Brokerage Research Reports share price target

On the industry front, economic data is showing mixed signals as states continue to impose their mini lockdowns.

Quick Research Note

After steep hike in April and May, prices in AP/Telangana fell by Rs15/bag MoM South due to usual increase in competition. (Rs/bag) Prices in Trivandraum fell by Rs5/bag MoM w hile prices in Chennai inched up...

With strong bid pipeline of over Rs100bn, management expects healthy order inflows of ~Rs40bn (L1 in Rs11.5bn) in FY21. JKIL reported decent set of numbers with revenues coming above our & street estimates despite Covid-19 pandemic and low labour availability. The...

Background: TTKPT broadly operates under 3 major segments - Pressure Cooker & Pans, Non-stick Cookware and Kitchen Electric Appliances. TTKPT enjoys high brand recall and they spend ~7.2% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. TTKPT has a market share of ~60% in the outer-lid pressure cooker, ~15% in inner-lid pressure cooker within the organized market and in Induction cook-top space they enjoy a market share of about ~25%. 80% of sales are from products introduced in the last 3 years. TTKPT has network of 65,000...

Background: Kajaria Ceramics the largest tile manufacturer in India, with a 73 msm annual capacity (28.10MSM Ceramic tiles, 44.9MSM Vetrified tiles) spread across eight plants; three plants in Morbi, Gujarat with cumulative capacity of 15.9 MSM, one each in Sikandrabad - UP (8.4MSM), Vijayawada - AP (2.9 MSM) and Sri Kalahasti - AP (5 MSM), Malootana Rajasthan (6.5 MSM) and Gailpur - Rajasthan (34.3 MSM). Kajaria has a strong distribution network of 1,400 dealers, 5,000 sales points across the country and 34 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded...

Indian Bank reported its first quarter of merged numbers with Allahabad Bank. The amalgamation of the bank came into effect on April 1, 2020. The bank reported a steady performance on business growth but higher provisioning arrested PAT growth. Provisioning for the quarter was elevated at | 2139 crore, up 18.6% YoY mainly on the back of 100% provisions for two fraud accounts at | 1133 crore. The bank provided | 112 crore for Covid-19 in the quarter. Total Covid provisions held as on June 2020 were at | 632 crore (~17 bps of advances)....

Efforts to be more efficient to get visible from FY22E onwards FY21 has brought in new challenges to operate in the pandemic environment. In the first full quarter of lockdown, most of EIH's properties remained closed. Also, currently it is doing business of only 15-18% of its normal run rate. While there is uncertainty on the recovery, which is solely dependent on the launch of vaccine, the company has initiated major steps to bring down costs and come out stronger and more efficient once normalcy resumes. During the quarter, the company managed to reduce...

Execution of recently awarded projects (comprising 48% of order book) likely to commence from 3QFY21E indicating a strong 2HFY21 performance. HGInfra posted good quarterly performance with better than anticipated execution despite challenging working environment and low labour...