We initiate coverage with a BUY for a price target of Rs 349 representing an upside of 33% from the CMP of Rs.260 over the next 21 months.

In our opinion, GESCO is one of the best capital allocators in the industry. The proof of the pudding lies in the eating and GESCO has demonstrated uncommon alacrity in timing the shipping cycles.

We retain our buy on the stock with the revised DCF valuation price target of INR 1,245 which is an upside of 86% over the next 24 months.

IPO NOTE

IPO NOTE

IPO NOTE

We initiate coverage on PLNG with a BUY rating. Our DCF based valuation of Rs.321 per share (11x FY20 P/E) is 36% higher than the current market price of Rs.235 per share.

IPO NOTE

At the CMP of Rs.64, JSL is trading at an EV/EBITDA of 5.2 x FY19E. We initiate with a BUY on JSL with a target price of Rs.127 (FY21 EV/EBITDA of 5x), which represents an upside of 98.4% over 18 months.

We initiate coverage with a BUY for a price target of Rs 270 representing an upside of 22.7% from the CMP of Rs 220 over the next 24 months. We expect the revenues to grow by 12% CAGR to INR 2485 crores by FY2021. On the back of robust revenues, we expect the EBITDA and PAT to grow to Rs 410 crores (18.8% CAGR) & Rs 277.3 crores (15.7% CAGR) respectively by FY21. Operating margins are also set to improve by 120 bps to 16.5% by FY21. Return ratios ROE & ROCE are also expected to remain elevated at 17.1% and 18.6% respectively.

IPO NOTE

We believe that despite a ~33% appreciation in the stock price of HDFC Bank

RBL Bank is Indias fastest growing private sector bank (~59% loan CAGR over

The company is currently trading at a FY20PE of 7x,

IPO NOTE

IIB has emerged as one of the fastest-growing private banks in India. It has a

Sterlite Technologies Ltd. (STL) is a fully integrated telecom networking infrastructure play with the lowest costs globally. With demand for fiber expected to grow at a rapid pace as faster 4G/5G networks are rolled out and new age technologies such as IoT, augmented reality, virtual reality, cloud computing etc. become common place, STL is best placed to benefit from this.

At the CMP of 82, SAIL is trading at 5.3X FY19 EV/Ebidta. We initiate

IPO NOTE

IPO NOTE