CMP: INR335 TP: INR409 (+22%) Buy
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- Ethan Blankenship
- 6 years ago
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1 14 February QFY17 Results Update Sector: Financials Muthoot Finance BSE SENSEX S&P CNX 28,339 8,792 Bloomberg MUTH IN Equity Shares (m) M.Cap. (INR b) / (USD b) 131.3/ Week Range (INR) 405 / 170 1, 6, 12 Rel. Per (%) 8/-8/65 12M Avg Val (INR m) 224 Free float (%) 25.5 Financials & Valuations (INR b) Y/E March E 2018E NII PPP PAT EPS (INR) BV/Sh.(INR) RoA on AUM (%) RoE (%) Div. Yld. (%) P/E (x) P/BV (x) CMP: INR335 TP: INR409 (+22%) Buy Healthy operating performance drives PAT beat; GNPL ratio increases marginally Muthoot Finance s (MUTH) 3QFY17 PAT grew 56% YoY (but declined 2% QoQ) to INR2.91b (11% beat), largely led by lower-than-expected employee and provisioning expenses. Other items were largely in line with estimates. AUM grew 8% YoY (but declined 2% QoQ) to INR269b. Having grown only 11% over FY16, MUTH cut its FY17 AUM growth guidance from 18-20% to 14-15%. Calculated margin contracted 90bp QoQ to 11%. This was on account of ~100bp QoQ yield decline to 19.7%. We attribute this to slower gold auctions during the quarter (INR1.2b v/s INR1.4b in 2Q) as well as impact of interest reversals. Employee expenses declined 9% QoQ due to lower incentive payments for sales staff. This helped reduce cost-to-aum ratio by 30bp QoQ to 4.4%. GNPL ratio increased 39bp YoY and 73bp QoQ to 2.92%. Again, we believe this is due to the slower level of gold auction activity. Auctions should pick up in 4Q with improved currency in circulation and stabilizing gold prices. Provisions made declined to INR39m from INR74m in 3QFY16 and INR171m in 2QFY17. The share of bank borrowings in the total liability mix continues to increase. From the lows of 30% in FY14/15, it has increased to 46% in 3QFY17. Due to this, MUTH has not enjoyed benefits on the cost of funds side, so far. However, with banks having cut their MCLRs drastically in January, we believe MUTH is poised to reap significant gains on cost of funds in the coming quarters. Valuation and view: Given stable regulatory regime, benign competition and supportive gold prices, we expect growth to resume, with AUM CAGR of +15% over the next 2-3 years, barring the temporary impact of demonetization. Given that significant portion of its operating costs is fixed, growth recovery will ensure optimum utilization of existing infrastructure, boosting return ratios. We use RI model to arrive at a TP of INR409 (2x FY19E BVPS). BUY. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); Piran Engineer (Piran.Engineer@MotilalOswal.com); Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.
2 Exhibit 1: Quarterly performance v/s expectations and deviations for the same Particulars 3QFY17E 3QFY17A v/s Est. Comments Income from operations 13,632 13,225-3 Other operating income Total Operating income 13,782 13,409-3 Yields lower than expected due to interest reversals Other income Total Income 13,827 13,464-3 Interest expenses 6,246 5,970-4 Net Income 7,581 7,494-1 In-line Operating Expenses 3,380 3, Employee costs down 9% QoQ due to lower incentives Operating Profit 4,201 4,495 7 Provisions Significantly below estimates Profit before Tax 4,001 4, Tax Provisions 1,384 1, Net Profit 2,617 2, Low opex and provisions drive earnings beat Int Exp/ operating inc (%) Other Income / Total Income (%) Cost to Income Ratio (%) Tax Rate (%) E: MOSL Estimates Commendable growth in the backdrop of demonetization AUM grew 8% YoY and 11% over FY16 to INR269b. On a sequential basis, AUM declined 2%. Management revised its FY17 AUM growth guidance down to 14-15% YoY from 18-20% in FY17. Management commented that the on-the-ground situation has been improving every month and expects things to return to normal in the next few months. In addition, there is sufficient availability of cash in all branches now. MUTH closed 19 branches in the quarter bringing the total count to 4,308 branches. Around 8% of active gold loan