India Cements. CMP: INR107 TP: INR113 (+6%) Neutral
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- Gregory Tobias Wilcox
- 5 years ago
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1 BSE SENSEX S&P CNX 28,805 8,712 Bloomberg ICEM IN Equity Shares (m) M.Cap. (INR b) / (USD b) 32.8/ Week Range (INR) 134/48 1, 6, 12 Rel. Per (%) 19/-14/68 Avg Val,INRm/Vol /2988 Free float (%) 71.8 Financials & Valuation (INR Billion) Y/E MAR 2015E 2016E 2017E Net Sales EBITDA Adj EPS (INR) Gr. (%) RoE (%) RoCE (%) P/E (x) P/BV (x) EV/EBITDA(x) EV/TON USD) Estimate change TP change Rating change 12 February QFY15 Results Update Sector: Cement CMP: INR107 TP: INR113 (+6%) Neutral Operating performance in-line; restructuring underway Operating performance in-line: Revenue was flat YoY (-8% QoQ) at INR10.4b (inline). EBITDA grew 10% YoY (-11% QoQ) to INR1.6b (in-line), and net loss was ~INR117m (our estimate: -INR157m). Weak volumes, but realizations strong; cost in-line: Cement volume de-grew 8.2% YoY (-4% QoQ) to 2.11m tons (our estimate: 2.2m tons), while Cement realization improved 2.6% QoQ (+7.9% YoY) to INR4777/ton (our estimate: INR4,485/ton). Blended realization (including other businesses) was ~INR4,917/ton (4% beat). Blended EBITDA/ton was ~INR753 (our estimate: ~INR705). Pure Cement EBITDA/ton was ~INR767 (+INR116/ton QoQ; +INR175/ton YoY). Concall highlights: (a) Current pricing in South India is higher by ~INR10/bag over 3QFY15 average, (b) Gross debt at ~INR33.4b has repayments of ~INR4.5b in FY16, which in worst case can be refinanced, (c) Capex of INR1.5b-2b per year for FY16/17, largely on maintenance capex, (d) Merger of Trinetra Cement (Rajasthan plant) and Trishul Concrete to result in <3m share issuance (~1% equity dilution), (e) Board has approved a proposal for reorganization of Chennai Super Kings Cricket Limited, the company's wholly-owned subsidiary, under which the ownership of the franchise will be held by ICEM s shareholders. Maintain Neutral: We are revising our consolidated EPS estimates for FY15/16/17 by +63%/-9%/-3% to factor in (a) lower volumes, (b) higher realizations, (c) higher interest, (d) no tax, and (e) demerger of IPL franchise. The stock trades at an EV of 4.3x FY17E consolidated EBITDA and at USD64/ton. Maintain Neutral with a target price of INR113 (EV of 4.5x FY17E EBITDA and USD65/ton). Jinesh Gandhi (Jinesh@MotilalOswal.com); Sandipan Pal (Sandipan.Pal@MotilalOswal.com); Investors are advised to refer through disclosures made at the end of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.
