BGR Energy. CMP: INR284 TP: INR296 Neutral
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- Marion Willis
- 5 years ago
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1 BSE SENSEX S&P CNX 16,312 4,951 Bloomberg BGRL IN Equity Shares (m) Week Range (INR) 512/173 1,6,12 Rel. Perf. (%) -8/8/-31 M.Cap. (INR b) 20.5 M.Cap. (USD b) May QFY12 Results Update Sector: Capital Goods BGR Energy CMP: INR284 TP: INR296 Neutral 4QFY12 operating performance in-line: BGR Energy reported 4QFY12 operating performance in-line with estimates, with revenues at INR11.3b (down 22% YoY) and EBIDTA margins at 11.9% (up 46bp YoY). PAT at INR672m (down 32% YoY) was above our estimates of INR551m given lower interest costs (at INR411m v/s est INR482m) and lower tax rates (at 29.6% v/s est 36.3%). EBITDA margins hit by reversal of sales mix: 4QFY12 EBITDA margin stood at 11.9%, significantly lower than 14.6% in 9MFY12 which had favorable mix with higher contribution from BOP contracts relative to EPC contracts. BOP accounted for 40-60% of revenues during the first three quarters of FY12 against 18-20% in 4Q. Currently, EPC contracts forms around 10-11% of the order book, and going forward a large part of the incremental orders are expected on EPC route. We expect margins to contract in FY13 driven by ramp-up in project specific deliveries and increased share of EPC contract revenues. Guidance - Expect 25% YoY revenue growth in FY13; order pipeline at ~16GW: The management stated that the existing order book will contribute to INR43b revenues in FY13. Also, the NTPC bulk tender will start contributing to revenues meaningfully only in FY14. Order book as at end March 2012 stands at INR75b (INR151b including NTPC bulk tender yet to be received). Orders worth INR 122b from Rajasthan SEB for two projects of 2x660MW each (which was expected to be awarded) has been scrapped and the management expects retendering shortly. The management indicated that the bidding pipeline stands at ~16GW for FY13. Net working capital remains at elevated levels: Net working capital remains at elevated level, up to 210 days from 103 days at the end of 4QFY11. Retention money continues to be high at INR14b, up from INR12b as at the end of 3QFY12 (v/s INR 11b at the end of FY11) which is a key disappointment v/s expectations of realization of INR5b of retention money by the end of FY12. Interest cost is up 125% YoY due to rise in cost of borrowing and debt levels. Valuation and view: We have upgraded our FY13 estimate by 5% in light of increased margin assumption and have cut our FY14 earnings estimate by 22% to factor in scrapping of Rajasthan SEB's order worth INR65b and likely execution delays. We maintain Neutral with a target price of INR296, based on 10x FY14E earnings. Satyam Agarwal (AgarwalS@MotilalOswal.com) ; Deepak Narnolia (Deepak.Narnolia@MotilalOswal.com);
2 Results highlights 4QFY12 operating performance in-line; net profit above estimates driven by lower interest / lower tax rates: BGR Energy reported 4QFY12 revenues of INR11.4b (down 22% YoY) marginally above our estimates of INR11.2b. EBITDA margin stood at 11.9%, up 46bp YoY lower than our estimates of 12.4%. PAT stood at INR672m (down 32% YoY) above our estimates of INR551m. Higher than expected PAT is driven by lower interest costs at INR411m (est INR482m) and tax rates at 29.6% (est 36.3%). EBITDA margins impacted as project specific deliveries increase: EBITDA margins in 9mFY12 had improved on account of favorable mix driven by higher contribution from BOP contracts relative to EPC contracts. BOP accounted for 40-60% of revenues during the first three quarters of FY12, against 18-20% YoY. Currently, EPC contracts forms around 10-11% of the order book, and going forward a large part of the incremental orders are expected on EPC route. RM/Sales declined 267bp YoY while Employee cost increased 170bp YoY. We expect margins to contract in FY13 driven by ramp-up in project specific deliveries and increased share of EPC contract revenues. Extended slowdown in order intake disappointing: Exhausting order book remains a major concern for BGR. Order book as at March 2012 stands at around INR75b (INR80b 3QFY12 end). Orders worth INR 122b from Rajasthan SEB for two projects of 2x660MW each, in which BHEL