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BAJFINANCE

BAJFINANCE

19.01.2022 - MS on BajajFinance Maintain Overweight CMP 7744 Target 9060
19.01.2022 - CLSA on BajajFinance Maintain Sell CMP 7744 Target 6500
19.01.2022 - CS on BajajFinance Maintain Neutral CMP 7744 Target 8000
05.01.2022 - CLSA on BajajFin Maintain Sell CMP 7343 Target 6000
05.01.2022 - MS on BajajFin Maintain Overweight CMP 7343 Target Rs.9060
05.01.2022 - MS on BajajFin Maintain Overweight Target Rs.9060

MS ON BAJAJ FINANCE : 22.07.2021

* MS maintains Overweight rating on Bajaj Fin but cuts EPS forecasts after weaker-than-expected Q1 earnings
* MAINTAIN OVERWEIGHT TARGET: 6,850
* Co Has Three Ps-Profits, Platform & Payments, That Excite Investors In 'New Age' Stocks
* Cut EPS Forecasts After Weaker-than-expected Q1 Earnings
* Stock Looks Fairly Valued Vs Our Base Case

CITI ON BAJAJ FINANCE : 22.07.2021

* Citi maintains Buy call on Bajaj Fin but lowers FY22/23 earnings estimates
* High Stress; Decent Early Traction Of Wallet
• Lower FY22 / 23 Earnings By 11%/3%
• Tech Strategy Will Be Less 'Burn To Grow' & More Cross-sell To Existing Customers
* MAINTAIN BUY TARGET: 6,950

GS ON BAJAJ FINANCE : 22.07.2021

* GS has a Sell rating on Bajaj Fin as it believes co is facing another round of earnings downgrade in near term
* Q1 Operating Miss; Business Transformation In Focus But Competition Is Intense
* Earnings Miss Due To Difficult Macro Conditions & Slow Growth In Franchise Products
* In Near-term Co Is Facing Another Round Of Earnings Downgrade
* MAINTAIN SELL TARGET: 4,479

BERNSTEIN ON BAJAJ FINANCE : 13.07.2021

* MAINTAIN OUTPERFORM TARGET:7,240
* Good execution on digital transformation by Bajaj Finance will support its premium fintech valuation, Bernstein believes. The brokerage has an OUTPERFORM rating on the stock
* Digital Ecosystem Play Remains The Key Catalyst
• Good Execution On Digital Transformation Will Support Its Premium Fintech Valuation
* Estimate A 7x Jump In Indian Pay-later Landscape By 2025

CITI ON BAJAJ FINANCE : 07.07.2021

* Maintain BUY, Target at Rs 6,950/share
• Bajaj Finance's AUM grew 15% yoy/4% qoq
• Growth was in-line with the guidance provided by the management
• New client acquisition was impacted by the lockdown
* Liquidity surplus has returned to near pre Covid-19 levels

MS ON BAJAJ FINANCE : 07.07.2021

* Morgan Stanley is OVERWEIGHT on Bajaj Finance, target at Rs 6,000/sh
* MAINTAIN OVERWEIGHT TARGET: 6,000
* AUM Growth Better Than Our Estimates
* Customer Acquisition Was Good Considering Circumstances During Q1

* Bajaj Finance Management View : 11.06.2021

BAJAJ FINANCE CALL

* How is Bajaj Finance transforming its #business? Here's what MD #Rajeevlain told the investors
* BofA Hosted Rajeev Jain, MD, Bajaj Finance For An Investor Call
• Investors Questions Focused On Bajaj Finance's Elaborate 'Biz Transformation'
• Project Which Is Expected To Go Live By Early-Oct 21
* Significant Optimization Over Remainder Of FY22
• Tech Platform Will Allow Bajaj Finance To Achieve Twin Objectives
• New Tech Platform Entails A Single App Sign In To Access Bajaj Pay
• BAF Reiterates Financial Impact of Covid 2.0 Milder Vs First Wave
• BAF Remaining Open For Business Across All Categories

DIVISLAB

DIVISLAB

14.02.2022 - Jefferies on Divislab Maintain Hold CMP 4291 Target 4671
14.02.2022 - Kotak Instel Eq Divislab Maintain Reduce CMP 4291 Target 4125
14.02.2022 - GS on Divislab Maintain Buy CMP 4291 Target 5505

