut our estimate by ~10% for FY16& FY17 to factor in weak margins. We have revised our PER multiple downwards to 21X from 22X to reflect the weak outlook in Middle East and challenges in profitability. We have also revised the TP downward to Rs 1407 (Previous Rs1721). L&T continues to be the best play in the Indian infrastructure space, given its strong business model, diverse skill sets, strong execution capabilities and relatively healthy/large balance sheet. We expect company to deliver 25% earning CAGR over FY15 18E. Maintain BUY. January 29,
3 Exhibit 1: SOTP Fair Value (Rs) Basis L&T Core business x FY17E EPS Ex dividends L&T Hydrocarbon business 7 10x FY17E EPS L&T IDPL x P/B and 1x for Hyderabad metro L&T InfoTech x FY17E EPS L&T Finance Holding 59 68% stake; 20% Hold co discount on current market cap L&T's equity investment in BTG 4 1.5x equity investment Other businesses x book value. Target price 1,407 Source: PL Research Exhibit 2: Q3FY16 Result Overview Consolidated (Rs m) Y/e March Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 9MFY16 9MFY15 YoY gr. (%) Net Sales 258, , , , , RM cost 191, , , , , Personnel cost 24,110 19, ,328 69,278 59, Other expense 17,190 12, ,724 44,720 38, EBITDA 26,499 28,900 (8.3) 25,917 75,318 77,393 (2.7) EBITDA margin (%) (10.4) Other income 4,517 2, ,191 9,281 7, PBIDT 31,016 31,247 (0.7) 28,108 84,599 84,656 (0.1) Depreciation 6,198 6,791 (8.7) 6,936 19,356 20,350 (4.9) Interest 7,446 9,204 (19.1) 8,278 22,791 23,895 (4.6) PBT 17,372 15, ,894 42,452 40, Tax 5,555 5,693 (2.4) 4,936 15,889 18,390 (13.6) Adjusted PAT 10,348 8, ,863 23,273 24,426 (4.7) Extra ordinary income/ (exp.) 0 0 3, Reported PAT 10,348 8, ,959 26,369 26,386 (0.1) January 29,
4 Exhibit 3: Segmental snapshot Consolidated (Rs m) Y/e March Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 9MFY16 9MFY15 YoY gr. (%) Infrastructure 121, , , , , Power 22,957 11, ,064 48,257 33, Metallurgical and Material Handling 6,942 7,310 (5.0) 6,671 19,131 24,736 (22.7) Heavy Engineering 9,487 8, ,482 22,511 25,516 (11.8) Electrical & Electronics 13,752 13, ,368 38,471 37, Hydrocarban 21,839 17, ,612 63,523 51, IT & Technology Services 23,199 19, ,172 67,536 56, Financial Services 18,979 16, ,636 55,448 47, Developmental Projects 12,880 11, ,544 38,466 42,818 (10.2) Others 17,093 21,323 (19.8) 17,659 51,066 50, Total 268, , , , , Less: Intersegment 7,669 5, ,602 20,493 15, Net Segment Revenue 260, , , , , Exhibit 4: Q2FY16 Result Overview Standalone (Rs m) Y/e March Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 9MFY16 9MFY15 YoY gr. (%) Net Sales 147, ,950 (1.5) 132, , , RM cost 118, ,209 (0.9) 103, , , Personnel cost 11,997 9, ,545 34,447 31, Other expense 7,532 5, ,957 18,808 13, EBITDA 10,019 15,695 (36.2) 10,124 29,889 39,980 (25.2) EBITDA margin (%) (35.2) (26.5) Other income 6,171 6,219 (0.8) 4,875 16,580 17,132 (3.2) PBIDT 16,190 21,914 (26.1) 14,999 46,469 57,112 (18.6) Depreciation 2,444 2,638 (7.4) 2,536 7,444 7,623 (2.4) Interest 3,812 5,004 (23.8) 3,834 10,518 10,849 (3.1) PBT 9,934 14,271 (30.4) 8,628 28,508 38,639 (26.2) Tax 2,022 3,613 (44.0) 2,203 7,188 10,256 (29.9) Adjusted PAT 7,912 10,598 (25.3) 6,426 21,347 28,241 (24.4) Extra ordinary income/ (exp.) 917 NA 5,459 6,376 1, Reported PAT 8,829 10,598 (16.7) 11,884 27,723 29,955 (7.4) Exhibit 5: Segmental Revenue Breakup (Rs m) Y/e March Q3FY16 Q3FY15 YoY gr. (%) Infrastructure 97, ,201 (8.7) Power 21,075 10, Metallurgical and Material Handling 6,780 6,961 (2.6) Heavy engineering 8,256 7, Electrical & Electronics 10,853 10, Others 7,909 10,305 (23.3) January 29,
5 Exhibit 6: Consolidates Segment Snapshot Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Infrastructure Sales YoY gr. 17.4% 26.9% 22.3% 12.3% 16.4% 10.9% 1.7% EBITDA Margin Power Sales YoY gr. 34.2% 19.4% 30.2% 7.7% 13.3% 20.7% 101.8% EBITDA Margin Metallurgical & Material Handling (MMH) Segment Sales YoY gr. 12.9% 31.9% 56.1% 55.4% 47.6% 27.3% 14.7% EBITDA Margin Heavy Engineering segment Sales YoY gr. 4.2% 20.8% 25.2% 31.5% 24.5% 22.5% 7.5% EBITDA Margin Electrical & Automation (E&A) Segment Sales YoY gr. 10.2% 2.7% 3.4% 6.5% 2.2% 2.6% 0.8% EBITDA Margin IT & Technology Services Segment Sales YoY gr. 22.1% 14.2% 21.6% 18.8% 20.8% 23.8% 15.2% EBITDA Margin Hydrocarbon Sales YoY gr. 48.9% 24.2% 25.9% 0.9% 41.0% 7.2% 22.6% EBITDA Margin Other Sales YoY gr. 28.0% 6.7% 63.6% 5.0% 19.0% 13.2% 21.2% EBITDA Margin January 29,
6 Exhibit 7: Consolidated Order inflow (Rs bn) Exhibit 8: Consolidated Order book (Rs bn) MFY15 9MFY MFY15 9MFY16 Exhibit 9: Order inflow break up for Q3FY16 (%) International 32% Domestic 68% Exhibit 10: Group Cash Flow (Rs bn) Q3FY16 Q3FY15 Operating profit Adjustment for NWC (3.1) (3.4) Direct Taxes (8.9) (7.2) Net Cash from operations Investment in fixed assets (11.8) (17.7) Investments/Loans to S&A Cos. (Net) (0.0) (0.7) Purchase /Sales of long term & current investments and divestments (Net) 13.7 (5.7) Interest and Div. received from investments (0.8) 0.4 Net Cash from/ (used in) investing activities 1.1 (23.8) Proceeds from issue of share capital Borrowings (Net) Loans towards financing activities (44.3) (25.3) Dividends and interest paid (11.3) (9.8) Net cash from financing activities (12.8) 5.8 Net (Dec)/Inc. in cash and cash equivalents January 29,