and BGR were shortlisted, were expected to be placed by Dec-11. However, the same has been scrapped and the management expects retendering shortly. BGR is to receive orders of INR85b from NTPC bulk tender (Boilers for 660MW - INR55b and TG Sets for 800MW - INR30b), and the management expects a large part of these awards shortly. FY13 execution to be constrained given depleting order book: The company is executing two large EPC projects, in Rajasthan (2x600MW, INR49b) and Tamil Nadu (1 x 300, INR31b) both awarded in These projects are ~88-95% complete which have been driving revenue growth in recent quarters. Currently, the company is executing three major BOP projects -Mahagenco 2X500MW INR16.3b (60% complete), Chhattisgarh State Electricity Board 2x500MW INR16.3b (50% complete) and Thermal Powertech Corporation in Krishnapatnam 2x660 MW INR21.7b (15% complete). BOP order from TRN Energy 2x600MW of INR17b is yet to start revenues. The management stated that the existing order book will contribute to INR43b revenues in FY13. Also, the NTPC bulk tender will start contributing to revenues meaningfully in FY14. Working capital remains at elevated level: Net working capital remains at elevated level, up to 210 days from 103 days at the end of 4QFY11. Retention money is at INR14 up from INR12b as at the end of 3QFY12 (v/s INR 11b at the end of FY11) which is in contrast with the companies' earlier expectation of realization of INR5b of retention money by the end of FY12. Due to high debt and increased cost of borrowing, interest cost remains at a high level at INR411m, up 125% YoY. In the last quarter the company had mentioned that cost of borrowing has increased to % v/s 6-7% last year mainly on account of reduction in low-cost buyer's credit (@ LIBOR + 1.5%) due to completion of EPC projects. Currently buyer's credit forms around ~15-18%% of total debt down from 35% last year. 31 May
3 Cutting FY14 earnings estimate by 22%; maintain Neutral: We have upgraded our FY13 estimate by 5% in light of increased margin assumption and have cut our FY14 earnings estimate by 22% to factor in scrapping of Rajsthan SEB's order worth INR65b, likely execution delay and poor order intake. We believe that the Indian power equipment market is going through a tough phase, with slowing demand and rising costs. Lack of coal linkages, volatile spot prices and several other hurdles like land availability have adversely impacted new project awards in the past one year. We believe it will be challenging for BGR to secure new orders in the foreseeable future without resorting to aggressive pricing. We maintain Neutral rating on the stock with a target price of INR296, based on 10x FY14E earnings. BGR: Revised estimates (INR m) Revised Old Change (%) FY13E FY14E FY13E FY14E FY13E FY14E Sales 39,282 54,608 38,959 65, (16.1) Growth (%) EBITDA 4,571 5,248 4,418 6, (14.9) Growth (%) bp 80bp PAT 1,975 2,139 1,874 2, (22.2) Growth (%) (6.6) 8.3 (11.4) (11.4) EPS (INR) (22.2) Source: MOSL BTB ratio - slight uptrend as execution remains constrained Revenue growth declining Margins to trend lower as EPC share is rising PAT declines 32% YoY in 4QFY12 impacted by higher interest cost Source: Company, MOSL 31 May
4 BGR Energy: an investment profile Company description BGR Energy Systems (BGRL) is one of the India's growing engineering companies in the power sector. BGRL carries the business in two segments namely the supply of systems and equipment and turnkey engineering project contracting. The company has entered into a JV with Hitachi to manufacture boilers and turbines. Key investment arguments BGRL, a strong BOP contractor, entered the power plant EPC business over the past two years. It is wellplaced to capitalize on a growing shortage of power plant contractors in India. BGRL has a JV with Hitachi to make boilers and turbine-generators, which could be a huge long-term growth driver. The company has bagged meaningful orders in NTPC bulk tender which would drive strong revenue growth in next 3-4 years. Success in one or two EPC projects will drive strong earnings growth beyond FY12. Key investment risks Margin compression is possible due to the entry into the super-critical BTG due to high initial import content (18-20%). Also the company has resorted to