customers transact online. Margins decline due to lower pace of auctions Calculated margin contracted 90bp QoQ to 11%. This was on account of ~100bp QoQ yield decline to 19.7% in the quarter. We attribute this to slower gold auctions during the quarter and interest reversals. The share of bank borrowings in the total liability mix continues to increase. From the lows of 30% in FY14/15, it has now increased to 46% in 3QFY17. Due to this, MUTH has never enjoyed declining cost of funds so far. However, with banks having cut their MCLRs drastically in January, we believe MUTH is poised to reap significant gains on cost of funds in the coming quarters. The company raised NCDs at % in January. Opex under control; Asset quality temporarily increases Employee expenses declined 9% QoQ, despite 1% QoQ growth in employee count due to lower incentive payments. This helped reduce cost-to-aum ratio 30bp QoQ to 4.4%. GNPL ratio increased 39bp YoY and 73bp QoQ to 2.92%. Again, we believe this is due to the subdued level of gold auction activity. Auctions will pick up with 14 February
3 improved currency in circulation and stabilizing gold prices. Provisions made declined to INR39m, from INR74m in 3QFY16 and INR171m in 2QFY17. Other highlights: a) AUM in Asia Asset Finance (Sri Lankan subsidiary) increased 6% QoQ to LKR8.56b b) Loan portfolio in Muthoot Homefin increased from INR0.94b to INR2.04b sequentially. Valuation and view Over FY12 to FY15, the gold loan industry was dragged down by various regulatory pressures. Most regulatory hurdles are now behind. The RBI has also acknowledged the systemic importance of gold loan companies. MUTH is the largest organized player in the gold loan financing sector. With the regulatory environment turning favorable and a turnaround in the economy, we expect growth to resume and AUM to grow at CAGR of +15% for the next 2-3 years. Given that most of the company s operating costs are fixed in nature, a rebound in business will lead to optimum utilization of the existing infrastructure, thus boosting return ratios. Higher return ratios (RoA of +4% and RoE of 18-20%) make current valuation of 1.6x FY19E BV really attractive. We use RI model with Rf: 7.0%,CoE: 13.0% and Terminal growth rate: 5% to arrive at our target price. Maintain Buy with TP of INR409 (2.0x FY19E BV). Exhibit 2: We increase our estimates to factor in lower opex INR B Old Est Revised Est. % Change FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 NII (1.0) Other Income Net Income Operating Expenses (6.4) (5.6) (3.4) Operating Profits Provisions PBT Tax PAT Loans (1.3) (3.8) (8.5) Borrowings Spreads (%) RoAA (%) RoAE (%) February
4 Concall Highlights Business Updates Management targets close to 10% share of AUM from subsidiaries by end-fy18. Currently, the share of AUM from subsidiaries stands at 4%. Expect 14-15% YoY AUM growth for FY17 (earlier guidance was 18-20% YoY). In FY18 too, management expects growth to sustain at 15% YoY. Yields in the quarter declined QoQ due to the interest reversals. The 9% QoQ decline in employee expenses was due to lower variable expenses due to lower disbursements as well as some bonus payments made in 2QFY17. NCDs in January were raised at % Demonetization Impact Disbursements have now gone back to 60-70% of run-rate levels. Interest collections have improved to 70-80% of dues. Management believes that it will take a few months for the on-the-ground activity to get back to normal. Sufficient cash is now available at all the branches. Asset Quality Did not avail of the RBI dispensation during the quarter. Muthoot Finance reports NPL at 150dpd. At 120dpd, GNPL would be INR1b (~40b) higher. Others Interest accrued was INR10.82b during the quarter and INR8.16b in 2QFY17. Gold auctions amounted to INR1.18b in 3Q versus INR1.38b in 2Q 99% on-time collection efficiency in the microfinance subsidiary 14 February