7 Income Statement (Rs m) Y/e March E 2017E 2018E Net Revenue 920,046 1,012,050 1,163,858 1,396,630 Raw Material Expenses 672, , ,978 1,010,700 Gross Profit 247, , , ,929 Employee Cost 79,222 95, , ,725 Other Expenses 54,531 64,346 73,998 85,098 EBITDA 113, , , ,106 Depr. & Amortization 26,225 26,487 28,606 30,895 Net Interest 28,507 30,503 33,553 36,908 Other Income 13,549 12,243 13,348 12,294 Profit before Tax 72,172 72,392 92, ,598 Total Tax 22,836 24,613 32,460 41,859 Profit after Tax 49,337 47,779 60,284 77,739 Ex Od items / Min. Int. 5,303 (1,105) 2,290 2,633 Adj. PAT 44,077 42,741 58,051 75,171 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) Y/e March E 2017E 2018E C/F from Operations 74,469 62,432 39,196 26,522 C/F from Investing (62,667) (23,279) (22,635) (21,929) C/F from Financing 4,894 25,711 (5,504) (15,132) Inc. / Dec. in Cash 16,696 64,864 11,057 (10,538) Opening Cash 40,866 57, , ,482 Closing Cash 57, , , ,944 FCFF (16,747) (6,679) (23,363) (39,405) FCFE 75,964 75,288 58,898 43,195 Key Financial Metrics Y/e March E 2017E 2018E Growth Revenue (%) EBITDA (%) PAT (%) 2.2 (3.0) EPS (%) 1.9 (3.0) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Y/e March E 2017E 2018E Shareholder's Funds 409, , , ,645 Total Debt 955,700 1,037,667 1,119,928 1,202,529 Other Liabilities 5,396 5,396 5,396 5,396 Total Liabilities 1,370,186 1,485,981 1,605,195 1,742,569 Net Fixed Assets 480, , , ,971 Goodwill 22,150 22,150 22,150 22,150 Investments 96,121 96,121 96,121 96,121 Net Current Assets 764, , ,551 1,064,483 Cash & Equivalents 57, , , ,944 Other Current Assets 1,278,298 1,314,279 1,479,534 1,725,698 Current Liabilities 571, , , ,160 Other Assets 7,242 7,242 7,242 7,242 Total Assets 1,370,186 1,485,981 1,605,195 1,742,569 Quarterly Financials (Rs m) Y/e March Q4FY15 Q1FY16 Q2FY16 Q3FY16 Net Revenue 280, , , ,293 EBITDA 36,090 22,902 25,917 26,499 % of revenue Depr. & Amortization 5,876 6,222 6,936 6,198 Net Interest 4,739 7,067 8,278 7,446 Other Income 2,808 2,574 2,191 4,517 Profit before Tax 28,283 12,186 12,894 17,372 Total Tax 7,961 5,458 4,936 5,555 Profit after Tax 20,696 6,062 9,959 10,348 Adj. PAT 19,712 6,062 6,863 10,348. January 29,
8 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 49.1% 38.9% 12.0% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Kunal Sheth (MBA), Mr. Samir Bendre (BE,MBA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We 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: Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as PL ) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking, investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. PL may from time to time solicit or perform investment banking or other services for any company mentioned in this document. PL is in the process of applying for certificate of registration as Research Analyst under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 PL submits that no material disciplinary action has been taken on us by any Regulatory Authority impacting Equity Research Analysis activities. PL or its research analysts or its associates or his relatives do not have any financial interest in the subject company. PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. PL or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months PL or its associates might have received any compensation or other benefits from the subject company or third party in connection with the research report. PL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. PL or its analysts did not receive any compensation or other benefits from the subject Company or third party in connection with the preparation of the research report. PL or its Research Analysts do not have any material conflict of interest at the time of publication of this report. It is confirmed that Mr. Kunal Sheth (MBA), Mr. Samir Bendre (BE,MBA), Research Analysts 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 merchant banking, investment banking or brokerage service transactions. The Research analysts for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. The research analysts for this report has not served as an officer, director or employee of the subject company PL or its research analysts have not engaged in market making activity for the subject company Our sales people, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients 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 o the foregoing, among other things, may give rise to real or potential conflicts of interest. PL and its associates, their directors and employees may (a) from time to time, have a long or short position in, and buy or sell the securities of the subject company or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company or act as an advisor or lender/borrower to the subject company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. DISCLAIMER/DISCLOSURES (FOR US CLIENTS) ANALYST CERTIFICATION The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific recommendation or views expressed in this research report Terms & conditions and other disclosures: This research report is a product of Prabhudas Lilladher Pvt. Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. This report is intended for distribution by Prabhudas Lilladher Pvt. Ltd. only to "Major Institutional Investors" as defined by Rule 15a 6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a 6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, Prabhudas Lilladher Pvt. Ltd. has entered into an agreement with a U.S. registered broker dealer, Marco Polo Securities Inc. ("Marco Polo"). Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer. January 29,