aggressive pricing in NTPC bulk tender which is likely to be a strain on profitability. Comparative valuations BGR BHEL L&T P/E (x) FY13E FY14E P/BV (x) FY13E FY14E EV/Sales (x) FY13E FY14E EV/EBITDA (x) FY13E FY14E Higher working capital days due to a large share of EPC projects in the revenue mix going forward can compress return ratios and cash flows. Recent developments BGR turned out to be L1 in the boiler package of NTPC bulk tender 1 (11x660 MW) and in the turbine package of bulk tender 2 (9x800 MW) in which it is expected to receive orders worth INR 96b. The Rajasthan SEB scrapped its tender worth INR 120b in which BHEL was L1 and BGR L2. BGR was expected to receive orders worth INR60b if it matched L1 price. Valuation and view We have upgraded our FY13 estimate by 5% in light of increased margin assumption and have cut our FY14 earnings estimate by 22% to factor in scrapping of Rajsthan SEB's order worth INR65b, likely execution delay and poor order intake. We maintain Neutral rating on the stock with a target price of INR296, based on 10x FY14E earnings. Sector view We are Neutral about the sector. EPS: MOSL forecast v/s consensus (INR) MOSL Consensus Variation Forecast Forecast (%) FY FY Target price and recommendation Current Target Upside Reco. Price (INR) Price (INR) (%) Neutral Stock performance (1 year) Shareholding pattern (%) Mar-12 Dec-11 Mar-11 Promoter Domestic Inst Foreign Others May
5 Financials and Valuation 31 May
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BSE SENSEX S&P CNX 17,749 5,382 Bloomberg TPWR IN Equity Shares (m) 2,373.3 52-Week Range (INR) 135/81 1,6,12 Rel. Perf. (%) 10/-5/-10 M.Cap. (INR b) 263.9 M.Cap. (USD b) 5.3 13 February 2012 3QFY12 Results
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationPunjab National Bank. CMP: 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 informationShree Renuka Sugars. CMP: INR26 TP: INR45 Buy
BSE SENSEX S&P CNX 16,219 4,924 1 June 2012 6QSY12 Results Update Sector: Sugar CMP: INR26 TP: INR45 Buy Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 76/23 1,6,12 Rel. Perf. (%) -10/-16/-45
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28 July 2011 1QFY12 Results Update Sector: FMCG BSE SENSEX S&P CNX 18,210 5,488 Dabur India CMP: INR106 TP: INR94 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.0 52-Week Range (INR) 122/87 1,6,12
More informationCement. Demand to grow 8%, with cost push to be passed on CCI probe to have limited impact
15 May 2012 Update Cement Demand to grow 8%, with cost push to be passed on CCI probe to have limited impact We met with senior managements of the large cement companies in India, to get perspective on
More informationHindalco. CMP: INR113 TP: INR151 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg HNDL IN Equity Shares (m) 1,990.0 52-Week Range (INR) 165/100 1,6,12 Rel. Perf. (%) -9/-18/-26 M.Cap. (INR b) 224.9 M.Cap. (USD b) 4.1 Consolidated 2QFY13 Results
More informationIdea Cellular. CMP: INR159 TP: INR200 Buy
BSE SENSEX S&P CNX 19,164 5,678 Bloomberg IDEA IN Equity Shares (m) 3,316.2 M.Cap. (INR b) / (USD b) 513.7/8.4 52-Week Range (INR) 176/72 1, 6, 12 Rel. Per (%) 12/45/83 Financials & Valuation (INR Billion)
More 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 informationHindustan Unilever. CMP:INR324 TP:INR302 Neutral
BSE SENSEX S&P CNX 18,197 5,482 29 July 2011 1QFY12 Results Update Sector: FMCG Hindustan Unilever CMP:INR324 TP:INR302 Neutral Bloomberg HUVR IN Equity Shares (m) 2,159.5 52-Week Range (INR) 347/250 1,6,12
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BSE SENSEX S&P CNX 18,755 5,698 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 745/370 1,6,12 Rel. Perf. (%) 4/17/67 M.Cap. (INR b) 246.4 M.Cap. (USD b) 4.6 5 November 2012 2QFY13 Results
More informationJSW Steel. CMP: INR670 TP: INR391 Sell Merger with JSW Ispat
BSE SENSEX S&P CNX 17,384 5,254 Bloomberg JSTL IN Equity Shares (m) 223.1 52-Week Range (INR) 885/464 1,6,12 Rel. Perf. (%) -5/-12/-10 M.Cap. (INR b) 149.5 M.Cap. (USD b) 2.7 Valuation summary (INR b)
More informationOberoi Realty. CMP: INR264 TP: INR315 Buy
BSE SENSEX S&P CNX 17,151 5,202 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 4/15/16 M.Cap. (INR b) 87.0 M.Cap. (USD b) 1.7 26 April 2012 4QFY12 Results Update
