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Company Reports

Result Updates | Feb 05th 2018

CCL Products India Ltd

CMP : 278Target Price : 360

For Q3FY18, CCL products (CCL) posted subdued set of results on a strong base of Q3FY17. The management expects a strong fourth quarter to achieve the yearly revenue growth guidance of 10%. Revenues degrew by ~5% yoy and while the operating margins were also lower on yearly basis. Outlook and Valuation: We maintain our estimates in view o..

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Result Updates | Feb 02nd 2018

Siyaram Silk Mills Ltd

CMP : 627Target Price : 813

For 3QFY2018, Siyaram Silk Mills (SSM) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~16% yoy (above our estimate). On the operating front, the company reported operating margin improvement. On the bottom-line front, SSM reported growth of ~64% yoy to `22cr on the ..

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Union Budget | Feb 01st 2018

CMP : 0
Target Price :

The budget for 2018-19 has reinforced the government’s agenda to bring reforms and improve macros. The FM maintained FY2018 fiscal deficit target of 3.5% and has set a target of 3.3% for FY2019, which is slightly higher than the earlier target of 3%. However, with improving tax compliance and GST collection, the target looks achievable. I..

Result Updates | Jan 27th 2018

Dewan Housing Finance Corporation Ltd

CMP : 596
Target Price : 720

Outlook and valuation: We expect the company to post a healthy loan book CAGR of 23% over FY2017-20E, which is likely to translate in earnings CAGR of 26%, over the same period. At the current level, the stock is valued at 1.7x FY2020E ABV. We maintain BUY on the stock, and retain our target price of `720. ..

Result Updates | Jan 25th 2018

KEI Industries Ltd

CMP : 400
Target Price : 486

For 3QFY2018, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~24% yoy (above our estimate), however, the company reported lower operating margins. On the bottom-line front, KEI reported growth of ~51% yoy to `39cr on the back of strong top-line ..

Result Updates | Jan 24th 2018

Navkar Corporation Ltd

CMP : 193
Target Price : 265

Navkar Corporation (Navkar) reported a good set of numbers for 3QFY2018. The consolidated top-line grew by ~16% yoy. On the operating front, the company reported a margin contraction on account of sharp increase in operating expenses. However, the net profit grew by ~21% yoy due to higher sales and lower interest cost. Outlook and Valuati..

Result Updates | Jan 22nd 2018

HCL Technologies Ltd

CMP : 958
Target Price : 1,014

HCL Tech, for 3QFY2018 the sales came in at US$1,988mn (v/s US$1,977mn expected and) v/s US$1,929mn in 2QFY2018, registering a qoq growth of 3.1%. In constant Currency (CC) terms, the company posted a qoq growth of 3.3%. On EBIT front, the company posted an EBIT of 19.6% (v/s 19.7% expected and) v/s 19.7% in 2QFY2018. Consequently, the PA..

Result Updates | Jan 16th 2018

Infosys Ltd

CMP : 1,080
Target 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..

Result Updates | Jan 15th 2018

Tata Consultancy Services Ltd

CMP : 2,773
Target 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..

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..