Brokerage Research Reports share price target

In the PV space, market leader Maruti Suzuki (MSIL) lagged peers and reported flattish performance MoM at 1.5 lakh units with adverse product mix (decline in share of UV's in the sales mix). M&M's volumes increased 12.7% to 19,964 units while Tata Motors' growth was at 15.5% to 40,942 units (EV sales up 28% MoM to 2,892 units). In the CV segment, market leader Tata Motors (TML) reported volumes of 35,268 units, up 3.3% MoM. Ashok Leyland posted 11.4% increase to 13,939 units while M&M posted 32.5% growth MoM at 21,111 units. VECV volumes...

Going forward, we expect replacement demand (~65% of industry) to further improve with pickup in economic activity. However, we see increasing commodity cost to put pressure on margins, partly offset by operating leverage and cost control measures. We believe that Exide's recent...

Background: AU SFB, initially incorporated as a vehicle finance company in 1996, was transformed into a Small Finance Bank in April 2017. The bank has presence in 15 states and 2 union territories, with 880 branches, 496 ATMs, 31 asset centers and ~6,59,904 loan accounts. The bank offers a comprehensive and tailor made range of products (both asset and liability) and services to cater to the needs of various businessmen (SME and MSME) and other middle and low...

On the right track, Retain BUY

See-Saw Ride

CANF's PAT declined 6% QoQ/12% YoY to INR1.16b (9% miss) in 3QFY22. Despite an in-line PPOP of INR1.72b (up 6% QoQ/down 4% YoY), the PAT miss was led by higher-than-estimated credit costs of ~27bp (v/s 3bp YoY). GNPA/NNPA decreased 7bp/8bp QoQ to 0.71%/0.39%, respectively, with PCR increasing ~5% QoQ to ~45%. Credit costs stood at INR164m in 3QFY22. This was primarily attributable to standard provisions on loans disbursed in 3Q and the remainder on increasing coverage of ageing NPA loans. CANF is our favored play among small housing financiers, given that it has...

Due to continued strong margin performance and expected recovery of SCM segment in medium term, we change our stance from HOLD to BUY Target Price and Valuation: We value the stock at | 860 (SOTP). Key triggers for future price performance: TCI multimodal solutions caters to...

We cut our FY22 earnings largely on the back of weak 3Q paint volumes, however increase FY23/24 earnings by 1.4%/2.7% on the back of 1) sustained improvement in EBITDA/Kg led by better mix 2) pick up in Pumps Demand...

spike stands imminent ahead due to daily stamping of NPAs and focus requiring to shift to 60-90dpd resolution. While Management did provide Stage 2 composition for rural (6.1%) & retail (5.6%), a clear assessment of asset quality picture stands difficult due to lack of Stage 2 disclosures. Factoring higher disbursements translating into better yields/NII but the same getting offset by increasing costs pressures lead to negligible change in our...