Edelweiss

30.12.2021 - Edelweiss On Techm Mahindra Maintain Tactical buy Target Rs.2050

Posted by

Investec

07.02.2022 - Investec on Tatasteel Maintain Buy CMP 1184.95 Target 2000
02.02.2022 - INVESTEC on ITC Maintain Buy CMP 231 Target 258
31.12.2021 - Investec on BSE Downgrade to Sell, TP Rs 1720 
30.12.2021 - Investec On BSE Downgrade Sell Target Rs.1720
30.12.2021 - Investec On BSE Downgrade Sell from Hold CMP 1959.15 Target Rs.1720

Posted by

BSE

31.12.2021 - Investec on BSE Downgrade to Sell, TP Rs 1720 
30.12.2021 - Investec On BSE Downgrade Sell Target Rs.1720
30.12.2021 - Investec On BSE Downgrade Sell from Hold CMP 1959.15 Target Rs.1720

Posted by

Can Fin Homes

 30.12.2021 - Antique on Can Fin Homes - Maintain Buy Target Rs.770

Posted by

Nirmal Bang

 29.12.2021 - Nirmal Bang on Muthoot Finance Upgrade Buy Target Rs.1854

Posted by

Muthoot Finance

14.02.2022 - CLSA on Muthoot Finance Maintain Downgrade Outperform CMP 1424 Target 1650
29.12.2021 - Nirmal Bang on Muthoot Finance Upgrade Buy Target Rs.1854

Posted by

Kotak Instl

14.02.2022 - Kotak Instel Eq Divislab Maintain Reduce CMP 4291 Target 4125
14.02.2022 - Kotak Instel EQ on Apollohosp Maintain Add CMP 4515 Target 5257
07.02.2022 - Kotak Inst Eqt on LUPIN Maintain Downgrade to Add from Buy CMP 804 Target 980(PREVTGT 1120)
07.02.2022 - Kotak Inst Eqt on INDIGO Maintain Buy CMP 2161 Target 3000
31.01.2022 - Kotakinstel on L&T Maintain Buy CMP 1897 Target 2450
27.01.2022 - KotakInstl On Martui Maintain Sell CMP 8603 Target 7800
11.01.2022 - Kotak Inst Eqt on SAIL Downgrade to reduce from Buy, TP Rs 110 
29.12.2021 - Kotak Instl On Teamlease - Upgrade Buy from Reduce CMP 3855 - Target Rs.4420

Posted by

Teamlease

  29.12.2021 - Kotak Instl On Teamlease - Upgrade Buy from Reduce CMP 3855 - Target Rs.4420

Posted by

RBLBANK

28.01.2022 - CS on RBLBANK Maintain Underperform CMP 153.40 Target 135 (PREVTGT 180)
28.01.2022 - CLSA on RBLBANK Maintain Buy CMP 153.40 Target 200
27.12.2021 - CLSA on RBLBANK Maintain outperform - Target 200
27.12.2021 - Investec on RBLBANK Maintain Buy CMP 173 - Target 295
27.12.2021 - ICICI SEC on RBLBANK Downgrade Sell CMP 173 - Target 130
27.12.2021 - CLSA on RBLBANK Maintain outperform CMP 173 - Target 200

INVESTEC ON RBL BANK : 27.12.2021

• Rating for RBL Bank is under-review
* RBI inducts board member & forces CEO change
• RBL has strong capitalization vs other previous instances of RBI intervention
• New management reiterates guidance & continuity of BAF partnership
* Recommendation changed to under review (from BUY)

Posted by

Elara

 23.12.2021 Elara - buy with target price of 450

Posted by

Motilal Oswal(MOSL )

18.01.2022 - Motilal Oswal on Techm Maintain Neutral CMP 1722 Target 1910
31.12.2021 - MOSL on Ingido Paints Initiate Buy, TP Rs 2270
23.12.2021 MOSL - upgrade to buy target price of 425

Posted by

Macquarie

09.02.2022 - Macquarie on Hdfcbank Maintain Outperform CMP 1498.40 Target 2005
08.02.2022 - Macquarie on Tvsmotor Maintain Outperform CMP 636.95 Target 810
31.01.2022 - Macquarie on Britannia Maintain Neutral CMP 3509 Target 4000
27.01.2022 - Macquarie on Maruti Maintain Outperform CMP 8603 Target 9753
24.01.2022 - Macquarie on Reliance Maintain Underperform CMP 2478 Target 2850
20.01.2022 - Macquarie on Tatamotors Maintain Buy CMP 521 Target 567
17.01.2022 - Macquarie On Hdfcbank Maintain Outerperform CMP 1545 Target 2005
12.01.2022 - Macquarie on SBICARD Maintain Out[erform CMP 885 Target 1230
07.01.2022 - Macquarie on Paytm Maintain UnderPerformance Target 900 from 1200
04.01.2022 - Macquarie on Marico - Maintain Outperform CMP 514 Target 600
22.12.2021 -  Macquarie On Hindunilvr - Maintain Buy CMP 2272 Target 3300

Posted by

GS

21.02.2022 - GS on Paytm Maintain Buy CMP 833 Target 1460
14.02.2022 - GS on Divislab Maintain Buy CMP 4291 Target 5505
14.02.2022 - GS on Apollohosp Maintain Buy CMP 4515 Target 4970
10.02.2022 - GS on NYKAA Maintain Buy CMP 1848.90 Target 2420
10.02.2022 - GS on ACC Maintain Neutral CMP 2320 Target 2400
09.02.2022 - Gs on BHARTIARTL Maintain Buy CMP 706.95 Target 8850
09.02.2022 - GS on IGL Maintain Sell CMP 393 Target 380
07.02.2022 - GS on INDIGO Maintain Neutral CMP 2161 Target 2150
07.02.2022 - GS on Paytm Maintain Buy CMP 955 Target 1460
31.01.2022 - GS on Indusindbk Maintain Buy CMP 903 Target 1405
27.01.2022 - Gs on Maruti Maintain Outperform CMP 8603 Target 10100
18.01.2022 - GS on Maruti Maintain Buy CMP 8266 Target 9100
18.01.2022 - GS on Ultratech Maintain Buy CMP 7870 Target 9000
14.01.2022 - GS on Mindtree - Maintain Sell CMP 4760 Target 4117
13.01.2022 - GS on Infy Maintain Buy  CMP 1875.80 Target 2415
13.01.2022 - GS on TCS Maintain Buy CMP 3857 Target 4747
05.01.2022  - GS Bandhan BK Maintain Buy CMP 254  Target 440
05.01.2022  - GS Bandhan BK Maintain Buy Target 440
03.01.2022 - GS on Maruti Buy, TP Rs 9000
22.12.2021 - GS On PAYTM - Maintain Netural CMP 1311 - Target Rs.1875

Posted by

Godrej Cons

15.02.2022 - MS on GodrejCons Maintain Underweight CMP 799 Target 829
21.12.2021 - UBS On Godrej Cons- Maintain Buy CMP 891 - Target Rs.1175
21.12.2021 - Morgan Stanley On Godrej Cons- Maintain Underweight CMP 891 - Target Rs.829

Posted by

Nomura

18.02.2022 - Nomura on  NESTLE Maintain Buy CMP 18126 Target 21150
16.02.2022 - NOMURA on  BALKRISHNA Maintain Neutral CMP 2126 Target 2246
15.02.2022 - Nomura on Voltas on Maintain Neutral CMP 1170 Target 1270
15.02.2022 - Nomura on Ashokley on Maintain Buy CMP 124 Target 167
14.02.2022 - Nomura on MOTHERSUMI Maintain Buy CMP 172 Target 202
14.02.2022 - Nomura on PERSISTENT Maintain Buy CMP 4196 Target 5440
11.02.2022 - Nomura CUMMINSIND Maintain Reduce CMP 930 Target 666
11.02.2022 - Nomura on Maintain Buy CMP 730 Target 1006
11.02.2022 - Nomura on Maintain Neutral CMP 2238 Target 1947
09.02.2022 - Nomura on BHARTIARTL Maintain Buy CMP 706.95 Target 855
08.02.2022 - Nomura on CREDITACC Maintain Buy CMP 731 Target 925(PREVTGT 790)
08.02.2022 - Nomura on MINDAIND Maintain Downgrade Neutral CMP 1092 Target 1235(PREVTGT 1045)
07.02.2022 - NOMURA on BANKBARODA Maintain Buy CMP 113.15 Target 130
04.02.2022 - Nomura on CADILA Maintain Buy CMP 407 Target 489
02.02.2022 - Nomura on Techm Maintain Buy CMP 1505.80 Target 2220
02.02.2022 - Nomura on Exide Maintain Buy CMP 175.60 Target 216
28.01.2022 - Nomura on Colgate Maintain Neutral CMP 1391 Target 1700
25.01.2022 - Nomura on Axisbank Maintain Buy CMP 703.30 Target 980
24.01.2022 - Nomura on SBILIFE Maintain Buy CMP 1241 Target 1625
24.01.2022 - Nomura on HDFCLIFE Maintain Buy CMP 641 Target 750
24.01.2022 - Nomura on Gland Pharma Maintain Neutral CMP 3568 Target 3809
21.01.2022 - Nomura on Asianpaints Maintain Outperform CMP 3306 Target 3875
18.01.2022 - Nomura on Techm Maintain Buy CMP 1722 Target 2220
17.01.2022 - Nomura on Hcltech Maintain Buy CMP 1337 Target 1580
17.01.2022 - Nomura On Hdfcbank Maintain Buy CMP 1545 Target 1955
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4640(Prev Target 4480)
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4744
22.12.2021 - Nomura On Hindunilvr - Maintain Buy - CMP 2272 - Target 2950
20.12.2021 - Nomura On Cipla - Maintain Buy - CMP 856 - Target 1051

Posted by

CIPLA

27.01.2022 - Jefferies on CIPLA Maintain Buy CMP 906 Target 1093
27.01.2022 - CITI on CIPLA Maintain Buy CMP 906 Target 1120
27.01.2022 - CLSA on CIPLA Maintain Buy CMP 906 Target 1150
24.01.2022 - CS on CIPLA Maintain Outperform CMP 892 Target 1150
20.12.2021 - Nomura On Cipla - Maintain Buy - CMP 856 - Target 1051

Posted by

NYKAA

10.02.2022 - MS on NYKAA Maintain Overweight CMP 1848.90 Target 2040
10.02.2022 - GS on NYKAA Maintain Buy CMP 1848.90 Target 2420
20.12.2021 - Morgan Stanley On NYKAA - Maintain Neutral - Target Rs.2183
20.12.2021 - Morgan Stanley On NYKAA - Maintain Equal Weight - Target Rs.2183

Posted by

POLICYBZR

11.01.2022 - MS on PbFintech Maintain Equal Weight CMP 901.40 Target 1160
20.12.2021 - Morgan Stanley on PB Fintech Maintain Equal Weight - Target Rs.1160

Posted by

Amber Enterprises India Limited

 17.12.2021 - Jefferies on Amber Ent Maintain Buy - Cmp 3450 - Target 4350

Posted by

Indiabulls Housing Finance Limited

 17.12.2021 - MS on INDIABULLS Housing Maintain Underweight - Cmp 253.80 - Target 175

Posted by

Tvsmotor

08.02.2022 - CLSA on Tvsmotor Maintain Upgrade Outperform from Underperform CMP 636.95 Target 711(PREVTGT 656)
08.02.2022 - Jefferies on Tvsmotor Maintain Buy CMP 636.95 Target 800
08.02.2022 - UBS on Tvsmotor Maintain Buy CMP 636.95 Target 1000
08.02.2022 - CITI on Tvsmotor Maintain Sell CMP 636.95 Target 550
08.02.2022 - Macquarie on Tvsmotor Maintain Outperform CMP 636.95 Target 810
28.01.2022 - UBS on Tvsmotor Maintain Buy CMP 606 Target 1000
16.12.2021 - CITI on Tvsmotor Maintain Sell CMP 669.40 - Target 540

Posted by

CITI - Construction Industry Training Institute

21.02.2022 - CITI on AMBUJACEM Maintain Downgrade Neutral CMP 338 Target 365
16.02.2022 - CITI on  BALKRISHNA Maintain Buy CMP 2126 Target 2260
14.02.2022 - CITI on Apollohosp Maintain Buy CMP 4515 Target 5800
14.02.2022 - CITI on PERSISTENT Maintain Sell CMP 4196 Target 3395
14.02.2022 - CITI on Reliance Maintain Neutral CMP 2376 Target 2750
14.01.2022 - CITI on ONGC Maintain Sell CMP 168 Target 150
11.02.2022 - CITI on PEL Maintain Buy CMP 2496 Target 3180
08.02.2022 - CITI on Tvsmotor Maintain Sell CMP 636.95 Target 550
04.02.2022 - CITI on ITC Maintain Neutral CMP 234 Target 245
03.02.2022 - CITI on Jublfood Maintain Buy CMP 3301 Target 4350 (PREVTGT 4750)
03.02.2022 - CITI on HDFC Maintain Buy CMP 2612 Target 3300
01.02.2022 - CITI on Sunpharma Maintain Buy CMP 834 Target 1070
31.01.2022 - CITI on L&T Maintain Buy CMP 1897 Target 2460
31.01.2022 - CITI on Mphasis Maintain Buy CMP 3102 Target 3375
27.01.2022 - CITI on CIPLA Maintain Buy CMP 906 Target 1120
27.01.2022 - CITI on Maruti Maintain Outperform CMP 8603 Target 10000
25.01.2022 - CITI on Axisbank Maintain Buy CMP 703.30 Target 1000
20.01.2022 - CITI on Justdial Maintain Neutral CMP 815 Target 825
19.01.2022 - CITI on L&T TECH Maintain Sell CMP 5421 Target 4430
18.01.2022 - CITI on Ultratech Maintain Buy CMP 7870 Target 9100
17.01.2022 - CITI On Hcltech Maintain Neutral CMP 1337 Target 1385
14.01.2022 - CITI on Mindtree - Maintain Sell CMP 4760 Target 3650
13.01.2022 - CITI on Infy Maintain Overweight  CMP 1875.80 Target 2180(Prevtgt 2340)
13.01.2022 - CITI on TCS Maintain SELL  CMP 3857 Target 3580
13.01.2022 - CITI on Wipro Maintian Buy Cmp 691 Target 820(Previous TG 830)
12.01.2022 - CITI on Sunpharma Maintain Buy CMP 831.65 Target 1000
11.01.2022 - Citi On Jublfood Maintain Buy Target 4750
07.01.2022 - CITI on Titan Maintain Buy Target 2975
04.01.2022 - CITI on Marico - Maintain Buy Target 640
23.12.2021  CITI - buy with target price of 395
22.12.2021 - CITI On Hindunilvr - Maintain Buy CMP 2272 - Target Rs.3065
22.12.2021 - CITI On Hindunilvr - Maintain Buy - Target Rs.3065
16.12.2021 - CITI on Tvsmotor Maintain Sell CMP 669.40 - Target 540
16.12.2021 - Citi on Sunpharma - Maintain Buy - CMP 777 - Target 1000

