ION EXCHANGE LTD MORNING INSIGHT. Sanjeev Zarbade July 10, 2017 COMPANY VISIT NOTE
|
|
- Beverley Summers
- 5 years ago
- Views:
Transcription
1 COMPANY VISIT NOTE Sanjeev Zarbade ION EXCHANGE LTD PRICE. RS.521 NOT RATED We recently met the management of ion Exchange (IEL). IEL has a strong position in the water treatment market in India having set up projects for prestigious clients in India and abroad. The company has recently won a large order from Sri Lanka which has boosted its order book. In view of the strong order book, the profit outlook for the company has improved. Given the rising focus on environment degradation, the water treatment business has a promising future. IEL has a established position in this industry in India. In terms of valuation, the stock is trading at 16.5x FY17 earnings as compared to 45x for Thermax and 36x for VA Tech Wabag. Summary table (Rs mn) FY15 FY16 FY17 Sales Growth (%) EBITDA EBITDA margin (%) PBT Net profit EPS (Rs) Growth (%) BV (Rs/share) ROE (%) Net cash (debt) EV/Sales (x) EV/EBITDA (x) P/E (x) P/BV (x) Source: Company, Kotak Securities - Private Client Research Background Ion exchange (IEL), formed in 1964, is a pioneer in water, waste treatment and environment solutions and caters to various industries, homes and communities. Headquartered in Mumbai, the company has six manufacturing plants and assembly facilities across India, and one each in Bangladesh and UAE. The company was originally formed as a subsidiary of Permutit, UK in It became a wholly owned subsidiary in Chairman and MD of the company is Mr Rajesh Sharma who has over four decades of experience in the water treatment industry. Promoters hold 44% of the shares in the company (a sizeable quantity is in demat form). Order book boosted by mega order from Sri Lanka The company has an order book of Rs 5.5 bn (not including Sri Lanka order) in the engineering projects. The order mix is primarily from the industrial side as the company has traditionally stayed away from Municipal projects in view of weak commercial terms. The average size of projects in order book is below Rs 1.0 bn. Major industries that have placed orders with IEX is Food and Food Processing and Textiles. In addition to this, in late 2014, the company had been selected by Sri Lanka Water Board to execute water supply project worth US$ 194 million. The project is being funded by EXIM Bank. In FY17, the company has been formally awarded this order and it has also received client advance for the project. This project is to be executed over a period of three years. The company expects around 25% of this order to contribute to revenue in FY18. The Sri Lankan order is a major order for the company and the management believes that it has taken care to assess the risks associated with this project. It has been following this order for the past five years and has done sizeable work in covering the major project execution risks. But for this order, the company expects to mainly focus on smaller orders as the company is not very comfortable with the financing of larger orders. For larger orders, it plans to bid in consortium with other players (likes of L&T). Water and Waste water treatment market to receive a fillip from Namami Gange The market size of the water treatment business is Rs bn comprising of equipment supply, ion exchange resins and construction. The construction portion accounts for ~ Rs 100 bn of the annual spend. The management expects that the market size is expected to increase in the next few years aided by projects like Namami Gange and Smart City rollout. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 2
2 Profitability Losses at subsidiary levels have dented consolidated margins IEL s engineering projects business reported segment margins of 5.4% in FY17 vs 4.2% in FY16 on a standalone basis The management has indicated that profitability of recent orders is higher than in the past few years. The company expects overall margins in the Engineering segment to inch upwards in FY Subsidiaries Losses declining at subsidiary level Consolidated margins in the engineering projects segment were lower than standalone level due to losses at subsidiary levels. However, the management indicated that profitability at subsidiary levels is improving and highlighted that two subsidiaries have turned around in the past fiscal. The company is expecting increase in quantum of orders for the overseas subsidiaries in the current fiscal which should also reflect in improved profitability. Receivables at elevated levels The company reported receivables of Rs 4.2 bn (156 days of sales) in FY17, which is on the higher side compared to Thermax (@ 124 days) but lower than VA Tech (at 253 days of sales). However, a large share of receivables is in the form of retention money. Moderate levels of capex Among the three segments, the chemical products segment needs capacity enhancements which the company undertakes mainly through debottlenecking. Over the next three years, the company envisages capex of ~ Rs mn mainly in the chemicals segment. Company is net cash positive Gross borrowings on a standalone and consolidated levels in FY17 stood at Rs 680 mn and Rs 900 mn respectively (D/E of 0.23x on standalone basis). However, on a net basis, the company is cash surplus of Rs 980 mn, aided by client advances for the Sri Lankan project. Outlook Given the rising focus on environment degradation, the water treatment business has a promising future. IEL has a pre-eminent position in this industry in India. In terms of valuation, the stock is trading at 16.5x FY17 earnings as compared to 45x for Thermax and 36x for VA Tech Wabag. In our view, to create shareholder value, the company needs to 1) may be rethink the viability of some of its loss making subsidiaries 2) Review the viability of the consumer products business 3) Focus resources on the chemicals business which is growing at a fast pace 4) The company is present in many geographies. Focusing on fewer and profitable geographies makes sense 5) Improve the profitability of its Engineering Projects segment. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 3
