ICICI Securities Limited Broker Research reports

Going ahead, traction in international market, new products like oil free compressors (AB series) would aid growth while a revival is expected in the India business, which continues to face challenges across verticals. However, its strategy on cost reduction, focus on cash business would help deal with working capital, debt and liquidity situation. We expect revenue, EBITDA growth of 7.1%, 30.1% CAGR, respectively, in FY20-22E. We revise...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

Seminal year for industry provides interesting insights However, amid all the gloom, the engineering and production prowess of the industry (along with its value chain) shone brightly as it successfully completed the world's fastest switchover to Euro 6 equivalent emission norms i.e. BS-VI as per schedule. Much of the post festive period was focused on the transition, with the entire ecosystem estimated to have spent ~| 70,000 crore towards the technological leap. Covid-19 crisis struck India in the run up to April 2020, just as the changeover...

HT Global Holding BV (Acquirer) along with HT Global Holdings Ltd (promoter) of Hexaware Technologies (Hexaware) have accepted | 475/share as the final price for delisting offer. We believe that through this offer price the acquirer and promoters along with other members of the promoter group would have minimum 91.16% shareholding through the reverse book building process, which would exceed the minimum number of equity shares required for delisting of shares. Hence, we believe this will lead to delisting of company shares (subject to regulatory approvals). All...

The rollout of postpaid tariff by the new operator has multiple ramifications for it as well as the incumbents. The plans, while at similar tariff levels of incumbents (except for base tariff that is 20% cheaper than Airtel's offering), largely have the benefits of three major OTT (Netflix basic, Amazon Prime and Hotstar VIP) subscription as the key attraction, apart from family packs and international roaming in higher plans. We see the offering having potential to drive at least some churn from incumbents, unless they match the OTT offers. Matching of the offering, on the other hand, could result in...

HCL Tech has announced its intent to acquire DWS Limited (DWS) for Australian $158.2 million (~| 849.2 crore) valuing the company at 0.94x EV/Sales (based on FY20 Sales) and ~21x FY20 EPS. The acquisition is subject to regulatory approvals and is expected completion timeline is by December 2020. The acquisition will add ~1% to company's top line in FY22E and will also help the company in expanding it's presence in Australia and New Zealand. The company will also be able to cross sell and up sell to existing clients of DWS. Although DWS's PAT margins (~4.4%) are lower...

Incorporated on August 8, 1996, Angel Broking is now a technology-led financial services company providing broking and advisory services, margin funding, loans against shares (through one of its Subsidiaries, AFPL) and distribution of financial products to its clients. It is one of the largest retail broking houses in India in terms of active clients on NSE as of 30 June 2020. As of March 2020, Angel Broking's revenue from operations came in at | 711 crore in FY20. Healthy ADTO growth (led by flat brokerage) and well controlled opex resulted in EBITDA of | 154 crore with OPM at 22%. PAT...

Apart from this, CAMS also provides services to alternative investment funds (AIFs), insurance companies, banks and NBFCs. Great Terrain is the promoter of CAMS with its pre-issue shareholding at 43.53%. Great Terrain is the wholly owned subsidiary of Harmony River Investment Ltd, which is...

Focus on process efficiency to get visible from FY22E onwards While there is uncertainty on a recovery that is solely dependent on launch of vaccine, the company has initiated major steps to bring down costs and come out stronger and more efficient once normalcy resumes. EIH is now focusing more on process efficiency measures on a permanent basis like back-office automation, using AI, paperless processing, focus on solar panel to bring down power costs, expertise driven services in finance, data management etc. Considering this, we expect over 7-8% reduction in total...

Dr Reddy's (DRL) has announced the settlement of its Revlimid capsules (Lenalidomide) patent litigation with Celgene [Bristol Myers Squibb (BMS)] in the US. This makes DRL the third player after Natco and Alvogen to sign a settlement agreement with the innovator for gRevlimid. Under the terms of the settlement, Celgene will provide DRL with a license to sell generic volume-limited amounts of gRevlimid capsules in the US after Natco's launch in March 2022 subject to regulatory approval. This limited volume constraint will be applicable till January 31, 2026 post which DRL will be able...

NII fell 2.9% YoY to | 563 crore on account of muted credit growth and weak margins. NIMs were down ~29 bps YoY to 2.96% on account of contraction in yields led by higher lending to social housing segment. Muted topline was offset by lower opex, which led operating profit to come in at | 518 crore. GNPA, NNPA came in at 4.33%, 0.57%, respectively, with absolute GNPA at | 3383 crore. The company said two assets in Chhattisgarh and Rajasthan (that got upgraded in Q2FY21) slipped into NPA. Exposure to Rajasthan, Chhattisgarh was at | 91 crore, | 347 crore wherein provision was at | 31...

PGHL is a pharma cum consumer OTC player with strong and legacy brands in the vitamin minerals & supplement (VMS) category like Neurobion, Polybion, Evion (all vitamins), Livogen (iron supplement), Nasivion (nasal decongestant), Seven Seas (vitamin- substitute for malt based health drinks). Post the change in ownership (from Merck to P&G;), we expect these known brands to leverage on P&G;'s distribution might as most of these brands are driven by self-medication habit rather than doctor's prescription. It also has a presence in the prescription based cardio-diabetology category....