MACQUARIE ON DIVI'S LABS : 11.06.2021

* MAINTAIN OUTPERFORM TARGET: 4,806
* Macquarie maintains OUTPERFORM call on Divi's Labs, target at Rs 4,806/sh
* Commercialisation Of Molnupiravir API Could Present A Significant Opportunity
* It Is Barely Factored In Ours & Street Estimates
* Merck's US Deal Throws Light On Attractive Pricing & Potential Volumes
* Co Could Achieve $2.900 Cr Of Molnupiravir Sales in FY22
* Currently, Factoring In Barely 500 Cr Of Molnupiravir Sales In FY22

PHARMA Sector

INVESTEC ON PHARMA ; 12.01.2022

* An Improved Performance In US Has Potential To Re-rate The Sector
• Dr Reddy's, Cipla, Sun & Lupin Are Best Placed
* Price Deflation Observed At High Single digits In H1FY22 Is Not Structural
• Cost Pressures, Though, Could Suppress Margin Uptick

CLSA ON PHARMA : 12.01.2022

* Price erosion for the pharma sector may moderate in US as inventory liquidation ends, CLSA says, brokerage is also seeing a healthy underlying growth for domestic market, led by stronger volume
* Sun Pharma Is Top Pick, Target Raised To *1,100/Sh
* For 2022, Expect Us Market To Recover Driven By A Higher Number Of Launches
* Price Erosion May Moderate in US As Inventory Liquidation Ends
* Underlying Growth For Domestic Market To Be Healthy, Led By Stronger Volume
* Estimate A Rising Contribution From Differentiated Products In US
• Dr Reddy's, Cipla & Torrent Pharma Are Amongst Top Picks As Well
* Remain Negative On Biocon

JEFFERIES ON PHARMAS : 05.01.2022

* Jefferies on pharma: initiate coverage on Laurus Labs with buy call & target of Rs 628/sh. Laurus Labs is a proven API capability co helpful in CRO/CDMO
* Initiate Coverage On Laurus Labs With Buy Call & Target Of Rs 628/Sh
* Initiate Coverage On Gland Pharma With Buy Call & Target Of Rs 4,566/Sh
* Gland Pharma Is A Dominant Player In Generic Injectables Manufacturing
* Laurus Labs Is A Proven API-capability

CLSA ON PHARMA : 02.07.2021

* Resurgence in COVID cases to be a boost for pharma cos selling treatment-linked drugs in FY22 but it could be transient and taper off in FY23, CLSA says
* Gains From Treatment-linked Drugs To Be Transient For Key Players
* Resurgence In COVID Cases Elevated Expectations From Cos Selling Treatment-linked Drugs
* These Cos Will See 2-13% Of Sales/EBITDA From COVID-linked Sales In FY22 FY22 Boost Will Be Transient And Taper Off To 1-10 % In FY23
* Cadila, Dr Reddy's & Cipla Have Exposure To The Vaccine Opportunity
* Model Vaccine Opportunity At 36/Sh For Dr Reddy's
* Estimate 5% -11% Upside To EBITDA For Cadila On Vaccine Opportunity

JUBILANT PHARMA - 10 YEAR PLAN : 21.06.2021

* Company Outlines Growth Path For The Next 10 Years
• No specific guidance shared on FY22/23 outlook
• Addressable radiopharma market size could increase to more than US $1.5bn
• Jubilant is the only CMO investing in ophthalmic capabilities in North America
• It expects to do 30% de bottlenecking at the Nanjangud API facility in the next two years
• Plans to launch 45 and 27 products in US and non-US respectively over FY22-FY26
• Likely to increase its capex over the next few years
• Expects to maintain its ROCE profile (17 % in FY21) over the medium term

CLSA ON INDIAN PHARMA : 11.06.2021

* Inventory levels for our coverage have risen steadily in FY21
• Inventories have been inching up to a three year high
• Attribute this uptick mainly to the US, with higher anticipated channel-partner
* Reiterate that broader US market dynamics for generics are largely stable
* Inventory levels rose steadily in FY21 in anticipation of second Covid-19 wave
* Confident of our coverage growing 5-17% YoY in the US for FY22

Auto Sector

JPMORGAN ON TWO-WHEELERS : 21.02.2022

• Legacy two-wheeler OEMs could dominate the EV headlines of 2022
• Recent results showcased the strength of the ICE legacy business
• Believe two-wheeler demand is bottoming
• Bajaj Auto: Maintain Outperform; Hike target price to Rs 4000 from Rs 3875
• Hero Moto: Maintain Outperform; Hike target price to Rs 3100 from Rs 3025
• TVS Motor: Maintain Outperform; Hike target price to Rs 770 from Rs 745

