Previous Recommendation: Buy
|
|
- Malcolm Pope
- 5 years ago
- Views:
Transcription
1 2QCY10 Results Update SECTOR: CEMENT ACC STOCK INFO. BSE Sensex: 18,113 S&P CNX: 5,442 BLOOMBERG ACC IN REUTERS CODE ACC.BO Previous Recommendation: Buy Buy Rs816 Equity Shares (m) Week Range 1,017/686 1,6,12 Rel. Perf. (%) -9/-18/-21 M.Cap. (Rs b) M.Cap. (US$ b) 3.3 Below estimates, impacted by lower than estimated volumes and higher cost push; downgrade EPS; maintain Neutral ACC s reported below estimate operating standalone performance with EBITDA margins of 27.4% (v/s est 29.2%) and PAT of Rs3.59b (v/s est Rs3.88b), impacted by lower volumes and higher than estimated cost push. Key highlights include: Volumes de-grew by 2.8% to 5.27MT. Realization improved by 1.8% QoQ (flat YoY) to Rs3,834/ton. Net sales declined by 2.9% to Rs20.2b (v/s est Rs20.15b). EBITDA de-grew by 25% YoY (~11% QoQ) to Rs5.53b, translating into 790bp YoY (~220bp QoQ) decline in margins to 27.4% (v/s est 29.2%). Profitability was impacted by ~Rs7/bag QoQ increase in cost, translating into Rs3/bag QoQ decline in EBITDA/Ton to Rs1,049/ton. Further, lower than estimated other income at Rs597m further restricted PAT to Rs3.59b (26% YoY decline). The board has recommended interim dividend of Rs10/share, as against Rs23/share in CY09. Valuation and view: We are downgrading our EPS estimates for CY10 by 3.4% to Rs73 and 3.7% for CY11 to Rs79.9, to factor in for a) increase in freight due to diesel price increase of 6% and b) higher other expenditure. The stock is valued at 10.2x CY11E EPS, 4.9x CY11E EV/EBITDA and US$80/ton (~30MT capacity). Maintain Buy with target price of Rs1,204 (~8x CY11E EV/EBITDA). Jinesh Gandhi (Jinesh@MotilalOswal.com); Tel:
2 Muted volumes results in flat revenues Volume de-growth of 2.8% to 5.27mt (v/s est 5.35mt). Realization improved by 1.8% QoQ (flat YoY) to Rs3,834/ton (v/s est Rs3,767/ton). As a result net sales declined by 2.9% to Rs20.2b (v/s est Rs20.15b). Volume growth continues to be muted due to capacity constraint and delay in commissioning of new capacity. ACC Concrete, a 100% subsidiary, reported 29% YoY growth in revenues to Rs1.64b. TREND IN CEMENT VOLUMES (M TON) & REALIZATIONS (RS/TON) Volume (m tons) Realization (Rs/ton) 3,325 3,375 3,571 3,499 3,587 3,840 3,931 3,585 3,767 3, QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 Source: Company/MOSL whereas higher other expenditure impacts margins EBITDA de-grew by 25% YoY (~11% QoQ) to Rs5.53b (v/s est Rs5.89b), translating into 790bp YoY (~220bp QoQ) decline in margins to 27.4% (v/s est 29.2%). Profitability was impacted by ~Rs7/bag QoQ increase in cost (primarily other expenditure), translating into Rs3/bag QoQ decline in EBITDA/Ton to Rs1,049/ton (v/s est Rs1,100). Capitalization of new expansions at Orissa and Karnataka resulted in YoY increase in depreciation. Further, lower than estimated other income at Rs597m further restricted PAT to Rs3.59b (26% YoY decline). TREND IN EBITDA EBITDA (Rs M) EBITDA margins (%) , , , ,375 6,474 7,344 6, ,300 6,222 5,530 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 Source: Company/MOSL 2
3 TREND IN UNIT COST (RS/TON) 2QCY10 2QCY09 YOY (%) 1QCY10 QOQ (%) Net Realization 3,834 3, , Expenditure Raw Materials Staff Cost Power Freight Purchase of Cement Other Expenditure Total Cost 2,785 2, , EBITDA 1,049 1, , Source: Company/MOSL New capacities to contribute from 3QCY10 It has commissioned its brownfield expansion at Orissa (~1.2MT) and Karnataka (~3MT), however these plants are yet to stabilize, whereas 3mt capacity at Maharashtra would commence operations by 3Q/4QCY10. After several delays, these plants are finally expected to stabilize and commission operations in 3QCY10. As a result, volumes are expected to benefit after witnessing decline since 4QCY09. After two years of muted volume growth, these new capacities are expected to drive robust volume growth of ~10% CAGR. RMC business continues to drag consolidated PAT ACC s RMC business, which was demerged into 100% subsidiary from 1/Jan/08, continues to make PBIT loss of Rs56m (v/s R123m in 2QCY09 v/s Rs89m in 1QCY10). While this business has been scaling-up well since last 9 months, with 29% YoY growth in revenues in 2QCY10 to Rs1.64b. RMC business had aggressively invested in building the business, but slow down in volumes has impacted profitability. The company has taken several initiatives to turnaround RMC business, and focus in now on profitability rather than growth, as reflected in deferring of all expansion plans. TREND IN RMC BUSINESS (RS M) Sales PBIT ,243 1,290 1,349 1,263 1,298 1,269 1,177 1,384 1,494 1,637 1QCY08 2QCY08 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 Source: Company/MOSL 3