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 informationMaruti 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 informationGlaxoSmithKline 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 informationBritannia 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 informationThe 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 informationMphasis. 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 informationSadbhav 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 informationJubilant 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 informationVa 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 informationAurobindo 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 informationPidilite 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 informationDr. 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 informationState 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 informationGujarat 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 informationHow To Grow In Kotak Bank
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Q2FY16 Result Update Getting back into action steadily October 30, 2015 Nitin Kumar nitinkumar@plindia.com +91-22-66322236 Pritesh Bumb priteshbumb@plindia.com
More informationStrong 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 informationAxis 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 informationColgate Palmolive. Charged up to ride the demand recovery! Source: Company Data; PL Research
Charged up to ride the demand recovery! September 30, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs942
More informationHCC 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 informationGAIL (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 informationKhambatta 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 informationMinda 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 informationShriram Transport Finance
Strong quarter amidst challenges February 01, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs844 Target Price Rs1,025 Implied
More informationHOLD. 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 informationBUY. 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 informationFlexituff 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 informationPI 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 informationNavin 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 informationKotak 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 informationShare 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 informationHOLD. 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 informationCompany 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 informationGraphite 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 informationAccumulate. 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 informationTechno 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 informationSUPREME 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 informationHigher 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 informationMangalam 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 informationSalzer 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 informationQuant 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 informationBUY. 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 informationResults 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 informationCummins India. Strengthening the franchisee! Source: Company Data; PL Research
Strengthening the franchisee! July 15, 2016 Kunal Sheth kunalsheth@plindia.com +912266322257 Samir Bendre samirbendre@plindia.com +912266322256 Rating Accumulate Price Rs820 Target Price Rs881 Implied
More informationEmkay. 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 informationJSW 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 informationHOLD 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 informationHOLD 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 informationBUY 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 informationSimplex 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 informationCompany Report Industry: Oil & Gas. Indraprastha Gas. Play on Delhi's pollution concern. Avishek Datta (avishekdatta@plindia.com) +91-22-66322254
Company Report Industry: Oil & Gas Indraprastha Gas Play on Delhi's pollution concern Avishek Datta (avishekdatta@plindia.com) +91-22-66322254 Contents Page No. Volume traction + healthy spreads = profit
More informationIndia 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 informationBright 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 informationYES 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 informationJust 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 informationKingdee (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 informationRAJESH 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 informationCinda 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 informationButterfly 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 informationGranules 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 informationPolaris 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 informationSundaram 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 informationOutlook 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 informationBUY ICICI BANK. Well managed P&L; balance sheet distressed. Target Price: Rs 285. Key drivers
