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Equity Fundamental Research Reports

Equity Fundamental Research Reports

L G Balakrishnan & Bros Ltd : 20/08/2014
Initiating Coverage CMP : 497 Target Price : 605 Recommendation : Buy
LGBL is a market leader in two-wheeler automotive chains with ~70% market share in the OEM segment. The two-wheeler industry is showing signs of recovery, both in terms of domestic sales as well as ....
Dishman Pharmaceuticals and Chemicals Ltd : 18/08/2014
Result Updates CMP : 147 Target Price : 177 Recommendation : Buy
For 1QFY2015, Dishman Pharmaceuticals and Chemicals (Dishman) announced better-than-expected numbers on the sales front, but lower-than-expected OPM and net profit. The company posted a revenue of R....
Cipla Ltd : 18/08/2014
Result Updates CMP : 448 Target Price : 480 Recommendation : Accumulate
Ciplas 1QFY2015 results came in below our expectations. For the quarter, the company posted consolidated sales of Rs2,647cr V/s an expected Rs2,720cr and V/s Rs2,331cr in 1QFY2014 (a yoy growth of 1....
Sadbhav Engineering Ltd : 14/08/2014
Result Updates CMP : 196 Target Price : 233 Recommendation : Accumulate
For 1QFY2015, Sadbhav Engineering (SEL) reported a stable set of numbers. The operating performance improved on back of improvement in efficiency with bottom-line further improving with better finan....
Sun Pharmaceuticals Industries Ltd : 14/08/2014
Result Updates CMP : 784 Target Price : Recommendation : Neutral
For 1QFY2015, Sun Pharmaceuticals Industries (Sun Pharma) posted results lower than our expectations on the sales and net profit fronts, while the OPM came in higher than our expectations. Sales dur....
GlaxoSmithKline Pharma : 13/08/2014
Result Updates CMP : 2450 Target Price : Recommendation : Neutral
Glaxo SmithKline Pharmaceuticals (Glaxo) announced its 2QCY2014 numbers, which are below our expectations on the OPM and net profit front. On the other hand the revenue for the quarter came in in li....
Honeywell Automation India Ltd : 12/08/2014
Others CMP : Target Price : Recommendation : -
The stock price of Honeywell Automation India Ltd (HAIL) has run up substantially in the past one year, ie by ~109%. Despite assuming a PAT of Rs140cr for FY2016E (bottom-line CAGR of 27.5% for FY20....
State Bank of India : 11/08/2014
Result Updates CMP : 2415 Target Price : 2988 Recommendation : Buy
State Bank of India (SBI) reported a good set of numbers for 1QFY2015 with a 15.1% yoy growth in net interest income and stable asset quality. Slippages came down from Rs13,766cr (annualized ratio o....
Tree House Education & Accessories Ltd : 09/08/2014
Result Updates CMP : 376 Target Price : 425 Recommendation : Accumulate
Tree House Education & Accessories Ltd (THEAL) reported in-line numbers for 1QFY2015. Its top-line surged by 31.9% yoy to Rs54cr, in line with our estimate of Rs52cr, owing to addition of 15 pre-sch....
M M Forgings Ltd : 09/08/2014
Result Updates CMP : 323 Target Price : 385 Recommendation : Buy
For 1QFY2015, MM Forgings (MMFL) reported an impressive set of results. Its top-line grew by 25% yoy to Rs125cr vis-à-vis our expectation of Rs115cr. Owing to an efficient operating performance, the....
Aurobindo Pharma Ltd : 09/08/2014
Result Updates CMP : 722 Target Price : 774 Recommendation : Accumulate
Aurobindo Pharma (APL), announced its 1QFY2015 numbers, which have come in much ahead of our expectations. The company posted a revenue of Rs2,895cr (V/s an expected Rs2450cr), up 70.3% yoy, led by ....
HCL Technologies Ltd : 07/08/2014
Result Updates CMP : 1545 Target Price : 1859 Recommendation : Buy
HCL Technologies (HCL Tech) numbers for 4QFY2014 came in better than expected on the OPM and net profit front, while the top-line came in just in line with our expectation. The company posted a reve....
Tech Mahindra Ltd : 06/08/2014
Result Updates CMP : 2185 Target Price : 2562 Recommendation : Buy
For 1QFY2015, Tech Mahindra posted sales of US$855mn, up 3.6% qoq. In CC terms the revenue growth was 2.9% qoq. The EBITDA margin for the quarter came in at 18.1% V/s 21.2% in 4QFY2014, a dip of 306....
Bank of Baroda : 06/08/2014
Result Updates CMP : 910 Target Price : 1056 Recommendation : Buy
For 1QFY2015, Bank of Baroda (BOB) reported a PAT of Rs1,362cr, a growth of 16.6% yoy. The key highlights from the results are a) Total advances grew by 18.8% yoy, led by a 20% yoy growth in domesti....
Punjab National Bank : 06/08/2014
Result Updates CMP : 976 Target Price : 1195 Recommendation : Buy
Punjab National Bank (PNB) reported a mixed set of numbers for 1QFY2015 with the profit growing by 10.2% yoy; however asset quality issues persist. The key highlights of the results are 1) Advances ....
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