JEFFERIES ON AUTOS : 05.01.2022

* Auto Sector Is Set For A Rebound In 2022 As Demand Continues To Improve
* Expect 14-30% Volume Growth In Trucks, Passenger Vehicles & 2Ws In FY23
* See Margins Recovering From A Cyclical Trough
* Demand Should Shift Towards SUVs In Passenger Vehicles
* Demand Should Shift Towards EVs/Scooters/Premium-Bikes In 2 wheelers
* Top Pick Is Tata Motors, Followed By Maruti, TVS Motor & Eicher Motors
* Underperform Rating On M&M & Motherson Sumi

Jefferies on Autos : 05.01.2022

* Sector set for a rebound in 2022 as demand continues to improve from worst slowdown in decades, chip constraints ease, & commodity cost pressures peak out
* Expect 14–30% vol growth in trucks, PVs & 2Ws in FY23, & see margins recovering from a cyclical trough

CLSA ON AUTOS : 04.01.2022

* CLSA on autos: Weak demand trends persist, Auto registrations were weak in 2-wheeler, passenger vehicle & tractor segments
* Weak Demand Trends Persist
* Auto Registrations Were Weak In 2-wheeler, Passenger Vehicle & Tractor Segments
* Registrations Increased YoY For CVs & 3 wheelers Due To A Low Base
* Estimate A MoM Decrease Of 30% For Tractors, 6% For Two-wheelers
• Est An Increase Of 20% For CVs & 2% For Passenger Vehicles

JEFFERIES ON AUTOS : 16.12.2021

*Indian auto industry continues to witness divergent demand trends across segments. Jefferies says
*Indian Auto Industry Continues To Witness Divergent Demand Trends Across Segments
* Trucks Are Leading In Growth With Dec Mth to-date Registrations Up 23% YoY
* Passenger Vehicles Have Improved Sequentially In A Seasonally Weak Period As Chip Issues Ease
* 2-wheelers Are Broadly In-line With Historical Seasonality

CLSA ON AUTOS : 02.09.2021

* August 2021 Saw A MOM Decline In Volume Across Most Segments
* We Estimate A MOM Increase Of 6% For Two Wheelers (2W)
* See MOM Decline Of 18% For Tractors, 12% For PVs, 11% For CVs
* In PVs, Honda & Kia Outperformed While Maruti & M&M Significantly Underperformed
* Compared with Aug 2019, Tata Motors Outperformed Industry in PV Segment
* Among 2Ws In Domestic Mkt, Honda & TVS Performed Better Than Royal Enfield, Hero
* Within CVs, M&HCVs Saw A Rise Of 14% Whereas LCVS Declined By 19% In August 2021
* Compared To Aug 2019, Mahindra Tractor's Volume Rose 44% & Escorts' Rose 41%

NOMURA ON AUTOS : 29.06.2021

* Nomura expects strong recovery in global automotive demand over 2021-22, upgrades Motherson Sumi to Buy, and is alos positive on Bharat Forge, Apollo Tyres & Bajaj Auto
* Expect Strong Recovery in Global Automotive Demand Over 2021-22
* Inventory Days Are Quite Low At 23 Days
* Expect Production To Reach A New High Of 18.3mn In CY22
* Strong Opportunity For Global Plays
* Motherson Sumi, A Key Beneficiary Of Strong Production, Premiumisation & Electrification
* Bharat Forge's New Lightweight Forging Biz Should Benefit From Strong Global Demand
* Bajaj Auto's 2-wheeler Export Outlook Strong On Oil/Commodities
* Apollo Tyre Will Benefit From Strong Tyre Demand In EU
* Upgrade Motherson Sumi To Buy, Target at €301/Sh
* Buy Call On Bharat Forge, Target At *924/Sh
* Buy Rating On Apollo Tyres, Target At *302/Sh
* Buy Call On Bajaj Auto, Target at 24,847/Sh

AXISBANK

25.01.2022 - CITI on Axisbank Maintain Buy CMP 703.30 Target 1000
25.01.2022 - CLSA on Axisbank Maintain Buy CMP 703.30 Target 1080
25.01.2022 - Nomura on Axisbank Maintain Buy CMP 703.30 Target 980
25.01.2022 - CS on Axisbank Maintain Outperform CMP 703.30 Target 960

