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Yes Bank's (YES) Q1FY20 PAT at Rs 1.1bn beat our/consensus estimates on higher non-interest income a

uncertainty driven by the hostile acquisition process which we already saw in contraction of new deal wins. Mindtree also has a higher exposure to discretionary spending which have short durations and requires strong communication with the clients hence making people continuity more important. We believe managing people aspects & cultural integration is critical in any acquisition process. We expect 7.9% & 8.4% USD revenue & EPS CAGR for FY19E-FY21E respectively & value MTCL at 14x Mar-21 earnings to arrive at target price of Rs.755. Stock...

India's consumption demand remained subdued with continued decline in auto sales and non-oil-non-gold imports. Monsoon rains have improved lately. But the sowing activity is behind last year's levels and will impact rural incomes and demand. Services sector too has slowed down as government spending has moderated. Manufacturing activity remains muted as well. With fiscal prudence being the underlying theme of the Budget and government looking at overseas issuances, Indian yields are expected to come down further. A benign inflation...

Our interaction with the eClerx Services (ECLX) management suggests emerging margin stability post-Q1FY20 and easing operational stress, but we continue to see risks from poor offshore growth, low revenue productivity, structurally weaker margins and dim business visibility. Amid softer profit and return ratios, we now find ECLX's business aligned closer to that of BPOs we thus reset our multiple to 9x Jun'21E EPS (vs. 11.5x), in line with consensus valuations for BPO peer...

Banco Products ltd (BPIL) is a manufacturer of radiators and gaskets that have applications in automobiles, oil engines, compressors & locomotives. 80% of the revenue comes from the commercial vehicles (CV) Industry. Q4FY19 revenue grew by strong 27.6%, mainly due to higher contribution from the European subsidiary (Constitutes 60% of revenue) growing at 55%YoY respectively. Despite lower RM & Employee cost, EBITDA margin contracted by 740bps due to significant increase in other expenses....

Revenue target of Rs 250bn: CCRI has set itself an ambitious revenue target of Rs 250bn by FY25/FY26 (Rs 7bn in FY19), factoring in the paradigm shift expected post DFC commissioning and material revenue...

The zero cost EMI financing segment is witnessing strong competition with private banks entering the space aggressively. Though growth momentum remained strong for Bajaj Finance (41% in FY19), we believe growth and margin in this high yield segment can face headwinds, as current liquidity environment favours banks with rich CASA. Share of consumer business (low risk - high NIM) has been moderating from ~45% of AUM in FY17 to 39% of AUM in FY19, as the company tries to build portfolios of mortgage, SME, etc. Hence, margins seems difficult to sustain over 10% in the medium...

Weakness Continues to Persist: Performance continues to remain at the lower end despite improvement inRealizations: The topline for Q4FY19 stood at Rs.15640 Mn as against Rs.13978 Mn during Q4FY18, increased by 12% YoY basis, this was due to rise in cement prices during Feb 2019, by Rs. 50-60 per bag but cost pressure did not ease, the raw material cost raised by 17% YoY basis.

markets but lacks digital banking. Mobiquity will help HEXW to build digital banking solutions & Omni channel banking capability. Services offered by both companies are complementary to each other rather than competitive. We are estimating 18.7% USD revenue growth for HEXW which includes 24% growth in Mobiquity (USD47mn for 6.5 months) & organic growth of ~13% in CY19E & 18.5% USD revenue growth in CY20E. We cut our EBIT margins by 30bps/50bps for CY19/20E due to higher depreciation and slight lower margin business of Mobiquity. We expect lower other Income Led by USD130m...

Our interaction with AL's MHCV dealer in Gujarat indicates a fragile demand environment with over 20% drop in volumes in Apr-May'19. The volume decline should persist in Q2 due to a high base, surplus capacity with transporters, and lower transporter profitability. Volume growth is expected to gradually recover in H2FY20, driven by pre-buying before the BS6 transition. BS6 cost increases are expected to be in the range of Rs80,000150,000. After the transition, volumes are likely to decline steeply in H1FY21. to the implementation of the new axle-load norms and lower freight availability. In addition, blended discounts remain elevated at Rs450,000/unit. We expect earnings to slump at a 23% CAGR over FY19-21E. Maintain high-conviction...