We(rupeedesk.in) are SEBI Registered leading Indian Stock Market Trading Tips Providers for Equity,Commodity and currency market traded in NSE,BSE,MCX,NCDEX And MCXSX.USDINR,EURINR,GBPINR,JPYINR,Dollar,Euro,Pound,Yen currencies.Indian Currency futures and Options Trading Tips. . Free Currency Tips|Stock and Nifty Options Tips| Commodity Tips |Intraday Tips Register Here : 91-9094047040 |91-9841986753|044-24333577
UBL(United Breweries Limited)
27.04.2022 - JpMorgan on UBL Maintain Overweight CMP 1577 Target 1700
UBS ON UNITED BREWERIES : 23.06.2021
* UBS maintains its Neutral stance on UBL with Heineken looking to consolidate it stake
* MAINTAIN NEUTRAL TARGET: 1,500
* Heineken Likely To Consolidate Stake
* Heineken's Stake Could Potentially Increase To 62%
• Benign Regulatory Environment To Aid Volumes In H2
HINDZINC(Hindustan Zinc Limited)
14.07.2022 - CITI on Hindzinc Maintain Neutral CMP 284.35 Target 255
25.04.2022 - CITI on HINDZINC Maintain Neutral CMP 345.35 Target 330
TATACOMM(Tata Communications Limited)
19.10.2022 - CLSA on TATACOMM Maintain Outperform CMP 1230.05 Target 1433
15.09.2022 - CLSA on TATACOMM Maintain Outperform CMP 1242 Target 1433
15.06.2022 - CLSA on TATACOMM Maintain Outperform CMP 877.45 Target 1070
25.04.2022 - CLSA on TATACOMM Maintain Outperform CMP 1085 Target 1440
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
SRF(SRF Limited)
15.12.2022 - CITI on SRF Maintain Buy CMP 2324.95 Target 3125
04.11.2022 - Jefferies on SRF Maintain Hold CMP 2485 Target 2290
30.09.2022 - Jefferies on SRF Maintain Hold CMP 2508 Target 2290
06.09.2022 - MS on SRF Maintain Buy CMP 2617.2 Target 2757
22.07.2022 - MS on SRF Maintain Overweight CMP 2280 Target 2757
10.05.2022 - Jefferies on SRF Maintain Underperform CMP 2248 Target 2010
20.04.2022 - Jefferies on SRF Maintain Underperform CMP 2517 Target 2010
28.01.2022 - Jefferies on SRF Maintain Underperform CMP 2355 Target 1940(PREVTGT 1840)
07.01.2022 - UBS on SRF Maintain Upgrade Target 3000
LTI(Larsen & Toubro Infotech Limited)
15.12.2022 - CLSA on LTIM Maintain Outperform CMP 4395 Target 4920
15.07.2022 - MS on LTI Maintain Equal-Weight CMP 3972 Target 390
20.04.2022 - GS on LTI Maintain Sell CMP 5472.35 Target 4570
20.04.2022 - Nomura on LTI Maintain Neutral CMP 5472.35 Target 5970
20.04.2022 - MS on LTI Maintain Underweight CMP 5472.35 Target 5500
MACQUARIE ON L&T INFO : 19.07.2021
* Macquarie has an outperform rating on L&T Info with co as a top pick in midcap Indian IT space
* MAINTAIN OUTPERFORM TARGET: 4,700
* Strong Pipeline & New Client Hunting Position Co Well For FY22
* Expect SG&A To Increase In FY22 For Investment Needs In Cloud & Data Practices
* Raise FY22-24 EPS Estimates By 1-3%
* Co Is Top Pick In Midcap Indian IT Space
GOLDMAN SACHS ON L&T INFO : 19.07.2021
* GS has a Sell call on L&T Info as its finds valuations expensive
* Increase Revenue Growth Forecasts By Up To 3% On Back Of Q1 Beat
* Lower Our Margin Assumptions Due To Tight Labour Market
• Valuations Expensive At Current Levels
* MAINTAIN SELL TARGET: 3,587
CITI ON L&T INFO : 19.07.2021
* Citi maintains Sell rating on L&T Info
* Delivered An In-line Quarter
* Attrition Spike, Sharp Decline In Margin & No Large Deals Key Challenges
* Continue To Like Co For Its Mgmt Team & Growth Track Record
* Expectations & Valuations Are Elevated
* MAINTAIN SELL TARGET: 3,870
KOTAK INSTL EQ ON L&T INFO : 19.07.2021