5 Exhibit 3: Quarterly Snapshot FY15 FY16 FY17 Variation (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q QoQ YoY Profit and Loss (INR m) Income from operations 10,762 10,468 10,522 10,870 11,256 11,226 11,235 14,291 12,712 13,497 13,225 (2) 18 Other operating income (43) 24 Total operating income 10,876 10,583 10,676 11,003 11,401 11,361 11,383 14,469 12,964 13,817 13,409 (3) 18 Other Income Total Income 10,920 10,615 10,692 11,018 11,426 11,400 11,412 14,513 13,008 13,862 13,464 (3) 18 Interest expenses 5,354 5,084 5,292 5,332 5,670 5,652 5,616 5,639 5,571 5,937 5, Net income 5,566 5,531 5,400 5,686 5,756 5,747 5,796 8,874 7,437 7,925 7,494 (5) 29 Total Opex 2,756 2,891 2,989 2,897 2,816 2,918 2,823 2,824 3,025 3,130 3,000 (4) 6 Employees 1,523 1,576 1,627 1,578 1,607 1,623 1,582 1,607 1,849 1,896 1,734 (9) 10 Rent Depreciation and Amrt (16) Others Operating profits 2,810 2,640 2,411 2,789 2,940 2,830 2,972 6,049 4,413 4,795 4,495 (6) 51 Provisions and write offs , (77) (48) Profit before tax 2,730 2,600 2,376 2,573 2,835 2,684 2,898 4,750 4,237 4,624 4,456 (4) 54 Taxes , ,032 2,098 1,534 1,657 1,545 (7) 50 Profit after tax 1,802 1,707 1,544 1,652 1,832 1,745 1,867 2,652 2,703 2,967 2,911 (2) 56 Asset quality (Overall) Gross NPA 3,968 4,549 4,103 5,117 5,195 6,341 6,319 7,025 5,618 6,016 7, Net NPA 3,243 3,824 3,378 4,392 4,443 5,484 5,462 6,005 4,599 1,019 6, GNPA (%) NNPA (%) Provisions ,020 1,019 4,997 1,019 (80) 19 PCR (%) Ratios (Calc) Yields Cost of funds NIMs Spreads Cost income ratio Cost to average AUM AUM related Gold Stock Holding (In tonnes) (2) 1 Avg gold loans per branch (INR Mn) (1) 7 Overall AUM (2) 8 On balance sheet (2) 8 Other details CAR Tier I Tier II Book Value Leverage (x) February
6 Story in charts Exhibit 4: AUM growth slows down AUM (INRb) YoY Growth (%) Exhibit 5: Avg gold loan/ branch at INR62m Avg Gold Loans/Branch (INR Mn) YoY Growth (%) (1) 3 5 (11) (19) (21) (18) QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 Exhibit 6: NIM declines due to lower auctions Exhibit 7: Cost to average AUM trend (%) QFY14 2QFY14 3QFY14 4QFY14 1QFY QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 Exhibit 8: GNPL increases due to subdued auctions Exhibit 9: Share of term loans continues to increase GNPA (%) NNPA (%) NCD Term Loans Sub Debt CP Others QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 14 February
7 Financials: Valuation metrics 66 Rating CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) RoA (%) RoE (%) (INR) (USDb) FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 ICICIBC* Buy HDFCB Buy 1, AXSB Neutral KMB* Buy YES Buy 1, IIB Buy 1, IDFC Bk Neutral FB Buy DCBB Neutral JKBK Neutral SIB Buy Equitas Buy RBL Buy Private Aggregate SBIN (cons)* Buy PNB Buy BOI Neutral BOB Buy CBK Neutral UNBK Neutral OBC Neutral INBK Buy ANDB Buy Public Aggregate Banks Aggregate HDFC* Buy 1, LICHF Buy IHFL Buy GRHF Neutral REPCO Buy DEWH Buy Housing Finance RECL Neutral POWF Neutral Infra Finance SHTF Buy MMFS Buy BAF Buy 1, MUTH Buy SKSM Buy Asset Finance NBFC Aggregate Financials UR=Under Review*Multiples adj. for value of key ventures/investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries 14 February
8 Financials and valuations INCOME STATEMENT (INR Million) Y/E MARCH E 2018E 2019E Interest Income 45,158 53,360 48,920 42,623 48,007 53,385 60,743 69,487 Interest Expense 23,699 28,194 26,260 21,064 22,577 23,287 25,995 29,835 Net Interest Income (Incl Sec.) 21,459 25,166 22,661 21,559 25,430 30,097 34,748 39,652 Change (%) Other income ,143 1,483 1,823 Net Income 21,792 25,677 23,214 22,183 26,173 31,241 36,231 41,476 Change (%) Operating Expenses 8,059 9,667 10,841 11,533 11,381 12,242 14,131 16,034 Pre Provision Profits 13,732 16,010 12,374 10,650 14,792 18,998 22,101 25,442 Change (%) Provisions , PBT 13,312 15,114 11,936 10,279 13,168 18,261 21,318 24,513 Tax 4,392 5,072 4,135 3,573 5,072 6,391 7,461 8,335 Tax Rate (%) Profits for Equity SH 8,920 10,042 7,801 6,705 8,096 11,869 13,856 16,179 Change (%) Proposed Dividend 1,487 1,673 2,230 2,410 2,393 3,561 4,157 4,854 BALANCE SHEET Y/E MARCH E 2018E 2019E Equity Share Capital 3,717 3,717 3,717 3,980 3,990 3,990 3,990 3,990 Reserves & Surplus 25,540 33,639 38,929 46,855 52,202 59,763 68,590 78,896 Networth 29,257 37,356 42,646 50,835 56,192 63,753 72,580 82,886 Borrowings 193, , , , , , , ,375 Change (%) Other liabilities 10,701 16,000 18,517 22,496 28,625 32,918 37,856 43,535 Change (%) Total Liabilities 233, , , , , , , ,796 Loans 214, , , , , , , ,316 Change (%) Investments ,183 1,383 1,583 Net Fixed Assets 2,682 3,030 3,270 2,642 2,274 2,501 2,751 3,026 Other assets 15,366 25,131 32,351 29,185 21,990 28,754 36,280 42,870 Total Assets 233, , , , , , , ,796 E: MOSL Estimates 14 February
