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1 Sep 13 Complex fertiliser sales down 13%; urea up by 2.6% YoY October 14, 2013 Balwindar Singh Sensex v/s PL Agri Products & Chemical Index PL Agri Products & Chemical Index Sensex Oct-12 Dec-12 Source: Bloomberg Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Preliminary data from the Ministry of indicates that sales volumes of overall complex fertilisers (incl. manufactured & traded) declined 12.7% YoY for the industry during Sep 13, primarily due to decline in trading volumes. Imported complex fertilisers witnessed a decline of 39.7% YoY during Sep 13, while manufactured volumes increased by 11.8% YoY. On the other hand, urea was up 2.6% YoY during Sep 13. Since inventory situation has normalized now and with expectations of rabi being strong, we expect company level sales growth to return over the next couple of quarters. Over the last couple of quarters as expected, manufactured indigenous volumes have improved, while imports continue to decline as importers have till now refrained from importing. However, our recent interaction with industry participants suggests that as inventory in the system has normalized and with currency stabilising, imports are likely to pick up again. Further, global DAP prices have currently fallen to US$368/mt providing incentive for importers to start importing. As global fertiliser prices continue their downward trend, chances of reduction in fertiliser farmgate prices during the rabi season has increased. Global fertiliser prices continue their slide...: Global fertiliser prices continue to decline due to demand-supply mismatch. Global DAP prices are currently quoting at US$368/mt compared to US$475/mt in July Ammonia prices have corrected to US$490/mt currently due to improvement in supply over the last few months. Potash prices are currently ruling at US$380/mt and are expected to slide further post the break-up of joint venture between Uralkali and Belaruskali. Sector Update Stock Performance (%) 1M 6M 12M Sensex PL Agri Products Index 4.2 (3.7) (15.6) Chambal 5.3 (27.3) (47.0) Coromandel Int. (2.8) 17.7 (23.4) Deepak (11.5) Dhanuka Agritech (3.0) GSFC 8.8 (2.6) (29.1) Rallis India Tata Chemicals 0.4 (21.4) (23.6) United Phosphorus Exhibit 1: Valuations Primer Name Rating CMP (Rs) TP (Rs)...reviving likelihood of reduction in farmgate prices during the rabi season: With global fertiliser prices continuing their downward trend, it is quite likely that farmgate prices of complex fertilisers might be reduced during the rabi season. We believe such reduction in prices will be beneficial for the sector and would help to spur agri-inputs consumption. Further, even after the reduction in prices, companies would be able to maintain their margins. However, delay in subsidy receivables remains a key risk for the sector. After the recent run up of ~25 30% in Coromandel s stock price, we remain wary on valuations front: Though we remain bullish on Coromandel s mediumterm prospects, we remain cautious in the near-term due to expensive valuations. Our current earnings are at Rs13.8/18.2 for FY14E/15E and at CMP, stock is trading at 16.0x/12.1x FY14E/15E earnings. Any reversal in raw materials prices, rupee depreciation, delayed subsidy receivables and resumption of imports remain key risks in the near-term. Our scenario analysis suggests that even at extremely bullish estimates of Rs17.6/25.0 for FY14E/15E, stock is trading at 12.6x/9.0x earnings, respectively (average trading range of 11-14x one-year forward earnings). EPS (Rs) Source: PL Research Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report PE (x) FY14E FY15E FY14E FY15E Chambal Fertilizers & Chemicals BUY Coromandel International Accumulate Deepak & Petrochemicals Corporation Accumulate Gujarat State & Chemicals Accumulate Tata Chemicals Accumulate
