Choice India Broker Research reports

Blackstone group backed Nexus Select Trust (Nexus), an owner of India’s largest mall assets is coming up with a REIT (real estate investment trust) issue to raise Rs. 3,200cr, which opens on 9th May and closes on 11th May 2023. The price band is Rs. 95 - 100 per unit.

Electronic manufacturing services firm Avalon Technologies Ltd. (Avalon), is coming up with an IPO to raise around Rs. 865cr, which opens on 3rd Apr. and closes on 6th Apr. 2023. The price band is Rs. 415 - 436 per share.

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Margin contracts; low opex and P&C; aid profitability' HDFC Bank Ltd. (HDFCB) reported double digit growth in the net profit and maintained stable assets quality during Q1FY19. While, PAT increased by 18.2% YoY, the growth in NII at 15.4% YoY remained lower than the expectation due to higher cost of deposits, also putting pressure on margin. NIM reduced by 10 bps QoQ to 4.2% during quarter owing to the higher interest cost driven by spike in fixed deposits, interest reversal on agri NPAs and short duration investment book. However, high fee income growth, controlled opex and low provisioning supported...

Bajaj Auto Limited ( BAL) is a $2.3 billion company founded in 1926. It is world's fourth largest two and three wheelers manufacturer. BAL has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal. In India, company has a distribution network of 650 dealers and over 1,600 authorized services centers. It has 171 exclusive dealers for the three wheeler segment .It has total 3750 rural outlets. The Bajaj brand is well-known across several countries in Latin America, Africa, Middle East, South and South East Asia. It has a distribution network in 50 countries...

Karnataka Bank Ltd. (KBL) reported mixed set of numbers for Q1FY19 with strong growth in business and profitability and muted performance on margin front. While, the bank posted 22.0% YoY growth in net profit on the back of low provisioning for NPAs and controlled apex, NIM reduced by 18 bps QoQ to 3.0% and also reported sluggish performance on other income and CASA accretion fronts. Meanwhile advances continue to show strong traction growing by 24% YoY and slippage ratio reduced to 0.6%. Owing to the lower slippage of Rs2,700 mn, GNPA ratio reduced by 21bps QoQ to 4.72% and NNPA stood at 2.92%. Business growth is expected to...

HDFC Asset Management Company Ltd. (HDFCAMC), the country's second-largest fund house in terms of average assets under management (AUM), is planning to raise around Rs. 28,003.3mn...

Gujarat Fluorochemicals Limited (GFL) is a subsidiary of Inox Leasing & Finance Ltd. The Company is the largest producer of poly tetra fluoro ethylene (PTFE) resin in India & 4th largest in the world. The Company offers PTFE resins under the brand name INOFLON....

Mahindra Holidays & Resorts India Limited (MHRIL') is a leading player in the leisure hospitality industry. The company has well established vacation ownership business in India, and is the market leader in the business with over 2.35 lakh members and 55 resorts together with its material subsidiary Holiday Club Resorts(HCR). Mahindra Holidays has a bouquet of 88 resorts in Asia and Europe, making it the largest vacation ownership company outside the USA. Apart from providing quality rooms in the form of furnished apartments and cottages at resorts in unique and popular destinations, the company also offers its...

Women's apparel maker TCNS Clothing Co. Ltd. (TCNS), which operates brands like W, Aurelia and Wishful, plans to raise up to Rs. 11,251mn through an IPO by offering 15.71mn share between the price range Rs. 714 - 716 per share....

Indusind Bank (IndusB) demonstrated strong performance for Q1FY19 on both financial and operational fronts. NII grew by 19.6% YoY, C/I ratio reduced to 44.2% and the bank also maintained robust asset quality with 2bps QoQ decline in GNPA to 1.15%. Gross slippage reported at Rs4,750 mn (Rs8,600 mn in Q4FY18) and restructured book condensed to 0.05% of advances. While NIM reduced 5bps to 3.92% due to large increase in cost of funds compared to yield on advances, margin is likely to expand in coming quarters as yield to factor in 70 bps increase in MCLR since Nov'2017. Advances grew by 29.4% YoY and besides the strong...