3 Segment Table Rs mn FY17 FY16 Segment Revenue Engineering 5,615 4,488 Chemicals 3,157 3,049 Consumer Products 1, Segment EBIT Engineering Chemicals Consumer Products (36) (38) Total EBIT margins (%) Engineering 5.4% 4.0% Chemicals 17.4% 16.6% Consumer Products -3.4% -4.3% Source: Company Concerns Working capital intensive model Debtor days are quite high Performance of Subsidiaries need to be improved through rationalization/ restructuring so that the impact of their results on consolidated numbers is not negative. Consumer product business is loss making as there is stiff competition from large players including Eureka Forbes, HUL, Tatas ANNEXURE Strong credentials Ion exchange counts among its clients, prominent industry names including NTPC, NPC, Reliance, IOC, JSW, CPCL, L&T, Essar group, IRCTC, BHEL and Tata Group. International clients include the likes of Cargill, Technip France, Thyssen krupp, Jacobs and Kawasaki. Exports accounted for a sizeable share of revenues (20-25%) with the major destinations being Europe, USA and Middle East. The company was awarded Best Water Treatment Solutions Provider for by UNESCO. Its Zero B was rated most preferred RO brand by Mera Brand Awards. Ion Exchange was the first company to install sea water desalination plant with 12 out of the 20 large plants installed in India to its credit. Business Profile Source: Company Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 4
4 Engineering Projects The company designs, manufactures and sells medium and large size equipment for water and waste water treatment plants including recycling and zero liquid discharge plants. The company is also into Operation and Maintenance of water treatment plants. The main focus area for the company is the industrial water treatment segment. The company is not a major player in the municipal segment. However, it believes that there are better days ahead in view of the rising awareness for environment and government programmes like cleaning of river Ganga. The solutions offered in this segment could be through standard products which are pre-engineered plants or customized, design and build projects. The design and build projects have an execution cycle of ~ 2 years. The water treatment market is fairly large. However, a considerable share is commoditized, these are projects that employ very basic techniques of water treatment. Large organized players like IEL are not present in such projects. The expert water treatment market is of the size of Rs bn per annum. Out of this, the share of industrial water treatment is Rs 60 bn and the balance is municipal (water and waste water treatment). Chemicals The company provides a comprehensive range of resins, specialty chemicals and customized chemical treatment programmes for water, non water and specialty applications. The two broad categories in this segment is the Ion Exchange Resins and Specialty Chemicals. The company enjoys a 45% market share in Ion exchange resins, which are used for softening and demineralization in water treatment. A significant share of its resins production of ~ 55-60% is exported. With a market share of 15%, IEL is a significant player in the specialty chemicals product segment, which are used in paper, sugar, Pharma and Oil and Gas sectors. The Chemicals segment (resins and chemicals) is the most profitable and fast growing for the company. In this segment, IEL is competing with the likes of Dow Chemical, NALCO and SNF. Consumer Products Caters to individuals, hotels, spas, educational institutions, hospitals, labs, railways and defence establishments. In this segment, the company markets the Zero B water purifiers (non electric, Reverse Osmosis, UV based). While there is huge demand potential for water purifiers (penetration is 33% among households), the company s sales in this segment have stagnated at ~ Rs mn pa. The company has been losing ground to the likes of HUL, Eureka Forbes and Kenstar who have been gaining market share aided by large advertising and promotion expenses. Growth outlook Chemicals business remains the main growth driver There is immense growth potential in the water and waste water treatment industry. Only 60% of industrial waste water is treated and ~ 40% of the treated water do not conform to the prescribed standards. The situation is even worse in sewage treatment wherein urban sector has capacity to treat only 37% of sewage generated. Even though there is a pressing need for investment in water treatment, lack of funds, bureaucratic delays and weak industrial investment scenario has led to slowdown in new engineering project jobs. On the positive side, Indian contractors like IEL are getting increased acceptance in overseas markets, the management highlighted. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 5
5 The chemicals business is growing at a faster clip. It has doubled its revenue in the past five years and the management believes that growth rate should further improve. Despite competing with the likes of Dow Chemicals, IEL does not consider technology as a limiting factor. The management indicated that on several occasions, clients have switched to ion exchange resins/chemicals supplied by IEL and with improved results. The home water purifier industry is worth Rs 42 bn and is growing at a robust pace of 20% for last three years. However, the company s sales in this segment have stagnated and despite being a pioneer in the RO water purifier market, its share has been trending down. This market is dominated by HUL, Tata and Eureka Forbes. Allthough the company has a good brand (Zero B) in this segment, it lacks the resources to invest in it and resultantly has ceded ground to larger consumer players. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 6
6 Bulk deals Gainers & Losers Trade details of bulk deals Date Scrip name Name of client Buy/ Quantity Avg. Sell of shares price (Rs) 07-Jul BNRSEC Ravi Kumar Cherukumalli S 29, Jul FRANKLININD Sagar Shivkumar Gogia S 50, Jul ORGCOAT Mehul Krishnakant Shah S 51, Jul ORGCOAT Abhay Rajnikant Shah B 51, Jul PBFL Swarup Guchhait B 90, Jul RATHIGRA Utsav Pramodkumar Shrivastav B 82, Jul RIDDHICORP Nishith Shirishbhai Desai B 225, Jul RIDDHICORP Jinaxiben Bipinchandra Shah B 17, Jul SFLINTER Kinjal Ravibhai Mehta B 20, Jul SFLINTER Sureshkumar M Mehta B 20, Jul SFLINTER Yogeshkumar Dalpatbhai Dhabuwala S 62, Jul SRIND Amit Mahajan S 575, Jul STARLITE Bhanwari Devi Vyas S 121, Jul TAALENT Golden Goenka Credit Pvt. Ltd. S 16, Jul VASINFRA Vimal Finstock Pvt Ltd S 144, Jul VASINFRA Priyal Chetan Kothari B 100, Jul WOMENSNEXT Nikhil Vora S 40, Jul YOGISUNG Sunil Giridharilal Raheja B 90, Jul YOGISUNG Europlus One Reality Private Limited B 90, Jul YOGISUNG Euro Plus Capital Limited B 90, Jul YOGISUNG Rt Super Technologies Private Limited B 90, Jul YOGISUNG Niraj Rajnikant Shah S 466, Source: bseindia.com Nifty Gainers & Losers Price (Rs) chg (%) Index points Volume (mn) Gainers Reliance Ind NA 8.19 Lupin Ltd NA 4.98 Aurobindo Pharma NA 3.01 Losers Bharti Infra (2.5) NA 2.67 Vedanta Ltd (1.7) NA 8.23 Indiabulls housing (1.6) NA 1.04 Source: Bloomberg Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 7
