Oriental Bank of Commerce
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- Martina Simpson
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1 BSE SENSEX S&P CNX 27,098 8,090 Bloomberg OBC IN Equity Shares (m) M.Cap. (INR b) / (USD b) 80.0/ Week Range (INR) 377/152 1, 6, 12 Rel. Per (%) 10/-13/38 Financials & Valuation (INR Billion) Y/E Mar 2015E 2016E 2017E NII OP NP EPS (INR) EPS Gr. (%) BV/Share P/E (x) P/BV (x) RoE (%) ROA (%) October QFY15 Results Update Sector: Financials CMP: INR267 TP: INR400 Buy OBC s 2QFY15 PAT of INR2.9b (+16% YoY) was 4% above estimate as lower than expected non-interest income (mainly treasury gains & recovery from w/o accounts) and higher provisions (credit cost 1.3%) were compensated by tax writeback of INR 2.8b on account of prior period adjustments. Slippages and restructuring during 2QFY15 were at INR 9.8b and INR 7.1b respectively. Gross stress additions moderated to INR 17b in 2QFY15 vs INR 22.3b in previous quarter. Lower write-offs and moderate loan growth resulted in GNPA % increasing ~40bp QoQ to 4.7%. Calc. PCR improved marginally to 32%. Business growth remains tepid as loans grew 8% YoY (flat QoQ) resulting in NII 4% lower than expectation. Reported NIM improved 7bp QoQ to 2.63% led by asset relocation from investments to loans. CD ratio increased 100bp to 74%. Other highlights: (1) Net stress loans (ex SEB and AI) increased to 8.8% (stable QoQ) (2) Fees grew 9% YoY largely in-line with balance sheet growth (3) Recovery from written-off accounts stood at INR620m in 2QFY15 (INR1.8b in 1Q). Valuation & view: Bank s focus on consolidation of balance sheet (to conserve capital and focus on asset quality) and prudent utilization of non-core income to clean up the balance sheet is comforting. CET I ratio (8.7%) remains better than peers. ROEs are expected to improve gradually with improvement in loan growth and asset quality. Valuations at 0.5x PBV FY16 largely price in negatives. Buy Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); Vallabh Kulkarni (Vallabh.Kulkarni@MotilalOswal.com); Investors are advised to refer through disclosures made at the end of the Research Report.
2 Quarterly Performance (INR b) Y/E MARCH 2QFY15A 2QFY15E Var (%) Comments Net Interest Income 12,463 13,045-4 Loan growth lower than expectation % Change (Y-o-Y) -3 2 Other Income 3,927 4, Lower than expected trading gains and recoveries from w/o account Net Income 16,389 17,733-8 Operating Expenses 7,841 8,137-4 Operating Profit 8,549 9, % Change (Y-o-Y) 4 16 Other Provisions 6,412 5, Credit cost remained high Profit before Tax 2,137 4, Tax Provisions , Tax write-back on account of prior period adjustments Net Profit 2,914 2,808 4 Lower other income and higher provisions compensated by tax writeback % Change (Y-o-Y) Balance-sheet consolidation continues; NIMs expands QoQ Gross stress additions moderated in 2QFY15 to INR 17b (v/s INR 22.3b in 1Q) Net stress loans (ex SEB and AI) increased to 8.8% vs 8.7% a quarter ago NIM improvement led by rebalancing in asset profile Yield on loans remained flat QoQ at 11.72% however, yield on funds increased 11bp QoQ to 9.36%. Cost of funds increased 6bp QoQ to 7.0% in 2QFY15. Reported NIM improved 7bp QoQ to 2.63% led by asset relocation from investments to loans. Tepid loan growth (+8% YoY and flat QoQ) resulted in NII 4% lower than expectation. NIMs are largely inline with expectation CD ratio increased 100bp to 74% in 2QFY15. Retail loans grew 9% YoY (+3% QoQ), driven by 14% YoY (+2% QoQ) in housing segment. Large corporate segment grew 12% YoY (flat QoQ). Gross stress additions moderated QoQ Gross stress additions moderated in 2QFY15 to INR 17b from INR 22.3b in previous quarter. Gross slippages for the quarter were INR9.8b (annualized slippage ratio of 3%) v/s INR14.3b (4.5%) in. Upgrades and recoveries stood at INR2.4b (v/s INR6.3b in ). Net slippages declined to INR7.4b from INR8b in (net slippage ratio of 2.3%). While net slippages moderated QoQ, lower write-offs and flat loans QoQ resulted in GNPA increasing ~40bp QoQ to 4.7%. GNPA in absolute terms increased 