CLSA ON AXIS BANK : 27.07.2021

* Forecast Axis Bank's PPOP growth to improve to a 15% compound annual growth rate by FY23, CLSA says
* Q1 On An Absolute Basis Are In line
* Forecast PPOP Growth To Improve To A 15% CAGR By FY23
* Expect Retail Stress To Normalise In H2 Leading To An RoE Of 15-15.5% By FY23
* Valuation Is Reasonable For 15% PPOP Growth & 15% ROE
* MAINTAIN BUY TARGET: 1,050

MORGAN STANLEY ON AXIS BANK : 27.07.2021

* Morgan Stanley expects strong future earnings for Axis Bank from lower credit cost & better pre-provisioning operating profit, maintains OVERWEIGHT on the stock
• Q1 Miss Driven By Higher Provisions
• Core PPOP Broadly In-line; NIM Missed
* Expect Strong Future Earnings From Lower Credit Cost & Better PPOP
* MAINTAIN BUY TARGET: 1,000

CLSA ON AXIS BANK : 27.07.2021

• Maintain BUY, Target at Rs 1,050/share
* Expect an ROE of 15% by FY23CL
• Asset quality: inline performance versus muted expectations
* Marginal miss in PPOP due to higher Opex
• Normalisation to a 15% ROE; valuation reasonable

KOTAK INSTL EQ ON AXIS BANK : 13.07.2021

* MAINTAIN BUY TARGET: 850
* Axis Bank's RoE trajectory has greater room for improvement; bank is well positioned for a multiple expansion, Kotak Institutional Equities says
* ROE Trajectory Has Greater Room For Improvement
* Corporate Book Would Lead This Earnings Recovery Led By A Sharp Decline In Provisions
* Bank Is Well Positioned For A Multiple Expansion

CLSA ON AXIS BANK : 18.06.2021

* MAINTAIN BUY TARGET: 1,025
* CLSA expects Axis Bank's RoE rising by 15% by FY22/23; valuations below long-term average, the brokerage says
* Bank Has Been Improving its Balance Sheet Granularity
* It Has Plugged Its Liability-side Gaps & Will Continue Its Conservative Accounting
* Co Is Making The Business Model More Predictable & Sustainable
* Subsidiaries Are Fast-growing & Add 8% To Our Target Price
* Expect ROE Rising By 15% By FY22/23; valuations Below Long term

CLSA ON AXIS BANK : 18.06.2021

* Maintain BUY, Target at Rs 1,025/share
* Corporate cycle has turned; wave-2 impact manageable
* Company increasing granularity and conservatism
• Axis increasing focus on creating value from subsidiaries

ASIANPAINT

21.01.2022 - CS on Asianpaint Maintain Outperform CMP 3306 Target 3700
21.01.2022 - Jefferies on Asianpaints Maintain Underperform CMP 3306 Target 2700
21.01.2022 - Nomura on Asianpaints Maintain Outperform CMP 3306 Target 3875

BROKERAGE RADAR CREDIT SUISSE ON ASIAN PAINTS : 22.07.2021

* CreditSuisse maintains Outperform on @AsianPaints; Target at Rs 3,480/share
*Maintain Outperform, Target at Rs 3,480/share
• Very strong volumes despite COVID second wave
• Gross margins hit likely transient
• Cut FY22 EPS estimate by -8%, but increase
* FY23E EPS by -2%

MACQUARIE ON ASIAN PAINTS : 22.07.2021

* Macquarie has an Outperform rating on Asian Paints as Q1 sales performance re-emphasised resilient nature of decorative demand
* MAINTAIN OUTPERFORM TARGET: 3,500
* Q1 Sales Performance Re emphasised Resilient Nature Of Decorative Demand
• Less Worried About Near term Margin Pressure
* FY22 EPS Estimate Cut By 8% & FY23/24 EPS Raised By 3%

CLSA ON ASIAN PAINTS : 22.07.2021

* CLSA maintains Outperform call on Asian Paints with co is optimistic on demand in FY22 with better monsoon, long diwali & pent up demand
* In An Inflationary Setting, Focus On Sustaining Share Gains Eroded Gross Margin
* On A Low Base, Margin Contraction Was Limited To 20 bps YOY
* Co Is Optimistic On Demand In FY22 With Better Monsoon, Long Diwali & Pent-up Demand
* It Looks To Maintain EBIT Margin At 19-21%
* MAINTAIN OUTPERFORM TARGET: 3,275