4 The management believes that the company is well placed to add value to the parent in both the immediate challenging times and well into the future. While RMC business in CY09 is expected to contract with the slow down in the real estate sector, translating into pressure on realizations, the company is taking following steps to counter these pressures: Appointed Mr.Hans Fuchs as Managing Director from PT Holcim Indonesia, from July 2008, in place of Mr Sanjay Bahadur Extensive expansion plans have been put on hold for CY09 Focus on dedicated infrastructure projects to mitigate effects of real estate slowdown Focus on consolidating the existing business Grow volumes from the current base of available 38 batching plants as well as from dedicated onsite project solutions Cost savings in raw materials and reduction in costs through increased productivities in manpower and equipment Securing coal block for securing long-term supply of cost-effective energy ACC has entered into JV with Madhya Pradesh State Mining Corporation (MPSMC) for prospecting and mining four coal blocks with approximate mineable reserves of 200mt. The mines are expected to become operational in four to five years, and will provide costeffective long-term energy supply assurance. Also, ACC, in a joint venture (~14% stake) with five other partners, has been allotted a coal mine at Moira-Madhujore in West Bengal, which has geological reserves of 685mt. However, given 6 parties involved, it is difficult to ascertain timeline for commissioning. Downgrading estimates We are downgrading our EPS estimates for CY10 by 3.4% to Rs73 and 3.7% for CY11 to Rs79.9, to factor in for a) increase in freight due to diesel price increase of 6% and b) higher other expenditure. We maintain our cement price assumption of Rs10/bag QoQ increase in 3QCY10 and flat QoQ realizations in 4QCY10. For CY11, we are assuming Rs4/bag average increase in realizations. REVISED FORECAST (RS M) CY10E CY11E REV OLD CHG (%) REV OLD CHG (%) Net Sales 81,959 81, ,217 91, Net Profit 13,714 14, ,014 15, EPS (Rs) Source: MOSL Valuation and view After two years of muted volume growth, ACC would witness robust volume growth of ~10% CAGR over next two years driven by new capacities. Allotment of coal blocks in MP (in JV with the state) and West Bengal (in consortium) offers option value. Improvement in ACC s assets earning power, coupled with completion of divestment of non-core businesses makes it attractive pure-play on cement offering truly pan-india presence. The stock is valued at 10.2x CY11E EPS, 4.9x CY11E EV/EBITDA and US$80/ton (~30MT capacity). Maintain Buy with target price of Rs1,204 (~8x CY11E EV/EBITDA). 4
5 ACC: an investment profile Company description ACC, part of Holcim group, is the largest standalone cement company in India with total capacity of 30m ton. It has pan-india presence with 16 plants. It is the oldest player in the Indian cement industry with ~10% market share. Key investment argument Market leader with strong national presence with overall market share of 10%. High sensitivity to cement prices as every Re1/bag increase in cement price would increase CY10E EPS by 2.1%. Focused on reducing power cost by setting up captive power plants. Key investment risks Very limited scope to increase production through blending as 85% of cement sold is blended. Limited scope to saving cost, as location restricts usage of imported coal to ~15%. Recent development Has recommended interim dividend of Rs10/share (v/s Rs23/share in CY09). Valuation and view The stock is valued at 10.2x CY11E EPS, 4.9x CY11E EV/EBITDA and US$80/ton (~30MT capacity). Maintain Buy with target price of Rs1,204 (~8x CY11E EV/EBITDA). Sector view Strong GDP growth, coupled with sustainable demand drivers, augurs well for cement demand growth We expect utilization and pricing to bottom out by 2HCY10, and gradual improvement thereafter. Next 6-9 months to witnessed increased level of volatility in cement prices. COMPARATIVE VALUATIONS ACC GACL ULTRATECH P/E(x) CY10E CY11E P/BV(x) CY10E CY11E EV/Ton (US$) CY10E CY11E EV/EBITDA(x) CY10E CY11E EPS: MOST FORECAST VS CONSENSUS (RS) MOST CONSENSUS VARIATION FORECAST FORECAST (%) CY CY TARGET PRICE AND RECOMMENDATION CURRENT TARGET UPSIDE RECO. PRICE (RS) PRICE (RS) (%) 816 1, Buy STOCK PERFORMANCE (1 YEAR) SHAREHOLDING PATTERN (%) JUN-10 MAR-10 JUN-09 Promoter Domestic Inst , ACC (Rs) - LHS Rel. to Sensex (%) - RHS Foreign Others Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 5
6 Financials and Valuation 6
7 NOTES 7
