Godrej Properties. CMP: INR595 TP: INR635 Neutral
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- Madison Margery Norris
- 5 years ago
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1 BSE SENSEX S&P CNX 16,913 5,114 Bloomberg GPL IN Equity Shares (m) 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 Godrej Properties CMP: INR595 TP: INR635 Neutral Godrej Properties reported strong QoQ growth in 4QFY12 revenue to INR3.5b (2.3x 3Q figure). This sharp jump is largely attributable to INR2.2b revenue from recently concluded ~0.35msf office space deal with group companies at Godrej One (Vikhroli). Despite 62% revenue contribution from Godrej One (which is likely to enjoy ~40% EBITDA margin), overall EBITDA margin during 4QFY12 stood at only 22.6%. The disappointment is due to (a) cost escalations across projects, and (b) ~11% revenue booking from commercial projects at Kolkata, which as per management guidance are running at break-even. PAT de-grew 34% YoY due to higher effective tax rate. Quarterly sales run-rate was also boosted by office space deal at Godrej One. Total 4QFY12 sales stood at 0.8msf (INR7.7b) v/s 0.52msf in 3QFY12 (INR3.5b). Overall FY12 sales grew ~50% to ~INR15.6b. With recent Institutional Placement Program (8.2m equity shares worth INR4.7b), net debt declined to ~INR15.5b (net DER of 1.1x) from ~INR19.5b in 3QFY12 (net DER of 2x), although gross debt remain unaltered. GPL recommended dividend of INR3/share for FY12 v/s INR4.5 in FY11. GPL is trading at ~ 11% discounts to our NAV estimate of INR665/share, 37.7x FY13E EPS and 3.0x FY13E BV. Maintain Neutral. Sandipan Pal (Sandipan.Pal@MotilalOswal.com);
2 Management commentary The management highlighted GPL's successful effort towards business development activities in FY12 with new addition of ~10.5msf projects, which would drive longer term growth. Commercial offtake has picked up with sales of 0.67msf in FY12, which improves the confidence on monetization of projects on hand. GPL has guided for strong focus on project launches with 15 new projects in radar (all residential) to meaningfully improve the capital efficiency. However the management sounds cautious on account of a) challenging macro environments, and b) tremendous input cost pressure across projects. Sustaining project-level margin and ramping up construction pace would be a major focus for the company going forward. Key financial highlights Revenue up ~7% YoY, 2.3x QoQ: 4QFY12 revenue grew 2.3x QoQ to INR3.5b. Sharp QoQ jump is attributable to ~INR2.2b of revenue from recently concluded 0.35msf (~INR5.1b) office space deal with group companies at Godrej One (Vikhroli). The booking has been in-line with collection GPL has made in 4QFY12 from this transaction. Ex-Vikhroli deal, revenue stood at INR1.3b, in tandem with quarterly run-rate over FY12. Other key revenue contributors are: a) Garden City, Ahmedabad (three phases): INR588m, b) Waterside, Kolkata: INR309m, Genesis INR84m, c) Prakriti, Kolkata: INR178m, and d) Rest from other residential projects. EBITDA margin up ~470bp QoQ, but disappoints given the revenue mix: EBITDA was down 17% YoY at INR790m, while EBITDA margin improved to 22.6% from 17.9% in 3QFY12. Despite QoQ uptick, the margin was disappointing since ~62% of revenue in 4QFY12 was contributed by Godrej One (Vikhroli commercial) which is likely to enjoy ~40% EBITDA margin. We believe the disappointment is attributable to (a) cost escalations across projects, and (b) 11% revenue booking from commercial projects at Kolkata, which as per management guidance are running at break-even. PAT down YoY, higher tax rate offsets higher other income: GPL's net profit degrew 34% YoY to INR398m. Other income of INR230m comprises ~INR200m of cash out from ASK Property Investment through 49% stake dilution concluded in 4QFY12 at its Sahakar Nagar (Chembur, Mumbai) redevelopment project. However, higher other income was offset by higher effective tax rate of 37.4%. FY12 witnessed strong growth in revenue booking: Commencement of several new projects during the year and contribution from commercial sales in 4Q led to 71% YoY growth in FY12 revenue to INR7.7b. EBITDA grew 50% to INR1.6b, but PAT declined 25% to INR979m largely due to (a) lower other income and (b) higher tax rate. Net debt level down sharply to INR15.5b: With ~INR4.6b net from equity inflow from IPP, GPL's net debt declined sharply to INR15.5b (v/s INR19.3b in 3Q), lowering net DER to 1.1x from 2x in 3Q. However, gross debt remains unaltered. Cost of debt stood at 11.57%. 2
3 Revenue contribution by key projects (%) EBITDA margin QoQ (%) steady despite high revenue contribution from Godrej One, Mumbai Source: Company/MOSL Key operational highlights Sales run-rate boosted by commercial sales at Vikhroli: Reported sales volume was 0.8msf (INR7.7b) v/s ~0.52msf (INR3.5b) in 3QFY12, which comprises (a) 0.36msf (INR5.1b) of commercial sales at Godrej One, and (b) 0.09msf (INR1.3b) at Godrej Platinum (GPL is development manager with 10% revenue share). Barring these two projects the sales from ongoing projects declined QoQ/YoY meaningfully to 0.3msf (INR1.3b) due to delay in planned launches. 4Q saw new launches: GPL launched a few projects during 4QFY12 - a) Prakriti Phase 4 (Kolkata), b) Alpine (Managlore), c) Palm Groves (Chennai). It has guided for strong monetization plan with ~6 new launches over 1HFY13 and several others over 2H from its recently acquired projects. Sales growth of ~50% YoY in FY12, new acquisition of ~10.5msf lends monetization visibility over FY13: In FY12, GPL achieved sales growth of ~50% to ~INR15b (2.3msf) with entry into several new markets like NCR, Chennai, Nagpur etc. The company pursued an aggressive projects acquisition strategy over FY12 with addition of 10 new projects across geographies (including entering into redevelopment vertical). We believe, new acquisitions would lend visibility of further growth in sales for FY13. Valuation and view: Maintain Neutral Over past 12 months, the company has significantly ramped up its project basket by entering into various projects including redevelopment vertical. Going forward, we expect the key challenges would be a) success in stated launch plan, b) execution ramp-up in commensurate with acquisition, and c) progress in de-leveraging. Equity infusion and successful commencement of BKC projects could be a key positive. GPL is trading at ~ 11% discount to our NAV estimate of INR665/share, 37.7x FY13E EPS and 3.0x FY13E BV. We maintain Neutral view on the stock. 3