2 Lower volume and beat in realizations keep revenue at par ICEM s 3QFY15 revenues was flat YoY (-8% QoQ) to INR10.4b (in line). Cement revenue at INR10.1b (down 1% YoY, and 2% beat) was negated by lower contribution from other business especially IPL. Cement volume de-grew 8.2% YoY (-4% QoQ) to 2.11mt (v/s est of 2.2mt), while Cement realizations improved 2.6% QoQ (+7.9% YoY) to INR4777/ton (v/s est of INR4,485/ton). Blended realizations (incl other businesses) stood at ~INR4,917/ton (4% beat). Trinetra Cement (Rajasthan plant) reported volume growth of ~2% YoY (+25% QoQ) to 0.3mt due to maintenance shutdown. Realizations declined by 13.7% QoQ (+8% YoY). Exhibit 1: Trend in volumes and realizations (Standalone) Realizations (INR/ton) Volume (m ton) QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4,148 4,223 4,242 4,245 4,464 4,355 4,364 4,221 4,188 4,116 4,429 4,009 4,244 4,655 4,777 EBITDA in line; higher realizations drives cement profitability EBITDA grew 10% YoY (-11% QoQ) to ~INR1.6b (in line). Blended EBITDA/ton at ~INR753 (v/s est ~INR705). Pure cement EBITDA/ton stood at ~INR767 (+INR116/175 per ton on QoQ/YoY basis). Margins stood at 15.3% (-0.5pp QoQ) While freight cost was moderated, higher RM cost and negative operating leverage from (lower volume) keep cost higher by 4% (v/s estimates). Blended cost was up 7% YoY/ 3% QoQ. Net loss stood at ~INR117m (v/s est of INR157m). Trinetra Cement reported EBITDA of ~INR19m (v/s ~INR103m in QoQ v/s ~INR58m in YoY) and net loss of ~INR173m (v/s ~INR75m loss in QoQ v/s ~158m loss YoY). Exhibit 2: Trend in EBITDA Exhibit 3: Trend in EBITDA/Ton EBITDA (INR m) EBITDA (%) ,520 1,946 2,152 2,777 2,051 1,927 1,679 1,910 1,276 1, ,578 1,791 1,587 1, , EBITDA (INR/Ton) 2QFY12 3QFY12 4QFY12 1QFY13 2QFY QFY13 4QFY13 1QFY QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 2QFY12 3QFY QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 12 February
3 Exhibit 4: Key operating indicators (incl. other businesses) INR/Ton 3QFY15 3QFY14 YoY (%) 2QFY15 QoQ (%) Net realization 4,917 4, , RM Cost Staff Cost Energy Cost 1,244 1, , Selling Exp. 1,066 1, , Other Exp Total Exp 4,163 3, , EBITDA Highlights of the call Current pricing in South India is higher by ~INR10/bag over 3QFY15 average. The management indicated that TN government s initiative of low cost cement for poor people through Amma Cement is just re-branding of current sourcing of low cost cement by TN Civil Supplies Corp. Amma Cement monthly off-take of ~50-60k/month (v/s 200k/month as indicated in press). Gross Debt was at ~INR33.4b. It has repayments of ~INR4.5b in FY16, which in worst case can be refinanced. It is evaluating equity issuance of upto Rs500cr for reducing financial gearing. Tried selling non-core assets, but valuations offered very poor. Capex of ~INR1.5-2b p.a for FY16/17, largely on maintenance capex. Merger of Trinetra Cement (Rajasthan plant) and Trishul Concrete to result in <3m share issuance (~1% equity dilution). The board has approved a proposal for reorganisation of Chennai Super Kings Cricket Limited, the Company's wholly-owned subsidiary, under which the ownership of the Franchise will be held by shareholders of The Limited. Maintain Neutral We are revising our consol. EPS for FY15/16/17 by +63%/-9%/-3% to factor in for a) lower volumes, b) higher realizations, c) higher interest, d) no tax and e) demerger of IPL franchise. While valuations for ICEM are reasonable, especially in improving political/economical environment and resolution