Sell

eClerx (ECLX) reported a margin beat for Q2FY20 (EBIT margin at 16.9%), albeit backed largely by marketing cuts, while dollar revenue was a miss (1.6% QoQ).

Revenues and margins lower than expectation: Lupin s revenues increased by 10 percent YoY to Rs 42.9 bn in Q2FY20 lower than our estimates of Rs 45.4

Sun Pharma (SUNP) delivered a 10% EBITDA beat largely driven by lower R&D; (6% of sales vs. 8-9% guided).

Magma Fincorp was incorporated in 1988 and began by offering vehicle and equipment financing solutions to individuals and small businesses in India. It later included CV, tractor finance, SME loans as well as insurance. As on Q1FY20, it has an AUM of | 17312 crore across auto, agriculture, SME &...

Divis Lab s Net revenues increased by 9.2 percent YoY to Rs 14.45 bn, which ishigher than our estimates.

Tech Mahindra reported better than expected Q2FY20 operating performance led by beat on both revenues and operating margins.

In Q2FY20 Tata Motors Limited (TML) posted consolidated revenue of Rs. 65,432 cr (down 9.2% YoY) on continued weaker sales volume. TML standalone revenue dropped by 44% YoY while revenue from Jaguar Land Rover (JLR) recorded decent growth of 7% YoY. Retail sales in china was the main driver of growth for JLR as it increased 24.3% YoY...

Q2FY20 consolidated revenue declined 6% yoy to Rs39.9bn (est.: Rs40.1bn), while earnings fell steeply by 55% yoy to Rs831mn (est.: Rs1.2bn). Earnings were below estimates due to lower other income and higher depreciation. The recovery in revenue is expected to be gradual due to the weakness in the domestic...

margin declined 340bps QoQ due to higher SGA costs. Management maintained that core SGA costs remained lower while the growth in Q2FY20was due to payment on litigation costs. PBT declined by 8% QoQ as trickled down effect of higher SGA costs while PAT decreased by 15% QoQ due to exceptional and extra-ordinary expenditures. Taro guided for exploring opportunities to enhance growth which includes launch more OTC drugs and expand more in other geographies (non-US...

Mangalam Drugs & Organics (Mangalam) is one of the largest and most preferred API suppliers for anti-malarial drug manufacturing companies in India and abroad. It is one of the five companies globally to qualify under the Bill Clinton Foundation for supply of anti-malarial drugs. The company's APIs are largely supplied to companies, which participate in WHO tenders and are funded by various global agencies like Clinton Foundation, Gates...