Brokerage Research Reports share price target

State Bank of India (SBI) has delivered a strong result on operating and assets quality front. Moreover, reported gross slippages stood minuscule at 2.8bn v/s 30.8bn in the previous quarter. 9MFY21, pro-forma slippages stood at 164.6bn. It reported GNPA (4.77% v/s 5.28% in 2QFY21) and NNPA (1.23% v/s 1.59% in 2QFY21) declined substantially along with higher PCR (incl. AUCA) of 90.2%. The Pro-forma GNPA/NNPA ratio declined sequentially to 5.44%/1.81% v/s 5.88%/2.08% in the previous quarter. The bank has witnessed stable net advances (7.6% YoY & 3.2% QoQ) and strong deposit growth (13.6% YoY & 1.9% QoQ) sequentially with better liquidity position (LCR of 140% +). Moreover the bank has reported PAT of 52bn (v/s 45.7bn in 2QFY21) on back of steady...

Currently, deal pipeline is healthy across verticals and tech spends are expected to strengthen in CY21. We believe there is lot of demand coming from enhancing customer experience (more focus towards B2C business), workplace management & core transformation. We continue to remain positive on the Indian IT Sector as we believe sector will continue to trade at higher multiples which is well supported by 1) improving visibility (strong deal wins, faster ramp up), 2) continued strong revenue momentum, 3) positive risk to margin estimates, 4) improving FCF and 5) improving demand...

Currently, deal pipeline is healthy across verticals and tech spends are expected to strengthen in CY21. We believe there is lot of demand coming from enhancing customer experience (more focus towards B2C business), workplace management & core transformation. We continue to remain positive on the Indian IT Sector as we believe sector will continue to trade at higher multiples which is well supported by 1) improving visibility (strong deal wins, faster ramp up), 2) continued strong revenue momentum, 3) positive risk to margin estimates, 4) improving FCF and 5) improving demand...

Raise BV by 22%/30% in FY22/FY23 on lower slippages & credit cost SBI reported strong earnings of Rs51.9bn (PLe: 42.9bn) a fair beat of 21% for our estimates led by slightly lower provisions and good operating performance. Bank showcased strong performance on asset quality with Proforma slippages in the quarter on net basis at Rs20.7bn (on gross basis Rs7080bn) and restructured book at 0.9% of loans (guidance was <1% in Q2FY21)....

Transport Corp's (TRPC) Q3FY21 print beat estimates on all fronts.

Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity expansion;...

Cost efficiency to improve further; maintain BUY! During Q3FY21, JK Lakshmi managed to sustain its margins on a YoY basis despite an increase in costs leading to a better-than-expected performance for Q3FY21. Revenue in Q3 grew 18.7% YoY to | 1192.8 crore (vs I-direct estimate: | 1121.3 crore). Plant utilisation was at 92% led by improved sales volumes that were up 15.7% YoY to 2.7 MT (vs. I-direct estimate: 2.6 MT). Realisations were also up 2.6% YoY to | 4,426/tonne (vs. I-direct estimate: | 4,356/t). This led to a margin expansion of 97 bps YoY to 16.1% (in line...

Among PVs, bellwether MSIL's volumes rose modestly by 3.6% YoY to 1.57 lakh units on the back of sharp 45% YoY jump in UVs while bread & butter mini and compact, small car portfolio, declined 7.4% YoY. Tata Motors remained a thorough outlier, posting 93.2% YoY rise to 27,050 units (YTD volumes now up ~45%). M&M; continued to flag semiconductor shortage concerns, with volumes up 4.2% YoY to 20,634 units. CV segment stayed on the path to recovery. M&HCV; truck volumes at Tata Motors and Ashok Leyland were up ~22% and ~29% YoY, respectively....