Posted by

Antique

07.02.2022 - Antique on SBIN Maintain Buy CMP 533.90 Target 640
31.12.2021 - Antique on Century Textiles Initiate buy, TP Rs 1175 
30.12.2021 - Antique on Can Fin Homes - Maintain Buy Target Rs.770
21.12.2021 - Antique on Nalco - Maintain Buy - Target Rs.126
20.12.2021 - Antique on HDFCBANK - Maintain Buy - Target Rs.1900
16.12.2021 - Antique on UPL - Maintain Buy - Target Rs.960

Posted by

ITC

ITC

04.02.2022 - CITI on ITC Maintain Neutral CMP 234 Target 245
04.02.2022 - CLSA on ITC Maintain Buy CMP 234 Target 285
02.02.2022 - MS on ITC Maintain Overweight CMP 231 Target 251
02.02.2022 - Jefferies on ITC Maintain Buy CMP 231 Target 300
02.02.2022 - INVESTEC on ITC Maintain Buy CMP 231 Target 258


I SEC on ITC : 19.01.2022

* (Time to add) ADD, TP Rs 250
* Besides, focus continues on augmenting (overall) distribution See
1) potential market share gains in cigarettes
2) FMCG scale up & profitability improvement to continue
3) potential to accelerate cost savings through a supply chain recast

16.12.2021 - CS on ITC Limited - Maintain Outperform - Target 280 
15.12.2021 - CLSA on ITC Limited - Maintain Buy - Cmp 228.20 Target 275
15.12.2021 - JPMORGAN on ITC Limited - Maintain Neutral - Cmp 220.80 Target 238
15.12.2021 - JEFFERIES on ITC Limited - Maintain Buy - Cmp 228.20 Target 300
15.12.2021 - Morgan Stanley on ITC Limited - Maintain Buy - Cmp 228.20 Target 251
15.12.2021 - UBS on ITC Limited - Maintain Buy - Cmp 228.20 Target 280

Posted by

M&M

11.02.2022 - CLSA on M&M Maintain Buy CMP 853 Target 1220
11.02.2022 - BOFA on M&M Maintain Neutral CMP 853 Target 920
11.02.2022 - MS on M&M Maintain Overweight CMP 853 Target 1117
15.12.2021 - CLSA on Mahindra & Mahindra Limited - Maintain Buy - Cmp 836 Target1090

Posted by

ZEEL

03.02.2022 - CLSA on ZEEL Maintain Buy CMP 292 Target 427
23.12.2021 - Motilal Oswal On Zeel Upgrade Buy - Target 425
23.12.2021  CITI - buy with target price of 395
23.12.2021  CLSA buy with target price of 415
23.12.2021 MOSL - upgrade to buy target price of 425
23.12.2021 Elara - buy with target price of 450
15.12.2021 - CLSA on Zeel - Maintain Buy - Cmp 372 Target 415

Posted by

Aditya Birla Fashion and Retail Limited

 15.12.2021 - CLSA on Aditya Birla Fashion and Retail Limited - Maintain Buy - Cmp 285.35 Target 325

Posted by

Union Bank of Switzerland (UBS)

18.02.2022 - UBS on AMBUJACEM Maintain Neutral CMP 338.35 Target 420
17.02.2022 - UBS on Eichermotors Maintain Buy CMP 2706 Target 3300
08.02.2022 - UBS on Tvsmotor Maintain Buy CMP 636.95 Target 1000
02.02.2022 - UBS on TECHM Maintain Sell CMP 1505.80 Target 1260
28.01.2022 - UBS on Tvsmotor Maintain Buy CMP 606 Target 1000
21.01.2022 - UBS on Hindunilvr Maintain Buy CMP 2262 Target 3250
20.01.2022 - UBS on Justdial Maintain Buy CMP 815 Target 1350
17.01.2022 - UBS On Hcltech Maintain Sell CMP 1337 Target 925
13.01.2022 - UBS on Infy Maintain Neutral CMP 1875.80 Target 1820
13.01.2022 - UBS on Wipro Maintain Neutral CMP 691 Target 660
07.01.2022 - UBS on SRF Maintain Upgrade Target 3000
21.12.2021 - UBS On Godrej Cons- Maintain Buy CMP 891 - Target Rs.1175
15.12.2021 - UBS on ITC Limited - Maintain Buy - Cmp 228.20 Target 280

Posted by

Morgan Stanley

18.02.2022 - MS on  NESTLE Maintain Uunderweight CMP 18126 Target 15712
15.02.2022 - MS on METROPOLIS Maintain Overweight CMP 2091 Target 3317 (PREV TGT 3618)
15.02.2022 - MS on Sobha Maintain Overweight CMP 841 Target 1095
15.02.2022 - MS on Powergrid Maintian Overweight CMP 201 Target 239
15.02.2022 - MS on GodrejCons Maintain Underweight CMP 799 Target 829
15.02.2022 - MS on Glenmark Maintain Underweight CMP 478 Target 489 (PREV TGT 554)
15.02.2022 - MS on Indusindbk Maintain Overweight CMP 968.55 Target 1350
11.02.2022 - MS on Zomato Maintain Overweight CMP 94 Target 150
11.02.2022 - MS on M&M Maintain Overweight CMP 853 Target 1117
10.02.2022 - MS on NYKAA Maintain Overweight CMP 1848.90 Target 2040
10.02.2022 - MS on IBULHSGFIN Maintain Underperform CMP 206.90 Target 175
04.02.2022 - MS on TITAN Maintain Overweight CMP 2475 Target 2720(PREVTGT 2501)
04.02.2022 - MS on CADILA Maintain Overweight CMP 407 Target 543
03.02.2022 - MS on Tataconsumer Maintain Overweight CMP 742 Target 886
03.02.2022 - MS on HDFC Maintain Outperform CMP 2612 Target 3340
03.02.2022 - MS on Adaniports Maintain Overweight CMP 745 Target 883
02.02.2022 - MS on ITC Maintain Overweight CMP 231 Target 251
31.01.2022 - MS on Marico Maintain Overweight CMP 471 Target 651(PREVTGT 670)
28.01.2022 - MS on PNB Maintain Equal-Weight CMP 41.15 Target 53
28.01.2022 - MS on Lichsgfin Maintain Underweight CMP 346.70 Target 345
28.01.2022 - MS on Jublfood Maintain Overweight CMP 3399 Target 5000
25.01.2022 - MS on SBICARD Maintain Outperform CMP 817.75 Target 1300
24.01.2022 - MS on Maintain Overweight CMP 2478 Target 2925
21.01.2022 - MS on Mphasis Maintain Overweight CMP 3051 Target 3900
21.01.2022 - MS on PNBHOUSING Maintain Overweight CMP 487 Target 600
21.01.2022 - MS on CYIENT Maintain Underweight CMP 976 Target 900
21.01.2022 - MS on Hindunilvr Maintain Equal Weight CMP 2262 Target 2766
20.01.2022 - MS on ICICIGI Maintain Overweight CMP 1423 Target 1900
20.01.2022 - MS on L&T Maintain Underweight CMP 6697 Target 6600
20.01.2022 - MS on TataConsumer Maintain Overweight CMP 726 Target 886
19.01.2022 - MS on ICICIPRULI Maintain Overweight CMP 608 Target 800
19.01.2022 - MS on BajajFinance Maintain Overweight CMP 7744 Target 9060
18.01.2022 - MS On Chola Fin Maintain Overweight CMP 601 Target 710
17.01.2022 - MS On Hcltech Maintain Buy Equal Weight CMP 1337 Target 1450
14.01.2022 - MS on Mindtree - Maintain Equal-Weight CMP 4760 Target 5100
13.01.2022 - MS on Infy Maintain Overweight Cmp 1875.80 Target 2250(PREVTGT 2110)
13.01.2022 - MS on TCS Maintain Overweight CMP 3857 Target 4400
13.01.2022 - MS on WIPRO Maintain Equal Weight CMP 650.05 Target 775
11.01.2022 - MS on Reliance Maintain Overweight Target 2925
11.01.2022 - MS on PbFintech Maintain Equal Weight CMP 901.40 Target 1160
10.01.2022 - MS on Techm Maintain Overweight  Target 2100
05.01.2022 - MS on AU Small Fin Bk Maintain Overweight CMP 1095 Target 1500
05.01.2022 - MS on HDFCBANK Maintain Overweight Target 2050
05.01.2022 - MS on HDFCBANK Maintain Overweight CMP 1526 Target 2050
05.01.2022 - MS on BajajFin Maintain Overweight CMP 7343 Target Rs.9060
05.01.2022 - MS on BajajFin Maintain Overweight Target Rs.9060
03.01.2022 - MS on Reliance OverWeight , TP Rs 2925
03.01.2022 - MS on Avenue Supermart UnderWeight TP Rs 4338
31.12.2021 - Morgan Stanley on Bajaj Auto OverWeight, TP Rs 4742
29.12.2021 - Morgan Stanley On Macrotech Developers - Maintain Equal Weight - Target Rs.1312
29.12.2021 - Morgan Stanley On SBICARD - Maintain Overweight CMP 912 - Target Rs.1350
29.12.2021 - Morgan Stanley On SBICARD - Maintain Overweight - Target Rs.1350
22.12.2021 - Morgan Stanley On PAYTM - Maintain Overweight - Target Rs.1875
21.12.2021 - Morgan Stanley On Godrej Cons- Maintain Underweight CMP 891 - Target Rs.829
21.12.2021 - Morgan Stanley On Wipro - Maintain Equal Weight CMP 665 - Target Rs.700
21.12.2021 - Morgan Stanley On Reliance - Maintain Overweight CMP 2277 - Target Rs.2925
21.12.2021 - Morgan Stanley On Reliance - Maintain Overweight - Target Rs.2925
20.12.2021 - Morgan Stanley On SBICARD - Maintain Overweight Cmp 901 - Target Rs.1350
20.12.2021 - Morgan Stanley On NYKAA - Maintain Neutral - Target Rs.2183
20.12.2021 - Morgan Stanley On NYKAA - Maintain Equal Weight - Target Rs.2183
20.12.2021 - Morgan Stanley on PB Fintech Maintain Equal Weight - Target Rs.1160
17.12.2021 - MS on INDIABULLS Housing Maintain Underweight - Cmp 253.80 - Target 175
16.12.2021 - MS on Sunpharma - Maintain Overweight Cmp - 777 - Target 895
15.12.2021 - Morgan Stanley on ITC Limited - Maintain Buy - Cmp 228.20 Target 251

Posted by

Jefferies

21.02.2022 - Jefferies on AMBUJACEM Maintain Buy CMP 338 Target 425
18.02.2022 - Jefferies on  NESTLE Maintain Hold CMP 18126 Target 18600
16.02.2022 - Jefferies on MAXHEALTH Maintain Buy CMP 377.90 Target 428
14.02.2022 - Jefferies on Divislab Maintain Hold CMP 4291 Target 4671
11.02.2022 - Jefferies on NMDC Maintain Neutral CMP 159 Target 175
11.02.2022 - Jefferies on Heromotoco Maintain Hold CMP 2734 Target 2560
10.02.2022 - Jefferies on ACC Maintain Buy CMP 2320 Target 2700(PREVTGT 2950)
09.02.2022 - Jefferies on BHARTIARTL Maintain Buy CMP 706.95 Target 910
09.02.2022 - Jefferies on IGL Maintain Buy CMP 393 Target 620
09.02.2022 - Jefferies on Gujarat Gas Maintain Buy CMP 667.70 Target 830(PREVTGT 860)
08.02.2022 - Jefferies on Tvsmotor Maintain Buy CMP 636.95 Target 800
08.02.2022 - Jefferies on Tatasteel Maintain Hold CMP 1194.95 Target 1240
07.02.2022 - Jefferies on Thermax Maintain Upgrade to Buy from Underweight CMP 2039.60 Target 2575 from Rs.790
07.02.2022 - Jefferies on LUPIN Maintain Underweight CMP 804 Target 737
07.02.2022 - Jefferies on SIEMENS Maintain Buy CMP 2427.25 Target 3080
07.02.2022 - Jefferies on SBIN Maintain Buy CMP 533.90 Target 650
04.02.2022 - Jefferies on Godrejprop Maintain Buy CMP 1667.9 Target 2000(PREV TGT 2750)
04.02.2022 - Jefferies on GAIL Maintain Hold CMP 147 Target 160(PREV TGT 150)
04.02.2022 - Jefferies on CADILA Maintain Hold CMP 407 Target 439(PREV TGT 490)
03.02.2022 - Jefferies on HDFC Maintain Buy CMP 2612 Target 3480
02.02.2022 - Jefferies on ITC Maintain Buy CMP 231 Target 300
01.02.2022 - Jefferies on Sunpharma Maintain Underperform CMP 834 Target 745
01.02.2022 - Jefferies on UPL Maintain Buy CMP 776 Target 1005
31.01.2022 - Jefferies on NTPC Maintain Buy CMP 140 Target 165
31.01.2022 - Jefferies on Indusindbk Maintain Buy CMP 03 Target 1220(PREVTGT 1400)
28.01.2022 - Jefferies on Industower Maintain Buy CMP 250 Target 320
28.01.2022 - Jefferies on Colgate Maintain Buy CMP 1391 Target 1700
28.01.2022 - Jefferies on SRF Maintain Unerperform CMP 2355 Target 1940(PREVTGT 1840)
27.01.2022 - Jefferies on CIPLA Maintain Buy CMP 906 Target 1093
25.01.2022 - Jefferies on BHARTIARTL Maintain Buy CMP 687 Target 925
24.01.2022 - Jefferies on HDFCLIFE Maintain Buy CMP 641 Target 820
24.01.2022 - Jefferies on Jswsteel Maintain Underperform CMP 666 Target 550
24.01.2022 - Jefferies on Bandhan Bank Mantain Buy CMP 296 Target 380
24.01.2022 - Jefferies on Gland Pharma Maintain Buy CMP 3568 Target 4578
24.01.2022 - Jefferies on Reliance Maintain Buy CMP 2478 Target 2950
21.01.2022 - Jefferies on Havells Maintain Buy CMP 1310 Target 1600
21.01.2022 - Jefferies on Asianpaints Maintain Underperform CMP 3306 Target 2700
21.01.2022 - Jefferies on Hindunilvr Maintain Buy CMP 2262 Target 2900
20.01.2022 - Jefferies on Tatamotors Maintain Buy CMP 521 Target 625
20.01.2022 - Jefferies on Apollohosp Maintain Buy CMP 4516 Target 6060
19.01.2022 - Jefferies on NEWGEN Maintain Buy CMP 610 Target Rs.770
18.01.2022 - Jefferies On Techm Maintain Buy CMP 1722 Target 2030
18.01.2022 - Jefferies On Ultratech Maintain Hold CMP 7870 Target 8100
17.01.2022 - Jefferies On L&T Maintain Buy CMP 2045 Target 2845
12.01.2022 - Jefferies On VBL(Varun Beverages) Maintain Buy CMP 869.50 Buy 1215
10.01.2022 - Jefferies on Reliance Maintain Buy rs.3400
06.01.2022 - Jefferies On Thermax Maintain Upgrade Buy Target 2575
06.01.2022 - Jefferies On HDFCBANK Maintain Outperform Target 2070
05.01.2022 - Jefferies on Gland Pharma Maintain Buy Target 4566
05.01.2022 - Jefferies on Laurus Labs Maintain Buy Target 628
05.01.2022 - Jefferies on ICICIBANK Maintain CMP 772 Buy Target 1000
05.01.2022 - Jefferies on ICICIBANK Maintain Buy Target 1000
21.12.2021 - Jefferies on Gujarat Gas Maintain Buy CMP 611 - Target Rs.830
21.12.2021 - Jefferies on GCPL Maintain Buy - Target Rs.1190
17.12.2021 - Jefferies on Amber Ent Maintain Buy - Cmp 3450 - Target 4350
15.12.2021 - JEFFERIES on ITC Limited - Maintain Buy - Cmp 228.20 Target 300