9 Financials and valuations RATIOS Y/E MARCH E 2018E 2019E Spreads Analysis (%) Avg Yield on loans Avg Cost of funds Spreads on loans NIMs on AUM Profitability Ratios (%) RoE RoA RoA on AUM Cost to Income Empl. Cost/Op. Exps Asset-Liability Profile (%) Net NPAs to Adv Debt/Equity (x) Average leverage Valuations Book Value (INR) Price-BV (x) Adjusted BV (INR) Price-ABV (x) EPS (INR) EPS Growth (%) Price-Earnings (x) Dividend Dividend Yield (%) E: MOSL Estimates 14 February
10 Corporate profile Company description Kerala-headquartered Muthoot Finance is a non-deposit taking NBFC and the flagship company of The Muthoot Group. Muthoot Finance has a long and established track record and has been in the lending against gold business for the last 70 years, when Mr M George Muthoot founded a gold loan business in MUTH s gold loan portfolio comprises over 7m loan accounts in India, which are serviced through 4,000+ branches across 26 states and union territories. Exhibit 1: Exhibit 11: Sensex rebased Exhibit 12: Shareholding pattern (%) Dec-16 Sep-16 Dec-15 Promoter DII FII Others Note: FII Includes depository receipts Exhibit 13: Top holders Holder Name % Holding Reliance Capital Trustee Company Limited A/C 1.6 Goldman Sachs India Limited 1.5 Birla Sun Life Trustee Company Private Limited A/C 1.4 Gmo Emerging Domestic Opportunities Fund, A Series 1.1 Exhibit 14: Top management Name Designation Exhibit 15: Directors Name Name M G George Muthoot Chairman M G George Muthoot Pamela Anna Mathew* George Alexander Muthoot Managing Director George Alexander Muthoot George Jacob Muthoot Maxin James Company Secretary George Joseph* George Thomas Muthoot John K Paul* Alexander M George K John Mathew* *Independent Exhibit 16: Auditors Name KSR & Co LLP Rangamani & Co Type Secretarial Audit Statutory Exhibit 17: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY FY FY February
11 N O T E S 14 February
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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 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 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 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 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: INR458 TP: INR550 (+20%) Buy
9 August 2017 1QFY18 Results Update Sector: Financials Muthoot Finance BSE SENSEX S&P CNX 31,798 9,908 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and
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: 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 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 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 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 informationSohail Halai Alpesh Mehta
BSE Sensex S&P CNX 20,039 6,064 Bloomberg IDBI IN Equity Shares (m) 1,278.4 M.Cap. (INR b)/(usd b) 144.9/2.7 52-Week Range (INR) 122/82 1,6,12 Rel.Perf.(%) -1/6/2 Financials & Valuation (INR b) Y/E March
More informationIndusInd Bank. CMP: INR345 TP: INR419 Buy
BSE SENSEX S&P CNX 17,504 5,332 Bloomberg IIB IN Equity Shares (m) 467.7 52-Week Range (INR) 352/222 1,6,12 Rel.Perf.(%) 13/25/34 M.Cap. (INR b) 161.4 M.Cap. (USD b) 3.1 20 April 2012 4QFY12 Results Update
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 informationCanara Bank. CMP: INR419 TP: INR525 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) 170.3 M.Cap. (USD b) 3.0 7 November 2012 2QFY13 Results
