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

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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

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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


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