Research Reports published by NIRMAL BANG INSTITUTIONAL

Brokerage Research Reports    
TREND | 23 Nov 2020, 12:00AM
Nirmal Bang Institutional
Optimistic about the Auto industry with caution We hosted an investor call with Mr. Hormazd Sorabjee (Senior Editor and Auto Journalist at Autocar India) to get his views about the current state of affairs in the Auto industry in India. Given below are the key takeaways from the interaction with Mr. Sorabjee....
ICICI Securities Limited released a Sector Update report for Brokerage Research Reports on 23 Nov, 2020.
Embassy Office Parks REIT    
23 Nov 2020, 12:00AM
334.69
-2.49%
Nirmal Bang Institutional
As per disclosures made by the company, Embassy Office Parks REIT (EOPR) has approved acquisition of Embassy Tech Village (ETV) for a total enterprise value of Rs97,824mn (subject to adjustments in relation to net debt, working capital and other adjustments as agreed among the parties). EOPR has exercised its right under the ROFO agreement to acquire the asset. ETV spans over 84 acres and derives 88% of its rents from multinational occupiers. ETV is 97.3% occupied and has a 9.7 year Weighted Average Lease Expiry (WALE) with a 33.7% mark-to-market (MTM) potential. The acquisition is proposed to be financed through a mix of equity and...
Embassy Office Parks.. has an average target of 376.00 from 2 brokers.
India Macro Indicators    
TREND | 23 Nov 2020, 12:00AM
Nirmal Bang Institutional
GDP in 2QFY21 (due on November 27) is likely to decline by 8.2% YoY, unchanged from our earlier estimate. Agriculture & Allied sector is likely to do well with a growth of 4% YoY in 2QFY21, supported by a good Kharif season. teresa.john@nirmalbang.com Industry (excluding Construction sector) is likely to witness a decline of 4.6% YoY. The Services sector (including +91 22 6273 8114 Construction sector) will likely decline by 11.2% YoY in 2QFY21 with the sharpest contraction of 25% YoY in Trade, hotels, transport and communication sector due to the slow opening up of passenger transport, restaurants, hotels and recreation services. We expect a sharp improvement in the Construction sector, which will decline by 6.5% YoY in 2QFY21 after declining by 50.3% YoY in 1QFY21. However, with government revenue expenditure (net of interest payments) declining by 9.9% YoY in 2QFY21 (compared to a growth of 13.5% YoY in 1QFY21), Public administration...
Nirmal Bang Institutional released a Economy Update report for India Macro Indicators on 23 Nov, 2020.
Banks    
SECTOR | 21 Nov 2020
Nirmal Bang Institutional
A new paradigm more capital, more competition, more market friendly We believe that the recommendations put forth by the Internal Working Group (IWG) are a positive development for the entire banking sector. The recommendations, which mainly pertain to 4 key areas shareholding, promoter eligibility, start-up capital requirements and NOFHC structure seem more market friendly than before. The increase in promoter's shareholding cap from 15% to 26% brings in more skin in the game' and reduces the seemingly excessively narrow shareholding thresholds. We believe that the increase in promoter and non-promoter shareholding cap to 26% and 15%, respectively would enable banks (especially promoter-driven ones) to garner capital rather easily in critical times. We expect mid/large cap,...
HDFC Securities released a Sector Update report for Banks on 23 Nov, 2020.
Power Mech Projects Ltd.    
21 Nov 2020
374.90
1.34%
Nirmal Bang Institutional
Power Mech Projects' (PMP) 2QFY21 consolidated revenue fell 35% YoY to Rs3.5bn, 20% below our estimate due to execution challenges, especially in projects such as Maitree, (Bangladesh), Kaleshwaram, Bhusaval and cross-country pipeline work in Maharashtra and Gujarat. ETC/Civil segment sales fell by 52%/31% YoY to Rs877mn/Rs1bn while O&M; revenue fell by 14% YoY to Rs1.5bn. Costs related to idle manpower, transportation (due to re-mobilization at sites) and safety led to EBITDA loss of Rs426mn and net loss of Rs518mn. Overall execution level at sites improved to 65% in 2QFY21 (vs. 56% in 1QFY21) and is likely to rise to 90%/100% of YoY levels in 3Q/4QFY21. Mobilization at sites increased...
