Kotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
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- Leonard Domenic James
- 6 years ago
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1 BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) M.Cap. (US$ b) January QFY12 Results Update Sector: Financials Kotak Mahindra Bank CMP: INR495 TP: INR429 Neutral Kotak Mahindra Bank (KMB) posted 21% YoY (7% QoQ) growth in 3QFY12 consolidated PAT to INR4.6b. Excluding profit from the life insurance business, PAT grew 16% YoY (8% QoQ) to INR4.2b. Profitability of lending business remained strong, with robust loan growth and superior asset quality performance. Contribution of lending operations to consolidated profit increased further to ~83% (as compared with ~80% in 1HFY12). Consolidated loans grew 31.8% YoY and 4.5% QoQ to INR528b, driven by strong sequential growth in personal, agriculture and home loans. Reported margin contracted by 10bp QoQ to 4.7%. KMB's (standalone bank) deposits grew 36% YoY and 6% QoQ to INR384b. CASA ratio improved to 27.7% from 25.7% on account of healthy 24% QoQ increase in savings bank balances boosted by high interest rates offered on savings bank deposits post deregulation of savings bank rates. Profit from the life insurance business continued to grow on a YoY basis, but declined QoQ to INR470m from INR530m in the previous quarter. In line with the industry scenario, profitability of capital market related businesses remains under pressure. Valuation and view: KMB is likely to remain on a strong growth path, led by corporate, home and CV loans. We expect the bank to report ~29% CAGR in loan growth over FY Cost-to-income ratio is likely to remain above 50%, led by aggressive branch expansion and marketing campaign for savings deposits. Lending business will continue to drive profitability and we expect the contribution of lending business to remain high at 80%+. The stock trades at 2.4x FY13E consolidated BV and 17x FY13E consolidated EPS. Given the rich valuations, we maintain Neutral, with an SOTP-based target price of INR429. ; Quarterly numbers may vary from annual numbers due to difference in reporting Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com) Umang Shah (Umang.Shah@MotilalOswal.com)
2 Lending business: Profit growth remains buoyant; Reported margins decline 10bp QoQ The consolidated profits in the lending business grew 35% YoY and 9% QoQ to INR3.8b, of which standalone PAT for the banking business grew 47% YoY and 6% QoQ to INR2.6b. Strong YoY PAT growth was driven by (1) Robust traction in non-interest income (up 71% YoY and 33% QoQ) for standalone bank (2) Strong consolidated loan growth (up 32% YoY and 5% QoQ) and (3) stable asset quality resulting into lower credit costs. Reported consolidated margins contracted 10bp QoQ to 4.7% as cost pressures continued to mount. During the quarter, the bank raised interest rates on savings bank deposits up to 5.5%-6.0%, which too contributed to the increase in interest expenses. Lending business: Strong business growth; Healthy asset quality Standalone bank loans grew 7% QoQ and 36% YoY to INR398b, while the consolidated loan book grew 5% QoQ and 2% YoY to INR528b. Robust asset growth was driven by strong growth in the agri segment (in order to meet the priority sector target towards the year end), personal loan and home loan segments. Standalone bank GNPAs remained stable QoQ in absolute terms, while consolidated GNPA (ex stress assets) in absolute terms increased by 7% QoQ. Consolidated GNPA (ex stress assets) ratio remained largely steady at 0.95% v/s 0.93% a quarter ago. Provision coverage ratio (including technical write offs) for the