8 For more copies or other information, contact Institutional: Navin Agarwal. Retail: Manish Shah Phone: (91-22) Fax: (91-22) Motilal Oswal Securities Ltd, 3rd Floor, Hoechst House, Nariman Point, Mumbai This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. MOSt or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. MOSt and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. Disclosure of Interest Statement ACC 1. Analyst ownership of the stock No 2. Group/Directors ownership of the stock No 3. Broking relationship with company covered No 4. Investment Banking relationship with company covered No This information is subject to change without any prior notice. MOSt reserves the right to make modifications and alternations to this statement as may be required from time to time. Nevertheless, MOSt is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries. 8
Maruti 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.(%)
More informationShriram Transport Finance
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
More informationDabur India. Neutral. Rs93
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)
More informationGodrej Consumer Products
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
More informationReliance Communications
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
More informationPrevious Recommendation: Neutral
2QFY11 Results Update SECTOR: PHARMACEUTICALS STOCK INFO. BSE Sensex: 20,589 S&P CNX: 6,194 BLOOMBERG JOL IN REUTERS CODE JUBO.BO Equity Shares (m) 170.0 52-Week Range 413/255 1,6,12 Rel. Perf. (%) -4/-34/-8
More informationITC. Buy. Rs169. 3QFY11 Results Update 19,008 5,697
Results Update SECTOR: FMCG BSE SENSEX S&P CNX 19,8 5,697 Bloomberg ITC IN Equity Shares (m) 7,75.9 52-Week Range (Rs) 185/112 1,6,12 Rel. Perf. (%) 6/9/3 M.Cap. (Rs b) 1,31.5 M.Cap. (US$ b) 29.3 Rs169
More informationPrevious Recommendation: Neutral QUARTERLY PERFORMANCE (INDIAN GAAP)
Results Update SECTOR: INFORMATION TECHNOLOGY Infosys Technologies STOCK INFO. BSE Sensex: 13,504 S&P CNX: 4,004 BLOOMBERG INFO IN REUTERS CODE INFY.BO Previous Recommendation: Neutral Neutral Rs1,727
More informationPositive outlook for both JLR and domestic business. JLR's 1Q margins sustainable subject to stable forex; Buy
Update SECTOR: AUTOMOBILES BSE SENSEX S&P CNX 20,045 6,018 Rs1,070 Tata Motors Buy Bloomberg TTMT IN Reuters TAMO.BO Diluted Eq.Shares (m) 624.1 52-Week Range 1,089/520 1,6,12 Rel. Perf. (%) -4/30/58 M.Cap.
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 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
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 informationBGR Energy. Buy. Target price: Rs958. Large EPC order expected in FY11; order-book to double to Rs200b
BSE SENSEX S&P CNX 19,509 5,857 Target price: Rs958 Update SECTOR: ENGINEERING BGR Energy Buy Large EPC order expected in FY11; order-book to double to Rs200b Bloomberg BGRL IN Reuters BGRE.BO Equity Shares
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 informationBirla Corporation. CMP: INR216 TP: INR277 Buy
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 informationMedium term profitability driven by commodity earnings
Update SECTOR: UTILITIES BSE SENSEX S&P CNX 18,180 5,462 Bloomberg SHAREHOLDING PATTERN % (JUN-10) Others, 16.8 Foreign, 21.8 STOCK PERFORMANCE (1 YEAR) TPWR IN Promoter 31.9 Domestic Inst, 29.5 Rs1,255
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 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 informationACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -
4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
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 informationLarsen & Toubro. CMP: INR1,160 TP: INR1,417 Buy
BSE SENSEX S&P CNX 16,216 4,908 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,868/971 1,6,12 Rel. Perf. (%) -4/-7/12 M.Cap. (INR b) 706.3 M.Cap. (USD b) 13.1 * Consolidated; EPS is fully
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 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 informationACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement
3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
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 informationPunjab National Bank. CMP:INR1,103 TP:INR1,500 Buy
BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
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 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 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 informationBGR Energy. CMP: INR284 TP: INR296 Neutral
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 512/173 1,6,12 Rel. Perf. (%) -8/8/-31 M.Cap. (INR b) 20.5 M.Cap. (USD b) 0.4 31 May 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 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 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 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 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 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 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 informationSteel Authority of India
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.
