Canara Bank. CMP: INR419 TP: INR525 Buy
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- Colin Roland Sparks
- 5 years ago
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1 BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) M.Cap. (USD b) November QFY13 Results Update Sector: Financials Canara Bank CMP: INR419 TP: INR525 Buy Canara Bank (CBK) reported 22% YoY decline in 2QFY13 PAT to ~INR6.6b, 10% below estimates. While NII surprised positively (3% higher than estimates), sharp fall in non-interest income (20% below our estimate; down 26% YoY and 12% QoQ) led to lower than expected profitability. Key highlights: Gross slippages remained at an elevated level of INR19b (INR15b in 1QFY13). Of the total slippages, INR12.2b was contributed by five corporate accounts having exposure of more than INR1b each. CBK restructured INR6b (~25bp of overall loans), of which a large part (INR5.5b, with three corporate accounts contributing INR4.4b) belonged to the large corporate division. Adjusted for Air India (AI) and SEBs, outstanding restructured loans stood at 3.6% of overall loans. Other highlights: (1) NIM improved ~15bp QoQ to 2.53%, despite higher slippages and significant increase in liquidity on the balance sheet, (2) Loans declined 1% YoY and 5% QoQ, deposits grew moderately by 8% YoY and remained flat QoQ, (3) Reported CASA ratio improved to 25.7% v/s 24.1% in 1QFY13. Valuation and view: Despite higher slippages and build-up of liquidity, QoQ improvement in NIMs is positive. With a low CD ratio of 64% and higher proportion of AFS portfolio (40%) with high duration (3.8 years), CBK can surprise positively on earnings front, provided slippages are contained at current levels. Maintain Buy. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com) Sohail Halai (Sohail.Halai@motilaloswal.com) Investors are advised to refer through disclosures made at the end of the Research Report. 1
2 Quarterly performance: Below estimates (INR m) Y/E March 2QFY13A 2QFY13E Var. (%) Comments Net Interest Income 19,568 19,006 3 Better than expected performance on margins, Balance % Change (YoY) 0-3 sheet growth remains moderate Other Income 6,081 7, Muted performance across line items Net Income 25,649 26,548-3 Operating Expenses 12,828 12,578 2 Operating Profit 12,821 13,970-8 % Change (YoY) Other Provisions 4,211 4, MTM reversals leading to lower provisions Profit before Tax 8,610 9,170-6 Tax Provisions 2,000 1,834 9 Tax rate higher than expected Net Profit 6,610 7, Weak non interest income and higher tax rate % Change (YoY) Source: Company/MOSL Net slippages higher, but additional restructuring lower than peers In 2QFY13, gross slippages remained at an elevated level of INR19b (annualized slippage ratio of 3.5% v/s INR15b in 1QFY13). Upgradations and recoveries were largely stable at INR6.45b v/s INR6.6b a quarter ago. Of the total slippages, INR12.2b was contributed by five corporate accounts having exposure of more than INR1b each. One account (INR2.2b exposure) that got restructured has been upgraded during the quarter. Higher net slippages and lower write-offs led to ~25% QoQ increase in GNPA. PCR (including technical write-offs) was 63.02% v/s 66.5% a quarter ago. CBK restructured INR6b (~25bp of overall loans), of which a large part (INR5.5b, with three corporate accounts contributing INR4.4b) belonged to the large corporate division. Outstanding restructured loans stood at INR149b (6.9% of overall