standalone bank stood healthy at ~70% levels. KMPL's (NBFC car financing business) 3QFY12 PAT grew 11% YoY and 16% QoQ to INR1.04b. KMPL's loans grew 19% YoY but declined marginally 1% QoQ to INR124b. Strong growth driven by Agri, personal and home loan segments Consolidated asset book grew 32% YoY (INR m) 3QFY12 3QFY11 YoY Gr % 2QFY12 QoQ Gr % Commercial Vehicles 75,400 55, , Car Loans (KPrime) 97,710 79, , Personal Loans 16,890 12, , Home loans 79,350 66, , Corp Banking 166, , , Agri 48,940 37, , Others 43,200 32, , Total Loans 528, , , Invt / Treasury Assets 199, , , Loan Mix (Dec-11, %) Overall loan mix has remained fairly stable 25 January
3 Asset quality remains healthy (Consolidated) Management expects asset quality to remain strong, due to higher share of collateralized loan and improved risk management practices Banking: Lower credit cost and healthy loan growth driving profitability KMB standalone PAT grew 47% YoY and 6% QoQ to INR2.6b. Strong YoY PAT growth was driven by (1) Robust traction in non-interest income (up 71% YoY and 33% QoQ) (2) Strong loan growth (up 36% YoY and 7% QoQ) and (3) stable asset quality resulting into lower credit costs. Standalone bank loans grew 7% QoQ and 36% YoY to INR398b, driven by strong sequential growth in the agri loan (up 16% YoY and 15% QoQ; in order to meet the priority sector target towards the year end), personal loan (up 29% YoY and 13% QoQ) and home loan (up 15% YoY and 5% QoQ) segments. The management has maintained its guidance of 30% loan growth for FY12 and expects 25-30% loan growth for FY13. Strong traction in Savings account deposits in a de-regularized environment; though still early days KMB's deposits grew 36% YoY and 6% QoQ to INR384b. Importantly, CASA ratio improved to 27.7% from 25.7% on account of healthy 24% QoQ increase in the savings bank balances. This is a result of high interest rates offered by the bank on the savings bank deposits. However, the sustainability of the accretion of the savings bank deposits going forward will remain a key monitorable. Reported margins contracted 10bp QoQ to 4.7% as cost pressures continued to mount. During the quarter, the bank raised interest rates on savings bank deposits up to 5.5%-6.0%, which too partially contributed towards a 15% QoQ increase in interest expenses. During the quarter, the bank added 7 branches taking the total number of branches to 330. KMB plans to achieve a branch network of 360 branches by FY12 and 500 branches by CY13. Healthy non interest income growth; Asset quality performance remains impressive Non-interest income increased steeply by 71% YoY and 33% QoQ to INR2.8b on the back of strong income on foreign exchange transactions, income from stressed assets recovery and investment income. Standalone bank GNPAs remained stable QoQ in absolute terms. Provision coverage ratio (including technical write offs) for the standalone bank stood healthy at ~70% levels. 25 January
4 Kotak Prime - Loans decline QoQ Kotak Prime's total income grew 12% QoQ and 23% YoY to INR4.7b in 3QFY12. KMPL PAT grew 11% YoY and 16% QoQ to INR1.04b. Auto loans were up 22% YoY, but down marginally by 1% QoQ to INR97b. Growth in other loans moderated to 8% YoY, as it declined 3% QoQ to INR26b. Overall loans grew 19% YoY and declined 1% QoQ to INR124b. Net NPAs on car finance remained stable QoQ at 0.2%. Overall loan portfolio remained largely stable QoQ KPrime's auto loan portfolio remained largely flattish on a QoQ basis Trend in PAT (INR m) KPrime's profitability improved sequentially 25 January
