Meghmani Organics Ltd 24th Aug 2017 BUY
|
|
- Kenneth Hunter
- 6 years ago
- Views:
Transcription
1 BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Meghmani Organics Ltd 24th Aug 2017 BUY CMP Rs Target Price Rs BSE Code NSE Code MEGH Market Cap (Rs crore) Rs Week High/Low 78.10/34.10 Industry Chemicals Face Value Rs 1 Shares O/S (Cr) EPS* 4.00 Book Value P/E P/B 2.62 Note *: On TTM basis Shareholding Pattern as on June 2017 Co has posted strong numbers in Q1FY18 with whopping jump of 17% in topline as compare to Q1FY17 while bottomline of company has witnessed stellar rise of more than 74% on YoY basis in Q1FY18. On margin front also, company has shown growth of 4% in operating profit margin at 19.78% in Q1FY18 while consolidated net profit margin of co has witnessed rise of 48% at 7.11% during the same qtr as compare to Q1FY17. The company has grown at strong CAGR of more than 55% in its bottomline from FY14 to FY17 while net profit margin of co was expanded at CAGR of more than 30% during the same period. The size of the global Pigments market is expected to rise to $32 bn by 2023, growing at a CAGR of 3.8%. The global paints & coatings market is projected to grow at a CAGR of 5.5% during the period of This is expected to give a strong boost to the global pigments market & thus pave the way for increased opportunity in pigment segment for company present in this segment as co has 8% global market share & is among top 3 Capacity wise global pigments players. In Agrochemical segment, company has 227 export registrations, 496 registrations in pipeline, 354 CIB registrations, and 35 registered trademarks. The Company has a strong global client base.the Company exports technical as well as branded products to Africa, Brazil, LatAm, the US, and European countries. Co has already spent Rs 6.5bn over last 5 years to increase capacity. Company has strong capex plan involving Rs 5.4 bn of investments over the next 2-3 years. The project will be a major growth-driver, going ahead. In three-four years, all of co s divisions : pigment, agrochemicals and basic chemicals will touch Rs 1,000 crore of revenue individually, according to management. PUBLIC, 46.17% Research Analyst :Astha Jain Shah PROMOT ERS, 53.83% Valuation Co has shown strong financial performance during Q1FY18 & going forward all segments of company are expected to progress. Agrochemicals segment will be driven by better industry demand due to good monsoon in FY18 along with the proposed key reforms and increased funds in Budget FY17. Pigments Segment of company will perform with increasing share of higher-value-added products as the Beta Blue plant is fully ramped up and Basic Chemicals Segment of co will show growth with increased utilisation of Caustic Potash.This gives strong revenue visibility going forward. The company is currently trading at 18.16x of TTM eps of Rs 4.00 while it is trading at 14.86x of FY18E eps of Rs 4.89 & 12.21x of FY19E eps of Rs Looking at strong future growth, huge capex plan & margin expansion, we recommend Buy on the stock with price target of Rs 95(appreciation of almost 30%) for medium to long term investment. For Private Circulation Only 1 Hem Research
2 Business Segments: Pigment: Meghmani Organics is one of the largest manufacturers of Phthalocyanine-based pigments with a global market share of approx 8% in volume terms. The Company has vertically integrated facilities manufacturing CPC Blue (an upstream product which too is sold to other pigment manufacturers) and end products Pigment Green and Pigment Blue. These pigment products are used in multiple applications, including paints, plastics and printing inks. The Company s pigments business enjoys strong global presence with exports accounting for almost 68% of net sales. Customers comprise mainly MNCs, such as Sun-DIC, Flint Group, Akzo Nobel, DuPont, and PPG Industries. The Company s relationship with its clients is sticky, with 90% business arising from repeat customers. The Company has a global distribution network of 70 overseas distributors. Its direct presence (with subsidiaries in the US, Europe, Indonesia, and Dubai) helps it to maintain a front-end presence and the ability to work closely with end - user customers. The Company also has warehouses in Belgium, Turkey, Russia, USA, and Uruguay. Meghmani Organics has three dedicated manufacturing facilities to manufacture Pigment products. These