loans; facility-wise), of which INR55b is on account of SEBs and INR15b is on account of Air India (AI). Adjusted for these, outstanding restructured loans are 3.6% of overall loans. Of the restructured loans, ~INR112b have already slipped into NPA. Thus, outstanding restructured loans (ex SEBs and AI) stand at 3.1% of overall loans. Balance sheet consolidation continues; Margins improve QoQ CBK continued with its strategy of consolidating its balance sheet in an uncertain environment, which is a welcome move, considering weak liability structure and higher share of power sector loans. Loans declined 1% YoY and 5% QoQ. Deposit growth remained moderate (up 8% YoY; flat QoQ). NIM expanded ~15bp QoQ to 2.53%, despite higher slippages and significant increase in liquidity in the balance sheet. CD ratio declined further to 64% v/s 67.5% a quarter ago. Excess liquidity in the balance sheet is parked in G-Sec; as a result, SLR has increased to 34% v/s 31% a quarter ago. Other highlights Reported CASA ratio improved to 25.7% from 24.1% a quarter ago. CASA deposits grew 7% QoQ and 3.4% YoY, led by 6% QoQ and 10% YoY growth in SA deposits. Investments grew ~22% YoY and ~8% QoQ, within which share of the AFS portfolio increased to 37% v/s 30.5% in FY12 and 2QFY12. Further, AFS duration has also increased to 3.8 years from 3.2 years a quarter ago. Fee income growth remains sluggish (declined 12% YoY and ~10% QoQ). Tax rate stood at 23% v/s 20.5% in 1QFY13. 7 November
3 Valuation and view Despite higher slippages, higher liquidity build-up and increase in G-Sec, 15bp QoQ improvement in NIM is a positive. With a low CD ratio of 64% and higher proportion of AFS portfolio (40%) with high duration (3.8 years), CBK can provide positive earnings surprises in the following quarters, provided slippages do not increase significantly from current levels. While stress addition was higher than previous quarters, performance during the quarter was better than peers. Some of the accounts added during the quarter are lumpy and may get upgraded during 2HFY13. Over the last five quarters, CBK's loans have remained flat, which is comforting. Nevertheless, continued balance sheet and fee income moderation, and higher net slippages have led to earnings downgrade of ~10% for FY13 and ~5% for FY14. The stock trades at 0.8x FY13E BV of INR519 and 0.7x FY14E BV of INR587. Maintain Buy with a target price of INR525 (0.9x FY14E BV). Key Risks: (a) higher share of Infrastructure portfolio, (b) weak liability profile (lower CASA ratio of ~25% and higher share of bulk deposits of ~27%), and (c) possible negative surprises post management change. Weak non interest income and asset quality perf. leading to downgrade (INR b) Old Estimates Rev. Estimates Change (%) FY13 FY14 FY13 FY14 FY13 FY14 Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT Tax PAT Margins (%) Credit Cost (%) RoA (%) RoE (%) Source: MOSL Canara Bank: One year forward P/E Canara Bank:One year forward P/BV 7 November
4 Quarterly trends Loan growth continues to moderate Deposit growth flat QoQ Focus on consolidating and de-bulking balance sheet YTD deposit growth at 3% as compared to 7% decline in loan portfolio CD ratio declines substantially (%) CASA Ratio improves QoQ (%) CD ratio falls further, excess liquidity is parked in G-Sec; as a result, SLR has increased to 34% v/s 31% in 1QFY13 Focus on core deposits and reducing proportion of bulk deposits is yielding results; SA deposits grew by 6% QoQ Fee income remains under pressure Trading gains decline QoQ (INR m) Decline in loan portfolio and a challenging macro environment have led to sharp moderation in fee income in the last two quarters Higher proportion of AFS portfolio (40%) with high duration (3.8 years) could lead to significant benefit once interest rate starts falling 7 November
