NTPC LIMITED RESEARCH

Size: px
Start display at page:

Download "NTPC LIMITED RESEARCH"

Transcription

1 RESULTS REVIEW NTPC Limited Buy Share Data Market Cap Rs. 1,248.4 bn Price Rs BSE Sensex 9, Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.50 mn 52-Week High/Low Rs. 291 / 113 Shares Outstanding 8,245.5 mn Valuation Ratios Year to 31 March 2009E 2010E EPS (Rs.) /- (%) 13.8% 13.0% PER (x) 14.7x 13.0x EV/ Sales (x) 3.1x 2.7x EV/ EBITDA (x) 11.1x 9.6x Shareholding Pattern (%) Promoters 90 FIIs 4 Institutions 3 Public & Others 3 Relative Performance Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 NTPC Rebased BSE Index Powering its way through NTPC Limited, India s largest power generation Company, is well positioned to continue on its existing growth trajectory. The recent correction in its stock price makes it an attractive buying opportunity. Our outlook towards the Company remains robust on the back of the following factors: Expansion projects expected to proceed as per schedule: Despite the ongoing liquidity crunch, we believe that NTPC s sound financials and the Government of India (GoI) backing would ensure the timely funding of its planned future projects. The Company has a low debt-equity mix of about 0.52:1, a sound cash flow record in the recent years, stable revenue-generating ability, an AAA credit rating by CRISIL; all these factors should help it in raising the necessary debt for its expansion. The Company also has a sizable cash balance of Rs bn and investments worth Rs bn. Well on track to solve the fuel shortage problem: The overall PLFs of NTPC s plants in the recent quarters have been dented due to fuel shortages. As a result, the Company plans to meet the shortfall by importing about 8 MTPA of coal during FY09. The Company is also taking initiatives to mitigate fuel risks in the long run. It is currently developing 7 coal blocks with estimated mine-able reserves of 3 bn MT and expects to produce about 14 MTPA of coal through its own mines by FY12. Moreover, the Company has also decided to diversify its generation mix by putting a major thrust on hydro-electric, gas and nuclear power projects. Key Figures (Standalone) Quarterly data Q2'08 Q1'09 Q2'09 QoQ% YoY% (Figures in Rs. mn, except per share data) Net Sales 80,169 95,395 96, % 1.3% EBITDA 27,490 24,218 25,476 (7.3)% 5.2% Net Profit 19,255 17,265 21, % 22.2% Margins(%) EBITDA 34% 25% 26% NPM 24% 18% 22% Per Share Data (Rs.) EPS % 22.2% Please see the end of the report for disclaimer and disclosures. -1-

2 At the current market price of Rs , NTPC s stock is trading at a forward P/E of 14.7x and 13.0x for FY09E and FY10E, respectively. The recent correction in the stock price provides a good buying opportunity. We have valued the stock at Rs. 194, implying an upside of 28% from the CMP. Thus, we upgrade our rating to Buy. EBITDA for Q2 09 decreased 7.3% yoy on account of higher fuel and staff costs Result Highlights NTPC clocked revenues to the tune of Rs bn for Q2 09. Revenue increased 20.5% yoy partially due to an increase in the realisation rate per unit. However, the EBITDA decreased 7.3% yoy to Rs bn owing to a higher-than-expected increase in fuel and staff costs. However, with softening commodity prices we expect the operating margins to bounce back in the coming quarters. Net profit for the quarter increased 9.6% yoy to Rs bn. The Company paid significantly lower taxes this quarter compared to the same quarter last year (Rs. 1.3 bn in Q2 09, compared with Rs. 5.6 bn in Q2 08). The PLFs for the coal-based and gas-based plants during the quarter stood at 83.1% and 58.2% respectively. The Company generated 47 BU of electricity during the quarter. Historically, the PLFs have been low in the second quarter of every fiscal as coal mining is adversely affected in the monsoon season. Thus, we expect the PLFs to improve in the coming quarters. Key Events Sipat coal fired The second 500 MW Unit of Stage-II NTPC-Sipat Project, situated near Bilaspur in Chattisgarh, was successfully coal fired on November 11, With the synchronization of this unit, the project has attained full capacity of 1,000 MW under Stage-II. JICA to help enhance efficiency of NTPC s power plants The Ministry of Power, NTPC, and Japan International Agency for Cooperation (JICA) signed an agreement to undertake a joint project with the technical assistance of JICA experts to explore the ways for enhancing the efficiency of NTPC s thermal power plants. Please see the end of the report for disclaimer and disclosures. -2-