2 Fertiliser Sales Volume Exhibit 2: September'2013 sales volumes Product mt Sep 12 Sep 13 % change YTDFY13 YTDFY14 % change Imported DAP 908, , % 2,511,649 1,724, % Imported NPK 104,026 22, % 776, , % MoP 260, , % 1,099,449 1,067, % Others imported 40 - NA 89,358 - NA Total Imported 1,273, , % 4,477,309 2,919, % Indigenous DAP 353, , % 1,476,981 1,437, % Indigenous NPK 659, , % 2,953,428 2,904, % Other complex indigenous (excl. SSP, TSP) 47,428 20, % 230, , % SSP, TSP 342, , % 1,893,772 1,791, % Total indigenous fertilisers 1,402,846 1,568, % 6,554,478 6,304, % Total complex fertilisers 2,675,968 2,336, % 11,031,787 9,223, % Urea 2,714,023 2,783, % 13,581,614 15,097, % Source: Ministry of, PL Research Exhibit 3: Company level complex fertiliser sales volumes Company mt Sep 12 Sep 13 % change YTDFY13 YTDFY14 % change Chambal Fertiliser 114, , % 326, , % Coromandel Int'l 319, , % 1,140,936 1,222, % Manufactured 236, , % 969,308 1,118, % Traded 83,041 19, % 171, , % Deepak NA 30,497 NA NA 163,521 NA FACT 71,587 85, % 373, , % GNFC 14,928 20, % 83,882 89, % GSFC 79,989 87, % 570, , % IFFCO 426, , % 1,629,342 1,217, % Indian Potash 450, , % 1,861,269 1,233, % Paradeep Phospates 185, , % 624, , % RCF 68,756 72, % 437, , % Tata Chemicals 129, , % 411, , % Zuari Holdings 183,120 4, % 534, , % Source: Ministry of, PL Research October 14,
3 Exhibit 4: Company wise urea sales volumes Company mt Sep 12 Sep 13 % change YTDFY13 YTDFY14 % change Chambal 184, ,276 2% 899, ,115 8% GNFC 84,532 62,044 27% 350, ,849 22% GSFC 28,783 29,724 3% 139, ,413 24% IFFCO 550, ,120 34% 2,317,555 2,603,614 12% KRIBHCO 253, ,556 26% 1,281,961 1,304,038 2% Nagarjuna 209, , % 861,338 1,308,639 52% National 275, ,239 15% 1,231,783 1,468,004 19% RCF 186, ,228 34% 986,438 1,066,779 8% Tata Chemicals 111, ,639 7% 446, ,963 17% Source: Ministry of, PL Research Exhibit 5: Annual sales volumes Product mt FY10 FY11 FY12 FY13 YTD FY13 YTDFY14 % change Imported DAP 5,805,146 7,541,386 6,902,274 5,467,985 2,511,649 1,724, % Imported NPK - 1,076,379 3,299,541 1,077, , , % MoP 4,675,723 3,899,849 2,994,530 2,135,938 1,099,449 1,067, % Others imported 135,757 88, ,505 89,603 89,358 - NA Total Imported 10,616,626 12,606,057 13,519,850 8,771,482 4,477,309 2,919, % Indigenous DAP 4,347,054 3,565,397 4,010,539 3,669,475 1,476,981 1,437, % Indigenous NPK 8,036,492 9,151,715 7,769,499 6,224,809 2,953,428 2,904, % Other complex indigenous (excl. SSP, TSP) 145, , , , , , % SSP, TSP 119,115 3,426,405 3,360,000 3,944,756 1,893,772 1,791, % Total Indigenous fertilisers 12,647,997 16,,415 15,619,621 14,292,765 6,554,478 6,304, % Total Complex fertilisers 23,264,623 29,306,472 29,139,471 23,064,247 11,031,787 9,223, % Urea 25,233,711 27,115,837 29,356,568 30,159,512 13,581,614 15,097, % Source: Ministry of, PL Research Exhibit 6: Quarterly sales volumes Product mt Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Imported DAP 2,135,162 1,916, ,760 1,836,889 1,982, , ,676 1,350,848 Imported NPK 917,111 1,142, , , , ,932 34,533 92,462 MoP 1,065,357 1,226, , , , , , ,563 Others imported 145,764 86,148 21,931 67, Total Imported 4,263,394 4,371,771 1,552,804 2,924,505 2,636,049 1,658, ,384 2,084,873 Indigenous DAP 756,094 1,225, , , ,096 1,440, , ,016 Indigenous NPK 1,975,468 1,732,999 1,175,275 1,778,153 1,517,028 1,754, ,033 2,021,124 Other complex indigenous (excl. SSP, TSP) 139,526 92,556 88, , , ,824 80,501 90,456 SSP, TSP 819, , ,555 1,035, ,104 1,145, ,760 1,113,754 Total Indigenous fertilisers 3,690,315 3,706,356 2,713,905 3,811,979 3,319,832 4,447,049 2,101,673 4,169,350 Total Complex fertilisers 7,953,709 8,078,127 4,266,709 6,736,484 5,955,881 6,105,173 2,936,057 6,254,223 Urea 7,982,628 7,408,193 5,575,049 8,006,565 8,483,936 8,093,962 5,909,469 9,188,271 Source: Ministry of, PL Research October 14,
4 Exhibit 7: Quarterly sales volumes growth YoY Product Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Imported DAP -10% 168% 25% -21% -7% -49% -45% -26% Imported NPK 99% 677% 253% -70% -81% -89% -92% -72% MoP 6% 32% -20% 259% -55% -55% 4% -7% Others imported 1635% % 22% -8% -100% -100% -100% -100% Total Imported 11% 144% 30% 21% 38% 62% 46% 29% Indigenous DAP -12% 58% -33% -22% -1% 18% -21% 10% Indigenous NPK -17% -21% -36% -20% -23% 1% -25% 14% Other complex indigenous (excl. SSP, TSP) -3% -25% -7% -7% -16% 15% -9% -36% SSP, TSP 8% 6% -2% 0% 14% 75% -22% 8% Total Indigenous fertilisers -11% 0% -27% -16% -10% 20% -23% 9% Total Complex fertilisers 1% 47% 13% 18% 25% 24% 31% 7% Urea 0% 5% 5% 1% 6% 9% 6% 15% Source: Ministry of, PL Research October 14,
5 Prices Exhibit 8: Global Fertiliser prices US$/mt Sep 13 Sep 12 Aug 13 % YoY % MoM Comments Ammonia % 3% Improvement in supply to keep prices under check ; current ammonia prices at $460/mt Phos Acid % 4% Current phos acid prices are ruling at less than $650/mt Rock Phospate % 18% Potash % 3% Prices might come down further DAP % 10% Current DAP prices are at $368/mt Urea % 5% Globally weak demand & bearish fundamentals ; current prices at $283/mt Exhibit 9: Ammonia prices Exhibit 10: Phos Acid prices 780 1,200 1, , Exhibit 11: Rock Phospate prices Exhibit 12: Potash prices October 14,