* Kotak Instl Eq retains its Sell stance on L&T Info
* Good Quarter With QoQ Growth Of 4.8% In CC, Powered By Volume Growth Of 8.8%
* EBIT Margin Declined Sharply Due To Wage Revisions, S&M Investments
* Deal Wins Were Soft But Compensated By Discretionary Spending By Clients
* Well Positioned To Capture Market Opportunities
* Poised For Another Strong Year After Industry Leading Growth In FY21
* MAINTAIN REDUCE TARGET: 4,100
MS ON L&T INFO : 19.07.2021
* MS has an Equal-weight call on L&T Info, expects stock to be range-bound
* MAINTAIN EQUAL-WEIGHT TARGET: 4,250
* Risk-reward Not As Favorable As That Of Other Midcaps/ Large Caps
• Turn In Insurance & Energy Verticals Offset By Lack Of Large Deals & Weak Margin
* Expect Stock To Be Range-bound
GS ON L&T FIN HOLDINGS : 19.07.2021
* GS maintains Buy call on L&T Fin. It expects co to diversify towards higher return generating retail biz over long term
* Marginal Operating Miss; Disbursements Bounced Back In June
* View Diversification Towards Higher Return Generating etail Biz Over Long Term
* Key Risks Are Lack Of Clarity On Strategic Direction, Asset Quality Challenges
* MAINTAIN BUY TARGET: 128
TATAPOWER(Tata Power Company Limited)
05.01.2023 - MS on Tatapower Maintain Underweight CMP 206.05 Target 189
25.08.2022 - CLSA on Tatapower Maintain Sell CMP 229.5 Target 212
27.07.2022 - CLSA on Tatapower Maintain Sell CMP 218.05 Target 212
11.07.2022 - MS on Tatapower Maintain Underperform CMP 220.9 Target 175
27.06.2022 - MS on Tatapower Maintain Underperform CMP 207.75 Target 175
09.05.2022 - CLSA on Tatapower Maintain Sell CMP 245 Target 212
18.04.2022 - MS on Tatapower Maintain Underweight CMP 258 Target 244
16.02.2022 - MS On TATAPOWER Maintain Equal-Weight CMP 230.40 Target 228
10.02.2022 - CLSA on TATAPOWER Maintain Sell CMP 241.10 Target 195
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
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
M&M(Mahindra & Mahindra Limited)
14.11.2022 - Kotak Instl on M&M Maintain Buy CMP 1280 Target 1500
14.11.2022 - UBS on M&M Maintain Buy CMP 1280 Target 1600
14.11.2022 - Jefferies on M&M Maintain Underperform CMP 1280 Target 1140
14.11.2022 - JpMorgan on M&M Maintain Overweight CMP 1280 Target 1575
14.11.2022 - GS on M&M Maintain Buy CMP 1280 Target 1640
14.11.2022 - Nomura on M&M Maintain Buy CMP 1280 Target 1616
04.11.2022 - GS on M&M Maintain Buy CMP 1340 Target 1640
19.09.2022 - CLSA on M&M Maintain Buy CMP 1290.85 Target 1567
13.09.2022 - CLSA on M&M Maintain Buy CMP 1296 Target 1567
13.09.2022 - CITI on M&M Maintain Buy CMP 1296 Target 1420
23.08.2022 - Nomura on M&M Maintain Buy CMP 1277 Target 1505
17.08.2022 - BOFA on M&M Maintain Buy CMP 1274.9 Target 1450
08.08.2022 - CLSA on M&M Maintain Buy CMP 1275.6 Target 1498
08.08.2022 - JpMorgan on M&M Maintain Buy CMP 1275.6 Target 1450
08.08.2022 - Kotak Instl on M&M Maintain Buy CMP 1275.6 Target 1450
11.07.2022 - CLSA on M&M Maintain Buy CMP 1147.95 Target 1486
28.06.2022 - CLSA on M&M Maintain Buy CMP 1110.5 Target 1356
28.06.2022 - Nomura on M&M Maintain Buy CMP 1110.5 Target 1308
28.06.2022 - MS on M&M Maintain Overweight CMP 1110.5 Target 1198
28.06.2022 - UBS on M&M Maintain Buy CMP 1110.5 Target 1250
08.06.2022 - CLSA on M&M Maintain Buy CMP 1043 Target 1312
31.05.2022 - Nomura on M&M Maintain Buy CMP 1032 Target 1308
31.05.2022 - MS on M&M Maintain Overweight CMP 1032 Target 1198
31.05.2022 - CLSA on M&M Maintain Buy CMP 1032 Target 1257