NOMURA ON ASIAN PAINTS : 22.07.2021

* Nomura has a Neutral stance on Asian Paints as it believes margin will remain compressed in the near-term as pricing trails commodity inflation
* Strong Demand Continues Despite Second Wave
* Strong Demand Continues, Aided By Share Gains From Unorganised & Organised Players
* Margin Will Remain Compressed In The Near-term As Pricing Trails Commodity Inflation
* Medium-term Margin Will Be Range-bound Given Grasim's Foray In Paints
* MAINTAIN NEUTRAL TARGET: 3,300

HSBC ON ASIAN PAINTS : 22.07.2021

* HSBC maintains BUY call on Asian Paints, target at Rs 3,500
* Rev Growth Of 91%, Led By Volume Growth Of 106%, Was Ahead Of Expectations
• Co Is Aggressively Pursuing Volume Growth, Network Expansion
* Out-investing Rivals In Consumer Centricity & Branding, Raising An Already High Bar
* MAINTAIN BUY TARGET: 3,500

UBS ON ASIAN PAINTS : 22.07.2021

* UBS maintains Buy call on Asian Paints with a target of Rs 3,550/Sh
* Tough Quarter, Improved Outlook
* Management Guides For Gradual Price Increases Amid Sustained Inflation
* Q1 Domestic Decorative Volumes Grow 106% YoY On A Low Base
* Encouraging Growth In Home Decor Business
* MAINTAIN BUY TARGET: 3,550

GS ON ASIAN PAINTS : 22.07.2021

* GS has a Sell call on Asian Paints. It belives gross margin contraction raises questions on pricing power
* Gross Margin Contraction Raises Questions On Pricing Power
* Lower FY22-24 EPS Estimates By 2-11%
* While Q2 Is Likely To Benefit From Pent-up Demand, Remain Cautious On Margin
* MAINTAIN SELL TARGET: 1,679

MACQUARIE ON ASIAN PAINTS : 12.07.2021

* Asian Paints remains preferred pick going into results; Expect healthy recovery in June
* Expect demand to flow through in coming quarters
• Remain less concerned about inflation given price hikes taken

MACQUARIE ON ASIAN PAINTS : 16.06.2021

* Maintain Outperform, Target at Rs 3,200/share
• Announced 1.5-2% price increase across decorative segment
• Taken Rs 3/lit increase taken across entry level
• Price hikes across premium Royale and Ultima brands
* APNT has also announced another price increase across waterproofing
* Price hikes would be effective 1-July-21

MACQUARIE ON ASIAN PAINTS : 11.06.2021

* MAINTAIN OUTPERFORM TARGET: 3,200
* Macquarie maintains OUTPERFORM call on Asian Paints, target at Rs 3,200/sh
* Announced 6-8% Price Increase In The Wood Finishes Segment
* Wood Finishes Does Not Account For A Large Share Of Co's Portfolio
* It Raises Expectations Of Price Hike In Decorative Portfolio

ADANIPORTS

ADANIPORTS

03.02.2022 - MS on Adaniports Maintain Overweight CMP 745 Target 883
03.02.2022 - HSBC on Adaniports Maintain Buy CMP 745 Target 900

CITI : 04.08.2021 - MAINTAIN Buy - Target 1000

GS : 04.08.2021 - MAINTAIN BUY TARGET:790

NOMURA 04.08.2021 - MAINTAIN BUY TARGET: 915

JEFFERIES : 08.07.2021 : MAINTAIN OVERWEIGHT TARGET: 910

Nomura 02.07.2021 Buy, TP raised to Rs 890

GOLDMAN SACHS - MAINTAIN BUYTARGET: 760

CITI ON ADANI PORTS : 15.06.2021 MAINTAIN BUY TARGET: 1,000

CITI ON ADANI PORT : 15.06.2021 Maintain BUY, Target at Rs 1,000/share

Reliance

14.02.2022 - JpMorgan on Reliance Maintain Neutral CMP 2376 Target 2575
14.02.2022 - CITI on Reliance Maintain Neutral CMP 2376 Target 2750
31.01.2022 - CLSA on Reliance Maintain Buy CMP 2335 Target 2955
24.01.2022 - MS on Maintain Overweight CMP 2478 Target 2925
24.01.2022 - Macquarie on Reliance Maintain Underperform CMP 2478 Target 2850
24.01.2022 - CLSA on Reliance Maintain Outperform CMP 2478 Target 2850
24.01.2022 - Jefferies on Reliance Maintain Buy CMP 2478 Target 2950
18.01.2022 - CLSA On Reliance Maintain Outperform CMP 2523 Target 2820
11.01.2022 - MS on Reliance Maintain Overweight Target 2925
10.01.2022 - Jefferies on Reliance Maintain Buy rs.3400
03.01.2022 - MS on Reliance OverWeight , TP Rs 2925
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
01.09.2021- Jefferies Buy, TP Rs 2580