Posted by

John Pierpont Morgan (JPMORGAN)

17.02.2022 - JpMorgan on Tatamotors Maintain Buy Overweight CMP 498 Target 630
14.02.2022 - JpMorgan on Heromotoco Maintain Overweight CMP 2719 Target 3025
14.02.2022 - JpMorgan on Reliance Maintain Neutral CMP 2376 Target 2575
14.01.2022 - JpMorgan on ONGC Maintain Buy CMP 168 Target 235
09.02.2022 - JpMorgan on VEDL Maintain Overweight from Neutral CMP 369.60 Target 465(PREVTGT 375)
08.02.2022 - JpMorgan on Hindalco Maintain Overweight CMP 523 Target 605
07.02.2022 - JpMorgan on Tatasteel Maintian Overweight CMP 1184.95 Target 1850
07.02.2022 - JpMorgan on Paytm Maintain Overweight CMP 955 Target 1850
07.02.2022 - JpMorgan on SBIN Maintain Overweight CMP 533.90 Target 650
01.02.2022 - JpMorgan on BPCL Maintain Overweight CMP 397.05 Target 550
31.01.2022 - JpMorgan on L&T Maintain Overweight CMP 1897 Target 2160(PREVTGT 2300)
27.01.2022 - JpMorgan on USL Maintain Overweight CMP 803 Target 1020
24.01.2022 - JpMorgan on ICICIBANK Maintain Overweight CMP 805 Target 930
17.01.2022 - JpMorgan On Hcltech Maintain Overweight CMP 1337 Target 1500
17.01.2022 - JPMORGAN On Hdfcbank Maintain Overweight CMP 1545 Target 2100
13.01.2022 - JpMorgan on Jublfood Maintain Overweight CMP 3915.50 Target 4350
13.01.2022 - JpMorgan on Wipro Maintain Neutral CMP 691 Target 680
12.01.2022 - JpMorgan on DLF Maintain Overweight CMP 408.90 Target 445
12.01.2022 - JpMorgan on NMDC Maintain Overweight Target 210
11.01.2022 - Jpmorgan on L&T Maintain Overweight CMP 1953 Target 2300
11.01.2022 - JpMorgan on ONGC Maintain Overweight Target 235
07.01.2022 - JPMorgan on Heromotoco Maintain Overweight Target 2900
04.01.2022 - JpMorgan on Paytm - Maintain Overweight Target Ra.1850
15.12.2021 - JPMORGAN on ITC Limited - Maintain Neutral - Cmp 220.80 Target 238

Posted by

Credit Lyonnais Securities Asia (CLSA)

22.02.2022 - CLSA on Wipro Maintain Outperform CMP 564.15 Target (650)
21.02.2022 - CLSA on NTPC Maintain Buy CMP 132 Target 180
21.02.2022 - CLSA on AMBUJACEM Maintain Outperform CMP 338 Target 390
18.02.2022 - CLSA on  NESTLE Maintain Sell CMP 18126 Target 17370
17.02.2022 - CLSA on Maruti Maintain Sell CMP 8583 Target 6440
16.02.2022 - CLSA On ONGC Maintain Buy CMP 168.50 Target 300
15.02.2022 - CLSA on EICHERMOT Maintain Buy CMP 2570 Target 3300
15.02.2022 - CLSA on HDFC Maintain Buy from Outperform CMP 2296 Target 3050
14.02.2022 - CLSA on Heromotoco Maintain Outperform CMP 2719 Target 2947
14.02.2022 - CLSA on MOTHERSUMI Maintain Outperform CMP 172 Target 203
14.02.2022 - CLSA on Apollohosp Maintain Buy CMP 4515 Target 5250
14.02.2022 - CLSA on Muthoot Finance Maintain Downgrade Outperform CMP 1424 Target 1650
11.02.2022 - CLSA on PEL Maintain Outperform CMP 2496 Target 2850
11.02.2022 - CLSA on Hindalco Maintain Buy CMP 540.50 Target 655
11.02.2022 - CLSA on M&M Maintain Buy CMP 853 Target 1220
10.02.2022 - CLSA on Powergrid Maintain Buy CMP 209.95 Target 250
10.02.2022 - CLSA on ACC Maintain Buy CMP 2320 Target 2710
10.02.2022 - CLSA on ABBOTINDIA Maintain Buy CMP 16750 Target 21830
10.02.2022 - CLSA on TATAPOWER Maintain Sell CMP 241.10 Target 195
09.02.2022 - CLSA on BHARTIARTL Maintain Buy CMP 706.95 Target 915
09.02.2022 - CLSA on VEDL Maintain Outperform CMP 369.60 Target 350
09.02.2022 - CLSA on IGL Maintain Outperform CMP 393 Target 450(PREVTGT 540)
08.02.2022 - CLSA on Hindalco Maintain Buy  CMP 523 Target 620
08.02.2022 - CLSA on Tvsmotor Maintain Upgrade OP from UP CMP 636.95 Target 711(Pre  656)
08.02.2022 - CLSA on Tatasteel Maintain Buy CMP 1194.95 Target 1750(PREVTGT 1820)
07.02.2022 - CLSA on Tatasteel Maintain Buy CMP 1184.95 Target 1820
07.02.2022 - CLSA on BANKBARODA Maintain Buy CMP 113.15 Target 155
07.02.2022 - CLSA on SBIN Maintain Buy CMP 533.90 Target 750
04.02.2022 - CLSA on Godrejprop Maintain Sell CMP 1667.9 Target 1424(PREV TGT 1563)
04.02.2022 - CLSA on ITC Maintain Buy CMP 234 Target 285
03.02.2022 - CLSA on M&MFIN Maintain Outperform CMP 169 Target 240
03.02.2022 - CLSA on BPCL Maintain Buy CMP 382 Target 480(PREVTGT 510)
03.02.2022 - CLSA on ZEEL Maintain Buy CMP 292 Target 427
03.02.2022 - CLSA on Jublfood Maintain Downgrade Sell CMP 3301 Target 3190(PREVTGT 3920)
03.02.2022 - CLSA on HDFC Maintain Outperform CMP 2612 Target 3050
03.02.2022 - CLSA on Dabur Maintain Outperform CMP 557 Target 625
01.02.2022 - CLSA on Sunpharma Maintain Buy CMP 834 Target 1100
01.02.2022 - CLSA on UPL Maintain Buy CMP 776 Target 1100
31.01.2022 - CLSA on MFSL Maintain Buy CMP 913 Target 1300(PREV TGT 1350
31.01.2022 - CLSA on Reliance Maintain Buy CMP 2335 Target 2955
31.01.2022 - CLSA on Kotakbank Maintain Buy CMP 1857 Target 2300
28.01.2022 - CLSA on Colgate Maintain Outperform CMP 1391 Target 1540
28.01.2022 - CLSA on RBLBANK Maintain Buy CMP 153.40 Target 200
28.01.2022 - CLSA on Nippon Amc Maintain Buy CMP 324.35 Target 460(PREV TGT 475)
28.01.2022 - CLSA on Pidilite Maintain Sell CMP 2464 Target 2115
27.01.2022 - CLSA on CIPLA Maintain Buy CMP 906 Target 1150
27.01.2022 - CLSA on Maruti Maintain Sell CMP 8603 Target 6440
25.01.2022 - CLSA on RAMCOCEM Maintain UP from OP CMP 896.10 Target 970(PREV TGT 1180
25.01.2022 - CLSA on Srtransfin Maintain Buy CMP 1151 Target 1600
25.01.2022 - CLSA on Axisbank Maintain Buy CMP 703.30 Target 1080 
24.01.2022 - CLSA on SBILIFE Maintain Buy CMP 1241 Target 1800
24.01.2022 - CLSA on Bandhan Bank Maintain Outperform CMP 296 Target 340
24.01.2022 - CLSA on ICICIBANK Maintain Buy CMP 805 Target 1125
24.01.2022 - CLSA on Reliance Maintain Outperform CMP 2478 Target 2850
21.01.2022 - CLSA on Hindunilvr Maintain Outperform CMP 2262 Target 2725
20.01.2022 - CLSA on Tatamotors Maintain Sell CMP 521 Target 408
19.01.2022 - CLSA on L&T Tech Maintain Outperform CMP 5421 Target 6150
19.01.2022 - CLSA on ICICIPRULI Maintain Buy CMP 608 Target 750
19.01.2022 - CLSA on BajajFinance Maintain Sell CMP 7744 Target 6500
18.01.2022 - CLSA on DEVYANI Maintain Outperform CMP 185 Target 207
18.01.2022 - CLSA On Reliance Maintain Outperform CMP 2523 Target 2820
18.01.2022 - CLSA on Martui Maintain Sell CMP 8266 Target 6420
18.01.2022 - CLSA on Ultratech Maintain Buy CMP 7870 Target 9175
17.01.2022 - CLSA on Sunpharma Maintain Buy CMP 860 Target 1100
17.01.2022 - CLSA On Hdfcbank Maintain Buy CMP 1545 Target 2025
13.01.2022 - CLSA On Tatamotors Maintain Sell CMP 512.55 Target 408
13.01.2022 - CLSA on Infy Maintain Buy CMP 1875.80 Target 2280
12.01.2022 - CLSA on Bharatforg Maintain Downgrade Sell from buy CMP 769.70 Target 690
12.01.2022 - CLSA on Bharatforg Maintain Downgrade Sell Target 690
07.01.2022 - CLSA on GCPL Maintain Outperform Target 1130
06.01.2022 - CLSA On UPL Maintain Buy CMP 764 Target 1100
06.01.2022 - CLSA On UPL Maintain Buy Target 1100
05.01.2022 - CLSA on BajajFin Maintain Sell CMP 7343 Target 6000
05.01.2022 - CLSA on JSPL Maintain Buy CMP 388 Target 576
05.01.2022 - CLSA on JSPL Maintain Buy Target 576
05.01.2022  - CLSA Bandhan BK Maintain Sell CMP 254  Target 225
04.01.2022 - CLSA ON MARICO  

04.01.2022 - CLSA On Tatamotors Maintain Downgrade Sell from Buy Target 408 

04.01.2022 - CLSA on Tatamotors Maintain Downgrade Sell Target 408
23.12.2021 - CLSA buy with target price of 415
20.12.2021 - CLSA On MACROTECH(Lodha) - Maintain Sell - CMP 1185 - Target 1000

15.12.2021 - CLSA on Lupin - Maintain Outperform - Cmp 946 Target 950
15.12.2021 - CLSA on AB Fashion and Retail Limited - Maintain Buy - Cmp 285.35 Target 325
15.12.2021 - CLSA on Zeel - Maintain Buy - Cmp 372 Target 415
15.12.2021 - CLSA on Mahindra & Mahindra Limited - Maintain Buy - Cmp 836 Target1090
15.12.2021 - CLSA on ITC Limited - Maintain Buy - Cmp 228.20 Target 275

Posted by

Credit Suisse ( CS )

18.02.2022 - CS on  NESTLE Maintain Neutral CMP 18126 Target 20000
15.02.2022 - CS on ABB Maintain Outperform CMP 2091 Target 2250
15.02.2022 - CS on METROPOLIS Maintain Underperform CMP 2051 Target 1700
15.02.2022 - CS on ACC Maintain Outperform CMP 2236.50 Target 2250
14.02.2022 - CS on METROPOLIS Maintain Underperform CMP 2422 Target 1700
11.02.2022 - CS on Zomato Maintain Overweight CMP 94 Target 120
11.02.2022 - CS on Auropharma Maintain Outperform CMP 684 Target 855
09.02.2022 - CS on Gujarat Gas Maintain Neutral CMP 667.70 Target 635
08.02.2022 - CS on PIIND Maintain Outperform CMP 2602 Target 3000
07.02.2022 - CS On SIEMENS Maintain Neutral CMP 2427.25 Target 2650
03.02.2022 - CS on BPCL Maintain Outperform CMP 382 Target 455(PREVTGT 543)
03.02.2022 - CS on Jublfood Maintain Neutral CMP 3301 Target 3500(PREVTGT 3800)
03.02.2022 - CS on HDFC Maintain Outperform CMP 2612 Target 3350
31.01.2022 - CS on L&T Maintain Outperform CMP 1897 Target 2450
28.01.2022 - CS on RBLBANK Maintain Underperform CMP 153.40 Target 135 (PREVTGT 180)
28.01.2022 - CS on Pidilite Maintain Underweight CMP 2464 Target 1950
27.01.2022 - CS on Maruti Maintain Outperform CMP 8603 Target 10389
25.01.2022 - CS on SBICARD Maintain Outperform CMP 817.75 Target 1100(PREV TGT 1350)
25.01.2022 - CS on Axisbank Maintain Outperform CMP 703.30 Target 960
24.01.2022 - CS on CIPLA Maintain Outperform CMP 892 Target 1150
21.01.2022 - CS on Asianpaint Maintain Outperform CMP 3306 Target 3700
21.01.2022 - CS on Hindunilvr Maintain Outperform CMP 2262 Target 2800
19.01.2022 - CS on ICICIPRULI Maintain Underperform CMP 608 Target 520
19.01.2022 - CS on BajajFinance Maintain Neutral CMP 7744 Target 8000
18.01.2022 - CS on Apollohosp Maintain Outperform CMP 4617 Target 5800
17.01.2022 - Cs On Hcltech Maintain Buy Outerperform CMP 1337 Target 1650
17.01.2022 - Cs On Hdfcbank Maintain Outerperform CMP 1545 Target 1950
13.01.2022 - CS On L&T Maintain Outperform CMP 2023 Target 2450
13.01.2022 - CS on Infy Maintain Outperform Cmp 1875.80 Target 2350
10.01.2022 - CS on Dmart Maintain Underpreform Target 3600
07.01.2022 - CS on TITAN Maintain Neutral Target 2700 from 2500
16.12.2021 - CS on ITC Limited - Maintain Outperform - Target 280
15.12.2021 - CS on SRTRANSFIN - Maintain Outperform - Cmp 1381  Target 1775

