Latest broker research reports from Reliance Securities buy, sell, hold, neutral recommendations along with target prices forecast and upside.
|Summary||Date||Stock||Broker||LTP||Target||Price at reco|
Change since reco(%)
|2019-07-22||HDFC Bank Ltd.||Reliance Securities||2297.25||2297.25|
|2019-07-19||Tata Elxsi Ltd.||Reliance Securities||679.75||701.45 (-3.09%)|
|2019-07-19||Cyient Ltd.||Reliance Securities||460.50||483.20 (-4.70%)|
|2019-07-18||ACC Ltd.||Reliance Securities||1581.30||1567.10 (0.91%)|
|2019-07-18||MindTree Ltd.||Reliance Securities||681.95||690.65 (-1.26%)|
|2019-07-18||Wipro Ltd.||Reliance Securities||264.80||269.10 (-1.60%)|
|2019-07-17||DCB Bank Ltd.||Reliance Securities||192.55||230.00||199.95 (-3.70%)||19.45||Hold|
DCB Bank has delivered a sub-par performance in 1QFY20 led by decline in loan growth to 13% YoY, sequential rise in fresh slippages and NPAs, and continued pressure on margin. Sequential loan growth (at 2% QoQ) moderated across key segments, including mortgage, SME and AIB, though CV and AIB loan growth was healthy at over 25% YoY. Segmental NPAs were higher across segments, barring corporate, where decline in NPA was mainly driven by higher write-offs. Consequently, provision coverage (excluding technical-write-offs) also declined by 600bps QoQ to 59%. Given the management's focus towards increasing share of retail deposits, cost of deposits continued to rise and consequently, NIM was lower by 11bps QoQ and 23 bps YoY. We expect interim...
|2019-07-17||Federal Bank Ltd.||Reliance Securities||95.60||120.00||103.15 (-7.32%)||25.52||Buy|
Healthy Operating Performance; Consistency Key to Valuations Federal Bank has delivered an in-line set of numbers in 1QFY20 led by NII growth of 18% YoY, a healthy 25% YoY growth in core fee-based income and 30% YoY growth in PPoP. However, slippages were higher than our estimate mainly led by elevated retail slippages, though higher write-offs aided GNPA ratio (+7bps QoQ). Further, NIM declined sequentially despite sharp rise in lending yields owing to continued pressure on cost of funds and one-off in 4QFY19. Notably, advances and deposits grew by 19% YoY each. Loan growth during the quarter was driven by retail loans, which grew by 26% YoY. CASA ratio continued to move southwards. Nonetheless,...
|2019-07-15||Infosys Ltd.||Reliance Securities||784.40||790.00||779.35 (0.65%)||Target met||Hold|
|2019-07-12||IndusInd Bank Ltd.||Reliance Securities||1418.40||1600.00||1509.50 (-6.04%)||12.80||Hold|
Growth Moderation & Asset Quality Risks to Limit Upside in Valuations IndusInd Bank (IIB) has reported a better-than-expected PAT growth in 1QFY20 driven by higher treasury gains and lower-than-expected provisioning. Ex-BHAFIN loan book grew by 26% YoY, with the lowest sequential credit growth of 1.9% in the last 6 years. Consequently, while overall margins improved to 4.1% owing to the BHAFIN merger, IIB's margins at 3.7% (ex-BHAFIN) were lower than average margins of 3.9% over the last three fiscals. Asset quality was well contained, with GNPA at 2.15%, marginally higher on QoQ comparison. Deposits growth at 26% YoY was primarily driven by retail deposits, with a sequentially stable CASA. Core fee income growth...
|2019-06-05||Heidelberg Cement In..||Reliance Securities||194.95||245.00||211.15 (-7.67%)||25.67||Buy|
|2019-06-03||J Kumar Infraproject..||Reliance Securities||134.65||260.00||164.00 (-17.90%)||93.09||Buy|
|2019-06-03||NBCC (India) Ltd.||Reliance Securities||50.75||64.00||62.95 (-19.38%)||Target met||Hold|
|2019-06-03||KNR Constructions Ltd.||Reliance Securities||264.50||315.00||285.25 (-7.27%)||19.09||Buy|
|2019-05-31||Sonata Software Ltd.||Reliance Securities||336.85||420.00||356.00 (-5.38%)||24.68||Buy|
|2019-05-30||Alkem Laboratories L..||Reliance Securities||1797.90||2050.00||1760.00 (2.15%)||14.02||Buy|
|2019-05-30||Ahluwalia Contracts ..||Reliance Securities||306.25||440.00||350.00 (-12.50%)||43.67||Buy|
|2019-05-30||Brokerage Research R..||Reliance Securities|
|2019-05-30||Glenmark Pharmaceuti..||Reliance Securities||427.50||580.00||551.30 (-22.46%)||35.67||Hold|
|2019-05-30||Cadila Healthcare Ltd.||Reliance Securities||235.90||257.00 (-8.21%)|