5 Capital market business and Asset management business remains under pressure K-Sec PAT declined 49% YoY and 17% QoQ to INR240m. Average daily volumes declined to INR41.6b from INR42.6b in 2QFY12. KSEC's market share remained stable at 2.9% on a sequential basis. Investment Banking reported PAT of INR40m v/s a net loss of INR40m in 2QFY12 and INR76m in 3QFY11. Overall AUMs declined QoQ to INR487b v/ s INR505b in 2QFY12. PAT from the AMC business stood at INR30m v/s INR70m in 2QFY12 and INR56m in3qfy11. K-Sec: Market share holding up (%) K-Sec: Earnings trend Pressure on K-Sec's profitability persists KMCC: Earnings trend IB business reports profit but overall profitability remains weak 25 January
6 Domestic AUMs decline QoQ (INR b) Both Equity as well as PMS AUMs witness decline QoQ MF AUMs declines QoQ (INR b) The QoQ declining trend in MF AUMs has continued during YTD FY12 period Life Insurance: PAT of INR470m for 3QFY12 and INR1.5b for 9MFY12 Kotak Life Insurance premium income increased 4.6% YoY but declined 5.5% QoQ to INR6.4b in 3QFY12. First year regular premium declined 18.1% YoY and 10.5% QoQ to INR1.5b. Renewal to total premium ratio improved marginally to 64.6% v/s 63% a quarter ago (and down from 69% a year ago). Life insurance business reported PAT of INR470m v/s INR530m a quarter ago and INR236m in 3QFY11. AUM of life insurance business remained stable QoQ to INR82b and increased from INR78b a year ago. Trend in segment-wise profitability Pressure on capital market related profitability continued to persist. The broking business witnessed a sequential decline in profits, while IB business recouped the losses incurred in the previous quarter, the overall profitability continued to remain weak. As a result, contribution of lending business in overall profitability remained high at ~83%. Considering challenging scenario for capital market and asset management related business, lending business will continue to be a largest (75%+) contributor to profitability. Share of asset management business continues to head downwards. On the back of competitive pressures, the share of capital market and asset management will remain tepid. Strong growth in lending business will continue to drive overall growth. 25 January
7 Trend in segment-wise profitability Key takeaways from the management concall Management feels that the ground reality not as bad as the mood. Management expects to achieve 30%+ loan growth for FY12 and 25-30% loan growth for FY13 seems feasible. KMB does not have any exposure to the aviation sector. In terms of exposure to the infrastructure sector, KMB has exposure in the form of short term working capital loans and transaction banking. It does not have any exposure in the form of project loans. Strong fee income momentum was on account of traction in income from foreign exchange transactions, stressed asset recovery and profit on sale of investments. Initial response post the de-regulation of savings bank rate has been positive, but it would be premature to comment on whether the initial trends would sustain or not. Non-banking financial services business is currently facing a challenging environment. Management believes the business is at its trough; it may not deteriorate further but improvement too may not be very soon. Valuation and view KMB is likely to remain on a strong growth path with focus on growth across segments. However, in our view, corporate, home loans and CV loans will be key growth drivers. We expect the bank to report ~29% CAGR in loan growth over FY Cost to income ratio for the bank is expected to remain above 50% led by aggressive branch expansion and marketing campaign for savings deposits. 25 January
