Free Nifty Options: May 2021

Eichermotors Rating

CREDIT SUISSE ON EICHER MOTORS : 31.05.2021

* Maintain Outperform, Target at Rs 3,230/share
* Strong new model cycle and possible further strength in exports
* Eicher is driven by expectation of a volume growth ramp up
* See a potential for a further pick up in exports; Find valuations attractive vis-à-vis growth with FY23 P/E

JEFFERIES ON EICHER MOTORS : 28.05.2021

* MAINTAIN BUY TARGET: 3,250
* Jefferies maintains Buy rating on Eicher Motors, but reduces FY22/FY23 EPS estimates by 13%/3%
• Co Expects All-round Sales Growth In FY22
* Positive Op Leverage & Growth Rebound Should Help Margin
* Specialty Ramp-up, Strong B/S & Halol Remediation Key Drivers

CLSA ON EICHER MOTORS : 28.05.2021

* MAINTAIN UNDERPERFORM : , TARGET: 2,600
* CLSA has an Underperform call on Eicher, but raises FY22-23 EPS forecasts by 2%
* Outperformed Peers On Volumes In 4Q After 2 Yrs
* Outperformance May Continue In FY22
* Valuation Premium Leaves Little Upside Potential
* Raise FY22-23 EPS Forecasts By 2%

MORGAN STANLEY ON EICHER MOTORS : 28.05.2021

* Maintain Overweight, Target at Rs 3198/share
* Q4 adjusted EBITDA of was a tad higher than estimate
* Company guided for a year of its most new model launches ever
* Order book remains strong, and further potential benefits of digitization

MS ON EICHER MOTORS : 28.05.2021

* MAINTAIN OVERWEIGHT TARGET: 3,198
*MS has an Overweight call on Eicher Motors due to potential benefits of digitisation & value engineering
* Adjusted EBITDA Of *670 Cr A Tad Higher Than Our Estimate
* Orderbook Remains Strong
• Potential Benefits Of Digitisation & Value Engineering Keep Us OW

Sunpharma Rating

Sunpharma Rating

MORGAN STANLEY ON SUN PHARMA : 28.05.2021

* Maintain Overweight, Target at Rs 705/share
* Sun expects all round sales growth in FY22 including US, global specialty
* Positive operating leverage should result in margin improvement
* Specialty ramp-up, balance sheet strengthening; Potential Halol remediation are drivers for possible stock re-rating

CS ON SUN PHARMA : 28.05.2021

* CS has an Underperform call on Sun Pharma as it expects Specialty sales to decline further in Q1
* MAINTAIN UNDERPERFORM TARGET: 525
* Specialty Sales Missed Estimates In Q4 Should Further Decline
* Sales Growth Guidance For FY22 Is Not Provided In Concall

MS ON SUN PHARMA : 28.05.2021

MAINTAIN OVERWEIGHT TARGET: 705
* MS has an Overweight rating on Sun Pharma, but target is target near the CMP
* Co Expects All-round Sales Growth In FY22
* Positive Op Leverage & Growth Rebound Should Help Margin
* Specialty Ramp-up, Strong B/S & Halol Remediation Key Drivers

CLSA ON SUN PHARMA : 28.05.2021

* MAINTAIN BUY TARGET: 850
* CLSA maintains Buy call on Sun Pharma with a expectation of a PE rerating
* India Sales Grew 13% YOY, But Global Specialty Sales Dipped 6% QoQ
* Key Specialty Products Are Gaining Ground
* Significant Operating Leverage Will Accrue Over The Coming Years
* Success In Specialty Products Should Drive A PE Rerating
* Raise FY22-23 EPS Estimate By 1 3%

JPMORGAN ON SUN PHARMA : 28.05.2021
* I Maintain Overweight on Sun Pharma
* Taro and specialty moderation impact margins
* Believe that the increasing contribution from specialty to reflect
* Remain buyers into any correction to play the upside from the specialty ramp-up

CLSA ON CADILA HEALTHCARE : 28.05.2021

CLSA ON CADILA HEALTHCARE : 28.05.2021

* Cut rating from BUY to Outperform, Target at Rs 670/share
* A neat 10% beat on Ebitda; large tax writeback drives bigger beat on net profit
* Strong quarter for domestic business but weak print for export sales
* Long-term growth story intact given R&D initiatives; Recent 44% rally and margin pressure to cap significant upside

PageInd Rating

CREDIT SUISSE ON PAGE IND : 28.05.2021

* MAINTAIN NEUTRAL TARGET: 30,000
* CS maintains Neutral call on Page Ind, expects margin to revert to the 20-22% range from FY22
* Strong Rev Traction, Significant Distribution Expansion Achieved In FY21
• Margin Dropped From 20 22% Range In Last 2 Yrs Due To Slowdown
* Expect Margin To Revert To The 20-22% Range From FY22

Hindunilvr Annual Reports - 28.05.2021

Hindunilvr Annual Reports - 28.05.2021

* 80% Of Business Addressed The Consumer Needs Of Health, Hygiene And Nutrition, Which Grew Strongly At 12%
* Discretionary Categories: 15% Of The Business Registered A Decline Of 15%
• Out Of Home Categories - 5% Of The Business Declined By 26%
* Tea Business Saw A Significant Rise In Market Share
• Tea Saw Robust Growth Across Brands Like Taaza, Brooke Bond Red Label And Taj Mahal
• Bar Of Soap Became The First Line Of Defense Resulting Good Demand For Skin Cleansing & Hygiene Portfolio
* Skin Care, Colour Cosmetics, And Deodorants Witnessed A Sharp Decline As People Stayed At Home

WAY AHEAD

* Strengthening Core Brands, Creating Categories Of The Future Through Market Development
• Driving Premiumisation By Straddling The Price-Benefit Pyramid
• Focus Is To Make Our Bigger Brands Better By Capturing Emerging Trends
• Carved Out A Separate Premium Beauty Business Within Beauty & Personal Care Division
• E-Commerce Focused Innovations Include Smart Packaging Solutions And Right Pack Price
Architecture To Suit Last Mile Logistics.
• New Opportunities For Our eB2B Programmes
* Looking To Scale Up Shikhar And Work At The Back End To Build Next Day Delivery Systems

COVID IMPACT AND OUTLOOK

• Face Operational Challenges In First Few Months Of The Pandemic Due
To Restricted Movement & Disrupted Supply Line
* Focus Continues To Be On
• Our People's Health & Safety
* Ensuring Uninterrupted Supplies Of Covid Relevant Portfolio
* Meeting The Demand Arising Out Of Evolving Consumer Needs

Indian Markets - Jefferies - 28.05.2021

Chris Wood of @Jefferies sees continuing resilience of the Indian #stockmarket. Here are the details
• Investors Should Stick With The Pro-Cyclical Commodity Trade
• See A Procyclical Trade, Particularly Energy
• Efforts To Talk Down Commodity Prices
• Fund Managers Have Reported Highest Positioning In Cyclical Stocks
* Ratio Of The S&P500 Market Cap To The Federal Reserve Balance Sheet Is Now 4.6x
• On India
• Growing Evidence That The Second Covid Wave Has Peaked In India's Major Cities
* 7-Day Average Daily New Cases In Mumbai And Delhi Have Declined Sharp
* See Continuing Resilience Of The Indian Stock Market

Infosys Annual Report - 28.05.2021

Infosys Annual Report - 28.05.2021

INFOSYS ANNUAL REPORT TAKEAWAYS

On Talent And Remote Working

• Need To Attract And Retain Quality Talent Globally & Reimagine Cost Structures
• Expanded Our Local Workforce In The US, UK, Europe, Japan, China And Australia
• As Of March 31, 2021, 96.5% Of Our Employees Were Working Remotely

