BUY Bank of Baroda at CMP Rs. 175 and add on dips to Rs. 175-160 for the Target of Rs. 220
Latest broker research reports with buy, hold and sell recommendations along with target prices forecast and upside. Browse thousands of reports and search by company or broker.
|Summary||Date||Stock||Broker||CMP||Target||Change since reco(%)||Upside(%)||Type||Report||Discuss|
|2017-04-24||Bank of Baroda||HDFC Securities||177.30||220.00||1.14||24.08||Buy|
|2017-04-24||Gujarat Alkalies and Chemica..||HDFC Securities||467.50||519.00||4.74||11.02||Buy|
|2017-04-24||ACC Limited||HDFC Securities||1561.00||1300.00||4.41||16.72||Sell|
ACCs numbers beat estimates marginally (EBITDA at Rs 476/t, our est was Rs 453, -13.6% YoY, 34.6% QoQ). Pricing declined 2.2% QoQ (Rs 4,265/t, 3.8% YoY), while new East capacities (~4 mTPA) helped it deliver a 3.8% volume growth (6.6 mT). These peak season numbers hardly inspire confidence.
|2017-04-21||Kesoram Industries Limited||Religare||169.65||210.00||1.95|
Incorporated in 1919, Kesoram Industries (KIL), is a BK Birla Group company and is engaged in the manufacturing of tyre, rayon and cement. Both their brands Birla Tyres (Tyre division) and Birla Shakti(Cement division) are well recognised brands in the sector. Going forward with government's focus on infrastructure and affordable housing, the cement unit is going to do well apart from which the traction in auto sector is going to help in tyre division.
|2017-04-21||Hindustan Zinc Limited||HDFC Securities||270.70||-1.01||Results Update|
Revenue increased by 25.43% to Rs. 6756.15 Cr in Q4FY17 when compared to the previous quarter. Also, it increased by 95.63% when compared with Q4FY16.
|2017-04-21||MindTree Limited||HDFC Securities||450.75||0.28||Results Update|
Revenue rose by 1.76% to Rs. 1318.1 Cr in Q4FY17 when compared to the previous quarter. On the other hand, it fell by 0.17% when compared with Q4FY16.
|2017-04-21||Cyient Limited||HDFC Securities||540.30||540.00||3.08||-0.06||Neutral|
Cyient 4Q numbers were decent on the revenue front, owing to a revival in the core engineering business (52% of revenue, 3.5% QoQ). Management is optimistic about Cyient?s growth targets. It has guided for double-digit growth in the core business (ex-DLM), 20% YoY growth in DLM and a 50bps margin expansion.
|2017-04-21||Hindustan Zinc Limited||HDFC Securities||270.70||254.00||-1.01||-6.17||Neutral|
Hindustan Zinc (HZ) reported strong numbers (EBITDA: Rs 37.2bn, 2.8x YoY, 33.8% QoQ), driven by higher volumes (refined Zn 37.3% YoY, 2.8% QoQ) and strong pricing (LME Zn up 65% YoY). Zn cost of production remained stable at US$800 levels despite higher coal/met-coke prices, led by higher volumes.
|2017-04-21||MindTree Limited||HDFC Securities||450.75||425.00||0.28||-5.71||Neutral|
Mindtrees 4Q numbers were marked by a better operational performance (despite an increase in sub-contracting) and steady revenue growth (2% CC), supported by its top-5 and non top-10 accounts (3.7/2.6% QoQ).
|2017-04-21||IndusInd Bank Limited||Nirmal Bang Institutional||1436.25||1700.00||0.10||18.36||Buy|
IndusInd Bank- BUY- 4QFY17 Result Update- Adjusting For One-off, Performance In Line With Expectations
Nirmal Bang Institutional
Adjusting For One-off, Performance In Line With Expectations IndusInd Bank's 4QFY17 operating performance was broadly in line with our expectations. Net interest income or NII grew 35%, driven by credit growth of 28% and steady net interest margin or NIM of 4.0%. Corporate loan book grew 30%, whereas growth in vehicle loan book was slower at 20%. Non-vehicle retail loans, on a low base, grew 39%. NIM improved 6bps YoY, which can be largely attributed to 170bps accretion in the CASA deposit ratio to 36.9%. Non-interest income grew 33%, driven by healthy fee income growth of 29% and decent treasury gains. Credit costs stood at 22bps for...
