Exide Industries (Q1 FY16) – Accumulate

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Exide Industries (Q1 FY16) – Accumulate CMP Rs146, Target Rs156, Upside 6.9%   ²  Net sales at Rs. 1,800cr was lower than our and street estimates; represented a decline of 5.9% yoy but 8.9% growth qoq ²  Weaker than expected revenues was owing to sharp fall in industrial battery and…

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Greaves Cotton (Q1 FY16) – BUY

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Greaves Cotton (Q1 FY16) – BUY CMP Rs148, Target Rs232, Upside 56.7%   ²  Revenues at Rs381cr were lower by 9.9% yoy; lower than our estimates, Engine segment revenues were lower by 5.6% yoy as growth in volumes remained flat to weak across segments ²  OPM at 16.4% was substantially…

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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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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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Accumulate Titan Company Ltd For Target Rs.430 – Religare Securities Ltd

Investment Rationale *  Titan Company Ltd has the largest retail and distribution network for watches and accessories in India. The Company continued to expand its retail foot-print taking its total count of World of Titan’s to 401, Fastrack stores to 151 and multibrand Helios stores to 49. *  The company…

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