4 Sales boosted due to Godrej One transaction in 4Q Realization improves due to same reason (INR/sf) Sales trend in key ongoing projects over FY12 (msf) Project 1QFY12 2QFY12 3QFY12 4QFY12 FY12 GCC, Ahmedabad Frontier, Gurgoan Prakriti, Kolkata Bangalore - Platinum Vikhroli (Platinum) Vikhroli (One) Alpine, Mangalore Others Waterside*, Kolkata Genesis, Kolkata Etrenia, Chandigarh Total *Leased 70599sf in Waterside in 4QFY12 Project-wise execution status (% completion) Average realization across ongoing projects over FY12 (INR/sf) Net debt down sharply (gross debt unchanged) due to INR4.7b of equity issuance Source: Company/MOSL 4
5 Key balance sheet changes (INR m) 4QFY11 2QFY12 4QFY12 Difference Remarks Capital Issue of 8.18m equity share through IPP R&S 8,417 8,719 13,646 4,927 IPP proceed of ~INR4.7b added with 2HFY12 net profit of ~0.7b Secured Loan 5,478 4,401 20,873 9,012 Addition of ~INR6.6b (which includes ~INR5b original debt, and ~INR1.4b (~20% of the total) for payment of MMRDA premium) related to recently concluded Jet deal at BKC Unsecured loan 3,971 7,460 Minority Interest Total Liabilities 18,713 21,492 35,766 14,274 Fixed asset Investment (29) Deffered Tax Asset (7) Net current asset 21,508 23,674 46,439 22,765 Inventories 10,154 11,497 27,384 15,887 Largely attributable to a) recently entered purchase agreement at Vikhroli land (~INR7.2b)from earlier lease model, b) the BKC deal with Jet and c) other acquisitions Sundry Debtors 2,900 3,578 5,729 2,151 Cash and Bank balances 1, ,323 5,010 Contributed by ~INR4.6b net proceeds from equity infusion Loans and Advances 6,964 8,288 7,975 (312) Less : Current Liabilities 3,420 2,702 12,866 10,164 Sundry Creditors 2,920 2,628 10,845 8,217 Payables emerging from a) Vikhroli land purchase (~INR7.2b over next 5.5years)and b) the BKC deal with Jet Provision Net current asset 18,088 20,973 35,085 14,112 Total Assets 18,713 21,492 35,766 14,274 Net Debt 7,817 11,519 15,550 4,031 Net DER (x) Source: Company/MOSL 5
6 Godrej Properties: an investment profile Company description Godrej Properties Limited (GPL), established in 1991, is part of the 113-year-old Godrej group of companies. GPL, which develops residential and commercial properties, recently entered large township development. The company expanded its footprint into 12 key tier-1 and tier-2 cities, with a land bank of ~400 acres and developable area of ~77msf, where it has economic interest for over 50msf. Key investment positives Focused mid-income housing play with an asset-light model. GPL's development portfolio is skewed in favor of JDA projects. Widely recognized Godrej brand gives GPL the unique strength to emerge as a true pan-india player. Key challenges Higher inclination towards joint-development model caps gains during an economic upswing and exposes the company to the potential risk of operational conflicts with JD partners. High leverage could exert pressure on cash flow. Recent developments Quarterly sales run-rate was also boosted by office space deal at Godrej One. Total 4QFY12 sales stood at 0.8msf (INR7.7b) v/s 0.52msf in 3QFY12 (INR3.5b). Overall FY12 sales grew ~50% to ~INR15.6b. With recent Institutional Placement Program (8.2m equity shares worth INR4.7b), net debt declined to ~INR15.5b (net DER of 1.1x) from ~INR19.5b in 3QFY12 (net DER of 2x), although gross debt remain unaltered. Valuation and view Over past 12 months, the company has significantly ramped up its project basket by entering into various projects including redevelopment vertical. Going forward, we expect the key challenges would be a) success in stated launch plan, b) execution ramp-up in commensurate with acquisition, and c) progress in de-leveraging. Equity infusion and successful commencement of BKC projects could be a key positive. GPL is trading at ~ 11% discount to our NAV estimate of INR665/share, 37.7x FY13E EPS and 3.0x FY13E BV. We maintain Neutral view on the stock. Sector view RE sector has been a major underperformer over the last 12 months with multiple operational and nonoperational headwinds such as volume slowdown (due to declining affordability), monetary tightening, pilling liquidity pressure etc. However, with a buoyant macro-picture, likelihood of interest rate cut and increasing focus on execution, we believe the outlook will improve going forward. Comparative valuations Godrej Prop Phoenix MLIFE P/E (x) FY13E FY14E P/BV (x) FY13E FY14E EV/Sales (x) FY13E FY14E EV/EBITDA (x) FY13E FY14E 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
7 Financials and Valuation 7
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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 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 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
More informationCoal India CMP: INR348 TP: INR408 Buy
BSE SENSEX S&P CNX 17,633 5,348 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 404/294 1,6,12 Rel. Perf. (%) -4/4/-15 M.Cap. (INR b) 2,198.1 M.Cap. (USD b) 39.7 14 August 2012 1QFY13 Results
More informationCanara Bank. CMP: INR464 TP: INR645 Buy
BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
More informationSohail Halai Alpesh Mehta
BSE Sensex S&P CNX 20,039 6,064 Bloomberg IDBI IN Equity Shares (m) 1,278.4 M.Cap. (INR b)/(usd b) 144.9/2.7 52-Week Range (INR) 122/82 1,6,12 Rel.Perf.(%) -1/6/2 Financials & Valuation (INR b) Y/E March
