New Research Reports

Bharat Forge Ltd (BFL) is a leading player in the forgings industry. The company is serving several sectors including automobile, power, oil and gas, rail & marine, aerospace, construction, mining etc. BFL's new valued added order's received on aluminum forging is on track from the new AP plant. Further implementation of BS-6 emission norms will witness an increase in content for domestic trucks and cars. Q2FY19 standalone revenue grew by 34%YoY due to 19%YoY growth in the tonnage volume and superior product mix....

Along with macro tailwinds, companies' own strategic initiatives will contribute immensely. We are bullish on the Appliances space, given low category penetration, aspirational consumers, consumer financing, government's electrification drive and rising disposable incomes. We hosted a Consumer & Media Investor Forum in Mumbai which was participated by 14 corporates. The theme was around companies benefiting from acceleration in consumer discretionary spend. We believe as India steps into a high-growth phase, consumer discretionary spending is set to grow with a higher-than-normal multiplier effect (1.5-3x GDP growth vs. 1-1.5x of GDP rate in slower growth periods).

Revenue fell by 2% YoY in Q2FY19 primarily due to weak print advertisement revenue (down 9% YoY) impacted by shift of the festive season to Q3FY19 coupled with lower spend by central government, automobile and education sector. EBITDA declined by 28% YoY and EBITDA margin contracted sharply by 647bps YoY to 18% in Q2FY19 impacted by weak operating performance of Dainik Jagran. We expect overall advertisement revenue to grow at a CAGR of 6% over FY18-20E led by...

Auro reported 7% YoY increase in net sales in Q2FY19 aided by growth in the US (up 6% YoY), ARV (up 18% YoY) and RoW business (up 26.3% YoY). Formulations business registered 7% YoY growth in Q2FY19 led by US business which grew 6% YoY despite high base in the corresponding quarter due to gRenvela exclusivity. The growth in the US was driven by currency benefits, new product launches in both oral and injectable segments and volume growth in existing products. The company filed 25 ANDAs, launched 14 products including 2 injectables in the quarter and received final approval for 13 ANDAs and tentative approval for two ANDAs in Q2FY19. On a cumulative basis, Auro filed 510 ANDAs with USFDA and received 385 approvals. AuroMedics, the injectable business witnessed a growth of 8% YoY driven by Ertapenem launch and the management has maintained its...

Emmbi Industries (Emmbi) reported a healthy Q2FY19 performance Net sales in Q2FY19 were at | 73.3 crore, (up 21.8% YoY) EBITDA in Q2FY19 came in at | 10.3 crore with corresponding EBITDA margins at 14.0%, up 20 bps YoY PAT in Q2FY19 was at | 4.4 crore, up 18.9% YoY The company is putting its new capacity (food grade FIBC+ pond liner) to optimum use and is stated to attain peak capacity utilisation, going forward, in FY20E. Capacity utilisation in FY19E is expected at...

We anticipate Somany's sales volumes will improve in H2FY19 as operational disruption such as trucker's strike, Kerala flood, software related issues & credit control measures are behind us. Additionally, 3.5 million square metre (msm) GVT capacity addition in Andhra Pradesh will further aid volume growth for the company from FY20E. We expect Somany's sales volume to grow 11.3% in FY20E. Furthermore, with the company taking price hikes across the product portfolio, an increase in share of value-added products, expected fall in gas prices & higher...

NTPC Limited: Investment approval has been accorded for Bilhaur Solar Project of 140 MW capacity and Auraiya Solar Project of 20 MW capacity. Previously on Oct. 11, the company had won 160 MW solar...

ICRA, a Indian credit rating agency, maintains stable outlook for the CV segment despite liquidity crunch and declining profitability from fleet operators, supported by increased infrastructure activities as a result of stable demand from core freight generating sectors like steel, cement and Exim trade. M&HCV; segment, which has so far remained indifferent to revision in axle load carrying norms, thereby reflecting a healthy...

Upgrade to BUY with a TP of Rs 605 (22x Dec-20E EPS). The recently diagnosed issues related to supply constraints in one of the sterile plants, US sanctions on Iran, war in Yemen, falling prices in the tender business and higher inflation in APIs are likely to persist over the next 2-3 quarters.

Oil & Natural Gas Corporation Ltd. (ONGC), a Maharatna and most valuable public sector enterprise in India. It is the largest crude oil & natural gas Company contributing around 70% to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG. ONGC ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune's Most Admired Energy Companies' list. ONGC ranks 18th in Oil and Gas operations' and 183rd overall in Forbes Global 2000. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is most valued and largest E&P; Company in the world, and one of the highest profit-making and dividend-paying enterprises....