3 Key Risk Any unexpected delays in the commissioning of the new projects and adverse changes in tariff-determination norms can pose a threat to our rating. Huge projects under implementation should ensure steady revenue growth Outlook NTPC has huge expansion plans for the coming decade. It plans to increase its capacity from the current 30 GW to 50 GW by FY2012 and to 75 GW by FY2017. At present, 16 GW of projects are under implementation and equipment orders for a majority of these have already been placed. We believe that the ongoing financial crisis should not affect the financing of these huge projects as the Company enjoys an AAA rating and is backed by the GoI. The Company s revenue-generating ability and its low gearing ratio should also help in raising the necessary funds for expansion. All-round integration likely to generate incremental revenues; thus, returns should further improve Shortage of fuel adversely affected PLFs in the recent quarters but the Company well on track to fix the problem The Company is following its vision of becoming a world class power major as it is diversifying into related segments such as power distribution, power trading, and consultancy. The Company has also formed JVs with private players such as BHEL, TELK, and Bharat Forge to undertake EPC activities and produce power equipments. Apart from generating incremental revenues, these activities should help NTPC in meeting its own needs in the long run. Meanwhile, the Company is expanding geographically by setting up plants in Nigeria (500 MW) and Sri Lanka (1,200 MW). The overall PLFs of NTPC s plants have been adversely affected in the previous quarters due to fuel shortages. However, the Company is progressing well to solve this problem. It has decided to foray into coal mining and envisages to meet 20% of its coal demand through own mines by FY2017. Further, it is also diversifying its generation mix by planning to build hydro-electric and nuclear power plants. It is also planning to increase its capacity of gas-based power plants from the current capacity of 5,435 MW to 8,000 MW by FY2012. Please see the end of the report for disclaimer and disclosures. -3-

4 Valuation After the recent correction, we believe NTPC s stock should prove to be a good buy. At the CMP of Rs , the stock is trading at a forward P/E of 14.7x and 13.0x for FY09E and FY10E, respectively. Based on our DCF valuation, we have arrived at a target price of Rs. 194, assuming a terminal growth rate of 5% and a WACC of 10.5%. Since our target price implies an upside of 28% from the CMP, we upgrade our rating to Buy. Key Figures Year to March FY06 FY07 FY08 FY09E FY10E CAGR (%) (Figures in Rs. mn, except per share data) (FY08-10E) Net Sales 275, , , , , % EBITDA 81, , , , , % Net Profit 58,408 68,983 74,699 85,039 96, % Margins(%) EBITDA 30% 30% 30% 28% 29% NPM 21% 20% 19% 19% 19% Per Share Data (Rs.) Normalised EPS % PER (x) 21.4x 18.1x 16.7x 14.7x 13.0x Sensitivity Analysis WACC % 10.0% 10.5% 11.0% 11.5% 4.0% Terminal 4.5% Growth 5.0% Rate 5.5% % Please see the end of the report for disclaimer and disclosures. -4-

5 Disclaimer This report is not for public distribution and is only for private circulation and use. The Report should not be reproduced or redistributed to any other person or person(s) in any form. No action is solicited on the basis of the contents of this report. This material is for the general information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be considered as an offer to sell or the solicitation of an offer to buy any stock or derivative in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Indiabulls Securities Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. You are advised to independently evaluate the investments and strategies discussed herein and also seek the advice of your financial adviser. Past performance is not a guide for future performance. The value of, and income from investments may vary because of changes in the macro and micro economic conditions. Past performance is not necessarily a guide to future performance. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Any opinions expressed here in reflect judgments at this date and are subject to change without notice. Indiabulls Securities Limited (ISL) and any/all of its group companies or directors or employees reserves its right to suspend the publication of this Report and are not under any obligation to tell you when opinions or information in this report change. In addition, ISL has no obligation to continue to publish reports on all the stocks currently under its coverage or to notify you in the event it terminates its coverage. Neither Indiabulls Securities Limited nor any of its affiliates, associates, directors or employees shall in any way be responsible for any loss or damage that may arise to any person from any error in the information contained in this report. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject stock and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Indiabulls Securities Limited prior written consent. The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. Indiabulls Securities Limited recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Indiabulls Securities Limited shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of National Stock Exchange or Bombay Stock Exchange. Indiabulls (H.O.), Plot No , Udyog Vihar, Phase - V, Gurgaon , Haryana. Ph: (0124) ,

