New Research Reports

First half of current fiscal saw an improvement in finished steel production and consumption, which grew by 6% (yoy) and 7.8% (yoy) to 53.9 mn tons and 47.7 mn tons respectively, compared to a yoy growth of 2.5% and 7.6% respectively...

Leading player in Emulsion Polymer segment a niche product segment; NBR Market a huge opportunity, High Entry Barriers, New Product Foray (X-NBR) prime growth driver; We value Apcotex Industries at 22.5x FY20E EPS given the sustainable revenue and profit growth and arrive at target price of Rs. 664

Fundamental - New Year Picks - 2019

Voltas' 1HFY19 room air-conditioner (AC) sales saw muted growth of 6% as aresult of unseasonal rains and hailstorms across North and South India.Although, 3QFY19 sales witnessed a pick-up in the western region due to a rise in temperature, rest of India saw tepid sales given a seasonally weak quarter(3QFY18 was a very strong quarter for the UCP segment on inventory clearance done by VOLT as new Energy norms came into existence from Jan'18).

conversion cycle in education (publishing) industry we interacted with a few large dealers (Bihar/Jharkhand, Mumbai) and visited a lot of retail shops in and around Mumbai. Highly competitive nature of the CBSE/ICSE market coupled with seasonality (75-80% of S Chand's sales occur in 4Q; 50-55% of Navneet's sales occur in 1Q) results in higher receivable days for S Chand than Navneet. Consequently, Navneet has higher inventory days (prestocking happens prior to the start of the academic cycle) at year end than S Chand. We believe that working capital intensity of both the companies is unlikely to improve meaningfully in the near term. We have a BUY on both...

We initiate coverage on Shaily Engineering Plastics (SHEP) with an Accumulate' rating and a price target of Rs1,103 (21x FY20E EPS). SHEP is a leading supplier of high performance engineering polymers based precision components to leading Home Furnishing, Pharma, Consumer and Engineering companies globally. We are positive on SHEP's prospects due to 1) deeper penetration in existing plastic line (with its Home Furnishing customer's India entry) 2) ramp-up in machine utilisation of CRC plant and 3) foray in to a new product line, enabling it to inch closer to its revenue target of US$ 100mn by FY20E. The company has ~85% visibility for achieving this target....

Voltas being a strong brand in the room air conditioner (RAC) segment has maintained its market leadership position in India despite rising competition and various macro level abruptions such as demonetization and GST implementation. Voltas' Unitary Cooling Products (UCP) segment contributes ~50% to sales and recorded ~12% CAGR in FY12-18. A strong brand coupled with over 6,500 dealers has helped increase its market share in ACs from 14% in FY10 to ~21% in FY18. Product mix has improved towards energy efficientinverter RAC segment as inverter AC currently...

Fed Reserves raises interest rates by 25bps Most Asian markets are trading lower tracking weak cues from Wall Street overnight while investors watch for monetary policy decisions by Bank of Japan and Bank in England in the day ahead. Nikkei is trading...