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 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 informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 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 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 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 informationOriental Bank of Commerce
BSE SENSEX S&P CNX 27,098 8,090 Bloomberg OBC IN Equity Shares (m) 299.8 M.Cap. (INR b) / (USD b) 80.0/1.3 52-Week Range (INR) 377/152 1, 6, 12 Rel. Per (%) 10/-13/38 Financials & Valuation (INR Billion)
More informationPunjab National Bank. CMP:INR1,103 TP:INR1,500 Buy
BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
More informationCMP: INR475 TP: INR609 (+28%) Buy
10 April 2017 Update Sector: Automobiles Tata Motors BSE SENSEX S&P CNX 29,576 9,181 Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 52-Week Range (INR) 599 / 373 1, 6, 12 Rel. Per (%) -1/-21/8
More informationNo significant jump in retail electronic payments post demonetization
No significant jump in retail electronic payments post demonetization Confirms a considerable dent in consumer demand in 4Q2016 29 December 2016 ECOSCOPE The Economy Observer The government s attempts
More informationCMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block
BSE SENSEX S&P CNX 25,653 7,861 16 May 2016 Update Sector: Fertilizers PI Industries CMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block We recently interacted with the
More informationCMP: INR2,623 TP: INR2,875 (+10%) Neutral
21 March 2017 Update Sector: Healthcare Dr Reddy s Labs BSE SENSEX S&P CNX 29,485 9,122 Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap.(INR b)/(usd b) 447.0 / 6.6 52-Week Range (INR) 3689 / 2602 1, 6,
More informationCMP: INR1,054 TP: INR1,276 (+21%) Buy
BSE SENSEX S&P CNX 27,850 8,633 Bloomberg BAF IN Equity Shares (m) 535.5 M.Cap.(INR b)/(usd b) 564.4/8.3 52-Week Range (INR) 1180 / 560 1, 6, 12 Rel. Per (%) 21/-3/66 Avg Val, (INR m) 1297 Free float (%)
More informationDr Urjit Patel to maintain continuity of monetary policy stance
Dr Urjit Patel to maintain continuity of monetary policy stance Appointment helps retain government s credibility to fight against inflation 22 August 2016 ECOSCOPE The Economy Observer The government
More informationCanara Bank. CMP: INR464 TP: INR645 Buy
BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
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 informationIDBI Bank. CMP: INR106 TP: INR121 Neutral
BSE SENSEX S&P CNX 17,207 5,223 Bloomberg IDBI IN Equity Shares (m) 1,278.4 52-Week Range (INR) 154/77 1,6,12 Rel.Perf.(%) -1/0/-7 M.Cap. (INR b) 135.5 M.Cap. (USD b) 2.6 24 April 2012 4QFY12 Results Update
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 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 informationCMP: INR1,543 TP: INR1,800 (+17%) Buy
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 team. We request your ballot. Bloomberg BAF IN Equity Shares (m)
More informationCMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India
BSE SENSEX S&P CNX 27,459 8,497 CMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India 7 November 2016 Update Sector: Cement Dalmia Bharat Buy Stock Info Bloomberg DBEL IN Equity Shares (m)
More informationCMP: INR473 TP: INR545(+15%) Buy Mega merger on the anvil
BSE SENSEX S&P CNX 26,626 8,170 Stock Info Bloomberg MAXF IN Equity Shares (m) 267.0 52-Week Range (INR) 514/303 1, 6, 12 Rel. Per (%) 22/14/24 M.Cap. (INR b) 126.2 M.Cap. (USD b) 1.9 Avg Val ( INRm) 170
More informationABB India to remain a key sourcing hub
BSE SENSEX S&P CNX 27,430 8,485 Stock Info Bloomberg IN Equity Shares (m) 211.9 52-Week Range (INR) 1433/963 1, 6, 12 Rel. Per (%) -4/-21/-17 M.Cap. (INR b) 231.0 M.Cap. (USD b) 3.4 Avg Val, INRm 93.6
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 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 informationCMP: INR388 TP: INR465(+20%) Buy
BSE SENSEX S&P CNX 30,858 9,504 29 June 2017 Update Sector: Technology Tech Mahindra CMP: INR388 TP: INR465(+20%) Buy Steeper-than-anticipated challenges at the start of the year Revenue headwinds to add
