Steel Strips Wheels Limited's (SSWL) posted revenues of Rs 527 Cr. (? 22% Y-o-Y, ?9% Q-o-Q) in Q4FY19. The EBITDA margins compressed by 237bps YoY due to rise in raw material cost and negative operating leverage while PAT was reported at Rs 19.9 Cr.

We increase rev estimates by 5.6/9.2% for CY19/20E factoring the acquisition and lower organic growth in CY20 (loss of a large net-new deal). Our CY20E EPS is unchanged (14.5% EPS CAGR over CY18-21E). Maintain BUY, with TP of 440, 16x Jun-21E EPS. Organic acceleration is expected in 2HCY19, supported by strengthening of the Adobe/Pega ecosystem and on deal momentum. Hexaware has acquired Mobiquity Inc. for an all-cash consideration of USD 182mn (at 2.6x EV/rev). Mobiquity is a design and digital consulting firm (USD 70mn rev, growing at 24% CAGR) supported by strong partnerships with AWS and Backbase.

According to COAL, India will continue depending on coal to secure its energy needs over the next 10-20 years, particularly considering the country's low per capita electricity consumption and the government???s focus on assuring '24x7' power supply.

Despite muted growth of the past three years, we believe GCPL's domestic business is of high quality with attractive long-term growth prospects. It should grow faster on expected recovery in demand environment, traction on new products (also significantly margin accretive), and better utilization of expanded distribution (now at ~6m outlets, direct reach of ~1.3m outlets).

Mobiquity is one of the largest independent customer experience consulting firms specializing in creating frictionless multi-channel digital experiences leveraging cloud technologies.

While Power Grid has traditionally been the largest customer for the company, we estimate that it now forms only ~7% of the order book (v/s ~30% in FY16) with KEC actively capitalizing on other growth opportunities as well. Subsequently, we believe that Power Grid is now no more the largest customer for the company.

but cautious on margins: Info Edge's recruitment business (Naukri) has returned to a higher growth trajectory in FY2019 after weak revenue growth over the past couple of years, with revenue growth of 17.5% y-o-y versus 12.5%/12.3% in FY2017/FY2018. Being the industry leader, almost all leading companies in India are listed in its platform. During FY2019, the number of...

Leadership changes at times tend to energise companies' operations and stock price. We came away from Persistent Systems' (PSL) analyst meet held on 13 June 2019 under the new CEO, Chris O' Connor, feeling a tad more positive and have therefore reduced the discount to TCS Target PE multiple to 35% from the earlier 40%. We felt many of his plans are executable. Some of the phrases that stay with us from the meet include (1) revenue stacking' adding adjacent revenue streams so as to extract more from an ISV or an IP relationship. In PSL these would mean Value added Reselling (VAR), professional services, bundling Persistent IP into solutions, using IBM engineering team from the...

holds Bajaj Group's investments in two flagship companies - Bajaj Auto Limited (BAL - 33.43% stake) and Bajaj Finserv (BFS - 39.29% stake). BHIL also has an investment portfolio with a...

Robust results again; no visible hiccups. Maintain Accumulate With a PAT growth of 57% YoY, Bajaj Finance witnessed another highly commendable quarter. The AUM grew 41% YoY, with secular and granular growth in key businesses. It appears to have gained market share in autos, but remained steady in other segments. This is partly due to it being a dominant player in most other segments. While there is a risk of slowing consumption (and lower economic growth), we believe that 1) its market position; 2) inability of competitors to replicate its scale and model; 3) consolidation...

Business momentum (AUM up 41% YoY) continued to be strong, driven by consumer/SME segments at 56/36%. Better pricing power, growth in high-yielding loans and controlled cost of funds led to sequential NIM improvement. Operating leverage has played a key role in achieving high profitability.

We recently interacted with KNR Construction's (KNRC) management to seek more clarity on the awarding activity of roads and irrigation projects. Management believes the ordering activity, primarily from NHAI, should pick up from August 2019. KNRC is looking to monetize its Walayer BOT project (invested Rs4bn), which is selfsustaining and has an average toll collection of Rs8mn/day. In our view, successful...

HDFC Ltd has been a consistent performer, maintaining loan spreads of 2.29-2.33% loan spreads since last 5 years, across interest rates cycles. It also enjoys the industry's best rating (CRISIL AAA/Stable), due to its healthy asset quality (GNPA at a stable 1.18%) and a diversified and stable resource profile. We believe that...

D'Mart Analyst Meet reinforced our confidence in Everyday low Prices and Change in Estimates | Target | Reco cluster based expansion strategy of the company. FY19 has been a tepid year due to lower than expected store openings and strategic margin correction...

Hi-Tech remains the key vertical, which is expected to drive this digital growth. Customers from Independent Software Vendors (ISVs) and Internet/Social/Mobile (ISM) sub-segments are spending heavily on digital which needs to be tapped. Acquisition of Indigo Slate and Foolproof has helped add more clients in this segment.

KNRC expects order inflow of INR25b in FY20, mainly supported by the Irrigation segment. The company mentioned that it is well positioned to finalize a few projects in the near term, including (a) two irrigation projects - Malanna Sagar and Palamurru irrigation projects - worth INR16b (INR8b each) and (b) one HAM project worth INR10b. A pick-up in order inflows in Roads, however, remains elusive.

Global yields fell after disappointing manufacturing, durable goods and payroll data from US. Fed Chairman is also open to steering the rates depending on which direction economy takes. US equity markets welcomed lower yields. However, DXY index fell on prospects of lower yields. Indian yields too fell after RBI reduced policy rate by 25bps. INR was stable on the back of FII inflows. Global markets and central banks remain data dependent. So does RBI. In...

Manappuram Finance (MGFL) Q4FY19 performance was primarily led by robust growth in the non-gold business and lower provisions. Overall AUM growth of 23% YoY was led by ~60% growth from non-gold business.

PAT in line: In Q4FY2019 Oil India Limited's (OIL) operating profit stood at Rs. 1,079 crore (up 34.8% y-o-y; down 29.1% q-o-q), below our estimate of Rs. 1,183 crore, owing to higher-thanexpected other operating expenses (up 29% q-o-q) led by higher provisions. On operational front, net oil realisation stood at $61.8/bbl (down 4.9% y-o-y; down 7.4% q-o-q), in line with our estimate of $62/bbl. However, oil sales volumes...