5 Quarterly trends (continue...) Cost to income ratio increased QoQ (%) Credit cost remains high (%) Weak fee income and increase in other opex (+23% QOQ) led to increase in cost to income ratio Credit cost remains elevated on the back of higher slippages Slippages increased QoQ in line with industry (INR b) GNPA up 25% QoQ Of the total slippages, INR12.2b was contributed by five corp. accounts having exposure of more than INR1b each. Some of the accounts added to stressed assets during the quarter are lumpy and may get upgraded during 2HFY13 GNPA break-up (%) Fresh addition of INR6b in 2QFY13 (INR b) Share of Agri NPAs in overall NPAs declined to 16% from 21% in 1QFY13 Adjusted for restructuring of SEBs and Air India, outstanding standard restructured loans are 3.1% of overall loans as compared to the reported 6.4% 7 November
6 Quarterly Snapshot FY12 FY13 Variation (%) Cumulative Numbers 1Q 2Q 3Q 4Q 1Q 2Q QoQ YoY 1HFY12 1HFY13 YoY Gr (%) Profit and Loss (INR m) Net Interest Income 17,688 19,617 19,186 20,402 18,435 19, ,305 38,003 2 Other Income 5,510 8,228 7,791 7,693 6,926 6, ,738 13,007-5 Trading profits ,490 1, , Forex Income 960 1,070 1,010 1,310 1, ,030 2,219 9 Recoveries 617 1, ,967 1, Core Fees 4,703 4,318 4,531 4,453 4,171 3, ,021 7, Total Income 23,198 27,845 26,976 28,094 25,362 25, ,043 51,010 0 Operating Expenses 10,495 11,847 11,209 13,187 11,424 12, ,342 24,252 9 Employee 6,677 7,670 7,125 8,259 7,430 7, ,347 15,341 7 Others 3,818 4,177 4,084 4,928 3,994 4, ,995 8, Operating Profits 12,703 15,998 15,767 14,907 13,938 12, ,702 26,759-7 Provisions 3,446 5,477 5,012 4,616 4,185 4, ,922 8,397-6 NPA provisions 2,850 4,768 1,420 3,900 4,770 4, ,618 9, Provisions on Invst ,850-1,070-2,050-1, N.A ,253 N.A. Others ,742 1,786 1, N.A , PBT 9,258 10,522 10,756 10,291 9,752 8, ,780 18,362-7 Taxes 2,000 2,000 2,000 2,000 2,000 2, ,000 4,000 0 PAT 7,258 8,522 8,756 8,291 7,752 6, ,780 14,362-9 Asset Quality GNPA 36,063 37,933 39,986 40,318 44,966 56, NNPA 28,711 31,170 32,654 33,863 37,556 45, GNPA (%) NNPA (%) PCR (Calculated, %) PCR (Reported, %) Slippages 13,730 12,360 8,620 11,210 14,970 19,220 Slippage Ratio Credit Cost Restructured loans* 39,700 39,970 47,280 78, , , % to Loans Ratios (%) Fees to Total Income Cost to Core Income Tax Rate CASA (cal) Loan/Deposit CAR Tier I Margins - Cumulative (%) Yield on loans Yield On Investments Cost of Deposits Margins Balance sheet (INR b) Loans 2,150 2,179 2,193 2,325 2,256 2, Deposits 3,002 3,126 3,155 3,271 3,346 3, CASA Deposits Savings Deposits Current Deposits Investments ,021 1,123 1, For %age change QoQ and YoY is bp Source: Company, MOSL 7 November
7 Stock Info EPS: MOSL forecast v/s consensus (INR) MOSL Consensus Variation Forecast Forecast (%) FY FY year Sensex rebased Shareholding pattern (%) Sep-12 Jun-12 Sep-11 Promoter Domestic Inst Foreign Others November
8 Financials and Valuation 7 November
9 Financials and Valuation 7 November
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BSE SENSEX S&P CNX 16,846 5,110 Bloomberg SANL IN Equity Shares (m) 23.0 52-Week Range (INR) 2,430/1,980 1,6,12 Rel. Perf. (%) 3/-3/15 M.Cap. (INR b) 50.7 M.Cap. (USD b) 0.9 26 July 2012 2QCY12 Results