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 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 informationHardick Bora
BSE Sensex S&P CNX 19,990 6,069 Bloomberg JOL IN Equity Shares (m) 159.3 M.Cap. (INR b)/(usd b) 26.0/0.5 52-Week Range (INR) 248/154 1,6,12 Rel. Perf. (%) -18/-28/-34 Financials & Valuation (INR b) Y/E
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 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 informationHardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
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 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 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 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 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)
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
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 informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `184 Target Price - 2QCY2012 Result Update Cement. Quarterly results (Standalone)
2QCY2012 Result Update Cement Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 2QCY2012 1QCY2012 % chg qoq 2QCY2011 % chg yoy Net Sales 2,566 2,633 (2.6) 2,173 18.1
More informationCummins India. Buy. Rs698. Encouraging long-term outlook, as parent looks at sourcing more from India; domestic sales to grow at a steady pace
Update SECTOR: ENGINEERING BSE SENSEX S&P CNX 18,180 5,462 Bloomberg SHAREHOLDING PATTERN % (JUN-10) Foreign, 11.8 Domestic Inst, 21.0 Others, 16.2 STOCK PERFORMANCE (1 YEAR) KKC IN Promoter 51.0 Rs698
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 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 informationIndiabulls Real Estate
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
More informationJubilant Foodworks. CMP: INR1,051 TP: INR1,054 Neutral
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
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 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
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
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 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 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 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 informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone)
1QCY2011 Result Update Cement April 29, 2011 Ambuja Cements Performance Highlights Y/E Dec. (` cr) 1QCY2011 4QCY2010 % chg qoq 1QCY2010 % chg yoy Net sales 2,207 1,788 23.4 1,990 10.9 Operating profit
More informationAddressing key investor concerns. Dec-09
22 March 2011 Update Sector: IT BSE SENSEX S&P CNX 17,988 5,414 Rs452 HCL Technologies Buy Bloomberg HCLT IN Equity Shares (m) 692.1 52-Week Range (Rs) 518/338 1,6,12 Rel. Perf. (%) 0/17/19 M.Cap. (Rs
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 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 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 informationAmbuja Cements ACCUMULATE. Performance Highlights. CMP Target Price `207 `233. 3QCY2015 Result Update Cement. Quarterly results (Standalone)
Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net Sales 2,095 2,493 (16.0) 2,188 (4.2) EBIDTA 310 384 (19.2) 393 (21.2)
More informationJinesh Gandhi Chirag Jain
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
More informationKotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) 689.3 52-Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) 340.5 M.Cap. (US$ b) 6.7 25 January 2012 3QFY12 Results Update Sector:
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 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 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
More informationGodrej Consumer Products
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 informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationStress test: Weak capital servicing ratios to drive pricing discipline
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
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 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 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 informationOberoi Realty. CMP: INR264 TP: INR315 Buy
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 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 informationThermax. CMP: INR522 TP: INR414 Neutral
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 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)
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:
More informationACC Ltd. BUY CMP (Rs.) 1,471 Target (Rs.) 1,655 Potential Upside 13% For private circulation only. Volume No.. II Issue No. 172.
May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18. Volume No.. II Issue No. 172 ACC Ltd. May 13, 2018 BSE Code: 500410 NSE Code: ACC Reuters Code: ACC.NS Bloomberg
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More informationEBITDA 5,076 3, , EBITDA
Result Update Ambuja Cements 21 February 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Healthy Volume Growth, Operating Costs Under Control Ambuja Cements (ACEM) reported a good set of numbers for owing to
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 informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
More informationAmara Raja Batteries. CMP: INR517 TP: INR560 Buy
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)
More informationITD Cementation India
1QCY212 Result Update Construction May 14, 212 ITD Cementation India Performance highlights Y/E December 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy) Total operating income 384 327 17.6 344 11.5 Operating
More informationGodrej Properties. CMP: INR595 TP: INR635 Neutral
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 informationCY16 CY17 CY18E CY19E
23-Jul-15 23-Sep-15 23-Nov-15 23-Jan-16 23-Mar-16 23-May-16 23-Jul-16 23-Sep-16 23-Nov-16 23-Jan-17 23-Mar-17 23-May-17 23-Jul-17 23-Sep-17 23-Nov-17 23-Jan-18 23-Mar-18 23-May-18 23-Jul-18 Result Update
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationCoal India. CMP: INR322 TP: INR370 Buy
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 informationReligare Investment Call
Oct-17 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 BUY CMP (Rs) 190 Target Price (Rs) 247 Potential Upside 29.7% Sensex 33,349 Nifty 10,030 Key Stock data BSE Code
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationITC. CMP: INR201 TP: INR230 Buy
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 informationSanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY
3QCY18 Result Update Institutional Equities Sanofi India Reuters: SANO.BO; Bloomberg: SANL IN Robust Performance Sanofi India s revenues in 3QCY18 stood at Rs7,438mn which were above our/consensus estimate
More information