8 Capital market related business pressure on profitability to persist led by heightened competition across the sector. Lending business will continue to drive profitability and we expect its contribution to remain high at 80%+. We expect consolidated earnings CAGR of ~15% over FY11-13 and expect the bank to report consolidated EPS of INR24 in FY12 and INR28 in FY13 and consolidated BV of INR172 and INR200 in FY12 and FY13 respectively. Stock trades at 2.4x FY13E consolidated BV and 17x FY13E consolidated EPS. On back of rich valuation we continue to maintain Neutral with SOTP based target price of INR January
9 25 January
10 Financials and Valuation 25 January
11 Financials and Valuation 25 January
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BSE SENSEX S&P CNX 16,420 4,966 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,144/536 1,6,12 Rel. Perf. (%) -6/37/53 M.Cap. (INR b) 66.7 M.Cap. (USD b) 1.3 11 May 2012 4QFY12 Results Update
More informationIdea Cellular. CMP: INR81 TP: INR Under Review
BSE SENSEX S&P CNX 16,918 5,128 Bloomberg IDEA IN Equity Shares (m) 3,308.8 52-Week Range (INR) 104/71 1,6,12 Rel. Perf. (%) 6/-13/4 M.Cap. (INR b) 268.0 M.Cap. (USD b) 4.8 25 July 2012 1QFY13 Results
More informationCMP: INR415 TP: INR 471 BUY
04 Mar 2013 Update Sector: Technology Wipro CMP: INR415 TP: INR 471 BUY Pipeline and deal signings suggest improvement in growth; Multiple levers and focus on productivity will cushion margin headwinds
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28 July 2011 1QFY12 Results Update Sector: FMCG BSE SENSEX S&P CNX 18,210 5,488 Dabur India CMP: INR106 TP: INR94 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.0 52-Week Range (INR) 122/87 1,6,12
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BSE SENSEX S&P CNX 17,633 5,348 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 404/294 1,6,12 Rel. Perf. (%) -4/4/-15 M.Cap. (INR b) 2,198.1 M.Cap. (USD b) 39.7 14 August 2012 1QFY13 Results
More informationRaymond. Restructuring initiatives bearing fruit; Land bank base case value INR147/share; Reiterate Buy. CMP: INR385 TP: INR462 Buy
14 June 2012 Update Raymond CMP: INR385 TP: INR462 Buy Restructuring initiatives bearing fruit; Land bank base case value INR147/share; Reiterate Buy We met the management of Raymond (RW IN, Mkt Cap USD0.4b,
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BSE SENSEX S&P CNX 16,070 4,870 Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 515/322 1,6,12 Rel. Perf. (%) -3/30/-4 M.Cap. (INR b) 119.2 M.Cap. (USD b) 2.2 17 May 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 16,706 5,064 19 June 2012 Annual Report Update Sector: Financials Punjab National Bank CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights
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BSE Sensex S&P CNX 19,561 5,923 Bloomberg SAIL IN Equity Shares (m) 4,130.4 M.Cap. (INR b)/(usd b) 334.6/6.2 52-Week Range (INR) 116/76 1,6,12 Rel. Perf. (%) -11/-17/-38 Financials & Valuation (INR b)
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BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
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BSE SENSEX S&P CNX 19,164 5,678 Bloomberg IDEA IN Equity Shares (m) 3,316.2 M.Cap. (INR b) / (USD b) 513.7/8.4 52-Week Range (INR) 176/72 1, 6, 12 Rel. Per (%) 12/45/83 Financials & Valuation (INR Billion)
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24 April 2012 Update CMP INR TP INR TRIBHOVANDAS BHIMJI ZAVERI Pure jewellery retail play with strong brand; Execution risks priced in; Subscribe (TBZ) is a pure play on the fast-growing branded jewellery
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BSE SENSEX S&P CNX 18,431 5,598 Bloomberg MSIL IN Diluted Equity Shares (m) 302.1 52-Week Range (INR) 1,498/906 1,6,12 Rel.Perf.(%) 5/-5/20 M.Cap. (INR b) 421.3 M.Cap. (USD b) 7.8 31 October 2012 2QFY13