More informationCMP: INR415 TP: INR 471 BUY
04 Mar 2013 Update Sector: Technology Wipro CMP: INR415 TP: INR 471 BUY Pipeline and deal signings suggest improvement in growth; Multiple levers and focus on productivity will cushion margin headwinds
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BSE Sensex S&P CNX 19,561 5,923 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 72.0/1.3 52-Week Range 3,240/1,620 1,6,12 Rel. Perf. (%) -4/17/40 Financials & Valuation (INR b) Y/E Dec 2013E
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BSE Sensex S&P CNX 19,608 5,933 Bloomberg UT IN Equity Shares (m) 2,438.8 M.Cap. (INR b)/(usd b) 70/1.3 52-Week Range (INR) 41/18 1,6,12 Rel. Perf. (%) -27/24/-13 Financials & Valuation (INR b) Y/E March
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BSE SENSEX S&P CNX 18,625 5,664 29 October 2012 2QFY13 Results Update Sector: Consumer Dabur India CMP: INR130 TP: INR135 Neutral Bloomberg DABUR IN Equity Shares (m) 1,740.7 52-Week Range (Rs) 139/92
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BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
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14 June 2012 Update Raymond CMP: INR385 TP: INR462 Buy Restructuring initiatives bearing fruit; Land bank base case value INR147/share; Reiterate Buy We met the management of Raymond (RW IN, Mkt Cap USD0.4b,
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BSE SENSEX S&P CNX 16,913 5,114 Bloomberg GPL IN Equity Shares (m) 78.0 52-Week Range 845/570 1,6,12 Rel. Perf. (%) 0/-9/-2 M.Cap. (INR b) 46.4 M.Cap. (USD b) 0.9 4QFY12 Results Update Sector: Real Estate
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BSE Sensex S&P CNX 20,224 6,157 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b)/(usd b) 20.5/0.4 52-Week Range (INR) 342/202 1,6,12 Rel. Perf. (%) 6/-15/-23 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 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 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 informationPantaloon Retail. CMP: INR177 TP: INR192 Neutral
BSE SENSEX S&P CNX 17,773 5,390 Bloomberg PF IN Equity Shares (m) 217.1 52-Week Range (INR) 364/125 1,6,12 Rel. Perf. (%) 9/-49/-29 M.Cap. (Rs b) 38.4 M.Cap. (US$ b) 0.8 14 February 2012 2QFY12 Results
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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
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BSE SENSEX S&P CNX 19,636 5,940 Cummins India CMP: INR504 TP: INR585 Buy LHP products to be an important growth driver Cross service charges at INR100-200m/quarter 20 February 2013 Update Sector: Capital
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BSE Sensex S&P CNX 19,152 5,797 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b)/(usd b) 158/2.9 52-Week Range (INR) 338/223 1,6,12 Rel. Perf. (%) 12/-3/26 Financials & Valuation (INR b) Y/E March
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24 April 2012 Update CMP INR TP INR TRIBHOVANDAS BHIMJI ZAVERI Pure jewellery retail play with strong brand; Execution risks priced in; Subscribe (TBZ) is a pure play on the fast-growing branded jewellery
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BSE SENSEX S&P CNX 18,431 5,598 Bloomberg MSIL IN Diluted Equity Shares (m) 302.1 52-Week Range (INR) 1,498/906 1,6,12 Rel.Perf.(%) 5/-5/20 M.Cap. (INR b) 421.3 M.Cap. (USD b) 7.8 31 October 2012 2QFY13
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BSE SENSEX S&P CNX 16,439 4,990 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 422/294 1,6,12 Rel. Perf. (%) -4/-3/-7 M.Cap. (INR b) 2,033.9 M.Cap. (USD b) 36.4 30 May 2012 4QFY12 Results
More informationBirla Corporation. CMP: INR216 TP: INR277 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg BCORP IN Equity Shares (m) 77.0 52-Week Range (INR) 348/211 1,6,12 Rel. Perf. (%) -5/-19/-25 M.Cap. (INR b) 16.6 M.Cap. (USD b) 0.3 30 July 2012 1QFY13 Results
More informationITC. CMP: INR201 TP: INR230 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg ITC IN Equity Shares (m) 7,738.1 52-Week Range (INR) 211/149 1,6,12 Rel. Perf. (%) 3/23/38 M.Cap. (INR b) 1,601.0 M.Cap. (USD b) 32.1 21 January 2012 Results Update
More informationSun Pharmaceuticals. CMP: INR554 TP: INR614 Neutral
