Brokerage Research Reports share price target

Our interaction with leading 2-W companies suggests the decision could lead to lowering of prices at the consumer level provided the cut is implemented for the entire 2-W ecosystem (i.e. including components and materials) and not just the final product produced by OEMs. Lowering of tax on final product without a corresponding reduction in components used to manufacture it (i.e. inverted duty structure) would not really benefit end consumers. If the change is made applicable for the entire 2-W value chain, however, there would be a reduction in final prices by ~8% (on ceteris...

Strong underlying demand aided +20% growth in domestic business for many agrochemical companies (India business growth- BYRCS- 29%, DAGRI- 70%, PI- 49%, UPL- 27%). The aggregate industry topline growth for our coverage universe @ 13.6% YoY ex-off UPL (incl UPL @ 5.3% growth) was dragged by GOAGRO (-8%), SUMICHEM (+4%) and RALI (+6%). Healthy growth...

Q1FY21 (April-June) Corporate India results were expected to be a washout courtesy nationwide lockdown due to Covid-19 in April, gradual easing of restrictions starting MayJune. At the index level, however, excluding banks & NBFCs and a couple of commodity players that are yet to announce quarterly results; topline fall was limited to 33% YoY. This represents resilience of India Inc. in challenging times with key sectors like IT actually growing YoY and arresting the topline decline. With bulk of people working from home and increased reliance...

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...