More informationCMP: INR350 TP: INR375 Downgrade to Neutral
BSE Sensex S&P CNX 19,497 5,897 Bloomberg COAL IN Equity Shares (m) 6,316.4 M.Cap. (INR b)/(usd b) 2,211/41 52-Week Range (INR) 386/301 1,6,12 Rel. Perf. (%) 1/-11/-5 Financials & Valuation (INR b) Y/E
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4QFY12 Results Update Sector: Metals Monnet Ispat BSE SENSEX S&P CNX 16,328 4,943 CMP: INR449 TP: INR518 Neutral Bloomberg MISP IN Equity Shares (m) 64.4 52-Week Range (INR) 561/305 1,6,12 Rel. Perf. (%)
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BSE SENSEX S&P CNX 17,144 5,200 Bloomberg STR IN Equity Shares (m) 57.7 52-Week Range (INR) 794/276 1,6,12 Rel. Perf. (%) -2/37/98 M.Cap. (INR b) 41.4 M.Cap. (USD b) 0.7 31 July 2012 2QCY12 Results Update
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BSE SENSEX S&P CNX 17,749 5,382 Bloomberg TPWR IN Equity Shares (m) 2,373.3 52-Week Range (INR) 135/81 1,6,12 Rel. Perf. (%) 10/-5/-10 M.Cap. (INR b) 263.9 M.Cap. (USD b) 5.3 13 February 2012 3QFY12 Results
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BSE Sensex S&P CNX 22,095 6,601 CMP: INR889 26 March 2014 Update Sector: Consumer Not Rated Urban demand revives; Akzo gaining market share Reiterates focus on Profitable growth Urban demand for Decorative
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BSE Sensex S&P CNX 19,152 5,797 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b)/(usd b) 158/2.9 52-Week Range (INR) 338/223 1,6,12 Rel. Perf. (%) 12/-3/26 Financials & Valuation (INR b) Y/E March
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BSE SENSEX S&P CNX 16,913 5,114 Bloomberg GPL IN Equity Shares (m) 78.0 52-Week Range 845/570 1,6,12 Rel. Perf. (%) 0/-9/-2 M.Cap. (INR b) 46.4 M.Cap. (USD b) 0.9 4QFY12 Results Update Sector: Real Estate
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BSE Sensex S&P CNX 19,561 5,923 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 72.0/1.3 52-Week Range 3,240/1,620 1,6,12 Rel. Perf. (%) -4/17/40 Financials & Valuation (INR b) Y/E Dec 2013E
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BSE SENSEX S&P CNX 18,625 5,664 29 October 2012 2QFY13 Results Update Sector: Consumer Dabur India CMP: INR130 TP: INR135 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.7 52-Week Range (Rs) 139/92
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BSE SENSEX S&P CNX 17,151 5,202 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 4/15/16 M.Cap. (INR b) 87.0 M.Cap. (USD b) 1.7 26 April 2012 4QFY12 Results Update
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BSE SENSEX S&P CNX 16,439 4,990 4QFY12 Results Update Sector: Metals Steel Authority of India CMP: INR93 TP: INR99 Sell Bloomberg SAIL IN Equity Shares (m) 4,130.4 52-Week Range (INR) 151/73 1,6,12 Rel.
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BSE SENSEX S&P CNX 18,817 5,724 Bloomberg HNDL IN Equity Shares (m) 1,990.0 52-Week Range (INR) 165/100 1,6,12 Rel. Perf. (%) -9/-18/-26 M.Cap. (INR b) 224.9 M.Cap. (USD b) 4.1 Consolidated 2QFY13 Results
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BSE Sensex S&P CNX 19,608 5,933 Bloomberg UT IN Equity Shares (m) 2,438.8 M.Cap. (INR b)/(usd b) 70/1.3 52-Week Range (INR) 41/18 1,6,12 Rel. Perf. (%) -27/24/-13 Financials & Valuation (INR b) Y/E March
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BSE SENSEX S&P CNX 17,849 5,416 Bloomberg SUNP IN Equity Shares (m) 1,035.6 52-Week Range (INR) 566/404 1,6,12 Rel. Perf. (%) -3/10/31 M.Cap. (INR b) 573.7 M.Cap. (USD b) 11.6 15 February 2012 3QFY12 Results