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 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 informationCMP: INR170 TP: INR240 (+41%) Buy Well capitalized for growth
BSE SENSEX S&P CNX 34,305 10,528 Stock Info Bloomberg LTFH IN Equity Shares (m) 1,988 52-Week Range (INR) 214 / 119 1, 6, 12 Rel. Per (%) 0/-24/21 M.Cap. (INR b) 42 M.Cap. (USD b) 5.3 Avg Val, INRm 1032.0
More informationCMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification
BSE SENSEX S&P CNX 30,435 9,429 18 May 2017 Update Sector: Utilities CMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification Stock Info Bloomberg IN Equity Shares (m) 133.2 52-Week Range
More informationJSW Energy. CMP: INR59 TP: INR84 (+42%) Buy Valuations heavily discounting merchant capacities
BSE SENSEX S&P CNX 26,653 8,225 Stock Info Bloomberg JSW IN Equity Shares (m) 1640 52-Week Range (INR) 88 / 54 1, 6, 12 Rel. Per (%) -6/-14/-34 M.Cap. (INR b) 109.9 M.Cap. (USD b) 1.6 Avg Val, INRm 223
More informationNo major improvement in value proposition expected
Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
More informationCMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive
BSE SENSEX S&P CNX 24,646 7,485 4 March 2016 Update Sector: Capital Goods Siemens CMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive Stock Info Bloomberg SIEM IN Equity
More informationBata India. CMP: INR415 TP: INR483 (+16%) Upgrade to Buy Aggressive, focused strategy to drive growth. Upgrading to Buy
BSE SENSEX S&P CNX 26,393 8,143 Stock Info Bloomberg BATA IN Equity Shares (m) 128.5 52-Week Range (INR) 614 / 400 1, 6, 12 Rel. Per (%) -6/-24/-17 M.Cap. (INR b) 53.3 M.Cap. (USD b) 0.8 Avg Val, INRm
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 informationCMP: INR949 TP: INR1,140 (+20%) Buy
BSE SENSEX S&P CNX 26,766 8,204 Stock Info Bloomberg PVRL IN Equity Shares (m) 46.7 52-Week Range (INR) 977/617 1, 6, 12 Rel. Per (%) 3/15/47 M.Cap. (INR b)/ (USD b) 44.3/0.7 Avg Val ( INR m) 157 Free
More informationAndhra Bank. CMP: INR77 TP: INR120 (+56%) Buy. Strong core performance; Positive asset quality guidance by management
BSE SENSEX S&P CNX 27,396 8,286 Bloomberg ANDB IN Equity Shares (m) 602.8 M.Cap. (INR b) / (USD b) 46.2/0.7 52-Week Range (INR) 110 / 61 1, 6, 12 Rel. Per (%) -2/-1/-7 Avg Val/Vol 000 410/4755 Free float
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
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 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 informationCMP: INR9,853 TP: INR10,712 (+9%) Buy
BSE SENSEX S&P CNX 27,977 8,591 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg BAF IN Equity Shares (m)
More informationAxis Bank. CMP: INR1,008 TP: INR1,240 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:
More informationDecent performance by the sector in a tough quarter
Sector Update 17 February 2017 Cement MOSL Cement Universe volume (mt) trend Volume (mt) 3QFY17 YoY 5.5-9% 11.4-1% 1.7-11% 2.4 21% 4.9 3.6 20% 1.9-1.8 2.0 2 1.3 19% Volumes in Jan-17 revive to pre-demonetization
More informationECOSCOPE. 3QFY16 CAD/GDP corrects to 1.3% The Economy Observer. Balance of Payments. See surplus in 4Q and to remain low in FY17; INR to correct still
3QFY16 CAD/GDP corrects to 1.3% See surplus in 4Q and to remain low in FY17; INR to correct still 21 March 216 ECOSCOPE The Economy Observer Balance of Payments 3QFY16 CAD/GDP at 1.3% and trade deficit
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 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 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 informationRJio sturdy as Battle Royale gets exciting
RJio sturdy as Battle Royale gets exciting 2 December Sector 2016 Update Sector Telecom Update Crosses 50m subscriber base mark, earlier than our expectation Telecom Extends free usage till March 17 as
More informationCMP: INR113 TP: INR180(+59%) Buy Some pricing pressure, but fundamentals are strong
6 July 2017 Update Sector: Metals NMDC BSE SENSEX S&P CNX 31,246 9,638 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot.