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Power Mech Projects Ltd. has lost -40.19% in the last 1 Year
Dabur India Ltd.    
20 Nov 2020
509.10
0.14%
Nirmal Bang Institutional
We recently interacted with the management of Dabur India Ltd (Dabur) in order to understand the recent outperformance and strategy going forward. Commenting on the sustainability of this outperformance witnessed in the domestic business in 2QFY21, the management said that while sales are unlikely to return to base levels, the growth rate may moderate. Going ahead, Dabur would continue to work on its core portfolio, expanding distribution and strengthening its market share. At the current market price (CMP), the stock trades at 53.9x/46.3x/41.9x FY21E/FY22E/FY23E EPS as we build in 12.1% EPS CAGR over FY20-23. We value the company at 48x September...
Nirmal Bang Institutional released a Accumulate report for Dabur India Ltd. with a price target of 555.0 on 20 Nov, 2020.
Pharmaceuticals & Biotech.    
SECTOR | 20 Nov 2020
Nirmal Bang Institutional
Albuterol Inhaler - Lupin and Cipla are showing encouraging early trends- Cipla is at 10% share while Lupin, which launched it about a month back, has also ramped up to 4% share. Incumbents GSK (Ventolin) and Teva (Proair) have maintained their prescription volumes while Cipla and Lupin have gained from Perrigo's exit. Cipla's gain has also come from the cannibalization of Proventil brand and authorized generics' share, which is down 73% from pre generic levels. Cequa gaining share in Dry Eye market - Sun Pharma is consistently building prescription volume in Cequa with a 20% growth so far over its 2QFY21 weekly exit volume. Semglee (bLantus) yet to meaningfully reflect in market share Biocon launched biosimilar...
Nirmal Bang Institutional released a Sector Update report for Pharmaceuticals & Biotech. on 20 Nov, 2020.
Wipro Ltd.    
19 Nov 2020
355.85
2.76%
Nirmal Bang Institutional
Obsession with growth' has to now show up in numbers While the broad strokes of the strategy of the new CEO, Thierry Delaporte, were revealed post 2QFY21 results, the new organizational structure (to be implemented from 1 January 2021) was revealed a week back and greater details of the strategy were shared at an analyst meet yesterday. While the new strategy seemed incremental in its approach, when we first heard it post 2QFY21, it now appears to be a dramatic shift, compared not so much to that of peers, but to Wipro's old one. Thierry's five-themed strategy includes (1) accelerate growth focus and scale in certain markets and sectors to achieve leadership (2) strengthen clients and partnerships - investment in existing...
Wipro Ltd. has gained 30.18% in the last 3 Months
India Macro Indicators    
TREND | 19 Nov 2020
Nirmal Bang Institutional
The government has announced incentives of about Rs1,972.91bn under the production linked incentive Research Analyst (Economist) (PLI) scheme, which will be spread over the next 5-10 years. Of this, details of three schemes - large scale teresa.john@nirmalbang.com electronics manufacturing, bulk drug scheme and medical devices schemes with a combined allocation of +91 22 6273 8114 Rs513.1bn have been announced. Moreover, the successful applicants under the large scale electronics manufacturing scheme have been revealed while the bids for the medical devices and bulk drugs schemes are due by November 30th. In our assessment, the PLI scheme at peak production could add ~US$100bn per annum to GDP and aid job creation besides increasing the share of manufacturing in India's GDP. A recent study by McKinsey identifies 11 manufacturing value chains that can generate, within the next seven years,...
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Nirmal Bang Institutional released a Economy Update report for India Macro Indicators on 23 Nov, 2020.
Brokerage Research Reports    
TREND | 19 Nov 2020
ICICI Securities Limited released a Sector Update report for Brokerage Research Reports on 23 Nov, 2020.