Margins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%

Margins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1% RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding

More information

NTPC LIMITED RESEARCH

NTPC LIMITED RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 1,457.0 bn Price Rs. 176.70 BSE Sensex 9,201.85 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.06 mn 52-Week High/Low Rs. 227 / 113 Shares Outstanding

More information

ABB LTD (INDIA) RESEARCH

ABB LTD (INDIA) RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 168.6 bn Price Rs. 795.80 BSE Sensex 16,741.30 Reuters Bloomberg Avg. Volume (52 Week) ABB.BO ABB IN 0.11 mn 52-Week High/Low Rs. 856.95 / 344 Shares Outstanding

More information

BHARAT HEAVY ELECTRICALS LIMITED RESEARCH

BHARAT HEAVY ELECTRICALS LIMITED RESEARCH RESULTS REVIEW Bharat Heavy Electricals Limited Hold Share Data Market Cap Rs. 779.4 bn Price Rs. 1,592.10 BSE Sensex 13,791.54 Reuters BHEL.BO Bloomberg BHEL IN Avg. Volume (52 Week) 0.26 mn 52-Week High/Low

More information

SIEMENS INDIA LIMITED RESEARCH

SIEMENS INDIA LIMITED RESEARCH RESULTS REVIEW Siemens India Limited Hold Share Data Market Cap Rs. 196.1 bn Price Rs. 581.6 BSE Sensex 14,961.07 Reuters Bloomberg Avg. Volume (52 Week) SIEM.BO SIEM IN 0.2 mn 52-Week High/Low Rs. 1,142.5

More information

BHARAT FORGE LIMITED RESEARCH

BHARAT FORGE LIMITED RESEARCH EQUITY September 05, 2008 RESULTS REVIEW Share Data Market Cap Rs. 56 bn Price Rs. 250.45 BSE Sensex 14,483.83 Reuters Bloomberg Avg. Volume (52 Week) BFRG.BO BHFC IN 0.1 mn 52-Week High/Low Rs. 389.75/215.05

More information

NATIONAL ALUMINIUM COMPANY LTD RESEARCH

NATIONAL ALUMINIUM COMPANY LTD RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 234.4 bn Price Rs. 363.80 BSE Sensex 16,886.43 Reuters Bloomberg Avg. Volume (52 Week) NALU.BO NACL IN 0.1 mn 52-Week High/Low Rs. 425/108.35 Shares Outstanding

More information

AMBUJA CEMENTS LIMITED RESEARCH

AMBUJA CEMENTS LIMITED RESEARCH EQUITY February 27, 2009 RESULTS REVIEW Share Data Market Cap Rs. 96.6 bn Price Rs. 63.45 BSE Sensex 8,891.61 Reuters ABUJ.BO Bloomberg ACEM IN Avg. Volume (52 Week) 0.4 mn 52-Week High/Low Rs. 128.5/

More information

MARUTI SUZUKI INDIA LTD RESEARCH

MARUTI SUZUKI INDIA LTD RESEARCH EQUITY November 17, 2008 RESULTS REVIEW Maruti Suzuki India Limited Hold Share Data Market Cap Rs. 158.8 bn Price Rs. 549.80 BSE Sensex 9,291.01 Reuters Bloomberg Avg. Volume (52 Week) MRTI.BO MSIL IN

More information

CANARA BANK RESEARCH. Canara Bank. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW

CANARA BANK RESEARCH. Canara Bank. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW RESULTS REVIEW Share Data Market Cap Rs. 72.8 mn Price Rs. 177.65 BSE Sensex 13,791.54 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.2 mn 52-Week High/Low Rs. 404.35 / 160.85 Shares Outstanding

