Rudra Shares and Stock Brokers Ltd Broker Research reports

ICICI continued to develop and grow through all its channels, continue to have a balanced channel mix with Bancassurance contributing 53% of overall business during 9M FY20. Growth is well supported by strong performance across channels. For 9M FY20, based on Retail Weighted Received Premium (RWRP), Company had a private market share of 16.6% and overall market share of 9.5%. However, this reduced from 10.8% from 9M FY19, predominantly due to slowdown in the ULIP business (formed 69% of APE in 9M FY20), on account of volatile...

Care being the second largest full service rating Company in India, the Company's list of clients includes banks and other financial institutions, private sector companies, central public sector undertakings, sub-sovereign entities, small and medium enterprises (SMEs) and microfinance institutions, among others. Slowdown in economic growth impacted the company too. The first half of FY20, even Q3 FY20 remained disappointed because of the headwinds faced by the NBFC sector which had impacted the borrowings. And the capex related borrowings not getting the...

As one of the largest producers of zinc, lead and silver in the world, Hindustan Zinc is well positioned to reduce India's dependence on imports and take on the mantle of creating a sustainable metal value chain. With a share of over 75% by volume, it enjoys a dominant position in the domestic zinc market. HZL's overall reserves and resources ensure a long-term mine life of over 25 years even though they reduced to 403 million MT in FY19 from 411 MMT in FY18.Company produced 13.8 MMT of ore in FY19, supported by a 27% on yearly basis increment in ore production from underground mines. However,...

Stovec offers complete programmes for Penta screens, Standard screens, Nova screens, random Screens, Endrings, Digital Ink lacquer and chemicals that enables highest quality results in Textile printing. It also offers wide range of additional products for conventional and digital engraving methods. Interestingly, company is also a preferred supplier of electroformed products...

Care being the second largest full service rating Company in India, the Company's list of clients includes banks and other financial institutions, private sector companies, central public sector undertakings, sub-sovereign entities, small and medium enterprises (SMEs) and microfinance institutions, among others. Slowdown in economic growth impacted the company too. The...

Having a strong management team, It has the most diversified portfolio spread across 24 states & union territories. Thus, this diversified operations allow to de-risk business by mitigating political and state-specific risks. Further, as a result of geographic spread, it helps to reduce concentration risk and diversify loan portfolio.

Being the leading SFB’s amongst peers in India, Ujjivan has maintained strong Asset quality with lowest GNPA (Gross Non- performing Assets) levels at 0.85% and higher provisioning at 72% during sep.2019. Apart from having a strong presence in the country’s microfinance sector; the bank has started focusing on the retail loan segment.

As per our estimates, on the upper price band of ` 37, post issue estimated P/BV for FY20 translates to 2.18x. which is quite lower compared with the 4x-5x P/BV ratio that the industry commands. Considering asset quality, growth in advances & deposits, expansions plans, corporate governance, we recommend to subscribe for long term as well as listing gains.

Moreover, company is embarking on mega expansion plans at a capex of `1000-1100 crore towards expansion of chloralkali, hydrogen peroxide and ECH units along with expansions in agrochemical business and set up dedicated production facility for chloromethane which will drive the trajectory of earnings going ahead. Capital structure should improve further over the medium term as benefits of capex accrue to the business. While the group has made progress on the large expansion plans, successful commercialization of remaining projects and ramp up of the...

Forerunner in manufacturing and marketing of Oral Rehydration Salts (ORS) and Ophthalmic & First in South East Asia to offer ophthalmic formulations, using Blow-Fill-Seal (BFS) technology. FDC is a fundamentally strong company with huge cash in its balance sheet. The company has good product profile starting with Electral which is the market leader in the ORS segment. Moreover, company continues to report decent operating margins and generates sufficient free cash flow from operations every year where part has been used for buyback in the past, for...

IFB has focused on augmenting manpower, expanding distribution reach, strengthening brand franchise, and improving product development capabilities in the last few years. While, it now generates gross margins similar to its peers, EBITDA margins are sharply lower mainly due to smaller scale. Hence, there is potential for IFB to introduce new products to leverage brand and extract operating-leverage benefits over the next few years. Moreover, company demonstrated healthy volume growth both in its front-loading and top-loading washing machine segments in FY19. So far, it has maintained a leading market position in the front-loading...

Bank started the year with phenomenal Q1 performance. Net profit jumped 46%. Total deposits surged 42% with Asset growth at 39.36%. Moreover, NII grew by 36%; NIM's was higher at 10.45%. With decline in provisions, bank has also maintained stable asset quality (GNPA & NNPA stood at 2.02% & 0.56%). Further, has added 7.08 lakh customers during Q1 to reach a total customer base to 17.27 million (Micro Banking- 13.58 million and Non Micro 3.69 million). Booked `0.93 Billion in Q1, as Income from PSLC of...