Research Reports published by EMKAY

Eicher Motors Ltd.    
12 Nov 2020
2605.05
-3.28%
Emkay
Q2FY21 results were subdued due to lower volumes, but came in above estimates. Revenue was marginally lower by 3% yoy at Rs21.3bn (est.: Rs21.8bn). EBITDA margin contracted 260bps to 22.1%, but was better than expectation of 18.7%, owing to betterthan-expected gross margin and lower Other expenses. We expect 2W volumes to rebound strongly, aided by ramp-up in production, healthy order-book, aggressive launches and focus on network expansion. Volume CAGR is...
Number of FIIs/FPIs holding stock rose by 36 to 773 in Sep 2020 qtr.
State Bank of India    
04 Nov 2020
244.80
0.39%
Emkay
SBI strongly beat earnings estimates by 72% with a PAT of Rs45.7bn, aided by slightly better margins and contained provisions. Proforma slippages were relatively higher at Rs14.4bn. GNPA stood at 5.9% mainly from the SME/agri segment, but the bank has seen some pull-back in Oct'20. Overall collection efficiency has touched 97%, similar to large private peers. SBI expects restructuring to the extent of Rs195bn (0.9% of loans) and slippages in H2 (ex. proforma slippages) largely around BAU levels (Rs100bn in each quarter). The guidance looks optimistic, but management contends that its retail book remains resilient, built largely around...
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State Bank of India has an average target of 286.07 from 16 brokers.
UltraTech Cement Ltd.    
21 Oct 2020
4858.05
-0.31%
UltraTech Cement Ltd. has gained 34.21% in the last 6 Months
Realty    
SECTOR | 16 Oct 2020
Nirmal Bang Institutional released a Sector Update report for Realty on 13 Nov, 2020.
Brokerage Research Reports    
TREND | 03 Sep 2020
Emkay
Discoms in key states Rajasthan, Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, J&K;, and Telangana account for 81% of the total overdue amount to gencos. In a positive move, the government has allowed a one-time relaxation to the eligibility criteria for discoms to avail working capital loans under the Atmanirbhar scheme by allowing PFC and REC to lend even beyond the cap of 25% of previous year's revenue. PFC/REC will now extend loans for dues pending till Jun'20 (Rs1.28tn), extending the previous set limit of Rs900bn as of Mar'20. Till date, Rs680bn has been sanctioned and Rs236bn in loans has been disbursed by PFC/REC....
ICICI Securities Limited released a Sector Update report for Brokerage Research Reports on 23 Nov, 2020.
Larsen & Toubro Ltd.    
18 Aug 2020
1113.50
-1.94%
Emkay
Refer to important disclosures at the end of this report Counter-cyclical infrastructure spending to boost the economy not a realistic hope We appreciate your support in the Asiamoney Brokers Poll 2020 Several experts suggest a counter-cyclical infrastructure driven stimulus worth the size of 5-15% of GDP (as compared to estimated direct government-funded spend of below 3% in FY20) to bail out the economy. We took a deep dive into India's fiscal math just as we look at corporate finances to find that India does not...
Larsen & Toubro Ltd. has gained 18.30% in the last 1 Month
Brokerage Research Reports    
TREND | 05 Aug 2020
Emkay
Power distribution companies' (discoms) pending dues to power generation companies (gencos) shot up 66% yoy (5% mom) to Rs1.20tn as of June'20. Total outstanding stood at Rs1.31tn (+66% yoy/+5% mom) - close to its Nov'15 peak of Rs1.35tn. Discoms in key states Rajasthan, Tamil Nadu, Uttar Pradesh, Maharashtra, Telangana, Karnataka, and J&K; account for 82% of the total overdues to gencos. Discoms' financial health has deteriorated during the lockdown due to a steep fall in power offtake across the C&I; segment. However, while the collection efficiency initially fell sharply to 25-35% in April-May'20, it showed a marked improvement in June, rising to 55%....
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ICICI Securities Limited released a Sector Update report for Brokerage Research Reports on 23 Nov, 2020.
Chemicals & Petrochemicals    
SECTOR | 05 Jul 2020
Emkay
We appreciate your support in the Asiamoney Brokers Poll 2020 After falling below $20/barrel in April'20, crude prices managed to cover some ground and hovered above $40/barrel in June'20, led by tightened supply from OPEC and supported by encouraging economic data from the US and China. OPEC's production in June'20 was cut to a three-decade low after Saudi Arabia reduced production by an additional 1mn bpd. This propelled some relief rally in various downstream products in the last two months. Gradual re-opening of economies helped bring demand back on track for ~60-70% of the chemical products. Although, some chemical prices still...
Software & Services    
SECTOR | 25 Jun 2020, 12:00AM
Emkay
We appreciate your support in the Asiamoney Brokers Poll 2020 We continue to see a limited read-through from Accenture's Q3FY20 results as always. The company reported a 1.3% YoY local currency growth in Q3FY20 (within the guided range of -2% to +2%), while narrowed its full-year outlook for FY20 now to 3.5-4.5% YoY local currency growth (vs. 3-6% earlier). Growth was largely led by Health and Public Services verticals (+12% YoY local currency, This report is solely produced by Emkay Global. The following person(s) are responsible for the...
HDFC Securities released a Sector Update report for Software & Services on 06 Nov, 2020.
212.50
-0.91%
Emkay
Blended marketing margin rose 16% qoq to Rs5.7/kg, a 7% miss. Domestic/total sales volumes declined 8%/5% yoy, with petrol/diesel down 3%/9%. Gross debt rose 58% yoy/50% qoq to Rs430.2bn. Core EPS for Q4 stood strong at Rs11.9, a 30%+ beat. We raise FY21/22E EPS by 1%/9% due to low taxes/higher marketing margins, offsetting volume declines. We cut TP by 13% to Rs280, assuming higher debt. We reiterate Buy and OW stance in EAP. We remain positive on OMCs and HPCL is our top pick. Result highlights: Opex was broadly in line, with employee cost having Rs697mn provision due to PF trust investment diminution, while Other Expenditure was down 6% yoy/3% qoq....
Hindustan Petroleum Corporation Ltd. has lost -26.28% in the last 1 Year