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Initiating Coverage | Dec 21st 2015

Voltas Ltd

CMP : 304Target 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..

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Initiating Coverage | Dec 17th 2015

Bharat Electronics Ltd

CMP : 1,206Target 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..

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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..

Result Updates | Nov 20th 2015

Canara Bank

CMP : 270
Target Price :

In its 2QFY2016 results, Canara Bank reported a decline in PAT by 15.6% yoy, mainly due to higher provisions and surge in operating expenses. Loan book grows at a slow pace; NIM rises qoq During 2QFY2016, the bank’s loan book grew by 3.9% yoy with retail loan book growing at a faster pace at 14.3% yoy. The C-D ratio came down to 66.6% fro..

Result Updates | Nov 20th 2015

NTPC Ltd

CMP : 133
Target Price : 157

For 2QFY2016, NTPC’s net sales increased by 6.9% yoy to Rs17,723cr (2.4% below our estimate; and as against Rs16,582cr in the corresponding quarter of last year) led by a 6% yoy increase in coal PLF. Coal PLF improved 407bp to 77.3% as against 73.2% last year. Gas PLF however continued to fall, coming in at 25.7% as against 33.4% last yea..

Result Updates | Nov 19th 2015

GAIL (India) Ltd

CMP : 309
Target Price :

Gail reported a weak set of numbers for 2QFY2016 with the EBITDA coming in 18% below our estimate. While overall volumes were in line with our expectations, petchem volumes surprised positively, increasing by 68% qoq. The revenue for the quarter, at Rs14,165cr, is in line with our estimate of Rs14,271cr. Gas trading realisations declined ..

Initiating Coverage | Nov 18th 2015

Navneet Education Ltd

CMP : 88
Target Price : 97

Navneet Education’s is primarily engaged in the business of publishing educational material, in both print and digital formats. The company also manufactures paper and non-paper stationary products. Investment Arguments Business expansion to mitigate cyclical risk: NEL’s Publication business is seasonal in nature and any strong growth is ..

Result Updates | Nov 18th 2015

Motherson Sumi Systems Ltd

CMP : 281
Target Price : 313

For 2QFY2016, Motherson Sumi Systems Ltd (MSS)’s results have come in ahead of estimates. The top-line grew strongly by 15% yoy led by robust growth in SMP and pick up in the standalone business. Given the healthy revenue growth and soft commodity prices, the adj net profit grew at a faster pace of 27% yoy. Top-line growth remains strong:..