11% QoQ. Calc. PCR improved marginally to 32%. PCR including technical write-off was stable QoQ at 59%. During the quarter bank restructured loan of INR7.1b (0.5% of loans). Outstanding standard restructured loans (OSRL) stood at INR108b (Flat QoQ, 7.7% of loans). Ex-SEB and AI OSRL stood at INR77b (5.5% of the loans). Management mentioned that pipeline for loans to be restructured stands at INR10b. Other highlights Exposure to infrastructure segment was largely flat QoQ and grew 1% YoY. Of this, power exposure was up 3% YoY (+1% QoQ) and roads and ports exposure was declined 2% QoQ (+1% YoY). Infrastructure segment accounted for 17% of total exposure of the bank. 29 October
3 Exposure to state government power entities increased 6% QoQ (-11% YoY); while exposure to power distribution increased 8% QoQ. CASA deposits grew 3% QoQ (+8% YoY) led by 7% QoQ growth in CA deposits (+8% YoY). SA deposits grew 8% YoY (+2% QoQ). CASA ratio improved to 24.9% (24.1% in previous quarter). Retail deposits grew 12.4% YoY higher than total deposits growth of 6.4% YoY Bank added 32 branches in 2QFY15 increasing the branch strength to 2161 branches. Bank added 35 ATMs during the quarter increasing the ATM network to 2,449. Conference Call highlights Asset Quality No direct exposure in coal block; but indirect exposure worth INR9b across 14 blocks (still standard assets in the book) Five accounts contributed INR 5.6b out of total restructuring of INR7.1b restructured during the quarter. OBC has INR10b restructuring pipeline Slippage from restructured book in 2QFY15 INR6.84b Change in regulations led to muted asset sale to ARCs of INR340m; O/S Security receipts from ARCs are ~INR5.5b Interest income reversal due to slippages in 2QFY15 were INR520m Balance Sheet Guiding for 10-12% loans and deposits growth in FY15 Loan book break up - 52% large corporate; 19% mid corporate; 15% Retail, Agri Lending opportunity over the last 3-6 months into real estate sectors and Brownfield projects; no opportunity into Greenfield projects. NIMs guidance of %; Cost-to-Income ratio to remain at 47-48% Other highlights Capital related: INR 10b T2 bonds issued; Approval for INR5b QIP, requested INR10b from GOI, INR15b AT1 issuance planned in FY15 Focus on capital conservation; CET1 (without profits) % Tax rate to remain at similar levels as 1HFY15 (~20%) Tax write-back of INR 2.1b relating to prior period; Mainly on account of higher than MAT, tax provision made during No change in pension assumption despite fall in interest rates (9% discount rate) MTM surplus outstanding as on September 30, 2014 INR 900m 29 October
4 Valuation and View Bank s focus on consolidation of balance sheet (to conserve capital and focus on asset quality) and prudent utilization of non-core income to clean up the balance sheet is comforting. Stress on asset quality continues to impact NIMs and also resulting in higher credit cost impacting RoA s. CET I ratio (8.7%) remains better than peers. ROEs are expected to improve gradually with improvement in loan growth and asset quality. Valuations at 0.5x PBV FY16 largely price in negatives. We cut our FY15 earnings estimate by ~4% to factor in lower NIM and noninterest income performance. We largely maintain FY16/17 estimates. Bank is expected to report RoA of ~0.7% and RoE is expected to be 12/13% over FY16/17E. Maintain Buy with a Target Price of INR400 (0.8x FY16 BV). We cut FY15 PAT estimate by ~4%; Largely maintain FY16/17 estimates INR B Old Estimates Revised Est Change (%) FY15 FY16 FY17 FY15 FY16 FY17 FY15 FY16 FY17 Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT Tax PAT Margins (%) Credit Cost (%) RoA (%) RoE (%) One year forward P/BV PB (x) Peak(x) Avg(x) Min(x) One year forward P/E PE (x) Peak(x) Avg(x) Min(x) Oct-04 Jan-06 Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Oct-04 Jan-06 Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Source: MOSL, Bloomberg Source: MOSL, Bloomberg 29 October
