Result Update: Maruti Suzuki (Q3 FY15)

Maruti Suzuki (Q3 FY15) – BUY CMP Rs3,685, Target Rs4,280, Upside 16.1%   ²  Net sales surge 15.4% yoy owing to 12.4% yoy rise in volumes. Domestic volumes were higher by 10.1% yoy while export volumes jumped 43.8% yoy ²  OPM at 12.7% was in line with our expectations which represented an…

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Buy Dewan Housing Finance Corporation Ltd For Target Rs.553.00 – Firstcall Research Ltd

  SYNOPSIS *  Dewan Housing Finance Corporation Ltd. (DHFCL) established on the year 1984, to provide affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India. *  Net sales rose by 17.31% y-o-y at Rs. 15262.70 million in 3rd quarter of the current…

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Buy Hindustan Media Ventures Ltd For Target Rs.292.00 – Angel Broking Pvt Ltd

  Performance Highlights Hindustan Media Ventures (HMVL) reported healthy results for 3QFY2015, both on the top-line and bottom-line front. The top-line growth was healthy mainly due to decent growth in advertising and circulation revenue. On the operating front, the company’s performance was modest; however, higher other income boosted profitability.  …

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Buy Hindustan Media Ventures Ltd For Target Rs.292.00 – Angel Broking Pvt Ltd

Performance Highlights Hindustan Media Ventures (HMVL) reported healthy results for 3QFY2015, both on the top-line and bottom-line front. The top-line growth was healthy mainly due to decent growth in advertising and circulation revenue. On the operating front, the company’s performance was modest; however, higher other income boosted profitability.   Healthy…

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Moving Averages

1. Exponential Moving Average EMA returns the Exponential Moving Average of the specified period. EMA is similar to Simple Moving Average (SMA), in that it averages the data over a period of time. However, whereas SMA just calculates a straight average of the data, EMA applies more weight to the…

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Go Back Accumulate Godrej Industries Ltd For Target Rs.365 – Religare Securities Ltd

Investment Rationale *  Godrej Industries is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities. The company may be looking to list its diversified agri-business subsidiary Godrej Agrovet in which it holds 60.8% stake. *  Its International…

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Buy ITC Ltd For Target Rs.420.00 – Motilal Oswal Ltd

  Muted volumes not the new normal *  ITC’s 3QFY15 performance was below our expectations. Sales grew 2.5% YoY to INR89.4b (our estimate: INR96.9b), EBITDA grew 5.5% YoY to INR34.6b (our estimate: INR37b), and adjusted PAT increased 10.5% YoY to INR26.4b (our estimate: INR27.5b).   *  Cigarette volumes collapsed 12-13%…

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Accumulate Hindustan Unilever Ltd For Target Rs.804.00 – Prabhudas Lilladher Ltd

  Although HUVR’s Q3FY15 performance looks disappointing with just 3% volume growth and flat ADJ PAT, HUVR has taken proactive steps to prevent a scenario of 2009 cycle when it reported 4.2% volume decline in 4QFY09. HUVR has cut prices of S&D portfolio by 5% and destocked inventory to ensure…

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Buy Bajaj Auto Ltd For Target Rs.2660.00 – Firstcall Research Ltd

s Report   SYNOPSIS *  Bajaj Auto Ltd is ranked as the world’s fourth largest two and three wheeler manufacturer and the Bajaj brand is well-known across several countries in Latin America, Africa, Middle East, South and South East Asia. *  During Q3 FY15, revenue rose by 10.25% to Rs.…

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