Posted by

SRTRANSFIN

25.01.2022 - CLSA on Srtransfin Maintain Buy CMP 1151 Target 1600
15.12.2021 - CS on SRTRANSFIN - Maintain Outperform - Cmp 1381  Target 1775

Posted by

VEDL

VEDL 

CITI ON VEDANTA : 02.09.2021

* Maintain BUY, Target at Rs 365/share
* Vedanta's board approved its first interim dividend of Rs 18.5/sh
• This implying a yield of ~6%
• This would imply a cash outflow of Rs 6900cr
• Reiterate our Buy rating - bullish ally outlook
• Estimate highest EBITDA contributor in FY23 & dividend support

Posted by

EICHER MOTORS

EICHER MOTORS

NOMURA ON EICHER MOTORS : 02.09.2021

• Maintain Reduce, Target at Rs 2374/share
* Eicher has launched 'New Classic 350 launched at INR 184k
• New model prices ~INR5-7k above the old Classic 350
* Implied volume run-rate of ~73k units for remaining months of FY22F

NOMURA ON EICHER 02.09.2021

* New Classic 350 Launched At *1.84 Lakh
• Royal Enfield Recording Mthly Run-rate Of 43,000 UnitsFY22 YTD
* Run-rate Is Below Our Estimate Of 60,000 Units For FY22
* Higher Pricing For New Royal Enfield May Impact Sales
* MAINTAIN REDUCE TARGET: 2,374

Posted by

PEL

PEL 

CLSA ON PIRAMAL ENT : 01.09.2021

* Financial Services On A Different Path, Long Revenue Stream For Pharma
* It Is A Top-three Lender To The Real Estate Segment
* DHFL AcqN Is Expected To Enlarge Its Loan Book, Improve Return On Equity
* Should See An 18% FY21-24 EBITDA CAGR For Its Pharma Business
* INITIATE OUTPERFORM TARGET: 2,960


Posted by

UPL

01.02.2022 - Jefferies on UPL Maintain Buy CMP 776 Target 1005
01.02.2022 - CLSA on UPL Maintain Buy CMP 776 Target 1100
06.01.2022 - CLSA On UPL Maintain Buy CMP 764 Target 1100
06.01.2022 - CLSA On UPL Maintain Buy Target 1100
16.12.2021 - Antique on UPL - Maintain Buy - Target Rs.960

 Jefferies on UPL (AR Analysis)  : 30.08.2021

*Buy, TP Rs 965
*UPL envisages to grow margin-accretive Differentiated Solutions from 29% of sales now to 50% by FY26 
*Innovation rate could rise to 30% over 3-5 yrs (21% now) 
*ESG focus continues & Synergies on track
Posted by

Mcdowell-n - United Spirits

27.01.2022 - JpMorgan on USL Maintain Overweight CMP 803 Target 1020

Goldman Sachs maintains BUY call on United Spirits, - 20.08.2021

MAINTAIN BUY TARGET: 715
GS ON UNITED SPIRITS (CMP: 722)
Reports Indicate Possibility Of An 'Interim' Trade Deal Between UK & India
As Per Reports, Final Negotiations For India & UK Trade Deal May By Year End 
Lowering Import Duty On Scotch May Have An Impact On Co's Bottled In Origin Brands
Posted by

DATA CENTERS

 MACQUARIE ON DATA CENTERS

• Maintain Underperform on ABB, Siemens & Cummins India
• India's installed Data Centre capacity growing 3x
• Benchmark capital cost of Rs 250-350 mn per MW depending on facility configuration
• Incremental data centre capex expected over next five years = Rs 20,000 cr -28,000 cr
Posted by

BAJAJAUTO

BAJAJAUTO

31.12.2021 - Morgan Stanley on Bajaj Auto OverWeight, TP Rs 4742
 
CITI ON BAJAJ AUTO - Maintain Sell, Target at Rs 3000/sh  -18.08.2021

• Demand outlook is cautious 
• Financing has recovered in 2Ws but not in 3Ws
• Chip shortage should ease out 
• Some moderation in pace of commodity cost increase
Posted by

ZOMATO

11.02.2022 - MS on Zomato Maintain Overweight CMP 94 Target 150
11.02.2022 - CS on Zomato Maintain Overweight CMP 94 Target 120
11.02.2022 - BOFA on Zomato Maintain Buy CMP 94 Target 115

GOLDMAN SACHS ON ZOMATO - 30.08.2021

Initiate on Zomato with BUY, Target at Rs 180/share
Zomato has captured half of India's online food delivery market
Zomato is well-positioned to grow its share
Forecast GOV/revenues for Zomato to grow 11x/13x6 from FY21 levels
Expertise in food delivery will help Zomato enter and expand 
Expect Zomato to be EBITDA profitable by FY24E

MORGAN STANLEY ON ZOMATO - 30.08.2021

• Initiate with Equal-Weight, Target at Rs 140/share
* Zomato has strong business moats 
* Risk-reward as balanced at the current stock price
* Food-tech is an attractive business opportunity 
* India's online food delivery market is at an early stage of penetration
* Underlying restaurant market is fragmented 
• Market structure is favorable and consolidated

 JEFFERIES ON ZOMATO  - 18.08.2021

• Zomato has forayed into the grocery space in cities incl.
  Mumbai & Delhi
• Interesting development in context of formal exit last year
• Zomato's offering is similar to Swiggy's instant delivery
• Grocery is an attractive market but is fiercely competitive 
• Zomato is set to pick up c.10% stake in Grofers
Posted by

BANKING - NBFC SECTOR

CLSA ON NBFCs : 15.12.2021

* RBI has now introduced the "Prompt Corrective Action (PCA) framework for NBFCs. Here's what CLSA has to say about it
* Enhanced Regulatory Scrutiny For NBFCs By RBI
* Key Genesis Of New Regulation Is NBFCs Have Grown Big, Are Systemically Imp Now
• While We Expect No Impact For Most NBFCs, M&M Fin May Increase Provisions

 CREDIT SUISSE ON INDIA NBFC SECTOR  - 18.08.2021

CreditSuisse  on India's #NBFC sector: Preferred picks are Chola, STFC, SBI Cards, and HDFC
• Delinquencies for CV, SME, and MFI loans increased 100-200 bp QoQ
• Collection efficiency across the segments has improved • Expect stressed loans to decline in Q2 FY22
• PCR on stressed loans is 15-45%; while it has increased 4-7 pp
• Loan growth for mortgage, tractors, and LAP has held up 
• Preferred picks are Chola, STFC, SBI Cards, and HDFC
Posted by

BRITANNIA

BRITANNIA

31.01.2022 - Macquarie on Britannia Maintain Neutral CMP 3509 Target 4000

CLSA ON BRITANNIA (CMP: 3,681) MAINTAIN OUTPERFORM TARGET: 3,850 - 18.08.2021
Growth Levers Falling In Place
Market Share Focus To Pay Off For Co
Annual Rpt Highlights Focus On Cost Efficiency, Pdct Innovation, Distribution Footprint
• In Biscuits, Co Focussing On Localised Strategies For Large Brands
• FCF Generation For FY21 Was Robust At *1,600 Cr Despite Capex
• Overall ICDs Reduced YoY To 1,000 Cr,
But Group Co ICDs Expanded To *790 Cr

MAINTAIN OUTPERFORM TARGET: 3,850

CLSA ON BRITANNIA INDUSTRIES  - 18.08.2021
Maintain Outperform, Target at Rs 3850/sh
• Market-share gain focus continues
• Focus on adjacent categories
• Strong FCF, balance-sheet strength;
* inter-group ICD exposure remains
• Multiple growth levers ahead
Posted by

Vodafone Idea

 Vodafone Idea 

CLSA U-P, TP cut to Rs 6 from Rs 10 - 07.08.2021

Cut FY22-23CL forecasts between 5% (FY23CL rev) &  12% (FY22CL Ebitda), though management said operations normalised in 2QFY22 
Debt burden is huge at $25.8bn, & headed for financial crisis when annual payments are due


CS U-P, TP cut to Rs 4 from Rs 6 -  07.08.2021
1Q FY22 review: an all-round weak quarter; awaiting government support 
Believe VIL needs meaningful capital infusion, along with strong operational improvement to become competitive

UBS Neutral, TP Rs 10 - 07.08.2021

Subscriber market share loss continues; impact of Covid adds to woes  
Critical position in terms of liquidity, with FY22 cash flows (even assuming minimal or no capex) unlikely to be sufficient to meet upcoming repayment obligations
Posted by

FORTIS

FORTIS

GS on Fortis Buy, TP Rs 295 - 17.08.2021

Raise FY23-24 EPS by upto 13%
Constructive view given
1) Improving mix in hospital occupancy with higher ARPOB
2) B2C push in diagnostics leading to narrow operating metrics gap vs peers 
3) Scope for turning around laggard hospitals
Posted by

MINDAIND

MINDAIND 

08.02.2022 - Nomura on MINDAIND Maintain Downgrade Neutral CMP 1092 Target 1235(PREVTGT 1045)

Nomura on Minda Ind Buy, TP Raised to Rs 820 : 17.08.2021

* 1QFY22 in line; multiple growth catalysts  
* Premiumization and new order wins across segments to 
* drive growth; new EV components expand opportunity
Posted by

Info Edge

Info Edge 

CLSA on Info Edge - 17.08.2021

CLSA on Info Edge Downgrade to U-P, TP Rs 5500
While its organic biz outlook is steady,
listing of Zomato (& in process Policybazaar) now give investors a direct play 
Believe this dilutes Co’s longheld position as sole scale play on India’s internet opportunity 

Bernstein on Info Edge O-P, TP Raised to Rs 5460 - 17.08.2021

Q1FY22: Revenue and margin beat, Billings recovering 
Co has INR35.6 Bn cash balance at end of Q1FY22 
Management expects cash to be used for investments in business segments & to fund acquisitions
Posted by

Tatapower

Tatapower

BROKERAGE RADAR CLSA ON TATA POWER : 09.08.2021

* CLSA on Tata Power: Maintain BUY, Target at Rs 160/share
• Repricing of debt & net long coal drives solid Q1
• Core Q1 Ebitda was up 12% YoY led by strong coal
• Raise Target price from Rs 127 to Rs 160
• Lift our EPS 3% -6% to factor-in de leveraging, lower rates

EDELWEISS ON TATA POWER : 09.08.2021

* Edelweiss maintains BUY call on Tata Power, target at Rs 170/sh
* Co Began FY22 On A Strong Note With A 10% PAT Outperformance in Q1
* Integrated CGPL & Coal Mining Business Reported 150 Cr PAT On Higher Coal Prices
*3,000 Cr Sequential Increase In Net Debt, Largely Due To Refinancing Of Perpetual Debt
* Strong Ramp-Up In EPC, But With Less Than 4% Margins Due To Higher Module Prices
* Odisha AT&C Loss Increased By 200 bps, Impacted By The Second COVID Wave
* Firm Plans To Foray Into Transmission Business
* MAINTAIN BUY TARGET: 170

 CLSA maintains BUY call on Tata Power, target at Rs 160/sh

CLSA ON TATA POWER (CMP: 135.30)
Repricing Of Debt And Net Long Coal Drives Solid Q1
Core Q1 EBITDA Up 12% YoY Led By Strong Coal & Lower Mundra Proj Loss-Making Generation
Emerging RE Play & NCLT Approval Of Merger Of CGPL Key 
MAINTAIN BUY  TARGET: 160

JPMorgan maintains OVERWEIGHT call on Tata Power, target at Rs 155/sh

JPMORGAN ON TATA POWER  (CMP: 135.30)
Q1FY22 Beat, Strategic Objectives Of ESG, Growth & Deleveraging Remain In Sight
Mgmt's Key Focus Remains To Scale Up Renewables & Adjacent Biz, Keeping Leverage Contained
Co Is Our Top Pick In Utilities 
MAINTAIN OVERWEIGHT  TARGET: 155

Posted by

BANK OF BARODA

BANK OF BARODA

BROKERAGE RADAR MORGAN STANLEY ON BANK OF BARODA : 09.08.2021

* Morgan Stanley on Bank of Baroda: Maintain Overweight, Target at Rs 110/share
* Core PPOP and asset quality surprise positively
• Key positives were a core PPOP beat of 4%
• Lower-than expected bad loan formation at 1.5% non-annualized
* Credit costs above est. driven by higher GNPL coverage

Posted by

Hindalco

Hindalco 

BROKERAGE RADAR CITI ON HINDALCO : 09.08.2021

* Citi on Hindalco: Maintain BUY, Target at Rs 535/share
* Aluminium EBITDA margin 38% (13-yr high) vs 30% in Q4
• Reiterate Buy on strong aluminium LME outlook
* Novelis' resilient earnings, clear focus on organic growth

JPMORGAN ON HINDALCO : 09.08.2021

* JPMorgan maintains OVERWEIGHT call on Hindalco, target at Rs 540/sh
* Positioned Well Across Both Upstream & Downstream With Profitability at Decadal High
* Co Reported A Large Beat In Q1, Expect Earnings Across India & Novelis To Further Improve Hereon
• Raise FY22/23/24 EPS Estimates By 15%/8%/6%
* MAINTAIN OVERWEIGHT TARGET: 540