5 DuPont Analysis: Asset quality remains a key for improvement in return ratios (%) Y/E MARCH FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E Net Interest Income Fee income Fee to core Income Core Income Operating Expenses Cost to Core Income Employee cost Employee to total exp Other operating expenses Core Operating Profit Trading and others Operating Profit Provisions NPA Others PBT Tax Tax Rate RoA Leverage (x) RoE October
6 Story in charts Reported NIM improved by 7bp QoQ (%) Moderation in business growth continues Deposit YoY Gr. (%) Loans YoY Gr. (%) QFY12 3QFY12 4QFY12 2QFY13 3QFY13 4QFY13 2QFY14 3QFY14 4QFY14 2QFY15 1HFY12 9MFY12 FY12 1HFY13 9MFY13 FY13 1HFY14 9MFY14 FY14 1HFY15 Fee income performance in line with BS growth (%) Fee Income (INR m) YoY Gr. (%) ,132 2,331 2,289 2,699 2,250 2,137 2,205 2,768 2,517 2,455 2,463 3,429 2,868 2,679 Credit cost remains elevated (%) Credit cost (INR m) Credit cost (%) QFY12 3QFY12 4QFY12 2QFY13 3QFY13 4QFY13 2QFY14 3QFY14 4QFY14 2QFY15 Slippages remain elevated (INR b) GNPA up 11% QoQ; PCR stable QoQ (%) GNPA NNPA PCR (incl, tech w/off) 1.9 2QFY12 3QFY12 4QFY12 2QFY13 3QFY13 4QFY13 2QFY14 3QFY QFY14 2QFY15 1HFY12 9MFY12 FY12 1HFY13 9MFY FY HFY14 9MFY14 FY14 1HFY15 1,354 3,422 1,011 5,000 4,301 3,010 3,512 4,986 3,450 3,319 2,814 7,281 4,783 4,474 2QFY12 3QFY12 4QFY12 2QFY13 3QFY13 4QFY13 2QFY14 3QFY14 4QFY14 2QFY15 29 October
7 Quarterly Snapshot FY13 FY14 FY15 Variation (%) INR m 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q QoQ YoY Profit and Loss Net Interest Income 11,258 11,571 12,044 12,138 13,070 12,809 12,304 13,087 12,428 12, Other Income 4,084 4,068 3,778 4,617 5,381 3,119 3,408 7,545 5,882 3, Trading profits , , Recoveries 1,967 1, , ,850 1, Fee income 2,250 2,137 2,205 2,768 2,517 2,455 2,463 3,429 2,868 2, Total Income 15,343 15,639 15,822 16,755 18,451 15,928 15,712 20,632 18,310 16, Operating Expenses 6,377 6,427 6,559 7,290 7,568 7,677 7,128 6,795 6,892 7, Employee 3,762 3,665 3,906 4,428 4,504 4,461 3,937 3,864 3,706 4, Others 2,615 2,762 2,652 2,862 3,064 3,216 3,191 2,931 3,186 3, Operating Profits 8,965 9,212 9,264 9,465 10,883 8,251 8,584 13,837 11,417 8, Provisions 3,321 4,599 6,038 7,588 5,327 5,505 5,611 9,307 5,416 6, PBT 5,644 4,614 3,226 1,877 5,555 2,746 2,973 4,530 6,001 2, Taxes 1,730 1,592 (39) (1,202) 2, ,427 2,356 (778) (133) (436) PAT 3,914 3,022 3,264 3,079 3,534 2,514 2,243 3,103 3,645 2, Asset Quality GNPA 33,776 34,656 36,900 41,840 43,029 48,871 51,841 56,179 59,829 66, NNPA 23,061 23,934 26,106 29,027 29,364 34,229 38,335 39,044 42,288 45, GNPA (%) NNPA (%) PCR (Calculated, %) PCR (Reported, %) Slippages 7,069 6,522 8,136 10,406 7,642 10,139 10,437 12,053 14,312 9, Slippage Ratio Prov. for NPA in qtr 4,301 3,010 3,512 4,986 3,450 3,319 2,814 7,281 4,783 4, Credit Cost Restr. loans (INR b) % to Loans Ratios (%) Fees to Total Income Cost to Core Income Tax Rate CASA Reported Loan/Deposit Margins Reported (%) Yield on loans Yield On Investments Cost of Deposits Spreads NIMs Balance sheet (INR b) Deposits 1,582 1,642 1,685 1,759 1,763 1,752 1,825 1,935 1,865 1, of which CASA Deposits Current Deposits Savings Deposits Gross Advances 1,139 1,188 1,236 1,302 1,280 1,298 1,340 1,408 1,383 1, October
8 EPS: MOSL forecast v/s consensus (INR) MOSL Consensus Variation Forecast Forecast (%) FY FY Shareholding pattern (%) Sep-14 Jun-14 Sep-13 Promoter Stock performance (1-year) Sensex - Rebased DII FII Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Others Note: FII Includes depository receipts Financials: Valuation Matrix 61.2 Rating CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) RoA (%) RoE (%) Dividend (INR) (USDb) FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 Yield (%) # ICICIBC* Buy 1, HDFCB Buy AXSB Buy KMB* Neutral 1, YES Buy IIB Buy VYSB Neutral FB Buy J&KBK Buy SIB Buy Private Aggregate SBIN (cons)* Buy 2, ,347 2, PNB Buy ,193 1, BOI Neutral BOB Neutral , CBK Buy UNBK Buy OBC Buy INBK Buy CRPBK Neutral ANDB Neutral IDBI Neutral DBNK Neutral Public Aggregate HDFC* Buy 1, LICHF Buy DEWH Buy IHFL Buy IDFC Neutral RECL Buy POWF Buy SHTF Buy MMFS Neutral BAF Buy 2, ,123 1, NBFC Aggregate *Multiples adj. for value of key ventures/investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries # Div Yield based on FY14 declared dividend; UR: Under Review 29 October