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BSE SENSEX S&P CNX 18,197 5,482 29 July 2011 1QFY12 Results Update Sector: FMCG Hindustan Unilever CMP:INR324 TP:INR302 Neutral Bloomberg HUVR IN Equity Shares (m) 2,159.5 52-Week Range (INR) 347/250 1,6,12
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BSE SENSEX S&P CNX 18,755 5,698 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 745/370 1,6,12 Rel. Perf. (%) 4/17/67 M.Cap. (INR b) 246.4 M.Cap. (USD b) 4.6 5 November 2012 2QFY13 Results
More informationOberoi Realty. CMP: INR269 TP: INR320 Buy
BSE SENSEX S&P CNX 18,682 5,684 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 13/-7/7 M.Cap. (INR b) 88.3 M.Cap. (USD b) 1.6 22 October 2012 2QFY13 Results
More informationKotak Mahindra Bank. Source: Company Data; PL Research. PE (x) Net dividend yield (%) Source: Bloomberg
Higher operating expenses affect bottomline January 21, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs419 Target
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BSE SENSEX S&P CNX 17,384 5,254 Bloomberg JSTL IN Equity Shares (m) 223.1 52-Week Range (INR) 885/464 1,6,12 Rel. Perf. (%) -5/-12/-10 M.Cap. (INR b) 149.5 M.Cap. (USD b) 2.7 Valuation summary (INR b)
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BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
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BSE SENSEX S&P CNX 17,773 5,390 Bloomberg PF IN Equity Shares (m) 217.1 52-Week Range (INR) 364/125 1,6,12 Rel. Perf. (%) 9/-49/-29 M.Cap. (Rs b) 38.4 M.Cap. (US$ b) 0.8 14 February 2012 2QFY12 Results
More informationCity Union Bank BUY. 24 February 2016 INR82
SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target
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BSE SENSEX S&P CNX 16,439 4,990 Bloomberg PHNX IN Equity Shares (m) 144.8 52-Week Range (INR) 229/149 1,6,12 Rel. Perf. (%) -8/-5/10 M.Cap. (INR b) 26.8 M.Cap. (USD b) 0.5 30 May 2012 4QFY12 Results Update
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BSE Sensex S&P CNX 20,224 6,157 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b)/(usd b) 20.5/0.4 52-Week Range (INR) 342/202 1,6,12 Rel. Perf. (%) 6/-15/-23 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg ITC IN Equity Shares (m) 7,738.1 52-Week Range (INR) 211/149 1,6,12 Rel. Perf. (%) 3/23/38 M.Cap. (INR b) 1,601.0 M.Cap. (USD b) 32.1 21 January 2012 Results Update
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BSE SENSEX S&P CNX 17,605 5,326 Bloomberg TMX IN Equity Shares (m) 119.2 52-Week Range (INR) 720/388 1,6,12 Rel. Perf. (%) 14/1/-21 M.Cap. (INR b) 60.3 M.Cap. (USD b) 1.1 3 February 2012 3QFY12 Results
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BSE Sensex S&P CNX 19,722 5,995 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 88.1/1.6 52-Week Range (INR) 3,285/1,620 1,6,12 Rel. Perf. (%) 10/20/36 Financials & Valuation (INR b) Y/E
More informationShree Renuka Sugars. CMP: INR41 TP: INR50 Buy
BSE SENSEX S&P CNX 18,202 5,532 Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 87/23 1,6,12 Rel. Perf. (%) 14/-39/-51 M.Cap. (INR b) 27.3 M.Cap. (USD b) 0.6 16 February 2012 5QSY12 Results
More informationAmara Raja Batteries. CMP: INR517 TP: INR560 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg AMRJ IN Equity Shares (m) 170.8 M.Cap. (INR b) / (USD b) 88.2/1.4 52-Week Range (INR) 520/208 1, 6, 12 Rel. Per (%) 5/21/97 Financials & Valuation (INR Million)
More informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg GCPL IN Equity Shares (m) 323.6 52-Week Range (INR) 464/325 1,6,12 Rel. Perf. (%) 3/3/16 M.Cap. (INR b) 135.6 M.Cap. (USD b) 2.7 24 January 2012 3QFY12 Results
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BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