|2017-04-21||CRISIL Limited||Nirmal Bang Institutional||1910.00||2124.00||-0.42||11.20||Accumulate|
Nirmal Bang Institutional
Crisil reported a growth of 12% YoY in its consolidated revenues for 1QCY17 from Rs3,591mn to Rs4,022mn, 0.5% above our estimate. The 12% rise in revenues was backed by 4.3%/14.2%/31% growth in rating/research/advisory services, respectively, offered by the company. It was driven mainly by the research segment on account of new opportunities in risk & analytics. Rating business continued to remain subdued owing to the current economic environment. Advisory business reported good revenue growth for the quarter driven by new business wins. Operating profit, on the other hand, grew 3.2% YoY and stood at Rs1,106mn compared to Rs1,072mn in the quarter a year ago. This was in line with our estimate. Crisil reported operating margin of 27.5%, a...
|2017-04-21||MindTree Limited||Reliance Securities||450.75||480.00||0.28||6.49||Hold|
Mindtree has posted better-than-expected performance in 4QFY17. The mid-sized IT firm has continued the incrementally positive trend in its performance since 3QFY17. Its revenue rose by 1.8% QoQ to US$195.6mn (vs. our estimate US$193.1mn), led by strong performance in BFSI (+4.1% QoQ in USD terms) and Technology, Media & Services verticals (+3.8% QoQ). On the flip side, MFG CPG & Retail saw a 2.7% QoQ decline in revenue. Its EBITDA margin declined by 98bps QoQ owing to a rise in SG&A; cost. Order book metrics remained sequentially subdued with order intake declining by 33.4% QoQ to US$209mn; however, this should be viewed in context of the fact that the mid-sized IT major had recorded it highest-ever order wins in the...
Moderate above consensus'FY18/19E EPS by 10/9% on lower margin assumptions to factor in currency related headwinds despite slight tweak up in revenue assumptions; retain ACCUMULATE with a revised TP of Rs 560 based on 12.5x FY19E P/E...
|2017-04-21||Yes Bank Limited||Chola Wealth Direct||1553.00||1692.00||0.62||8.95||Buy|
Chola Wealth Direct
Asset Quality declined sharply as GNPA increased by 67bps QoQ to 1.52% and NNPA remained increased by 52bps to 0.81% in 4QFY17. The bank had to recognize one large account in cement sector worth INR 9.1bn as NPA based on the RBI audit which pushed the credit cost higher to 19bps for the quarter as against 8bps in 3QFY17. However, the bank expects to recover the same in 1HFY18. The bank sold assets (3 accounts) worth INR 8.7bn (INR 7bn received as SR) to ARCs...
|2017-04-21||Essel Propack Limited||CD Equisearch||240.00||283.00||0.88||17.92||Buy|
Income from operations (net of excise) witnessed a increase of 17.9% y-o-y to Rs 588.09 crore ($87.2m) largely on account of 53.7% & 8.7% y-o-y increase in revenue of Europe and Americas regions respectively. However, revenues from AMESA & EAP region grew by just 3.7% & 1.8% on y-o-y basis. EDG Germany became a fully owned subsidiary (associate earlier) of the company with effect from 30th September, 2016. After gaining market share of 34% in oral care segment, Essel has started focusing on huge untapped opportunity in non-oral care segment which is relatively more profitable; however its...
|2017-04-21||Hindustan Zinc Limited||ICICI Securities Limited||270.70||300.00||-1.01||10.82||Buy|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research For Q4FY17, Hindustan Zinc (HZL) reported a better-than-expected performance on the back of higher-than-expected sales volumes The company reported a gross operating income from operations of | 6756.2 crore. After adjusting for excise duty, net operating income for the quarter was at | 6260.2 crore (up ~99.9% YoY, ~25.7% QoQ, higher than our estimate of | 5778.2 crore). Zinc sales volume for the quarter was at ~217000 tonnes (up 37.3% YoY, 2.8% QoQ, higher...
|2017-04-21||MindTree Limited||ICICI Securities Limited||450.75||485.00||0.28||7.60||Hold|
ICICI Securities Limited
Revenues in rupees grew 1.8% QoQ to | 1,318.1 crore, above our 0.5% QoQ decline and | 1,288 crore estimate EBITDA margins increased 80 bps sequentially at 14.2%, above our...
|2017-04-20||FORCE MOTORS LTD.||HDFC Securities||4708.75||5350.00||5.41||13.62||Buy|
Recent interactions with dealers across the country have convinced us that the luxury car market in India has great scope for growth. Sales of luxury cars account for less than 1.3% of the Indian car market, reflecting a huge untapped space. Aspirational demand from India?s middle class has led to proliferation of dealerships of luxury car brands (like Audi, BMW, Mercedes, Bentley, Bugatti, Rolls Royce and Porsche) into Tier II cities.
|2017-04-20||Yes Bank Limited||HDFC Securities||1553.00||-3.26||Results Update|
|2017-04-20||Muthoot Capital Services Lim..||HDFC Securities||431.85||2.12||Results Update|