New Research Reports

Incorporated in 2000, Take Solutions Limited(TSL) is a globally recognized technology service provider with distinct expertise across Life Sciences (LS) and select niches in Supply Chain Management (SCM). We initiate coverage with BUY rating with a target price of Rs 178 i.e. 31% upside

A reversal in government policy (to substantially align prices with global prices and to invest surpluses profitably) is a huge (but unlikely) risk to our SELL call. COAL Indias business leaves barely enough cash flow, after paying for capex (with back ended benefits) & dividends. Our unflattering view on COAL derives from the grim reality that it serves the mission to supply coal at low prices to Indias power sector, with little regard for profits (let alone maximization).

PNC Infratech Ltd (PNC) is an Infrastructure construction, development and management company; expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas and transmission lines. Robust revenue growth of 108% YoY in Q2FY19 led by strong execution of big ticket orders. However EBITDA margin declined by 143bps YoY to 13.4% due to higher RM cost & other expenses....

SEBI to reintroduce differential voting right shares for listed firms Most Asian markets are trading higher despite positive cues from Wall Street overnight as investors focus on outcome of Fed meeting. Nikkei is trading lower by 0.12%, Hang Seng is trading lower by 0.03% while...

HUL delivered yet another quarter of robust underlying volume growth momentum, which was broadly in line with expectations. While growth was broad-based across segments, earnings delivery was strong led by flattish growth in staff/overheads and moderation in A&P; spends

Britannia delivered a healthy quarter aided by fourth consecutive quarter of double-digit volume growth; operational performance was robust despite sharp surge in A&SP; led by robust GM expansion (aided by better mix and covers in key commodities)

SBIN earnings have been suppressed over past several years owing to challenges on asset quality, merger issues and adverse rate environment. However with bulk of asset quality cleansing behind and sharp decline in watch-list size to INR203b (~1% of loans) we expect credit cost to decline sharply thus paving way for earnings recovery.

Company Background - Indian Oil Corporation Ltd. (IOC), India's flagship national oil company and downstream petroleum major, was incorporated on 1959 as Indian Oil Company. The company was renamed as Indian Oil Corporation in 1964 following the merger of Indian Refineries (established 1958) with it. IOC's core business has been refining, transportation and marketing of petroleum products. In line with India's growing energy demand, the Company has over the years expanded its operations across the hydrocarbon value chain...

We retain our buy on the stock with the revised DCF valuation price target of INR 1,245 which is an upside of 86% over the next 24 months.

Net interest income (NII) grew at a robust pace of 28% YoY (in line with our expectation) supported by 35 bps expansion in net interest margin (NIM) to 7.8% in Q2FY19. NIM improved as improving asset quality helped the company to outweigh rise in cost of funds. Cost to income (C/I) ratio declined by 453 bps YoY to 35.1% as operating efficiency kicked in. As a result, pre-provisioning profit increased at a faster pace of 38% YoY. Net profit jumped by 4.9x YoY mainly due to low base of Q2FY18. Going forward, we expect net profit to increase at a CAGR of 35% over FY18-20E on the back of improving NIM (~8.2%) and declining provisioning expenses....