More information

INDIAN OIL CORPORATION LIMITED RESEARCH

INDIAN OIL CORPORATION LIMITED RESEARCH RESULTS REVIEW Indian Oil Corporation Ltd. Hold Share Data Market Cap Rs. 439.99 bn Price Rs. 369.0 BSE Sensex 15,185.32 Reuters Bloomberg Avg. Volume (52 Week) IOC.BO IOCL IN 0.19 mn 52-Week High/Low

More information

TATA POWER COMPANY LTD RESEARCH

TATA POWER COMPANY LTD RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 239.30 bn Price Rs. 1080.50 BSE Sensex 13,769.15 Reuters TTPW.BO Bloomberg TPWR IN Avg. Volume (52 Week) 0.17 mn 52-Week High/Low Rs.1230 / 530.10 Shares Outstanding

More information

IVRCL INFRA & PROJECTS LTD RESEARCH

IVRCL INFRA & PROJECTS LTD RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 13.8 bn Price Rs. 103.2 BSE Sensex 8,902.6 Reuters Bloomberg Avg. Volume (52 Week) IVRC.BO IVRC IN 0.5 mn 52-Week High/Low Rs. 493.7 / 56.5 Shares Outstanding Valuation

More information

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, %

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, % RESULTS REVIEW Share Data Market Cap Rs. 83 bn Price Rs. 202.5 BSE Sensex 15,566.10 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.1 mn 52-Week High/Low Rs. 421.45 / 198.05 Shares Outstanding

More information

IDBI Bank RESEARCH. EQUITY RESEARCH July 29, 2008

IDBI Bank RESEARCH. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW IDBI Bank Hold Share Data Market Cap Rs. 53.7 bn Price Rs.74.05 BSE Sensex 13,791.54 Reuters IDBI.BO Bloomberg IDBI IN Avg. Volume (52 Week) 2.4 mn 52-Week High/Low 177.7 / 60.6 Shares Outstanding

More information

DABUR INDIA LIMITED RESEARCH

DABUR INDIA LIMITED RESEARCH RESULTS REVIEW Dabur India Limited Hold Share Data Market Cap Rs. 79.5 bn Price Rs. 91.95 BSE Sensex 14,577.87 Reuters Bloomberg Avg. Volume (52 Week) DABU.BO DABUR IN 0.3mn 52-Week High/Low Rs. 134 /

More information

EBITDA 34.2% 26.6% 28.9% NPM 23.8% 18.7% 19.2%

EBITDA 34.2% 26.6% 28.9% NPM 23.8% 18.7% 19.2% RESULTS REVIEW Share Data Market Cap Rs. 691.7 bn Price Rs. 183.55 BSE Sensex 14,678.23 Reuters Bloomberg Avg. Volume (52 Week) ITC.BO ITC IN 1.2 mn 52-Week High/Low Rs. 239.40 / 151.70 Shares Outstanding

More information

STATE BANK OF INDIA RESEARCH

STATE BANK OF INDIA RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 1120.6 bn Price BSE Sensex Rs. 1,765.10 14,785.74 Reuters SBI.BO Bloomberg SBIN IN Avg. Volume (52 Week) 0.98 mn 52-Week High/Low Rs. 1,935 / 894 Shares Outstanding

More information

NTPC Ltd. BUY CMP (Rs.) 163 Target (Rs.) 188 Potential Upside 15% For private circulation only. Volume No.. II Issue No. 164.

NTPC Ltd. BUY CMP (Rs.) 163 Target (Rs.) 188 Potential Upside 15% For private circulation only. Volume No.. II Issue No. 164. Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18. Volume No.. II Issue No. 164 NTPC Ltd. March 7, 2018 BSE Code: 532555 NSE Code: NTPC Reuters Code: NTPC.NS Bloomberg

More information

NTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins

NTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:

More information

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30%

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30% Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May- Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16. Volume No.. I Issue No. 95 Dewan Housing Finance Corporation (DHFL) Nov. 4, 2016 BSE Code: 511072 NSE Code: DHFL

More information

Need to pull up the socks. Source: Company Data; PL Research

Need to pull up the socks. Source: Company Data; PL Research Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,

More information

CMP* (Rs) 166 Upside/ (Downside) (%) 28 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245

CMP* (Rs) 166 Upside/ (Downside) (%) 28 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245 3QFY18 Result Update February 05, 2018 CMP* (Rs) 166 Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245 Wage Provisioning, Lower in Plant Availability Impede Earnings Growth has delivered