are located at: GIDC Vatva, Ahmedabad, (2,940 MTPA) where Pigment Green 7 products are manufactured GIDC Panoli, near Ankleshwar, (17,400 MTPA), where CPC Blue, Alfa and Beta Blue, Pigment Blue 15 products are manufactured Dahej SEZ Ltd, (10,800 MTPA) where CPC Blue, Alfa and Beta Blue are manufactured. Going forward, the Company expects the share of value-added products to increase, led by its fully ramped up Beta Blue plant. The Company is also focusing on the high-margin paints and plastics market by improving the product-mix and developing specialty pigment products for international markets to maintain the growth in exports. Agrochemical: Meghmani Organics is a leading vertically-integrated Agrochemicals player with product offerings encompassing the entire value chain intermediate, technical grade and formulations (bulk and branded). The Company s vertical integration of business allows it to effectively manage raw material costs and assure a constant supply of consistent quality. The agrochemicals industry is highly regulated and the Company enjoys competitive advantage via 227 export registrations, 496 registrations in pipeline, 354 CIB registrations, and 35 registered trademarks. The Company has a strong global client base with exports accounting for 69% of its agrochemical sales. The Company exports technical as well as branded products to Africa, Brazil, LatAm, the US, and European countries. Meghmani Organics produces commonly-used pesticides for crop and non-crop applications, such as for public health, insect control in wood preservation and foodgrain storage. Major products include 2, 4-D, Cypermethrin, Permethrin, Metaphenoxy, Benzaldehyde, Chlorpyrifos and Profenophos. In branded formulations, the Company has established a strong pan-india presence with about 2807 stockists, agents, distributors, and dealers spread across 17 states. Key brands include Megastar, Megacyper, Megaban, Synergy, and Courage. The Company has three state-of-the-art manufacturing facilities where capacities have been increased via debottlenecking. These are located at: = GIDC Ankleshwar, (6,240 MTPA) = GIDC Panoli, (7,200 MTPAup from 3,600 MTPAin FY16) = GIDC Dahej, (13,740 MTPAup from 10,260 MTPAin FY16), Basic Chemical: The Company entered the Basic Chemicals segment in 2009 with capacity of 119,000 MTPA at Dahej. It expanded capacity by 40% in FY15 to 166,600 MTPA, and became the fourth-largest Caustic Soda Flakes producer in India. The current product portfolio includes Caustic and Hydrogen. Since power cost accounts for almost 60% of total raw material cost in Caustic production, captive power plant provides power at lower cost resulting in high margins. The Dahej facility is strategically located due to its proximity to the port, providing ease of importing coal and proximity to chemical manufacturers. The Company is supplying Caustic and Chlorine via pipeline to select buyers, thus substantially reducing its logistics costs. The Company has recently changed the membrane of its existing Caustic Soda Plant. The Company s new Caustic Potash facility at Dahej of 60 TPD capacity which commenced production at the beginning of the year is ramping up slowly due to technical issues, which have now been sorted out. Caustic Potash is one of the very few chemicals that find universal application with makers of Soaps, Detergents, Fertilizers and Chemicals. For Private Circulation Only 2 Hem Research
3 Strong Capex Plan 0 Meghmani Organics Ltd holds 57% stake in Meghmani Finechem Ltd, which is planning the Capex of Rs 5.4 bn.the Company s planned capex of Rs 5.4 bn involving 3 projects over the next 2-3 years is in-line with its strategic intent of expanding the chemicals business. The first Project is the CMS Project of 40,000 MTPAwhich will produce MDC (which mainly used by Pharma and Agro Chemical Industries and India is currently a net importer of same) Chloroform and Carbon Tetra Chloride (CTC). This is expected to be commissioned by March 2018 and add Rs.4 bn of revenue in the full year of operations. The second Project involves 50% capacity expansion of the Company s Caustic Soda plant to 2,40,000 MTPA using Zero Gap Membrane Cell technology and increase the Captive Power Plant capacity to 90MW from 60 MW now. The third Project is to set up a Hydrogen Peroxide (50%) project of 25,000 MTPAcapacity which also used in Pharma and Agro Chemical Industries. Expansion