BSE SENSEX S&P CNX 17,849 5,416 Bloomberg SUNP IN Equity Shares (m) 1,035.6 52-Week Range (INR) 566/404 1,6,12 Rel. Perf. (%) -3/10/31 M.Cap. (INR b) 573.7 M.Cap. (USD b) 11.6 15 February 2012 3QFY12 Results
More informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
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BSE SENSEX S&P CNX 16,439 4,990 Bloomberg PHNX IN Equity Shares (m) 144.8 52-Week Range (INR) 229/149 1,6,12 Rel. Perf. (%) -8/-5/10 M.Cap. (INR b) 26.8 M.Cap. (USD b) 0.5 30 May 2012 4QFY12 Results Update
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BSE Sensex S&P CNX 22,095 6,601 CMP: INR889 26 March 2014 Update Sector: Consumer Not Rated Urban demand revives; Akzo gaining market share Reiterates focus on Profitable growth Urban demand for Decorative
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19 October 2011 1QFY12 Results Update Sector: Technology BSE SENSEX S&P CNX 16,748 5,038 Bloomberg HCLT IN Equity Shares (m) 700.9 52-Week Range (INR) 528/360 1,6,12 Rel. Perf. (%) 4/-1/7 M.Cap. (INR b)
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BSE Sensex S&P CNX 19,990 6,069 Bloomberg LPC IN Equity Shares (m) 447.6 M.Cap. (INR b)/(usd b) 324.5/6.0 52-Week Range (INR) 739/507 1,6,12 Rel. Perf. (%) 9/18/13 Financials & Valuation (INR b) Y/E March
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BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
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BSE SENSEX S&P CNX 18,202 5,532 Bloomberg SHRS IN Equity Shares (m) 671.0 52-Week Range (INR) 87/23 1,6,12 Rel. Perf. (%) 14/-39/-51 M.Cap. (INR b) 27.3 M.Cap. (USD b) 0.6 16 February 2012 5QSY12 Results
More informationOberoi Realty. CMP: INR269 TP: INR320 Buy
BSE SENSEX S&P CNX 18,682 5,684 Bloomberg OBER IN Equity Shares (m) 328.2 52-Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 13/-7/7 M.Cap. (INR b) 88.3 M.Cap. (USD b) 1.6 22 October 2012 2QFY13 Results
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BSE Sensex S&P CNX 19,772 5,995 Bloomberg DRRD IN Equity Shares (m) 169.2 M.Cap. (INR b)/(usd b) 344/6.3 52-Week Range (INR) 2,151/1,528 1,6,12 Rel. Perf. (%) -2/9/0 Financials & Valuation (INR b) Y/E
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BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
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BSE Sensex S&P CNX 19,664 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
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BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
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BSE SENSEX S&P CNX 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)
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BSE SENSEX S&P CNX 16,739 5,049 Bloomberg GCPL IN Equity Shares (m) 323.6 52-Week Range (INR) 464/325 1,6,12 Rel. Perf. (%) 3/3/16 M.Cap. (INR b) 135.6 M.Cap. (USD b) 2.7 24 January 2012 3QFY12 Results
More informationCummins India. Profitability supported by cost optimization measures. CMP: INR449 TP: INR432 Neutral
BSE SENSEX S&P CNX 17,618 5,345 Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 506/322 1,6,12 Rel. Perf. (%) -1/16/-1 M.Cap. (INR b) 124.5 M.Cap. (USD b) 2.2 Valuation summary (INR b) Y/E
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BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 21,034 6,252 Bloomberg GPL IN Equity Shares (m) 99.6 M.Cap. (INR b) / (USD b) 36.4/ 0.7 52-Week Range (INR) 641/340 1, 6, 12 Rel. Per (%) -1/-44/-47 Financials & Valuation (INR b) Y/E
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BSE SENSEX S&P CNX 21,338 6,339 Bloomberg TRP IN Equity Shares (m) 169.2 M.Cap. (INR b) / (USD b) 80.4/1.3 52-Week Range (INR) 535/324 1, 6, 12 Rel.Per (%) 4/12/32 Financials & Valuation (INR Million)
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3QFY11 Results Update SECTOR: FMCG BSE SENSEX S&P CNX 19,151 5,743 Rs400 Godrej Consumer Products Neutral Bloomberg GCPL IN Equity Shares (m) 323.6 52-Week Range (Rs) 480/225 1,6,12 Rel. Perf. (%) 7/6/46
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BSE Sensex S&P CNX 19,895 6,035 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 275.8/5.2 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) -8/-12/-1 Financials & Valuation (INR b)
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