9 Financials and valuation Income Statements (INR Billion) Y/E Mar E 2016E 2017E Interest Income Interest Expense Net Interest Income Change (%) Non Interest Income Net Income Change (%) Operating Expenses Pre Provision Profits Change (%) Provisions (excl tax) PBT Tax Tax Rate (%) Profits for Equity SH Change (%) Equity Dividend (Incl tax) Core PPP* Change (%) Balance Sheet (INR Billion) Y/E Mar E 2016E 2017E Equity Share Capital Reserves & Surplus Net Worth Deposits 1, , , ,759.0 Change (%) of which CASA Dep Change (%) Borrowings Other Liabilities & Prov Total Liabilities 2, , , ,105.7 Current Assets Investments Change (%) Loans 1, , , ,038.3 Change (%) Fixed Assets Other Assets Total Assets 2, , , ,105.7 Ratios Y/E Mar E 2016E 2017E Spreads Analysis (%) Avg. Yield-Earning Assets Avg. Yield on loans Avg. Yield on Investments Avg. Cost-Int. Bear. Liab Avg. Cost of Deposits Interest Spread Net Interest Margin Profitability Ratios (%) RoE RoA Int. Expense/Int.Income Fee Income/Net Income Non Int. Inc./Net Income Efficiency Ratios (%) Cost/Income* Empl. Cost/Op. Exps Busi. per Empl. (Rs m) NP per Empl. (Rs lac) Asset-Liabilty Profile (%) Loans/Deposit Ratio CASA Ratio Investment/Deposit Ratio G-Sec/Investment Ratio CAR Tier Valuation Y/E Mar E 2016E 2017E Book Value (INR) Change (%) Price-BV (x) Adjusted BV (INR) Price-ABV (x) EPS (INR) Change (%) Price-Earnings (x) Dividend Per Share (INR) Dividend Yield (%) Asset Quality (INR Billion) Y/E Mar E 2016E 2017E GNPA NNPA GNPA Ratio NNPA Ratio PCR (Excl Tech. write off) PCR (Incl Tech. Write off) October
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BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results
More informationCMP: INR53 TP: INR70 (+33%) Buy
30 January 2016 3QFY16 Results Update Sector: Financials IDFC Bank BSE SENSEX S&P CNX 24,871 7,564 Bloomberg IDFCBK IN Equity Shares (m) 3,392.6 M.Cap.(INRb)/(USDb) 178.1/2.6 12-Week Range (INR) 74 /43
More informationPunjab National Bank. CMP: INR940 TP: INR1,275 Buy
BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
More informationPunjab National Bank. CMP: INR177 TP: INR260 (+46%) Buy
BSE SENSEX S&P CNX 29,000 8,757 Bloomberg PNB IN Equity Shares (m) 362.1 M.Cap. (INR b) / (USD b) 337.3/5.5 52-Week Range (INR) 232/105 1, 6, 12 Rel. Per (%) -23/-21/17 Avg Val INRm/Vol 000 1180/1866 Free
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationPunjab National Bank. CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights of FY12 Annual Report
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
More informationSouth Indian Bank. CMP: INR23 TP: INR30 (+35%) Buy. Weak asset quality continues to impact profitability; valuations attractive
BSE SENSEX S&P CNX 27,36 8,275 Bloomberg SIB IN Equity Shares (m) 1343.9 M.Cap. (INR b)/(usd b) 30.3/0.5 52-Week Range (INR) 32 /19 1, 6, 12 Rel. Per (%) 3/-8/-18 12M Avg Val (INR M) 113 Free float (%)
More informationAlpesh Mehta Sohail Halai
BSE Sensex S&P CNX 19,664 5,969 Bloomberg IIB IN Equity Shares (m) 521.8 M. Cap. (INR b)/(usd b) 227/4.1 52-Week Range (INR) 441/242 1,6,12 Rel.Perf.(%) 3/15/52 Financials & Valuation (INR b) Y/E March
More informationCMP: INR75 TP: INR68 (-9%) Neutral Continued clean-up to hurt profitability
BSE SENSEX S&P CNX 27,643 8,573 13 October 2016 Update Sector: Financials Jammu & Kashmir Bank CMP: INR75 TP: INR68 (-9%) Neutral Continued clean-up to hurt profitability Takeaways from new CEO s first
More informationCMP: INR374 TP: INR500 (+34%) Buy Fuelled with capital
BSE SENSEX S&P CNX 29,910 9,238 Stock Info Bloomberg DEWH IN Equity Shares (m) 299.8 52-Week Range (INR) 372/183 1, 6, 12 Rel. Per (%) 7/73/70 M.Cap. (INR b) 117.0 M.Cap. (USD b) 1.8 12M Avg Val (INR M)
More informationM&M Financial Services
BSE SENSEX S&P CNX 18,793 5,717 Bloomberg MMFS IN Equity Shares (m) 102.7 52-Week Range (INR) 938/590 1,6,12 Rel.Perf.(%) 7/24/30 M.Cap. (INR b) 90.7 M.Cap. (USD b) 1.7 23 October 2012 2QFY13 Results Update
