Given the ongoing global trade concerns, we expect steel prices to remain volatile along with increasing iron ore prices due to Vale incidence. However, we project that domestic demand will continue to remain positive for steel and power sectors on long term basis, and expect JSPL to perform well in coming years along with the

Outlook and Valuation: Considering the changing dynamics of renewable energy consumption and government's thrust to auction 10 GW wind capacity by year 2028, we are bullish on the sector, and hence, have a positive outlook on IWL. At the CMP of `60, the stock is available at PE multiple of 5.5x its FY2021E EPS of

Outlook and Valuation: Near term outlook looks tough for the industry, however considering the long term perspective, LIL is a good bet to play on auto growth and increasing LED penetration, which will help Lumax to grow above the industry rate going forward. At the CMP of `1,402 stock is available at 12x of FY21E

For 4QFY2019, Blue Star posted results above our expectations on both top-line & bottomline front. The company reported 18.5% yoy top-line growth and PAT was up ~199% yoy due to strong operating performance and one-time deferred tax credit recognized by the Company's subsidiary Blue Star Engineering & Electronics Ltd. Outlook & Valuation: We forecast

Outlook & Valuation: Axis Bank currently trades at 2.2x its FY2021E price to book value (after adjusting value of subsidiaries). We expect the stock to get re-rated owing to (1) new leadership, (2) limited stressed loan pool, and (3) improvement in return ratios (ROA/ROE 1.23%/114.7% by FY2020E). We recommend Buy on the stock with

Outlook & Valuation: We have neutral view on YES Bank considering (a) low CET of 8.4%, for growth, bank will have to raise capital at current low valuation, (b) uncertainty related to newly identified stressed asset, (c) new MD strategy to move towards building a strong retail franchise and corporate governance/transparency, which will moderate balance

For 4QFY2019, Maruti Suzuki India (MSIL) posted below expectation results both on top-line and bottom-line fronts. MSIL reported ~1% yoy top-line growth to `21,459cr on the back of price hikes (up ~2% yoy). Moreover, the company's operating margins contracted by 370bps yoy. On the bottom-line front, MSIL reported de-growth of ~5% yoy to `1,796cr on

HDFC Bank delivered steady performance for Q4FY2019, with PAT growth of 22.6% yoy. Pre-provision profit grew at healthy rate of 22.7% yoy, however it was lesser than previous quarter (27.6% yoy) largely owing to moderation in fee income. NIM improved 10bps yoy (4.4%), led by change in loan mix. The bank managed to reduce

RBL Bank delivered healthy set of numbers for Q4FY2019, with PAT growth of 39% yoy. On the operating front, the bank reported 48% yoy growth in NII. The NIM qoq/yoy increased by 11/25 bps, respectively, driven by a higher yield on advances. The bank managed to reduce its expenses and brought down the cost/income ratio

Hero Motors, one of the largest player in the Industry in the two-wheeler industry (38% market share as on FY2018); has been facing strong headwinds after its breakup with Honda. The company has been underperforming the industry growth; in spite of strong business fundamentals- like product basket, branding & strong distribution network. The key reason

Cadila Healthcare (Cadila) is on the largest Pharmaceuticals player both in US & Indian markets. However, over the last few years, the company has been going through tough times both in USA & Indian markets. While the Indian formulation market has been under pressure on back of the pricing norms & GST implementation, USA market

Event: Amber Enterprises' (Amber) has approved to enter into the definitive agreements for acquiring 80% stake upfront in the equity share capital of Sidwal Refrigeration Industries Private Ltd (Sidwal), which will include the business of Sidwal Technologies. Our take on the deal- The acquisition would expand Amber's portfolio in the HVAC space in mobile

Aurobindo Pharmaceuticals (APL) has a big relief in form of Establishment Inspection report (EIR) for Unit-4 facility in which the USFDA has closed issued Form 483. The Form 483 is issued to a firms management at the conclusion of an inspection when an investigator(s) has observed any conditions that may constitute violations of the Food

Central Electricity Regulatory Commission (CERC) has finally released the final regulations on the Power Tariff Regulation for FY2020-24. Final regulations favor promoting the economical drivers in the sector and has put to rest all the fears like regulated ROE being reduced for the sector by 1% amongst others. These regulations shall come into force on

For 3QFY2019, Ashok Leyland Ltd (ALL) posted results, which disappointed on both top-line as well as bottom-line fronts. Revenue de-grew by 12% yoy to `6,325cr. However, operating margin improved by 225bps. On the bottom-line front, ALL reported PAT de-growth of 21.5% yoy to `381cr on the back of lower sales. Outlook and Valuation: We

For 3QFY2019, Amber Enterprises Ltd (Amber) posted a decent set of numbers given muted demand environment and significant cost pressures. Revenue grew by 14.9% yoy to `338.8cr. On the bottom-line front, Amber reported PAT of `3.9cr against `0.1cr despite cost pressures. Outlook and Valuation: We expect Amber Ltd. to report net profit (reported) CAGR

For 3QFY2019, Safari Industries (SIL) posted Strong Result top-line growth, though it disappointed on bottom-line front. Revenue grew ~39% yoy to `144cr. On the margin front, the company reported operating margin contracted by 444bps yoy. On the bottom-line front, SIL reported de-growth of ~27% yoy to ~`5cr due to cost pressures and higher taxes. Outlook

For 3QFY2019, Maruti Suzuki India (MSIL) posted below expectation results both on top-line and bottom-line fronts. MSIL reported ~2% yoy top-line growth to `19,668cr on the back of price hike (up ~2% yoy). The company's operating margins contracted by 594bps yoy. On the bottom-line front, MSIL reported degrowth of ~17% yoy to `1,489cr on the

ICICI Bank reported net profit of `1,605cr in Q3FY2019, lower than estimates owing to higher provisions (up 19% yoy). Higher provisions due to aging of bad assets, this Led to PCR increasing sharply by 900pbs qoq to 68.5% (considering Technical/prudential write-offs it stood at 76%) Outlook & Valuation: At the current market price, the

For Q3FY2019, Axis Bank reported PAT of 1,681 Cr, which is the highest in past 11 quarters. This was supported by steady NII growth (18.4% yoy), and recovery of `998cr from written off accounts. Outlook & Valuation: Axis Bank currently trades at 2.1x its FY2021E price to book value (after adjusting value of subsidiaries). We