Mazagon Dock Shipbuilders Limited - IPO Note Issue Open: Sept 29 Oct 01, 2020 Price Band: Rs. 135 145 Issue Size: 30,599,017 eq shares (Entirely Offer for sale) Issue Size: Rs. 413.1 443.7 cr Reservation for: QIB Upto 15,126,750 eq sh Non Institutional atleast 4,538,025 eq sh Retail atleast 10,588,725 eq sh Employee Upto 345,517 eq sh

Indian market closed negative during the week. Nifty and Sensex down this week by 3.95% and 3.75% respectively.

UTI AMC, sponsored by SBI, LIC, PNB and BoB and one of the top 10 AMCs, is the third asset management company to list on the Indian exchanges. Favorable macro tailwinds, which are structural in nature, combined with a reputed brand name augur well for UTI AMC to deliver sustainable growth and profitability. Even though we are positive on the industry prospects from a long-term perspective, we take cognizance of some of the near-to-medium term headwinds. At the upper price band of Rs554/share, the company is being valued at Rs70.2bn. At 25.4x FY20 EPS (trailing), we think the IPO pricing is undemanding given the valuation HDFC AMC and Nippon...

Automobiles: Channel check takeaways Dismal demand climate for MHCVs. CRS: Demand trends improving. IT Services: Stellar outsourcing show- a positive readthrough for Indian IT

UTI AMC, a predecessor of Unit Trust of India, is the second largest asset management company (AMC) in terms of total AUM and eighth largest AMC in terms of mutual fund quarterly average AUM (QAAUM) as on June 30, 2020. As on June 2020, total QAAUM for domestic mutual funds was at | 1,33,630 crore while other AUM was at | 8,49,390 crore. UTI AMC provides discretionary PMS to Employees Provident Fund Organization (EPFO), Postal Life Insurance (PLI), National Skill Development Fund (NSDF) and advisory PMS to various offshore and domestic accounts....

Suven Pharma has turned ex-bonus from September 25, 2020 pursuant to the board approval granted for the issue of bonus shares in its meeting held on September 16, 2020. The record date for the same has been fixed as September 28, 2020. The board has recommended the issue of bonus shares in proportion of one bonus share (face value of | 1 each) for every equity share held (i.e. 1:1). Consequently, the share price has changed to | 369/share from | 738/share. Accordingly, our target price has also been revised to | 385/share from | 770/share earlier. After the recent run up, the...

We recently hosted the National Highway Authority of India (NHAI)'s Chief General Manager Research Analyst (CGM) of Finance, Mr. Siba Narayan Nayak to take stock of the recent developments in the mangesh.bhadang@nirmalbang.com Indian road sector and their possible impact on the construction companies. Mr. Nayak talked +91-22-6273 8068 about steps taken by the NHAI during the pandemic, new BOT toll model, project preparedness, ordering activity, funding plans and arbitration status. We believe that despite the slowdown in government spending, ordering as well as construction activity from the NHAI are likely to be robust, resulting in better revenue visibility for the construction companies. Various steps taken by the authority to ease working capital requirement, robust...

24 September 2020 its entry into the Refrigerator product category with the launch of 25 new models of Direct Cool, Frost Free, and Side by Side refrigerators. Going ahead, the company aims to launch 25 additional refrigerator models and a new range of dishwashers by Diwali 2020. Assuming INR10k as the price of the base model (190-liter Direct Cool refrigerator) implies a 1213% discount on a like-to-like basis v/s products offered by key brands such as LG, Samsung, and Whirlpool. The new products launched would be available across pan-India Lloyd brand stores, offline dealers, and Lloyd online e-stores. Top 3 players in the Refrigerator category LG, Samsung, and Whirlpool occupy ~80% market share. Videocons exit has resulted in market share gains for the Top 3 players, with Whirlpool being the biggest beneficiary owing to an attractive pricing point).

Key takeaways from our interaction with the management of Cera Sanitaryware (CRS).

FY23E and, 4) gVascepa could be a near-term opportunity after receiving favorable outcome from the court with expected EPS contribution of Rs4.5/1.60/0.50 in FY21/22/23E. We incorporate benefits from new launches and roll forward our base year of valuation to FY23E (from FY22E) though maintained our assigned PE 24x, given its sustainability of improved earnings visibility led by new host of launches. Our new TP is Rs5,648 (earlier Rs4,326) with gRevlimid benefit contributing Rs262/share (assigning 1x(PE) to discounted cash flow of gRevlimid benefit over FY23E-26E). We also change...

Asian markets are trading lower tracking weak cues from Wall Street overnight. Nikkei is trading lower by 0.60%; Hang Seng is trading lower by 1.45%, and Shanghai is trading lower by 1%. Indian indices are likely to witness a gap down opening and focus will be on global cues for further direction. S

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Going ahead, traction in international market, new products like oil free compressors (AB series) would aid growth while a revival is expected in the India business, which continues to face challenges across verticals. However, its strategy on cost reduction, focus on cash business would help deal with working capital, debt and liquidity situation. We expect revenue, EBITDA growth of 7.1%, 30.1% CAGR, respectively, in FY20-22E. We revise...

CRIN An Integrated Play on Crop Protection ...................................................... 4 Story in Charts ....................................................................................................... 5 Investment Arguments ........................................................................................... 6 Phosphate fertilizer RM prices have bottomed out ............................................. 6 DAP affordability index @ 61 has bottomed out ............................................. 6 Raw material prices have bottomed out globally ............................................ 6 Rock Phosphate prices imitate Phosphoric acid price trend ....................... 7 Recovery in North American agriculture to drive demand ............................ 10...

stable working-capital cycle give us the required assurance of strong future execution and earnings. We roll over our estimates to FY23 and expect 12%/17% revenue/PAT growth y/y. We value KEC at 13x FY23e EPS, with...

We maintain our Buy rating on Tech Mahindra (TechM) with a revised PT of Rs. 910, given it is trading at a sharp discount to its large peers. Revenue growth in Q2 would be driven by strong recovery in BPO business,...

Asian markets are trading lower as investors take note of comments from the Fed Reserve Chairman that the central bank remains committed to supporting the economy through its tools for as long as it takes.. Nikkei is trading lower by 0.60%; Hang Seng is trading lower by 0.27%, and Shanghai is..

Customer activity levels improving; asset quality guidance retained Our interaction with Dr. N. Kamakodi, MD/CEO of City Union Bank (CUB) reinforces our confidence in the bank's ability to handle the anticipated surge in NPAs in the near term and that it remains better positioned than peers in the regional banking space. Our positive bias on the stock stems from the fact that the management seems to have a high degree of clarity in terms of incoming stress, historical trackrecord and relatively stronger earnings profile over the forecast period. In our 1QFY21 result update, we had assessed that the management commentary on expected stress/NPA post the moratorium and restructuring indicated a firm grip and visibility on overall stress levels. Based on our interaction, the management's asset quality outlook/guidance 3-3.5% slippage, 4-5% restructuring remains...