30.05.2022 - MS on M&M Maintain Overweight CMP 1000 Target 1145
30.05.2022 - Jefferies on M&M Maintain Underperform CMP 1000 Target 615
07.04.2022 - BOFA on M&M Maintain Buy CMP 874.05 Target 1050
11.02.2022 - CLSA on M&M Maintain Buy CMP 853 Target 1220
11.02.2022 - BOFA on M&M Maintain Neutral CMP 853 Target 920
11.02.2022 - MS on M&M Maintain Overweight CMP 853 Target 1117
15.12.2021 - CLSA on Mahindra & Mahindra Limited - Maintain Buy - Cmp 836 Target1090
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
GS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 993
* GS has a Buy rating on M&M with valuations attractive at current levels
* Q4 In-line; Fitter & Focused For Long term
* Margin Up 83 bps YoY, Underscoring Robust Cost Controls
* Preferred Pick In The PV/CV Space
* Valuations Attractive At Current Levels
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 1,030
* Q4 In-line; Intl Auto+FES To Breakeven By FY23
* Capex Will Limit Meaningful FCF Generation
* Maintain Buy On Improving Return Profile, Strong Outlook
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* Maintain BUY, Target at Rs 1,030/share
* Strong improvement in global ops; capex+investment still looks high
* Maintain Buy on improving return profile, strong auto growth
* Sales higher on high autos ASP; PAT miss due to one-off
TITAN(Titan Company Limited)
09.01.2023 - CLSA on Titan Maintain Outperform CMP 2445 Target 3000
09.01.2023 - Macquarie on Titan Outperform CMP 2445 Target 3250
09.01.2023 - MS on Titan Maintain Overweight CMP 2445 Target 3000
07.11.2022 - Kotak Instl Eq on TITAN Maintain Add CMP 2735 Target 2900
07.11.2022 - GS on TITAN Maintain Buy CMP 2735 Target 3175
07.10.2022 - JpMorgan on TITAN Maintain Overweight CMP 2690 Target 2800
13.09.2022 - JpMorgan on TITAN Maintain Overweight CMP 2668 Target 2800
08.08.2022 - CS on TITAN Maintain Neutral CMP 2447.5 Target 2600
08.08.2022 - MS on TITAN Maintain Overweight CMP 2447.5 Target 2621
08.08.2022 - JpMorgan on TITAN Maintain Overweight CMP 2447.5 Target 2800
08.08.2022 - Macquarie on TITAN Maintain Outperform CMP 2447.5 Target 2900
08.08.2022 - CLSA on TITAN Outperform CMP 2447.5 Target 2550
07.07.2022 - MS on TITAN Maintain Overweight CMP 2129.95 Target 2621
07.07.2022 - CITI on TITAN Maintain Buy CMP 2129.95 Target 2890
20.06.2022 - Macquarie on TITAN Maintain Outperform CMP 1966.90 Target 3000
16.05.2022 - Macquarie on TITAN Maintain Outperform CMP 2091.70 Target 3200
08.04.2022 - CS on TITAN Maintain Neutral CMP 2458.35 Target 2750
07.04.2022 - MS on TITAN Maintain Overweight CMP 2540 Target 2700
07.04.2022 - CLSA on TITAN Maintain Underperform CMP 2540 Target 2540
04.02.2022 - MS on TITAN Maintain Overweight CMP 2475 Target 2720(PREVTGT 2501)
07.01.2022 - CS on TITAN Maintain Neutral Target 2700 from 2500
07.01.2022 - CITI on Titan Maintain Buy Target 2975
MACQUARIE ON TITAN : 02.09.2021
* MAINTAIN OUTPERFORM TARGET: 2,150
• Limited Disruption In Operating Environment of Unorganised Peers
• Building Blocks Are In Place To Drive Up Regulatory Compliance
* Maintain Our FY23/24 EPS Estimates
MACQUARIE ON TITAN : 02.09.2021
• Maintain Outperform, Target at Rs 2150/share
* Hallmarking norms diluted See limited disruption in operating environment of unorganised peers
* Building blocks are in place to drive up regulatory compliance across industry
* Largely maintain our FY23/24E EPS
MS ON TITAN : 05.08.2021
