Oberoi Realty. CMP: INR264 TP: INR315 Buy
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- Marshall Griffin
- 6 years ago
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1 BSE SENSEX S&P CNX 17,151 5,202 Bloomberg OBER IN Equity Shares (m) Week Range (INR) 323/205 1,6,12 Rel. Perf. (%) 4/15/16 M.Cap. (INR b) 87.0 M.Cap. (USD b) April QFY12 Results Update Sector: Real Estate Oberoi Realty CMP: INR264 TP: INR315 Buy Margin improves with price escalations and project mix; sales pick-up across projects Oberoi Realty (OBER) reported higher than estimated EBITDA for 4QFY12. Revenue was INR2.5b (v/s our estimate of INR2.2b) due to stronger sales in (a) completed projects (Spender, Spring and Seven), and (b) revenue contributing projects (Exquisite and Grande). EBITDA grew 13% YoY to INR1.6b (v/s our estimate of INR1.3b). EBITDA margin expanded to 64.5% (v/s 60.5% in 3QFY12) due to (1) price escalations across ongoing projects in 3QFY12, and (2) higher revenue contribution from completed projects, where average realization has been at 30-40% premium to under construction projects. 4QFY12 has proved to be a strong quarter for the company, with ~42% QoQ growth in sales volume. OBER sold ~0.18msf (INR2.8b) as against 0.12msf (INR1.8b) in 3QFY12. Sales volume contribution from Esquire declined to ~42% (v/s 60-70% over 9MFY12) due to higher sales from other under construction projects (Exquisite and Grande), which are at advanced stages. Overall sales for FY12 remained steady at 0.7msf (~INR9.6b). Despite concerns over delay in launches, deployment of idle cash and subdued Mumbai market, we consider Oberoi as one of the better placed companies with a) strong liquidity to drive growth, and b) robust pre-sales of ~INR36b to drive cash flow (pending~inr8.7b) and revenue (~INR15b yet to be booked). The stock currently trades at 15.1x FY13E EPS and 2.1x FY13E BV, and at ~24% discount our NAV estimate. Maintain Buy. Sandipan Pal (Sandipan.Pal@MotilalOswal.com);
2 Key results highlights Revenue booking above estimate; up 35% QoQ: Revenue for the quarter was INR2.5b (v/s our estimate of INR2.2b) due to stronger sales in (a) completed projects (Spender, Spring and Seven), and (b) revenue contributing projects (Exquisite and Grande). While revenue from completed projects was ~INR660m (100% recognition), revenue from other contributing projects jumped ~80% QoQ. Rental income from Commerz, Oberoi Mall and Hotel Westin accounted for ~INR564m (up 2% QoQ). Core EBITDA margin expanded 400bp: EBITDA grew 13% YoY to INR1.6b (v/s our estimate of INR1.3b), while EBITDA margin expanded to 64.5% (v/s 60.5% in 3QFY12) due to (1) price escalations across ongoing projects in 3QFY12, and (2) higher revenue contribution from completed projects, where average realization has been at 30-40% premium to under construction projects. PAT increased 5% YoY to INR1.4b (v/s our estimate of INR1b). Overall de-growth in FY12: For the full year, revenue declined 17% to INR8.2b, EBITDA declined 16% to INR4.8b and PAT was down 11% to INR4.6b. Delay in revenue recognition from key sales driving project, Esquire has been the key reason for de-growth in revenue booking. We expect Esquire to reach revenue recognition threshold by 2/3QFY13, giving a strong boost to revenue recognition; the project has already achieved sales of ~INR8.5b. Sales volume in-line; up 42% QoQ, despite double price hike: 4QFY12 has proved to be a strong quarter for the company, with ~42% QoQ growth in sales volume. OBER sold ~0.18msf (INR2.8b) as against 0.12msf (INR1.8b) in 3QFY12. This is despite the company taking 10% price appreciation twice in 3QFY12 and 4QFY12 across all ongoing projects. We believe strong execution progress, goodwill and lack of choice for buyers has led to strong demand for Oberoi products. Sales contribution from Grande, Exquisite improves: During 4QFY12, sales volume contribution from Esquire declined to ~42% (v/s 60-70% over 9MFY12) due to higher sales from other under construction projects (Exquisite and Grande), which are at advanced stages. While volumes at Exquisite grew 90% QoQ, Grande witnessed 55% QoQ volume uptick. Overall sales for FY12 remained steady at 0.7msf (~INR9.6b). Expect a moderate growth in annuity income in FY13: In FY12, rental income grew 22% YoY to INR2.2b; we estimate ~INR2.5b in FY13, post commencement of Commerz II in 3QFY13. During 4QFY12, after long stagnation, the company leased out ~15,000sf of incremental area in Commerz-I, taking the occupancy to 79%. Management commentary, guidance and other updates Loans and advances have increased by ~INR1.5b during 4QFY12, largely towards additional advances of INR1.85b given to JV partner at Worli (Oasis) project due to possibility of increase in project FSI. Hence the advances to JV partner increased to INR4.8b from INR3b. Management hopes to archive meaningful growth in revenue booking in FY13, given ~36%YoY growth in unrecognized order book from ~INR11b to INR15b. With recent leasing at Commerz, the management has indicated over its improved outlook on commercial leasing in Goregaon. Due lack of competition and increased enquiry from large corporate and MNCs, it sees robust demand for Commerz II. 26 April
3 Sales increased QoQ (msf), with contri- Realization improved due to price EBITDA margin witnessing bution from completed and U/C projects appreciation (INR/sf) upward trend (%) Both Grande and Splendor witnessed So is the case with Exquisite, while Construction progress steady, sales uptick sales at Esquire remained steady Esquire to cross threshold in 2Q/3QFY12 Annuity income remains steady (INR m) Annuity income break-up (INR m) Customer collection has declined QoQ Source: Company/MOSL On improved uptick in sales at Goregoan (back to 0.1msf+ run-rate per quarter), it expects the steady demand to continue, also driven by spillover demand from Powai. The company plans to launch Worli (waiting for tie-up with Hotel brand) and Mulund projects (waiting for MoEF approvals) over next couple of quarters. 26 April
4 Valuation and views On the back of prevailing headwinds, we expect ability to improve operating leverage would be the key differentiating factor among real estate developers over FY13. While Oberoi is enjoying customer preferences due to its a) strong product propositions and goodwill (high salability) and b) execution progress, the overhangs over the third most important aspect i.e. severe delay in new launches has been a major concern. Hence successful launch of Mulund and Worli (expect sales value of ~INR30b each) would be prime driver for stock performance over FY13. Additionally, there has not been any meaningful progress in deployment of surplus cash of ~INR13b over past 18months, which has been a long drag over its RoE. Any improvement in liquidity and market outlook could curb the competitive advantage the company was enjoying till date since a better liquidity could escalate land cost. Despite above concerns, we consider Oberoi as one of the better placed companies with a) strong liquidity to drive growth, and b) robust pre-sales of ~INR36b to drive cash flow (pending~inr8.7b) and revenue (~INR15b yet to be booked). The stock currently trades at 15.1x FY13E EPS and 2.1x FY13E BV, and at ~24% discount our NAV estimate. Maintain Buy. NAV Calculation Particulars (INR m) NAV/share % GAV Residential 81, Commercial (Lease) 33, Commercial (Sale) 11, Retail (Lease) 7, Retail (Sale) 2, Hotels 4, Infra Business+Land holding 4, Gross Asset Value 146, Add: Cash 12, Less: Other Op Exp 13, Tax 32, Net Asset Value 114, Source: Company/MOSL 26 April