Domestic tractor sales volumes to continue growth momentum from previous year, and increase by 18-20% in FY18, on the back of a second consecutive near normal monsoon and favorable farm sentiments. Tractor sales to further improve by 11-13% in FY19 over the high base this fiscal, with assumptions of a normal monsoon and increased government support. The management expect the growth to be in line with the industry. In India today, 62% of the population depend on agriculture and out of that 62% population, 80% are marginal farmer, these are the farmers who own less than...

H.G. Infra Engineering Ltd. (HGIEL) is an infrastructure construction, development and management company with extensive experience in road projects, including highways, bridges and flyovers. It also forayed into executing water pipeline projects and is currently undertaking two water supply projects in Rajasthan on...

COLPAL revenues increased by 5.2% to Rs. 41,879.70 mn in FY18 backed by coagulated volume growth in toothpaste & toothbrush segment. EBIDTA increased by 26.6% to Rs. 11,123 mn in FY18 majorly due to decrease in expenses. Among operating expenses, inventory expenses & other expenses increased proportionately lower as compared to the growth in the top line. Thereby, EBIDTA margins expanded by 470bps to 28.2% in FY18. Depreciation for the year was up by 14.9% to Rs. 1565.1 mn in FY18. PAT increased by 16.6% to Rs. 6733.7 mn in FY18 due to increase in top line,...

DCB Bank Ltd. (DBL), is a small private sector bank with 318 branches across 19 states and 3 union territories. DBL was in consolidation phase during FY08-FY13 with 94 branches and credit book stood at Rs65.8 bn in FY13. Post FY13, DBL changed its strategy for aggressive business growth and consequently its credit book expanded by 3(x) to Rs203.4 bn by FY18, representing CAGR of 25.3% during FY13-FY18. DBL has maintained stable assets quality with GNPA stood at 1.8% and NNPA at 0.72% by...

company's portfolio reinforces its plans to expand further into the international conferences and events space, thereby highlighting company's initiatives for growth strategy. These projects will combine grand space with global standards of service which will help in catering to the growing demand for world-class venues. With this signing, The Leela has expanded its hotel portfolio to ten acclaimed properties across India. Leela has signed MOU for managing two hotels overseas which would soon make it an international brand. The management expects the current portfolio of 9 hotels to grow to 15 hotels in the next five years with many upcoming projects in Jaipur, Agra, Bengaluru, Hyderabad and Gandhinagar. All these factors...

Strong competitive position in attractive growing markets Strong, long-standing customer relationships Comprehensive product portfolio Low cost, strategically located manufacturing and design footprint Robust in-house technology, innovation and R&D; capabilities...

RITES Ltd. (RITES) is a wholly owned Government Company, a Miniratna (Category I) Schedule A' Public Sector Enterprise. The company is a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field. Based on Public Enterprise Survey FY16, it is ranked No. 1 based on net profit and dividend declared in Industrial Development and Technical Consultancy Services sector (Source: RHP)....

IIP grows at 4.9% in April: Indian industrial production measured by the Index of Industrial Production (IIP), expanded at rate of 4.9% in the month of April compared to 4.6% in March and 2.8% in the same month of previous fiscal. The growth was in line with the market expectations of 4.8% supported by expansion in manufacturing and mining sector. The activity of manufacturing sector, which accounts for around 77.6% of the IIP index, grew by 5.2% in April, rebounded from its Oct low of 2.2% and averaged 7.6 percent till Feb, before falling to 4.7% in Mar. Further, 16 out of the 23 industry groups showed positive growth during the month with manufacture of computer, electronic and...

Srikalahasthi Pipes Ltd. (SPL) one of the leading manufacturers of DI pipes in India, reported its Q4 FY18 numbers, which was below our expectations. The company reported a bottom-line of Rs. 343.3mn (growth of 10% Y-o-Y) on a...