Company Reports

Saturday, January 19, 2019
CMP : 774.0000
Target Price : 890.0000

Aurobindo Pharma’s subsidiary Acrotech Biopharma has acquired portfolio Outlook & Valuations: On valuation front, the company paid almost 1.6xMarketCap/sales (on upfront payment), which we believe is very attractive. The addition whole US$140mn will be paid up if the sales for the two said above products reach US$800mn; which we believe is attractive. On the Operating …

Friday, January 11, 2019
CMP : 1889.0000
Target Price : 1889.0000

TCS posted a 0.7% sequential growth in USD revenues to US$5,250mn v/s US$5,215mn in 2QFY2019. In rupee terms, revenues came in at `37,338cr V/s `36,854cr, up 1.3% QoQ. In Constant Currency (CC) terms, the company posted a 1.8% QoQ growth. On profitability front, EBIT margin showed a dip of ~90bps QoQ to 25.6%. Consequently, PAT …

Monday, January 7, 2019
CMP : 573.0000
Target Price : 690.0000

RBL Bank (RBL), formerly Ratnakar Bank, was founded in 1943 and is a 75-year old bank now. Post induction of Mr. Vishwavir Ahuja, RBL has transformed from a small & regional bank to a new age bank with all the products and technologies that any private bank has to offer. The bank’s advances have registered …

Wednesday, January 2, 2019
CMP : 620.0000
Target Price : 750.0000

Axis is the third-largest private sector bank in India in terms of asset size, with a balance sheet of ~7.1 lakh cr and advances of 4.48 lakh cr (of which retail contributes 48.6%). It has a network of over 3,882 branches with CASA of 47.7%. The appointment of Amitabh Chaoudhary as MD & CEO for …

Monday, November 19, 2018
CMP : 780.0000
Target Price : 855.0000

For 2QFY2019, Aurobindo Pharma (APL), the company posted sales of `4,667cr v/s. `4,354cr in 2QFY2018, a yoy growth of 7.2%. On the operating front, the EBITDA margin came in at 18.8% v/s. 23.8% in 2QFY2018. YoY decline is on the back of sales of certain high margin products in 2QFY18. Sequentially EBDITA margins expanded by …

Monday, November 19, 2018
CMP : 462.0000
Target Price : 555.0000

VIP Industries Ltd (VIP) is the largest luggage player in India with ~50%+ market share in the organised market. It has been able to create successful sub brands like Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese. We feel that the company is in very sweet spot where it is gaining market share from unorganised …

Thursday, November 15, 2018
CMP : 1250.0000
Target Price : 1450.0000

Outlook & Valuation: We believe AAL is comfortably placed to tap the upcoming opportunity in the industry owing to improving road infra, BS-VI pre-buying and foray into new segment coupled with expansion of capacity by 35-40%. At the CMP of Rs1,250, the stock is available at 12.3x its FY2020E EPS of Rs96. We have assigned …

Thursday, November 15, 2018
CMP : 175.0000
Target Price : 320.0000

Outlook & Valuation: We have positive view on steel and power sectors on long term basis and expect JSPL to perform well in coming years owing to ramp up of Angul plant and realization in steel segment. We also expect power segment to perform well on account of improving power demand situation and various effort …

Thursday, November 15, 2018
CMP : 374.0000
Target Price : 549.0000

For 2QFY2019, Siyaram Silk Mills (SSML) posted subdued set of results, which were below our expectations on both, top-line as well as bottom-line fronts. Revenue grew ~9% yoy. On the margin front, the company reported operating margin contraction by 173bps yoy. On the bottom-line front, SSML reported de-growth of ~11% yoy to ~`27cr due to …

Thursday, November 15, 2018
CMP : 108.0000
Target Price : 149.0000

For 2QFY2019, Ashok Leyland Ltd (ALL) posted good set of results both on top-line as well as bottom-line fronts. Revenue grew by 25.8% yoy to `7,608cr. On the bottom-line front, ALL reported PAT growth of 37.5% yoy to `460cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We …

Thursday, November 15, 2018
CMP : 770.0000
Target Price : 1050.0000

For 2QFY2019, M&M posted subdued performance on both, top-line as well as bottom-line fronts. Revenues grew by ~7% yoy to `12,989cr. On the bottom-line front, M&M reported growth of ~26% yoy to `1,649cr on the back of one time exceptional income and lower taxes. Outlook and Valuation: We expect M&M to report net revenue …

Monday, November 12, 2018
CMP : 380.0000
Target Price : 498.0000

For 2QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 3.5% yoy to `163cr due to subdued ad revenue growth. On the operating front, margins contracted by 428bp yoy, which resulted in PAT de-growth of ~6% yoy to `30cr. Outlook and …

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