Choice India Broker Research reports

Bandhan Bank Ltd. (BBL), incorporated on December 23, 2014, is a Recommendation Kolkata based lender starting banking operations on Aug'23, 2015. In April 2014, the RBI had granted a banking license to Bandhan...

IIP grows at 7.5% in January: Indian industrial production, measured by the Index of Industrial Production (IIP) for the month of January expanded by 7.5% v/s 7.1% in Dec'17 and 3.5% in the same month of previous fiscal. Factory output growth remained way higher than the market expectation of 6.4% on the back of strong performance by manufacturing sector which accounts for around 77% of the IIP index. In terms of industries, sixteen out of the twenty three industry groups showed the positive growth during the month under review. Manufacturing sector grew by 8.7% in January (8.5% in Dec'2017 and 2.5% in...

Bharat Dynamics Ltd. (BDL) is one of the leading defence PSUs in India engaged in the manufacture of Surface to Air Missiles (SAM), Anti-Tank Guided Missiles (ATGM), underwater weapons, launchers, countermeasures and test equipment....

We are positive on the company backed by launch of wide range of fuel products and growth in economy will boost the revenue .At CMP of Rs. 120.6 GCL is trading at a P/E multiple of 15.4x and 14.4x to its FY18E and FY19E earnings, respectively. On the basis of estimates. we arrive at...

Amara Raja Batteries Limited undertakes manufacturing of lead-acid storage batteries for industrial and automotive applications in India. It is a company with 26% equity each from the Galla Family and Johnson Controls, the US. Its products are supplied to telecom, railways, power control, solar and uninterruptible power supply (UPS) under industrial battery business, and to automobile original equipment manufacturers (OEMs), replacement market and private label customers under automotive battery business. Under Services, it provides installation, commissioning and maintenance....

Indian Economy on rebounding path; GDP grows at 7.2% in Q3FY18 India's GDP grows at five quarter high of 7.2% in Q3FY18 v/s 6.5% in Q2FY18 Investment activity in economy continue to pick up with GFCF activity expanded by 12% in Q3FY18 (6.9% in Q2FY18 and 1.6% in Q1FY18) driven by strong expansion in capital goods sector...

Valuation: We estimate SPL's total operating income to grow at 14.5% CAGR over FY17-20 to Rs. 18,066.4mn, while EBITDA and PAT to grow at 18.3% and 20.8% CAGR, respectively, over the same period to Rs. 3,922.7mn and Rs. 2,470.8mn. Based on EV/EBITDA multiple of 5.8x to FY20E EBITDA, we arrive at a target price of Rs. 393 per share, translating into a potential gain of 13.2%....

The market for personal and home care products in India is expected to grow at 7.9% and 7.2% CAGR by 2024. Further, the aggregate market for personal and home care products in Africa and the Middle East is expected to grow at 4.4% CAGR by 2024. Galaxy with its presence in these mature and emerging markets is expected to benefit from increased demands. The company's product are the ingredients for the personal and home care products, whose demand are inelastic in nature i.e. end users demand is hardly impacted by the change in the product price. Thus the company's products will continue to be in demand and would have minimal...

IntraSoft Technologies Ltd. (ITL) a multi-channel e-commerce retailer, reported its Q3 FY18 numbers, which was above our expectations. The company reported a bottom-line of Rs. 50.7mn (declined by 20.3% Y-o-Y) on a top-line of...

Government initiative on infrastructure projects and ambitious target of solar and 1.00 wind energy projects is likely to improve. Tender / enquiry in pipeline for potential business. Initiatives such as UDAY, DDUGJY, aggressive renewable energy target, the 0.90 new hydro policy and the massive transmission connectivity plans is expected to gradually ease competitive pressure. These reforms are ambitious. If executed...