7 RATING SCALE Definitions of ratings BUY We expect the stock to deliver more than 12% returns over the next 9 months ACCUMULATE We expect the stock to deliver 5% - 12% returns over the next 9 months REDUCE We expect the stock to deliver 0% - 5% returns over the next 9 months SELL We expect the stock to deliver negative returns over the next 9 months NR Not Rated. Kotak Securities is not assigning any rating or price target to the stock. The report has been prepared for information purposes only. RS Rating Suspended. Kotak Securities has suspended the investment rating and price target for this stock, either because there is not a sufficient fundamental basis for determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. NA Not Available or Not Applicable. The information is not available for display or is not applicable NM Not Meaningful. The information is not meaningful and is therefore excluded. NOTE Our target prices are with a 9-month perspective. Returns stated in the rating scale are our internal benchmark. Fundamental Research Team Fundamental Research Team Sanjeev Zarbade Ruchir Khare Amit Agarwal Nipun Gupta Capital Goods, Engineering Capital Goods, Engineering Logistics, Paints, Transportation Information Technology sanjeev.zarbade@kotak.com ruchir.khare@kotak.com agarwal.amit@kotak.com nipun.gupta@kotak.com Teena Virmani Ritwik Rai Jatin Damania Jayesh Kumar Construction, Cement FMCG, Media Metals & Mining Economy teena.virmani@kotak.com ritwik.rai@kotak.com jatin.damania@kotak.com kumar.jayesh@kotak.com Arun Agarwal Sumit Pokharna Pankaj Kumar K. Kathirvelu Auto & Auto Ancillary Oil and Gas Midcap Production arun.agarwal@kotak.com sumit.pokharna@kotak.com pankajr.kumar@kotak.com k.kathirvelu@kotak.com Technical Research Team Shrikant Chouhan Amol Athawale shrikant.chouhan@kotak.com amol.athawale@kotak.com Derivatives Research Team Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 8
8 Disclosure/Disclaimer Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house. Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock Exchange of India Limited (MSEI). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/deficiency letters/ or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. We offer our research services to clients as well as our prospects. This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. We and our affiliates/associates, officers, directors, and employees, Research Analyst(including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Kotak Securities Limited (KSL) may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with KSL. Kotak Securities Limited is also a Portfolio Manager. Portfolio Management Team (PMS) takes its investment decisions independent of the PCG research and accordingly PMS may have positions contrary to the PCG research recommendation. Kotak Securities Limited does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Kotak Securities' prior written consent. Details of Associates are available on our website ie Research Analyst has served as an officer, director or employee of subject company(ies): No We or our associates may have received compensation from the subject company(ies) in the past 12 months. We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies). Research Analyst or his/her relative's financial interest in the subject company(ies): No Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No. Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report. "A graph of daily closing prices of securities is available at and (Choose a company from the list on the browser and select the "three years" icon in the price chart)." Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai CIN: U99999MH1994PLC134051, Telephone No.: , Fax No.: Website: Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai Telephone No: SEBI Registration No: NSE INB/INF/INE , BSE INB /INF , MSEI INE /INB /INF , AMFI ARN 0164, PMS INP and Research Analyst INH NSDL/CDSL: IN-DP-NSDL Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. Compliance Officer Details: Mr. Manoj Agarwal. Call: , or ks.compliance@kotak.com. Level 1: For Trading related queries, contact our customer service at 'service.securities@kotak.com' and for demat account related queries contact us at ks.demat@kotak.com or call us on: Online Customers (by using your city STD code as a prefix) or Toll free numbers / , Offline Customers Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation@kotak.com or call us on and if you feel you are still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Mr. Manoj Agarwal ) at ks.compliance@kotak.com or call on 91- (022) Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on 91- (022) Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 9
IRB InvIT Fund NOT RATED INITIAL PUBLIC OFFER PRIVATE CLIENT RESEARCH 28 APRIL, 2017 IPO NOTE. Background
INITIAL PUBLIC OFFER PRIVATE CLIENT RESEARCH 28 APRIL, 2017 IPO NOTE Teena Virmani teena.virmani@kotak.com +91 22 6218 6432 IRB InvIT Fund Background NOT RATED IRB InvIT Fund, a registered infrastructure
More informationTATA MOTORS (TAMO) PRICE: RS.396 MORNING INSIGHT. February 6, 2018 RESULT UPDATE
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6218 6443 Summary table (Rs mn) FY18E FY19E FY20E Sales 2842322 3278593 3671201 Growth (%) 5.4 15.3 12.0 EBITDA 323,880 407,040 466,893 EBITDA margin
More informationASIAN GRANITO INDIA LTD
RESULT UPDATE Teena Virmani teena.virmani@kotak.com +91 22 6218 6432 ASIAN GRANITO INDIA LTD PRICE: RS.519 RECOMMENDATION: BUY TARGET PRICE: RS.705 FY20E PE: 16.2X Asian Granito revenues for Q3FY18 were
More informationBAJAJ AUTO LIMITED (BAL)
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6218 6443 Summary table (Rs mn) FY17 FY18E FY19E Sales 217,667 252,529 291,601 Growth (%) (3.6) 16.0 15.5 EBITDA 44,224 47,827 57,416 EBITDA margin
More informationMARUTI SUZUKI INDIA LTD (MSIL)
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6218 6443 Summary table (Rs mn) FY18E FY19E FY20E Sales 8,06,714 9,26,954 10,48,820 Growth (%) 18.6 14.9 13.1 EBITDA 1,25,406 1,44,216 1,73,628
More informationALLCARGO LOGISTICS LTD (ALL)
