HUL's high valuation is natural, considering consistent market share gain with margin expansion and strong RoCE. We expect HUL to be a key beneficiary of GST and premiumisation. We value HUL based on 42x P/E on Sep-19 EPS. Our TP is Rs 1,363. We maintain BUY. We interacted with the management of HUL, and covered points like (1) GST implementation update, (2) Progress in channel restocking, (3) Trends in consumer off-takes and (4) Change in cost elements.

Dilip Buildcon Limited (DBL) is an India-based company engaged in the business of infrastructure facilities on engineering procurement and construction (EPC) basis. The Company undertakes contracts from various government and other parties and special purpose vehicles promoted by the Company. It operates through construction and engineering contracts segment. Its business of construction and development of real estate is at nascent-stage and no operations have commenced. Its subsidiaries include DBL Ashoknagar-Vidisha Tollways Limited, DBL Bankhlafata Dongawa Tollways Limited, DBL Jaora Sailana Tollways Limited, DBL Mundi-Sanawad Tollway Limited, DBL Nadiad...

We attendedBEL's analystmeet and returned confident of maintaining our bullish stanceonthecompanyastheprospectsremainfirminthenear/mediumterm.The company expects order inflow to remain healthy at ~Rs150bn for next 23 years, giventhehealthypipelineoforders.BELisinvestingincapextosupportexecutionof strongorderbook.ItisalsolookingatsteppingupR&D;spendfurther,from8.8%in FY17to~10%ofsalesinFY18tomaintaintechnologicaledgeandretainleadership position in strategic electronics. BEL is targeting sales of Rs100bn and restricts margindiptoonly100bpsdespiteincreasedwageprovisionandhighernondefence...

View: Significant derisking event for Tata Steel, which has long struggled with its European operations. With lowering of external debt, it can explore both organic and inorganic opportunities domestically. We remain positive. Tata Steel Europe (TSE) and thyssenkrupp Steel Europe (TKA-SE) will merge their assets into a 50:50 JV. The resultant entity will be the 2nd largest European steelmaker with vertically integrated operations in Port Talbot (UK), Ijmuiden (Netherlands) and Duisburg (Germany), driving significant consolidation. Synergies of EUR 400-600mn are expected by FY20, driven mainly from the optimization of duplicate functions like admin, sales, and procurement, in addition to efficiencies in logistics and bundling of R&D; functions.

Q1FY18 consolidated EBITDA was below consensus and our estimates due to higher-than-expected impact of GST implementation on aftermarket revenue. The next leg of growth is likely to be driven by (1) gaining share in global auto and non-auto cables (including inorganic)

Vedanta has submitted to the stock exchange that a total of 1,605 MW captive power capacity (out of total capacity of 3,615 MW) has been temporarily closed down as per the direction of OSPCB.

We believe that the JV is structurally positive for TATA as its debt (based on 50% economicinterest)exposureforEuropeanoperationswouldcomedownby~30%to 3.25bn from the current 4.7bn with higher EBITDA base of 783mn, 12% above thecurrentEBITDA.HighdividendpayoutsfromJVwouldhelpservicetheresidual debt.TheJVwouldhelpthecompanytostrengthenitsfocusonIndia.Management guidedtodoublethecapacityofIndianoperationsto26mtinthenextfiveyears. We reiterate BUY with a revised TP of Rs750 (earlier Rs675) to factor in debt...

We attended the annual general meeting (AGM) of Whirlpool of India (WIL) held on 18 September 2017. With the consumer durable market in India expanding, the management was optimistic about strong revenue growth aided by increasing distribution network as well as plugging of portfolio gaps. WIL intends to strengthen its position in refrigerators and washing machines, launch new models/variants regularly every two to three months, double the sales of other product categories as well as focus more on the premium range. WIL also aims to expand its capacity in all segments to meet...

MGL witnessed an improvement in its margins in the last quarter (OPM and NPM of 38.3% and 23.4% as against 31.5% and 19.2% in the corresponding quarter of previous year) mainly on account of better price...

Our experts provide an insight on how - Shankara Building Products is steadily utilising the opportunity present in home improvement and building products and emerging as a retail channel leader

Talwalkars Better Value Fitness Ltd. (TBVFL) reported inline numbers for Q1FY18 with a net revenue and PAT growth of 12.9% & 28.9% YoY. Led by cost efficiencies, EBITDA margins expanded 200bps YoY to 50.2%, which was encouraging.

Tata Global Beverages Limited (TGBL) is world's second largest branded Tea company with growing interest in Coffee and water. It has a global footprint and present in 40 countries. The company posted muted topline growth in Q1FY18 with 2% drop however adjusting for adverse forex movement; there was actually an underlying growth of 1%. Despite, the muted topline, the company posted...

CMIL is one of the leading manufacturers of wires and cables seeing the promising outlook of the wires and cables industry which is expected to grow at CAGR of 15% by FY22. Due to growing demand from the power infrastructure and communication sector, we expect new avenue for growth will open in future for the company . Railways and power sector are the major revenue contributors for CMIL. The gradual efforts of Indian railway to modernize the signaling system and huge investment of government in power sector to expand the generation capacity as well as to promote the transmission and distribution segment will help to boost the demand for railway...

Man Infraconstruction Limited (MIL) is a construction company engaged in the business of civil construction. The Company provides construction services for port infrastructure, such as land reclamation, soil consolidation, and operational services; residential constructions, such as high rise building, townships and luxury villas; commercial and institutional constructions, such as information technology parks, office complexes, shopping malls, schools and hotels; industrial constructions, such as factories, cold storages, heavy engineering and warehouse facilities, and road constructions, such as earthwork and paving, electrification, landscaping, upgradation and drainage. Its residential projects include Blue Ridge, SRA Township,...

Slow growth in last two years was primarily due to stuck projects in irrigation and payment issues in mining; the issues are now nearing resolution. SEL expects FY18 revenue to grow 14-17% YoY to ~Rs 38-39 bn with Rs 13-15 bn from 7 HAM projects.

We initiate coverage on TTL as a BUY with a price objective of Rs

We expect a revenue/PAT CAGR of 14% each over FY17-20E, based on which we arrive at a TP of Rs 619 We recently met the management of Voltas Limited (VOLT). Our discussion covered points like (1) Update on EMP projects in international and domestic markets, with potential improvement in the segment margin, (2) Pickup in inverter ACs, restocking post GST and the upcoming change in energy efficiency norms in the consumer AC segment and (3) Progress in the Arcelik JV w.r.t product launch timeline and management team.

HNDL's business is robust and de-risked. Novelis and copper segments operate on conversion model, with LME being a pass-through. These two businesses account for more than 60% of EBITDA, and provide steady cash flows and support balance sheet....