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Company Research Reports

Company Reports

Result Updates | Jan 16th 2018

Infosys Ltd

CMP : 1,080Target Price : 1,080

For 3QFY2018, on sales front Infosys posted 1.0% sequential growth in USD revenues to US$2,755mn in line with expectations. In Constant Currency terms (CC), the company posted a 0.8% qoq growth. Volume growth during the quarter was 1.6% qoq. EBIT margin came in at 24.3% v/s. 24.2% expected, mainly driven by improved utilization levels (wh..

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Result Updates | Jan 15th 2018

Tata Consultancy Services Ltd

CMP : 2,773Target Price : 2,493

TCS posted a 1.0% sequential growth in USD revenues to US$4,787mn v/s US$4,801mn expected. In rupee terms, revenues came in at `30,904cr V/s `31,049cr, up 1.2% QoQ. In Constant Currency (CC) terms, the company posted a 1.3% QoQ growth with volume growth coming in at 1.6% QoQ (highest growth in three years for the December quarter). On pro..

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Initiating Coverage | Jan 04th 2018

CCL Products India Ltd

CMP : 300
Target Price : 360

CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With a total capacity of 35,000 TPA (tonne per annum), the company has a global market share of ~6.5%. It also has a leading market share of 24% in Indian instant coffee exports CCL exports (contributing over 90% to revenue) to over 90 countries,..

Initiating Coverage | Jan 03rd 2018

Nilkamal Ltd

CMP : 1,880
Target Price : 2,178

Nilkamal Ltd is engaged in the manufacturing and retail sales of moulded plastic furniture and material handling products. The company has three divisions viz. plastics, lifestyle furniture and furnishings & accessories. Nilkamal’s manufacturing plants are located at Barjora (West Bengal), Hosur (Tamil Nadu), Jammu, Dadra & Nagar ..

Initiating Coverage | Jan 01st 2018

Capital First Ltd

CMP : 693
Target Price : 850

Capital First (CFL) is a non-deposit-taking NBFC primarily focusing on retail lending. Post management buyout (2012), Mr Vaidynathan, the current chairman, transformed the company’s focus from wholesale financier to diversified retail financier. Warburg Pincus in 2012 acquired a majority stake in the company. Focused approached led to dec..

Initiating Coverage | Dec 30th 2017

Shreyans Industries Ltd

CMP : 205
Target Price : 247

Shreyans Industries Ltd (SIL) is engaged in the manufacturing of writing and printing paper. It has two plants i.e. Shreyans Papers and Shree Rishabh Papers, both located in Punjab. The company’s products include high brightness paper, cream wove, coloured paper, duplicating paper, surface sized printing paper, azure laid paper, maplitho ..

Initiating Coverage | Dec 21st 2017

Prism Cement Ltd

CMP : 118
Target Price : 131

Prism Cement Limited (PCL) is an Integrated Building Materials company, and has wide range of products from cement, ready mixed concrete (RMC), tiles, bath products to kitchens (TBK). Its cement plant is located in central India with units in Satna (Madhya Pradesh) with a capacity of 7 MTPA. It currently operates 87 ready mixed concrete p..

Initiating Coverage | Dec 18th 2017

Menon Bearings Ltd

CMP : 92
Target Price : 114

MBL makes engine bearings, bushes and thrust washers for commercial vehicles (CV). Bearings business represents 55% of its total sales, where it caters only to CVs. On that backdrop, the recovery in the CV sales is going to be positive for MBL. Company claims that the bearings business has certain entry barriers, hence its customer base i..

Initiating Coverage | Dec 15th 2017

Ruchira Papers Ltd

CMP : 188
Target Price : 244

Ruchira Papers Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The companys white writing and printing paper is used in making notebooks and writing material, while the colored paper is used in the fabrication of spiral notebooks, wedding cards, shade cards, childrens coloring books, etc. Its Kraft paper is utili..

Initiating Coverage | Nov 28th 2017

CMP : 317
Target Price : 400

Century Plyboards India Ltd (CPIL) is a plywood manufacturer dealing in plywood, laminates, MDF (Medium Density Fibreboard) and others with presence across India and overseas. CPIL is also engaged in logistics business through management of a container freight station. We expect CPIL to report net revenue CAGR of ~17% to ~`2,896cr over FY..

Result Updates | Nov 28th 2017

Ipca Laboratories Ltd

CMP : 533
Target Price : 570

IPCA Labs posted results lower than expected for 2QFY2018 mainly on the OPM and net profit front. In sales, the company posted sales of `864cr, a yoy de-growth of 2.3% v/s. `884cr for 2QFY2017, but mostly in line with the expected sales of `870cr. On OPM front, the company posted EBITDA of 17.2% (v/s. 20.5% expected) v/s. 15.3% in 2QFY201..

Result Updates | Nov 24th 2017

Sun Pharmaceuticals Industries Ltd

CMP : 535
Target Price : 615

For 2QFY2018, sales came in at `6,590cr (`7,118cr expected) v/s. `7,764cr in 2QFY2017, a yoy de-growth of 15.1%, following a decline in US sales (which was impacted on the back of pricing pressures and base effect). On operating front, the EBITDA margins came in at 20.0% as expected v/s. 34.3% in 2QFY2017, mainly on the back of lower sale..