More information

Visaka Industries Ltd

Visaka Industries Ltd Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%

More information

Fineotex Chemical Ltd

Fineotex Chemical Ltd Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to

More information

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017 RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Amber Enterprises India Ltd

Amber Enterprises India Ltd 3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)

More information

BHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188

BHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares

More information

CCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart

CCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With

More information

Cummins India Ltd Bloomberg Code: KKC IN

Cummins India Ltd Bloomberg Code: KKC IN Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn

More information

MCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176

MCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176 : price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious

More information

Jindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update

Jindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18

More information

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11% Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS

More information

Indian Oil Corporation Ltd.

Indian Oil Corporation Ltd. Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 s. Indian Oil Corporation Ltd.. October 25, 217 BSE Code: 53965 NSE Code: IOC Reuters Code: IOC.NS Bloomberg Code:

More information

NTPC Ltd. 19 th August 2011

NTPC Ltd. 19 th August 2011 CMP Rs. 174 Recommendation: Accumulate Target Price Rs.189 Sector: Power & Utilities Key data Market Cap (Rs. Cr.) 143,306 Free Float Factor 0.16 52 Week H/L 222/164 Avg 12M volumes ('000) 2,737 Face Value

More information

Religare Investment Call

Religare Investment Call BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 378 430 13.7% 31,159 9,625 Future looks promising Wonderla Holidays Ltd's Q4FY17 result was a mixed bag as the company reported healthy growth

More information

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy 2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues

More information

CMP* (Rs) 172 Upside/ (Downside) (%) 11.6 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,414 Free Float (%) 30.3 Shares O/S (mn) 8,245

CMP* (Rs) 172 Upside/ (Downside) (%) 11.6 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,414 Free Float (%) 30.3 Shares O/S (mn) 8,245 1QFY18 Result Update August 03, 2017 CMP* (Rs) 172 Market Cap. (Rs bn) 1,414 Free Float (%) 30.3 Shares O/S (mn) 8,245 Decent Quarterly Performance; Maintain has delivered a decent performance in 1QFY18.

More information

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting

More information

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart 4QFY216 Result Update Capital Goods May 11, 216 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 4QFY16 4QFY15 % chg (yoy) 3QFY16 % chg (qoq) Total Income 1,829 93 96.6 941 94.2 EBITDA

More information

Ramco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360

Ramco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360 : price: EPS: How does our one year outlook change? We maintain our positive stance on s (TRCL). The company is one of the largest cement producers in South and remains among the best plays on Southern

More information

BUY. NTPC Ltd Power RETAIL EQUITY RESEARCH

BUY. NTPC Ltd Power RETAIL EQUITY RESEARCH COMPANY UPDATE Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 GEOJIT RESEARCH Nov-16 Dec-16 Jan-17 Feb-17 RETAIL EQUITY RESEARCH NTPC Ltd Power BSE CODE: 532555 NSE CODE: NTPC Bloomberg

More information

Transport Corporation of India Ltd.

Transport Corporation of India Ltd. Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 January 31, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 6,035; Sensex: 19,895 CMP Target Price Rs71 Rs66 Potential

More information

Religare Investment Call

Religare Investment Call Q3FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 10) Market Cap (Rs Cr) 3M Avg Volume 52 week

More information

Maruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.

Maruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation. Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT

More information

Apollo Hospitals Enterprise Ltd.

Apollo Hospitals Enterprise Ltd. Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17. Volume No.. I Issue No. 154 Apollo Hospitals Enterprise Ltd. December 19, 2017 BSE Code: 508869 NSE Code: APOLLOHOSP

More information

Key estimate revision. Financial summary. Year

Key estimate revision. Financial summary. Year : price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive

More information

Blue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.

Blue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart. Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance

More information

Adani Ports & SEZ Rating: Target price: EPS:

Adani Ports & SEZ Rating: Target price: EPS: Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT

More information

CMP* (Rs) 161 Upside/ (Downside) (%) 19 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,329 Free Float (%) 30.3 Shares O/S (mn) 8,245

CMP* (Rs) 161 Upside/ (Downside) (%) 19 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,329 Free Float (%) 30.3 Shares O/S (mn) 8,245 4QFY17 Result Update May 30, 2017 CMP* (Rs) 161 Market Cap. (Rs bn) 1,329 Free Float (%) 30.3 Shares O/S (mn) 8,245 Better Days Ahead s reported earnings declined by 25.0% YoY to Rs20.8bn in 4QFY17 owing

More information

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE 2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above

More information

CMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7

CMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.

