Infosys may see short term impact of COVID 19 outbreak but company can efficiently manage from remote systems to ensure timely delivery of the outsourced business. The COVID impact has been seen majorly on consulting business while outsourcing business still remains robust.

We maintain BUY on Petronet LNG Ltd (PLNG) as one of our top large cap oil&gas; picks, based on our trimmed TP of Rs319 that offers 65% upside from CMP post the 30% crash in the stock in the last three months. We have rolled over our TP from September 2020 to March 2021. We have cut our SOTP-based TP by 4.5% post 5.3%/12.8%/6.8% cut in FY20E/FY21E/FY22E earnings due to likely hit in volume following the mandatory threeweek national lockdown to contain the spread of COVID19. We have cut our LNG volume estimate by 15% in 1QFY21E and taken a haircut in 4QFY20 to value the company on potential downside risk to volume on two counts i) The PSU off-takers not lifting contracted volume due to their customers being forced to cut operations and ii) Potential disruption to...

We maintain Buy on GSPL with a reduced target price (TP) of Rs273 (+65.7% from CMP) as one of our top mid-cap Oil & Gas picks as we believe its gas transportation business is relatively more resilient and is likely to bounce back once the current nationwide lockdown in the fight against COVID 19 is behind us. We have cut our FY20-22E estimates by 3.8%/12.8%/1% and our SOTP-based TP by 12.7% based on volume assumptions tempered for the twin impact of COVID19 and the economic slowdown. Key risks: Disruption to supplies of LNG cargo arrivals and domestic gas- Pl see extract of news from S&PGlobal.com; at the end of the report; curtailment of gas purchases by customers, especially in small industrial segments and city...

Our recent interaction with the TCI Express (TCIEXP) management indicates severe pressure on near-term operational performance stemming from the Covid-19 outbreak.

The acquisition multiple ascribed is reasonable as Neepco has been acquired at P/BV multiple of 0.6x on FY19 financials (latest available) while on an equity/MW basis the valuation works out to | 1.9 crore/MW (operational plus under construction capacity). Similarly, THDC has been acquired at a P/BV multiple of 1.1x on FY19 financials while on an equity/MW basis, the valuation works out to | 2.9 crore/MW (operational plus under construction capacity). This acquisition will help NTPC diversify its thermal based portfolio as non-thermal capacity before this event was just 800 MW....

Supply chain disruption due to restriction on various movements. Around | 250-300 crore material ready for dispatches is lying at Mumbai, Chennai Port impacting Danghote order delivery. Also, this is impacting order execution. The supply chain breakage occurring since 50-60%...

V-Guard has temporarily suspended its operations across manufacturing locations, offices and warehouses following the government's order of lockdown to curb the spread of COVID-19 virus. The company is not materially impacted by any supply disruptions from China as its imported SKUs form only 7% of total turnover. The summer season looked promising owing to higher temperature in certain states like Tamil Nadu, Kerala and Andhra Pradesh, especially for the summer product categories of AC stabilizers and fans. However, the...

TTK Prestige recently held a conference call to give an update on the business performance and to analyse the prospective impact of Covid-19. The company is constantly assessing the impact of Covid-19 but cannot quantify the real magnitude of the outbreak at the moment as it is yet to peak out. In the recent market fall, TTK Prestige witnessed significant correction of ~26%. With earnings in the short-term expected to be negatively impacted, TTK through its strong promoter pedigree and brand patronage...

According to our recent interaction with CCLP management, although the business has not seen any production halts or order cancelations until first half of March,2020, delayed dispatches to its exporting countries (~90% of revenue) could limit its topline growth in Q4FY20.

January & February witnessed reasonable growth due to inventory build-up at the dealer's level. In March, the company is expected to be impacted negatively by the lockdown situation across states. Standalone sales for the last 10 days fell 10% YoY due to shutdown...

The ongoing coronavirus outbreak has had a severe impact on the hotel bookings in India from Feb-20 onwards with massive forward booking cancellations across cities. This in turn has eroded the ability of hotels across India with heavy loss of business during this peak season time. The extent of this lost business has primarily been seen across all major tourist and business destinations and we expect the situations to remain severely weak with individuals cancelling or deferring their travel plans and thousands of companies adopting the work from home' and no travel' policies. This...