of the Caustic Soda and Hydrogen Peroxide projects will involve Rs 4 bn investments, and are expected to be commissioned by June Rs 1.4 Bn Rs 4 Bn Dichloro Chloromethane (CMS Project) Hydrogen Peroxide Project Caustic Soda Expansion Setting up a Chloromethane plant of 40,000 MTPA Will cater to captive consumption of chlorine & produce MDC ( for which India is currently a net importer), Chloroform & Carbon Tetra Chloride. Expected to be commissioned by Apr 18. Setting up a Hydrogen Peroxide project of 25,000 MTPA Increasing capacity by 250 TPD (50% increase) using Zero gap Membrane Technology Increasing Captive Power Plant capacity from 60 MW to 90 MW Expected to add Rs 1.2 bn of revenue post full year of operation Expected to be commissioned by June 19 Expected to add Rs 3 bn of revenue in full year of operation FY21 For Private Circulation Only 3 Hem Research
4 Healthy Financial Performance in Q1FY18 During Q1 FY18, topline of co was up 17% at Rs 415 Cr driven by strong exports growth of 26% and domestic revenue growth of 8% as exports contributes to 54% to revenue.during the quarter, EBITDA was up 22% as raw material cost as percentage of revenue declined from 56.9% to 52.9% while other cost as a percentage of revenue increased from 19.2% to 22.5%. Bottomline of company during Q1FY18 grew whopping 75% to Rs 32.9 Cr from Rs Cr. Domestic business grew by 8% led by strong growth in Basic Chemicals, marginally offset by lower revenues in Agrochemicals, while Pigments business had stable revenue. On Segmental front, Pigment Segment is expected to continue with the momentum with its increasing share of value-added products, led by fully ramped-up Beta Blue plant. Co is also focusing on the high-margin paints and plastics market by improving the product-mix and developing specialty pigment products for international markets to maintain the growth in exports.in Agrochemicals Segment, the domestic market of co will further grow in FY18, driven by a better monsoon following the channel inventory drying up after 2 years of drought, and lower imports due to reduced production in China on account of pollution issues. The Company has focused its efforts on strengthening its distribution network which was earlier not being pursued very aggressively due to subdued market conditions. The Company s export markets are already reviving and co is witnessing increasing demand for its higher-value products which will result in higher realisations and better margins. Co s Caustic Potash plant, which is now getting ramped up, coupled with continued strong performance by Caustic Soda, will be the key drivers for profitable growth of the Basic Chemicals segment. Overall, FY18 looks to be more promising with all segments expected to progress: Agrochemicals with better industry demand, Pigments with increasing share of higher-value-added products and Basic Chemicals with increased utilisation of caustic potash. For Private Circulation Only 4 Hem Research
5 P& L Statement (Rs Cr) Particulars FY15 FY16 FY17 FY18E FY19E Total Revenue % 6.42% 10.00% 15.00% Growth(%) Expenditure EBITDA Growth (%) % 10.72% 14.86% 15.00% EBITDA Margin(%) 15.69% 17.95% 18.68% 19.50% 19.50% Other income Depreciation & Amortization EBIT EBIT Margin(%) 10.41% 14.42% 13.61% 14.43% 14.44% Interest Exceptional Item (0.20) 0.00 (3.81) PBT Tax PAT Minority Interest (2.09) (28.78) (28.51) (39.00) (41.00) Consolidated PAT Growth (%) % 6.30% 43.47% 18.93% NPM (%) 3.39% 5.68% 5.67% 7.40% 7.65% Equity Capital Equity Shares EPS Ratios Particulars FY15 FY16 FY17 FY18E FY19E Return on Equity (%) Return on Capital Employed (%) Current Ratio Book value per share For Private Circulation Only 5 Hem Research
6 Balance Sheet Rs. Crore Particulars FY15 FY16 FY17 FY18E FY19E Share Capital Reserves & Surplus Minority Interest Secured Loan Other Long Term Liabilities & provisions Net Deferred tax Liability Sources of funds Net Fixed Assets Non Current Investments Intangible Asset under dev Other Non Current Assets Inventories Sundry debtors Cash and bank balance Other current assets Loans and advances Current Investment Total current assets Current liabilities and provisions Net current assets (Ex Cash) Uses of funds For Private Circulation Only 6 Hem Research
