Choice India Broker Research reports

Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%. However, the RBI reduced the Statutory Liquidity Ratio (SLR) requirement of banks' by 50 bps to 19.5%...

Godrej Agrovet Ltd. (GAVL) is a diversified, R&D; focused agribusiness company with operations across five business verticals: animal feed, crop protection, oil palm, dairy, and poultry and processed foods. The company is the leading compound animal feed company in India, on the basis of installed capacity in FY16. Of the net proceeds from fresh issue, around Rs. 1,000mn will be utilized to repayment or prepayment of working capital facilities availed by the company. Another Rs. 1,500mn will be used to...

Karnataka Bank Ltd. (KBL), incorporated in 1924, is one of the oldest private sector banks in India. With the 769 branches and 1,398 ATMs spread across India and employee strength of 7,982, the bank provides entire spectrum of the financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. As the name suggests, KBL is a Karnataka based bank driving major business from the home state on the back of extensive presence with 62% of branches locating in state. KBL attained a balance sheet size of Rs641 bn in FY17 with...

EBIDTA increased by 16.2% (YoY) to Rs. 122.8 mn for Q1FY18 as against Rs. 105.7 mn in the corresponding quarter previous year Profit after tax (PAT) for the Q1FY18 increased by 16.2% (YoY) to Rs. 47.4 mn from Rs. 40.8 mn for the corresponding quarter of the previous year. Break out for key expenditure include cost of material at Rs.2089.74mn, finance cost at Rs. 30.5 mn, Dep. And Amortization expense at Rs. 22.7mn,and other expenses amounted to Rs. 91.5mn. Outlook : Indian electrical equipment industry along with power and infrastructure...

Srikalahasthi Pipes Ltd. (SPL) one of the leading manufacturers of DI pipes in India, reported a mixed set of numbers for Q1 FY18. It reported a 53.7% Y-o-Y rise in the revenue to Rs. 4,404.9mn, while there was a sharp contraction in...

Dilip Buildcon Limited (DBL) is an India-based company engaged in the business of infrastructure facilities on engineering procurement and construction (EPC) basis. The Company undertakes contracts from various government and other parties and special purpose vehicles promoted by the Company. It operates through construction and engineering contracts segment. Its business of construction and development of real estate is at nascent-stage and no operations have commenced. Its subsidiaries include DBL Ashoknagar-Vidisha Tollways Limited, DBL Bankhlafata Dongawa Tollways Limited, DBL Jaora Sailana Tollways Limited, DBL Mundi-Sanawad Tollway Limited, DBL Nadiad...

Prataap Snacks Ltd. (PSL) is one of the top six Indian snack food companies in terms of revenues in 2016, and among the fastest growing companies in the Indian organized snack market. Of the net proceeds from fresh issue, around Rs. 130mn will be utilized to repayment/pre-payment in full or part of certain borrowings availed by it; Rs. 670mn will be used to fund the capital expenditure requirements; around 294mn would be invested in the fully owned subsidiary company and Rs. 400mn will be utilized for...

KNR Constructions Limited is an India-based holding company. The Company is a multidomain infrastructure project development company. The Company undertakes engineering, procurement and construction (EPC) contracts, as well as build-operatetransfer (BOT) projects across various sectors, such as construction and maintenance of roads, highways, flyovers and bridges. Its range of verticals also include irrigation projects, water management, agriculture and trading business. It has completed approximately 5,890 kilometers of projects across over 10 states in India. Its urban water infrastructure management project is Challaghatta Main Valley Project, which involves the remodeling of primary and secondary storm drains, bridges/culverts and related works in Challaghatta Main Valley in Bangalore City. The Company's irrigation...

At the higher price band of Rs. 661 per share, SLIC's share is valued at a FY17 Price/Indian Embedded Value (P/IEV) multiple of 4.2x, which is at a premium to its only listed peer ICICI Prudential Life Insurance Company Ltd. (trading at a P/IEV of 3.8x). Below are few key observations of the issue: As per Swiss Re report, the protection gap in India stood at 92% (i.e. USD 8.5tn) in 2014, which was much higher compared to other Asian countries. This means that for USD 100 of insurance protection...

CMIL is one of the leading manufacturers of wires and cables seeing the promising outlook of the wires and cables industry which is expected to grow at CAGR of 15% by FY22. Due to growing demand from the power infrastructure and communication sector, we expect new avenue for growth will open in future for the company . Railways and power sector are the major revenue contributors for CMIL. The gradual efforts of Indian railway to modernize the signaling system and huge investment of government in power sector to expand the generation capacity as well as to promote the transmission and distribution segment will help to boost the demand for railway...