30.08.2021- MS on RIL -OW, TP Rs 2269

30.08.2021 - UBS on Buy, TP Rs 2500

MORGAN STANLEY ON RELIANCE IND : 29.07.2021

* See earnings upgrade cycle ahead for Reliance Industries as all businesses see positive operational triggers
* See Earnings Upgrade Cycle Ahead As All Businesses See Positive Operational Triggers
* Airtel Has Brought Its Entry Level Prepaid Plan Closer To Jiophone-only Entry Level Plan
• While It Has Limited Impact On RIL'S ARPU, It Could Help Net Adds & Reduce Subscriber Churn
* MAINTAIN OVERWEIGHT TARGET: 2,269

MORGAN STANLEY ON RELIANCE IND

* Reliance Industries Q1 earnings quality was good, with energy in the driver's seat; see both multiples & expectations rising in coming quarters, MS says
* MAINTAIN OVERWEIGHT TARGET: 2,262
* An Uplift In The Street's Expectations Is Imminent
• Earnings Quality Was Good, With Energy In The Driver's Seat
* See Both Multiples & Expectations Rising In Coming Quarters

JPMORGAN ON RELIANCE IND : 26.07.2021

* JPMorgan sees Reliance Ind's stock price remaining in a range, Q1 results unlikely to help stock reverse underperformance, the brokerage adds
* MAINTAIN NEUTRAL TARGET: 2,250
* 02C, E&P Offset Weak Consumer Biz In Another Muted Quarter
* Earnings Unlikely To Help Stock Reverse Underperformance
* See Stock Price Remaining In A Range

MORGAN STANLEY ON RELIANCE IND : 26.07.2021

* Reliance Industries Q1 earnings quality was good, with energy in the driver's seat; see both multiples & expectations rising in coming quarters, MS says
* MAINTAIN OVERWEIGHT TARGET: 2,262
* An Uplift In The Street's Expectations Is Imminent
• Earnings Quality Was Good, With Energy In The Driver's Seat
* See Both Multiples & Expectations Rising In Coming Quarters

CLSA ON RIL AGM : 25.06.2021

* MAINTAIN OUTPERFORM TARGET: 2,250
* CLSA maintains OUTPERFORM call on Reliance Industries, target at Rs 2,250/sh
* Exhibited Hopes Of Closing The 02C Stake Sale With Aramco This Year
* Clarity On The New Energy Foray Is Useful
* Any Big Take-up Of New Smartphones To Be An Imp trigger
* Progress In Omni-channel Retail Will Also Be An Imp Trigger

EDELWEISS ON RIL AGM : 25.06.2021

* MAINTAIN HOLD TARGET: 2,105
* Edelweiss maintains HOLD call on Reliance, target at Rs 2,105/sh
* New Energy Taking Precedence Over Jio Platforms & Retail
* We View The Shift To New Energy As A Significant ESG Positive
* 'New Energy' Will Provide The Next Leg Of Growth
* We Believe Gas Will Be A Key Driver Contributing $10,000 Cr To EBITDA By FY24
* Jio & Retail To Contribute Half Of Co's EBITDA By FY25
* We Still See Huge Scope For Its 02C biz To Be A Major Contributor

MS ON RIL AGM : 25.06.2021

* MAINTAIN OVERWEIGHT TARGET: 2,262
* Morgan Stanley maintains OVERWEIGHT call on Reliance Industries, target at Rs 2,262/sh
* Focussed On Next Hypergrowth Opportunity In Clean Tech
* 'MEGA' Plan Is Unique In A Global Context & Can Spur Re-rating
* 'MEGA' Plan Raises Invst Cycle Clarity & Reduces Holdco Discount Worry
* Shift in Cap Allocation To Renewables/Decarbonisation Capex Should Lift Multiples
* Co's Partnership Approach In New Energy Biz Should Not Cause De-rating