7 Quarterly Financial Highlights Rs. Crore Particulars Q1FY18 Q1FY17 Q4FY17 YoY% QoQ% Revenues Expenditures Operating Profit Consolidated Net Profit PBIDTM% (ex OI) NPM % EPS* *Calculated on Net Profit/Total Comprehensive Income Past Price movement of the stock MEGHMANI ( , , , , ), SENSEX (31,407.47, 31,593.39, 31,379.25, 31,568.01, ) x ember February March April May x June July August Sept For Private Circulation Only 7 Hem Research
8 HEM SECURITIES LIMITED MEMBER-BSE,CDSL,SEBI REGISTERED CATEGORY I MERCHANT BANKER Sebi Registration No For Research Analyst: INH JAIPUR OFFICE: , JAIPUR TOWERS, M I ROAD, JAIPUR PHONE FAX MUMBAI OFFICE: 14/15, KHATAU BLDG., IST FLOOR, 40, BANK STREET, FORT, MUMBAI PHONE FAX GROUP COMPANIES HEM FINLEASE PRIVATE LIMITED MEMBER-NSE HEM MULTI COMMODITIES PRIVATE LIMITED MEMBER-NCDEX, MCX HEM FINANCIAL SERVICES LIMITED NBFC REGISTERED WITH RBI For Private Circulation Only 8 Hem Research
9 Disclaimer & Disclosure: This document is prepared for our clients only, on the basis of publicly available information and other sources believed to be reliable. Whilst we are not soliciting any action based on this information, all care has been taken to ensure that the facts are accurate, fair and reasonable. This information is not intended as an offer or solicitation for the purchase or sell of any financial instrument and at any point should not be considered as an investment advice. Reader is requested to rely on his own decision and may take independent professional advice before investing. Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited, Directors and any of its employees shall not be responsible for the content. The person accessing this information specifically agrees to exempt Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and further agrees to hold Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The companies and its affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material may from time to time, have long or short positions in, and buy or sell the securities there of, company (ies) mentioned herein and the same have acted upon or used the information prior to, or immediately following the publication. Disclosure of Interest Statement 1. Analyst Ownership of the Stocks No 2. Hem & its Group Company Ownership of the Stock No 3. Hem & its Group Company Director Ownership of the Stock No 4. Broking relationship with Company covered No Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. For Private Circulation Only 9 Hem Research
10 For Private Circulation Only 10 Hem Research
Meghmani Organics Limited (MOL) Q2 & H1FY18 Investor Presentation (November 2017)
1 Meghmani Organics Limited (MOL) Q2 & H1FY18 Investor Presentation (November 2017) Robust performance in Q2, PAT up 78% Net Sales (In Rs mn) EBITDA (In Rs mn) 4,536 up 19% YoY 1,028 Up 29% YoY EBITDA
More informationMeghmani Organics Limited (MOL) Q4 & FY17 Investor Presentation (May 2017)
1 Meghmani Organics Limited (MOL) Q4 & Investor Presentation (May 2017) : Continued profitable growth... Revenue 13.1 (In Rs bn) 13.9 UP 7% EBITDA 19.9% 20.6% Margin PAT Margin 6.3% 6.3% Impacted by exceptional
More informationNIIT Technologies Ltd. 15 th February, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY NIIT Technologies Ltd. 15 th February, 2016 BUY CMP Target Price Rs.500.95 Rs.645.00 BSE Code 532541 Market Cap (Rs Cr.) 3065.81 52 Week
More informationIdea Cellular Ltd. 19 th January, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Idea Cellular Ltd. 19 th January, 2015 BUY CMP Target Price Rs.155.20 Rs.210.00 BSE Code 532822 Market Cap (Rs Cr.) 55,832.96 52 Week High/Low
More informationBalaji Amines Ltd 22/11/2017 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Balaji Amines Ltd 22/11/2017 BUY CMP Rs. 600.75 Target Price Rs 780.00 BSE Code 530999 NSE Code BALAMINES Market Cap (Rs crore) Rs.1946.43
More informationVa Tech Wabag Ltd. 11 th March, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Va Tech Wabag Ltd. 11 th March, 2014 BUY CMP Target Price Rs.691.30 Rs.870.00 VA Tech Wabag is Indian multinational player technology focused
More informationR.S. Software (India) Ltd. 11 th August, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY R.S. Software (India) Ltd. 11 th August, 2014 BUY CMP Rs.430.00 Target Price Rs.600.00 BSE Code 517447 NSE Code RSSOFTWARE Market Cap (Rs
More informationCeat Ltd 1 st June, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Ceat Ltd 1 st June, 2013 BUY CMP Target Price Rs.107.75 Rs.140.00 Ceat is India s leading tyre company with over 50 years of presence.