More informationSanjay Jain Pavas Pethia
BSE Sensex S&P CNX 19,561 5,923 Bloomberg SAIL IN Equity Shares (m) 4,130.4 M.Cap. (INR b)/(usd b) 334.6/6.2 52-Week Range (INR) 116/76 1,6,12 Rel. Perf. (%) -11/-17/-38 Financials & Valuation (INR b)
More informationCanara Bank. CMP: INR250 TP: INR300 Neutral
BSE SENSEX S&P CNX 20,491 6,079 Bloomberg CBK IN Equity Shares (m) 443.0 M.Cap. (INR b) / (USD b) 109.4/1.7 52-Week Range (INR) 550/190 1, 6, 12 Rel. Per (%) 5/-42/-52 Financials & Valuation (INR Billion)
More informationGodawari Power & Ispat
BSE SENSEX S&P CNX CMP: INR103 TP: INR185 Buy 17,077 5,158 Bloomberg GODPI IN Equity Shares (m) 31.8 52-Week Range (INR) 200/70 1,6,12 Rel. Perf. (%) 32/-31/-33 M.Cap. (INR b) 3.3 M.Cap. (USD m) 65.3 Consolidated
More informationCummins India. CMP: INR430 TP: INR462 Neutral
BSE SENSEX S&P CNX 16,070 4,870 Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 515/322 1,6,12 Rel. Perf. (%) -3/30/-4 M.Cap. (INR b) 119.2 M.Cap. (USD b) 2.2 17 May 2012 4QFY12 Results Update
More informationLarsen & Toubro. CMP: INR1,278 TP: INR1,380 Buy
BSE SENSEX S&P CNX 16,786 5,050 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,933/971 1,6,12 Rel. Perf. (%) 20/-19/-11 M.Cap. (INR b) 778.1 M.Cap. (USD b) 15.5 * Consolidated; EPS is fully
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 informationMaruti Suzuki. CMP: INR1,395 TP: INR1,730 Buy
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
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 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 informationStrides Arcolab. CMP: INR717 TP: INR829 Buy
BSE SENSEX S&P CNX 17,144 5,200 Bloomberg STR IN Equity Shares (m) 57.7 52-Week Range (INR) 794/276 1,6,12 Rel. Perf. (%) -2/37/98 M.Cap. (INR b) 41.4 M.Cap. (USD b) 0.7 31 July 2012 2QCY12 Results Update
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
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 informationIDFC Bank. CMP: INR63 TP: INR68 (8%) Neutral
BSE SENSEX S&P CNX 27,882 8,641 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INRb)/(USDb) 214.4 /3.2 52-Week Range (INR) 83 /44 1, 6, 12 Rel. Per (%) -4/21/-10 Avg Val, INRm 536 Free float (%) 47.1
More informationJinesh Gandhi Sandipan Pal
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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Results Update SECTOR: BANKING STOCK INFO. BSE Sensex: 18,113 S&P CNX: 5,442 BLOOMBERG SHTF IN REUTERS CODE SRTR.BO Equity Shares (m) 225.5 52-Week Range 651/291 1,6,12 Rel.Perf.(%) -1/12/71 M.Cap. (Rs
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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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BSE SENSEX S&P CNX 16,420 4,966 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,144/536 1,6,12 Rel. Perf. (%) -6/37/53 M.Cap. (INR b) 66.7 M.Cap. (USD b) 1.3 11 May 2012 4QFY12 Results Update
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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
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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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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 16,439 4,990 4QFY12 Results Update Sector: Metals Steel Authority of India CMP: INR93 TP: INR99 Sell Bloomberg SAIL IN Equity Shares (m) 4,130.4 52-Week Range (INR) 151/73 1,6,12 Rel.