Competition
* Seeing Intense Competition In Traditional Services (See Rapidly-Changing Marketplace With New Competitors)
* Expect Increased Competition From Firms That Offer Technology-Based Solutions To Business Problems
* Competition From Cloud Providers And From Firms Incumbent In Those Market Segments
* Insourcing of Technology Services By The Tech Departments Of Our Clients Is Another Ongoing Competitive Threat

INFOSYS ANNUAL REPORT TAKEAWAYS

FY21 Highlights
• Continued To Gain Market Share
* Reported Industry-Leading Growth In FY21 At 5% In Constant Currency
• Won Over $14 Billion Of Large Deals In The Past Year, The Highest In History
• Announced Buyback Of Rs 9200 Cr (USD 1.2bn) At Buyback Price Of Rs 1750/Share
• FY21 Dividend Of $1.5bn
• Alert: FY22 Revenue Growth Guidance 12% To 14% In CC Terms, Operating Margin Guidance 22 24%
* Digital Business Grew By 29% And Forms 52% Of Revenues As Of Q4

Risks

• FY21 Revenue Impact Due To Covid Pandemic Was Not Significant
• Risks Related To The Markets In Which We And Our Clients Operate

Strides Pharma Rating

Strides Pharma Rating

Macquarie on Strides Pharma - 28.05.2021

* Build a meaningful recovery beyond 1QFY22, led by both regulated & emerging markets
* However, rebound appears largely priced in
* Reduce FY22/23E EPS by 4/5% on lower regulated market sales
* Maintain Neutral, TP cut to Rs 908 from Rs 942

Indian Markets - Morgan Stanley - 28.05.2021

Indian Markets - Morgan Stanley - 28.05.2021

INDIA FOCUS
* Adding DMart, Shriram Transport, Havells, Axis Bank & Indigo
* Remove Just Dial, Britannia, Indusind, Bharat Electronics & MMFS
* Changes To Our Focus List Reflect What We Characterize As A Stock Picker's Market
* See Modest Headline Index Retums But Significant Churn Underneath
* Large Part Also Fit Our Theme Of Buying Stocks Of Companies That Are Sensitive
• Prefer Domestic Cyclicals > Rate Sensitives > Global Cyclicals > Defensives Exporters

Mindtree Rating

Mindtree Rating

MACQUARIE ON MINDTREE : 27.05.2021

* MAINTAIN NEUTRAL TARGET: 2,000
* Macquarie is NEUTRAL on Mindtree, target at Rs2,000/sh
* Calibrated Approach On Geo Expansion, Vertical Addition Continues
* Mgmt Reiterated Guidance Of Double digit Rev Growth In FY22

MORGAN STANLEY ON MINDTREE : 27.05.2021

* Maintain Overweight, Target at Rs 2300/share
• Broad-basing of growth in medium term
• Building the next-gen delivery model
• Company confident on maintaining 20%+ EBITDA margins in FY22
• Expect Mindtree to be one of strongest growth companies
• Recovery in TTH vertical, continued strong tailwind
• Have assumed F22 margins in line with Q421 margins

MS ON MINDTREE : 27.05.2021

* MAINTAIN OVERWEIGHT TARGET: 2,300
* Morgan Stanley is OVERWEIGHT on Mindtree, target Rs 2,300/sh
• Positive Outlook On Top Client, & Growth Levers From New Verticals
• Co Confident On Maintaining 20%+ Margin Levels In FY22

Cummins Rating

NOMURA ON CUMMINS ; 27.05.2021

* MAINTAIN NEUTRAL TARGET: 650
* Nomura has a target of Rs 650 on Cummins, notesco did not provide FY22 revenue guidance due to near-term uncertainty
* Results Missed Operationally On Weaker Than Estimated Exports
* Q1 To Be Impacted As Well On High Commodity Prices & Export Uncertainty
* Due To Near-term Uncertainty, Co Did Not Provide FY22 Revenue Guidance

CLSA ON IT SERVICES : 27.05.2021

* CLSA notes the strong demand outlook for IT services space, has mixed views on execution.
* CLSA is positive on the IT services sector with a bias for scale players
* Strong Demand Outlook; Mixed Views On Execution* In Near-term, TCS Does Not See Any Impact From Second Wave
* HCL Indicated Delayed In Deal Ramp-ups & Productivity Loss
* Both Co Exuded Confidence On Margin Management We Believe Demand Strength Is The Key
* Remain Positive On The Sector With A Bias For Scale Players

VODAFONE IDEA Rating

VODAFONE IDEA Rating

CLSA ON VODAFONE IDEA

• Maintain Underperform, Target at Rs 9/share
• AGR hearing, Videa fundraising & tariff hikes delayed but still inevitable
* Supreme Court's delay in hearing on AGR
• Planned US$3.4bn fundraising delayed
* Floor tariffs or hikes delayed but inevitable
* Resolution likely ahead of crisis in April 2022

NOMURA ON CONTAINER CORP : 27.05.2021

NOMURA ON CONTAINER CORP : 27.05.2021

• Maintain BUY, Target at Rs 750/share
* Long term leasing of rail terminals offers long term value
* Long term LLF related risk elimination will be the key positive
• Free cash flows are sustainably higher
* ROE dilution until FY25F; longer term ROE accretion by1.5-2.0%

Tatamotors Rating

Tatamotors Rating

CLSA ON TATA MOTORS ; 27.05.2021

* MAINTAIN BUY TARGET: 450
* CLSA notes that JLR is beginning to outperform its peer, estimates JLR's overall April retail sales grew 150% YoY & 7% Vs April 2019.
* CLSA maintains BUY call on Tata Motors, target at Rs 450/sh
* JLR Beginning To Outperform Peers
* Non-China Markets Leading GrowthOn A Lockdown-impacted Base
* estimate JLR's Overall April Retail Sales Grew 150% YoY & 7% Vs Apr 2019
* Our Calculation Is Based On A Collation of Country-level Disclosures
* China Growth Remained Healthy At 26% YoY (Up 20% vs April 2019)
* Positive View On Co Premised On Strong FCF Generation & deleveraging

CLSA ON TATA MOTORS : 27.05.2021

• Maintain BUY, Target at Rs 450/share
• JLR beginning to outperform peers
• Non-China markets leading growth on a lockdown-impacted base
• JLR outperforms peers in China and EU; underperformance in US
* Strong growth in plug-in hybrids should reduce "perception" risk for JLR
* Expect a tough 1HFY22; FCF & deleveraging should continue in H2FY22

Bergerpaints Rating

Bergerpaints Rating

MACQUARIE ON BERGER PAINTS : 27.05.2021

* MAINTAIN UNDERPERFORM TARGET: 600
* Macquarie maintains UNDERPERFORM call on Berger Paints, target at Rs 600/sh
* Profit Below Estimates As Sales Beat Was Offset By Higher Expenses
* FY23 PER Does Not Factor Risks To Asian Paints Outperformance
* FY23 Price-to-earnings Ratio Also Does Not Factor Input Cost Pressures

BPCL Rating

MS ON BPCL : 27.05.2021

* MAINTAIN OVERWEIGHT TARGET: 480
* Morgan Stanley maintains OVERWEIGHT rating on BPCL, notes that co's core earnings are largely in-line
Core Earnings Largely In-line
* It Operationally Outperformed Peers On Utilisation Rates
* Gained Market Share In Retail Fuel Marketing
* Progress On Divestment, Demand Recovery Will be Key
* Retail Fuel Price Hikes & Dividend Drives Positive Stance