of AP issue, we believe there are other relatively more attractive names to benefit from these triggers. We believe on-going restructuring in the company (merger of Trinetra Cement and demerger of IPL) is step in the right direction and needs to be followed up by demerger of non-core businesses. The stock trades at 6.3x/4.3x FY16/17 consol. EV/EBITDA and USD70/64 EV/ton. Maintain Neutral with TP to INR113 (USD65 FY17 EV/ton or ~4.5x EV/EBITDA). Exhibit 5: Revised forecast (Consol) (INR m) FY15E FY16E Rev Old Chg (%) Rev Old Chg (%) Volumes (mt) Net Sales 50,461 50, ,348 57, EBITDA 8,179 7, ,495 10, Net Profit ,626 2, EPS (INR) February
4 Story in charts Exhibit 6: Demand recovery, no capacity addition to drive up utilization Capacity (mt) Despatch (mt) Utilization (%) Exhibit 7: coupled with strong realizations to drive profitability EBITDA (INR/ton) Margin (%) Exhibit 8: Very high operating & financial leverage Exhibit 9: Significant FCF generation (INR b) Interest as % of EBITDA Depreciation as % of EBITDA CFO Capex FCF Exhibit 10: to drive reduction in net debt Net debt (INR b) Net DER (x) Exhibit 11: Capital efficiencies to improve 16.8 RoE RoCE February
5 Financials and valuations Income Statement Y/E March E 2016E 2017E Net Sales 37,711 35,007 42,034 45,970 44,409 47,135 53,332 62,941 Change (%) Total Expenditure 29,445 30,670 33,001 37,537 39,037 39,506 43,736 50,068 % of Sales EBITDA 8,265 4,337 9,034 8,433 5,371 7,629 9,596 12,872 Margin (%) Depreciation 2,331 2,440 2,513 2,818 2,764 2,660 2,734 2,846 EBIT 5,934 1,897 6,521 5,615 2,608 4,969 6,862 10,026 Int. and Finance Charges 1,426 1,417 2,867 3,078 3,537 4,255 4,147 4,131 Other Income - Rec PBT bef. EO Exp. 4, ,846 2, ,940 6,195 EO Expense/(Income) , PBT after EO Exp. 5, ,810 2,524-1, ,940 6,195 Current Tax 1, ,549 Deferred Tax Tax Rate (%) PAT Adj for EO items 3, ,958 1, ,279 4,492 Change (%) Margin (%) Balance Sheet Y/E March E 2016E 2017E Equity Share Capital 3,072 3,072 3,072 3,072 3,072 3,072 3,072 3,072 Fully Diluted excl Treasury stock 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 Total Reserves 38,286 37,826 37,516 37,825 35,441 36,146 37,710 41,131 Net Worth 41,358 40,898 40,587 40,896 38,513 39,217 40,782 44,203 Deferred Liabilities 2,693 2,743 3,245 3,297 3,297 3,297 3,297 3,452 Total Loans 21,327 24,561 27,010 30,230 32,000 33,999 33,849 33,699 Capital Employed 65,378 68,201 70,842 74,423 73,810 76,513 77,928 81,353 Gross Block 57,102 59,277 65,019 70,571 70,897 72,897 74,897 76,897 Less: Accum. Deprn. 17,916 20,932 23,690 26,509 29,272 31,933 34,667 37,513 Net Fixed Assets 39,186 38,345 41,329 44,063 41,625 40,965 40,231 39,384 Capital WIP 7,029 3,088 1, ,000 1,000 1,000 1,000 Total Investments 3,140 1,603 8,520 9,578 9,455 9,435 9,435 9,435 Curr. Assets, Loans&Adv. 26,446 36,349 31,114 33,638 35,288 38,722 42,518 49,846 Inventory 4,478 4,973 5,258 4,961 5,509 5,811 6,721 7,932 Account Receivables 2,534 2,544 2,098 4,656 4,225 4,520 5,114 6,035 Cash and Bank Balance ,868 4,160 9,355 Loans and Advances 18,692 28,296 23,524 23,770 25,319 26,319 26,319 26,319 Real Estate Projects WIP Curr. Liability & Prov. 10,422 11,184 11,571 13,606 13,559 13,609 15,256 18,312 Account Payables 7,296 5,425 6,275 7,756 8,643 8,910 8,767 9,657 Other Current Liabilities 2,028 4,493 3,972 4,453 4,322 4,520 5,114 6,035 Provisions 1,099 1,265 1,325 1, ,375 2,620 Net Current Assets 16,023 25,165 19,542 20,032 21,729 25,113 27,262 31,534 Appl. of Funds 65,378 68,201 70,842 74,423 73,810 76,513 77,928 81,353 E: MOSL Estimates; * Adjusted for treasury stocks 12 February