29 JAN 2016 Quarterly Update BUY Target Price: Rs 285 Well managed P&L; balance sheet distressed ICICI Bank reported a disappointing quarter with sharp deterioration in asset quality. The increase in NPLs
More informationTree 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 informationShriram 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 informationBUY. 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 informationCoal 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 informationBUY. 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 informationDerivatives Weekly DERIVATIES DESK. Outlook: Outlook: Sell in May and Go Away! DOLAT CAPITAL. Brief Outlook :
18-Mar-16 21-Mar-16 22-Mar-16 23-Mar-16 28-Mar-16 29-Mar-16 30-Mar-16 31-Mar-16 1-Apr-16 4-Apr-16 5-Apr-16 6-Apr-16 7-Apr-16 8-Apr-16 11-Apr-16 12-Apr-16 13-Apr-16 18-Apr-16 20-Apr-16 21-Apr-16 22-Apr-16
More informationPEER 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 informationBUY 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 informationHEG 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 informationPEER 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 informationICICI 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 informationHow To Value Hpl In India
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 informationCipla 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 informationHPCL 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 informationMuted results, stellar launch
INDUSTRY REAL ESTATE CMP (as on 03 Nov 2015) Rs 282 Target Price Rs 339 Nifty 8,061 Sensex 26,591 KEY STOCK DATA Bloomberg OBER IN No. of Shares (mn) 339 MCap (Rs bn) / ($ mn) 96/1,463 6m avg traded value
More informationTata Motors Ltd. Buy. New launches at domestic business as well as JLR to drive growth. February 12, 2016
February 12, 2016 Buy Tata Motors Industry: Auto and Auto Components Industry View: Positive l Result Update New launches at domestic business as well as JLR to drive growth JLR margins in line, standalone
More informationBharat 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 informationJLR 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 informationAxis 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 informationLarsen & Toubro Analyst Presentation 9M FY16 January 29, 2016
Larsen & Toubro Analyst Presentation 9M FY16 January 29, 2016 Disclaimer This presentation contains certain forward looking statements concerning L&T s future business prospects and business profitability,
More informationTechno Electric & Engineering Co Ltd
ANTIQUE STOCK BROKING LIMITED 2 June 2016 1 Current Reco Previous Reco CMP Renjith Sivaram +91 22 4031 3414 renjith.sivaram@antiquelimited.com Dhirendra Tiwari +91 22 4031 3436 dhirendra.tiwari@antiquelimited.com
More informationBUY. 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 informationIFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016
IFGL REFRACTORIES LTD RESULT UPDATE PRESENTATION, February 2016 Safe Harbor This presentation and the accompanying slides (the Presentation ), has been prepared by IFGL Refractories Limited (the Company
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationADANI PORTS AND SEZ To develop transshipment terminal at Mundra
FLASH NOTE FLASH ADANI PORTS AND SEZ To develop transshipment terminal at Mundra India Equity Research Infrastructure - Ports COMPANYNAME Adani Ports and SEZ (Adani) has announced expansion of its existing
More informationSK Networks (001740 KS)
Korea Research Earnings review Korea / Industrials 11 January 2013 HOLD Target price Last price (9 Jan 13) KRW9,000 KRW8,590 Upside/downside (%) 4.8 KOSPI 1997.94 Mkt. cap (KRWbn/US$bn) 2,132/2.0 52 week
More informationRamKrishna 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 informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationReliance Communication
3QFY214 Result Update Telecom February 11, 214 Reliance Communication Performance highlights (` cr) 3QFY14 2QFY14 % chg (qoq) 3QFY13 % chg (yoy) Net sales 5,43 5,394.2 5,31 1.9 EBITDA 1,845 1,887 (2.2)
More informationBDI BioEnergy Internat. 14.5 Buy
20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair
More informationCipla 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 informationCMP: INR66 TP: INR40 (-39%) Sell
BSE SENSEX S&P CNX 24,486 7,436 Bloomberg RCOM IN Equity Shares (m) 2,382.0 M.Cap.(INRb)/(USDb) 157.2 / 2.3 52-Week Range (INR) 92/46 1, 6, 12 Rel. Per (%) -19/11/-4 Avg Val, INR m 173.6 Free float (%)
More informationOptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures
Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More informationCredit Analysis and Research Ltd. CARE : SUBSC RIBE 4th December, 2012. Financial summary (Consolidated) - Rs. mn
Credit Analysis and Research Ltd. CARE : SUBSC RIBE 4th December, 2012 CARE is a full service credit rating company in India and currently the second largest rating company in India in terms of rating
More informationBUY 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