More informationPunjab National Bank. CMP: INR133 TP: INR175 (+32%) Buy. PAT below est. led by higher write-offs; Growth remains moderate
BSE SENSEX S&P CNX 26,265 7,954 Bloomberg PNB IN Equity Shares (m) 1,854.6 M.Cap. (INR b) / (USD b) 246.3/3.8 52-Week Range (INR) 232/124 1, 6, 12 Rel. Per (%) 0/-6/-24 Avg Val INRm 970 Free float (%)
More informationKotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral
BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 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 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
More informationCMP: INR602 TP: INR758(+26%) Buy Gradual re-rating to continue
BSE SENSEX S&P CNX 28,061 8,698 Stock Info Bloomberg LICHF IN Equity Shares (m) 505.0 52-Week Range (INR) 608 / 389 1, 6, 12 Rel. Per (%) 4/9/18 M.Cap. (INR b) 304.0 M.Cap. (USD b) 4.6 12M Avg Val (INR
More informationRural Electrification
BSE SENSEX S&P CNX 23,759 7,216 Bloomberg RECL IN Equity Shares (m) 987.5 M.Cap. (INR b) / (USD b) 168.9/2.5 52-Week Range (INR) 371 / 234 1, 6, 12 Rel. Per (%) -15/-18/-31 Avg Val,INRm 703 Free float
More informationCMP: INR125 TP: INR114 (-9%) Neutral
6 February 2017 Results Update Sector: Financials Oriental Bank of Commerce BSE SENSEX S&P CNX 28,439 8,801 Bloomberg OBC IN Equity Shares (m) 346.2 M.Cap.(INRb)/(USDb) 43.3 / 0.6 52-Week Range (INR) 138
More informationCMP: INR501 TP: INR716(+43%) Buy Significant benefits from demonetization
BSE SENSEX S&P CNX 25,765 7,929 21 November 2016 Update Sector: Financials LIC Housing Finance CMP: INR501 TP: INR716(+43%) Buy Significant benefits from demonetization Medium-term pick-up likely, no issues
More informationS4A An ammunition to cut the debt trap
Sector Update 14 June 2016 Financials Please refer our detailed report dated 1 March 2016 S4A An ammunition to cut the debt trap Positive for corporate lenders; Prefer SBIN, BOB and ICICIBC The RBI has
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
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
More informationMuthoot Finance. CMP: INR181 TP: INR233 (29%) Buy
BSE SENSEX S&P CNX 26,657 8,066 Bloomberg MUTH IN Equity Shares (m) 398.0 M.Cap. (INR b) / (USD b) 72.0/1.1 52-Week Range (INR) 254 / 152 1, 6, 12 Rel. Per (%) 9/0/-2 12M Avg Val (INR M) 67 Free float
More informationHardick Bora
BSE Sensex S&P CNX 19,990 6,069 Bloomberg JOL IN Equity Shares (m) 159.3 M.Cap. (INR b)/(usd b) 26.0/0.5 52-Week Range (INR) 248/154 1,6,12 Rel. Perf. (%) -18/-28/-34 Financials & Valuation (INR b) Y/E
More informationKotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) 689.3 52-Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) 340.5 M.Cap. (US$ b) 6.7 25 January 2012 3QFY12 Results Update Sector:
More informationMuthoot Finance. CMP: INR215 TP: INR266 (+24%) Buy
BSE SENSEX S&P CNX 26,654 8,157 Bloomberg MUTH IN Equity Shares (m) 398.0 M.Cap. (INR b) / (USD b) 85.6/1.3 52-Week Range (INR) 237 / 152 1, 6, 12 Rel. Per (%) 6/18/18 12M Avg Val (INR m) 49 Free float
More informationNiket Shah
BSE Sensex S&P CNX 20,213 6,147 Bloomberg VGRD IN Equity Shares (m) 29.8 M.Cap. (INR b)/(usd b) 14.6/0.3 52-Week Range (INR) 591/180 1,6,12 Rel. Perf. (%) -8/-6/138 Financial summary (INR b) Y/E March
More informationIDFC Bank. CMP: INR61 TP: INR62 (2%) Neutral Focus on inorganic opportunities; stressed assets stable
BSE SENSEX S&P CNX 30,133 9,352 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INR b)/(usdb) 207.0 / 3.0 52-Week Range (INR) 83 / 44 1, 6, 12 Rel. Per (%) -2/-29/0 Avg. Val, INR m 621 Free float (%)
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
More informationSanjay Jain Pavas Pethia
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)
More informationCMP: INR254 TP: INR240(-6%) Neutral
BSE SENSEX S&P CNX 28,095 8,636 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg CBK IN Equity Shares (m)
More informationBank of India. CMP: INR80 TP: INR85 (+6%) Neutral
BSE SENSEX S&P CNX 25,305 7,749 Bloomberg BOI IN Equity Shares (m) 817.3 M.Cap.(INR b)/(usd b) 65.7/1.0 52-Week Range (INR) 208 / 79 1, 6, 12 Rel. Per (%) -16/-34/-51 12M Avg Val (INR M) 473 Free float
More informationNTPC CMP: INR169 TP: INR191 Buy