CLSA ON HINDALCO 

* CLSA maintains BUY call on Hindalco, target at Rs 500/sh
* Novelis Q1 Above Expectations
* Despite Headwinds
* Management Expects Aleris Synergies At $220 m/Yr In Next 3 Yrs
* With 65% EBITDA From Conversion Businesses, Co Has Most Resilient Earnings
* It's A Preferred Pick In Metal Space
* MAINTAIN BUY TARGET: 500


Posted by

GODREJ CONS

GODREJ CONS

CLSA ON GODREJ CONS : 05.08.2021

* CLSA maintains OUTPERFORM call on Godrej Cons, target at Rs 950/sh
* Margin Pressure In India Offset By Better Margin Show In International
* Earnings Growth Of 38% Aided By Higher-than-expected Other Income
* Gross Debt Expanded By *300 Cr Against Guidance Of A Reduction
* Working Capital Days Expanded To 23 Days
* MAINTAIN OUTPERFORM TARGET: 950

Posted by

SBI

SBI

CREDIT SUISSE ON SBI : 05.08.2021

* Credit Suisse maintain Outperform, Target upped at Rs 550/sh
* Strong asset quality outcomes sustain
• Growth is likely to remain in line with industry
* Expect a pick up, led by retail
• Stock at 0.8x FY23E P/B and 13% ROE

JPMORGAN ON SBI : 05.08.2021

* JPMorgan maintains Overweight, Target at Rs 575/sh
* Slippage rate of 2.5% was one of the lowest in the industry
* NIMs of 2.9% were flat Q/Q
* Expect improvements in asset quality
* Consequent profitability to drive re rating at bank

CLSA ON SBI : 05.08.2021

• Decent performance in a tough quarter
* Continuing to deliver on asset quality in an operationally muted quarter
* Slippage at 65bps of loans; relatively strong performance
• Retail stress increase not a worry

JEFFERIES ON SBI : 05.08.2021

* Jefferies maintains BUY call on State Bank of India, target raised to Rs 550 from 520/sh
* Managing Asset Quality Better, But Growth May Lag
* Profit Led By Other Income & Tad Lower Provision
* Slippages At 2.8% Of Past Loans Above Expectations
* We See Scope For Upgrades In Q2 & Q3
* Despite Stronger CASA, Co Has Lagged On Loan Growth
* Co Stays Among Key Picks With Buy Rating: It's A Preferred Recovery Play
* Trim FY22-23 EPS Estimates By 4%
* MAINTAIN BUY TARGET: 550 (PREV TGT: 520)

CLSA ON SBI : 05.08.2021

* CLSA maintains BUY call on SBI, target at Rs 650/sh
* Decent Performance In A Tough Quarter
* Continuing To Deliver On Asset Quality
* NII Miss Driven By Yield Pressure & A Lack Of Growth
* PPOP/PAT Estimates Cut By 1-3%
* Expect Co To Deliver A 14% ROE In FY22 & 15% From FY23
* MAINTAIN BUY TARGET: 650

MS ON SBI : 05.08.2021

* Morgan Stanley maintains OVERWEIGHT call on SBI, target at Rs 600/sh
* Bad Loan Formation At 1.0% Of Loans Broadly In-line
* Slippages Higher & Restructuring Is Lower Vs Our Estimates
* Core PPOP Missed Estimate On Lower Margin & Slower Growth In B/S
* Reduce EPS Estimate By 3-4%
* MAINTAIN OVERWEIGHT TARGET: 600

Posted by

GODREJ PROPERTIES

GODREJ PROPERTIES

MS ON GODREJ PROPERTIES : 04.08.2021

* Morgan Stanley maintains UNDERWEIGHT call on Godrej Properties, target at Rs 1,128/sh
* Q1 Sequentially Affected By Strict Lockdowns
* Business Fundamentals Are Positive With Rising Demand & A Strong Launch Pipeline
* Rich Valuation Keeps Us Underweight
* MAINTAIN UNDERWEIGHT TARGET: 1,128
* CLSA maintains SELL call on Godrej Properties, target at Rs 1,145/sh

CLSA ON GODREJ PROPERTIES : 04.08.2021

* MAINTAIN SELL TARGET: 1,145
* Cut FY22 EPS Estimates On A Weak Q1 & Near-term Margin Outlook
• July Presales Back To Normal; Growth Expected In FY22
* Valuations Are Rich At Current Levels

Posted by

Dabur

Dabur

CLSA ON DABUR

* CLSA downgrades Dabur to OUTPERFORM from BUY, target raised to Rs 700/sh
* Co Remains Our Preferred Consumer Pick Even As We Lower Rating
* G1 Results Better Than Expected With Sales & EBITDA Up 32%, 33% Respectively
* Co Confident On Driving Double-digit Growth In FY22 & Sustaining Margin YoY
* It Strengthened The Fundamentals Of Its Non healthcare Portfolio
*  We Lift Our Multiple To 55x From 52x
* Lower Our Rating On The Back Of A Strong Re-rating
* DOWNGRADE OUTPERFORM FROM BUY TARGET:700 (PREVTGT:650)

Posted by

CHOLA FIN

CHOLA FIN

MS ON CHOLA FIN : 03.08.2021

* Morgan Stanley maintains OVERWEIGHT call on Chola Fin, target at Rs 625/sh
* Confident In Managing Down Stage 2 + 3 Loans To Q4
* Co Plans Keeping Credit Costs At F21 levels
* Cut Forecasts To Account For Lower Loan Growth & Higher Provisioning
* MAINTAIN OVERWEIGHT TARGET: 625

Posted by

PI IND

PI IND

MACQUARIE ON PI IND : 03.08.2021

* Macquarie maintains UNDERPERFORM call on Pl Industries, target at Rs 2,300/sh
* Acqn ind Swift API Biz Will Pave The Way For Growth Opportunities In Pharma Ind
* Pharma Business Growth Is Mostly Back-ended
* Asset Rationalisation May Take 1-2 Yrs Before Adding Any Material Value
* Significant Negative Risk-reward Skew In Face Of Potential Execution Challenges
* MAINTAIN UNDERPERFORM TARGET: 2,300

Posted by

VARUN BEV

VARUN BEV

CLSA ON VARUN BEV : 03.08.2021

* CLSA maintains OUTPERFORM call on Varun Beverages, target at Rs 833/sh
• In-line Earnings, Focussed On Improving Its Mix & Scale-up Of Launches
• Remain Positive Given Multiple Growth Levers
* MAINTAIN OUTPERFORM TARGET: 833

Posted by

UPL

UPL

CLSA ON UPL : 03.08.2021

• Maintain BUY, Target unchanged at Rs 1000/share
* Good quarter despite cost pressures
• Differentiated products/solutions to drive next leg of growth
* Strong volume growth was a clear positive surprise across key markets

KOTAK INSTL EQ ON UPL : 03.08.2021

* Kotak Insti Eq has a Sell rating on UPL as it doesn't see any major surprises to FY22 earnings
* Q1 Adj EBITDA Came in 5% Under Estimates
* High Commodity Prices Should Support Price Hikes
* Don't See Any Major Surprises To FY22 Earnings
* Lack Of Near-term Catalysts Deny Multiples Room For Re-rating
* MAINTAIN SELL TARGET: 760

JPMORGAN ON UPL : 03.08.2021

* JPMorgan maintains Overweight rating on UPL, says strong commodity pricing should support valuation
* MAINTAIN OVERWEIGHT TARGET: 880
* Favourable Agri Environment To Support Momentum With Upcoming LatAm Season In Focus
• Sustainable Agriculture & Bio-solution Are Long-term Positives
* Strong Commodity Pricing Should Support Valuation

CLSA ON UPL : 03.08.2021

* CLSA Maintains Buy call on UPL as it believes co has posted healthy earnings in Q1 despite cost pressures
* Good Quarter Despite Cost Pressures
* Strong Volume Growth A Clear Positive Surprise Across Key Markets
* Retained Its FY22 Guidance
* Continued Focus On Differentiated Products Remains A Long-term Growth Driver
* MAINTAIN BUY TARGET: 1,000

Posted by

BRITANNIA

BRITANNIA

CLSA ON BRITANNIA : 03.08.2021

• Strategy of volume over margin aided top line and drove beat
• Price hikes on the rise; focus to grow margin higher than in FY20
• Normalcy, focus on scaling adjacent operations; PLI boosts prospects
• Better pricing should help margin; normalcy expected to aid diversification

CITI ON BRITANNIA : 03.08.2021

• Maintain BUY, Target at Rs 3,975/share
• Good operational beat on very low expectations
• Britannia has been one of the worst performing consumer names YTD
• See room for relative valuation gap to bridged

JEFFERIES ON BRITANNIA : 03.08.2021

* Jefferies upgrades Britannia to BUY, target raised to Rs 4,150/sh
* While Mărgin Has Started Normalising, Revenue Trend Better In Q1
• Focus Remains On Growth And Gross Margin Is Close To Bottoming Out
* May See Product Price Hikes In Coming Quarters
* Stock Appears Attractive At Current Levels
* UPGRADE BUY TARGET: 4,150 (PREV TGT: 3,800)

MACQUARIE ON BRITANNIA : 03.08.2021

* Macquarie has a neutral call on Britannia
* MAINTAIN NEUTRAL TARGET: 3,600
* Co Intends To Take Price Hikes To Offset Cost Pressures
* Await Details On Its Strategy To Offset The Input Cost Pressures
* Look To Gain Clarity On Competitive Situation On Ground

CITI ON BRITANNIA : 03.08.2021

* Citi has a Buy call as it believes co reported operational beat in Q1
• Good Operational Beat On Very Low Expectations
* EBITDA Is Ahead Of Our/Consensus Forecasts
* Room For Relative Valuation Gap To Be Bridged
* MAINTAIN BUY TARGET: 3,975

CLSA ON BRITANNIA : 03.08.2021

* CLSA maintains Underperform call on Britannia, sees limited pricing to help co gain share
* MAINTAIN UNDERPERFORM TARGET: 3,625
* Margin Pressure On Expected Lines; Better Topline Aided Overall Delivery
* Estimate Co To Have Registered Low Single digit Volume Growth For Quarter
• See Limited Pricing To Help Co Gain Share

Posted by

EMAMI

EMAMI

BROKERAGE RADAR CREDIT SUISSE ON EMAMI : 03.08.2021

* Shaping up well for FY22, e-commerce now a major growth drive
* Emami 1Q FY22 revenues 5% higher
• Healthcare and pain management business continues
* Marginally increase earnings estimates by 1-2%

Posted by

COLGATE

COLGATE

28.01.2022 - Jefferies on Colgate Maintain Buy CMP 1391 Target 1700
28.01.2022 - Nomura on Colgate Maintain Neutral CMP 1391 Target 1700
28.01.2022 - CLSA on Colgate Maintain Outperform CMP 1391 Target 1540

JPMORGAN ON COLGATE : 30.07.2021

* JPMorgan downgrades Colgate to Neutral, sees limited scope for EPS upgrades & valuation re-rating
* DOWNGRADE NEUTRAL TARGET: 1,850
* Unexciting Revenue Momentum & Peak Margin Mean No Catalysts For EPS Upgrades
* Forecast A Revenue CAGR Of 8% Over FY21-24, Which Puts Co At Lower End Of Peer Grp
* See Limited Scope For EPS Upgrades & Valuation Re Rating

Posted by

Tvsmotor

Tvsmotor

JEFFERIES ON TVS MOTOR : 30.07.2021

* Jefferies maintains its positive stance on TVS Motor with co turning aggressive on EVs
* Q1 Volume Fell 29% QOQ While EBITDA Fell 49% QOQ, 6% Below Est
* Gross Margin Fell Just 40 bps QoQ Despite Severe Commodity Cost Pressures
* TVS Reported Its Highest-Ever Gross Profit-Per-Vehicle
* Indian 2-W Demand Should Recover From An Abnormal Cyclical Trough
* Exports Are Holding Up Well, Margins Should Expand Sequentially
* TVS Is Also Turning Aggressive On Es
* MAINTAIN BUY TARGET: 800

CITI ON TVS MOTOR : 30.07.2021

* Citi has a Sell rating on TVS Motor
* Positively Surprised By Co's Q1 Realisations, Which Drove Slight EBITDA Beat
* Higher Capital Costs (Depreciation+ Interest) Resulted In A PAT Miss
* Co's Pricing & Gross Margin Trends Have Been Commendable
* MAINTAIN SELL TARGET: 530

Posted by

Maruti

Maruti 

MACQUARIE ON MARUTI : 02.09.2021

* MAINTAIN NEUTRAL TARGET: 6,800
* Management Sees Sep Production At 40% Of Normal Level
* We See 7-19% Downside To Our FY22 Volume Estimate
• Timing & Intensity Of Recovery In Semiconductor Supply Is Key
* Current Valuations Cap Downside Risk

GOLDMAN SACHS ON MARUTI : 01.09.2021

• Maintain BUY, Target at Rs 9036/share
* Chip shortage to cause further production cuts in September
• Cut FY22E EBITDA by 5%, FY23 / FY24 estimates mostly unchanged
* September production cuts due to semiconductor shortages
* Vol impact to be partially offset by price hikes

MORGAN STANLEY ON MARUTI : 29.07.2021

• Maintain Overweight, Target at Rs 8,307/share
* Troughs in margins, volumes, and the model cycle keep us OW
• P/E in the context of depressed earnings is also attractive
• India's PV cycleisata multi-year low; reiterate OW

BERNSTEIN ON MARUTI : 29.07.2021

* Bernstein maintains OUTPERFORM rating on Maruti as management indicates a recovery in overall demand
* Q1 Results Reflect Challenges On Multiple Fronts
* Commodity Prices Continue An Uptrend & Not Fully Offset By Price Increase In Recent Months
* COVID-related Production Disruption Impacted Operating Leverage
* Commencement of Provisioning For Wage Revision In A Weak Quarter Was An Additional Impact
• Mgmt Commentary Indicated Recovery In Overall Demand
* MAINTAIN OUTPERFORM TARGET: 7,850

KOTAK INSTITUTIONAL EQ ON MARUTI : 29.07.2021

* Maruti's Q1 EBITDA 5% below our expectations due to higher input costs & employee expenses, Kotak Institutional Equities says, maintains SELL call
* Q1 EBITDA 5% Below Our Expectations Due To Higher Input Costs & Employee Expenses
* Volume Growth Outlook Remains Strong Given Strong Order Backlog
* Maintain Sell As We Are Concerned On Market Share Loss In SUV Segment & Rich Valuations
* MAINTAIN SELL TARGET: 6,000

Posted by

NESTLE

NESTLE

MORGAN STANLEY ON NESTLE : 29.07.2021

• Maintain Equal-weight, Target at Rs 17,511/share
• 2Q earnings were ahead of our estimates, but missed consensus
• Double-digit domestic top-line growth
* Growing revenue contribution from e commerce channels

CLSA ON NESTLE : 29.07.2021

* Maintain Outperform, Target at Rs 18,500/share
* Top-line and margin misses; 2Q normalcy should help recovery
* Top-line two-year Cagr slowed to 8% vs 10%
* Better execution needed, structural prospects remain

CLSA ON NESTLE INDIA : 29.07.2021

* Topline & margin miss for Nestle India but Q2 normalcy should help recovery, CLSA says, maintains OUTPERFORM on the stock
* MAINTAIN OUTPERFORM TARGET: 18,500 (PREVTGT:19,000)
* Topline & Margin Miss; Q2 Normalcy Should Help Recovery
• Q2 Weaker Than Expected, With Sales, EBITDA & Profit Growth Of 14/10/5% YoY
* Drop In Sales Two-year CAGR From 10% To 8% Is Unsatisfactory
* Expect Company To Leverage Penetration Opportunities
* Cut Earnings Estimates By 3%.