* Morgan Stanley maintains EQUALWEIGHT call on Titan, target at Rs 1,358/sh
* Jewellery Segment Performance In-line With Our Estimates
* Losses In Non-jewellery Segments Higher Than Our Expectations
* Management Expects H2 To Be Much Better
* Margin Improvement In Jewellery Segment Remains Key
* MAINTAIN EQUALWEIGHT TARGET: 1,358
CLSA ON TITAN : 07.07.2021
* MAINTAIN SELL TARGET: 1,370
* CLSA maintains SELL call on Titan, target at Rs 1,370/sh
* Hindered By 2nd Wave Of COVID 19, Co Had Muted Topline Recovery YOY
* Adjusted For Bullion Sales, Overall Sales Are Expected To Grow 51%
* Jewellery Sales Up 37% YoY; Adjusted For Bullion, It's Up 107% YOY
MACQUARIE ON TITAN : 07.07.2021
• Maintain Outperform, Target at Rs 1,750/share
• Second wave hurts 1Q performance
• Jewellery sales impacted by second wave
• Weak sales commentary and continued restrictions on store operations
• Believe Titan is well placed to move back to healthy growth trajectory
MS ON TITAN : 07.07.2021
* Morgan Stanley maintains EQUAL-WEIGHT call on Titan, target at Rs 1,358/sh
* MAINTAIN EQUAL-WEIGHT TARGET: 1,358
* Jewellery Sales Up 37% (Adj. For Bullion Sale, It's Up 107% YoY) Vs 1st Wave
* Non-jewellery Biz Saw A Rapid Recovery In Walk ins On Re-opening
CLSA on Titan : 07.07.2021
* Sell, TP Rs 1370
* Hindered by 2nd wave, co had muted top-line recovery YoY
* Adjusted for bullion sales of Rs6bn in 1QFY21, overall sales are expected to grow 51%
* Jewellery sales grew 37% YoY; adjusted for bullion, 1QFY21 sales grew 107% YoY
MS on Titan : 07.07.2021
* EW, TP Rs 1358
* Jewellery sales rose 37%YoY (adj. for bullion sale of Rs6bn in base, sales rose 107% YoY). Vs. 1st wave:
1) co did not undertake customer outreach initiative given higher humanitarian impact,
2) non-jewellery biz saw a rapid recovery in walk-ins
IIFL on Titan : 06.07.2021
* Continues to focus on omni-channel capabilities, regionalisation, & plugging portfolio gaps
* While next 5-yr growth is likely to be robust, stk seems to be pricing-in 30% market share over 20 yrs, which is ambitious
* ADD, TP Rs 1950
RBLBANK(RBL Bank Limited)
05.01.2023 - MS on RBLBANK Maintain Underweight CMP 177.75 Target 130
03.12.2022 - MS on RBLBANK Maintain Underweight CMP 151.4 Target130
25.10.2022 - MS on RBLBANK Maintain Underweight CMP 136.9 Target 115
22.06.2022 - CS on RBLBANK Maintain Underperform CMP 91 Target 86
22.06.2022 - BOFA on RBLBANK Maintain Underperform CMP 91 Target 110
13.06.2022 - CLSA on RBLBANK Maintain Outperform CMP 87.6 Target 130
13.05.2022 - JpMorgan on RBLBANK Maintain Neutral CMP 102 Target 110 (PREV TGT 170)
07.04.2022 - MS on RBLBANK Maintain Underweight CMP 139.80 Target 140
28.01.2022 - CS on RBLBANK Maintain Underperform CMP 153.40 Target 135 (PREVTGT 180)
28.01.2022 - CLSA on RBLBANK Maintain Buy CMP 153.40 Target 200
27.12.2021 - CLSA on RBLBANK Maintain outperform - Target 200
27.12.2021 - Investec on RBLBANK Maintain Buy CMP 173 - Target 295
27.12.2021 - ICICI SEC on RBLBANK Downgrade Sell CMP 173 - Target 130
27.12.2021 - CLSA on RBLBANK Maintain outperform CMP 173 - Target 200
TCIEXP(TCI Express Limited)
01.12.2022 - Jefferies on TCIEXP Maintain Buy CMP 1867.5 Target 2350
03.06.2022 - Jefferies on TCIEXP Maintain Buy CMP 1696.8 Target 3200
06.04.2022 - Jefferies on TCIEXP Maintain Buy CMP 1849 Target 2300
MARICO(Marico Limited)
05.01.2023 - CLSA on Marico Maintain Underperform CMP 501.9 Target 550