More informationPetronet LNG. CMP: INR146 TP: INR205 Buy
BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
More informationMonnet Ispat. CMP: INR449 TP: INR518 Neutral
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 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 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 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 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 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 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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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 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 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
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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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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 17,194 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
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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 informationCMP: INR350 TP: INR375 Downgrade to Neutral
BSE Sensex S&P CNX 19,497 5,897 Bloomberg COAL IN Equity Shares (m) 6,316.4 M.Cap. (INR b)/(usd b) 2,211/41 52-Week Range (INR) 386/301 1,6,12 Rel. Perf. (%) 1/-11/-5 Financials & Valuation (INR b) Y/E
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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 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
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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 informationTata Power. CMP: INR111 TP: INR92 Neutral
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 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:
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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)
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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 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 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 18,202 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 informationTribhovandas Bhimji Zaveri
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 18,714 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
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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 informationBHEL. CMP: INR227 TP: INR233 Neutral
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 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 informationCement. Demand to grow 8%, with cost push to be passed on CCI probe to have limited impact
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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
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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 informationCMP: INR401 TP: INR516 Buy. * After ESOP charges; # Axon consolidated in December 2008
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 19,244 5,858 Bloomberg PEPL IN Equity Shares (m) 328.1 52-Week Range (INR) 171/58 1,6,12 Rel. Perf. (%) 0/30/119 M.Cap. (INR b) 55.6 M.Cap. (USD b) 1.0 Valuation summary (INR b) Y/E
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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 informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
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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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 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 informationHardick Bora QFY13 Results Update Sector: Healthcare Lupin CMP: INR725 TP: INR851 Buy
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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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 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 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 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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3QFY11 Results Update SECTOR: FMCG BSE SENSEX S&P CNX 18,022 5,417 Bloomberg DABUR IN Equity Shares (m) 1,738.0 52-Week Range (Rs) 112/79 1,6,12 Rel. Perf. (%) 5/-5/2 M.Cap. (Rs b) 160.8 M.Cap. (US$ b)
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BSE SENSEX S&P CNX 16,706 5,064 19 June 2012 Annual Report Update Sector: Financials Punjab National Bank CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights
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BSE Sensex S&P CNX 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 19,772 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 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 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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1QFY11 Results Update SECTOR: TELECOM Reliance Communications STOCK INFO. BSE Sensex: 18,167 S&P CNX: 5,452 BLOOMBERG RCOM IN REUTERS CODE RLCM.BO 13 August 2010 Previous Recommendation: Under Review Buy
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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 25,642 7,664 Bloomberg OBER IN Equity Shares (m) 328.2 M.Cap. (INR b) / (USD b) 78.8/1.3 52-Week Range (INR) 276/154 1, 6, 12 Rel. Per (%) -8/-7/-6 Financials & Valuation (INR m) Y/E
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BSE SENSEX S&P CNX 19,136 5,750 Bloomberg IBREL IN Equity Shares (m) 402.2 52-Week Range 219/99 1,6,12 Rel. Perf. (%) 2/-32/-37 M.Cap. (Rs b) 50.3 M.Cap. (USD b) 1.1 30 April 2011 4QFY11 Results Update
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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 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 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 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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