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CMP : 533Target Price : 630

LIC Housing Finance (LICHF)’s 2QFY17 results remained decent with the PAT growing by 21.3% yoy. Balanced growth in retail as well as in developer portfolio helped in improving the spread, while lower cost of funds helped in NIM improvement. While the core retail portfolio continues to be sluggish growing by less than 10%, other segments l..

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Nov 03rd 2016

Rallis India Ltd

CMP : 221Target Price :

For 2QFY2017, Rallis India (Rallis) reported a yoy growth of 20.8% in sales to Rs540cr (vs. Rs447cr in 2QFY2016). On the operating front, the gross margin came in at 38.9% (vs. 52.4% in 2QFY2016), which along with sales growth aided the OPM to come in at 17.7% (V/s 19.2% in 2QFY2016). Aided by sales growth, a good operating performance an..

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Nov 03rd 2016

Tech Mahindra Ltd

CMP : 434
Target Price : 600

Tech Mahindra is expected to post sales of US$107mn (vs. US$106mn expected), registering a qoq growth of 4.0%. In Constant Currency (CC) terms, the company posted a qoq growth of 5.0%. The EBIDTA margin came in at 14.9% (vs. 14.6% expected vs. 14.6% in 1QFY2017). Margins adjusting for one–time restricting expenses came in at 16.1%, an exp..

CMP : 835
Target Price :

Hindustan Unilever (HUL)’s performance for 2QFY2017 was below expectations on the top-line front; however, the bottom-line front performed well. For the quarter, the company’s top-line grew by 1.4% yoy to Rs7,843cr, while the reported PAT grew by ~12% yoy to Rs1,096cr. We expect HUL to post ~7% and ~9% CAGR in its top-line and bottom-line..

Nov 02nd 2016

ITC Ltd

CMP : 240
Target Price : 284

ITC posted a healthy set of numbers for 2QFY2017, both on the top-line and the bottom-line front. The top-line was healthy due to decent growth in cigarettes and other FMCG businesses, which resulted in a higher overall profitability of the company. We expect ITC to report a top-line and bottom-line CAGR of 10% and 15%, respectively, over..

CMP : 325
Target Price : 350

Dewan Housing Finance Corporation Limited (DHFL) reported 28.5% growth in PAT at Rs231.5cr for the quarter, better than our expectations. Strong growth in loans, decline in cost of funds and resultant NIM improvement, together with cost rationalization were the key factors that have supported the earnings growth. DHFL’s 1HFY17 performance..

Oct 28th 2016

Hero MotoCorp Ltd

CMP : 3,314
Target Price : 3,541

We believe that HMCL volumes are expected to see further growth this year owing to the improved consumer sentiment. HMCL is expected to emerge as a strong beneficiary of the recovery in the rural economy as it has a strong presence in the rural region. Company holds more than 50% market share in the overall 2W industry which will also ben..

CMP : 273
Target Price : 351

Considering the various initiatives taken by the government like smart cities, housing for all by 2022, and push towards providing sanitation would create a new demand avenue for entry level or lower priced tiles (ceramic tiles). We expect AGIL to report net revenue CAGR of ~9% to ~ Rs1,182cr over FY2016-18E. On the bottom-line front, we ..

CMP : 811
Target Price : 1,000

HCL Technologies (HCL Tech) announced its results and they are more or less in line with expectations. The company posted a 1.9% sequential growth in USD revenues to US$1,722mn (V/s US$1,726mn expected and V/s US$1,691mn in 1QFY2017). On Constant Currency (CC) basis, the company posted a revenue growth of 2.8% qoq. The EBIT margins came i..

Oct 25th 2016

Wipro Ltd

CMP : 484
Target Price : 590

On the sales front, Wipro posted a 0.8% sequential de-growth in its IT Services revenues to US$1,916mn (V/s US$1,921mn expected v/s US$1,931mn in 1QFY2017). In Constant Currency (CC) terms, the company posted a qoq growth of 0.9%. In terms of verticals, Healthcare, Life Sciences & Services posted a CC qoq growth of 4.3%; while in term..

CMP : 2,398
Target Price : 2,620

TCS has announced its 2QFY2017 results and has posted a 0.3% sequential growth in USD revenues to US$4,374mn (V/s US $4,441mn expected). Though the results came in below expectations, the EBIT margins and net profit came in much higher than expected. The constant currency (CC) growth stands at 1.0% qoq, while the volume growth is at 1.3% ..

Oct 20th 2016

Infosys Ltd

CMP : 1,038
Target Price : 1,249

Infosys’ numbers for 2QFY2017 have come in higher than our expectations. Its revenue posted a 3.5% sequential growth to US$2,587mn (V/s US$2,561mn expected). In constant currency terms (CC), the sales grew by 3.9% qoq, while the volume grew by 4.0% (1QFY2017 qoq growth was 2.2%). On the operating margin front, the EBIT margins grew by 78b..