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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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

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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

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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


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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

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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

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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

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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)

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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

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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

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