Brokerage Research Reports share price target

Cement Beats estimate on better realisations, lower costs Consumer Rural leads, urban demand recovery from 2H likely Consumer Durable Demand recovery beyond expectations IT Services Exponential uptick in technology transformation Infra Strong execution on Improving labour availability Life Insurance Growing in right areas...

Uptick Amidst Underlying Fragilities

IPM grew by 4% YoY in Aug-Oct after second consecutive growth month. Oct-20 data points indicate that IPM growth could be back at pre-COVID level as 1) IPM witnessed second consecutive month of strong growth, for the first...

(MVML), which is a manufacturing unit of M&M.; Total Income in Q2 September 2020 stood at Rs 23566.75 crore, down by 1.53% from Rs 23935.53 crore in Q2 September 2019. M&M;'s profit before tax in Q2 September 2020 stood at...

Mold-tek packaging's (MPL) Q2FY21 result was ahead our and consensus estimates on all parameters. After a sharp decline in sales volume in Q1FY21, the company has rebounded to its earlier growth trajectory. Healthy demand from paints/lubricants/ Food and FMCG led to net sales growth, while prudent cost control and higher share of Food and FMCG in total sales aided EBITDA margin improvement. Net sales increased by 4% YoY to Rs1,191mn, while EBITDA came in at Rs258mn, higher by 27% YoY. The company reported net profit of Rs135mn, growth of 29% over Q2FY20. Our interaction with the management suggests that demand traction to continue in H2FY21E, unless...

Tractor buoyancy key to topline, bottomline prospects Automotive performance may be on the mend Automotive segment performance remains below-par, as evidenced by the slide in market share of traditional stronghold i.e. UV (Q2FY21 market share at 15% vs. 19% in FY20). Supply side constraints have played a part in reduced market share, with inventory levels low at present. The performance, going forward, is set to improve amid a strong response to the new Thar (>20,000 bookings as on date) as well as M&M; looking to build...

We expect VIP's loss to widen in FY21E to Rs1.2bn (earlier estimate of Rs0.9bn) as next 6 months post-COVID continue to remain challenging. However, we increase our EPS estimates by 15.6%/15.5% for FY22E/FY23E respectively and upgrade the stock to ACCUMULATE as we bake in the benefits of cost reduction program (targeted savings of ~Rs1.8bn in FY21E; 50% is sustainable in nature) and re-align our borrowing forecast resulting in lower interest liability. While management commentary did not incite confidence of immediate recovery green-shoots are evident given 1) pick-up...