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

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

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

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

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

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

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

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

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

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

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

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