Brokerage Research Reports share price target

We hosted auto component body ACMA, 5 listed companies and a leading tyre dealer in our Auto Ancillaries conference represented by senior management. Participants sounded optimistic on 1) sustenance of strong demand recovery continuing in 4QFY21 and 1HFY22, 2) benefits of cost cutting measures taken in 1HFY21 that will result in strong margin delivery along with improved utilizations in 2HFY21, 3) no sales impact due to second covid wave in key markets like Europe and US. Component suppliers to CV segment sounded confident on continued volume recovery. Motherson,...

to report double-digit growth on back of COVID led products, 2) US QoQ growth to be company specific with selective products driving growth while specialty products sales to be better and also reached pre-COVID levels, 3)...

Hindi movies was relatively muted leading to a 98.5% YoY decline in NBOC's to be higher amid rise in operating expenses post re-opening with no corresponding revenue accretion. We thus, expect PVR and Inox to report Ind-AS adjusted...

We hosted auto component body ACMA, 5 listed companies and a leading tyre dealer in our Auto Ancillaries conference represented by senior management. Participants sounded optimistic on 1) sustenance of strong demand recovery continuing in 4QFY21 and 1HFY22, 2) benefits of cost cutting measures taken in 1HFY21 that will result in strong margin delivery along with improved utilizations in 2HFY21, 3) no sales impact due to second covid wave in key markets like Europe and US. Component suppliers to CV segment sounded confident on continued volume recovery. Motherson,...

Downstream: We expect OMCs to report weak Q3 given lower inventory gains and muted refining profits. Benchmark refining margins for Q3 were at US$1.2/bbl vs USD0.0/bbl in Q2. Gasoline and diesel spreads have been largely flat QoQ. With crude prices improving to USD50/bbl for Q3 end, we expect inventory gains of Rs59bn for Q3....

We expect a strong execution in Q3FY21 vs H1FY21 for our infra coverage universe with average revenue expected to grow by ~5.3% YoY vs decline of 17%/ 44% in Q2/Q1FY21. We expect EBITDA margins to sequentially show sharp recovery as operating leverage kicks in. Adjusted PAT is expected to rise by an...

Most companies to record growth in 3QFY21 3QFY21 performance is likely to show signs of recovery led by sustained rural demand and gradual pickup in urban demand post unlock and normalization of supply chain. We believe that margins for select players will start correcting QoQ given rising commodity costs and comeback of ad spends, marketing and Apart from Titan and ITC(Cigarettes), we expect volume growth across all companies. Due to improvement in consumer sentiment and declining covid cases,...

Among discretionary categories, Titan's jewellery division saw fastest recovery with the division reporting ~15% YoY sales growth in the quarter. The quality of growth is superior given it is driven by a revival in studded jewellery (though lower than previous year levels) and healthy traction in wedding jewellery. Recovery rate for watches & wearable division reached 88% in Q3FY21E (up from 55% in Q2FY21). We expect Titan to report overall sales growth of 15% YoY in Q3FY21E (including gold bullion sale worth | 334 crore). For Avenue Supermarts, its core food & FMCG' segment...

Q3 ended on a strong note for the logistics sector, with growth returning to its fold. Each month (October, November, and December) saw continued momentum due to normalisation of the economy and festivities generated demand. While the vaccine related movement is yet to be strategised by companies (the management expects further clarity from the Government of India via the tender process towards mid-January), other core segments such as auto, pharma, e-commerce, MSMEs saw a good pick-up in demand. The warehousing segment also saw innovative application (by Mahindra...