6 Financials and valuations Ratios Y/E March E 2016E 2017E Basic (INR) * Consol EPS Cash EPS BV/Share DPS Payout (%) Valuation (x) * P/E Cash P/E P/BV EV/Sales EV/EBITDA EV/Ton (US$) Dividend Yield (%) Return Ratios (%) RoE RoCE Working Capital Ratios Asset Turnover (x) Inventory (Days) Debtor (Days) Leverage Ratio (x) Current Ratio Debt/Equity * Adjusted for treasury stocks Cash Flow Statement (INR Million) Y/E March E 2016E 2017E Oper. Profit/(Loss) before Tax 8,398 4,337 9,034 8,433 5,371 7,629 9,596 12,872 Interest/Dividends Recd Direct Taxes Paid -1, ,549 (Inc)/Dec in WC -4,867-9,349 5, ,714-1, CF from Operations 2,422-4,783 14,169 7,312 4,054 6,252 9,303 12,546 EO expense , CF from Operating incl EO 2,422-4,760 14,133 7,112 2,963 6,252 9,303 12,546 (inc)/dec in FA -2,961 1,766-4,105-4, ,000-2,000-2,000 Free Cash Flow ,994 10,028 2,261 2,387 4,252 7,303 10,546 (Pur)/Sale of Investments -1,990 1,537-6,917-1, CF from investments -4,952 3,302-11,022-5, ,980-2,000-2,000 Issue of Shares 2, , (Inc)/Dec in Debt 1,878 3,233 2,449 3,220 1,770 1, Interest Paid -1,833-1,417-2,867-3,078-3,537-4,255-4,147-4,131 Dividend Paid ,071 CF from Fin. Activity 2, ,658-1,184-2,526-2,435-5,011-5,351 Inc/Dec of Cash ,837 2,292 5,195 Add: Beginning Balance ,868 4,160 Closing Balance ,868 4,160 9, February
7 Corporate profile: Company description ICL is among top-five player in India and a leader in Southern India, having around seven plants spread over Tamil Nadu and Andhra Pradesh with total capacity of 15.5m ton. It also owns Chennai Super Kings, a cricket team in Indian Premier League. Exhibit 12: Sensex rebased Exhibit 13: Shareholding pattern (%) Dec-14 Sep-14 Dec-13 Promoter DII FII Others Note: FII Includes depository receipts Exhibit 15: Top management Name Designation N Srinivasan Chitra Srinivasan G Balakrishnan Rupa Gurunath Vice Chairman & M.D. Director President & Company Secretary Whole-time Director Exhibit 14: Top holders Holder Name % Holding The Bank of New York Mellon Corporation on Behalf 9.8 LIC of India 6.1 Trishul Invesments Pvt Ltd 5.7 ELM Park Fund Ltd 4.6 HSBC Global Investment Funds A/C HSBC Gif 3.2 Exhibit 16: Directors Name Name N Srinivasan Srinivasan N* Chitra Srinivasan R K Das* V Manickam* Arun Datta* N R Krishnan* Nagraj Garla Basavaraju* G Balakrishnan Rupa Gurunath *Independent Exhibit 17: Auditors Name Brahmayya & Co P S Subramania Iyer & Co S A Muraliprasad Type Statutory Statutory Cost Auditor Exhibit 18: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY FY FY February
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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: INR475 TP: INR609 (+28%) Buy
10 April 2017 Update Sector: Automobiles Tata Motors BSE SENSEX S&P CNX 29,576 9,181 Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 52-Week Range (INR) 599 / 373 1, 6, 12 Rel. Per (%) -1/-21/8
More informationCMP: INR2,623 TP: INR2,875 (+10%) Neutral
21 March 2017 Update Sector: Healthcare Dr Reddy s Labs BSE SENSEX S&P CNX 29,485 9,122 Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap.(INR b)/(usd b) 447.0 / 6.6 52-Week Range (INR) 3689 / 2602 1, 6,
More informationCMP: INR826 TP: INR810 (-2%) Neutral
8 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,310 7,702 CMP: INR826 TP: INR810 (-2%) Neutral Maneuvering pricing in a deflationary environment Delayed winter a risk for
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
More informationNiket Shah