BSE SENSEX S&P CNX 18,625 5,664 Bloomberg NTPC IN Equity Shares (m) 8,245.5 52-Week Range (INR) 190/139 1,6,12 Rel. Perf. (%) 3/-4/-11 M.Cap. (INR b) 1,393.5 M.Cap. (USD b) 26.0 26 October 2012 2QFY13
More informationCMP: INR177 TP: INR215 (+21%) Buy
BSE SENSEX S&P CNX 25,774 7,891 Stock Info Bloomberg SBIN IN Equity Shares (m) 7,72.8 52-Week Range (INR) 305/148 1,, 12 Rel. Per (%) -8/-28/-33 M.Cap. (INR b) 1,374.4 M.Cap. (USD b) 20. Avg Val ( INRm)
More informationAsian Paints. CMP: INR2,722 TP: INR3,161 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg APNT IN Equity Shares (m) 95.9 52-Week Range (INR) 3,366/2,395 1,6,12 Rel. Perf. (%) -5/-3/14 M.Cap. (INR b) 261.1 M.Cap. (USD b) 4.9 23 January 2012 3QFY12 Results
More informationCan Fin Homes BUY. 23 September 2015 INR821
SECTOR: FINANCIAL Can Fin Homes STOCK INFO. BSE Sensex : 25590 BLOOMBERG CANF:IN BUY S&P CNX : 7812 REUTERS CODE CNFH.NS Re-Initiating Coverage INR821 Y/E MARCH FY15 FY16E (INR CR) FY17E We recommend 'BUY'
More informationBank of Baroda. CMP: INR155 TP: INR194 (+25%) Buy
BSE SENSEX S&P CNX 25,490 7,815 Bloomberg BOB IN Equity Shares (m) 2,310.5 M.Cap. (INR b)/(usd b) 358.0/5.4 52-Week Range (INR) 216 / 109 1, 6, 12 Rel. Per (%) 3/-10/2 12M Avg Val (INR M) 1448 Free float
More informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
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
More informationTo voluntarily stop supplies to US
BSE Sensex S&P CNX 26,272 7,831 24 July 2014 Update Sector: Healthcare Ipca Laboratories CMP: INR728 TP: INR930 Buy Stock Info Bloomberg IPCA IN Equity Shares (m) 126.2 52-Week Range (INR) 907/609 1, 6,
More informationUrban demand revives; Akzo gaining market share
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
More informationTitan Industries. CMP: INR222 TP: INR220 Neutral
BSE SENSEX S&P CNX 17,257 5,241 Bloomberg TTAN IN Equity Shares (m) 887.8 52-Week Range (INR) 255/154 1,6,12 Rel. Perf. (%) -1/13/3 M.Cap. (Rs b) 197.1 M.Cap. (US$ b) 3.6 2 August 2012 1QFY13 Results Update
More informationMaking RBI captain of the ship. NPA resolution Is it enough?
Sector Update 6 May 2017 Making RBI captain of the ship NPA resolution Is it enough? GOI passed an ordinance to empower the RBI to more effectively deal with bad loans. Under the new policy, RBI is permitted
More informationCMP: INR335 TP: INR409 (+22%) Buy
14 February 2017 3QFY17 Results Update Sector: Financials Muthoot Finance BSE SENSEX S&P CNX 28,339 8,792 Bloomberg MUTH IN Equity Shares (m) 399.0 M.Cap. (INR b) / (USD b) 131.3/2.0 52-Week Range (INR)
More informationCMP: INR320 TP: INR164(-49%) Sell Intending to exit UK execution is key!
31 March 2016 Update Sector: Metals Tata Steel BSE SENSEX S&P CNX 25,342 7,738 Stock Info Bloomberg TATA IN Equity Shares (m) 971.2 52-Week Range (INR) 384/200 1, 6, 12 Rel. Per (%) 18/54/10 M.Cap. (INR
More informationIdea Cellular. CMP: INR159 TP: INR200 Buy
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)
More informationBajaj Finance. CMP: INR6,381 TP: INR7,194 (+13%) Buy
BSE SENSEX S&P CNX 24,223 7,362 Bloomberg BAF IN Equity Shares (m) 53.3 M.Cap. (INR b)/(usd b) 273.5/4.3 52-Week Range (INR) 6496 / 3919 1, 6, 12 Rel. Per (%) 12/31/69 12M Avg Val (INR M) 291 Free float
More informationJubilant Foodworks. CMP: INR1,189 TP: INR1,0541,054 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,189/633 1,6,12 Rel. Perf. (%) 4/38/47 M.Cap. (INR b) 75.5 M.Cap. (USD b) 1.3 26 July 2012 1QFY13 Results Update
More informationBGR Energy. CMP: INR282 TP: INR253 Neutral
BSE SENSEX S&P CNX 17,413 5,283 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 378/173 1,6,12 Rel. Perf. (%) -9/17/-22 M.Cap. (INR b) 20.3 M.Cap. (USD b) 0.4 6 August 2012 1QFY13 Results
More informationKotak Mahindra Bank. CMP: INR689 TP: INR685 (-1%) Neutral
BSE SENSEX S&P CNX 26,657 8,066 Bloomberg KMB IN Equity Shares (m) 1825.7 M.Cap. (INR b) / (USD b) 1,257.2/19.3 52-Week Range (INR) 744 / 532 1, 6, 12 Rel. Per (%) 2/5/28 Avg Val(INR m)/vol 000 1378 Free
More informationCMP: INR558 TP: INR761 (+36%) Buy Falling yields favor LICHF due to liability mix