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Summary table (Rs mn) FY18E FY19E FY20E Sales 59,740 63,150 65,110 Growth (%) 7.0 5.7 3.1 EBITDA 4,051 4,379 4,522 EBITDA margin (%) 6.8
More informationVRL LOGISTICS LTD PRICE: RS.373 MORNING INSIGHT. November 6, 2017 RESULT UPDATE
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 VRL LOGISTICS LTD PRICE: RS.373 RECOMMENDATION: BUY TARGET PRICE: RS.450 FY19E PE: 21.9X Healthy Outlook VRL reported Q2FY18 numbers,
More informationALLCARGO LOGISTICS LTD (ALL)
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Summary table (Rs mn) FY17 FY18E FY19E Sales 55,833 61,233 66,150 Growth (%) (1.8) 9.7 8.0 EBITDA 4,650 5,451 6,020 EBITDA margin (%)
More informationMOIL LTD PRICE: RS.208 MORNING INSIGHT COMPANY UPDATE
COMPANY UPDATE Jatin Damania jatin.damania@kotak.com +91 22 6218 6440 Summary table (Rs mn) FY18E FY19E FY20E Sales 12,490 13,379 14,737 Growth (%) 27.2 7.1 10.1 EBITDA 4,908 5,694 6,624 EBITDA margin
More informationCASTROL INDIA LTD (CIL)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 CASTROL INDIA LTD (CIL) PRICE: RS.394 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.437 CY18E PE: 26.1X Castrol s performance is better
More informationCASTROL INDIA LTD (CIL)
RESULT UPDATE MORNING INSIGHT Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 Summary table (Rs mn) CY17E CY18E CY19E Sales 35,843 38,006 40,158 Growth (%) 6.3 6.0 5.7 EBITDA 10,656 11,390 12,096
More informationVIP INDUSTRIES LTD PRICE: RS.301 MORNING INSIGHT. November 8, 2017 RESULT UPDATE
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 VIP INDUSTRIES LTD PRICE: RS.301 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.325 FY19E PE: 28.0X Strong performance continues VIP has
More informationMARUTI SUZUKI INDIA LTD (MSIL)
COMPANY UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6218 6443 Summary table (Rs mn) FY18E FY19E FY20E Sales 806,714 926,9541,048,820 Growth (%) 18.6 14.9 13.1 EBITDA 121,372 144,216 173,628 EBITDA
More informationKotak Securities Private Client Research
COMPANY UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 VRL LOGISTICS LTD PRICE: RS.366 RECOMMENDATION: BUY TARGET PRICE: RS.450 FY19E PE: 21.6X Set to meet future needs VRL has reported a
More informationCURRENT 11,016 25,162,950 6,381, PREVIOUS 10,939 24,323,550 5,130, % CHANGE 0.71% 3.45% 24.39% - - NIFTY PCR OI
PRIVATE CLIENT RESEARCH JULY 13, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationMAHARASHTRA SEAMLESS LTD (MSL)
RESULT UPDATE Ruchir Khare ruchir.khare@kotak.com +91 22 6218 6431 MAHARASHTRA SEAMLESS LTD (MSL) PRICE: RS.447 RECOMMENDATION: BUY TARGET PRICE: RS.560 FY19E PE: 11.5X MSL Q2FY18 PAT declined 12.5% YY
More informationGHCL LTD PRICE: RS. 324 MORNING INSIGHT. January 18, 2018 COMPANY UPDATE
COMPANY UPDATE Jatin Damania jatin.damania@kotak.com +91 22 6218 6440 Summary table (Rs mn) FY17 FY18E FY19E Sales 28,105 30,934 32,988 Growth (%) 11.1 10.1 6.6 EBITDA 7,075 6,548 7,151 EBITDA margin (%)
More informationDOLLAR INDUSTRIES LTD
Result Update Stock Details Market cap (Rs mn) : 20088 52-wk Hi/Lo (Rs) : 515 / 354 Face Value (Rs) : 2 3M Avg. daily volume : 43,071 Shares o/s (m) : 57 Source: Bloomberg Financial Summary Y/E Mar (Rs
More informationVolumes to decline in 3QFY16. Auctioning of iron ore mines
COMPANY UPDATE Jatin Damania jatin.damania@kotak.com +91 22 6621 6137 JSW STEEL PRICE: RS.1,030 RECOMMENDATION: REDUCE TARGET PRICE: RS.1,080 FY17E PE: 11.1X Summary table (Rs mn) FY15 FY16E FY17E Sales
More informationCYIENT LTD PRICE: RS.523 MORNING INSIGHT. October 13, 2017 RESULT UPDATE
RESULT UPDATE Nipun Gupta nipun.gupta@kotak.com +91 22 6218 6433 CYIENT LTD PRICE: RS.523 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.576 FY19E PE: 1.8X Cyients USD revenue grew by 6.6% QoQ to USD150mn
More informationSHANKARA BUILDING PRODUCTS LTD
Company Update Stock Details Market cap (Rs mn) : 39056 52-wk Hi/Lo (Rs) : 2365 / 779 Face Value (Rs) : 10 3M Avg. daily volume : 176,779 Shares o/s (m) : 22.8 Source: Bloomberg Financial Summary Y/E Mar
More informationPETRONET LNG LTD (PLNG)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 PETRONET LNG LTD (PLNG) PRICE: RS.267 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.285 FY19E PE: 17.7X PLNG s Q2FY18 result is better
More informationAPOLLO TYRES (APTY) PRICE: RS.243 MORNING INSIGHT. November 7, 2017 RESULT UPDATE
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6218 6443 Summary table (Rs mn) FY17 FY18E FY19E Sales 131,800 150,121 174,715 Growth (%) 11.2 13.9 16.4 EBITDA 18,464 16,251 24,628 EBITDA margin
More informationKotak Securities Private Client Research
RESULT UPDATE Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6218 6424 GREAVES COTTON LTD PRICE: RS.127 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.136 FY19E PE: 16.9X Greaves Cotton (GCL) reported weak
More informationCENTRAL DEPOSITORY SERVICES (INDIA) LTD
Result Update Stock Details Market cap (Rs mn) : 28006 52-wk Hi/Lo (Rs) : 398 / 251 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 360,442 Shares o/s (m) : 105 Source: Bloomberg Financial Summary Y/E Mar
More informationBLUE DART EXPRESS (BDE)
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Summary table (Rs mn) FY17 FY18E FY19E Sales 26,870 28,374 31,550 Growth (%) 5.2 5.6 11.2 EBITDA 2,704 3,285 3,865 EBITDA margin (%) 10.1
More informationENGINEERS INDIA LTD (EIL)
COMPANY UPDATE Ruchir Khare ruchir.khare@kotak.com +91 22 6218 6431 ENGINEERS INDIA LTD (EIL) PRICE: RS.149 RECOMMENDATION: BUY TARGET PRICE: RS.182 FY19E PE: 18.5X EIL management expects pickup in domestic
More informationCURRENT 10,314 19,539,000 9,172, PREVIOUS 10,379 20,322,150 13,384, % CHANGE -0.62% -3.85% % - - NIFTY PCR OI
PRIVATE CLIENT RESEARCH OCTOBER 10, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationTIME TECHNOPLAST LTD PRICE: RS.198 MORNING INSIGHT. October 6, 2017 COMPANY UPDATE
COMPANY UPDATE Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6218 6424 TIME TECHNOPLAST LTD PRICE: RS.198 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.216 FY19E PE: 16.6X In our meeting with the promoters
More informationSource: Company, * restated. Reported Vs Estimated performance. Source: Kotak Securities Private Client Research
Result Update Stock Details Market cap (Rs mn) : 11997 52-wk Hi/Lo (Rs) : 1426 / 932 Face Value (Rs) : 10 3M Avg. daily volume : 18,854 Shares o/s (m) : 10 Source: Bloomberg Financial Summary Y/E Mar (Rs
More informationCURRENT 10,605 23,748,750 7,997, PREVIOUS 10,616 24,051,150 7,429, % CHANGE -0.10% -1.26% 7.65% - - NIFTY PCR OI 24.