MACQUARIE ON RIL : 25.06.2021

• Maintain Underperform, Target at Rs 1,350/share
* Diverse aspirations vs fundamental realities
* RIL remains a consensus long
* Estimates and fundamental fair value 25%-35% below consensus
* Incremental capital employed tilts back towards energy (albeit green)

CLSA ON RIL : 25.06.2021

• Maintain Outperform, Target at Rs 2,250/share
• US $10bn foray into new energy & 4G smartphone launch on 10 Sep 2021
• Discussions on 02C deal with Aramco continue
• Affordable 4G smartphone powered by Google: JioPhone Next
• Omni channel expansion to continue in retail

UBS ON RIL : 25.06.2021

• Maintain Neutral, Target at Rs 2,150/share
• New energy investments for the next decade
* Recasting itself as a clean energy and materials company
• Synergies from partnerships gradually materializing
* Pivoting towards renewables; US $10bn investment over 3 years

MORGAN STANLEY ON RIL : 25.06.2021

* Maintain Outperform, Target at Rs 2,262/share
* RIL'S AGM focused on the next hypergrowth opportunity in clean tech
* The "MEGA" plan is unique in a global context in multiple ways
• Plan has potential to spur re-rating, raises clarity on the investment cycle
• RIL has made progress on its decarbonisation plan

CS ON RELIANCE IND : 23.06.2021

* CS believes revamped Embibe app should position Reliance Ind as a key player in EdTech, has a Neutral call on the stock
* MAINTAIN NEUTRAL TARGET: 1,950
* Revamped Embibe App Should Position Co As A Key Player In EdTech
* Expect Paid User Base In e Education To Grow By 3x To 30 m By CY25
* If Co Captures 10% Share, Then It Could Be Worth $7-8 Bn
* Value Co's EdTech At $3.5 Bn As It's Yet To Unveil Its Bouquet Of Svcs

GOLDMAN SACHS ON RIL : 22.06.2021

• Maintain BUY, Target at Rs 2,425/share
* Underappreciated retail growth opportunity
* Value RIL retail business at US$88 bn in our base case
* Expect RIL core EBITDA growth of 59% YoY in FY22E

HSBC ON RIL : 21.06.2021

* Maintain HOLD, Target at Rs 2,070/share
* In the last 10 years trading vol has surged around the AGM
* RIL stock outperformed NIFTY post AGM only 6/10 times
* Stock up 13% from 1 month prior to AGM to date,
* RIL may carry the burden of meaningful announcements
* Await a significant pick up in business earnings

RELIANCE INDUSTRIES IN FOCUS :10.06.2021

* Reliance Industries received Rs 13,150.7 cr (99% of total) amount due on 1st call for partly paid-up shrs till May 31. 41.78 cr partly paid-up available for trading on exchanges from today
• Received Rs 13,150.7 Cr (99% Of Total) Amount Due On 1st Call For Partly Paid-up Shrs
• Total Amount Payable By Shareholders Towards 1st Call Was Rs 13,281.05 Cr
* Co Completes Corporate Action For Credit Of 41.78 Cr Partly Paid-up Equity Shares
* These 41.78 Cr Partly Paid-up Available For Trading On Exchanges from Today

SBICARD

SBICARDS Rating

25.01.2022 - MS on SBICARD Maintain Outperform CMP 817.75 Target 1300
25.01.2022 - CS on SBICARD Maintain Outperform CMP 817.75 Target 1100(PREV TGT 1350)
12.01.2022 - Macquarie on SBICARD Maintain Out[erform CMP 885 Target 1230
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
20.12.2021 - Morgan Stanley On SBICARD - Maintain Overweight Cmp 901 - Target Rs.1350

MS ON SBI CARD : 12.07.2021

* MAINTAIN BUY TARGET: 1,200
* MS has an Overweight call on SBI Cards
* For May, Industry Credit Spend Fell 7% MoM Due To COVID
• Co Was One Of A Few Players To Add Credit Cards In Force
* It Accounted For 23% Of Industry Card Additions In May

CS ON SBI CARDS - 10.06.2021

* MAINTAIN OUTPERFORM TARGET: 1,200
* CS maintains outperform call on SBI Cards, expects co to benefit from rising digitisation
* Impact From 2nd Wave Likely To Be Relatively Contained
* Even As We Build Elevated Credit Costs, Expect Healthy Profitability
* Expect Co To Benefit From Rising Digitisation
* Cut FY22/23 EPS By 8% On Lower Spends & Higher Credit Costs