JEFFERIES ON BPCL : 27.05.2021

* MAINTAIN BUY TARGET:520
* Jefferies maintains BUY call on BPCL, target at Rs.520/sh
* In-line Core EBITDA, With Inventory Gains Driving A Large Beat
* Marketing Volume Growth Faster Than Industry Growth
* Mktg Profitability To Be Restored As Retail Price Hikes Continue
* Dividend Of 58/Sh & Low Capex Pleasantly Surprised
* Cut FY22/23 EBITDA By 8/5%; Privatisation Key For Further Upside

JPMORGAN ON BPCL : 27.05.2021

* MAINTAIN OVERWEIGHT TARGET: 550
* JPMorgan maintains OVERWEIGHT call on BPCL, says large one-time dividend is the main highlight of a strong quarter
* Large One-time Dividend Main Highlight Of A Strong Quarter
* Progress On Privatisation Is Key
• Relative Outperformance Of OMCS Vs Benchmark Should Continue

BROKERAGE RADAR CITI ON BPCL : 27.05.2021

* Maintain BUY, Target at Rs 505/share
* Inventory gains drive beat; big dividend announced
* Final dividend is positive and above most expectations; will support stock in the near term
* Reiterate our positive view on the OMCS & Maintain Buy on BPCL

Coalindia Rating

Coalindia Rating

IIFL ON COAL INDIA : 27.05.2021

• Maintain BUY, Target at Rs 184/share
• CIL focused on OBR in FY21
• Even as production remained flat due to Covid
• Contractual mining fell 4% YoY in FY21
* Capex for CIL doubled YoY
• E-auction volumes see growth, but premiums remain subdued

CS ON STEEL : 26.05.2021

* Credit Suisse says the expectation of elevated domestic iron ore prices would hurt spreads.
* Tata Steel downgraded to NEUTRAL from OUTPERFORM
* JSPL downgraded to NEUTRAL from OUTPERFORM
* JSW Steel downgraded to UNDERPERFORM from NEUTRAL
* Downgrade Tata Steel To Neutral From Outperform, Target At *1,250/Sh
* Downgrade JSPL To Neutral From Outperform, Target At 7450/Sh
* Downgrade JSW Steel To Underperform From Neutral, Target At 7550/Sh
* Of All Four Steel Names, JSW Is Trading At Most Expensive Valuations
* Expectation of Elevated Domestic Iron Ore Prices Would Also Hurt Spreads
* Maintain Neutral On SAIL, Target At 2140/Sh

CLSA EQUITY STRATEGY : 26.05.2021

CLSA EQUITY STRATEGY : 26.05.2021

* CLSA adds Axis Bank to India focus portfolio, replacing HCL Tech. It has reduced weight in defensives after strong outperformance in the last 2 months
* Add Axis Bank To India Focus Portfolio, Replacing HCL Tech
• Reduce Weight In Defensives After Strong Outperformance In Last 2 Mths
* Top Large Cap Banks Have Surplus Provisions To Offset Balancesheet Risks
• Add Axis Bank To India Focus Portfolio With ICICI Bank & SBI

CLSA ON EMAMI : 26.05.2021

* MAINTAIN OUTPERFORM TARGET:520
* CLSA maintains OUTPERFORM call on Emami, target Rs 520/sh
* Focus On Topline Recovery, Near-term Margin Pressure Expected
* We Cut FY22 EPS Estimates By 5% & Keep Unchanged For FY23

CS EQUITY STRATEGY : 26.05.2021

CS EQUITY STRATEGY : 26.05.2021

* Credit Suisse cus metals to underweight from overweight, moves to cement. It has reversed the overweight on metals as P/B relative to market is near 10-year highs.
* Cut Metals To Underweight From Overweight, Move To Cement Reverse OW On Metals As P/B Relative To Market Is Near 10-year Highs
* Current Surge In Apparent Demand Is An Extreme Inventory Cycle & Not A Super-cycle
* Tata Steel's Profit Surge Is Iron-ore Driven
* With Alto-steel Price Ratio Near A Two-decade Low, Move To hindalco From Tata Steel
* Similar Trends Are Likely Driving Chemicals Too; Cos With Pricing Power Should Benefit
* Add Weigthage To Asian Paints & UltraTech Cement
* Stay Underweight On IT, But Cut HCL Tech & Switch Weights To TCS
* Cut Staples To Medium-weight; Cut Nestle & Add Smaller Weight To Marico
* Cut NBFCS Further; Bajaj Fin Weight Now Zero; Also Underweight Ins

Grasim Rating

Grasim Rating

MORGAN STANLEY ON GRASIM : 26.05.2021

• Maintain overweight, target at Rs 1,730/share
• Q4FY21 standalone EBITDA came in line with our estimate
* Sustained strong performance in core standalone businesses
• Improved performance of subsidiaries
• See strong balance sheet and disciplined capital allocation allocation

Infy Rating

Infy Rating

JPMORGAN ON INFOSYS : 26.05.2021

• Maintain overweight, target at Rs 1,740/share
* Hosted Infosys CEO Salil Parekh at 49th J.P. Morgan Global TMC Conference
• No material impact on delivery from India's second Covid wave
* Attrition is not a concern area as it is being offset by graduate & lateral hiring
• Deal win momentum and pipeline continue to remain strong
* See Large deal wins driven by digital capabilities rather than pricing Offshore mix can sustain as clients are comfortable and this can help margins
* There is optimism on medium term growth outlook led by increased TAM
* FY22 revenue guide of 12-14% CC growth and margin guide of 22-24% inta remain intact

ICICIBANK Ratign

ICICIBANK Ratign

BOFA-SEC ON ICICI BANK : 26.05.2021

• Maintain buy, target at Rs 760/share
• ROE normalization well on track
• ICICI has been the best performer YTD among big cap bank stocks
• Driven by increasing investor confidence around growth
• Remain constructive around the turnaround story over the next 2-3 years
* Less-favorable risk-reward for the sector pending clarity cos
* Valuations still have room to further rerate over the next 6-12 months
• Down our EPS estimates by 3-8% mainly driven by higher credit costs

HDFCBANK Rating

HDFCBANK Rating

BOFA-SEC ON HDFC BANK : 26.05.2021

• Maintain buy, target at Rs 1,850/share
* Underperformance offers an attractive opportunity
• YTD stock underperformance especially relative to ICICI, Axis Bank
* Digital banking/ cards business and ICICI/Axis starting to show better growth momentum 2-3
• Expect these near term concerns to be addressed over next quarters
• Revise down our EPS estimates by 4-5% mainly driven by higher credit costs
• HDFC Bank still offers the best growth+ROE combination in industry

Indian Markets - Credit Suisse - 26.05.2021

Indian Markets - Credit Suisse

• Reverse our Overweight on metals added in Dec-20 and earlier
• P/BV relative to market is near 10-year highs
• Current surge in apparent demand is an extreme inventory cycle and not a super-cycle
• With Al to-steel price ratio near a two-decade low, we move from Tata Steel to Hindalco
• Similar trends are likely driving chemicals too & firms with pricing power should benefit
• Add to Asian Paints & Ultratech due to relative P/B for sector Concerns on adverse seasonality and weak low-income discretionary demand offset by firms-specific factors
* We stay Overweight on Banks (SBI and private banks) Stay UW on IT, but cut HCLT ( switch weights to TCS weak EPS revisions)
* Cut Staples to Market-weight (cut NEST, add smaller weight Maric of Marico)