PRIVATE CLIENT RESEARCH NOVEMBER 15, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationCURRENT 10,615 23,795,700 1,918, PREVIOUS 10,555 23,609,550 5,351, % CHANGE 0.57% 0.79% -64.
PRIVATE CLIENT RESEARCH NOVEMBER 9, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationCUMMINS INDIA LTD PRICE: RS.724 MORNING INSIGHT COMPANY UPDATE
COMPANY UPDATE Ruchir Khare ruchir.khare@kotak.com +91 22 6218 6431 Summary table (Rs mn) FY18E FY19E FY20E Sales 50418 55090 61933 Growth (%) 1.6 9.1 12.2 EBITDA 7545 8740 10358 EBITDA margin (%) 14.6
More informationMOIL LTD PRICE RS.165 TARGET RS.260 BUY. Result Update. Key Highlights. Valuation & outlook
Result Update Stock Details Market cap (Rs mn) : 42609 52-wk Hi/Lo (Rs) : 262 / 154 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 361,552 Shares o/s (mn) : 258 Source: Bloomberg Financial Summary Y/E
More informationValuation & outlook. Quarterly performance table. Source: Company, Kotak Securities Private Client Research
GHCL LTD PRICE RS.253 TARGET RS.330 BUY Financial Summary Y/E Mar (Rs mn) FY18 FY19E FY20E Revenue 29,432 32,724 35,579 Growth (%) 4.7 11.2 8.7 EBITDA 6,061 6,928 7,548 EBITDA margin (%) 20.6 21.2 21.2
More informationVASCON ENGINEERS LTD (VEL)
Result Update Stock Details Market cap (Rs mn) : 4702 52-wk Hi/Lo (Rs) : 52 / 25 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 464,769 Shares o/s (mn) : 174 Source: Bloomberg Financial Summary (consolidated)
More informationValuation and Outlook. Source: Kotak Securities Private Client Research
Result Update Stock Details Market cap (Rs mn) : 31706 52-wk Hi/Lo (Rs) : 233 / 116 Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 314,967 Shares o/s (mn) : 226 Source: Bloomberg Financial Summary Y/E Mar
More informationCURRENT 10,768 24,769,350 5,068, PREVIOUS 10,687 24,242,250 6,364, % CHANGE 0.76% 2.17% % - - NIFTY PCR OI
PRIVATE CLIENT RESEARCH NOVEMBER 20, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationMAHINDRA HOLIDAYS & RESORTS INDIA LTD
Company Visit Note Stock Details Market cap (Rs mn) : 41728 52-wk Hi/Lo (Rs) : 490 / 271 Face Value (Rs) : 10 3M Avg. daily volume : 193,423 Shares o/s (m) : 133 Source: Bloomberg Financial Summary Y/E
More informationCURRENT 10,631 23,674,650 5,909, PREVIOUS 10,605 23,748,750 7,997, % CHANGE 0.24% -0.31% % - - NIFTY PCR OI 24.
PRIVATE CLIENT RESEARCH NOVEMBER 16, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationCENTRAL DEPOSITORY SERVICES (INDIA) LTD
Company Update Stock Details Market cap (Rs mn) : 24045 52-wk Hi/Lo (Rs) : 382 / 205 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 276,041 Shares o/s (m) : 105 Source: Bloomberg Financial Summary Y/E
More informationMOLD-TEK PACKAGING LIMITED (MTPL)
Result Update Stock Details Market cap (Rs mn) : 8501 52-wk Hi/Lo (Rs) : 374 / 254 Face Value (Rs) : 5 3M Avg. daily vol (Nos) : 40,010 Shares o/s (mn) : 27.7 Source: Bloomberg Financial Summary Y/E Mar
More informationKNR CONSTRUCTIONS LTD
Company Visit Note Stock Details Market cap (Rs mn) : 45560 52-wk Hi/Lo (Rs) : 349 / 185 Face Value (Rs) : 2 3M Avg. daily volume (mn) : 268,895 Shares o/s (m) : 141 Source: Bloomberg Financial Summary
More informationCOCHIN SHIPYARD LTD (COSH)
Company Update Stock Details Market cap (Rs mn) : 54340 52-wk Hi/Lo (Rs) : 599 / 356 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 120,885 Shares o/s (mn) : 136 Source:Bloomberg Financial Summary Y/E
More informationInitial Public Offer TCNS CLOTHING CO LTD NOT RATED. Company Background. IPO Note JULY 12, 2018
Initial Public Offer IPO Note TCNS CLOTHING CO LTD Company Background NOT RATED TCNS Clothing Co Ltd (TCCL) is India s leading women s branded apparel company in terms of total number of exclusive brand
More informationNIIT LTD PRICE RS.72 TARGET RS.110 BUY. Result Update. Key Highlights
Result Update Stock Details Market cap (Rs mn) : 11918 52-wk Hi/Lo (Rs) : 125 / 61 Face Value (Rs) : 2 3M Avg. daily vol (Nos) : 1,267,868 Shares o/s (mn) : 167 Source: Bloomberg Financial Summary Y/E
More informationCURRENT 10,978 21,026,025 6,580, PREVIOUS 10,987 21,244,425 4,721, % CHANGE -0.08% -1.03% 39.38% - - NIFTY PCR OI
PRIVATE CLIENT RESEARCH DECEMBER 21, 2018 Sahaj Agrawal Malay Gandhi Prashanth Lalu Prasenjit Biswas, CMT, CFTe sahaj.agrawal@kotak.com malay.gandhi@kotak.com prashanth.lalu@kotak.com prasenjit.biswas@kotak.com
More informationMAHARASHTRA SEAMLESS LIMITED (MSL)
Result Update Stock Details Market cap (Rs mn) : 29121 52-wk Hi/Lo (Rs) : 552 / 333 Face Value (Rs) : 5 3M Avg. daily volume (mn) : 71,033 Shares o/s (m) : 67 Source: Bloomberg Financial Summary Y/E Mar
More informationDILIP BUILDCON LTD (DBL)
