During the quarter, the Company received new orders worth ~Rs.3.2bn in Conductor segment. New order inflows were significantly lower yoy with delays in awarding new tender due to...
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|Summary||Date||Stock||Broker||LTP||Target||Price at reco|
Change since reco(%)
|2020-08-09||Apar Industries Ltd.||Yes Securities||310.35||360.00||301.00 (3.11%)||16.00||Buy|
|2020-08-07||Birla Corporation Ltd.||Yes Securities||608.35||943.00||592.40 (2.69%)||55.01||Buy|
increase in NSR sequentially owing to pricing tailwinds in operatingmarketsandhighershareoftrademix(+1015% shift in mix towards trade segment). However, operating marketsofBCORPwitnessedstablepricingwhiletrademix hasbeenhighhistoricallyforthecompany(8085%ofsales) leavinglessscopeforincrementalimprovement. Cost optimization measures and stable pricing translated into EBITDA/te of Rs 981 (5% y/y). Absolute EBITDA...
|2020-07-30||Greenlam Industries ..||Yes Securities||714.75||1031.00||737.45 (-3.08%)||44.25||Buy|
Domestic laminate revenues degrew by 65.7% y/y while international laminate revenues marginally declined by 12.9% y/y. Further on y/y comparison, domestic veneer/wood flooring/doors witnessed sharp decline in sales of 75.4%/70.9%/27.4% respectively. Accordingly, totalnetsalescameinatRs1,604mn(44.6%y/y). AlthoughGRLMmanagedtoreduceoperatingcostsby37% y/y,theverynatureoflaminateindustryremainsfixedcost...
|2020-07-30||Sagar Cements Ltd.||Yes Securities||464.80||607.00||484.65 (-4.10%)||30.59||Buy|
Volume degrowth of SGC at 32% y/y was inline with industrydemanddegrowth.Consolidatedvolumesforthe quarterwas0.56MT.AccordinglynetsalesofRs2,641mn witnessed a decline of 23.3% y/y. Green shoots were particularly visible in rural segment demand and Government orders in Andhra during Q1 both are expectedtosustaingoingaheadaswell. EBITDA/te for Q1FY21 stood at Rs 1,568 (+64%...
|2020-07-29||Manappuram Finance L..||Yes Securities||155.10||225.00||158.40 (-2.08%)||45.07||Buy|
Earnings in the gold loans business were strong, driven by healthy valueled AUM growth (4.5% qoq/33% yoy), substantial shift towards online gold loans (63% of book) andsustainedcostreduction.However,45%qoqdeclinein goldholdingsandactivecustomerbasewasdisappointing. Invehiclefinance(5%ofAUM),AUMdeclinedby6%qoq. GrossNPLsspikedfurtherinQ1FY21to10%andsignificant provisionsweremadetocontainNetNPLsat4%.Collection...
|2020-07-28||Repco Home Finance L..||Yes Securities||132.50||275.00||150.90 (-12.19%)||107.55||Buy|
|2020-07-27||Havells India Ltd.||Yes Securities||612.50||493.00||578.50 (5.88%)||19.51||Sell|
|2020-07-27||TCI Express Ltd.||Yes Securities||785.55||936.00||714.45 (9.95%)||19.15||Buy|
|2020-07-27||Crompton Greaves Con..||Yes Securities||251.00||277.00||245.05 (2.43%)||10.36||Buy|
Crompton's numbers are a beat on all fronts. Revenue outperformancewasledbyfasterrevivalinitsB2Cbusinessin June,whereinitmanagedtorecoverto90%oflastyear'slevel. Secondarysalespickupwassimilartoprimarysalesandoverall...
|2020-07-26||ABB India Ltd.||Yes Securities||932.40||1041.00||894.50 (4.24%)||11.65||Buy|
|2020-07-26||ICICI Bank Ltd.||Yes Securities||368.05||500.00||352.10 (4.53%)||35.85||Buy|
|2020-07-24||Au Small Finance Ban..||Yes Securities||716.65||785.65 (-8.78%)||Buy|
|2020-07-22||Axis Bank Ltd.||Yes Securities||448.10||550.00||478.95 (-6.44%)||22.74||Buy|
|2020-07-20||Mahindra & Mahindra ..||Yes Securities||134.20||290.00||227.90 (-41.11%)||116.10||Buy|
Lower disbursements (VAF down 67% yoy) and collections (75% of customers under moratorium) directly suppressed large cost components like travelling, commissions and conveyance. Renegotiation of fixed costs (rentals, outsourced services, etc.) and reduction in discretionary costs (advertising, etc.) also pulled down the opex. On-roll manpower has been...
|2020-07-20||ACC Ltd.||Yes Securities||1394.55||1532.00||1379.25 (1.11%)||9.86||Buy|
|2020-07-19||HDFC Bank Ltd.||Yes Securities||1059.05||1470.00||1138.55 (-6.98%)||38.80||Buy|
About 9% of the bank's portfolio is under moratorium as of 30th June. The proportion is higherinRetail,SMEandBusinessBankingsegmentsandlowerinCorporatesegment.Of themoratoriumportfolio,regularcustomers(0dpdasof29thFeb)comprises97%andabout...
|2020-06-28||Apollo Hospitals Ent..||Yes Securities||1725.10||1180.00||1349.85 (27.80%)||31.60||Sell|
|2020-06-28||Apar Industries Ltd.||Yes Securities||310.35||384.00||321.85 (-3.57%)||23.73||Buy|
FY20 with weakness across its segments. While the Conductor segmentreported37%declineinrevenues,OilandCablessegment reported degrowth of ~22% and ~12% respectively. Also, the companywasunabletocarryinspectionsbeforedispatchduringlast fewdaysofMar'20whichimpacteddeliveries/revenuebooking. Operating margin on consolidated basis improved 35bps yoy (to 5.8%)largelydrivenbythesharpimprovementinprofitabilityinthe Conductorsegment.IncreasingshareofhighmarginHighEfficiency...
|2020-06-28||PNC Infratech Ltd.||Yes Securities||143.10||201.00||143.15 (-0.03%)||40.46||Buy|
PNC Infratech (PNC) reported decent set of numbers during Q4 FY20withstandalonerevenuegrowing7.6%yoydespiteCOVID19 relatedshutdownimpacting10daysofexecutionduringMar'20.Its operating margin remained strong at 13.5% (down 55 bps yoy)....
|2020-06-28||HG Infra Engineering..||Yes Securities||187.00||270.00||204.55 (-8.58%)||44.39||Buy|