BSE Sensex S&P CNX 20,213 6,147 Bloomberg VGRD IN Equity Shares (m) 29.8 M.Cap. (INR b)/(usd b) 14.6/0.3 52-Week Range (INR) 591/180 1,6,12 Rel. Perf. (%) -8/-6/138 Financial summary (INR b) Y/E March
More informationECOSCOPE. Real GDP growth eases on lower net indirect taxes. The Economy Observer. Real GVA growth exactly as expected
31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
More informationCMP: INR681 TP: INR815(+20%) Buy
BSE SENSEX S&P CNX 28,335 8,768 Bloomberg TRCL IN Equity Shares (m) 238 M.Cap.(INRb)/(USDb) 162 / 2.4 52-Week Range (INR) 728 / 355 1, 6, 12 Rel. Per (%) 12/22/63 Avg Val, INRm 135 Free float (%) 57.7
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 informationCMP: INR949 TP: INR1,140 (+20%) Buy
BSE SENSEX S&P CNX 26,766 8,204 Stock Info Bloomberg PVRL IN Equity Shares (m) 46.7 52-Week Range (INR) 977/617 1, 6, 12 Rel. Per (%) 3/15/47 M.Cap. (INR b)/ (USD b) 44.3/0.7 Avg Val ( INR m) 157 Free
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
More informationTo voluntarily stop supplies to US
BSE Sensex S&P CNX 26,272 7,831 24 July 2014 Update Sector: Healthcare Ipca Laboratories CMP: INR728 TP: INR930 Buy Stock Info Bloomberg IPCA IN Equity Shares (m) 126.2 52-Week Range (INR) 907/609 1, 6,
More informationExhibit 5: Per ton analysis (incl Windmills, INR m)
3 August 2016 1QFY17 Results Update Sector: Cement BSE SENSEX S&P CNX 27,698 8,545 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request
More informationCastrol India. CMP: INR407 TP: INR474 (+16%) Neutral
BSE SENSEX S&P CNX 23,089 7,019 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b) / (USD b) 201/2.9 52-Week Range (INR) 518 / 370 1, 6, 12 Rel. Per (%) 3/3/6 Avg Val (INR m) 128 Free float (%)
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
More informationOberoi Realty. CMP: INR240 TP: INR297 Buy
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
More informationREPORT THREADBARE. New accounting standards from FY The ART of annual report analysis
23 February 2015 ANNUAL New accounting standards from FY16-17 Financial reporting set for revamp with introduction of Ind-AS The Government has unveiled a roadmap to implement Ind-AS (equivalent IFRS standards)
More informationCMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification
BSE SENSEX S&P CNX 30,435 9,429 18 May 2017 Update Sector: Utilities CMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification Stock Info Bloomberg IN Equity Shares (m) 133.2 52-Week Range
More informationGrowth conviction, market share focus intact
BSE Sensex S&P CNX 29,136 8,809 17 February 2015 Update Sector: Cement CMP: INR3,082 TP: INR3,505 (+14%) Buy Growth conviction, market share focus intact Kotputli plant visit takeaways high emphasis on
More informationJinesh Gandhi Chirag Jain
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
More informationCMP: INR158 TP: INR199 (+26%) Buy NTPC FY16 annual report analysis
BSE SENSEX S&P CNX 28,060 8,650 Stock Info Bloomberg NTPC IN Equity Shares (m) 158.0 52-Week Range (INR) 170/112 1, 6, 12 Rel. Per (%) 1/10/24 M.Cap. (INR b) 13449.0 M.Cap. (USD b) 20.1 Avg. Val, INR m
More informationBata India. CMP: INR415 TP: INR483 (+16%) Upgrade to Buy Aggressive, focused strategy to drive growth. Upgrading to Buy
BSE SENSEX S&P CNX 26,393 8,143 Stock Info Bloomberg BATA IN Equity Shares (m) 128.5 52-Week Range (INR) 614 / 400 1, 6, 12 Rel. Per (%) -6/-24/-17 M.Cap. (INR b) 53.3 M.Cap. (USD b) 0.8 Avg Val, INRm
More informationCMP: INR859 TP: INR810 (-6%) Neutral
