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Bharat Petroleum Corporation Ltd (BPCL) is one of India's leading oil & gas companies. It operates refineries located in Kochi, Mumbai, Bina and Numaligarh. The company's marketing infrastructure consists of...

We attended Tech Mahindra's (TECHM) recent analyst meet and present the key takeaways.

Supreme Court of India passed an order in favor of the DoT on a long pending industry-wide case of the definition of Adjusted Gross Revenue (AGR). On November 20th, a two-year moratorium was announced on the...

without the adjustment, operating loss would have been to the tune of Rs 7.87 crs/$1.1m (vs loss of Rs 3.86 crs/$0.6m in Q2FY19). Higher depreciation expense and finance cost due to lease rental adjustment dented PBT (loss of Rs 22.88 crs/$3.3m vs loss of Rs 9.68 crs/$1.4m...

Currently, the demand scenario in Andhra Pradesh is sluggish due to cancellation of several projects by the newly elected government. This, combined with sand availability and monsoon seasonality, led to a slump in construction activities in the state. Lower cement offtake in the first half of FY20 is attributable to these reasons. Demand recovery in the region is expected from late FY20 or FY21 once the cancelled projects are reallocated. With Deccan Cements having major exposure to the state, the current scenario would act as headwind for growth in the near term....

During FY16-19, the company's rupee revenue has grown at a healthy 25.2% CAGR. Acquisition of TaisTech got consolidated in FY18 for full year. However, in the near term (H1FY20), deferral of projects and delay in deal closures due to Brexit in UK had led to weak H1. Owing to major proportion of revenues coming from UK geography and government, we expect FY20E to report a revenue decline. The weakness would flow down to EBIT margin and profitability front. Though improving sentiments in UK government business, rising proportion in US business along with cost optimisation...

Better monsoon, government boost in real estate sector & recent fall in crude oil price expected to provide volume growth to the Industry. However, considering the rich valuations, we maintain our REDUCE...

The company has a total processing capacity of 35,000 MT per annum, having one of the largest capacity in India (20,000 MT) and Vietnam (10,000 MT). CCL Products' soluble instant coffee manufacturing plant is located in Duggirala Mandal, Guntur District, Andhra Pradesh, India (capacity of 20,000 MT per annum). CCL has set up a freeze dried instant coffee (a premium category of coffee) greenfield plant with capacity of 5,000 tonnes in Chittoor,...

GST has a history of rewarding its shareholdings through generous dividend payouts and b/s permitted buy-backs. FY17-19, average dividend payout was at ~38% with absolute dividend at | 9/share (~3% dividend yield). We expect generous dividend payouts to continue, going forward as well. Even in the recent past, GST has concluded a buyback wherein the company has successfully bought 9 lakh shares (~6.5% of outstanding share capital) at a price of | 550/share through tender offer route on the stock exchanges....