COMPANY UPDATE Teena Virmani teena.virmani@kotak.com +91 22 6218 6432 Summary table (Rs mn) FY18E FY19E FY20E Sales 70,347 84,417 97,079 Growth (%) 38.0 20.0 15.0 EBITDA 12,655 15,608 17,949 EBITDA margin
More informationQUESS CORP LTD (QUESS)
Result Update Stock Details Market cap (Rs mn) : 164121 52-wk Hi/Lo (Rs) : 1303 / 784 Face Value (Rs) : 10 3M Avg. daily volume : 109,893 Shares o/s (m) : 145 Source: Bloomberg Financial Summary Y/E Mar
More informationCYIENT LTD PRICE RS.613 TARGET RS.719 BUY. Result Update. Key Highlights
Result Update Stock Details Market cap (Rs mn) : 69179 52-wk Hi/Lo (Rs) : 887 / 575 Face Value (Rs) : 5 3M Avg. daily vol (Nos) : 213,754 Shares o/s (mn) : 113 Source: Bloomberg Financial Summary Y/E Mar
More informationGENUS POWER INFRASTRUCTURE LTD
Result Update Stock Details Market cap (Rs mn) : 7115 52-wk Hi/Lo (Rs) : 86 / 23 Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 332,091 Shares o/s (mn) : 257.3 Source:Bloomberg Financial Summary Y/E Mar
More informationCOCHIN SHIPYARD LTD (COSH)
IPO NOTE COCHIN SHIPYARD LTD (COSH) PRIVATE CLIENT RESEARCH JULY 27, 2017 Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Details of the issue Price Band Rs 424 to Rs 432 No of shares 33,984,000 Allocation
More informationNMDC LTD PRICE RS.108 TARGET RS.125 BUY. Company Update. Key Highlights. Outlook. Key Risks
Company Update Stock Details Market cap (Rs mn) : 3435 52-wk Hi/Lo (Rs) : 13 / 4 Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 3,14,50 Shares o/s (mn) : 314 Source: Bloomberg Financial Summary Y/E Mar
More informationAuto Invest SIP in Stocks
Auto Invest SIP in Stocks Webinar Presentation By Rusmik Oza Sr.VP (Head of Fundamental Research) 24 th October 2018 Maruti Suzuki India Ltd. September 2018 3 Year 35% 10Year 33% 5 Year 39% Why to start
More informationBERGER PAINTS LTD (BERGER)
Management Meet Update Stock Details Market cap (Rs mn) : 327336 52-wk Hi/Lo (Rs) : 350 / 232 Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 992,827 Shares o/s (mn) : 971.0 Financial Summary Y/E Mar (Rs
More informationValuation & outlook. Quarterly performance table
Stock Details Result Update Market cap (Rs mn) : 47224 52-wk Hi/Lo (Rs) : 500 / 195 Face Value (Rs) : 2 3M Avg. daily vol (Nos) : 617,776 Shares o/s (mn) : 133 Source:Bloomberg Financial Summary Y/E Mar
More informationGENUS POWER INFRASTRUCTURE LTD
COMPANY VISIT NOTE Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6218 6424 Summary table (Rs mn) FY18E FY19E FY20E Sales 8043 10247 12416 Growth % 25.2 27.4 21.2 EBITDA 859 1230 1618 EBITDA margin %
More informationSource: Company, Kotak Securities Private Client Research
Company Update Stock Details Market cap (Rs mn) : 28750 52-wk Hi/Lo (Rs) : 750 / 460 Face Value (Rs) : 2 3M Avg. daily volume (mn) : 204,605 Shares o/s (m) : 55 Source: Bloomberg Financial Summary Y/E
More informationARVIND LTD PRICE RS.101 TARGET RS.130 BUY. Company Update. Outlook & Valuation. Demerger to increase focus on each business separately
Company Update Stock Details Market cap (Rs mn) : 26056 52-wk Hi/Lo (Rs) : 169 / 90 Face Value (Rs) : 10 3M Avg. daily vol (nos) : 5,216,686 Shares o/s (mn) : 259 Financial Summary Consolidated* Y/E Mar
More informationBHARAT ELECTRONICS LTD (BEL)
Company Update Stock Details Market cap (Rs mn) : 196389 52-wk Hi/Lo (Rs) : 193 / 74 Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 13,666,090 Shares o/s (mn) : 2437 Source: Bloomberg Financial Summary
More informationPresentation on Equity Markets. 15 th Jun 18
Presentation on Equity Markets 15 th Jun 18 Four Pillars of Indian Equity Market Macros Flows Earnings Valuations Broader Macros: Could weaken (due to crude & twin deficits) Source: Kotak Institutional
More informationADANI PORT AND SEZ (APSEZ)
Company Update Stock Details Market cap (Rs mn) : 781681 52-wk Hi/Lo (Rs) : 452 / 347 Face Value (Rs) : 2 3M Avg. daily vol (Nos) : 4,176,088 Shares o/s (mn) : 2071 Source: Bloomberg Financial Summary
More informationBUY. Suprajit Engineering (SEL) Automobiles
Suprajit Engineering (SEL) Automobiles Strong performance. Suprajit Engineering reported a consolidated net profit of `210 mn in 3QFY16, which was 2% higher than our estimates. Phoenix Lamps was consolidated
More informationWONDERLA HOLIDAYS LIMITED
Company Update Stock Details Market cap (Rs mn) : 15255 52-wk Hi/Lo (Rs) : 425 / 259 Face Value (Rs) : 10 3M Avg. daily vol (Nos) : 32,201 Shares o/s (mn) : 57 Source: Bloomberg Financial Summary - Standalone
More informationNews Highlights. What s Inside
Morning Insight SEPTEMBER 5, 2018 % Chg 4-Sep 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 38,158 (0.4) 1.6 9.0 NIFTY Index 11,520 (0.5) 1.4 8.4 NSEBANK Index 27,431 (1.4) (1.0) 4.5 NIFTY 500 Index 9,806
