Research Reports published by ICICI SECURITIES LIMITED

Name: Latest research reports of InterGlobe Aviation Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: InterGlobe Aviation Ltd.
Rating: 5
Author: ICICI Securities Limited

Latest research reports published by icici securities limited

InterGlobe Aviation Ltd.

06 Feb 2023

5476.50

7.36%

Strong quarter as expected; vantage position likely to help the company make most of industry momentum

Buy: InterGlobe Aviation Ltd.

Target

ICICI Securities Limited

InterGlobe Aviation (IndiGo) is benefitting from strong traffic, cost leadership in the industry and relatively benign competition. Its structural cost advantage is best defined through its fleet size of 302 aircraft with 238neos (fuel efficient) and an average age of only 3.5 years.

InterGlobe Aviation Ltd. has gained 26.86% in the last 3 Months

Mahindra & Mahindra Financial Services Ltd.

06 Feb 2023

256.85

5.16%

Strong AUM growth, sustained NIMs & improved credit cost; smooth transition in management is reassuring

Accumulate: Mahindra & Mahindra Financ...

ICICI Securities Limited

Mahindra and Mahindra Financial Services (MMFSL) continues to deliver robust AUM growth in tandem with improvement in asset quality. NIMs too were sustained in Q3FY23 despite the rising interest rate environment.

Emkay downgraded Mahindra & Mahindra Financial Services Ltd. to Sell with a price target of 280.0 on 23 Apr, 2025.

ITC Ltd.

06 Feb 2023

435.50

2.82%

Virtuous cycle of (volume growth driven) earnings upgrade and (potential) multiple rerating is here (as forecasted). Reiterate top pick status

Accumulate: ITC Ltd.

Target

ICICI Securities Limited

Cigarette business continues to report strong revenue growth (~11% 3-year CAGR, volumes up ~15% in 3Q vs consensus at +10%) driven by market share gain from informal segment due to (1) stability in taxes and (2) deterrent action by enforcement agencies.

Number of FII/FPI investors decreased from 1675 to 974 in Mar 2025 qtr

Dabur India Ltd.

03 Feb 2023

475.05

2.66%

Multiple headwinds led to a subdued quarter

Buy: Dabur India Ltd.

Target

ICICI Securities Limited

Dabur’s revenue print (+3% YoY India, +9.5% on 3-year CAGR basis) was impacted due to (1) Healthcare segment lapping on a high base of covid, (2) downtrading in rural and late onset of winter impacting HPC segment

Dabur India Ltd. has an average target of 591.67 from 6 brokers.

Titan Company Ltd.

03 Feb 2023

3562.90

1.50%

Smooth sailing

Accumulate: Titan Company Ltd.

Target

ICICI Securities Limited

Jewellery segment continued to outperform with 20%+ 3-year revenue CAGR in 9MFY23. SSSG at 9% is encouraging, driven by higher buyer growth (now at 49% vs 48% in Q2FY23) while growth in ticket-size has been moderate.

Titan Company Ltd. is trading above all available SMAs

Bajaj Electricals Ltd.

03 Feb 2023

610.20

15.15%

Multiple one-offs; Consolidation continues

Accumulate: Bajaj Electricals Ltd.

ICICI Securities Limited

Bajaj’s Q3FY23 numbers appear healthy with revenue and PAT growth of 12.5% and 5.7% YoY, respectively. However, we note (1) sales of entire inventory of non- star rates fans has resulted in 63.9% revenue growth for fans segment.

Bajaj Electricals Ltd. high volume past week with price gain of 13.61.

Clean Science & Technology Ltd.

03 Feb 2023

1237.10

4.00%

Margin bounces back sharply

Hold: Clean Science & Technology...

Target

ICICI Securities Limited

Clean Science and Technology’s (Clean Science) Q3FY23 EBITDA margin at 45.6% was up 620bps QoQ as the company benefited from lower raw material prices, while it has not reduced realisation for key products, including MEHQ.

Clean Science & Tech.. has an average target of 1511.20 from 5 brokers.

PCBL Chemical Ltd.

03 Feb 2023

371.60

1.50%

Demand and margin outlook intact

Buy: PCBL Chemical Ltd.

Target

ICICI Securities Limited

PCBL’s carbon black volume in Q3FY23 declined 13% YoY mainly on account of de- stocking to protect from cut in prices. Carbon black prices in Q4FY23 are likely to dip by US$200/te due to fall in input prices.

PCBL Chemical Ltd. is trading below all available SMAs

Power Grid Corporation of India Ltd.

03 Feb 2023

309.05

3.26%

Over Rs400bn of near-term transmission opportunity

Accumulate: Power Grid Corporation of ...

ICICI Securities Limited

Rs2.44trn worth of opportunities over the next decade: As per the National Electricity Plan for transmission released in Dec’22, total estimated investment in transmission sector over FY23-FY32 is Rs2.44trn, for integration of >500GW of renewable capacity. This does not include investments in battery storage.

Power Grid Corporation of India Ltd. is trading above its 150 day SMA of 303.4

Orient Cement Ltd.

03 Feb 2023

354.00

-0.11%

Disciplined cost management; slow pass-on of cost pressures to hurt margins

Hold: Orient Cement Ltd.

Target

ICICI Securities Limited

Orient Cement’s (ORCMNT) Q3FY23 EBITDA at ~Rs900mn (down 23% YoY) was above our / consensus estimates. Volumes were up ~17% / 16% YoY / QoQ while realisation increased 3% QoQ, and 1% YoY. Total cost/te was down 5% QoQ resulting in EBITDA/te improving sequentially to Rs632/te (I-Sec: Rs480/te) from Rs263/te.

Orient Cement Ltd. has gained 62.61% in the last 1 Year