Shree Cement Rating

Shree Cement Rating

NOMURA ON SHREE CEMENT : 24.05.2021
* MAINTAIN REDUCE TARGET: 26,500
* Nomura maintains REDUCE rating on Shree Cement, target at Rs 26,500/sh
* Q4 In-line; Higher Staff Costs Impact Margin
* Volumes In-line, Blended Realisations Higher
* Q1 Volumes May Be Impacted By Lockdowns & Margin By Rising Input Costs

GS ON SHREE CEMENT: 24.05.2021

* MAINTAIN NEUTRAL TARGET: 28,070
* Goldman Sachs maintains NEUTRAL call on Shree Cement, target at Rs 28,070/sh
* Volume Growth Lagged Larger Peers, However Base Was Stronger
* P&F Costs Came In Below Our Expectations
* Expect Profitability To Be Impacted In Coming Qtrs

DR LAL Rating

DR LAL Rating

JPMORGAN ON DR LAL : 24.05.2021

* MAINTAIN UNDERWEIGHT TARGET: 2,200
* JPMorgan maintains UNDERWEIGHT stance on Dr Lal PathLabs, target at Rs 2,200/sh
* COVID Volumes Continue To Surprise On The Upside
* Risk To Core Margin From Rest Of India Remains
* Non-COVID Growth Is A Good Sign & Provides Confidence On Volume Trend
* Valuations Look Stretched At Current Levels

GS ON DR LAL PATHLABS

* MAINTAIN BUY TARGET: 3,210
* Goldman Sachs maintains BUY call on Dr Lal PathLabs, target at Rs 3,210/sh
* Reference Lab Expansion On Track
* Lockdowns Could Delay Some Non-COVID Testing Demand
* Like Co's Ability To Execute On Pent-up Diagnostic Testing Demand

Hindalco Rating

Hindalco Rating

KOTAK INSTL EQ ON HINDALCO : 24.05.2021

* MAINTAIN BUY TARGET: 500
* Kotak Instl Eq maintains BUY call on Hindalco, target Rs 500/sh
* India EBITDA Ahead Of Estimate, Led By Lower Costs At Its Aluminium Division
* India Aluminium Division Should Benefit From Strong Aluminium Prices
* Deleveraging At An Impressive Pace With Net Debt/EBITDA Reduced To 2.6x

Jswsteel Rating

Jswsteel Rating

MS ON JSW STEEL : 24.05.2021

* MAINTAIN OVERWEIGHT TARGET: 920(PREV TGT: 590)
* Morgan Stanley maintains OVERWEIGHT stance on JSW Steel, target bumped up to Rs 920/sh as the brokerage believes co is well positioned to deliver among the strongest volume growth
* Raise FY22e/23e EBIDTA By 17%/25%
* Well Positioned To Deliver Among The Strongest Volume Growth
* Despite New Capex Plans, Net Debt-to-EBITDA Should Be Well Under 1.5x

United Spirits.Rating

United Spirits.Rating

JPMORGAN ON UNITED SPIRITS : 24.05.2021

* MAINTAIN NEUTRAL TARGET: 650
* JPMorgan maintains NEUTRAL call on United Spirits.Goldman Sachs has a BUY rating on the stock, with a target of Rs 676/sh. The brokerage feels P&A revenues & lower costs led the beat in Q4 results
* Margin Beat Led By Cut In A&P Spends
* Near-term Remains Uncertain In Wake Of The Second COVID Wave

SBI Rating

SBI Rating

CLSA ON SBI : 24.05.2021

* Maintain BUY, Target upped at Rs 650 from Rs 600/share
* State Bank of India's 4QFY21 was a big beat
* FY21 slippages at less than 1.2% of loans were best in class
* Corporate credit cycle clearly turning and retail slippages at less than 0.5%
* Current valuations at 0.7x Mar-23 book are undemanding

MS ON SBI : 24.05.2021

* MAINTAIN OVERWEIGHT TARGET: 600
* Morgan Stanley is OVERWEIGHT on SBI, says valuations are attractive at current levels
* FY21 Asset Quality Was Strong Despite COVID
* Core PPOP Also Did Well & Will Improve Further
* Valuations Attractive At Current Levels

JPMORGAN ON SBI 24.05.2021

* Maintain Overweight, Target upped at Rs 515/share
* Credit growth outlook however remains hazy
* SBI's FY21 asset quality print is even better vs. large private banks
* Expect bank's ROA to reflate back to the historical average

CS ON SBI : 24.05.2021

* MAINTAIN OUTPERFORM TARGET: 480
* Credit Suisse maintains OUTPERFORM call on SBI, lifts EPS by 2-8% on lower provisions & higher recoveries
* Strong Asset Quality Outcomes, Recoveries Aid ROE
* May Not Need Additional Capital Unless Loan Growth Picks Up
* Lift EPS By 2-8% On Lower Provisions & Higher Recoveries

GS ON SBI : 24.05.2021

* MAINTAIN BUY TARGET: 648 (PREV TGT: 585)
* Goldman Sachs maintains BUY call on SBI, increases target to Rs 648/sh
* Increase Earnings By 6%/11% For FY22-23
* Positively Surprised In FY21 On Many Fronts
* Decade-best Asset Quality & Improvement In RoA On Expanding Retail Portfolio
* Have Hit Its Structurally Peak RoAs Of +1% & RoEs Of 16-18% By FY23-25

CLSA ON SBI : 24.05.2021

* MAINTAIN BUY TARGET: 650
* CLSA maintains BUY call on SBI, target at Rs 650/sh
* Best In Class; Still At PSU Price
* Visibility of 15% ROE High Now
* Current Valuations At 0.7x March 20223 Book Are Undemanding
* FY21 Slippages At Less Than 1.2% Of Loans Were Best In Class

MACQUARIE ON SBI : 24.05.2021

* MAINTAIN OUTPERFORM TARGET: 450
* Macquarie maintains OUTPERFORM call on SBI, target at Rs 450/sh
* Biggest Positive Has Been Asset Quality; Lower Slippages & Restructuring
* Weak Loan Growth Remains A Concern
* Core P/BV Attractive At 0.8x FY23e

MORGAN STANLEY ON SBI : 24.05.2021

* Maintain Overweight, Target at Rs 600/share
* Turn in corporate NPL cycle is offsetting COVID impact
* FY21 asset quality was strong despite COVID, given good retail underwriting
* Core PPoP also did well and will improve further; FY22e P/E of ~5x, 2.8x core PPOP, and 0.7x core book

GOLDMAN SACHS ON SBI : 24.05.2021

* Maintain BUY, Target at Rs 648/share
* SBI positively surprised in FY21 on many fronts
* Improvement in ROA on expanding retail portfolio
* Q4 the bank delivered a beat on core PPOP by 19%

Indianoil Rating

Indianoil Rating

CLSA ON INDIAN OIL
* Maintain Outperform, Target at Rs 110/share
* Q4 beat but weak marketing macro may be a drag
* Higher inventory gains and a lower tax rate drive beat in 4QFY21
* Marketing volume in-line with industry in 4Q but demand headwinds ahead

India Outlook - Jefferies - 21.05.2021

India Outlook - Jefferies - 21.05.2021

INDIA ALLOCATION

* Chris Wood of @Jefferies is reducing overweight in #India and adding money to #Australia. Check out the details.
* Indian Stock Market Back Near The High Reached Earlier This Year
* This Is Astonishing Outcome Given The Newsflow
* GREED & Fear Will Make A Change In The Asia Pacific Ex-Japan Relative-Return Portfolio
* Overweight In India Will Be Reduced By 2 ppts With The Money Added To Australia
* Amazingly, India Has Outperformed So Far This Quarter

