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CMP : 275Target Price :

For 2QFY2016, Hindustan Media Ventures Ltd (HMVL) reported earnings above our estimates. The top-line growth was healthy with strong growth in advertising and circulation revenue. Advertising revenue growth for the quarter was strong due to pick-up in ad spends by industries. On the operating front, the company’s performance was strong, w..

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Oct 27th 2015

Idea Cellular Ltd

CMP : 141Target Price :

Idea Cellular (Idea)s 2QFY2016 results have come in broadly in line with our estimates. The average Minutes of Use (MOU) dipped 5.4% qoq to 386min/subscriber/month (due to seasonality issues and increasing rural penetration), the average revenue per min (ARPM) grew 1.8% sequentially to Rs0.45, and thereby the average revenue per user (ARP..

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Oct 27th 2015

Inox Wind Ltd

CMP : 390
Target Price : 505

Inox Wind (IWL) reported a strong set of numbers for 2QFY2016. Its top-line grew by 85.6% yoy to Rs1,008.2cr, led by 212MW of wind turbine generator (WTG) sales (increase of 86% yoy) during the quarter as against 114MW of WTGs supplied during 2QFY2015. The commissioning of the 140MW of WTG (increase of 367% yoy) during the quarter (as aga..

Oct 27th 2015

ACC Ltd

CMP : 1,397
Target Price : 1,630

ACC’s net sales during 3QCY2015 remained flat yoy at Rs2,740cr, but were above our expectation of Rs2,686cr. Volumes declined by 0.2% yoy to 5.61mt (vs our expectation of 5.56mt); and realization/tonne declined by 1.8% yoy to Rs4,438 (in line with our estimate of Rs4,429), mainly due to muted demand for cement. The EBITDA at Rs313.6cr has..

Oct 26th 2015

Hindustan Zinc Ltd

CMP : 158
Target Price : 175

For 2QFY2016, Hindustan Zinc (HZL) reported a 4% increase in revenue at Rs3,908cr (~6% ahead of our estimate of Rs3,693cr). The outperformance was led by better than expected volumes with refined zinc production at 211,000MT, increasing 17% yoy. The EBITDA came in at Rs2,164cr, 16% ahead of our estimate of Rs1,874cr, led by better than ex..

Oct 26th 2015

Petronet LNG Ltd

CMP : 193
Target Price : 210

For 2QFY2016, Petronet LNG (PLNG)’s EBITDA came in ahead of our expectation at Rs467cr, as against our estimate of Rs389cr, led by higher-than-expected contribution margin. The EBITDA declined 10% yoy but was up 29% sequentially. Contribution margin for the quarter came in at Rs37.4/MMBTU as against Rs42.0/MMBTU in the corresponding quart..

Oct 26th 2015

Bajaj Auto Ltd

CMP : 2,514
Target Price : 2,672

Results marginally ahead of estimates on strong operating performance: Bajaj Auto (BAL)’s 2QFY2016 results have come in marginally ahead of our estimates, owing to a robust operating performance, despite flattish volumes and high competitive intensity. Revenues grew marginally by 2% yoy to Rs6,098cr, coming slightly ahead of our estimates..

Oct 23rd 2015

JSW Steel Ltd

CMP : 906
Target Price :

Steel price declines hurt margins: JSW Steels standalone revenues for 2QFY2016 come in at Rs9,653cr, in line with our estimate of Rs9,345cr. Raw Material expenses for the quarter, at ~Rs5,458cr, are 2.5% below our expectation, led by decline in iron ore and coking coal prices. The EBITDA however declined by 40% yoy, owing to a sharp decli..

Oct 23rd 2015

HDFC Bank Ltd

CMP : 1,095
Target Price : 1,265

HDFC Bank continued its trend of delivering consistent earnings performance quarter after quarter. For 2QFY2016, it registered a net profit growth of 20.5% yoy which is in line with our expectation. Advances grow strongly; Asset quality top-notch: During 2QFY2016, the loan book grew at a rapid pace, ie by 27.9% yoy. Retail growth picked f..

Oct 23rd 2015

Hero MotoCorp Ltd

CMP : 2,619
Target Price :

Hero MotoCorp (HMCL)s 2QFY2016 results have come in ahead of our estimates with the company positively surprising on the operating margin front. Revenues declined by 1% yoy to Rs6,837cr, although they are marginally ahead of our estimate of Rs6,657cr. While volumes declined by 7% yoy, the realization/vehicle grew 6% yoy on account of pric..

CMP : 955
Target Price : 1,050

Reliance Industries (RIL) net sales declined 35% to Rs70,901cr (15.3% ahead of street estimate) as against Rs109,797cr in the corresponding quarter last year due to fall in crude oil prices. EBITDA however increased 9% yoy to Rs10,704, way ahead of consensus estimate led by strong gross refining margins (GRM) and better than expected EBIT..

CMP : 153
Target Price : 181

The Byke Hospitality Ltd (Byke) is an India based hospitality services company. The company operates under two business segments – 1) managing hotels and 2) room chartering. Investment Arguments Asset light business model: Byke has 11 properties as of now, of which, 9 properties are on a long term lease of over 10-15 years. In the last 5 ..