More informationEconomy News. Corporate News DECEMBER 22, 2015
DECEMBER 22, 2015 Economy News The government might consider pruning the list of around 300 goods exempt from excise duty in the Budget to make up for the extra expenditure on account of higher government
More informationSecurities Lending & Borrowing Mechanism (SLBM)
Securities Lending & Borrowing Mechanism (SLBM) Are you.. Looking for opportunities to earn from your long term Equity investments? Need a low risk option? Which also secures your precious holdings? SLBM
More informationBANDHAN BANK LTD (BDL)
IPO NOTE Nipun Gupta nipun.gupta@kotak.com +91 22 6218 6433 BANDHAN BANK LTD (BDL) BACKGROUND PRIVATE CLIENT RESEARCH MARCH 13, 2018 NOT RATED Bandhan Bank Ltd is a commercial bank focused on serving under
More informationATTRACTIVE. Banks. India
Banks India ATTRACTIVE JUNE 12, 18 UPDATE BSE30: 35,483 Checks and balances on working capital. RBI has issued a draft guideline that aims to improve credit discipline among large borrowers (`1.5 bn) on
More informationMIRC ELECTRONICS LTD PRIVATE CLIENT RESEARCH INITIATING COVERAGE JANUARY 23, 2018
PRIVATE CLIENT RESEARCH JANUARY 23, 2018 Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6218 6424 Stock details BSE code : 500279 Market cap (Rs mn) : 11660.5 Free float (%) : 42% 52-wk Hi/Lo (Rs) :
More informationEVEREADY INDUSTRIES INDIA LIMITED (EIIL)
Company Update Stock Details Market cap (Rs mn) : 13763 52-wk Hi/Lo (Rs) : 465 / 175 Face Value (Rs) : 5 3M Avg. daily vol (Nos) : 162,827 Shares o/s (mn) : 72.7 Source: Bloomberg Financial Summary Y/E
More informationSTOCK RECOMMENDATIONS
STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH FEBRUARY 1, 2017 Agri-Products Insecticides (India) Ltd BUY 569 498 582 2.2 06-Jan-17 11,762 28.2 38.8 20.2 14.7 13.4 16.2 12.0 9.4 Finolex Industries BUY
More informationNews Highlights. What s Inside. Company Update Allcargo Logistics Limited
Morning Insight DECEMBER 7, 2018 % Chg 6-Dec 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 35,312 (1.6) 0.9 (7.7) NIFTY Index 10,601 (1.7) 0.7 (8.1) NSEBANK Index 26,198 (1.2) 2.3 (4.6) NIFTY 500 Index
More informationSTOCK RECOMMENDATIONS
STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH MARCH 21, 2017 Agri-Products Insecticides (India) Ltd ACCUMULATE 555 577 621 11.9 09-Feb-17 11,463 28.2 38.8 19.7 14.3 13.4 16.2 11.7 9.2 Finolex Industries
More informationStock Recommendations
UST 2, 2017 Name of the Company Latest Price Price as Latest Upside/ Latest Mkt Reco^ as on on latest Price (Down- Report Cap EPS (Rs) EPS gth (%) PE (x) RoE (%) EV/EBITDA (x) 28-Jan Report target^ side)
More informationNews Highlights. What s Inside
Morning Insight OCTOBER 9, 2018 % Chg 8-Oct 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 34,474 0.3 (10.2) (3.3) NIFTY Index 10,348 0.3 (10.7) (3.9) NSEBANK Index 24,618 0.7 (10.4) (7.1) NIFTY 500 Index
More informationNews Highlights. What s Inside. Company Update: Finolex Industries Ltd
Morning Insight % Chg 22-Nov 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 34,981 (0.6) 2.5 (8.6) NIFTY Index 10,527 (0.7) 2.7 (9.0) NSEBANK Index 25,999 (1.0) 3.7 (8.0) NIFTY 500 Index 8,879 (0.7) 3.5
More informationHINDUSTAN ZINC LTD PRICE RS.284 TARGET RS.300 ACCUMULATE. Company Update. Key Highlights. Outlook
Company Update Stock Details Market cap (Rs mn) : 1201681 52-wk Hi/Lo (Rs) : 340 / 261 Face Value (Rs) : 2 3M Avg. daily vol (Nos) : 1,882,902 Shares o/s (mn) : 4225 Source: Bloomberg Financial Summary
More informationCOCHIN SHIPYARD LTD (COSH)
Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Stock details BSE code : 540678 NSE code : COCHINSHIP Market cap (Rs bn) : 77.0 Free float (%) : 25.0 52 wk Hi/Lo (Rs) : 586/ 435 Avg daily volume :
More informationVIP INDUSTRIES LTD (VIP)
PRIVATE CLIENT RESEARCH SEPTEMBER 21, 2017 Amit Agarwal agarwal.amit@kotak.com +91 22 6218 6439 Stock details BSE code : 507880 NSE code : VIPIND Market cap (Rs bn) : 35.7 Free float (%) : 47.5 52 wk Hi/Lo
More informationNews Highlights. What s Inside. Result Update: Time Technoplast Ltd
Morning Insight NOVEMBER 22, 2018 % Chg 21-Nov 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 35,200 (0.8) 2.6 (8.1) NIFTY Index 10,600 (0.5) 2.9 (8.4) NSEBANK Index 26,262 0.6 4.7 (7.1) NIFTY 500 Index
More informationNews Highlights. What s Inside
Morning Insight OCTOBER 30, 2018 % Chg 29-Oct 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 34,067 2.2 (6.0) (8.8) NIFTY Index 10,251 2.2 (6.2) (9.1) NSEBANK Index 24,960 2.2 (0.6) (9.7) NIFTY 500 Index
More informationStock Recommendations
