Accumulate TVS Motor Company Ltd For Target Rs.313.00 – Angel Broking Pvt Ltd

Performance Highlights Operating performance marginally below estimates; lower other income further dents profitability: TVS Motor (TVSM)’s 3QFY2015 results have come in below our estimates as continued pressure on margins and lower other income impacted profitability. Revenues grew 29% yoy to `2,653cr, mainly driven by volumes (up 26% yoy) while the…

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United Phosphorus Ltd To Outperformer with a Target Rs.532.00 – IDFC Securities Ltd

Q3FY15 result highlights *  Cons. revenues grew by a strong 15% yoy to Rs30.5bn (est., Rs29.1bn), led by strong growth in India (+25%), RoW (+22%) and Latam (+14%). Europe (+2%) and North America (+3%) were weak. Overall, 16% of growth was driven by volumes and 2% by price. However, there…

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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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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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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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Neutral On Federal Bank Ltd – Angel Broking Pvt Ltd

Performance Highlights Federal Bank reported a moderate set of numbers for 3QFY2015, with NII growth at 7.6% yoy and pre-provisioning profit growth at 11.6% yoy. A provisioning write back of `0.8cr aided the bank to report an earnings growth of 15%.   Advances growth remains healthy; NIM fell qoq During…

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