Brokerage Research Reports share price target

Outlook and Valuation: We upgrade our revenue estimates for FY21E / FY22E by 10% / 10.1% to Rs. 66.3 Bn / Rs. 79.7 Bn due to upgrade in Customs Synthesis, Generics business and Nutraceuticals.

Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity expansion;...

At 92.6, DXY touched a 3-year low. Ever since Trump got into power in 2016

Tata Consumer Products (previously known as Tata Global Beverages Limited -TGBL) is an Indian multinational non-alcoholic beverages company and a subsidiary of Tata group TGBL markets under the major brands like...

In Q1FY21, revenue de-grew by 56.5% YoY on the back of lower sales volumes amidst the lockdown. Consumer & Bazaar segment is showing signs of recovery driven by rural and semi-urban demand. Whereas,...

Order book stands strong at Rs103.9bn (excluding Rs43.6bn MHADA orders) translating into an order-book-to-sales ratio of 6.9x FY20 revenues. CAPACITE reported a washout quarter with revenues falling over 94% YoY led by nationwide lockdown and severe impact of Covid-19 pandemic in MMR...

At 92.6, DXY touched a 3-year low. Ever since Trump got into power in 2016

Indicated scouting of a partner for its EV business as an addional catalyst. We upgrde M&M; to BUY (v/s Hold) led by increasing focus on capital allocation, plans for loss-making subsidiaries (exit or turnaround) and preference to rural exposure. Its emhasis placed on the core intensifies with active search of partner for Sangyong, no bid for truck supply contract in US (under MANA), GenZ exit. We believe these are initial steps to fix ROEs with likely more consolidation. Furthermore, FES segment has strong outlook led...

Sumitomo Chemical reported revenue growth of 3.6% YoY to | 647.7 crore, largely impacted by lockdown leading to a fall in production volumes and thereby sales. The agrochemical segment posted growth of 5.2% YoY to | 615.3 crore while non-agrochemical segment fell 20% YoY to | 32.4 crore. Better gross margins (+224bps YoY) due to a change in product mix and hike in few crop protection chemical prices along with lower other cost resulted into OPM expansion by 477 bps YoY to 18.3% leading to EBITDA growth of 40% YoY to | 119 crore. PAT remained at | 79.4 crore (+47%...