More information

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and

More information

Religare Investment Call

Religare Investment Call v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321

More information

Transport Corporation of India Ltd.

Transport Corporation of India Ltd. Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential

More information

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787

More information

JK Tyre & Industries Ltd.

JK Tyre & Industries Ltd. Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18. Volume No.. II Issue No. 177 JK Tyre & Industries Ltd. June 11, 2018 BSE Code: 530007 NSE Code: JKTYRE Reuters

More information

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Volume No.. III Issue No. 188. Axis Bank Ltd. October 08, 2018 BSE Code: 532215 NSE Code: AXISBANK Reuters Code:

More information

Ambuja Cements. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.225. Rs. 195

Ambuja Cements. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.225. Rs. 195 : price: EPS: How does our one year outlook change? We maintain our positive stance on ACEM. We expect ACEM to be a big beneficiary of the restructuring of LafargeHolcim s global operations. The long pending

More information

HOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research

HOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research COMPANY UPDATE Dec-15 Jan-16 Feb-16 Mar-16 GEOJIT BNP PARIBAS Research Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 RETAIL EQUITY RESEARCH Coal India Ltd Coal BSE CODE:533278 NSE CODE:

More information

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 160. ICICI BANK Ltd. Feb. 08, 2018 BSE Code: 532174 NSE Code: ICICIBANK Reuters Code:

More information

Ahluwalia Contracts (India)

Ahluwalia Contracts (India) May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted

More information

MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials

MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA

More information

Bharat Electronics Ltd

Bharat Electronics Ltd Company Update Excellent Margins Led by Strong Revenue Growth Revenue Analysis: Total order backlog as on Oct 1, 216 stood at Rs. 347 Bn, out of this, export order back log is US$.1 Bn. Incremental orders

More information

Religare Investment Call

Religare Investment Call v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 v-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 5,813 Target Price (Rs) 6,519 Potential Upside 12.1% Sensex

More information

Religare Investment Call

Religare Investment Call BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter

More information

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period - 2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361

More information

Larsen & Toubro Ltd.

Larsen & Toubro Ltd. Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:

More information

Pidilite Industries Ltd

Pidilite Industries Ltd Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against

More information

Maruti Suzuki India Ltd.

Maruti Suzuki India Ltd. Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18. Volume No.. I Issue No. 192 Maruti Suzuki India Ltd. November 19, 2018 BSE Code: 532500 NSE Code: MARUTI Reuters

More information

Sector-Power BVPS P/BV

Sector-Power BVPS P/BV OFS BUY Note Market Data Current Market Price (INR) 152.00 52 Week High (INR) 187.65 52 Week Low (INR) 141.05 Market Capitalization (In INR Crs.) 125,330.99 NTPC BHEL Ltd Sector-Power NTPC Ltd, Maha Ratna

More information

NTPC Limited. B U Y CMP ( ) : Rs Target : Rs Upside Potential : 19% Horizon : 6-8 mths. Key Investment Arguments

NTPC Limited. B U Y CMP ( ) : Rs Target : Rs Upside Potential : 19% Horizon : 6-8 mths. Key Investment Arguments Vol. 02/09-10 May 11, 2009 Analyst: Abhishek Gupta abhishekg@bajajcapital.com Reviewed by: Alok Agarwala aloka@bajajcapital.com B U Y CMP (08.05.09) : Rs. 189.80 Target : Rs. 225.00 Upside Potential :

More information

05 January 2012 NHPC NHPC. Uri I and Salal project update: J&K state government has formed a. Capacity addition highlights: The NHPC management has

05 January 2012 NHPC NHPC. Uri I and Salal project update: J&K state government has formed a. Capacity addition highlights: The NHPC management has Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 NHPC 05 January 2012 Power Event Update Rating: HOLD Current Price: Rs 19 Target Price: Rs 24 Stock Data 52-week high/low 29 / 18 O/S shares (mn) 12,301

More information

Religare Investment Call

Religare Investment Call Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change

More information

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution 2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of

More information

Can Fin Homes Ltd. October 13, CMP (Rs.) 526. Key Events

Can Fin Homes Ltd. October 13, CMP (Rs.) 526. Key Events Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 s. Can Fin Homes Ltd.. October 13, 2017 BSE Code: 511196 NSE Code: CANFINHOME Reuters Code: CNFH.NS Bloomberg

More information

BUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E

BUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined

More information

Mahindra & Mahindra Ltd.