More informationDCB Bank Ltd. 18 th August, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY DCB Bank Ltd. 18 th August, 2014 BUY CMP Rs.81.40 Target Price Rs.120.00 BSE Code 532772 NSE Code DCBBANK Market Cap (Rs Cr.) 2040.24 52
More informationTech Mahindra Ltd 21 st September, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Tech Mahindra Ltd 21 st September, 2013 BUY CMP Target Price Rs.1298.60 Rs.1650.00 Tech Mahindra is a global systems integrator and business
More informationCamlin Fine Sciences Ltd. 27 th June, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Camlin Fine Sciences Ltd. 27 th June, 2015 BUY CMP Target Price Rs.111.85 Rs.145.00 Camlin Fine Sciences is one of the India's leading
More informationPidilite Industries Ltd 10 th September, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Pidilite Industries Ltd 10 th September, 2012 CMP(as on 8/9/2012) Target Price Rs.200.50 Rs.260.00 Pidilite Industries Ltd. has been a
More informationV-Guard Industries Ltd 9 th June, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY V-Guard Industries Ltd 9 th June, 2012 CMP Rs.215.00 The V-Guard Group has emerged as one of the most trusted brand in India. VGIL plans
More informationMeghmani Organics Ltd.
Meghmani Organics Ltd. Company Update October 12, 218 1-215 1-216 4-216 7-216 1-216 1-217 4-217 7-217 1-217 1-218 4-218 7-218 1-218 Company Update STRONG BUY * October 12, 218 Meghmani Organics Ltd. Caustic
More informationGabriel India Ltd. 4 th November, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Gabriel India Ltd. 4 th November, 2014 BUY CMP(As on 3/11/2014) Rs.83.40 Target Price Rs.115.00 BSE Code 505714 NSE Code GABRIEL Market
More informationMadras Cements Ltd 9 th October, 2012 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Madras Cements Ltd 9 th October, 2012 BUY CMP Target Price Rs.186.35 Rs.240.00 Madras Cements Ltd is the flagship company of the Ramco
More informationIPCA Laboratories Ltd 26 th August, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY IPCA Laboratories Ltd 26 th August, 2013 BUY CMP(As on 24/8/13) Rs.623.30 Target Price Rs.780.00 BSE Code 524494 NSE Code IPCALAB Market
More informationSUBSCRIBE. IPO Report HDFC ASSET MANAGEMENT COMPANY LTD. IPO Details. Research Analyst : Astha Jain
IPO Report HDFC ASSET MANAGEMENT COMPANY LTD SUBSCRIBE IPO Details Issue Date 25 th July-27 th July 2018 Price Band 1095-1100/Share Bid Lot 13 & in multiplethereof Face Value Rs 5/Share Listing BSE, NSE
More informationMunjal Showa Ltd 30 th May, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Munjal Showa Ltd 30 th May, 2012 CMP Target Price Rs.79.00 Rs.100.00 Munjal Showa Limited in Hero Group's joint venture with Showa Corporation,
More informationMinda Corporation Ltd. 29 th December, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Minda Corporation Ltd. 29 th December, 2015 BUY CMP Rs.89.40 Target Price Rs.120.00 BSE Code 538962 Market Cap (Rs Cr.) 1871.14 52 Week
More informationIPO Report ICICI SECURITIES LTD SUBSCRIBE. Valuation. IPO Details. Research Analyst : Astha Jain
IPO Report ICICI SECURITIES LTD SUBSCRIBE IPO Details Issue Date 22 nd Mar-26 th Mar 2018 Price Band 519-520/Share Bid Lot 28 & in multiplethereof Face Value Rs 5/Share Listing BSE, NSE Offer For Sale