JPMORGAN ON NESTLE INDIA : 29.07.2021

* Nestle India's Q2 performance misses on revenue; gross margin declines QoQ, JPMorgan stays NEUTRAL on the stock due to limited scope for earnings upgrades
* MAINTAIN NEUTRAL TARGET: 17,700
* Q2 Misses On Revenue; Gross Margin Declines QoQ
• Scope For Higher Dividend Payout Remains
* Stay Neutral Due To Limited Scope For Earnings Upgrades

CREDIT SUISSE ON NESTLE INDIA : 29.07.2021

* Nestle sees healthy growth, but no longer an outlier, Credit Suisse says, remains positive on long-term prospects
* MAINTAIN NEUTRAL TARGET: 18,350
* Healthy Growth, But No Longer An Outlier
* Remain Positive On Long-term Prospects
* Neutral Due To Stretched Valuations & Limited Room For A Positive Surprise
* Cut CY21-23 Earnings By 3%

UBS ON NESTLE INDIA : 29.07.2021

* UBS maintains BUY on Nestle with target of Rs 21,500/sh.
* Key Categories Drive Growth; e-Commerce Accelerates
* Q2CY21 Domestic Sales Up 13.7% YoY
* New Product Contribution Growing; Expansion On Track
* MAINTAIN BUY TARGET: 21,500

Posted by

US Fed Reserve Policy

US Fed Reserve Policy

Interest Rates Unchanged

ON INFLATION

• Aims to achieve inflation moderately above 2% for some time Longer-term inflation expectations remain well anchored at 2%

FED'S OWN DOT PLOT

* Next rate hike in 2023
• 7 out of 18 members looking for 2022 rate raise

2 STANDING REPURCHASE AGREEMENTS

• Domestic standing repo facility (SRF)
• Repo facility for foreign and international monetary authorities
• To serve towards effective implementation of monetary policy

TAPER HINTS

• Reiterates pledge to continue bond buying program until 'substantial further progress' is seen
* Notes that economy has made progress towards the goals
• Economic indicators and employment has shown strength
• Sectors most adversely affected by the pandemic have shown improvement but have not fully recovered
• Committee will continue to monitor progress in the coming meetings
• Economy has made progress towards goals laid to taper
• Holds rates unchanged, FOMC vote was unanimous
• Establishes domestic and foreign standing repo facilities
• Leaves target range for benchmark rate at zero to 0.25%
• Leaves IORB at 0.15%, discount rate at 0.25%
• To keep buying $80 bn treasuries, $40 bn MBS every month

Posted by

M&M FINANCIAL

M&M FINANCIAL

MS ON M&M FINANCIAL : 27.07.2021

* Potential for reversal of provisions in rest of FY22 is key to focus for M&M Fin, Morgan Stanley in its report on the NBFC after Q1 results reported yesterday
* Saw A Large QoQ Increase In Stage 2 & 3 Loans Of 13.3 ppts Of Loans
* It Maintained High Provisioning Coverage On These Loans
* Key To Focus Is Potential For Reversal Of Provisions In Rest Of FY22
* MAINTAIN BUY TARGET: 240

CLSA ON M&M FINANCIAL : 27.07.2021

* M&M Financial's growth remained muted with disbursements at half of pre-COVID run-rate levels; the only silver lining is the large provision buffer of 11.3% of loans,
* Growth Remained Muted With Disbursements At Half Of Pre COVID Run-rate Levels
* Yields Down More Than 200 bps QoQ Due To Sharp Interest Reversals
* The Only Silver Lining Is The Large Provision Buffer Of 11.3% Of Loans
* MAINTAIN BUY TARGET: 180

Posted by

SBILIFE

SBILIFE

CLSA ON SBI LIFE INSURANCE : 27.07.2021

* CLSA increases VNB margin estimates for SBI Life by 3 7%, co is one of the preferred picks for the brokerage
* Increase VNB Margin Estimates By 3-7%
• Expect Long-term VNB Margin At 26% Vs 24.5% Earlier
• Co Is One Of Our Preferred Picks
* MAINTAIN BUY TARGET: 1,385


Posted by

ZOMATO

ZOMATO

UBS ON ZOMATO : 27.07.2021

• Initiates on Zomato, Rated BUY, Target at Rs 165/share
* Long runway for growth in Indian food delivery
* Improving unit economics with contribution margin turning positive in FY21
• Expect Zomato to deliver >40% revenue CAGR
• Secular factors such as smaller family sizes, lesser time and willingness to cook
* Valuations are not cheap at FY24e EV to sales of 17x SELL

Posted by

ITC

ITC

MORGAN STANLEY ON ITC : 26.07.2021

* Maintain Overweight, Target at Rs 251/share
* Cigarette volumes surprise positively
* Earnings beat led by performance in all businesses, except FMCG
* Other expenses fell 15% QoQ, aided by ITC's cost control initiatives

CLSA ON ITC : 26.07.2021

* ITC's cigarette margin aided by positive operating leverage & holds potential for further expansion; other FMCG revenue growth in-line at 10%; FMCG margin at 8%, expanded 40 bps YoY. Here's more by CLSA on the tobacco major
* Cigarette EBIT Margin Expanded 210 bps YoY
* Cigarette Margin Aided By Positive Operating Leverage & Holds Potential For Further Expansion
* Other FMCG Revenue Growth In-line At 10%; FMCG Margin At 8%, Expanded 40 bps YOY
* With Expected Normalcy, See A Recovery In Its Overall Business & Margin Profile
* With Steady Expansion In Its Margin & A Reduction In Capex, K-shaped Trend
* MAINTAIN BUY TARGET: 265

JEFFERIES ON ITC : 26.07.2021

• Maintain BUY, Target at Rs 275/share
Pandemic-related disruption impacted most consumer companies
• Management showed agility during times of disruption
• Raise EPS by 2-4% and view ITC as a high conviction Buy with Rs 275

MORGAN STANLEY ON ITC : 26.07.2021

* Q1 earnings beat by ITC led by better-than expected performance in all businesses except FMCG, MS maintains OVERWEIGHT on the stock
* Revenue & Profits Ahead Of Estimates
* Cigarette Volumes Up 33% YOY, Ahead Of Consensus Of 24-28%
* Earnings Beat Led By Better-than Expected Performance In All Biz, Except FMCG
* Other Expenses Fell 15% QOQ, Aided By ITC's Cost Control Initiatives
* MAINTAIN BUY TARGET: 251

CLSA ON ITC : 26.07.2021

• Maintain BUY, Target at Rs 265/share
* Recovery momentum to accelerate with normalcy, maintain BUY
* Cigarette volume grew 33% and its margin was at 73.7%
• Other FMCG revenue grew 10% (2-year CAGR of 10%)

CITI ON ITC : 26.07.2021

* No major surprises in ITC's Q1 results across various segments, Citi says, maintains NEUTRAL rating on the stock
* Operationally, No Major Surprises In Q1 Results Across Various Segments
* Revenue & EBITDA Grew 37% & 51% Respectively On Very Low Base Of Last Year
* Lower Other Income Led To A Weaker-than-expected Profit Of 3,010 Cr Vs Estimate Olf 3,230 Cr
* Remain On Sidelines
* MAINTAIN NEUTRAL TARGET: 210

Posted by

UNITED SPIRITS

UNITED SPIRITS

MACQUARIE ON UNITED SPIRITS : 26.07.2021

* Broadly Maintain FY22-24 EPS Estimates Post An In line Q1
• See Risks From Input Cost . Inflation
• Co Is Among Our Least Preferred Names
* MAINTAIN UNDERPERFORM TARGET: 480


Posted by

Ambuja cements

Ambuja cements 

JPMORGAN ON AMBUJA CEMENTS 26.07.2021

* JPMorgan increases EBITDA estimates for Ambuja Cements by 3%, given a strong H1CY21, believes co could announce more expansions over next 12 months
* Strong Operating Performance; 1.5mt Expansion Announced; Cost Should Increase
* Increase EBITDA Estimates By 3%, Given The Strong H1CY21
* Believe Co Could Announce More Expansions Over Next 12 Months
* MAINTAIN NEUTRAL TARGET: 350

NOMURA ON AMBUJA CEMENTS : 26.07.2021

* Good Q2 by Ambuja Cements, but margin likely to compress in H2; recent outperformance prices in cost efficiency benefits co,
* Downgrade After Recent Outperformance
• Good Q2, But Margin Likely To Compress In H2
• Recent Outperformance Prices In Cost Efficiency Benefits
* DOWNGRADE REDUCE TARGET: 360

 GS ON AMBUJA CEMENTS : 26.07.2021

* Goldman Sachs sees the valuation gap between Ambuja Cements & its peers narrowing going forward
* Continue To Like Exposure To North & West Markets
* Expect Its Grinding & Clinker Expansion In Rajasthan To Free Up Its West Capacity
* See The Valuation Gap Narrowing Vs Larger Peers Going Forward
* Risk-reward Is Attractive At Current Levels
* MAINTAIN BUY TARGET: 423 (PREVTGT:370)

Posted by

Havells

Havells

HSBC ON HAVELLS : 22.07.2021

* HSBC maintains BUY call on Havells, target at Rs 1,215/sh
* Delivers Strong Results in Q1 With Rev & Profit Above Consensus Expectation
• Demand Recovery Continues To Surprise Positively
• See Gross Margin Pressure Due To Rising Commodity Costs As Transient Headwind
* MAINTAIN BUY TARGET: 1,215

Posted by

ICICIPRULI

ICICIPRULI

UBS ON ICICI PRU : 22.07.2021

* UBS has a Buy call on ICICI Pru, expects VNB margin to normalise with evolving product mix
* Strong Core Business Performance To Overshadow Weak Accounting Profits
* Elevated Claims & Higher COVID Reserving Dents Profitability
* Expect VNB Margin To Normalise With Evolving Product Mix
* Co Maintained Its Guidance To Double Its FY19 VNB By FY23, In-line With Estimates
* MAINTAIN BUY TARGET: 690

GS ON ICICI PRU : 22.07.2021

* GS maintains Neutral stance on ICICI Pru but revises FY22-FY24 VNB estimates higher by up to 2%
* MAINTAIN NEUTRAL TARGET: 570
* Q1 Beat Driven By Group Term, Tops Up COVID Provisions
* Revise FY22E-FY24 VNB Estimates Higher By Up To 2%
* FY23 VNB Guidance Implies A 28% CAGR Over Next 2 Yrs, A Tough Act To Achieve

CLSA ON ICICI PRU : 22.07.2021

* CLSA maintains Buy call on ICICI Pru and lifts VNB estimates by 13-14%
* Q1 Performance Beat Estimates Notably With Its VNB Margin At 29.4%
• Expect A VNB CAGR OF 25% Over FY21-23
* Lift VNB Estimates By 13-14%
* MAINTAIN BUY TARGET: 725

MS ON ICICI PRU : 22.07.2021

* MS has an Overweight rating on ICICI Pru, expects VNB growth pick-up after recent sluggish years to help rerate the stock
• In A Tough Q1, Delivered A 20%+ VNB Beat
• VNB Growth Pick-up After Recent Sluggish Years Should Help
* Rerate Stock
* MAINTAIN BUY TARGET: 700

CITI ON ICICI PRU : 22.07.2021

* Citi has a Buy call on ICICI Pru. It raises FY22/FY23 VNB estimates by 6%/3%
• Favourable Product Mix Is Driving VNB Margin Expansion
* Raise FY22/FY23 VNB Estimates By 6%/3% As We Factor Higher VNB Margin
* Lower FY22/FY23 Profit Estimates By 18%/13% As We Factor Higher Claims & Opex
* MAINTAIN BUY TARGET: 750

Posted by

HDFCLIFE

HDFCLIFE

NOMURA ON HDFC LIFE : 20.07.2021

* Nomura maintains NEUTRAL call on HDFC Life
* Wave-2-Impacts Q1; KEEP NEUTRAL ON VALUATIONS
* It Remains A Compounder But Await A Better Entry Point
• We Build In 16% / 18% FY21-24 CAGR In APE/VNB
* Recent Underperformance is Gradually Closing Valuation Gaps Vs Peers
* MAINTAIN NEUTRAL TARGET: 750 (PREV TGT: 725)

JPMORGAN ON HDFC LIFE : 20.07.2021

• Maintain Overweight on HDFC Life, Target at Rs 770/share
* Growth and product mix to sustain 20%+ VNB growth
• Distribution momentum more evident in proprietary channel
• Prefer SBI Life/IPRU trading at 2.3x FY23E P/EV over HDFC Life

JEFFERIES ON HDFC LIFE : 20.07.2021

* Jefferies maintains BUY call on HDFC Life, target cut to Rs 800 from Rs 880/sh
* Front Ended Spike in Mortality Reserves
* Reserves Should Be Adequate To Meet 2nd Wave Claims
* VNB Grew 40% YOY, Largely In line With Estimates
* We See A 19% VNB CAGR Over FY21-24
* Persistency Was Stable/ Better Across Buckets Over Q4
* MAINTAIN BUY TARGET: 800(PREV TGT: 880)

Posted by

NIPPON AMC

NIPPON AMC

NOMURA ON NIPPON AMC : 20.07.2021

* Nomura maintains NEUTRAL call on Nippon AMC, target raised to Rs 400/sh
* Q1 Results Largely In-line With Our Expectations On Both Profit/ Core EBIT
* Overall MF Revenues Flat QoQ Despite 5/2% QOQ Growth In Equity/Debt AUMS
* Overall Compressing Yields, Stagnant Market Share & SIP Market Share Decline Concerns Us
* Fy22-24 EPS Estimates Raised By 5-6%, valuation Multiple Increased To 32x
* Market Share Trends Across Segments Do Not Yet Reflect Any Signs Of Improvement
* MAINTAIN NEUTRAL TARGET: 400 (PREV TGT: 350)