Mahindra & Mahindra Ltd. Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)

More information

L&T Finance Holding Ltd. (LTFH)

L&T Finance Holding Ltd. (LTFH) Result/Concall Update October 23, 2012 L&T Finance Holding Ltd. (LTFH) CMP STOCK INFO BSE 533519 NSE L&TFH Bloomberg LTFH IN Reuters LTFH.BO Sector NBFC Face Value (Rs) 10 Equity Capital (Rs Mn) 17148

More information

CMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630

CMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630 1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton

More information

Garware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months

Garware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months 2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin

More information

Recommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs Target Rs Sector

Recommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs Target Rs Sector Recommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs. 3212 Target Rs. 3208 Sector IT & Software BSE Code NSE Code Bloomberg Code Market Cap (Rs. cr) Free Float (%) 52- wk HI/Lo

More information

Value Pick. Neyveli Lignite (A GOI Enterprise) A.K.Prabhakar CMP 102 BUY Target 130

Value Pick. Neyveli Lignite (A GOI Enterprise) A.K.Prabhakar CMP 102 BUY Target 130 Neyveli Lignite (A GOI Enterprise) A.K.Prabhakar akprabhakar@rathi.com CA Vivek Gujrati vivekgujrati@rathi.com Shweta Prabhu shwetaprabhu@rathi.com CMP 102 BUY Target 130 Neyveli Lignite (NLC) possesses

More information

Simplex Infrastructures

Simplex Infrastructures May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve

More information

Prabhat Dairy Ltd. RESULT UPDATE 8th June, 2018

Prabhat Dairy Ltd. RESULT UPDATE 8th June, 2018 RESULT UPDATE 8 th June, 2018 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 8 th June, 2018 2 Under Expansion Mode CMP

More information

Key estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,

Key estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23, : price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)

More information

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)

More information

BUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.

BUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E. At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174

More information

Quick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.

Quick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart. Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,

More information

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials 1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194

More information

Kalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256

Kalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256 : price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line

More information

PGCIL Order Inflow Analysis

PGCIL Order Inflow Analysis Jan-14 Mar-14 May-14 Jul-14 Sep-14 v-14 Jan-15 (%) PGCIL Order Inflow Analysis Executive Summary PGCIL order inflow analysis Ordering activity witnesses traction, contractors better positioned than equipment

More information

Religare Investment Call

Religare Investment Call BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter

More information

Amara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart

Amara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart 2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales

More information

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector 1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2

More information

Religare Investment Call

Religare Investment Call Oct-17 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 BUY CMP (Rs) 190 Target Price (Rs) 247 Potential Upside 29.7% Sensex 33,349 Nifty 10,030 Key Stock data BSE Code

More information

Maruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart

Maruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19

More information

JSW Energy Limited. Q2 FY 2016 Results Presentation October 28, 2015

JSW Energy Limited. Q2 FY 2016 Results Presentation October 28, 2015 JSW Energy Limited Q2 FY 2016 Results Presentation October 28, 2015 Agenda Business Environment Operational and Financial Performance Status updates 2 Capacity profile and PLF s Sector-wise Installed Capacity

More information

Ambuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone)

Ambuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone) 1QCY2011 Result Update Cement April 29, 2011 Ambuja Cements Performance Highlights Y/E Dec. (` cr) 1QCY2011 4QCY2010 % chg qoq 1QCY2010 % chg yoy Net sales 2,207 1,788 23.4 1,990 10.9 Operating profit

More information

ITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only

ITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18. Volume No.. I Issue No. 186 ITC Ltd September 21, 2018 BSE Code: 500875 NSE Code: ITC Reuters Code: ITC.NS Bloomberg

More information