6 Exhibit 13: Global DAP prices Exhibit 14: Urea prices (US$ / MT) October 14,
7 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 53.2% 28.2% 16.9% 1.6% BUY Accumulate Reduce Sell PL s Recommendation Nomenclature BUY : Over 15% Outperformance to Sensex over 12-months Accumulate : Outperformance to Sensex over 12-months Reduce : Underperformance to Sensex over 12-months Sell : Over 15% underperformance to Sensex over 12-months Trading Buy : Over 10% absolute upside in 1-month Trading Sell : Over 10% absolute decline in 1-month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. October 14,
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Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationInsurance. Bajaj Allianz. Birla Sunlife
Dec 2015 APE sales: Private players further gain market share January 21, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 India life insurance:
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationIs bet on big data going to be even bigger? Source: Company Data; PL Research
Is bet on big data going to be even bigger? April 23, 2014 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs531 Target Price
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationCement. Realisations for the quarter hit by a weak demand. Sector Update
Realisations for the quarter hit by a weak demand March 26, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index 180
More informationGSFC Fertilizers and chemicals giant on a roll
GSFC Fertilizers and chemicals giant on a roll Sector Fertilizers CMP - 69 Target 130 Reco - BUY Basic Details Sensex 27,123 Sensex P/E 18.74 Nifty 8,110 Nifty P/E 21.68 Stock P/E 5x Industry P/E 10.95
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationSun Pharmaceutical Industries
Sun acquires Ranbaxy Gain size at a cost of margin premium April 09, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs630 Target Price Rs646 Implied Upside 2.5% Sensex
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationLarsen & Toubro. Revenues a positive surprise...so is other income! Q1FY13 Result Update
Revenues a positive surprise...so is other income! July 23, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs1,378 Target Price Rs1,517 Implied Upside 10.1% Sensex 16,877 Nifty
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationIndian Oil Corporation (IOCL IN)
(IOCL IN) Rating: ACCUMULATE CMP: Rs148 TP: Rs142 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationand continue to build the same in future. Source: Company Data; PL Research
Muted performance; balance sheet transition continues January 30, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs172
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationHDFC Bank. In line results; loan growth holding nicely. Source: Company Data; PL Research
In line results; loan growth holding nicely February 14, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs1,066 Target Price
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationKEC International (KECI IN)
(KECI IN) Rating: BUY CMP: Rs370 TP: Rs425 June 15, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY - Target Price 425 -
More informationLIC Housing Finance. Source: Company Data; PL Research
Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
More informationSBI Life Insurance. Source: Company Data; PL Research
Recent correction gives further reason to enter March 15, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 58.35 Target Price 67.00 RASHTRIYA CHEMICALS & FERTILIZERS LTD Result Update (PARENT BASIS): Q4 FY15 JULY 6 th 2015 ISIN: INE027A01015 Index Details Stock Data Sector Fertilizers BSE Code 524230
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationChemicals and Fertilisers
Chemicals and Fertilisers 4QFY17E Results Preview 13 APR 2017 Satish Mishra satish.mishra@hdfcsec.com +91-22-6171-7334 Deepak Kolhe deepak.kolhe@hdfcsec.com +91-22-6171-7316 4QFY17E: Muted growth The sowing
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationIDEA RESEARCH. Q2FY19 Result Update Tuesday, November 13, Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability
(MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger).
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
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