05.01.2023 - JpMorgan on Marico Maintain Overweight CMP 501.9 Target 580
05.01.2023 - Nomura on Marico Maintain Neutral CMP 501.9 Target 590
04.10.2022 - CLSA on Marico Maintain Underperform CMP 523.15 Target 530
20.09.2022 - GS on Marico Maintain Buy CMP 529.5 Target 620
06.07.2022 - CITI on Marico Maintain Buy CMP 500.5 Target 595
06.04.2022 - Nomura on Marico Maintain Buy CMP 543 Target 665
06.04.2022 - Macquarie on Marico Maintain Outperform CMP 543 Target 600
06.04.2022 - CLSA on MARICO Maintain Underperform CMP 543 Target 530
31.01.2022 - MS on Marico Maintain Overweight CMP 471 Target 651(PREVTGT 670)
04.01.2022 - CITI on Marico - Maintain Buy Target 640
04.01.2022 - Macquarie on Marico - Maintain Outperform CMP 514 Target 600
CLSA ON MARICO: 04.01.2022
* CLSA on Marico: Low-teen topline growth, but the weak margin to drive 4% earnings growth. Volume in India is likely to be flat YOY, with muted performance in parachute
* Low-teen Topline Growth, But Weak Margin To Drive 4% Earnings Growth
* Co Expects Low-teen Q3 Rev Growth - India In Double Digits & Intl Biz In High-teens
* Volume In India Is Likely To Be Flat YoY, With Muted Performance In Parachute
* See Gross Margin At 45%, Up 250 bps QoQ But Down 200bps YoY
* See Operating Margin At 17.9%, Up 40 bps QoQ & Down 160bps YoY
CLSA ON MARICO : 01.09.2021
• Maintain Underperform, Target at Rs 550/share
* Management's aspiration looks aggressive; maintain Underperform
• After success in flavoured oats (94% share), Saffola foods looking for expansion
• Valuation captures new initiatives
• Maintain Underperform on limited upside
CLSA ON MARICO : 01.09.2021
* Management's Aspiration Looks Aggressive
* Focus Now On Scaling Up Foods & Digital-first Brand Portfolio
* Like Its Strategy To Grow Through Multiple Smaller Sub-categories
* Of 10 Launches In In Pre-pandemic Period, 7 Have Not Fared Well
* Expectations Running High On 5 New Initiatives Taken During Pandemic
* Valuation Gap Vs Peers Has Also Been Bridged
* See Downside Risks To Management's Growth Guidance of 13-15%
* MAINTAIN UNDERPERFORM TARGET: 550
JPM on Marico Over Weight, Target Price Rs 600 -26.08.2021
Offers good combination of healthy double digit rev growth, potential MT upside from successful portfolio diversification, moderating COGS inflation & attractive relative vals (43x F23 P/E vs most peers at 47-57x)
UBS ON MARICO : 03.08.2021
• Maintain BUY, Target at Rs 600/share
* Driving growth on multiple fronts
• Raw material inflation to stabilize in H2FY22
* Scale benefit partially offset the impact on profits
CITI ON MARICO : 03.08.2021
* Citi maintains buy call on Marico after an in-line Q1
* Revenue Growth Of 31% Driven By 35% India Growth & 20% International Growth
* Gross & EBITDA Margins Dipped Given The Cost Push
* MAINTAIN BUY TARGET: 595
UBS ON MARICO : 03.08.2021
* UBS maintains Buy call on Marico
* Driving Growth On Multiple Fronts
• Raw Material Inflation To Stabilise In H2
* Gross Margin To Improve Hereon
* Scale Benefits Partially Offset Impact On Profitability
* MAINTAIN BUY TARGET: 600
JPMORGAN ON MARICO : 15.07.2021
* JPMorgan shares its view on Marico's investment in Just Herbs that was announced yesterday, says it is a step towards building at least three Rs 100 cr+ digital brands in 3 years
• Co Building On Digital-first, Mid-premium Ayurvedic BPC Portfolio Via Just Herbs Acquisition
• Just Herbs Acquisition A Step Towards Building At Least Three 100 Cr+ Digital Brands In 3 Years