BSE SENSEX S&P CNX 27,836 8,592 Stock Info Bloomberg LICHF IN Equity Shares (m) 505.0 52-Week Range (INR) 567 / 389 1, 6, 12 Rel. Per (%) 8/16/21 M.Cap. (INR b) 281.8 M.Cap. (USD b) 4.2 12M Avg Val (INR
More informationLIC Housing Finance. CMP: INR520 TP: INR627 (+21%) Buy
BSE SENSEX S&P CNX 27,747 8509 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg LICHF IN Equity Shares
More informationsystemic liquidity. Alpesh Mehta Sohail Halai
June Results Preview 7 July 2014 Financials Technology - Banks Company name Axis Bank Bank of Baroda Bank of India Canara Bank Federal Bank HDFC Bank ICICI Bank Indian Bank Indusind Bank ING Vysya Bank
More informationECOSCOPE. Real GDP growth eases on lower net indirect taxes. The Economy Observer. Real GVA growth exactly as expected
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
More informationCMP: INR76 TP: INR84 (+11%) Neutral
BSE SENSEX S&P CNX 25,705 7,870 Bloomberg PNB IN Equity Shares (m) 1,963.6 M.Cap.(INR b)/(usd b) 149.6/ 2.2 52-Week Range (INR) 181/69 1, 6, 12 Rel. Per (%) -10/-45/-42 Avg Val, (INR m) 753 Free float
More informationONGC. CMP: INR402 TP: INR485 Buy
BSE SENSEX S&P CNX 25,919 7,740 Bloomberg ONGC IN Equity Shares (m) 8,555.5 M.Cap. (INR b) / (USD b) 3,437.6/56.1 52-Week Range (INR) 472/234 1, 6, 12 Rel. Per (%) -4/19/11 Financials & Valuation (INR
More informationMarket share recovery, price hike, content leverage to drive growth
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 informationPidilite Industries. CMP: INR164 TP: INR186 Buy
BSE SENSEX S&P CNX 16,640 5,043 Bloomberg PIDI IN Equity Shares (m) 506.1 52-Week Range (INR) 188/134 1,6,12 Rel. Perf. (%) 1/20/5 M.Cap. (INR b) 83.0 M.Cap. (USD b) 1.5 27 July 2012 1QFY13 Results Update
More informationCMP: INR1,228 TP: INR1,450(+18%)
21 July 2016 1QFY17 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 27,711 8,510 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading
More informationBajaj Finance. CMP: INR5,306 TP: INR5,923 (+11%) Buy
BSE SENSEX S&P CNX 27,307 8,262 Bloomberg BAF IN Equity Shares (m) 53.3 M.Cap. (INR b)/(usd b) 283.5/4.4 52-Week Range (INR) 5,718/2,540 1, 6, 12 Rel. Per (%) 3/26/102 Avg Val (INRm) 236 Free float (%)
More informationGodrej Consumer Products
BSE SENSEX S&P CNX 17,602 5,337 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 658/370 1,6,12 Rel. Perf. (%) 5/37/42 M.Cap. (INR b) 205.9 M.Cap. (USD b) 3.7 7 August 2012 1QFY13 Results
More informationKotak Mahindra Bank. CMP: INR761 TP: INR866 (+14%) Buy. In-line, healthy lending business performance; stable asset quality
BSE SENSEX S&P CNX 27,711 8,510 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg KMB IN Equity Shares (m)
More informationBGR Energy. CMP: INR266 TP: INR230 Neutral
BSE SENSEX S&P CNX 18,562 5,645 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 374/173 1,6,12 Rel. Perf. (%) -3/27/-24 M.Cap. (INR b) 19.2 M.Cap. (USD b) 0.4 3 November 2012 2QFY13 Results
More informationCMP: INR188 TP: INR217(+15%) Buy
BSE SENSEX S&P CNX 30,435 9,429 Bloomberg BOB IN Equity Shares (m) 2,304 M.Cap.(INRb)/(USDb) 433.3 / 6.5 52-Week Range (INR) 202 / 128 1, 6, 12 Rel. Per (%) 3/-10/13 Avg Val, INRm 1656 Free float (%) 40.8
More informationJSW Steel. CMP: INR670 TP: INR391 Sell Merger with JSW Ispat
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)
More informationMr Aditya Puri MD and CEO. HDFC Bank. It s all about being digital. Key takeaways from CEO Track
BSE Sensex S&P CNX 28,797 8,867 Detailed Report Sector: Financials CMP: INR1,291 TP: INR1,450 (+12%) Buy Mr Aditya Puri MD and CEO CEO TRACK Stock Info Bloomberg HDFCB IN Equity Shares (m) 2528.2 52-Week
More informationJinesh Gandhi Sandipan Pal
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
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 informationSiddharth Bothra
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
More informationBGR Energy. CMP: INR284 TP: INR296 Neutral
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 512/173 1,6,12 Rel. Perf. (%) -8/8/-31 M.Cap. (INR b) 20.5 M.Cap. (USD b) 0.4 31 May 2012 4QFY12 Results Update
