Brokerage Research Reports share price target

Sumitomo reported better than expected set of results. Margin expansion of 276 bps YoY was driven by gross margin expansion and integration benefits. Adjusted PAT grew from Rs 16 mn last year to Rs 241 mn in Q4FY20. Working capital days @ 143 (same as FY19) was disappointing. We expect growth momentum to continue in FY21 as well with new launches, cross selling opportunities and turnaround in the domestic agchem industry. Cost control measures and operating leverage will drive 256 bps margin expansion over...

Volumes grew for auto replacement and industrial segment however auto OEM and telecom looked weak in 4QFY20. EXID's 4QFY20 results were in-line at EBITDA/PAT while revenues stayed low at Rs20.6bn (PLe Rs22.5b, ~20.9% YoY). The weak volumes in auto OEM was partially offset by continued growth in auto replacement and other industrial segment. We believe stronger growth in replacement segment (~65% of industry) post ease of lockdown coupled with recovery of industrial battery...

NWC raised to 23.7% (as % of sales) compared to 18.1% in FY19 due to payment delay from public segment and advance payment to vendors. L&T; reported a decent set of numbers higher than our estimates as well as the street estimates, amidst pandemic. Consolidated revenue for the quarter was up 2% YoY largely led by growth in Hydrocarbon (15% YoY), IT & technology services (69% YoY) and Financial Services (6% YoY). Also, order...

Moratorium for bank has been opted by 22% of customers SBI's earnings of Rs35.8bn beats our estimate (PLe: Rs20.2bn) on the back of strong other income as fee income held up & better recovery from w. off a/c. Although, NII disappointed with flattish growth despite PLe being lower than consensus which was led by interest reversals (for three years) from Agri, slower loan growth and strong liabilities volume despite lowering...

Moody's Downgrades India's Rating: On June 1, Moody's downgraded India's sovereign credit rating from Baa2 to Baa3 with negative outlook.

for agriculture infrastructure projects at farm gate and ndian Agricultural sector is the basic sector of the economy (agri-inputs) which is considered as essen- aggregation points. This is expected to provide impetus for development of farm-gate and aggregation points tial category and thus disruption is low comparatively to other sectors in the lockdown period amidst and in the process make the post-harvest management infrastructure financially viable. With agriculture being COVID-19 pandemic. The entire country came in the grip shielded from COVID impact to a great extent, the...