UST 2, 2017 Auto & Auto Ancillary Apollo Tyres ACCUMULATE 242 286 301 24.6 03-Aug-18 138,195 17.6 25.1 13.7 9.6 9.9 12.8 8.4 6.7 Ashok Leyland BUY 131 111 128 (2.5) 19-Jul-18 373,538 6.4 7.1 20.5 18.5
More informationStock Recommendations
UST 2, 2017 SEPTEMBER 18, 2018 Auto & Auto Ancillary Apollo Tyres ACCUMULATE 239 286 301 26.0 03-Aug-18 136,622 17.6 25.1 13.6 9.5 9.9 12.8 8.3 6.7 Ashok Leyland BUY 126 111 128 1.3 19-Jul-18 359,734 6.4
More informationNews Highlights. What s Inside. Company Update: NMDC Ltd
Morning Insight % Chg 2-Aug 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 3,97 0.5 4.2 10.6 NIFTY Index 11,739 0.4 4.1 9. NSEBANK Index 2,270 0.0 2.3 6.2 NIFTY 500 Index 9,96 0.3 4.2 7.3 CNXMcap Index
More informationNews Highlights. What s Inside. Result Update: AksharChem (India) Ltd
Morning Insight % Chg 21-Feb 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 35,898 0.4 (1.9) 2.0 NIFTY Index 10,790 0.5 (1.6) 1.8 NSEBANK Index 27,052 0.4 (1.7) 3.0 NIFTY 500 Index 8,902 0.6 (2.8) (0.4)
More informationIndo Count Industries Ltd (ICIL)
INITIATING COVERAGE PRIVATE CLIENT RESEARCH MARCH 10, 2017 Pankaj Kumar pankajr.kumar@kotak.com +91 22 6218 6434 Indo Count Industries Ltd (ICIL) PRICE: RS.170 RECOMMENDATION: BUY TARGET PRICE: RS.225
More informationMarket Strategy. September 2012 Private Client Research
Market Strategy September 2012 Private Client Research Index The fall and rise of the market Current scenario / valuations Our take Sectors / Stocks Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
More informationGHCL LTD PRICE: RS.229 PRIVATE CLIENT RESEARCH INITIATING COVERAGE NOVEMBER 2, 2017
PRIVATE CLIENT RESEARCH NOVEMBER 2, 217 Jatin Damania jatin.damania@kotak.com +91 22 6218 644 Stock details BSE code : 5171 NSE code : GHCL Market cap (Rs bn) : 22.54 Free float (%) : 8.91 52 wk Hi/Lo
More informationNews Highlights. What s Inside
Morning Insight AUGUST 28, 2018 % Chg 27-Aug 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 38,694 1.2 3.6 10.8 NIFTY Index 11,692 1.2 3.7 10.2 NSEBANK Index 28,264 1.5 2.3 7.6 NIFTY 500 Index 9,959 1.1
More informationNews Highlights. Infosys arm Edge Verve Systems launched an automation tool for enterprises. (BSE) What s Inside. Result Update: GHCL
Morning Insight JANUARY 23, 2019 % Chg 22-Jan 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 36,445 (0.4) 2.0 6.8 NIFTY Index 10,923 (0.4) 1.6 6.6 NSEBANK Index 27,482 (0.2) 2.3 9.6 NIFTY 500 Index 9,131
More informationEconomy News. Corporate News AUGUST 26, 2016
AUGUST 26, 2016 Economy News The government is set to seek formal Cabinet approval for shutting down seven state-owned companies, with their respective line ministries apparently agreed. This would be
More informationBajaj Allianz reported a 20% decline in individual APE on the high chunk of business (up 350% in April 2017) booked in FY2017.
Insurance MAY 13, 2018 UPDATE BSE-30: 35,536 Down, from a high base. Private life insurance companies reported a 2% decline in individual APE in April 2018 on a high base (86% in April 2017). This was
More informationATTRACTIVE. Banks. India
Banks India ATTRACTIVE JUNE 12, 2017 UPDATE BSE-30: 31,262 Maharashtra announces farm loan waiver. After UP and Punjab, Maharashtra becomes the latest state to announce farm loan waiver. While exact criteria
More informationNews Highlights. What s Inside. Company Update: Time Technoplast Ltd
Morning Insight % Chg 15-Mar 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 38,024 0.7 6.2 5.7 NIFTY Index 11,427 0.7 6.6 5.8 NSEBANK Index 29,381 1.6 9.7 9.5 NIFTY 500 Index 9,499 0.6 7.6 4.5 CNXMcap
More informationNews Highlights. What s Inside
Morning Insight % Chg 7-Aug 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 37,666 (0.1) 5.6 7.0 NIFTY Index 11,389 0.0 5.7 6.3 NSEBANK Index 27,876 (0.1) 5.2 7.8 NIFTY 500 Index 9,705 (0.0) 5.6 3.0 CNXMcap
More informationNews Highlights. What s Inside
Morning Insight OCTOBER 16, 2018 % Chg 15-Oct 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 34,865 0.4 (8.5) (4.6) NIFTY Index 10,513 0.4 (8.7) (4.6) NSEBANK Index 25,388 (0.0) (6.5) (5.7) NIFTY 500 Index
More informationNEUTRAL. Automobiles. India
Automobiles India NEUTRAL FEBRUARY 01, 2017 UPDATE BSE-30: 28,142 PV and CV recover in January 2017. Passenger vehicle volumes recovered sharply in January 2017 and we reckon industry likely grew by double
More informationNews Highlights. What s Inside. Company Update: Radico Khaitan Ltd
Morning Insight % Chg 22-Feb 1 Day 1 Mth 3 Mths Indian Indices SENSEX Index 35,871 (0.1) (1.6) 2.5 NIFTY Index 10,792 0.0 (1.2) 2.5 NSEBANK Index 26,868 (0.7) (2.2) 3.3 NIFTY 500 Index 8,920 0.2 (2.3)
More information