Hindpetro

HINDPETRO(Hindustan Petroleum Corporation Limited)

JEFFERIES ON HPCL : 21.05.2021

* MAINTAIN BUY TARGET: 370
* Significant EBITDA beat on much higher inventory gains in refining & marketing for HPCL, Jefferies maintains BUY call on the OMC
* Significant, EBITDA Beat On Much Higher Inventory Gains In Refining & Marketing
* Marketing Volume Growth Sharply Ahead Of Industry Growth
* Mktg Profitability Will Be Restored As Crude Cools & Retail Price Hikes Continue
* Borrowings Flat Due To A Large Increase In Inventories & Back-ended Capex
* Cut Earnings By 3%/5 % For FY22/23 On Ongoing Restrictions

CITI ON HPCL : 21.05.2021

* MAINTAIN BUY TARGET: 295
* Exceptionally strong performance by HPCL through the year; given attractive valuations, maintain positive view on OMCs, Citi says
* Exceptionally Strong Performance Through The Year
* Full-year Standalone EPS At *71/Sh Vs *17/Sh In FY20
* Declared An Attractive Final Dividend Of 22.75/Sh
* Given Attractive Valuations, Maintain Positive View On OMCs

JPMORGAN ON HPCL : 21.05.2021

* MAINTAIN OVERWEIGHT TARGET: 330 (PREV TGT:285)
* JPMorgan increases FY22-23 EPS estimates by 14% & 8% after Q4 earnings
* Reported A Large Beat Driven By Inventory Gains
* See A Sharp Improvement In Underlying Operating Performance
* Increase FY22-23 EPS Estimates By 14% & 8%

JPMORGAN ON HPCL : 21.05.2021

* Maintain Overweight, Target at Rs 330/share
* Strong earnings beat driven by inventory gains
* Raise earnings estimates and PT at Rs 330/share
* See sharp improvement in HPCL's underlying operating performance

Havells Rating

Havells Rating

MACQUARIE ON HAVELLS : 21.05.2021

* MAINTAIN OUTPERFORM TARGET: 1,276
* Havells balancesheet remains healthy, with net cash of Rs 1,400 cr vs Rs 1,000 cr in FY20, co is well-placed to deliver industry leading growth, Macquarie says
* Marginal Revenue Miss; Healthy Margin
* Key Surprise Is Solid Cable Segment Margin That Expanded QoQ
* Margin in Other Segments Declined QoQ Owing To Higher Commodity Prices
* B/S Remains Healthy, With Net Cash Of 1,400 Cr Vs 1,000 Cr In FY20
* Well Placed To Deliver Industry Leading Growth

CLSA ON HAVELLS : 21.05.2021

* MAINTAIN SELL TARGET: 960
* Weak demand & margin pressure to affect Havells near-term performance, CLSA maintains SELL on the stock
* Weak Demand & Margin Pressure To Affect Near-term Performance
* Management Cautioned On Near term Margin Pressure

MACQUARIE ON HAVELLS INDIA : 21.05.2021

* Maintain Outperform, Target at Rs 1,276/share
* Marginal revenue miss; healthy margins
* With diversified revenue mix, company has leadership in electrical category
* Havells is well placed to deliver industry-leading growth

ZEEL

15.12.2021 - CLSA on Zeel - Maintain Buy - Cmp 372 Target 415

CLSA ON ZEE ENT : 21.05.2021

* MAINTAIN BUY TARGET: 306
* Zee Ent's Q4 ahead of estimates and ad revenue up 9% YOY, CLSA says
* Q4 Ahead Of Estimates And Ad Revenue Up 9% YoY
* Co Sees Rapid Recovery In Ad Revenue If Lockdowns Not Extended
* Balancesheet Cash Has Increased To 21,860 Cr From 1,000 Cr In FY20
* Risk-reward Attractive At Current Valuations

GS ON ZEE ENT : 21.05.2021

* MAINTAIN NEUTRAL TARGET: 208 (PREVIOUS TARGET: 225)
* Goldman Sachs forecasts a 5% FY20-25 revenue CAGR (8% FY21-25 CAGR) for Zee Ent after the media major announced its Q4 results yesterday
* Revenue Growth Of 1% YoY Is 7% Below Our Estimate
* Expect Growth Outlook For Zee To Stay Challenged
* Forecast A 5% FY20-25 Revenue CAGR (8% FY21-25 CAGR)
* Television Advertisement Will Continue To Lose Share To Digital
* Make 7-10% Cuts To Our EBITDA Estimates

UBS ON ZEE ENT : 21.05.2021

* MAINTAIN BUY TARGET: 250
* Healthy ad recovery by Zee Ent, but 2nd COVID wave could negatively impact FY22, UBS says
* Healthy Ad Recovery, But 2nd COVID Wave Could Negatively Impact FY22
* 'If Current Wave Does Not Go Into Q2, Double-digit Growth Is Achievable'

CLSA ON ZEE : 21.05.2021

* Maintain BUY, Target at Rs 306/share
* Q4 India ad revenue up 9% YoY
* Cash rises to Rs 1,860 cr & stock at 12x PE
* Resilient business and a compelling valuation; Zee to pull back investment in the 80%-owned SugarBox

Bosch Rating

Bosch Rating

UBS ON BOSCH : 21.05.2021

* MAINTAIN BUY TARGET: 19,600
* Bosch's Q4 In-line, margin to improve with localisation, UBS says.
* Q4 In-line, Margin To Improve With Localisation
* Outlook Positive In Power-tool Segment
* Growth In Aftersales Segment To Continue With Enhanced Distribution

IOC Rating

IOC Rating

JEFFERIES ON IOC : 20.05.2021

* MAINTAIN HOLD TARGET: 100
* Jefferies has a Hold call on IOC, expects mktg profitability to be restored as crude cools & retail price hikes continue
* Significant EBITDA Beat On Higher Inventory Gains In Refining & Mktg
* Market Share Loss In Auto Fuel Marketing Continues Unabated
* Mktg Profitability May Be Restored As Crude Cools & Retail Price Hikes Continue
* Large Jump In Inventories & Back ended Capex Led To A Sharp Jump In Borrowings
* Cut Earnings By 6%/5% For FY22/23 On Ongoing Lockdown

JPMORGAN ON IOC : 20.05.2021

* MAINTAIN OVERWEIGHT TARGET: 147
* JPMorgan finds risk-reward attractive, maintains Overweight call on IOC
* Reported A Large Beat Driven By Inventory Gains
* See A Sharp Improvement In Co's Underlying Operating Performance
* Risk-reward Remains Attractive In Our View

MORGAN STANLEY ON IOC : 20.05.2021
* MAINTAIN OVERWEIGHT TARGET: 139
* MS maintains an Overweight call on IOC. It expects integrated margin to rise further
* Core Earnings Should Raise Investor Confidence On Earnings Delivery
* See Integrated Margin To Rise Further

Hindalco Rating

Hindalco Rating

CLSA ON HINDALCO : 20.05.2021

* MAINTAIN BUY TARGET: 490
* CLSA sees significant upside risk to consensus for Hindalco
* Commentary From Peers: Strong Downstream Demand, Resilient Metal Prices
* See Significant Upside Risk To Consensus
* Expect Aluminium Metal Prices To Remain Resilient
* These Trends Augur Well For Its Earnings Outlook