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BSE Sensex S&P CNX 19,990 6,069 Bloomberg LPC IN Equity Shares (m) 447.6 M.Cap. (INR b)/(usd b) 324.5/6.0 52-Week Range (INR) 739/507 1,6,12 Rel. Perf. (%) 9/18/13 Financials & Valuation (INR b) Y/E March
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BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
More informationCMP: INR401 TP: INR516 Buy. * After ESOP charges; # Axon consolidated in December 2008
19 October 2011 1QFY12 Results Update Sector: Technology BSE SENSEX S&P CNX 16,748 5,038 Bloomberg HCLT IN Equity Shares (m) 700.9 52-Week Range (INR) 528/360 1,6,12 Rel. Perf. (%) 4/-1/7 M.Cap. (INR b)
More informationGodrej Properties. CMP: INR368 TP: INR420 Neutral
BSE SENSEX S&P CNX 21,034 6,252 Bloomberg GPL IN Equity Shares (m) 99.6 M.Cap. (INR b) / (USD b) 36.4/ 0.7 52-Week Range (INR) 641/340 1, 6, 12 Rel. Per (%) -1/-44/-47 Financials & Valuation (INR b) Y/E
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BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
More informationKotak Mahindra Bank. Healthy operating performance. Source: Company Data; PL Research
Healthy operating performance May 06, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs422 Target Price Rs485
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BSE SENSEX S&P CNX 19,636 5,940 Cummins India CMP: INR504 TP: INR585 Buy LHP products to be an important growth driver Cross service charges at INR100-200m/quarter 20 February 2013 Update Sector: Capital
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BSE Sensex S&P CNX 19,772 5,995 Bloomberg DRRD IN Equity Shares (m) 169.2 M.Cap. (INR b)/(usd b) 344/6.3 52-Week Range (INR) 2,151/1,528 1,6,12 Rel. Perf. (%) -2/9/0 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 16,839 5,100 Bloomberg BCORP IN Equity Shares (m) 77.0 52-Week Range (INR) 348/211 1,6,12 Rel. Perf. (%) -5/-19/-25 M.Cap. (INR b) 16.6 M.Cap. (USD b) 0.3 30 July 2012 1QFY13 Results
More informationCMP: INR865 TP: INR1,015 (+17%) Buy Building blocks for strong growth
BSE SENSEX S&P CNX 29,647 9,174 Stock Info Bloomberg KMB IN Equity Shares (m) 1,840 52-Week Range (INR) 885 / 656 1, 6, 12 Rel. Per (%) 5/5/10 M.Cap. (INR b) 1,580.8 M.Cap. (USD b) 24.4 Avg Val, INRm 1618
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BSE SENSEX S&P CNX 18,636 5,666 Bloomberg BHEL IN Equity Shares (m) 2,447.6 52-Week Range (INR) 368/198 1,6,12 Rel. Perf. (%) -7/-7/-35 M.Cap. (INR b) 556.2 M.Cap. (USD b) 10.3 30 October 2012 2QFY13 Results
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BSE SENSEX S&P CNX 16,439 4,990 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 422/294 1,6,12 Rel. Perf. (%) -4/-3/-7 M.Cap. (INR b) 2,033.9 M.Cap. (USD b) 36.4 30 May 2012 4QFY12 Results
More informationMaruti Suzuki. CMP:Rs1,327 TP:Rs1,625 Buy
25 April 2011 4QFY11 Results Update Sector: Automobiles Maruti Suzuki BSE SENSEX S&P CNX 19,584 5,875 Bloomberg MSIL IN Diluted Equity Shares (m) 289.0 52-Week Range (Rs) 1,600/1,126 1,6,12 Rel.Perf.(%)
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31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
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3QFY11 Results Update SECTOR: FMCG BSE SENSEX S&P CNX 18,022 5,417 Bloomberg DABUR IN Equity Shares (m) 1,738.0 52-Week Range (Rs) 112/79 1,6,12 Rel. Perf. (%) 5/-5/2 M.Cap. (Rs b) 160.8 M.Cap. (US$ b)
More informationIDFC Bank. CMP: INR63 TP: INR68 (8%) Neutral
BSE SENSEX S&P CNX 27,882 8,641 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INRb)/(USDb) 214.4 /3.2 52-Week Range (INR) 83 /44 1, 6, 12 Rel. Per (%) -4/21/-10 Avg Val, INRm 536 Free float (%) 47.1
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