The ongoing coronavirus outbreak has had a severe impact on the hotel bookings in India from Feb-20 onwards with massive forward booking cancellations across cities. This in turn has eroded the ability of hotels across India with heavy loss of business during this peak season time. The extent of this lost business has primarily been seen across all major tourist and business destinations and we expect the situations to remain severely weak with individuals cancelling or deferring their travel plans and thousands of companies adopting the work from home' and no travel' policies. This...

The ongoing coronavirus outbreak has had a severe impact on the hotel bookings in India from Feb-20 onwards with massive forward booking cancellations across cities. This in turn has eroded the ability of hotels across India with heavy loss of business during this peak season time. The extent of this lost business has primarily been seen across all major tourist and business destinations and we expect the situations to remain severely weak with individuals cancelling or deferring their travel plans and thousands of companies adopting the work from home' and no travel' policies. This...

The ongoing coronavirus outbreak has had a severe impact on the hotel bookings in India from Feb-20 onwards with massive forward booking cancellations across cities. This in turn has eroded the ability of hotels across India with heavy loss of business during this peak season time. The extent of this lost business has primarily been seen across all major tourist and business destinations and we expect the situations to remain severely weak with individuals cancelling or deferring their travel plans and thousands of companies adopting the work from home' and no travel' policies. This...

We are upgrading Mahanagar Gas (MGL) from Sell to Accumulate with our revised DCF-based TP of Rs752 (+6% from CMP), assuming regulated tariff, post the 32% crash in the stock in the past three months. We have cut our FY20-22E estimates by 2.3%/14.9%/15.9% based on tempered volume assumptions for the twin impact of COVID19 and the slowdown. We see decline of 2.5% in 4QFY20 that could spill over into 1HFY21, with the growth likely to revive over the next 6-12 months. We still have concerns over the potential transition to 20% open access for MGL's Mumbai franchise, which could pose the risk of attrition in CNG and Industrial market share to the extent of 20%. Our upgrade to Accumulate is based on the following: (i) the moderately favorable...

The interaction covered large Road players, Building EPC players and T&D players. Large part of the halt is (1) Due to Central/State Govt directive on lock down and work from home (2) Few clients have told Contractors for closure till 31st March 2020 & (3) Goodwill towards employees'/laborers' safety. Whilst our last week survey was more encouraging with our coverage universe execution largely on track, the call for Janta Curfew has resulted in project sites staring at closure. We interacted with 15 large Indian Infra companies to gauge on the ground impact of COVID-19 on execution.

We recently had a call with Mr. Dipesh Singhania, CFO of NESCO Limited (NESCO) to discuss the impact of the COVID-19 outbreak on the exhibition business in general and on the near term operational performance in specific. The Bombay Exhibition Center (BEC) is expected to witness a temporary setback. The management mentioned that the virus outbreak is a special case situation and hence the regular clauses of agreement with regards to rescheduling and cancellations might not apply. The management expressed its intentions of accommodating its clients in the best possible manner. The exhibitions which were scheduled up to 20th April 2020 have been rescheduled. Currently,...

We recently spoke with Phoenix Mills representative regarding their response to the outbreak of COVID-19 (coronavirus) as retail and commercial property owners and the impact of coronavirus on the operational performance of retailers in general and Phoenix Mills in specific. The key takeaways of the discussion include: 1. Most malls (with the exception of smaller centres in Lucknow and Bareilly) are currently under shutdown....

We present key takeaways from our meeting with the management of Cera Sanitaryware (CRS).

We are enthused by Kubota's entry as a strategic investor in Escorts, especially given its leadership in the farm implement space. Kubota brings a global presence, significant technological prowess and production excellence. However, we await cash utilisation plans at Escorts before any meaningful change in stance on the company. We are constrained by limited dividend payouts by Escorts in the past with no firm outlook, going forward. We value Escorts on an SOTP valuation basis and maintain our HOLD rating on the stock with a revised target price of | 715....