M&M Rating

M&M Rating

CLSA ON M&M : 20.05.2021

* MAINTAIN BUY , TARGET: 1,060
* CLSA maintains Buy call on M&M, but cuts target to Rs 1,060/sh
* Cut FY22/23 Core EPS By 13%/9%
* See Weak Tractor Volumes In FY22 & Delay In New SUV Launches
* Underlying Macro Fundamentals Strong For A Rebound In H2FY22 & FY23

Banking Sectors - RBI - 20.05.2021

* Banks seek more reliefs from RBI as worries of rising stress mount amid the second wave.
* Banks Seek More Reliefs From RBI As Worries Of Rising Stress Mount Amid Second Wave
* Banks Say Environment Worse Than Initially Anticipated, Borrowers May Face Larger Hit
* Banks Seek Restructuring For Loans Of > Rs 25 Cr Under Resolution Framework 2.0
* Debt Recast Invoked For 300 Corporate A/cs As Of Dec 2020
* Bks Seek Extension To Repay FITL For Covid-hit Borrowers Until March 2022
* FITL is Funded Interest Term Loan
* Banks Seek 2nd-time Recast For MSME & Education Loan, Which Is Currently Not Allowed
* Banks Request RBI To Halve Provisioning For MSME Recast To 5%
* Banks Request For Working Capital Reassessment For Loans Of > 25 Cr
* RBI Urges Banks To Improve Monetary Transmission To Help Eco Revival
* RBI Also Sought Quick Implementation Of All May 5 Measures, Incl Lending To Healthcare
* Banks May Launch Special Produts With Attractive Rates For Health Care Infra Over Next Few Days

Envision Capital on indian Market - 19.05.2021

Envision Capital on indian Market - 19.05.2021

One of the best hedges for #inflation is #realestate, according to Nilesh Shah of Envision Capital. Check out the sectors he is bullish
* Surge In Commodity Prices To Breed Inflation
* Inflation Is Positive, Earnings-Accretive For Indian Firms
* One Of The Best Hedges For Inflation Is Real Estate
* Continue To Like Midcap I.T. Space, Pharma
* Incredibly Bullish On Home Decoration & Building Materials
* Remain Extremely Bullish On Online Brokerage Business

Finch Ratings on Airline Sector : 19.05.2021

* COVIDSecond Wave has put brakes on #aviation sector recovery; Sector is also seeing impact of higher #fuel price
* Second wave has put brakes on aviation sector recovery, Sector also seeing impact of higher fuel prices
* Volumes have dropped significantly in May and April; Probably, back to levels of Aug 2020 now
* Fund raising will be difficult in current times; smaller airlines will struggle more
* Go Air may have to look at other options if IPO is not successful
* Restart will depend on confidence of passengers
* See gradual recovery from 20 onwards and probably back to 60% of pre-Covid levels by end of FY22
* Will see consolidation in aviation industry, market share for larger airlines like IndiGo will increase
* Need to be mindful of India Govt budgetary constraints, believe direct support is unlikely

Tatamotors Rating

Tatamotors Rating

UBS ON TATA MOTORS : 19.05.2021

* MAINTAIN NEUTRAL TARGET: 360
* Positive on India, but JLR volume expectations are high, chip shortage is likely to impact JLR volume in H1, UBS says in its report
* Positive On India, But JLR Volume Expectations Are High
* Chip Shortage Is Likely To Impact JLR Volumes In H1
* Inventories Are Low & We Are Constructive On India Truck Recovery
* Profitability Improvement For JLR Is Priced In

CLSA ON TATA MOTORS : 19.05.2021

* Maintain BUY, Upgrade target at Rs 450/share from Rs 425/share
* FCF generation at JLR and India continue to surprise positively
* Management expects a tough 1HFY22 for JLR and India
* Value the India business at Rs 243/share and JLR at Rs 209/share

GS ON TATA MOTORS : 19.05.2021

* MAINTAIN SELL TARGET: 254
* Q4 results a mixed bag with a beat on India business & a miss at JLR, GS says.
* Q4 Results A Mixed Bag With A Beat On India Biz & A Miss At JLR
* LR EBITDA Supported By Lower Incentives & Mktg Costs; Both To Increase InFY22
* JLR's Results Lagged Performance & Outlook Of Its Larger Peers BMW & Daimler

CITI ON TATA MOTORS : 19.05.2021

* MAINTAIN BUY TARGET: 395
* Domestic business reported a strong Q4 but JLR performance slightly weak, Citi says
* Domestic Business Reported A Strong Q4 But JLR Performance Slightly Weak
* There Are Near-term Headwinds For Both Biz
* Underlying Growth Drivers Are Intact & Recovery Is Seen Over H2FY22

KOTAK INSTL ON TATA MOTORS : 19.05.2021

* MAINTAIN SELL TARGET: 205
* Being late in EV launches may lead to a mkt loss for JLR going forward, Kotak Institutional Equities maintains SELL on Tata Motors
* Strong Operational Performance In Standalone Business
* JLR Operating Performance Below Due To Lower-than expected ASPS
* JLR Launches In The EV Space Pretty Late Than Competition
* JLR Trading At Significantly Higher Multiple As Compared To BMW

CLSA ON TATA MOTORS

* MAINTAIN BUY TARGET: 450
* Tata Motors management expects strong volume & free-cash-flow to resume in H2FY22. Here's what CLSA has to say
* FCF Generation At JLR & India Continues To Surprise Positively
* FY21 FCF At *5,300 Cr Despite COVID-related Disruptions
* Management Expects Strong Volume & FCF To Resume In H2FY22

NOMURA ON TATA MOTORS

* MAINTAIN REDUCE TARGET: 313
* Debt reduction is a positive for Tata Motors but lack of electric vehicles is a long-term concern for JLR, Nomura says, maintaining REDUCE rating on the stoc
* Q4 Ahead On Lower Marketing Spends For JLR
* Lower Marketing Spending Seen In Near Term
* Debt Reduction Positives; Lack Of EVs A Long-term Concern For JLR

UBS ON TATA MOTORS

* Maintain Neutral, Target at Rs 360/share
* Positive on India, but JLR volume expectations high
* JLR-FY22 volumes to grow 20%+; but Q1 to be EBIT breakeven
* Continue to value the India business at 10x FY23E

Axisbank Rating

Axisbank Rating

JEFFERIES ON AXIS BANK - 19.05.2021

* MAINTAIN BUY TARGET: 910
* Valuation discount makes Axis Bank's stock attractively priced. Here's more by Jefferies
* Supply From Promoters Can Be An Overhang
* Sufficient Buffer Provisions, Turnaround In Profitability Key Positives
* Valuation Discount Makes It Attractively Priced

UjjivanFin Rating

UjjivanFin Rating

NOMURA ON UJJIVAN FIN - 19.05.2021

* Ujjivan barely managed to remain profitable for FY21, Nomura says, downgrades stock to NEUTRAL and cuts profit estimates for FY22/23 by 65% / 15%
* DOWNGRADE NEUTRAL TARGET: 240
* Q4 Operationally Weak With A *75 Cr Interest Reversal Impacting PPop
* Managed To Remain Barely Profitable For FY21
* Negatively Surprised By Large NPAs Across All Segments
* Overall Stress Levels Remain High
* Colin Efficiency Declined 300 600 bps Across Segments In April 2021