More informationGateway Distriparks Ltd 1 st July, 2011 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Gateway Distriparks Ltd 1 st July, 2011 BUY CMP Rs 126.75 Target Price Rs 170.00 BSE Code 532622 NSE Code GDL Market Cap (Rs Mn) 13699.51
More informationGranules India Ltd. 21 st July, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Granules India Ltd. 21 st July, 2012 CMP Target Price Rs.149.30 Rs.200.00 Granules India is among the leading global manufacturer of highvolume
More informationCarborundum Universal Ltd 14/11/2017 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Carborundum Universal Ltd 14/11/2017 BUY CMP Rs. 370.00 Target Price Rs 480.00 BSE Code 513375 NSE Code CARBORUNIV Market Cap (Rs crore)
More information1 P a g e. Report By: Arnab Dasgupta Page 1
1 P a g e Report By: Arnab Dasgupta arnab@dynamiclevels.com Page 1 Entry: 42 Target: 50 FY16 P/E: 12.35 Meghmani Organics Ltd- Market Leader in Color pigment Meghmani Organics Ltd Company Overview and
More informationGHCL Ltd. 19 th September, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY GHCL Ltd. 19 th September, 2016 BUY CMP (BSE) Rs.253.00 Target Price Rs.310.00 BSE Code 500171 Market Cap (Rs Cr.) 2530.49 52 Week High/Low
More informationJK Paper Ltd 16/02/2018 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING JK Paper Ltd 16/02/2018 BUY CMP Rs 137.55 Target Price Rs 180.00 BSE Code 532162 NSE Code JKPAPER Market Cap (Rs crore) Rs.2414.00 52
More informationCarborundum Universal Ltd 18 th July, 2011 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Carborundum Universal Ltd 18 th July, 2011 BUY CMP Rs 302.00 Target Price Rs 360.00 Large capacity expansions and major business acquisitions,
More informationAlembic Pharmaceuticals Ltd 25 th September, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Alembic Pharmaceuticals Ltd 25 th September, 2012 CMP Target Price Rs.70.85 Rs.90.00 Alembic Pharma continues to maintain its market share
More informationSteel Strips Wheels Ltd. 6 th August, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Steel Strips Wheels Ltd. 6 th August, 2016 BUY CMP Rs.511.80 Target Price Rs.640.00 BSE Code 513262 Market Cap (Rs Cr.) 794.42 52 Week
More informationLONG TERM SUBSCRIBE. IPO Report HINDUSTAN AERONAUTICS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report HINDUSTAN AERONAUTICS LTD LONG TERM SUBSCRIBE IPO Details Issue Date 16 th Mar-20 th Mar 2018 Price Band Bid Lot Face Value Listing Offer For Sale Fresh Issue ---- Pre Issue Eq Shares Post Issue
More informationRallis India NEUTRAL. Performance Highlights CMP. `215 Target Price - 3QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
More informationCompany Research. Result Highlights: EBITDA margin improve substantially by 120bps y-o-y: Date:
Asian Paints Ltd posted strong revenue growth due to festive season. Date: 23.01.2013 Result Highlights: Top-line grows by 18.61% yoy: Asian paints recorded sales of Rs.30371.40 mn against corresponding
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More informationGarware 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 informationULTRAMARINE & PIGMENTS LTD
02 December 2016 ULTRAMARINE & PIGMENTS LTD CMP INR 170 Initiating Coverage (BUY) Target Price INR 226 Stock Details Industry SPECIALTY CHEMICALS Bloomberg Code UMP:IN BSE Code 506685 Face Value (Rs.)