18 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,519 7,762 CMP: INR859 TP: INR810 (-6%) Neutral Foray into Premium Ayurvedic Hair Oil First Acquisition in a decade Stock
More informationCMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block
BSE SENSEX S&P CNX 25,653 7,861 16 May 2016 Update Sector: Fertilizers PI Industries CMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block We recently interacted with the
More informationCMP: INR1,952 TP: INR2,246(+15%)
6 February 2017 3QFY17 Results Update Sector: Cement Dalmia Bharat BSE SENSEX S&P CNX 28,439 8,801 Bloomberg DBEL IN Equity Shares (m) 88.8 M.Cap.(INRb)/(USDb) 173.3 / 2.7 52-Week Range (INR) 2090 / 605
More informationCMP: INR158 TP: INR195 (+24%) Buy Lowering crude oil price estimates
BSE SENSEX S&P CNX 30,858 9,504 Stock Info Bloomberg ONGC IN Equity Shares (m) 12,833 52-Week Range (INR) 212 / 141 1, 6, 12 Rel. Per (%) -9/-33/-5 M.Cap. (INR b) 2,335.7 M.Cap. (USD b) 34.4 Avg Val, INRm
More informationEicher Motors. CMP: INR9,281 TP: INR11,401 Buy
BSE SENSEX S&P CNX 25,881 7,727 Bloomberg EIM IN Equity Shares (m) 27.1 M.Cap. (INR b) / (USD b) 251.5/4.1 52-Week Range (INR) 9,350/2,975 1, 6, 12 Rel. Per (%) 9/83/144 Financials & Valuation (INR Million)
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
More informationCPCB-2: Important long-term driver
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,
More informationTitan Industries. CMP: INR222 TP: INR220 Neutral
BSE SENSEX S&P CNX 17,257 5,241 Bloomberg TTAN IN Equity Shares (m) 887.8 52-Week Range (INR) 255/154 1,6,12 Rel. Perf. (%) -1/13/3 M.Cap. (Rs b) 197.1 M.Cap. (US$ b) 3.6 2 August 2012 1QFY13 Results Update
More informationPVR Ltd. CMP: INR685 TP: INR750 Buy
BSE SENSEX S&P CNX 27,860 8,324 Bloomberg PVRL IN Equity Shares (m) 41.3 M.Cap. (INR b) / (USD b) 28.3/0.5 52-Week Range (INR) 747/465 1, 6, 12 Rel. Per (%) -6/9/-19 Financials & Valuation (INR Million)
More informationCanara Bank. CMP: INR419 TP: INR525 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) 170.3 M.Cap. (USD b) 3.0 7 November 2012 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 informationDecent performance by the sector in a tough quarter
Sector Update 17 February 2017 Cement MOSL Cement Universe volume (mt) trend Volume (mt) 3QFY17 YoY 5.5-9% 11.4-1% 1.7-11% 2.4 21% 4.9 3.6 20% 1.9-1.8 2.0 2 1.3 19% Volumes in Jan-17 revive to pre-demonetization
More informationCross service charges at INR m/quarter
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
More informationJubilant Foodworks. CMP: INR1,189 TP: INR1,0541,054 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,189/633 1,6,12 Rel. Perf. (%) 4/38/47 M.Cap. (INR b) 75.5 M.Cap. (USD b) 1.3 26 July 2012 1QFY13 Results Update
More informationPidilite Industries. CMP: INR164 TP: INR186 Buy
BSE SENSEX S&P CNX 16,640 5,043 Bloomberg PIDI IN Equity Shares (m) 506.1 52-Week Range (INR) 188/134 1,6,12 Rel. Perf. (%) 1/20/5 M.Cap. (INR b) 83.0 M.Cap. (USD b) 1.5 27 July 2012 1QFY13 Results Update
More informationNo significant jump in retail electronic payments post demonetization
No significant jump in retail electronic payments post demonetization Confirms a considerable dent in consumer demand in 4Q2016 29 December 2016 ECOSCOPE The Economy Observer The government s attempts
More informationCMP: INR113 TP: INR180(+59%) Buy Some pricing pressure, but fundamentals are strong
6 July 2017 Update Sector: Metals NMDC BSE SENSEX S&P CNX 31,246 9,638 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot.