Gail

Gail Rating

04.02.2022 - Jefferies on GAIL Maintain Hold CMP 147 Target 160(PREV TGT 150)

JEFFERIES ON GAIL : 08.07.2021

* MAINTAIN HOLD TARGET: 150
* Jefferies maintains HOLD call on GAIL, target at Rs 150/sh
* FY22 EBITDA Estimate Could See 15% Upgrade
* Our Fair Value Is *170 With Crude At $70 & 7193 At $80/bbl
* Potential InvIT Listing Could Yield *30/Sh Upside
* Any Significant Correction In Crude Price Remains The Key Risk

CLSA ON GAIL : 11.06.2021

* MAINTAIN BUY TARGET: 200
* CLSA maintains BUY call on GAIL, target raised to Rs. 200/sh
* Confident Of Improved Performance In FY22 As LNG Price Has Spiked
* Raise FY22-23 EPS Estimate By 2-3%
* +ve Leverage To Crude, Receding Worries On Gas Trading Are Positives
* Volume Tailwinds In Core Gas Transmission Key Positives

CITI ON GAIL : 11.06.2021

• Maintain BUY, Target at Rs 185/share
• Petchem drives beat, while gas trading finally turns around
• Gas transmission: In-line 4Q, outlook positive
• Gas trading: Reversal at last, should sustain
• Petchem EBITDA rose to a new multi-yr high

JPMORGAN ON GAIL : 10.06.2021

• Maintain Overweight, Target at Rs 197/share
• Remain OW on GAIL with a revised PT of Rs 197
• GAIL should continue to benefit from higher oil prices
* Key segments of PE, LPG and Gas
* Trading should do well in a higher oil price environment
* Caution investors that GAIL is an indirect proxy to oil prices

JEFFERIES ON GAIL : 10.06.2021

* MAINTAIN HOLD TARGET: 150
* Jefferies has a Hold call on GAIL, but raises FY22 EPS estimate by 6%
* EBITDA Missed By 10% On A Big Miss In Gas Trading
* Transmission Put Up A Strong Show With Volume Up 1% YoY
• Petchem Volumes & Realisations Surprised Positively
* Raise FY22 EPS Estimate By 6%

JPMORGAN ON GAIL : 10.06.2021

* JPMorgan maintains Overweight rating on GAIL with target being raised to Rs 197/Sh
* MAINTAIN OVERWEIGHT TARGET: 197
* Strong 4Q In-line; Near term Oil Price Strength Should Support Earnings
* Gas Trading Segment Reported EBITDA After Loss For 3 Qtrs

TATACONSUMER

TATA CONSUMER PRODUCTS Rating

03.02.2022 - MS on Tataconsumer Maintain Overweight CMP 742 Target 886
20.01.2022 - MS on TataConsumer Maintain Overweight CMP 726 Target 886

NOMURA ON TATA CONSUMER : 11.06.2021

• Maintain BUY, Target at Rs 825/share
* 'Transforming for better' on track
* Increase FY22-23F EPS forecasts by 2-3% post annual report
* Strong bottom-line growth aided by adoption of packaged foods increasing at a faster pace
* Valuation to Jun-23F from Mar-23F value TCPL on SOTP
* Implying a target P/E of 52x Jun-23F EPS

MOTILAL OSWAL ON TATA CONSUMER PRODUCTS : 10.06.2021

• Maintain BUY, Target at Rs 775/share
• India food business to spearhead growth
* India beverage business to maintain its growth trajectory
* Strong cash generation to support its expansion plans

Tatacomm

TATACOMMUNICATIONS

CLSA ON TATA COMMUNICATIONS : 10.06.2021

* Maintain BUY, Target at Rs 1,475/share
* Shifts in enterprise network spend
* Muted Ebitda margin guidance
* Platforms and collaboration with TCS
* Play on enterprise data; retain BUY

Tatacommunication Management - Key takeaways - 10.06.2021

* Tata Communications targets to be a key enabler of #digital transformation. Check out the highlights from the #management call.

* Management Call - Key Takeaways
* Tata Communications CEO and CFO held a analyst call
* TCom targets to be a key enabler of digital transformation
• Management guided for double-digit data revenue growth
• Cloud is a major growth driver and TCom has an overlap with TCS here
• Both have a growing collaboration and TCom drives India cloud services
• Management margin guidance is muted at 23-25% with part reversal of Covid-19 cost savings