* MAINTAIN OVERWEIGHT TARGET: 570
CITI ON MARICO : 15.07.2021
• Business momentum remains healthy with tailwinds for key brands
* Tailwinds of key brands including Parachute/Saffola
• New launches and go-to-market initiatives are mid-term positives
* Recent softening of input costs should aid profitability near-term
CITI ON MARICO : 15.07.2021
* All digital brands could contribute low-to-mid single digits to Marico's earnings by FY24, Citi says
* All Digital Brands Could Contribute Low-to-mid Single Digits To Earnings By FY24
* After Beardo & Just Herbs, Probability Of A Food D2C Brand Under Marico May Be High
* MAINTAIN OVERWEIGHT TARGET: 595
CITI ON MARICO : 05.07.2021
* Maintain BUY, Target at Rs 595/share
• See no material surprises from Marico's 1Q trading update
* Revenue growth will be healthy
* Margins will contract on last year's abnormally high base
• EBITDA growth will be in mid-single digits YoY in Q1
* Medium-term expect a steady business outlook
CITI ON MARICO : 05.07.2021
* MAINTAIN BUY TARGET: 595
* Citi continues to have a Buy call on Marico
* No Material Surprises From Q1 Trading Update
* Rev Growth Will Be Healthy & Margin Will Contract On Last Year's High Base
* 8% 2-yr CAGR Should Be One Of The Highest In Staples Coverage
GOLDMAN SACHS ON MARICO : 05.07.2021
* GS maintains Neutral stance on Marico after Q1 business update
* MAINTAIN NEUTRAL TARGET: 475
• Q1 Trading Update: Input Cost Inflation Offsetting Revenue Growth
* Co Expects To Deliver Muted Bottom Line Growth In The Quarter
CREDIT SUISSE ON MARICO : 29.06.2021
* Maintain Outperform, Target at Rs 600/share
* Marico to achieve its revenue target for Saffola Foods by FY24
* Saffola scores strongly on the two key factors for TAM expansion
* Marginally lower our FY22E EPS (~2%) due to near term margin pressures
* Raise Target price to Rs 600/share from Rs 490/share
CS ON MARICO : 29.06.2021
* It would be amongst most successful TAM expansion in FMCG space in this decade if Marico achieves FY24 rev tgt for Saffola Foods, says Credit Suisse. It believes, Saffola Foods expansion can drive a re-rating in co, target raised to Rs 600/sh
* Amongst Most Successful TAM Expansions If FY24 Rev Tgt For Saffola Is Achieved
* In Our Base Case, We See Saffola Foods Reaching *740 Cr Of Revenue In FY24
* 850 Cr Tgt In Foods Will Be Achieved Via One More Category Entry
* Need Faster Ramp-up In Honey & Soya Chunks To achieve The Revenue Target
* Lower Our FY22 EPS Estimate By 2% Due To Near-term Margin Pressures
* Saffola Foods Expansion Can Drive A Re-rating In Co
* Raise Target Price To 600 From $490/Sh
M&MFIN(Mahindra & Mahindra Financial Services Limited)
05.01.2023 - MS on M&MFin Maintain Overweight CMP 232.9 Target 275
03.01.2023 - Jefferies on M&MFIN Maintain Underperform CMP 232.9 Target 175
03.12.2022 - MS on M&MFIN Maintain Overweight CMP 229.9 Target 275
03.12.2022 - CLSA on M&MFIN Maintain Buy CMP 229.9 Target 260
04.11.2022 - Nomura on M&MFIN Maintain Neutral CMP 217.5 Target 210
03.11.2022 - Jefferies on M&MFIN Maintain Underperform CMP 218.95 Target 155
03.11.2022 - BOFA on M&MFIN Maintain Buy CMP 218.95 Target 245
03.11.2022 - MS on M&MFIN Maintain Overweight CMP 218.95 Target 225
04.10.2022 - MS on M&MFIN Maintain Overweight CMP 199.2 Target 225
04.10.2022 - BOFA on M&MFIN Maintain Buy CMP 199.2 Target 245
23.09.2022 - MS on M&MFIN Maintain Overweight CMP 180.3 Target 225