More informationTorrent Pharmaceuticals
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)
More informationCMP: INR124 TP: INR172 Buy. Benefit of two major motorcycle launches not priced in. Improved industry outlook and recent launch success drive upgrades
BSE Sensex S&P CNX 24,717 7,359 Stock Info Bloomberg TVSL IN Equity Shares (m) 475.1 52-Week Range (INR) 138/28 1, 6, 12 Rel. Per (%) 34/111/210 M.Cap. (INR b) 59.1 M.Cap. (USD b) 1.0 Financial Snapshot
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
More informationGujarat Pipavav Port. CMP: INR162 TP: INR212 (31%) Buy
BSE SENSEX S&P CNX 26,838 8,112 Bloomberg GPPV IN Equity Shares (m) 483.4 M.Cap. INR b /USD b 162.3/2.5 52-Week Range (INR) 262/156 1, 6, 12 Rel. Per (%) -15/-26/3 Avg Val INRm 248 Free float (%) 57.0
More informationIndusInd Bank. CMP: INR345 TP: INR419 Buy
BSE SENSEX S&P CNX 17,504 5,332 Bloomberg IIB IN Equity Shares (m) 467.7 52-Week Range (INR) 352/222 1,6,12 Rel.Perf.(%) 13/25/34 M.Cap. (INR b) 161.4 M.Cap. (USD b) 3.1 20 April 2012 4QFY12 Results Update
More informationBGR Energy. CMP: INR282 TP: INR253 Neutral
BSE SENSEX S&P CNX 17,413 5,283 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 378/173 1,6,12 Rel. Perf. (%) -9/17/-22 M.Cap. (INR b) 20.3 M.Cap. (USD b) 0.4 6 August 2012 1QFY13 Results
More informationAsian Paints. CMP: INR2,722 TP: INR3,161 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg APNT IN Equity Shares (m) 95.9 52-Week Range (INR) 3,366/2,395 1,6,12 Rel. Perf. (%) -5/-3/14 M.Cap. (INR b) 261.1 M.Cap. (USD b) 4.9 23 January 2012 3QFY12 Results
More informationNo major improvement in value proposition expected
Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
More informationJSW Energy. CMP: INR59 TP: INR84 (+42%) Buy Valuations heavily discounting merchant capacities
BSE SENSEX S&P CNX 26,653 8,225 Stock Info Bloomberg JSW IN Equity Shares (m) 1640 52-Week Range (INR) 88 / 54 1, 6, 12 Rel. Per (%) -6/-14/-34 M.Cap. (INR b) 109.9 M.Cap. (USD b) 1.6 Avg Val, INRm 223
More informationJindal Steel & Power. CMP: INR274 TP: INR379 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg JSP IN Equity Shares (m) 914.9 M.Cap. (INR b) / (USD b) 250.9/4.1 52-Week Range (INR) 350/190 1, 6, 12 Rel. Per (%) -15/-14/3 Financials & Valuation (INR Billion)
More informationNTPC CMP: INR169 TP: INR191 Buy
BSE SENSEX S&P CNX 18,625 5,664 Bloomberg NTPC IN Equity Shares (m) 8,245.5 52-Week Range (INR) 190/139 1,6,12 Rel. Perf. (%) 3/-4/-11 M.Cap. (INR b) 1,393.5 M.Cap. (USD b) 26.0 26 October 2012 2QFY13
More informationIDBI Bank. CMP: INR106 TP: INR121 Neutral
BSE SENSEX S&P CNX 17,207 5,223 Bloomberg IDBI IN Equity Shares (m) 1,278.4 52-Week Range (INR) 154/77 1,6,12 Rel.Perf.(%) -1/0/-7 M.Cap. (INR b) 135.5 M.Cap. (USD b) 2.6 24 April 2012 4QFY12 Results Update
More informationABB India to remain a key sourcing hub
BSE SENSEX S&P CNX 27,430 8,485 Stock Info Bloomberg IN Equity Shares (m) 211.9 52-Week Range (INR) 1433/963 1, 6, 12 Rel. Per (%) -4/-21/-17 M.Cap. (INR b) 231.0 M.Cap. (USD b) 3.4 Avg Val, INRm 93.6
More informationSandipan Pal QFY13 Results Update Sector: Real Estate Unitech CMP: INR29 TP: INR44 Buy
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
More informationSiddharth Bothra
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
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 informationUrban demand revives; Akzo gaining market share
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
More informationDispatches impacted by destocking at power plants
BSE Sensex S&P CNX 28,532 8,810 2 September 2016 Update Sector: Utilities Coal India CMP: INR333 TP: INR370 (+11) Buy Stock Info Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 9/272 1,
More informationCMP: INR162 TP: INR225(+39%) Buy