Posted by

ACC

ACC

CLSA ON ACC : 20.07.2021

* Upgrade ACC to BUY from Outperform, Target at Rs 2,600/share
• Q221 above estimates on better volume and cost discipline
• Strong volume growth drives top-line beat
* Raise EBITDA 8-9% given strong fundamentals

CS ON ACC : 20.07.2021

* Credit Suisse remains NEUTRAL on ACC, target at Rs 2,450/sh
* Firing On All Cylinders; Reflection Of Sector Strength
* Increase Volumes & Realisation Estimates
• Now Factor In Cement EBITDA/t Of 1,050 Vs *916/1,044 In CY20/Q1
* MAINTAIN NEUTRAL TARGET: 2,450

CLSA ON ACC : 20.07.2021

* CLSA upgrades ACC to BUY, target raised to Rs 2,600/sh from Rs 2,190
* Reported Its Best-ever EBITDA/t Of ₹1,279
• EV/EBITDA It Is Trading At The Higher End Of Its Historical Discount To Sector
* Raise FY21-23 EBITDA Estimate By 8-9%
* UPGRADE BUY TARGET: 2,600 (PREV TGT: 2,190)

Posted by

LTI

LTI 

MACQUARIE ON L&T INFO : 19.07.2021

* Macquarie has an outperform rating on L&T Info with co as a top pick in midcap Indian IT space
* MAINTAIN OUTPERFORM TARGET: 4,700
* Strong Pipeline & New Client Hunting Position Co Well For FY22
* Expect SG&A To Increase In FY22 For Investment Needs In Cloud & Data Practices
* Raise FY22-24 EPS Estimates By 1-3%
* Co Is Top Pick In Midcap Indian IT Space

GOLDMAN SACHS ON L&T INFO : 19.07.2021

* GS has a Sell call on L&T Info as its finds valuations expensive
* Increase Revenue Growth Forecasts By Up To 3% On Back Of Q1 Beat
* Lower Our Margin Assumptions Due To Tight Labour Market
• Valuations Expensive At Current Levels
* MAINTAIN SELL TARGET: 3,587

CITI ON L&T INFO : 19.07.2021

* Citi maintains Sell rating on L&T Info
* Delivered An In-line Quarter
* Attrition Spike, Sharp Decline In Margin & No Large Deals Key Challenges
* Continue To Like Co For Its Mgmt Team & Growth Track Record
* Expectations & Valuations Are Elevated
* MAINTAIN SELL TARGET: 3,870

KOTAK INSTL EQ ON L&T INFO : 19.07.2021

* Kotak Instl Eq retains its Sell stance on L&T Info
* Good Quarter With QoQ Growth Of 4.8% In CC, Powered By Volume Growth Of 8.8%
* EBIT Margin Declined Sharply Due To Wage Revisions, S&M Investments
* Deal Wins Were Soft But Compensated By Discretionary Spending By Clients
* Well Positioned To Capture Market Opportunities
* Poised For Another Strong Year After Industry Leading Growth In FY21
* MAINTAIN REDUCE TARGET: 4,100

MS ON L&T INFO : 19.07.2021

* MS has an Equal-weight call on L&T Info, expects stock to be range-bound
* MAINTAIN EQUAL-WEIGHT TARGET: 4,250
* Risk-reward Not As Favorable As That Of Other Midcaps/ Large Caps
• Turn In Insurance & Energy Verticals Offset By Lack Of Large Deals & Weak Margin
* Expect Stock To Be Range-bound

GS ON L&T FIN HOLDINGS : 19.07.2021

* GS maintains Buy call on L&T Fin. It expects co to diversify towards higher return generating retail biz over long term
* Marginal Operating Miss; Disbursements Bounced Back In June
* View Diversification Towards Higher Return Generating etail Biz Over Long Term
* Key Risks Are Lack Of Clarity On Strategic Direction, Asset Quality Challenges
* MAINTAIN BUY TARGET: 128

Posted by

CYIENT

CYIENT

21.01.2022 - MS on CYIENT Maintain Underweight CMP 976 Target 900

MORGAN STANLEY ON CYIENT : 16.07.2021

* Cyient's performance appears lackluster relative to most industry peers, MS says, adding that, margin performance was good but there are unknowns
* MAINTAIN EQUAL-WEIGHT TARGET: 700
* Performance Appears Lackluster Relative To Most Industry Peers
* Margin Performance Was Good, But There Are Unknowns
* Management Commentary Is Strong, But It Needs To Translate Into Better Execution

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PAYTM

PAYTM 

21.02.2022 - Icici Sec on Paytm Maintain Buy CMP 833 Target 1352
21.02.2022 - GS on Paytm Maintain Buy CMP 833 Target 1460
07.02.2022 - GS on Paytm Maintain Buy CMP 955 Target 1460
07.02.2022 - JpMorgan on Paytm Maintain Overweight CMP 955 Target 1850
07.01.2022 - Macquarie on Paytm Maintain UnderPerformance Target 900 from 1200
04.01.2022 - JpMorgan on Paytm - Maintain Overweight Target Ra.1850
22.12.2021 - GS On PAYTM - Maintain Netural CMP 1311 - Target Rs.1875
22.12.2021 - Morgan Stanley On PAYTM - Maintain Overweight - Target Rs.1875

PAYTM IPO : 16.07.2021

* One97 Communications Files For IPO Of Up To Rs 16,600 Cr
• One97 IPO comprises of fresh issue of up to Rs 8,300 cr, OFS of up to Rs 8,300 cr
• JPMorgan, Morgan Stanley, Goldman Sachs among lead book-running managers for IPO
• Axis Capital, Citi among lead book-running managers for One97 IPO
• ICICI Securities, HDFC Bank, Link Intime among lead book-running managers for IPO
• One97 IPO proceeds to be used to strengthen the Paytm ecosystem
* IPO proceeds to be used to invest in new business initiatives, acquisitions

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L&T Tech

L&T Tech

19.01.2022 - CITI on L&T TECH Maintain Sell CMP 5421 Target 4430
19.01.2022 - CLSA on L&T Tech Maintain Outperform CMP 5421 Target 6150

CLSA ON L&T TECH : 15.07.2021

• Strong margin defence, healthy deal activity, improved FY22 growth outlook
• High confidence on margin defence
• Engineering services are relatively more vulnerable
• Expect execution impact to be transient

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MINDTREE

MINDTREE

14.01.2022 - MS on Mindtree - Maintain Equal-Weight CMP 4760 Target 5100
14.01.2022 - CITI on Mindtree - Maintain Sell CMP 4760 Target 3650
14.01.2022 - GS on Mindtree - Maintain Sell CMP 4760 Target 4117
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4640(Prev Target 4480)
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4744

CITI ON MINDTREE : 14.07.2021

* MAINTAIN SELL TARGET: 2,215
* Citi maintains Sell call on Mindtree due to rich valuations
* Reported Good Q1, Revenue Ahead, EBITDA In-line & Bookings Healthy
* Cashflow Generation Was Weak In Q1
* Revise Estimates By 2-3% & Raise Multiple To 27x
* Client Concentration & Risk To Margins Are Key
* Valuations Appear Rich at Current Levels

GS ON MINDTREE : 14.07.2021

* MAINTAIN BUY TARGET: 2,863
* GS has a Buy rating on Mindtree with an expectation of 20.5% CC revenue growth in FY22
* Strong $ Revenue Growth Of 7.7% Led By Broad based Growth Across Verticals
• Orderbook Is At The Highest Ever
* Expect 20.5% CC Revenue Growth For Co In FY22

MS ON MINDTREE (CMP: 2,505) : 14.07.2021

* MS has an Overweight rating on Mindtree, but it says high multiples & limited EPS estimate upgrades limit absolute upside
* MAINTAIN OVERWEIGHT TARGET: 2,800
* Revenue Growth & Margin Stronger Than Expected
• Broadening Growth Profile & Improving Revenue Visibility Augur Well
* High Multiples & Limited EPS Estimate Upgrades Limit Absolute Upside

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AUROPHARMA

AUROPHARMA 

11.02.2022 - CS on Auropharma Maintain Outperform CMP 684 Target 855

CREDIT SUISSE ON AUROBINDO : 14.07.2021

• Higher growth trajectory and improving RoCE to drive re-rating
• Increase FY22/23E EPS by 7%/8% and introduce FY24E
• High growth in FY24 reflects benefits of multiple growth drivers
* Generic injectables is now a large segment for Aurobindo

CS ON AUROBINDO PHARMA : 14.07.2021

* CS maintains Outperform call on Aurobindo Pharma with target being raised to rs 1,230/sh
* MAINTAIN OUTPERFORM TARGET: 1,230
• Increase FY22/23 EPS Estimates By 7%/8%
* High Growth In FY24 Reflects Benefits Of Multiple Growth Drivers

Posted by

UJJIVAN

UJJIVAN

Mac on Ujjivan : 14.07.2021

* O-P, TP Rs 265
* Holding co merger could be a big +ve
* Note currently this is an approval to apply for merger of promoter/hold co with bank & not an approval for merger
* RBI will do its due diligence before giving an approval for merger

Posted by

L&T

L&T

31.01.2022 - JpMorgan on L&T Maintain Overweight CMP 1897 Target 2160(PREVTGT 2300)
31.01.2022 - Kotakinstel on L&T Maintain Buy CMP 1897 Target 2450
31.01.2022 - CS on L&T Maintain Outperform CMP 1897 Target 2450
20.01.2022 - MS on L&T Maintain Underweight CMP 6697 Target 6600
17.01.2022 - Jefferies On L&T Maintain Buy CMP 2045 Target 2845
13.01.2022 - CS On L&T Maintain Outperform CMP 2023 Target 2450
11.01.2022 - Jpmorgan on L&T Maintain Overweight CMP 1953 Target 2300

JEFFERIES ON L&T : 27.07.2021

* L&T's Q1 order flow was up 13% YoY (FY22 guidance at 13-17%); Jefferies believes Oct-Dec 2021 should see upside triggers of order flow, maintains BUY on the infra major
* Q1 EBITDA 12% Below Expectations As E&C Sales Missed By 12%
* Pandemic-induced Delays, Including Fatalities & Local Lockdowns, Impacted Execution
* Order Flow Was Up 13% YoY (FY22 Guidance At 13-17%)
* Prospect Pipeline Is Up 42% YoY & Management Is Optimistic On Outlook
* Believe Oct-Dec 2021 Should See Upside Triggers Of Order Flow
* MAINTAIN BUY TARGET: 1,900

CITI ON L&T : 27.07.2021

* Solid margin performance by L&T in Q1, expectedly soft execution; co remains one of Citi's top picks
* Solid Margin Performance, Expectedly Soft Execution
* Margin Performance Should Alleviate Concerns About Co's Ability To Maintain Margin
* Should Be Able To Make Up For A Slight Miss On Order Inflow & Revenue In Rest Of The Yr
* Co Remains One Of Our Top Picks
* MAINTAIN BUY TARGET: 1,785

MORGAN STANLEY ON L&T : 27.07.2021

* L&T's IT business surprised positively while financial services & Hyderabad metro are drags, MS says.
* Core Rev A Tad Weak, But Strong Core Margin Despite Commodity Price Rise A Big Plus
* IT Business Also Surprised Positively While Financial Services & Hyderabad Metro Are Drags
* Improving Labour Availability, Strong Orderbook, Healthy Prospect List Should Drive Core Earnings
* MAINTAIN OVERWEIGHT TARGET: 1,894

GOLDMAN SACHS ON L&T : 27.07.2021

• Maintain BUY, Target at Rs 2,000/share
* Good performance, core business remains undervalued
• See improvement for next leg of capex uptick in India
• Continued thrust of infrastructure by the government

JEFFERIES ON L&T : 13.07.2021

• L&T's AR is more optimistic on India's capex cycle compared to recent ARS
* Government creating room for infra spend by postponing fiscal consolidation to FY25
• Reassessing businesses like L&T Finance, which require periodic capital infusion Buy the leader

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SUNTECK

SUNTECK 

CLSA ON SUNTECK REALTY : 13.07.2021

• Presales down QoQ but up YoY in 1Q
• Targets 40% -50% growth in FY22
• Targeting 2x sales by FY24 led by strong mid-income
• Mumbai market seeing a sharper recovery

CLSA ON SUNTECK REALTY : 13.07.2021

* MAINTAIN BUY TARGET: 440 (PREVTGT:425)
* Sunteck Realty's collection efficiency continues to improve, CLSA increases pre-sales estimates by 12% & 9% for FY22 & FY23
* Presales Down QoQ But Up YoY In Q1, Targets 40%-50% Growth In FY22
* Co Confident Of Achieving 1,40-1,500 Cr In Presales In FY22
* Collection Efficiency Continues To Improve
* We Increase Our Presale Estimates By 12% & 9% For FY22 & FY23
* Like The Stock On Ramp-up Of Its Mid income & Affordable Hsg Portfolio

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INVESTEC ON EQUITAS HOLDING : 12.07.2021

INVESTEC ON EQUITAS HOLDING : 12.07.2021

* Investec has a Buy call on Equitas Holding with target being raised to Rs 170 after RBI has permitted SFBs to apply for a reverse merger
* 40% Holding Co Discount Now Seems Excessive
* RBI Has Permitted SFBs To Apply For A Reverse Merger
* This Improves Chances Of A Reverse Merger With Bank & Holdco
* SEBI Regulations On Promoter Lock-in Could Be A Hindrance
* MAINTAIN BUY TARGET: 170

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ICICIBANK

ICICIBANK

24.01.2022 - JpMorgan on ICICIBANK Maintain Overweight CMP 805 Target 930
24.01.2022 - CLSA on ICICIBANK Maintain Buy CMP 805 Target 1125
05.01.2022 - Jefferies on ICICIBANK Maintain CMP 772 Buy Target 1000
05.01.2022 - Jefferies on ICICIBANK Maintain Buy Target 1000

Nomura on ICICI BK  Buy, TP Rs 825 -17.08.2021
*Stronger b/s, Better earnings growth
*Substantial provision buffer to tide over COVID related stress, & deliver 15% RoE by FY23F 
*Core bk valued at 2.6x P/B on 2QFY22F book (long-term avg: 2.1x)