More informationCompany Research. Asian Paints Ltd Domestic paints volumes disappoint. Investment Overview: Date:
Asian Paints Ltd Domestic paints volumes disappoint Date: 30.8.2012 Investment Overview: Asian Paints is India s largest paint company & Asia s third largest paint company, with a turnover of Rs 96322.40
More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationBASF India Limited Q2FY18 Result Analysis
BASF India Limited Q2FY18 Result Analysis 18 November 2017 CMP (INR): (Nov 17, 2017) 1946.05 Revised Target (INR) 2338 Upside(%) 20% Recommendation : BUY BSE Code 500042 NSE Code BASF Reuters Ticker BASF.BO
More informationPART I INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, & Q3) HALF YEAR AND FULL YEAR RESULTS
MEGHMANI ORGANICS LIMITED Third Quarter Financial Statements And Dividend Announcement The Board of Directors of Meghmani Organics Limited ( MOL or the Company or the Issuer ) wishes to make the following
More informationAVOID. IPO Report GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report AVOID IPO Details Issue Date 24 th Sept-26 th Sept 2018 Price Band 115-118/Share * Bid Lot 120 & in multiplethereof Face Value Rs 10/Share Listing BSE, NSE Offer For Sale 29,210,760 Eq Shares
More informationMeghmani Organics Limited Q4 FY2017 Earnings Conference Call. May 24, 2017
Meghmani Organics Limited Q4 FY2017 Earnings Conference Call ANALYST: MS. NISHA KAKRAN FOUR-S SERVICES MANAGEMENT: MR. ANKIT PATEL HEAD AGROCHEMICALS DIVISION- MEGHMANI ORGANICS LIMITED MR. DARSHAN PATEL
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationFineotex 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 informationSUBSCRIBE. IPO Report BHARAT DYNAMICS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report BHARAT DYNAMICS LTD SUBSCRIBE IPO Details Issue Date 13 th Mar-15 th Mar 2018 Price Band 413-428/Share* Bid Lot 35 & in multiplethereof Face Value Rs 10/Share Listing BSE, NSE Offer For Sale
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More informationAhluwalia 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 informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
More informationMahindra & 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 informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationSuzlon 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 informationFY17 FY18 FY19E FY20E
13-Aug-15 09-Aug-16 06-Aug-17 03-Aug-18 Result Update STRONG BUY * August 13, 2018 Dalmia Bharat Result Update Top-line growth led by improved realization & volume growth The company posted a revenue of
More informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
More informationSymphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
More informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
1QFY2019 Result Update Dairy Products August 8, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q1FY19 Q1FY18 % yoy Q4FY18 % qoq Net sales 549 413 32.9 518 5.9 EBITDA 60 29 103% 55 8.4% EBITDA
More informationChange EPS. (Rs) FY
17 AUG 217 / Quarterly Update BUY Target Price: Rs. 662 : Revenue up 21% Y-o-Y, strong growth in Non-GLE segment GMM Pfaudler Ltd(GMM) in 1QFY18posted revenues of Rs 69 Cr. (up 21% Y-o-Y, down 13% Q-o-Q)
More informationConsolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE
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 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in
More informationBUY SUDARSHAN CHEMICAL INDUSTRIES LTD. CMP Target Price JANUARY 8 th 2015 SYNOPSIS. Result Update (PARENT BASIS): Q2 FY15
BUY CMP 114.05 Target Price 140.00 SUDARSHAN CHEMICAL INDUSTRIES LTD Result Update (PARENT BASIS): Q2 FY15 JANUARY 8 th 2015 ISIN: INE659A01023 Index Details Stock Data Sector Specialty Chemicals BSE Code
More informationAmara 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 informationProcter & Gamble Hygiene & Health Care
3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5
More informationApollo 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 informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
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 informationBlue 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 informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationMargin PAT (Rs Margin
4 Recommendation BUY Best bet at current FMCG space, Attractive Valuations; BUY CMP Rs. 345 ITC posted a good quarter in terms of Net Sales/Gross Profit/EBITDA/PAT increased by 11.8%/13.9%/18.4%/18.2%
More informationPidilite 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 informationAutoline Industries Ltd.
Autoline Industries Ltd. CMP 151.7 TARGET 193.0 Buy Sensex 19,091.2 Nifty 5,729.1 STOCK DETAILS Sector Auto Ancillary Market Cap. (Rs Cr) 185.1 Beta 0.7 52 Week High/Low 279.8/106.0 Face Value (Rs) 10
More informationMargin (%) PAT (Rs cr)
4 Recommendation HOLD Reiterating positive outlook CMP (27/7/2015) Rs. 115 Target Price Rs. 125 Sector Stock Details Pharmaceuticals BSE Code 532482 NSE Code Bloomberg Code GRANULES GRAN IN Market Cap
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
More informationAmber 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 informationAdani 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 informationHindustan Unilever Ltd.
Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17. Volume No.. I Issue No. 152 Hindustan Unilever Ltd. December 1, 2017 BSE Code: 500696 NSE Code: HINDUNILVR Reuters
More informationQuick 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 informationFY17 FY18E FY19E FY20E
8-215 11-215 2-216 5-216 8-216 11-216 2-217 5-217 8-217 11-217 2-218 5-218 8-218 11-218 Result Update Institutional Research November 19, 218 Sanghi Industries Result Update Subdued revenue growth due
More informationCapacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
More informationSkipper Ltd. February 13, Towering high. CMP INR 153 Target INR 184 Result Update - BUY. Company Background. Investment Rationale
February 13, 2017 Skipper Ltd. Towering high CMP INR 153 Target INR 184 Result Update - BUY Key Share Data Face Value (INR) 1.0 Equity Capital (INR Mn) 102.3 Market Cap (INR Mn) 15,593.0 52 Week High/Low
More informationKESAR PETROPRODUCTS LIMITED
KESAR PETROPRODUCTS LIMITED Investor Presentation February 2018 Safe Harbor This presentation and the accompanying slides (the Presentation ), which have been prepared by Kesar Petroproducts Limited (the
More informationAsian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics
3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin
More informationVisaka 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 informationSkipper Ltd. May 17, Towering high. CMP INR 205 Target INR 238 Result Update - BUY. Company Background. Investment Rationale
May 17, 2017 Skipper Ltd. Towering high CMP INR 205 Target INR 238 Result Update - BUY Key Share Data Face Value (INR) 1.0 Equity Capital (INR Mn) 102.3 Market Cap (INR Mn) 20,979.9 52 Week High/Low (INR)
More informationIPO of 7.2mn equity shares of Rs 10 each, aggregating to Rs140Cr or $34mn (at the cap price)
K E Y N O T E I P O A N A L Y S I S Gokul Refoils and Solvent Ltd. Price Band : Rs 175-195 per share May 8, 2008 Issue open between : May 8-13, 2008 Recommendation : Subscribe with a medium term view Book
More informationPhillips Carbon Black Ltd
4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293
More informationJAIN IRRIGATION 07/06/2016 SECTOR: OTHERS. Initiating Coverage: ACCUMULATE. Company Snapshot:
Company Snapshot: Established in 1986 Jain Irrigation is a transnational organization headquartered at Jalgaon, Maharashtra. The company employs over 5 associates and manufacture a number of products,
More informationCCL 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 informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationJ.B. Chemicals & Pharmaceuticals Ltd.
Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 Apr-17 May-17 Jun-17 Jun-17 Jul-17 Aug-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 146 J.B. Chemicals & Pharmaceuticals Ltd. October
More informationMeghmani Organics Ltd.
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 COMPANY REPORT Nifty: 7,98; Sensex: 26,64 April 28, 216 Meghmani Organics Ltd. Geared up
More informationAll these indications point to a bright and an exciting future for Lypsa
Company Update Gems India Research NVS Wealth Managers Lypsa Gems & Jewellery Ltd. 2r CMP: 68.90 DIAMONDS ARE FOREVER Nifty 8805.05 Sensex 28351.62 Nifty PE 23.15 Sensex PE 22.09 Stock Data Sector Gems
More informationTriveni Turbine Ltd. Capital Goods. Accumulate RETAIL EQUITY RESEARCH
Q1FY19 RESULT UPDATE RETAIL EQUITY RESEARCH Triveni Turbine Ltd. Capital Goods BSE CODE:533655 NSE CODE: TRITURBINE Bloomberg CODE: TRIV:IN SENSEX: 37,522 Accumulate Rating as per Mid Cap 12months investment
More informationCMP* (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 informationMarket Snap 26 th May 2018
Weekly ary Market Snap 26 th May 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34848.30 34873.16 35017.93 34302.89
More informationInvestment Rationale. Strong Parentage. Renewed focus of Ricoh Japan in India. Margin (%) Adj PAT
0 4 Recommendation BUY Delisting Offer Price - Still a long way CMP Rs. 73 Target Price Rs. 89 Sector Stock Details Comm. Trading & Distribution BSE Code 517496 NSE Code Bloomberg Code NA RPGR IN Market
More informationKey estimate revision. Year FY14 23,28,609 3,48,027 1,40, FY15E 25,74,029 3,94,133 1,69,
: price: EPS: How does our one year outlook change? We retain our positive stance on TTMT driven by continued strong performance at JLR on both revenues & margins and expected reduction in losses at standalone
More informationReligare 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 informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 3QFY2018 Result Update Media February 12, 2018 LT Foods Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationMarket Snap 12 th May 2018
Weekly ary Market Snap 12 th May 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34915.38 34983.59 35596.15 34977.74
More information