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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 informationDabur India. CMP: INR106 TP: INR94 Neutral
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
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BSE SENSEX S&P CNX 27,098 8,090 Bloomberg OBC IN Equity Shares (m) 299.8 M.Cap. (INR b) / (USD b) 80.0/1.3 52-Week Range (INR) 377/152 1, 6, 12 Rel. Per (%) 10/-13/38 Financials & Valuation (INR Billion)
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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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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 18,636 5,666 Bloomberg BHEL IN Equity Shares (m) 2,447.6 52-Week Range (INR) 368/198 1,6,12 Rel. Perf. (%) -7/-7/-35 M.Cap. (INR b) 556.2 M.Cap. (USD b) 10.3 30 October 2012 2QFY13 Results
More informationDabur India. CMP: INR130 TP: INR135 Neutral
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
More informationCity Union Bank BUY. 24 February 2016 INR82
SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target
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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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Stress test: Weak capital servicing ratios to drive pricing discipline Operating performance near trough; expect gradual improvement 20 Update Cement Our analysis of a cross-section of cement companies
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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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4QFY12 Results Update Sector: Metals Monnet Ispat BSE SENSEX S&P CNX 16,328 4,943 CMP: INR449 TP: INR518 Neutral Bloomberg MISP IN Equity Shares (m) 64.4 52-Week Range (INR) 561/305 1,6,12 Rel. Perf. (%)
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 16,913 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
More informationMarket share recovery, price hike, content leverage to drive growth
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 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
More informationCMP: INR125 TP: INR114 (-9%) Neutral
6 February 2017 Results Update Sector: Financials Oriental Bank of Commerce BSE SENSEX S&P CNX 28,439 8,801 Bloomberg OBC IN Equity Shares (m) 346.2 M.Cap.(INRb)/(USDb) 43.3 / 0.6 52-Week Range (INR) 138
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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 informationCan Fin Homes BUY. 23 September 2015 INR821
SECTOR: FINANCIAL Can Fin Homes STOCK INFO. BSE Sensex : 25590 BLOOMBERG CANF:IN BUY S&P CNX : 7812 REUTERS CODE CNFH.NS Re-Initiating Coverage INR821 Y/E MARCH FY15 FY16E (INR CR) FY17E We recommend 'BUY'
More 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
More informationIDFC Bank. CMP: INR61 TP: INR62 (2%) Neutral Focus on inorganic opportunities; stressed assets stable
BSE SENSEX S&P CNX 30,133 9,352 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INR b)/(usdb) 207.0 / 3.0 52-Week Range (INR) 83 / 44 1, 6, 12 Rel. Per (%) -2/-29/0 Avg. Val, INR m 621 Free float (%)
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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 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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25 April 2011 4QFY11 Results Update Sector: Automobiles Maruti Suzuki BSE SENSEX S&P CNX 19,584 5,875 Bloomberg MSIL IN Diluted Equity Shares (m) 289.0 52-Week Range (Rs) 1,600/1,126 1,6,12 Rel.Perf.(%)
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BSE SENSEX S&P CNX 17,605 5,326 Bloomberg TMX IN Equity Shares (m) 119.2 52-Week Range (INR) 720/388 1,6,12 Rel. Perf. (%) 14/1/-21 M.Cap. (INR b) 60.3 M.Cap. (USD b) 1.1 3 February 2012 3QFY12 Results
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
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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 16,839 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 informationShree Renuka Sugars. CMP: INR41 TP: INR50 Buy
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 informationIndividual Housing Loans: Rationalization of Risk-Weights and LTV Ratios
8 October 2015 Sector Update Financials Individual Housing Loans: Rationalization of Risk-Weights and LTV Ratios Significant capital release for HFCs; Limited benefits for banks Event: RBI reduces risk
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BSE SENSEX S&P CNX 29,647 9,174 Stock Info Bloomberg KMB IN Equity Shares (m) 1,840 52-Week Range (INR) 885 / 656 1, 6, 12 Rel. Per (%) 5/5/10 M.Cap. (INR b) 1,580.8 M.Cap. (USD b) 24.4 Avg Val, INRm 1618
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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
More informationShoppers Stop. CMP: INR339 TP: INR355 Neutral
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 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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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 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
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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 19,722 5,995 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 88.1/1.6 52-Week Range (INR) 3,285/1,620 1,6,12 Rel. Perf. (%) 10/20/36 Financials & Valuation (INR b) Y/E
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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 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
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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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