Sell

Wipro (WPRO) delivered an upbeat QoQ performance in Q3FY21 with 3.4% CC revenue growth, ahead of our estimate of 2.7%.

Enhanced ethanol sales to support profitability

We downgrade our rating to Sell from Hold with a revised target price of Rs 4,140 (4.8x FY23E ABV).

eClerx (ECLX) has acquired Personiv an IT services firm with capabilities in the digital, back office and customer contact domains for a cash consideration of US$ 34mn.

Domestic auto industry volumes have been on a steady mend in the months post lifting of lockdown restrictions. Manufacturing and distribution activities have been getting ramped up gradually since June 2020, in step with the rest of the economy. However, the impact of the pandemic on the supply chain continues to inhibit a complete return to production normalcy. Nevertheless, most automotive industry segments have reported successive improvement in offtake throughout June-November 2020 (Exhibit 1) on the back of (i) initial bounce provided by pent-up aspect,...

Having aggressively penetrated the OEM segment, TVS Srichakra (TVSS) now intends to focus on the aftermarket through an elaborate brand building exercise.

A changing business model - BATA in the process of re inventing itself: BATA over the last few years has focused on higher value products and re-inventing itself to cater to the younger and urban population with the aggressive addition of stores and the introduction of red collection and increased focus on women footwear.

We present key takeaways from our recent interaction with the V-Mart Retail management (VMART).

MRF Tyres (MRF) has rallied ~30% in the last three months and is currently trading at 25x Sep'22E EPS.

Background: Gabriel India Ltd.(GIL) is the flagship company of Anand Group, offering the widest range of ride control products including shock absorbers, struts, and front forks. The Company commenced operations in 1961, with a single plant in Mulund, Mumbai and has grown manifold, currently it has nine manufacturing facilities spread across the country with strong 500 dealer network and 10,000 retail outlets. The company has strong R&D; capabilities with over 43 patents in products and...