Sell

estimates; however, sales were lower than expectations because of a higher-than-anticipated impact of restrictions in key cities towards the end of the quarter as well as a sequentially weaker mix. Commodity costs are on a rising trend and on-trade being impacted in 4Q...

We maintain SELL on the stock with a target of Rs 60/share(~0.25x FY23E ABV).

LICHF's Q3FY22 earnings growth was healthy, led by improving business momentum. Asset quality largely stood at similar levels QoQ (stage 3 lower by 10bps QoQ to 5.04% and increased by 236 bps YoY), the o/s restructured book stood at similar levels QoQ (Rs 70 bn; ~3% of total loan book). The individual home loan NPAs stood at 2.2% (flat QoQ), developer NPAs increased to ~27% vs ~24% in Q2FY22. We believe that asset quality is still not reassuring and we would closely monitor the movement in stage 3 assets...

DMart reported revenue growth of 22%YoY (below expectation) supported by recovery in footfalls along with strong store additions in recent quarters. The recovery momentum which was witnessed from Q4FY21 had slowed subsequently due to Covid 2nd wave. Now, the short-term demand outlook is again under pressure due to resurgence of Covid cases in recent months as the footfall will be dependent on local regulations. However, DMart's strong store additions will support future growth when the economy normalises. The recent QIP of Rs.4,098cr is supporting acceleration in store additions. DMart has added 17/29 stores in Q3/9MFY22 & 60 stores in last 2Yrs....

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's >20 years Consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of BAAP. SELL. Watch-out for DMart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.

kend closures in various states affected overall operations. The second quarter of the fiscal year is generally low on margins with no major festivals or any major consumption drivers and largely comprises of end of season liquidation. Moreover, there has been immense margin pressures on the product sourcing side due to spike in cotton yarn prices, with little signs of abetment. However, the company mitigated the same...

Uncertainty looms at RBL Bank with the RBI’s appointment of Additional Director on bank’s Board and the Board accepting Mr. Vishwavir Ahuja’s (MD & CEO) leave for six months. More so, after management highlighting that these developments are not in any manner a reflection on business fundamentals or strategy of the Bank.

Record PVC/EDC delta at $790/ton (Vs $654 / ton in Q2FY21 Vs $830 / ton in Q1) last quarter pretty much explains the momentous rise in PVC resin EBIT to Rs 230.59 crs compared to just Rs 99.10 crs in the same quarter a year ago, as external sales of resin rose by a n astonishing 41.6% to 13684 tons. With spreads at record highs, PVC resin spreads...

TPWR's ~70% run-up in two months stems from power demand growth, international coal price rally and possible renewables business IPO

JSW Energy’s (JSWEL) Board has approved the reorganisation of the company’s green and grey businesses. Its RE business (operational: 1,391MW hydro & 10MW solar; under construction: 240MW hydro & 2,218MW of solar + wind) will be housed under a new wholly-owned subsidiary – JSW Neo Energy. The thermal business (3,158MW) will continue to be part of JSWEL.