Brokerage Research Reports share price target

The Ministry of Road Transport & Highways (MoRTH), vide its notification on January 25, 2021 has proposed to introduce a green tax on transport vehicles (buses, taxis, trucks) older than eight years in the range of 10-25% of the applicable road tax. For personal vehicles, green tax is proposed for vehicles older than 15 years (rates not specified yet). This green tax could be higher (50% of road tax) for vehicles in highly polluted cities. Approval for the proposal is now pending with state governments given road tax is a state subject, post which it is expected to be notified in...

micro finance (12% of overall mix) segments. Improving collections (90%+), fee income pick-up (12%QOQ in Q3) and cost efficiencies should aid offsetting select segments stress and somber NIMs (the liability re-pricing benefits stand already behind). As return profile promisingly surpasses 10% mark and poised for 12-13% range over FY22-23E, we tweak the book value...

PVR's Ind-AS adjusted EBITDA loss of Rs1,268mn (excluding other income) was broadly in-line with our estimate of Rs1,296mn as rigorous cost cutting initiatives resulted in fixed opex burn of Rs527mn per month in 3QFY21. Given prevailing occupancy caps & dearth of fresh content we expect next quarter to be more or less a replica of 3QFY21 where the focus will be on cost management/liquidity. Consequently, we expect Ind-AS adjusted EBITDA loss of Rs4.3bn in FY21E. However, we expect normalcy to resume from FY22 onwards amid strong content pipe-line (pent-up demand due to bunching up...

Indian economy seems poised on much higher growth trajectory in the coming few years. We believe long term trends are emerging in Infra, Housing, IT Services, Pharma, Chemicals, BFSI, Agri and Ecom which will create a virtuous cycle of growth. We believe pick up in these labor intensive segments will generate employment and boost demand in the economy. Market has become much more broad based with participation of most sectors. we believe Ecom, Electric Vehicles, OTT, Green energy, make in India and Financialisation will be key market drivers in the coming decade. We remain overweight on Banks, Consumer, IT, Auto and...

Indian economy seems poised on much higher growth trajectory in the coming few years. We believe long term trends are emerging in Infra, Housing, IT Services, Pharma, Chemicals, BFSI, Agri and Ecom which will create a virtuous cycle of growth. We believe pick up in these labor intensive segments will generate employment and boost demand in the economy. Market has become much more broad based with participation of most sectors. we believe Ecom, Electric Vehicles, OTT, Green energy, make in India and Financialisation will be key market drivers in the coming decade. We remain overweight on Banks, Consumer, IT, Auto and...

Our interaction with cement dealers suggests that average cement price has decreased by ~1% MoM in Jan-21. Price decrease is seen in North/West/East by 2-3% MoM, Central is at -1% and South at +3% MoM. And cost has moved up, in Jan-21 imported coal price (adjusted for exchange rate) is up 26% MoM. But still, average coal price is down 16% in YTDFY21 vs. FY20. But we need to watch for the trend as coal cost has moved up in the last 4 months. All India cement production in Nov-20 has decreased by 7% YoY vs +3% YoY increase in Oct-20. Decline in Nov-20 is led by festivities leading to slow pickup in construction activity and...