More informationCMP: INR371 TP: INR360 (-3%) Neutral
19 July 2017 1QFY18 Results Update Sector: Financials Canara Bank BSE SENSEX S&P CNX 31,955 9,900 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading
More informationSignificant value unlocking on the cards
BSE Sensex S&P CNX 25,779 7,843 29 September 2015 Update Sector: Financials IDFC CMP: INR139 TP: INR205 (+48%) Buy Significant value unlocking on the cards Story intact; strong earnings growth ahead Stock
More informationCMP: INR107 TP: INR125 (+16%) Buy
BSE SENSEX S&P CNX 29,918 9,304 Bloomberg FB IN Equity Shares (m) 1,719.0 M.Cap.(INRb)/(USDb) 184.7 /2.7 52-Week Range (INR) 109 / 44 1, 6, 12 Rel. Per (%) 17/24/115 Avg Val, INRm 693 Free float (%) 100.0
More informationSandipan Pal QFY13 Results Update Sector: Real Estate Unitech CMP: INR29 TP: INR44 Buy
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
More informationHardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
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
More informationCMP: INR915 TP: INR1,050(+15%) Buy
28 April 2017 4QFY17 Results Update Sector: Financials Kotak Mahindra Bank BSE SENSEX S&P CNX 30,030 8,476 Bloomberg KMB IN Equity Shares (m) 1,834.4 M.Cap.(INRb)/(USDb) 1679.5 / 24.9 52-Week Range (INR)
More informationCoal India CMP: INR348 TP: INR408 Buy
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 informationSHRIRAM TRANSPORT FINANCE COMPANY LTD
27 June 2017 SHRIRAM TRANSPORT FINANCE COMPANY LTD CMP INR 975 Initiating Coverage (BUY) Target Price INR 1225 Stock Details Industry Finance (including NBFCs) Bloomberg Code SHTF:IN BSE Code 511218 Face
More informationExpect capacity-led rerating; maintain Buy
BSE SENSEX S&P CNX 27,238 8,400 Stock Info Bloomberg SRCM IN Equity Shares (m) 34.8 52-Week Range (INR) 18519/9350 1, 6, 12 Rel. Per (%) -2/-3/32 M.Cap. (INR b) 523.7 M.Cap. (USD b) 7.7 Avg Val, INRm 216.4
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
More informationJinesh Gandhi Chirag Jain
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
More informationStress test: Weak capital servicing ratios to drive pricing discipline
Stress test: Weak capital servicing ratios to drive pricing discipline Operating performance near trough; expect gradual improvement 20 Update Cement Our analysis of a cross-section of cement companies
More informationCMP: INR1,735 TP: INR2,000(+15%)
24 July 2017 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 32,246 9,966 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team.
More informationTaking a big leap. Opportunities galore; Integration is a key
BSE Sensex S&P CNX 28,068 8,402 21 November 2014 Update Sector: Financials Kotak Mahindra Bank CMP: INR1,157 TP: INR1,149 Neutral Stock Info Bloomberg KMB IN Equity Shares (m) 771.4 52-Week Range (INR)
More informationSanofi India. CMP: INR2,200 TP: INR1,848 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg SANL IN Equity Shares (m) 23.0 52-Week Range (INR) 2,430/1,980 1,6,12 Rel. Perf. (%) 3/-3/15 M.Cap. (INR b) 50.7 M.Cap. (USD b) 0.9 26 July 2012 2QCY12 Results
More informationCMP: INR1,497 TP: INR1,790 (+20%)
21 April 2017 4QFY17 Results Update Sector: Financials HDFC Bank BSE SENSEX S&P CNX 29,365 9,119 Bloomberg HDFCB IN Equity Shares (m) 2,562.6 M.Cap.(INRb)/(USDb) 3,836.6 / 59.4 52-Week Range (INR) 1500
More informationCMP: INR121 TP: INR193 Buy
BSE SENSEX S&P CNX 17,085 5,139 20 October 2011 2QFY12 Results Update Sector: Metals Hindustan Zinc CMP: INR121 TP: INR193 Buy Bloomberg HZ IN Equity Shares (m) 4,225.3 52-Week Range (INR) 155/109 1,6,12
More informationCMP: INR279 TP: INR337(+20%) Buy
7 November 2016 2QFY17 Results Update Sector: Financials BSE SENSEX S&P CNX 27,459 8,425 Bloomberg ICICIBC IN Equity Shares (m) 5,812.3 M.Cap.(INRb)/(USDb) 1,354.0 / 19.8 52-Week Range (INR) 292 / 181
More informationUnitech. CMP: INR20 TP: INR30 Buy
BSE SENSEX S&P CNX 16,328 4,943 Bloomberg UT IN Equity Shares (m) 2,438.8 52-Week Range (INR) 38/17 1,6,12 Rel. Perf. (%) -25/-14/-34 M.Cap. (INR b) 48.8 M.Cap. (USD b) 0.9 16 May 2012 4QFY12 Results Update
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