Research Reports published by IDBI CAPITAL

Mutual Funds News    
TREND | 13 Jul 2020
Avenue Supermarts Ltd.    
12 Jul 2020
IDBI Capital
Avenue Supermarts (DMART) 1QFY21 result was operationally in-line while PAT was better than expected due to higher other income. Store shutdowns, restrictions on selling high-margin non-essential products and strict social distancing norms inside the stores contributed towards dismal performance in Q1FY21. Online sale remain strong as customers preferred safety and convenience. Adding 2 stores of size 1 lakh sqft each is departure from DMART's usual strategy of opening 40-50k sqft size stores. Large-size stores should ideally be more profitable if the company maintains its usual inventoryturnout of 14x.Given the strength of DMART's balance sheet with Rs 29bn unutilized money from QIP, it would be opportune time to bargain real-estate and further...
Avenue Supermarts Ltd. has gained 22.59% in the last 6 Months
Brokerage Research Reports    
TREND | 11 Jul 2020
IDBI Capital
Our channel check suggests, average cement prices at an all India level is down 3% MoM in July-2020. Cement prices has taken a breather after sharp increase in the last two months. Recall, in May-20/June-20 cement price has increased by 6%/1% MoM. But despite the July-20 month weakness, average all India cement prices is up 4% MoM as on July-20 vs exit price of March-20. Cement industry production decreased by 22% YoY for May 2020 (latest data available). Led by pent up demand, cement companies has seen sharp increase in the utilization in May-20 vs April-20. But, given the monsoon, we expect the demand to decline YoY basis...
ICICI Securities Limited released a report for Brokerage Research Reports on 11 Jun, 2021.
IDBI Capital
TCS's Q1FY21 revenue decline of 6.9%/7.8% QoQ/YoY in CC was a miss to our forecast. EBIT margin of 23.6%, -150bps QoQ was also a miss. Further, higher than expect effective tax rate (ETR) resulted in higher miss at EPS level. In Q1, TCS has secured deals with TCV of US$6.9 bn (ex-Phoenix Standard Life deal) vs. US$5.7 bn YoY. TCS believes that the impact of Covid-19 pandemic has bottomed out in Q1FY21 and has maintained its revenue growth outlook for rest of FY21. We factor Q1FY21 miss and cut FY21E/22E revenue (US$) by 3%/2.5% and EPS by 2.6%/2.9%. We now forecast FY21 revenue to decline by 5.1% YoY and revive to a...
Tata Consultancy Services Ltd. is trading above all available SMAs
SECTOR | 08 Jul 2020
IDBI Capital
As most of the economies are opening up and gaining momentum, demand for crude oil has also picked up amid tight supply as OPEC and Non-OPEC both cut its production level. Consequently, crude oil price (Brent) increased 29% MoM to average US$39.9/bbl. We expect oil price to remain in the broader range of US$35-45/bbl over the next quarter as demand would continue to be on a rising trend but higher price would bring back lost supply from US shale assets, which would keep price under check. However, on a medium to long-run we expect crude oil price to stabilise near US$50-55/bbl. OPEC cut its production level further to reach to the lowest level since May 1991 to 22.6mbpd vs 24.6mbpd in May'20 (30.4mbpd in Apr'20). Saudi Arabia was in a lead role with a production cut of 1.13mbpd MoM to 7.5mbpd in Jun'20 (11.6mbpd in Apr'20) while other countries saw a minor cut in production. This is in line with their commitment to bring down supply by 9.5mbpd which has further extended to Jul'20. We expect, if demand scenario doesn't improve much, production cut would be extended till year-end....
Brokerage Research Reports    
TREND | 06 Jul 2020
ICICI Securities Limited released a report for Brokerage Research Reports on 11 Jun, 2021.
Infosys Ltd.    
06 Jul 2020
IDBI Capital
In the last three months, BSE IT index (+31.4%) has performed largely in-line with BSE SENSEX (30.6%). There have been near-term headwinds on growth due to the impact of the Covid-19 pandemic. However, the sector's track record of dealing with headwinds, strong FCF profile, payouts (dividend/buyback) and corporate governance has augured well with robust FII flows and performance of broader markets. Q1FY21 has been another quarter of currency volatility cross-currency movement (negative for reported US$ revenue growth) and INR depreciation (positive on EBIT margin). However, this has been overshadowed by QoQ decline in revenue (in CC) and...
Number of FII/FPI investors increased from 1387 to 1431 in Mar 2021 qtr.
Brokerage Research Reports    
TREND | 03 Jul 2020
ICICI Securities Limited released a report for Brokerage Research Reports on 11 Jun, 2021.
IDBI Capital
ONGC's Q4FY20 result was impacted negatively by higher impairment losses (Rs 49bn), higher forex loss (Rs11.1 bn) and higher dry-well write off (Rs26.4 bn). Revenue was down 20% YoY to Rs 214.6bn on the back of 20% YoY lower crude oil realization at US$50.5/bbl. Oil sales volume declined by 7.3% YoY to 5.4mmt whereas gas sales volume declined 10.6% YoY to 4.7bcm. Further, standalone EBITDA declined by 37% YoY to Rs5 bn due to higher forex losses of Rs11.1bn. The company reported net loss of Rs31 bn while adjusted PAT declined 83% YoY to Rs7.1 bn. We forecast oil price of US$40/50/bbl for FY21/FY22 while oil and gas production decline of 2% for FY21 and 1% growth in FY22. We resume our coverage...
Oil And Natural Gas Corporation Ltd. has gained 22.96% in the last 6 Months
APL Apollo Tubes Ltd.    
02 Jul 2020
IDBI Capital
APL Apollo Tubes (APL) Q4FY20 operating results were broadly in line with our estimates. Net sales decreased 10.6% YoY to Rs.18,087 mn led by lower volumes (-4.4% YoY to 401 kt) and lower steel prices. EBITDA fell 13.6% YoY to Rs. 1,199 mn. EBITDA/tonne fell 9.9% YoY to Rs2,989 due to lower volumes. Net profit fell 7.9% YoY...
Number of FII/FPI investors increased from 156 to 182 in Mar 2021 qtr.