5 Oberoi Realty: an investment profile Company description Oberoi Realty Limited is a Mumbai-based real estate developer. It was incorporated in May 1998 as Kingston Properties Private Ltd. ORL s primary focus is to develop residential property but it has diversified into retail, commercial, hospitality and social infrastructure projects. ORL has undertaken ~5msf of RE development across 35 projects so far. Key investment arguments ORL has a strong brand in Mumbai s RE market due to its (1) diversified products, (2) superior product quality and (3) management goodwill, which enable it to command a pricing premium over peers. ORL is expected to successfully monetize its land bank over 6-7 years as its healthy cash position and hassle-free land imply certainty of execution. This provides high cash flow visibility, adding to its net cash surplus of ~INR13b. ORL enjoys steady cash flow from its annuity assets, which insulates it from vagaries of the RE cycle. Key investment risks Land acquisition challenges due to high cost of land in Mumbai. Idle cash for long time could impact RoE Sluggish Mumbai market. Recent developments 4QFY12 has proved to be a strong quarter for the company, with ~42% QoQ growth in sales volume. The company plans to launch Worli (waiting for tieup with Hotel brand) and Mulund projects (waiting for MoEF approvals) over next couple of quarters. Valuation and view The stock currently trades at 15.1x FY13E EPS and 2.1x FY13E BV, and at ~24% discount our NAV estimate. Maintain Buy. 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 Oberoi Indiabulls Phoenix 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) (%) Buy Stock performance (since 19 October 2010) Shareholding pattern (%) Mar-12 Dec-11 Mar-11 Promoter Domestic Inst Foreign Others Oberoi Realty Sensex - Rebased Apr-11 Jul-11 Oct-11 Ja n-12 Apr April
6 Financials and Valuations 26 April
7 N O T E S 26 April
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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 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
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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 informationPunjab National Bank. CMP: INR940 TP: INR1,275 Buy
BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
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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
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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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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 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 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 informationHindustan Unilever. CMP:INR324 TP:INR302 Neutral
BSE SENSEX S&P CNX 18,197 5,482 29 July 2011 1QFY12 Results Update Sector: FMCG Hindustan Unilever CMP:INR324 TP:INR302 Neutral Bloomberg HUVR IN Equity Shares (m) 2,159.5 52-Week Range (INR) 347/250 1,6,12
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BSE SENSEX S&P CNX 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 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 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 18,793 5,717 Bloomberg MMFS IN Equity Shares (m) 102.7 52-Week Range (INR) 938/590 1,6,12 Rel.Perf.(%) 7/24/30 M.Cap. (INR b) 90.7 M.Cap. (USD b) 1.7 23 October 2012 2QFY13 Results Update
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BSE Sensex S&P CNX 19,497 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 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 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
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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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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 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
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
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 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)
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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
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 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)
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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 18,431 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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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 16,739 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 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 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 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
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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 informationAlpesh Mehta Sohail Halai
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
More informationPrestige Estates. CMP: INR169 TP: INR195 Buy FY13 sales booking to beat guidance by ~20%
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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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 17,605 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 informationMaruti Suzuki. CMP:Rs1,327 TP:Rs1,625 Buy
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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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 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 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 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 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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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 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
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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 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 19,636 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 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 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 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 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 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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BSE Sensex S&P CNX 19,895 6,035 Bloomberg GRASIM IN Equity Shares (m) 91.7 M.Cap. (INR b)/(usd b) 275.8/5.2 52-Week Range (INR) 3,511/2,216 1,6,12 Rel. Perf. (%) -8/-12/-1 Financials & Valuation (INR b)
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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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