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Result Updates | Jan 18th 2016

Hindustan Unilever Ltd

CMP : 811Target Price :

Hindustan Unilever (HUL)’s performance for 3QFY2014 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 2.7% yoy to Rs7,981cr while the reported PAT grew ~6% yoy to Rs1,026cr. Key highlights: For 3QFY2016, HUL’s top-line rose by 2.7% yoy to Rs7,981cr. The soaps and detergents division posted a flat y..

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Result Updates | Jan 15th 2016

Tata Consultancy Services Ltd

CMP : 2,283Target Price : 2,854

TCS posted a lower than expected top-line for 3QFY2016, while the EBDITA and net profit were in line and higher than expected, respectively. The company posted a 0.3% sequential de-growth in USD revenues to US$4,145mn (V/s our expectation of US$4,177mn). In constant currency terms (CC), the company posted a qoq revenue growth of 0.5%, mai..

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Result Updates | Jan 13th 2016

Federal Bank Ltd

CMP : 50
Target Price :

Federal Bank reported a weak set of numbers for 3QFY2016. Its NII grew 3.1% yoy while profit declined on a yoy basis on account of decrease in non-interest income as well as higher provisions. Slippages at peak; NIM falls qoq During 3QFY2016, the bank witnessed a loan growth of 9.8% yoy, while deposits grew by 14.1% yoy. Growth in advance..

Initiating Coverage | Jan 05th 2016

Navkar Corporation Ltd

CMP : 208
Target Price : 265

Navkar Corporation (NCL) is one of the largest container freight station (CFS) at JNPT and also one of the three CFS with rail connectivity that provides it an edge over its peers. The current capacity stands at 310,000 TEUs and it has amongst the highest market share at JNPT mainly owing to this rail advantage. Post the IPO, the company ..

Initiating Coverage | Dec 22nd 2015

Gabriel India Ltd

CMP : 87
Target Price : 101

Gabriel India Ltd (Gabriel) is one of the leading manufacturers of ride control products viz shock absorbers, front forks and struts across automotive segments. It commands a market share of 25% in both two-wheelers and passenger vehicles and is the market leader in commercial vehicles segment with a 75% market share. Recovery in two-whee..

Initiating Coverage | Dec 21st 2015

Voltas Ltd

CMP : 304
Target Price : 353

Voltas is a market leader in the domestic air conditioning space. The Unitary Cooling Products (UCP) division dealing in air conditioning products contributes dominantly to the company’s overall revenues. The other two divisions are the Electro-Mechanical Projects (EMP) division and the Engineering Products Solutions division. Growth in U..

Initiating Coverage | Dec 17th 2015

Bharat Electronics Ltd

CMP : 1,206
Target Price : 1,414

Bharat Electronics (BEL) is a PSU and a leader in the domestic defense electronics space, with major proportion of its revenue coming in from the Indian Navy and Army. Defense spending at an inflexion point: After years of lull, government announced 15.4% yoy increase in Defense Capital Budget to Rs94,588cr. In our view, we are at an infl..

Result Updates | Nov 24th 2015

Tech Mahindra Ltd

CMP : 534
Target Price : 646

Tech Mahindra posted better than expected results for 2QFY2016. The company posted a 2.2% qoq growth in revenue to US$1,011mn V/s an expected US$1,004mn and V/s US$989mn in 1QFY2016. On the EBIDTA front, the EBITDA margin came in at 16.6% V/s 15.9% expected and V/s 14.9% in 1QFY2016. The company posted an EBIT margin of 13.7% V/s 13.1% ex..

Initiating Coverage | Nov 23rd 2015

Jamna Auto Industries Ltd

CMP : 234
Target Price : 258

Jamna Auto Industries (JAI) is engaged in the manufacturing of suspension products for commercial vehicles viz leaf springs and lift axles. It is the market leader in the MHCV OEM springs commanding market share of about 60%, while it has a 15% share in the aftermarket springs segment. Recovery in OEM segment coupled with aftermarket focu..

Result Updates | Nov 20th 2015

Dishman Pharmaceuticals and Chemicals Ltd

CMP : 329
Target Price :

For 2QFY2016, Dishman Pharmaceuticals and Chemicals (Dishman) posted lower than expected results on the sales front while a higher other income aided the net profit to come in marginally higher than expected. The company posted a 4.8% yoy dip in sales to Rs374cr V/s Rs392cr in 2QFY2015. Sales for 2QFY2016 declined 4.8% yoy to Rs374cr V/s ..

Result Updates | Nov 20th 2015

Hindalco Industries Ltd

CMP : 78
Target Price :

For 2QFY2016, Hindalco Industries (Hindalco)’ standalone revenues came in 3% ahead of our expectations, but the EBITDA disappointed, coming in 16% below our estimate. Net sales increased 4.3% yoy to Rs8,841cr, vs our expectation of a 2.5% yoy decline, led by strong increase in aluminium volumes and higher credits from by-products in the c..

Result Updates | Nov 20th 2015

Allahabad Bank

CMP : 74
Target Price :

Allahabad Bank reported a 25% growth in PAT for 2QFY2016, aided by higher net interest income and lower provisions along with stable asset quality. NIM improves qoq; Slippages remain elevated During 2QFY2016, the bank witnessed a modest growth of 6.3% yoy in its loan book, while deposits growth was sluggish at 1.5% yoy. CASA deposits grew..