10 February 2016 Q3FY16 Results Update Sector: Real Estate BSE SENSEX S&P CNX 23,759 7,216 Bloomberg PEPL IN Equity Shares (m) 375.0 M.Cap.(INRb)/(USDb) 64.0 / 0.9 52-Week Range (INR) 299/166 1, 6, 12
More informationGodrej Consumer Products
BSE SENSEX S&P CNX 17,602 5,337 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 658/370 1,6,12 Rel. Perf. (%) 5/37/42 M.Cap. (INR b) 205.9 M.Cap. (USD b) 3.7 7 August 2012 1QFY13 Results
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 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
More informationCMP: INR164 TP: INR198(+21%) Buy Project commissioning augurs well for capitalization
12 July 2017 Update Sector: Utilities NTPC BSE SENSEX S&P CNX 31,805 9,816 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your
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 informationBGR Energy. CMP: INR266 TP: INR230 Neutral
BSE SENSEX S&P CNX 18,562 5,645 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 374/173 1,6,12 Rel. Perf. (%) -3/27/-24 M.Cap. (INR b) 19.2 M.Cap. (USD b) 0.4 3 November 2012 2QFY13 Results
More informationJaiprakash Associates
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg JPA IN Equity Shares (m) 2,126.5 52-Week Range (INR) 89/50 1,6,12 Rel. Perf. (%) -14/-4/-17 M.Cap. (INR b) 127.9 M.Cap. (USD b) 2.3 31 May 2012 4QFY12 Results
More informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationCMP: INR121 TP: INR193 Buy
BSE SENSEX S&P CNX 17,085 5,139 20 October 2011 2QFY12 Results Update Sector: Metals Hindustan Zinc CMP: INR121 TP: INR193 Buy Bloomberg HZ IN Equity Shares (m) 4,225.3 52-Week Range (INR) 155/109 1,6,12
More informationJinesh Gandhi Sandipan Pal
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)
More informationGodrej Properties. CMP: INR368 TP: INR420 Neutral
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
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 informationMonsanto India. CMP: INR2,680 TP: INR3,500 (+30%) Buy
BSE SENSEX S&P CNX 26,425 7,983 Bloomberg MCHM IN Equity Shares (m) 17.3 M.Cap. (INR b) / (USD b) 46.3/0.8 52-Week Range (INR) 3756/1700 1, 6, 12 Rel. Per (%) -6/-8/19 Avg Val INRm/Vol 000 149/54 Free
More informationSanofi India. CMP: INR2,200 TP: INR1,848 Neutral
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 informationIdea Cellular. CMP: INR81 TP: INR Under Review
BSE SENSEX S&P CNX 16,918 5,128 Bloomberg IDEA IN Equity Shares (m) 3,308.8 52-Week Range (INR) 104/71 1,6,12 Rel. Perf. (%) 6/-13/4 M.Cap. (INR b) 268.0 M.Cap. (USD b) 4.8 25 July 2012 1QFY13 Results
More informationReliance Infrastructure CMP: INR528
BSE SENSEX S&P CNX 17,657 5,363 16 August 2012 1QFY13 Results Update Sector: Utilities Reliance Infrastructure CMP: INR528 Buy Bloomberg RELI IN Equity Shares (m) 267.5 52-Week Range (INR) 680/328 1,6,12
More informationCentury Plyboards (I) Limited
ANTIQUE STOCK BROKING LIMITED 2 November 2017 1 Current Reco Previous Reco CMP Basudeb Banerjee +91 22 4031 3443 basudeb.banerjee@antiquelimited.com Market data Sensex : 33,600 Sector : Mid Cap Market
More informationUnitech. CMP: INR20 TP: INR30 Buy
BSE SENSEX S&P CNX 16,328 4,943 Bloomberg UT IN Equity Shares (m) 2,438.8 52-Week Range (INR) 38/17 1,6,12 Rel. Perf. (%) -25/-14/-34 M.Cap. (INR b) 48.8 M.Cap. (USD b) 0.9 16 May 2012 4QFY12 Results Update
More informationECOSCOPE. 3QFY16 CAD/GDP corrects to 1.3% The Economy Observer. Balance of Payments. See surplus in 4Q and to remain low in FY17; INR to correct still
3QFY16 CAD/GDP corrects to 1.3% See surplus in 4Q and to remain low in FY17; INR to correct still 21 March 216 ECOSCOPE The Economy Observer Balance of Payments 3QFY16 CAD/GDP at 1.3% and trade deficit
More informationJinesh Gandhi Sandipan Pal
BSE Sensex S&P CNX 19,576 5,944 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 270.6/5.0 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) 2/-17/5 Financials & Valuation (INR b)
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