20.09.2022 - CLSA on M&M Maintain Buy CMP 227.6 Target 260
01.08.2022 - CS on M&MFIN Maintain Underperform CMP 189.95 Target 157
29.07.2022 - MS on M&MFIN Maintain Overweight CMP 186.8 Target 225
05.07.2022 - MS on M&MFIN Maintain Overweight CMP 178.85 Target 225
06.06.2022 - BOFA on M&MFIN Maintain Buy CMP 186.4 Target 206
05.04.2022 - BOFA on M&MFIN Maintain Buy CMP 168.10 Target 188
03.02.2022 - CLSA on M&MFIN Maintain Outperform CMP 169 Target 240
HSBC(Hongkong and Shanghai Banking Corporation Limited)
25.11.2022 - HSBC on Cipla Maintain Buy CMP 1097.1 Target 1340
25.11.2022 - HSBC on Jublfood Maintain Buy CMP 550.75 Target 750
23.11.2022 - HSBC on DELHIVERY Maintain Buy CMP 329.95 Target 455
25.10.2022 - HSBC on Kotakbank Maintain Hold CMP 1871 Target 2030
25.10.2022 - HSBC on Reliance Maintain Hold CMP 2459.2 Target 2500
25.10.2022 - HSBC on Icicibank Maintain Buy CMP 924 Target 1100
06.10.2022 - HSBC on KALYANKJIL Maintain Buy CMP 99.2 Target 125
22.09.2022 - HSBC on Zomato Maintain Buy CMP 63.45 Target 85
24.08.2022 - HSBC on Reliance Maintain Hold CMP 2628 Target 2620
16.08.2022 - HSBC on MAXHEALTH Maintain Buy CMP 404.7 Target 425
16.08.2022 - HSBC on Divislab Maintain CMP 3744 Target 4325
16.08.2022 - HSBC on Apollohosp Maintain Buy CMP 4343.05 Target 5020
08.08.2022 - HSBC on SBIN Maintain Buy CMO 520.1 Target 630
01.08.2022 - HSBC on Sunpharma Maintain Buy CMP 916.25 Target 1120
01.08.2022 - HSBC on Cipla Maintain Outperform CMP 1005 Target 1180
08.04.2022 - HSBC on Jublfood Maintain Buy CMP 2851.44 Target 4300
05.04.2022 - HSBC on Maruti Maintain Buy CMP 7740 Target 9500
03.02.2022 - HSBC on Adaniports Maintain Buy CMP 745 Target 900
KPITTECH(KPIT Technologies Limited)
22.09.2022 - GS on KPITTECH Maintain Buy CMP 665.75 Target 900
04.04.2022 - GS on KPITTECH Maintain Buy CMP 608.25 Target 840
INSURANCE SECTOR
MORGAN STANLEY ON INSURANCE : 04.04.2022
• Upgrade HDFC Life to Overweight, given the underperformance
* Upgrade PB Fintech to Overweight post sharp stock correction
* Downgrade HDFC AMC to • Risks to growth and capital costs are rising
• Cut forecasts and price targets
• For life insurers, strong numbers but poor narrative driving share prices
CLSA ON LIFE INSURANCE : 18.02.2022
• Maintain BUY on SBI Life, Max Financial & ICICI Pru
• Strong risk-reward skewed on insurance
• Sensitivity analysis suggests just 6-7% growth factored-in now
• Believe part of the correction has been driven by headwinds
• Term life growth slowed since Nov 2020 due to reinsurer-led pressure
• Target for SBI Life at Rs 1600/share
• Target for Max Financial at Rs 1150/share
• Target for ICICI Pru at Rs 660/share
CLSA ON INSURANCE : 08.06.2021
* May was a tough month for Insurance cos as.
* Individual APE dropped 29% Vs May 2019. Max Life & HDFC life had relatively low contractions while SBI Life had maximum drop of 49% YoY due to rural impact. CLSA has Max Fin & SBI Life as preferred insurance picks
* May Was A Tough Month; Individual APE Dropped 29% Vs May 2019
* Given COVID & Mortality Spike, May Was Expected To Be Difficult
* Max Life & HDFC Life Had Relatively Low Contractions Of 10/22% Vs May 2019
* ICICI Pru Grew YoY But Fell 40% Vs May 2019
* SBI Life Had A Maximum Drop Of 49% YoY Due To Rural Impact
* Max Fin & SBI Life Remain Preferred Insurance Picks
ERIS(Eris Lifesciences Ltd) 18.01.2023 - Macquarie on ERIS Maintain Outperform CMP 625.75 Target 830