Personal Finance & Investment    
TREND | 05 Aug 2020, 06:59AM
HDFC Securities
Gujarat Gas: Our ADD recommendation on Gujarat Gas (GGL) with a price target of INR 326 is premised on (1) volume growth of 20% CAGR over FY21-23E, (2) portfolio of mature, semi-mature and new geographical areas (GAs) and (3) compelling valuations among the city gas distribution players (RoE of 27% in FY22E versus 20% for peers - Indraprastha Gas and Mahanagar Gas). 1QFY21 EBITDA/APAT was 26/49% below estimates, primarily owing to 31% lower volumes at 4.1mmscmd, offset by 7% higher per unit EBITDA margin. Godrej Consumers: GCPLs 1QFY21 was broadly in line with revenue/EBITDA growth of -1/3% YoY. Domestic revenue/EBITDA growth was at +5/+22% YoY, while international revenue/EBITDA growth was -8/-36% YoY. Domestic revenue growth was led by HI (27% YoY), while soaps surprised with a 2% YoY decline (HSIE +7%). Hair colours remained weak and declined by 18% YoY. Within international, GUAM was heavily impacted (-23% YoY) by lockdowns while Indonesia maintained a healthy pace (+5% YoY), driven by HI. GCPL continued to drive penetration through innovative launches, and the company launched 45 new products in its hygiene portfolio. We expect HI and hygiene portfolio to sustain healthy growth while discretionary/OOH will be muted in FY21. We maintain our EPS estimates for FY21/FY22/FY23. We value GCPL at 35x P/E on Jun-22E EPS and derive a target price of Rs 628. Maintain REDUCE.
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HDFC Securities released a report for Personal Finance & Investment on 05 Aug, 2020.
Neuland Laboratories Ltd.    
05 Aug 2020, 12:00AM
786.55
-1.41%
BP Wealth
low our estimate of INR 2,149mn. The revenue growth was mainly driven by the CMS (25.4% YoY growth) segment, led by 32 molecules (Development + Commercialize) with speciality API segment, which grew by 33.2% in Q1FY21. EBITDA margin expanded by 622bps to 16.5% level, which was 219bps higher than our estimate driven by 580bps improvement in gross margin led by improved product mix. Management is confident to improve margin profile from current level on the back of strong order book in CMS business, better traction in GDS business and cost optimization measures....
Neuland Laboratories Ltd. high volume past week with price gain of 12.51.
Brokerage Research Reports    
TREND | 05 Aug 2020, 12:00AM
Nirmal Bang Institutional released a report for Brokerage Research Reports on 05 Aug, 2020.
State Bank of India    
05 Aug 2020, 12:00AM
191.45
-0.08%
Axis Direct
We initiate Buy on State Bank of India (SBIN) with a target price of Rs 240 (SOTP basis, valuing core book at 0.6x FY22E ABV and Subsidiary value at Rs 110). SBIN with business size of ~Rs 57trn is the largest commercial bank with ~22.8/19.7% market share in deposits/ advances in India.
State Bank of India is trading above it's 100 day SMA of 184.4
Brokerage Research Reports    
TREND | 05 Aug 2020, 12:00AM
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Nirmal Bang Institutional released a report for Brokerage Research Reports on 05 Aug, 2020.
Indian Oil Corporation Ltd.    
05 Aug 2020, 12:00AM
86.60
-0.40%
Nirmal Bang Institutional
NBIE Values your patronage- Vote for The Team in the Asia Money poll 2020. Click Here We maintain Buy on Indian Oil Corp (IOC) based on our trimmed TP of Rs146. Our buy call is based on: (i) improved outlook for retail margins under sub US$4050/bbbl (ii) refining and petchem margins are at trough levels and could revive over the next 1-2 years based on likely closure of capacities and iii) compelling valuations post the sharp 34% fall in the stock price in the last one year that has priced in worries over policy/volatility in margins and likely risk of increasing competition from private retailers/alternative fuels. IOC's 1QFY21 adjusted PAT at...
Number of FIIs/FPIs holding stock fell by 15 to 555 in Jun 2020 qtr.
Solar Industries India Ltd.    
05 Aug 2020, 12:00AM
957.15
-2.04%
Nirmal Bang Institutional
Temporary blip in growth, 4Q margin an aberration NBIE Values your patronage- Vote for The Team in the Asia Money poll 2020. Click Here Solar Industries India (SIIL) reported consolidated revenue of Rs5.5bn in 4QFY20, down 19% YoY, as sales worth Rs1bn were deferred due to lockdown. The topline was 7% above our estimate but 15% below consensus. In the domestic market, growth was impacted by heavy monsoons extending in Jan 2020 and lockdown restrictions, affecting mining and construction activities. Thus, Housing & Infrastructure segment sales fell 30% YoY to Rs1.6bn while sales to...
Solar Industries India Ltd. has lost -24.39% in the last 6 Months
Dixon Technologies (India) Ltd.    
05 Aug 2020, 12:00AM
7867.95
-1.20%
Nirmal Bang Institutional
Poised for a quantum leap; Valuations fully priced Dixon Technologies (Dixon) reported 1QFY21 sales of Rs5.2bn, down 55% YoY due to COVID-19 disruptions. The topline was 4%/9% below our/consensus estimates. Consolidated gross margin was up 60bps YoY at 12%. EBITDA fell 68% YoY to Rs169mn with an operating margin of 3.3%, down 130bps YoY due to lower production and under-absorption of costs. The margin was above our/consensus estimates of 1.3%/2.9%. PAT fell 93% YoY to Rs16mn (partially aided by lower tax rate at 26% versus 34% YoY). The bottom-line was above our/consensus of loss of Rs84mn/Rs34mn, respectively. Achieving scale, migration to ODM, new customer acquisition...
Number of FIIs/FPIs holding stock rose by 32 to 117 in Jun 2020 qtr.
Vinati Organics Ltd.    
05 Aug 2020, 12:00AM
975.85
-0.76%
Chola Wealth Direct
Background: Vinati Organics Limited (VOL) was established in 1989 to manufacture specialty organic chemicals. It has since grown to become the world's largest manufacturer of IBB & ATBS and India's largest manufacturer of IB & HP MTBE. The company's products are exported to customers in countries across Europe, America, and Asia. Competitive edge in niche specialty chemicals Cost leadership & scale economies in IBB and technological entry barrier in ATBS. The company started with a small capacity of 1,000 TPA and gradually expanded to 26,000 TPA today for its ATBS production, capturing 60% of the market share. The company also commands more than 65% market share in the world for IBB. With consistent...
Vinati Organics Ltd. is trading above it's 200 day SMA of 973.0