Brokerage Research Reports share price target

Gujarat State Petronet's (GUJS) Q1FY20 EBITDA was in line at Rs 3.5bn (14% YoY).

State Bank of India is India's largest bank. The bank operates 21,959 branches globally and has a vast network of 58,599 ATMs/CDMs. It provides a wide range of financial services, such as insurance, credit cards and asset...

COVID is expected to be weak resulting in a prolonged demand slump. Further, as envisaged discounting is already evident and competitive intensity is likely to remain at elevated levels. While VIP has managed to cut...

Despite recent setbacks, we expect the Indian tyre industry to grow at a 7% CAGR to ~Rs 720bn during FY20-FY23.

Power distribution companies' (discoms) pending dues to power generation companies (gencos) shot up 66% yoy (5% mom) to Rs1.20tn as of June'20. Total outstanding stood at Rs1.31tn (+66% yoy/+5% mom) - close to its Nov'15 peak of Rs1.35tn. Discoms in key states Rajasthan, Tamil Nadu, Uttar Pradesh, Maharashtra, Telangana, Karnataka, and J&K; account for 82% of the total overdues to gencos. Discoms' financial health has deteriorated during the lockdown due to a steep fall in power offtake across the C&I; segment. However, while the collection efficiency initially fell sharply to 25-35% in April-May'20, it showed a marked improvement in June, rising to 55%....

improved Net Interest Margin (NIM) on sequential basis to 3.01% helping Net Interest Income (NII) growth to accelerate in Q1FY2021. Bank has improved business growth at 12% along with rise in credit deposit ratio to 69.8% at end June 2020. Bank has also improved the CASA deposits ratio to 45.3% at end June 2020. Asset quality improves sharply: Bank has improved the asset quality on sequential as well as year-on-year basis in Q1FY2021. Fresh slippages of advances dipped to Rs 3637 crore (annualized 0.6% of advances in Q1FY2021) compared with Rs 8105 crore (2.2%) in the previous quarter....

July 2020 was the second consecutive month of robust sequential improvement in the auto space, as further relaxations post lockdown, pent up demand and channel restocking by OEMs led to a healthy showing in all segments (bar 3-W). The tractor industry continued to perform ahead of other segments, with key players posting positive YoY growth for July. Among 2-W, market leader Hero MotoCorp outperformed as YoY decline was limited to 4%, with total volumes at 5.1 lakh units. Bajaj Auto's volumes declined 26% YoY to 2.4 lakh units (domestic decline at 10.8%). Royal...

Key Pointers: yyOn a year-on-year (y-o-y) basis, non-food bank credit growth at 6.7 per cent in June 2020 was nearly the same as in May 2020 but lower than the growth of 11.1 per cent in June 2019. This was due to subdued economic activity because of mini lockdowns and risk aversion at banks.

Q1FY21 Revenue & PAT declined by 42%YoY & 93% YoY, on account of lockdown. Gross margins fell by 330bps YoY due to weak product mix. While EBITDA fell by 87% YoY and margins by 790bps YoY to 2.2%, on account of weak operating environment. Focus on Non-South market, new product launches and expanding retail chains will drive growth going forward. We expect localized lockdown to impact near term earnings. However, we can expect gradual improvement in earnings from H2FY21E as economy fully opens-up....