More informationCMP: INR164 TP: INR198(+21%) Buy Project commissioning augurs well for capitalization
12 July 2017 Update Sector: Utilities NTPC BSE SENSEX S&P CNX 31,805 9,816 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your
More informationCMP: INR158 TP: INR199 (+26%) Buy NTPC FY16 annual report analysis
BSE SENSEX S&P CNX 28,060 8,650 Stock Info Bloomberg NTPC IN Equity Shares (m) 158.0 52-Week Range (INR) 170/112 1, 6, 12 Rel. Per (%) 1/10/24 M.Cap. (INR b) 13449.0 M.Cap. (USD b) 20.1 Avg. Val, INR m
More informationOil & Gas. India FY16 POL consumption growth at 8 year high of 11% Petroleum, oil and lubricants (POL) consumption grows at double digits
13 April 2016 India POL consumption growth at 8 year high of 11% Except kerosene, all products grew at 8-25%; Gasoline/diesel at 14.5%/7.5% Petroleum, oil and lubricants (POL) consumption grows at double
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 informationFinancial integrity intact; FDA resolution the key
BSE Sensex S&P CNX 25,842 7,843 19 November 2015 Update Sector: Healthcare Dr. Reddy s Lab CMP: INR3,287 TP: INR4,000 (+22%) Buy Stock Info Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap. (INR b)/(usd
More informationCastrol India. CMP: INR407 TP: INR474 (+16%) Neutral
BSE SENSEX S&P CNX 23,089 7,019 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b) / (USD b) 201/2.9 52-Week Range (INR) 518 / 370 1, 6, 12 Rel. Per (%) 3/3/6 Avg Val (INR m) 128 Free float (%)
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 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 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 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 informationREPORT THREADBARE. New accounting standards from FY The ART of annual report analysis
23 February 2015 ANNUAL New accounting standards from FY16-17 Financial reporting set for revamp with introduction of Ind-AS The Government has unveiled a roadmap to implement Ind-AS (equivalent IFRS standards)
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 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 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 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)
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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 (%)
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BSE SENSEX S&P CNX 30,858 9,504 Stock Info Bloomberg ONGC IN Equity Shares (m) 12,833 52-Week Range (INR) 212 / 141 1, 6, 12 Rel. Per (%) -9/-33/-5 M.Cap. (INR b) 2,335.7 M.Cap. (USD b) 34.4 Avg Val, INRm
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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
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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
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8 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,310 7,702 CMP: INR826 TP: INR810 (-2%) Neutral Maneuvering pricing in a deflationary environment Delayed winter a risk for
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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
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BSE SENSEX S&P CNX 34,844 10,742 15 January 2018 Update Sector: Financials IDFC Bank CMP: INR64 TP: INR65 (+1%) Neutral Going retail Merger with Capital First provides abundant opportunities Stock Info
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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 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
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BSE Sensex S&P CNX 29,9 9,3 2 May 17 Update Sector: Utilities Coal India CMP: INR275 TP: INR3 (+%) Buy April 17: Off-take growth remains strong E-auction realization impacted by weaker mix in March 17
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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 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 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
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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
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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
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