TORRENT PHARMA

TORRENT PHARMA

JEFFERIES ON TORRENT PHARMA : 19.05.2021

* Estimate of FY21-23 EPS CAGR of 17.2% for Torrent Pharma is driven by continued deleveraging, Jefferies says
* MAINTAIN UNDERPERFORM TARGET: 2,416
* FY22 Growth Will Be Driven By India Rebound In H1
* Co Expects US To Be Stable With Launches Compensating For Price Erosion
* Estimate Of FY21-23 EPS CAGR Of 17.2% Is Driven By Continued Deleveraging

Crypto Currency Sector

CHINA BAN ON CRYPTO TRADING - 19.05.2021

* People's Bank of #China bans crypto trading; says it disrupts normal #economic & #financial order.
* People's Bank of China Releases Document Banning Crypto Trading
* Firms Banned From Offering Cryptoservices
* Warns People Of China To Not Involve In Crypto Trade
* Recently, Crypto Currency Prices Have Skyrocketed & Plummeted
* Speculative Trading Of Cryptocurrency Has Rebounded
* Crypto Trading Infringing On Safety Of People's Property
* Virtual Currency Banned In China & Not Protected By Law
* Crypto Trading Disrupting Normal Economic & Financial Order

Infra and construction sector

Infra and construction sector

Infra and construction sector - 19.05.2021

* Q4 and FY21 was good for #residential sales #business, but will have to raise #prices as input cost pressures are rising, says MR Jaishankar of Brigade Group
* Q4 and FY21 was good for residential sales business
* Price realization, too has been strong in year gone by
* Hospitality business has been impacted due to overall scenario
* Hoping lockdown is not extended beyond May-end
* IT sector booming bodes well even for real estate trends in Bangalore
* Not facing too much issues in rental trends so far
* Will be forced to raise prices as input cost pressures are rising

FederalBank Rating

FederalBank Rating

CITI ON FEDERAL BANK - 18.05.2021

* Citi has a Buy rating on Federal Bank. It believes, low cost of funds & steady rise in yields should lead to NIM improvement
* MAINTAIN BUY TARGET: 100
* Loan Growth Improves, Slippages Decline
* 2nd COVID Wave Could Lead To Some Uncertainties In Near Term
* Low Cost Of Funds & Steady Rise In Yields Should Lead To NIM Improvement

MS ON FEDERAL BANK - 18.05.2021

* MS maintains Overweight call on Federal Bank with an expectation of > 1% RoA by FY23
* MAINTAIN OVERWEIGHT TARGET: 110
* Good All-round Performance; Higher Loan Growth, Steady Margin
* Controlled Costs & In-line Slippages; Coverage Stable QoQ
* Continue To Expect >1% ROA By FY23

Colgate Rating

Colgate Rating

CLSA ON COLGATE - 18.05.2021

* CLSA continues to maintain Outperform on Colgate after co delivers results better than expectations
* MAINTAIN OUTPERFORM TARGET: 1,825
* New Initiatives Pursued Well, Strategic Execution Critical
* Result Better Than Expectations, Aided By A Strong Recovery
* Approach To Expand Category, Drive Premiumisation Working Well

CS ON COLGATE - 18.05.2021

* CS maintains outperform call, but raises target for Colgate to Rs 1,850/sh
* MAINTAIN OUTPERFORM TARGET: 1,850
* Solid Revenue Growth, Strong Margin Expansion
* It's No Longer Underperforming The Growth Of Other HPC Cos

CITI ON COLGATE - 18.05.2021

* Another qtr where Colgate lagged Dabur's oral care growth & perhaps also HUL, says Citi. It maintains sell call on the stock
* MAINTAIN SELL TARGET: 1,550
* Biggest Reason For Earnings Beat Was Cut In Ad Spends
* Revenue Growth Of 20% On Last Year's Weak Base Implies 5.5% 2-yr CAGR
* Another Qtr Where Co Lagged Dabur's Oral Care Growth & Perhaps Also HUL

Gland Pharma Rating

Gland Pharma Rating

GLAND PHARMA Q4FY21 : 18.05.2021

* Net Profit Rs 260 cr (Up 37% YoY)
* Ebitda At Rs 375 cr (Up 31%) ; Ebitda Margin At 40% vs 42%
* R&D Expenditure Was Higher 32% YoY And Stood At 3.9% Of Sales
* Rest Of World Grew 129 % YoY As Company Entered New Markets
* COVID Led Demand Supported Growth And Entry Into Various Markets
* Filed 24 ANDA In FY21 And Received Approval For 32 ANDAS
* Launched 10 SKUs (6 Molecules) In Indian Markets

BHARTI AIRTEL Rating

MACQUARIE ON BHARTI AIRTEL : 26.05.2021

• Maintain outperform, target at Rs 742/share
• Continue to prefer pure-play Bharti Airtel over JIO
* Like Bharti's 'quality-customer' and enterprise solutions strategy
* JIO we see downside to the consensus view of subscriber and APRU growth

CITIBANK ON BHARTI AIRTEL - 18.05.2021

* Maintain BUY, Target at Rs 685/share
* Overall inline; India Mobile EBITDA a shade below
* Bharti's share price has remained range-bound over last few months
* Maintain Buy given reasonable valuations; expect Market share gains should cocontinue

CITI ON BHARTI AIRTEL - 18.05.2021

* Bharti Airtel Q4 overall in-line, but India mobile EBITDA a shade below estimates, says Citi
* MAINTAIN BUY TARGET: 685
* Q4 Overall In-Line; India Mobile EBITDA A Shade Below
* Adj Pre-tax Profit Of 1,580 Cr Ahead Of Our Estimate Profit Boosted By ₹440 Cr Of Net Exceptional Gains

GOLDMAN SACHS ON BHARTI AIRTEL - 18.05.2021

* Maintain BUY, Target at Rs 665/share
* Decelerating growth but rising market share
* Marginally trim estimates but remain constructive on the stock
* Tariffs moving up, or market share re-allocation are key trigger

CLSA ON BHARTI AIRTEL - 18.05.2021

* CLSA continues to have Buy call on Bharti Airtel with target of Rs 730/sh
* MAINTAIN BUY TARGET: 730
* Gained More-than-expected 4G Data Subscribers
* ARPU, Net Of IUC, Although Was Down 0.8% QoQ/Up 7.4% YoY
* 4G Penetration Of 56% Of Its Own Subscribers Assures Growth

UBS ON BHARTI AIRTEL - 18.05.2021

* UBS maintains Buy call on Bharti Airtel
* MAINTAIN BUY TARGET: 655
* A Healthy Set Of Results, With Co Outperforming Jio On Most Metrics
* Impact of COVID ON Subscriber Adds & ARPUS Key Monitorable Going Ahead

MACQUARIE ON BHARTI AIRTEL - 18.05.2021

* Maintain Outperform, Target at Rs 747/share
* IUC removal impacted ARPU quarterly momentum
* Good momentum seen in Mar-21
* Price target Rs 747 based on 8.1x FY23e EV/EBITDA

Asianpaint Rating

Asianpaint Rating

MORGAN STANLEY ON ASIAN PAINTS : 17.05.2021

* Maintain 'Overweight' thesis on Asian Paints
* Expect faster demand recovery in decorative painting when the economy opens
* Painting is less discretionary, so demand is likely deferred and not lost
* Industrial paints should benefit from strong demand from automotive and electronics

Escorts Rating

Escorts Rating

KOTAK INSTL EQ ON ESCORTS : 17.05.2021

* Kotak Instl Eq has a Buy call On Escorts as it expects tractor industry to show strong growth over next 2 yrs
* MAINTAIN BUY TARGET: 1,700
* Tractor Volumes Likely To Grow In FY22 Despite Near term Headwinds
* EBITDA Above Our Estimate, Led By Better than-expected Revenue
* Expect Tractor Industry To Show Strong Growth Over Next 2 Yrs

