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Equity Fundamental Research Reports

Equity Fundamental Research Reports

Goodyear India Ltd : 27/02/2015
Result Updates CMP : 600 Target Price : 659 Recommendation : Accumulate
For 4QCY2014, Goodyear India (GIL) reported a disappointing set of numbers. Its top-line for the quarter declined by 11.2% yoy to Rs360cr, below our expectation of Rs424cr. The raw material cost as ....
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Railway Budget 2015-16 : 26/02/2015
Others CMP : Target Price : Recommendation : -
The Railway Budget for 2015-16 laid the foundation for a five year vision to transform the Indian Railways as a prime engine for propelling the Indian economy. It laid thrust on customer satisfactio....
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Vesuvius India : 26/02/2015
Others CMP : 730 Target Price : Recommendation : -
Vesuvius India has given good returns in the past year, appreciating by ~75%. After assuming top-line CAGR of 7.5% and bottom-line CAGR of 11.2% for CY2014-CY2016E, the valuation in our view is expe....
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Styrolution ABS (India) Ltd : 24/02/2015
Result Updates CMP : 680 Target Price : 758 Recommendation : Accumulate
Styrolution ABS (Styrolution) reported a disappointing set of numbers for 4QCY2014. Its top-line declined by 12.2% yoy to Rs303cr (lower by 12% as compared to our estimate of Rs344cr) as volume decl....
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Sanofi India Ltd : 23/02/2015
Result Updates CMP : 3467 Target Price : Recommendation : Neutral
Sanofi India (Sanofi)’s 4QCY2014 results have come in below expectations both on the top-line and the bottom-line front. The company posted sales of Rs481cr (V/s an expected Rs518cr), ie a yoy growt....
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Transport Corporation of India Ltd : 21/02/2015
Initiating Coverage CMP : 250 Target Price : 293 Recommendation : Buy
Top-line growth to accelerate to 15% CAGR over FY2014-17E on economic revival; eventual GST implementation would provide further boost: We expect Transport Corporation of India (TCIL) to report a he....
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HDFC Bank Ltd : 20/02/2015
Result Updates CMP : 1080 Target Price : 1192 Recommendation : Accumulate
HDFC Bank reported a healthy earnings performance for 3QFY2015, with a bottom-line growth of 20.2% yoy to Rs2,795cr. Its NII grew by 23.0% yoy, aided by a 17% yoy growth in advances. Balance sheet ....
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State Bank of India : 20/02/2015
Result Updates CMP : 306 Target Price : 348 Recommendation : Accumulate
State Bank of India (SBI) reported a good set of numbers for 3QFY2015 with PAT growth of 30.2% yoy to Rs2,910.1cr, mainly on account of 13% yoy growth in operating income and lower opex growth of 5.....
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IL&FS Transportation Networks Ltd : 20/02/2015
Result Updates CMP : 211 Target Price : Recommendation : Neutral
For 3QFY2015, the consolidated revenue of IL&FS Transportation Networks (ITNL) was down 0.7% yoy to Rs1,952cr, mainly due to a 10.9% yoy decline in the Construction segment’s income to Rs1,218cr (re....
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Eicher Motors Ltd : 19/02/2015
Result Updates CMP : 16678 Target Price : 18347 Recommendation : Accumulate
Operating performance inline; higher minority interest impacts profitability: Eicher Motors Ltd (EML)’s 4QCY2014 results were broadly in line with our estimates on the operating front. However, high....
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Glaxosmithkline Pharma Ltd : 19/02/2015
Result Updates CMP : 3231 Target Price : Recommendation : Neutral
For 4QCY2014, GlaxoSmithKline Pharmaceuticals (GSK Pharma) reported lower-than-expected numbers on the OPM front and consequently on the adj. net profit front. Sales grew 2.5% yoy to Rs646cr (V/s an....
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Dishman Pharmaceuticals and Chemicals Ltd : 19/02/2015
Result Updates CMP : 164 Target Price : 219 Recommendation : Buy
For 3QFY2015, Dishman Pharmaceuticals and Chemicals (Dishman)’s results came in lower than expectations on the OPM and net profit fronts. Sales grew 23.1% yoy to Rs386cr V/s an expected Rs370cr and ....
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Sun Pharmaceuticals Industries Ltd : 18/02/2015
Result Updates CMP : 915 Target Price : Recommendation : Neutral
For 3QFY2015, Sun Pharmaceutical Industries (Sun Pharma) posted lower-thanexpected results. Sales for 3QFY2015 came in at Rs4,280cr (V/s our estimate of Rs5,161cr and V/s Rs4,287cr in 3QFY2014), pos....
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Banco Products (India) Ltd : 18/02/2015
Result Updates CMP : 128 Target Price : 162 Recommendation : Buy
Banco Products (Banco) reported a disappointing set of numbers for 3QFY2015. The consolidated top-line during the quarter witnessed a 7.6% yoy decline to Rs244cr (21.7% qoq decline). Raw material cost....
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Finolex Cables Ltd : 18/02/2015
Result Updates CMP : 275 Target Price : 298 Recommendation : Buy
Finolex Cables (FCL) reported a decent set of numbers for 3QFY2015. Its topline grew by a modest 3.4% yoy to Rs582cr, as compared to our estimate of Rs607cr. The EBITDA came in higher by 39% yoy to ....
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