MORGAN STANLEY ON ICICI BANK : 26.07.2021

* ICICI Bank's Q1 slippages elevated, above MS estimate, but net slippages in-line given strong recoveries, the brokerage says, maintains OVERWEIGHT on the stock
* Co Remains Top Pick In The Banking Sector
• Slippages Elevated, Above Our Estimate, But Net Slippages In-line Given Strong Recoveries
* Provision Write-backs Helped Manage Credit Cost
* MAINTAIN OVERWEIGHT TARGET: 900

BERNSTEIN ON ICICI BANK : 26.07.2021

• Maintain Outperform, Target at Rs 790/share
* Digital focus leading to granular loan growth
• Margins were at an all-time high aided by a low cost of funds
* Loan growth and margin expansion led to a 23% YoY growth in operating profit

NOMURA ON ICICI BANK : 26.07.2021

*Nomura expecting RoE normalisation for ICICI Bank to 15% by FY23.
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET:790

BERNSTEIN ON ICICI BANK : 26.07.2021

* ICICI Bank's focus on digital leading to granular loan growth, Bernstein says.
* Digital Focus Leading To Granular Loan Growth
* Guided Lower Incremental NPAs In Coming Quarters
* Margin At An All-time High Aided By A Low Cost Of Funds
* Loan Growth & Margin Expansion Led To A 23% YoY Growth In Operating Profit
* MAINTAIN OUTPERFORM TARGET: 790

CLSA ON ICICI BANK : 26.07.2021

* ICICI Bank is now consistently delivering sector-best growth in loans/core PPOP, CLSA says after the bank's Q1 results on Saturday
* Bank Is Now Consistently Delivering Sector-best Growth In Loans/Core PPOP
• With Normalisation Of Retail Credit Costs In H2, Expect Credit Costs To Settle 90 bps Over FY23/24
* With 1% -6% Higher Earnings Ests, Expect RORWA Of 2.7%, Which Is 30% Higher Than Last Upcycle
* MAINTAIN BUY TARGET: 940

CLSA ON ICICI BANK : 26.07.2021

• Maintain BUY, Target upped at Rs 940/share vs 825 earlier
* Expect its rerating to continue
• 1% slippage in 1QFY22 and 87bps of buffer provisioning still available
* Clearly a growth leader: core PPOP growth sustained at 20% YoY

CREDIT SUISSE ON ICICI BANK : 26.07.2021

• Maintain Outperform, Target upped at Rs 740/share
* Slippages spike in 1Q partly offset by stronger recoveries
• Continue to expect credit costs moderation of ~50 bp over FY21
* Tweak our FY22 numbers (EPS-3%) for provisions

JEFFERIES ON ICICI BANK : 26.07.2021

* Maintain BUY, Target upped at Rs 830/share
* ICICI bank hitting the right notes
* Healthy operating performance led by retail/SME lending
* Slippages higher, but can be recovered

JPMORGAN ON ICICI BANK : 26.07.2021

* Believe coming quarters should be better for growth & asset quality, for ICICI Bank, JPMorgan says in its report on the bank's Q1 results
* MAINTAIN OVERWEIGHT TARGET:675
* Retail Slippages Increase Driven By Second Wave; Core PPOP Growth Remains Robust
* Bank Expects Moderation In Slippages In Coming Quarters
* Believe Coming Quarters Should Be Better For Growth & Asset Quality

NOMURA ON ICICI BANK : 26.07.2021

* Reliance Industries Q1 EBITDA in-line as weaker retail offset by better stanalone/Jio; after pandemic impact in q1, expect most segments to improve
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET: 790

MACQUARIE ON ICICI BANK : 09.07.2021

• Maintain Outperform, Target upped at Rs 820/share
• ICICI Bank is gaining market share and growing the book profitably
• ROA convergence to drive a re-rating
* ICICI Bank is a 'Marquee idea and top pick'
• See strong earnings CAGR over the next three years

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TCS

TCS

13.01.2022 - CITI on TCS Maintain SELL  CMP 3857 Target 3580
13.01.2022 - MS on TCS Maintain Overweight CMP 3857 Target 4400
13.01.2022 - GS on TCS Maintain Buy CMP 3857 Target 4747

GOLDMAN SACHS ON TCS : 09.07.2021

* MAINTAIN BUY TARGET: 3,703
* GS maintains Buy rating on TCS, but target is cut to Rs 3,703. It believes co's strong domain expertise to help maintain double-digit rev growth over FY22-24
* EPS Estimates Cut By 2-5% To Factor In Loss In India Biz & Lower Margin
* Few Discretionary Expenses Expected To Return By End Of FY22
* Strong Domain Expertise To Help Maintain Double-digit Rev Growth Over FY22-24

UBS ON TCS : 09.07.2021

* UBS has a Neutral stance on TCS after Q1 earnings
* MAINTAIN NEUTRAL TARGET: 3,345
• Q1 Revenue & Margin Miss Forecasts
* Expect Consensus Earnings Cuts Post Q1 Numbers
• Broader Market Concerns Could Keep The Stock Defensive

JPMORGAN ON TCS : 09.07.2021

* JPMorgan maintains Overweight rating on TCS as deal wins remain strong
* MAINTAIN OVERWEIGHT TARGET: 3,680
* Misses Across Revenues/EPS Led By India/EU
* Deal Wins Remain Strong
• Co's Exposure To India Is Higher Than Peers
* Primary Takeaways From Its Strong Deal Wins & Key Verticals Positive For Infosys, HCL

CITI ON TCS : 09.07.2021

* MAINTAIN SELL TARGET: 3,080
* Citi has a Sell rating on TCS as it finds valuations high for a FY20-23 EPS CAGR estimate of 7%
* Q1 Slightly Below Our Expectations On Revenues
* As Expected, India Business Was Weak QoQ
* Trim EPS Estimates By 1 2%
* Find Valuations High For A FY20-23 EPS CAGR Estimate Of 7%

MACQUARIE ON TCS : 09.07.2021

* Macquarie maintains Outperform call on TCS but cuts FY22-23 EPS estimates by 1%
* MAINTAIN OUTPERFORM TARGET: 3,640
* Strong Constant Currency Revenue Growth Partly Offset By Weakness In India
• Well Positioned To Benefit From Strong Demand Environment
* FY22-23 EPS Estimates Cut By 1%

CLSA ON TCS: 09.07.2021

* Maintain Outperform, Target at Rs 3,770/share
* Soft domestic business, strong margin defence, healthy order book
* FY22 and beyond strategic priorities are changing
* Margin defence should keep cash conversion healthy

CITI ON TCS : 09.07.2021

* Maintain SELL on TCS
* Q1 slightly below expectations; India business was weak QoQ
* LTM attrition went up to 8.6% (vs 7.2% qoq)
* Trim EPS by ~1-2%; target price of Rs 3,080

MACQUARIE ON TCS : 09.07.2021

* Maintain Outperform, Target at Rs 3,640/share
* Strong growth in core markets partly offset by India weakness
* TCS remains well positioned to benefit from strong demand
* <1% change in FY22-23 EPS; Growth pick-up to aid stability

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INDIAN HOTELS

INDIAN HOTELS

UBS ON INDIAN HOTEL : 15.07.2021

• New initiatives bearing fruit
• Transforming from legacy hotelier to new  age hospitality company
• More upside from cost rationalization and margin expansion
• Recovery and consolidation

INDIAN HOTELS Investor Meet Highlights Aspiration 2022 : 08.07.2021

* Indian Hotels at its investor meet announced a target of 800 bps margin expansion for FY22. Here are other highlights from the meet!
• Aim for 800 bps Margin Expansion
• 15 New Projects Every Year
• 50-50 Portfolio - Owned vs Managed
• Cost Reduction:
* Operating - 45%
• Fixed - 28%
* Corporate Exp - 40%
• To cut debt from Rs 3,110 Cr to Rs 1,857 Cr

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TECHM

TECHM

02.02.2022 - UBS on TECHM Maintain Sell CMP 1505.80 Target 1260
02.02.2022 - Nomura on Techm Maintain Buy CMP 1505.80 Target 2220
18.01.2022 - Motilal Oswal on Techm Maintain Neutral CMP 1722 Target 1910
18.01.2022 - Jefferies On Techm Maintain Buy CMP 1722 Target 2030
18.01.2022 - Nomura on Techm Maintain Buy CMP 1722 Target 2220
10.01.2022 - MS on Techm Maintain Overweight  Target 2100
30.12.2021 - Edelweiss On Techm Mahindra Maintain Tactical buy Target Rs.2050

GS ON TECH MAHINDRA : 30.07.2021

* GS maintains Neutral stance on Tech Mahindra with target being below the CMP
* MAINTAIN NEUTRAL TARGET: 1,059
• Co Has Done Better Than Expectations In This Quarter
* Increase EPS Est & Tgt But Remain On Sidelines Given Lack Of Broad-based Digital Capabilities

CITI ON TECH MAHINDRA : 30.07.2021

* Citi maintains Buy rating on Tech Mahindra after better-than-expected Q1, raises FY22/23 EPS estimates by 3-4%
* Co Reported A Good Q1; Rev/EBIT Are Above Expectations
* Deal TCVs Strong At $185 m For 2nd Quarter In A Row
* Supply Side Challenges Are Visible Across The Sector
* Co's Attrition Increases To 17% LTM; Co Sees High Subcontractor Costs in Q1
* Raise FY22/23 EPS Est By 3-4%; Co Is One Of Our Top Picks
* MAINTAIN BUY TARGET: 1,380

JPMORGAN ON TECH MAHINDRA : 30.07.2021

* JPMorgan has an Overweight rating on Tech Mahindra
* Co Reported A Strong Q1 Print With A Beat Across Revenues, Margins & Profits
* Net New Deal Wins Were Healthy At $815 m
* Revenue Grew 3.9% CC QoQ, 130 bps/160 bps Beat Vs Consensus
• EBIT Margin At 15.2%, 85 bps/75 bps Beat Vs Consensus
* CEO Guided For Q1 Revenue Growth Trajectory To Continue, For The Rest Of FY22
* MAINTAIN BUY TARGET: 1,250

CLSA ON TECH MAHINDRA : 12.07.2021

* MAINTAIN BUY TARGET: 1,300
* CLSA maintains Buy call on Tech Mahindra, estimates restructuring legacy acquisitions to provide 70-80 bps margin leverage over medium term
* Its Approach To M&As Has Become More Structured Over Past 3 Yrs
* Financial Discipline Should Lead To A More Predictable Capital Allocation Policy
* Concurrent Work On Restructuring Legacy Acquisitions Is Also Complete
* Estimate It To Provide 70-80 bps Margin Leverage Over Medium Term

CLSA ON TECH MAHINDRA : 12.07.2021

• Acquisitions have been integral to Tech Mahindra's business model
• Tech Mahindra is among more acquisitive Indian IT companies
• Spent 25% of its FCF over FY13-21 on 26 transactions
• M&As has become more structured over the past three years


CITI ON TECH MAHINDRA : 08.07.2021

* Opening Positive Catalyst Watch
* See growth acceleration post Q1'22
* Deal flow was strong in Q4'21
* Strength is expected to continue in 1Q22/2Q22 note
* Stock has underperformed ~10% vs sector YTD
* See increasing 5G component in pipeline
* Valuations look attractive relatively given its ~32% discount
* TechM is also one of our top sector picks

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METALS

METALS

CLSA ON METAL & MINING : 20.01.2022

* Valuations adequately factoring in risks
• Believe CY22 is likely to be a year of uncertainties
• Believe base metals are better placed than ferrous
* Hindalco, Tata Steel & JSPL are our preferred picks
* Target for Hindalco at Rs 620/share, Tata Steel at Rs 1,820/share
* Target for JSPL at Rs 590/share
* Metals are with attractive risk-reward

JPMORGAN ON METALS 14.01.2022

* Maintain BUY on Tata Steel, Target at Rs 1850/share
• Maintain BUY on SAIL, Target at Rs 165/share
• Indian steel stocks have underperformed global steel stocks
* Underperformed by an average of 11% to 15% over the last one to six months
• EBITDA/T for the

JPMORGAN ON METALS : 14.01.2022

* Risk-reward attractive in Indian metals/steel stocks; JPMorgan remains overweight on Tata Steel, SAIL, Hindalco & NMDC
* Risk-reward Attractive In Indian Metals/Steel Stocks
* Remain Overweight On Tata Steel, SAIL, Hindalco & NMDC
* Continue To See Consensus Earnings Upgrade Risk For The Sector
* Regional HRC Steel Prices Did Not Go Below $800/t Even In The Low Point Of CY21
* With Demand Set To Improve Further, Steel Prices Should Move Higher

JEFFERIES ON METALS : 11.01.2022

* Jefferies lowers optimism on India metals as we enter 2022, downgrades Tata Steel & JSW Steel.
* DOWNGRADE TATASTEEL HOLD TGT: 1,240 (CMP. 168)
* DOWNGRADE JSW STEEL
* UNDERPERFORM TARGET:600 (CMP.672.50)
* Lower Optimism On India Metals As We Enter 2022
RETAIN HINDALCO BUY TGT: 660 (CMP, 49220)
* Like Novelis' Downstream Biz, Retain Buy On Hindalco, Target At 3660/Sh Cut FY23 EPS Estimates For Tata Steel, JSW By 18% / 26%
* Weak Macro & Demand Concerns in China Are Weighing On Metal Prices

JEFFERIES DOWNGRADES METALS : 11.01.2022

* Downgrade Tata Steel from Buy to Hold
* Tata Steel target at Rs 1240/share
• Downgrade JSW Steel from Buy to Underperform, Target at Rs 600/share
• Lower optimism on India metals as we enter 2022
* Weak macro and demand concerns in China are weighing on metal prices
• Although easing policy could lift Chinese demand, still find risk-reward much inferior to a year ago
• Cut FY23 EPS for TATA/JSTL by 18% / 26%
• Prefer aluminum, Hindalco is top pick

JPMORGAN ON METALS : 05.01.2022

* Stocks have diverged from commodity prices
* Top Overweights are Tata Steel, SAIL, Hindalco
• China demand was very weak in the December quarter
• Indian demand was weak, too
• Post-CNY China demand trend is crucial, especially for steel
• Demand important given recent domestic steel price cut
*. Earnings are plateauing at sharply higher levels
*. Q3 demand was weak, impacting realizations; earnings should be flattish RISE


CLSA ON METALS : 08.07.2021

* For Steel, record margins likely in Q1 but spreads to soften in H2
• Ferrous margins likely peaked, but consensus upgrades still possible
* Hindalco: Strong metal prices, but auto sheet outlook in focus
• Vedanta: Strong aluminium prices to drive earnings
• Coal India: Realisation trajectory key

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