Brokerage Research Reports share price target

Better overseas plant utilisation limits overall revenue fall Better plant utilisation in overseas subsidiary (~56% vs. 38% in India) helped limit consolidated revenue fall at 45% in Q1FY21. Post ease in lockdown restrictions in India, while demand of other products saw a recovery, piping segment demand stayed sluggish due to lower government spending amid lockdown. We expect a continued demand recovery in domestic and...

build efficient supply chains and ensure better prices ovid-19 has brought a strategic shift in the for farmers as well as for consumers. The agriculture mindset of the policymakers as well as sector has long been at the mercy of the government corporate honchos and to look more towards from determining the cost of agri-inputs to output. Such rural India and hence rural markets, a rare...

Arvind Limited's (Arvind) Q1FY2021 performance was impacted by the lockdown in April. The company's revenue declined by 68.4% y-o-y to Rs. 599.3 crore, lower than our expectation of Rs. 728 crore, largely impacted by almost negligible sales in April. Gross margin expanded by 244 bps to 52.1% owing to improving mix. The company reported an operating loss of Rs. 28.9 crore (better than our expectation of loss of Rs. 72.6 crore) as against profit of Rs. 154.4 crore affected by significant reduction in fixed costs. Advanced material monthly revenue has fully recovered to preCOVID levels. The denim segment has good recovery in performance with...

After nearly six months of shutdown, movie halls in India were denied permission to reopen in September under the new Unlock 4.0 guidelines issued by the Ministry of Home Affairs (MHA) on 29 August.

acquisition valued at Rs245bn will increase grocery business sales by ~40% to scale up its JIO Mart business meaningfully. Future Group shareholders will get shares in FEL (Future Enterprises), however we believe that huge equity dilution (12.26bn shares) post scheme of arrangement will result in significant pressure on stock price given that FEL had just Rs4.3bn EBIDTA in FY20 (post arrangement basis). Our target price on Reliance post factoring in expected gains from this acquisition increase from Rs2170 to Rs2234 (SOTP based). We retain BUY on Reliance Industries. Although we don't rule...

2Ws - demand reached 85-90% of the normal level. However, scooters are yet to pick up as retails are currently at 75-80% of the normal level. With ease in of lockdown restrictions and positive sentiments, RE retails also picked up...

Significant NIM expansion and lower opex drove a small beat over our higherthanstreet PPOP estimate. PrecautionarycovidrelatedprovisionsofRs360mn(totalat...

Valuation: Major beneficiary, limited competition: We expect BEL to deliver strong performance in the coming years given its robust order book, major beneficiary from increasing emphasis on indigenisation, and limited competition. BEL remains our preferred pick in the defence sector on account of its strong manufacturing and R&D; base, good cost control, growing indigenisation, and strong balance sheet with improving return ratios. We have introduced FY2023E numbers in this note. At the CMP, the stock is trading at a reasonable valuation of 16.1x/15.0x/13.4x its FY2021E/FY2022E/...