Rudra Shares and Stock Brokers Ltd Broker Research reports

The company has recovered order inflows of `1660 Crores in consulting for 79 in EPC totaling to ` 2140 Crores. Major orders secured during the year is polymer addition project of over ` 1000 Crores and two EPC projects from ONGC worth `235 Crores and `244 Crores. The order book position as on March 31, 2018 stands at `7873 Crores compared to `7762 Crores last year. The mix is quite similar to...

Veljan Denison ltd. ( Formerly known as Denison's Hydraulics ltd.) is a pioneer hydraulics and pneumatics company developing and manufacturing a range of hydraulic and pneumatic products and has a well diversified customer base of the company comprising of both domestic and oversea customers. VDL has shown healthy profitability over the years due to low dependence on imported raw material combined with indigenous...

TTK Healthcare is the first pharmaceutical company in India to market life-saving products based on technology, like Urokinase and Dopamine and has a strong sales and distribution force throughout the country and also have export potential. Company Exports to UK, Egypt, USA, Singapore, Germany, Malaysia, and Caribbean countries. Company has alliances with foreign corporations including Kali-Chemi and London International (Germany), Hatu-ICO (Spain),...

IMP Power entered into a 20-year license agreement with "Smart Hydro Power GmbH", a German company. Through this license agreement, company has secured rights to manufacture turbines and exhibit Smart Free Stream and Smart Monofloat turbines under its brand name in India, Laos, Nepal, Bhutan, Sri Lanka and eastern Africa. Commencement of Hydro-Kinetic project IMP has successfully commissioned its Hydro-kinetic Project with a Break-Through Technology introduced first time in India at Neyveli Lignite Corporation, Tamil Nadu, India. This breakthrough technology doesn't require construction of dams and proven to be the best alternative for decentralized electrification along the rivers. This innovation will partly substitute conventional energy sources for sustainable development of country as it is cost-effective solution for India's growing energy...

Bandhan Bank, despite being a former micro-finance players and considering the impact of demonetization, posted the lowest NPAs amongst scheduled commercial banks with a GNPA ratio of 1.25% & NNPA ratio of 0.58% as on 31st March 2018. In absolute terms, gross NPA were ` 373.14 crore compared with ` 86.26 crores and Net NPA stood at ` 172.90 crore against ` 61.17 crores. However, on a sequential basis, Bank witnessed stable growth and reduction in bad loans with gross NPA ratio down from 1.67 % in the third quarter ending December 2017 Bank has taken various initiative too closely monitor asset quality, and expects asset quality to further improve and credit cost to decline in FY2019. The bank has been making provision at the higher rate of 1% for standard advances against the...

Co-creation business model in digital services will provide a better yield in FY19. Persistent had significant wins in NEURO (continuous risk-based authentication) on the back of its collaboration with USAA. The platform created with Partners HealthCare has already gained acceptance from its first user. The company added 19 new customers (two large customers in the healthcare and financial vertical each) during Q4. The management is looking at the future with optimism on the back of healthy deal pipelines, new customer additions, traction in the European region and reseller agreement with IBM, expansion into new markets and recoup of Alliance revenue . To add that, management noted that its FY2019 revenue growth is expected to exceed NASSCOM's revenue growth guidance (79%) for the industry....

25% of its total revenues from B2C business by FY20-22 by increasing their distribution networks. Company has improving its EBITDA margin driven by cost optimization program and stable input cost. Further, shift in product mix towards margin lucrative segments and strong brand equity ("Emmbi KrishiRakshak and Emmbi Jalasanchay) aided to growth in margins. Company aims to increase EBIDTA margins by 25 bps every quarter and have an EBIDTA margin of 16% by FY20 Further, company sees huge potential in the pond liners business, from 650 ponds in FY17 to 10,000 ponds by FY20. The company is amongst the top 3 players in the pond liner business in India. The advantage the company has over its peers is that company's pond liners take 60% less joint, use less material and cost of yield per square metre is low which makes it the most attractive player in pond liner business . Company has completed a 6000 MT capacity expansion, out of which 3600 MT is for water...

Become a significant player in Dairy & Foods space Besides modernization of Plant and R&D; facilities, Company is planning to expand production facility of Drying Plant from present 4.5 lac litres per day to 5.5 lac litres per day. The Company is planning to invest resources behind expanding distribution of the recently launched products, cow ghee, canned paneer, UHT Milk to gain critical volumes and gain Market Share. Company is also working on a slew of new value added products which are in various stages of development at the R&D.; These products will also improve the gross margin profile of the company, going forward. Company kept investing behind retail distribution expansion and up-gradation of distribution infrastructure as well as manpower to help gain significant volumes in consumer products. It has also launched 3 new products and tested waters in North East & North...

The company has Strong project pipeline providing cash flow visibility, currently company has 13 ongoing projects and 3 planned Projects with 17,13,725 square feet carpet area. Recently in order to expand its portfolio of services the Company has ventured into Government as well as private sector Construction Contracts, leading to a conglomerate diversification. Further, the government is backing the sector with several initiatives like a push to develop 100 cities into smart cities, initiatives like “Housing for all by 2022”. Moreover, On the upper price band of `180 with expected EPS of `11.2 for FY18, Estimated P/E works out at 16.07x. Taking into risk consideration, company generates entire sales from certain geographical regions of Nashik, oversupply in real estate sector and non unique Business model shows that valuations are not reasonable hence, We recommend to be ‘NEUTRAL’ for this IPO.

HAL, the “Navratna” company is a leader in the Indian defence and aviation markets, currently owned 2 trademarks, 7 patents, 11 design registrations and 77 copyrights as of December 31, 2017, plans to double manufacturing line for LCA to 16 per year from the current eight. Further, company have a strong balance sheet, nil borrowings which will help to make investments required for growth plan, including investments in R & D going forward. In addition, strong financial ratios and credit ratings currently enable to have ready access to domestic and international credit markets. Orders to manufacture 40LCA, & the completion of Sukhoi orders will bring in revenue going ahead. The government’s decision to go ahead with LCA for single engine fighter jets requirement will also help the company. Moreover, taking into consideration, the current market opportunities in defense and Government of India’s initiative, ‘Make in India’ aims to boost the nation’s manufacturing sector as well as to create market globally . we recommend to SUBSCRIBE the IPO for long term listing benefits.