Drreddy Rating

Drreddy Rating

JPMORGAN ON DR REDDY'S : 17.05.2021

* JPMorgan maintains Neutral rating on Dr Reddy's. It says, co has limited near-term triggers
* MAINTAIN NEUTRAL TARGET: 4,850
* Believe Best For The Stock Is Behind Us
* After A Strong Rally Over Apr To Feb, Stock Has Lagged Nifty By 15%
* Core Biz In-line With Historical Average Despite Tractors At Cyclical High

JEFFERIES ON DR REDDY'S : 17.05.2021

* Maintain BUY, Target at Rs 5978/share
* Expects DRL to sell 250mn Sputnik V doses in the next 12 months in India
* Company plans to launch gVasecpa in the next two months with regular supplies
* We change our FY22/23 estimates by -5%/0%

MS ON DR REDDY'S : 17.05.2021

* MS has an Overweight call on Dr Reddy's. Kuvan, Vascepa, Revlimid generic & Sputnik are near-to-mid-term growth drivers
* MAINTAIN OVERWEIGHT TARGET: 5,859
* Seeing Sustained Growth Across Most Of Its Key Markets
* Tight Cost Control & Productivity Gains Are Improving Margin
* Kuvan, Vascepa, Revlimid, Sputnik Are Near-to-mid term Growth Drivers

GOLDMAN SACHS ON DR REDDY'S : 17.05.2021

* Goldman Sachs has a Neutral call on Dr Reddy's with intensity of US mkt pricing pressure & US FDA GMP compliance being key risks
* MAINTAIN NEUTRAL TARGET: 5,250
* Q4 In-line; Focus Is On Sputnik V Ramp-up
* Revise Our FY22-24 EBITDA By Up To 4% On Average
* Litigation Around Key Pipeline Opportunities A Key Risk
* Intensity Of US Mkt Pricing Pressure, US FDA GMP Compliance Key Risks

Cipla Rating

Cipla Rating

GOLDMAN SACHS ON CIPLA Maintain Neutral TGT 890 : 17.05.2021

* Goldman Sachs maintains Neutral call on Cipla after co misses its estimates in Q4
* MAINTAIN NEUTRAL TARGET: 890
* Reported Q4 Miss, Led By A 200 bps Gross Margin Impact
* Gross Margin Impacted From Shelf Stock Adjustments In US & Inventory Write-offs
* Seasonal Weakness Pronounced On Absence Of Flu Season In Both India & Key Mkts

MORGAN STANLEY ON CIPLA Maintain Overweight TGT 949 : 17.05.2021

* Morgan Stanley has an Overweight call on Cipla with a target of Rs 949/sh
* MAINTAIN OVERWEIGHT TARGET: 949
* Co Continues To Strengthen Its Base Biz In India, US & South Africa
* US Inhaler Pipeline Is Looking Deep With Several Late-stage Pdts

GOLDMAN SACHS ON CIPLA Maintain Neutral TGT 890 : 17.05.2021

* Maintain Neutral, Target at Rs 890/share
* Gross margin impact from shelf stock adjustments on gProventil in the US
* Cipla indicated that it is supplying 5x more Remdesivir units
* Cipla also sees room to improve on the current ~22.5% EBITDA margin

JPMORGAN ON CIPLA : 17.05.2021

* JPMorgan has a Neutral call on Cipla as US biz & margin disappoint
* MAINTAIN NEUTRAL TARGET: 785
* Weak Earnings As US & Margin Disappoint
* Disappointed By US Sales Despite Albuterol Ramp-up & Muted Gross Margin
* Management Guided To Maintaining Or Improving Upon The FY21 Margin Of 22%

LT Rating

NOMURA ON L&T Maintain Buy TGT 1654 - 17.05.2021

* MAINTAIN BUY , TARGET: 1,654
* Nomura maintains Buy call on L&T with an expectation of strong orderbook & higher services driving growth into FY23
* Strong Delivery On Core Margins/Cash Flows
* Sales To Rebound Sharply In FY22
* Near-term EBITDA Margin Susceptible To Rising Commodity Prices
* Cut FY22 Profit By 2% On Near-term Execution Headwind In Q1FY22
* Strong Orderbook & Higher Services Drive Growth Into FY23

KOTAK INSTL EQ ON L&T Maintain Buy TGT 1850 - 17.05.2021

* Kotak Instl Eq maintains Buy call on L&T. It believes stage is set for co to deliver high-teens profit CAGR over FY20-23
* MAINTAIN BUY TARGET: 1,850
* Stage Set For Co To Deliver High-teens Profit CAGR Over FY20-23
* Do Not Expect Hiccups Along The Way Given Strength Of The Backlog

JPMORGAN ON L&T Maintain Overweight TGT 1815 - 17.05.2021

* JPMorgan maintains Overweight on L&T, but cuts FY22/23 EPS estimate by 3/4%
* MAINTAIN OVERWEIGHT TARGET: 1,815
* Execution Headwinds To Be Transient
* Commodities Not Proving To Be An Unmanageable Concern
* Cut FY22/23 EPS Estimate By 3/4%
* Focus On Recycling B/S & Achieving 18% ROE Key Positives

MORGAN STANLEY ON L&T Maintain Buy TGT 1816 - 17.05.2021

* MS finds current valuations of L&T compelling, maintains Overweight call on the stock
* MAINTAIN BUY TARGET: 1,816
* Guidance Will Be A Discussion Point But It's Delivered In Far Tougher Fiscal
* Flat Margin Is A Positive Outcome
* Valuations Remain Compelling

GOLDMAN SACHS ON L&T - 17.05.2021

* Goldman Sachs has a Buy rating on L&T as it believes stars are aligning for next leg of capex uptick in India
* MAINTAIN BUY, TARGET: 2,000
* Strong Performance; Optimistic Commentary* Results Also Allay Investor Worries Around Structural Margin Concerns
* All Indicate Strong Discipline & Focus On Profitability
* Stars Are Aligning For Next Leg Of Capex Uptick In India

NOMURA ON L&T - 17.05.2021

* Maintain BUY, Target at Rs 1654/share
* Sales to rebound sharply in FY22; near-term EBITDA margins susceptible
* Strong order book and higher services drive growth into FY23F
* Cut FY22F PAT by 2% on near-term execution headwind in Q1FY22

Stocks Added to MSCI Global Std Index - 12.05.2021

Free Stock Options Tips : Join Whatsapp : 9841986753

Free Nifty Options Tips : Join Whatsapp : 9841986753

Free BankNifty Options Tips : Join Whatsapp : 9841986753

Twitter : https://twitter.com/rupeedesk12

Telegram Channel : https://t.me/rupeedesk

KEEP REFRESH FOR NEXT UPDATE

Stocks Added to MSCI Global Std Index - Rupeedesk Reports

Stock Options :Register To Get 2 days Trial Tips

Free Intraday Tips : Join Our Whatsapp No : 9841986753

Free Commodity Tips : Join our Whatsapp No : 9094047040

Free Stock Options - Rupeedesk

Free Stock Option tips (Call and Put) - RupeeDesk Free Indian stocks Option tips ,Nifty Options Tips,Free stock Call Option and free stock put options, Nifty Put Option with 90% accuracy Free Stock and Nifty Tips, Live Option Market Quotes,Online Option Trading Tips,Stock,rupeedesk Option Tips, Prices,Nifty Option Quotes. (Contact: 9094047040/9841986753/ 044-24333577, www.rupeedesk.in) -