How to play Reliance, HDFC Bank and others post Q3 results

How to play Reliance, HDFC Bank and others post Q3 results
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How to play Reliance, HDFC Bank and others post Q3 results
  • 
	Last few trading sessions saw some heavyweight companies announce their quarterly results. Here's a recap along with brokerage views. Take a look

    Last few trading sessions saw some heavyweight companies announce their quarterly results. Here's a recap along with brokerage views. Take a look

  • 
	Reliance Industries - Standalone
	Sales - Rs 93,886.00 Cr
	Profit - Rs 5,502.00 Cr

	 Brokerage: IDBI Capital
	 

	View: GRM estimates revised upwards to USD9.5/bbl for Q4FY13 and USD9/bbl for FY14 from USD8.5/bbl earlier for both periods. Petrochemical margin expectation raised to 12% from earlier 11% in FY14 in expectation of a revival in polyester margin going forward.
	 

	Verdict: Accumulate
	 

	Target Price: Rs 955

    Reliance Industries - Standalone Sales - Rs 93,886.00 Cr Profit - Rs 5,502.00 Cr  Brokerage: IDBI Capital   View: GRM estimates revised upwards to USD9.5/bbl for Q4FY13 and USD9/bbl for FY14 from USD8.5/bbl earlier for both periods. Petrochemical margin expectation raised to 12% from earlier 11% in FY14 in expectation of a revival in polyester margin going forward.   Verdict: Accumulate   Target Price: Rs 955

  • 
	Cairn  - Consolidated
	Sales - Rs 4,277.61 Cr
	Profit - Rs 3,344.89 Cr

	Brokerage: BRICS
	View: It is the best way to play the oil story, given its leverage to oil price, production growth, exploration upside and excellent management quality.
	 

	Verdict: Add
	 

	Target Price: Rs 363

    Cairn  - Consolidated Sales - Rs 4,277.61 Cr Profit - Rs 3,344.89 Cr Brokerage: BRICS View: It is the best way to play the oil story, given its leverage to oil price, production growth, exploration upside and excellent management quality.   Verdict: Add   Target Price: Rs 363

  • 
	NTPC - Standalone
	Sales - Rs 15,807.56 cr
	Profit - Rs 2,596.76 Cr

	Brokerage: Kotak Institutional Equities
	 

	View: Revised FY2013E (+4.6%) estimate to Rs13.3/share accounting for aggressive commercialization of capacities and improved generation.
	 

	Verdict: Add
	 

	Target Price: Rs 180

    NTPC - Standalone Sales - Rs 15,807.56 cr Profit - Rs 2,596.76 Cr Brokerage: Kotak Institutional Equities   View: Revised FY2013E (+4.6%) estimate to Rs13.3/share accounting for aggressive commercialization of capacities and improved generation.   Verdict: Add   Target Price: Rs 180

  • 
	HDFC Bank - Standalone
	NII - Rs 8,707.62 Cr
	Profit -  Rs1,859.07  Cr

	Brokerage: Motilal Oswal
	 

	View: HDFC is best-placed in the current environment with  CASA ratio of 46%, growth outlook of 1.3x the industry, improving operating efficiency, expected traction in income due to strong expansion in branch network and healthy asset quality.
	 

	Verdict: Neutral
	 

	Target Price: Rs 720

    HDFC Bank - Standalone NII - Rs 8,707.62 Cr Profit -  Rs1,859.07  Cr Brokerage: Motilal Oswal   View: HDFC is best-placed in the current environment with  CASA ratio of 46%, growth outlook of 1.3x the industry, improving operating efficiency, expected traction in income due to strong expansion in branch network and healthy asset quality.   Verdict: Neutral   Target Price: Rs 720

  • 
	HDFC - Consolidated
	Sales - Rs 10,128.58 Cr
	Profit - Rs 1,354.20 Cr

	Brokerage: Morgan Stanley
	 

	View: Valuation attractive in the context of growth,
	profitability and strong balance sheet
	 

	Verdict: Overweight
	 

	Target Price: Rs 960

    HDFC - Consolidated Sales - Rs 10,128.58 Cr Profit - Rs 1,354.20 Cr Brokerage: Morgan Stanley   View: Valuation attractive in the context of growth, profitability and strong balance sheet   Verdict: Overweight   Target Price: Rs 960

  • 
	Shree Cement - Standalone
	Sales - Rs 1,428.03 Cr
	Profit - Rs 217.44 Cr

	Brokerage: Karvy
	 

	View: Cement sales during 2HFY13 is extimated to be 15% higher to 7mn MT versus 1HFY13 which should imply 9% YoY volume growth. Cement realization should also be higher during 2HFY13 which is the peak construction period. The strong surge in external power sales (70% PLF vs earlier estimate of 55%) is a positive surprise for the earnings.
	 

	Verdict: Buy
	 

	Target Price: Rs 4850

    Shree Cement - Standalone Sales - Rs 1,428.03 Cr Profit - Rs 217.44 Cr Brokerage: Karvy   View: Cement sales during 2HFY13 is extimated to be 15% higher to 7mn MT versus 1HFY13 which should imply 9% YoY volume growth. Cement realization should also be higher during 2HFY13 which is the peak construction period. The strong surge in external power sales (70% PLF vs earlier estimate of 55%) is a positive surprise for the earnings.   Verdict: Buy   Target Price: Rs 4850

  • 
	Hindustan Zinc - Standalone
	Sales - Rs 3,178.02 Cr
	Profit - Rs 1,612.54 Cr

	Brokerage: Religare
	 

	View: Q4FY13 is expected to be better for the company on higher zinc volumes and increased mined metal production.
	 

	Verdict: Buy
	 

	Target Price: Rs 155

    Hindustan Zinc - Standalone Sales - Rs 3,178.02 Cr Profit - Rs 1,612.54 Cr Brokerage: Religare   View: Q4FY13 is expected to be better for the company on higher zinc volumes and increased mined metal production.   Verdict: Buy   Target Price: Rs 155

  • 
	Jagran Prakashan - Standalone
	Sales - Rs 322.10 Cr
	Profit - Rs 69.44 Cr

	Brokerage: Emkay
	 

	View: Given the current macro environment, advertisement revenue growth would continue to remain under pressure. on account of higher employee and SG&A cost, EPS has been cut by 4%/2% for FY13E/14E.
	 

	Verdict: Hold
	 

	Target Price: Rs 108

    Jagran Prakashan - Standalone Sales - Rs 322.10 Cr Profit - Rs 69.44 Cr Brokerage: Emkay   View: Given the current macro environment, advertisement revenue growth would continue to remain under pressure. on account of higher employee and SG&A cost, EPS has been cut by 4%/2% for FY13E/14E.   Verdict: Hold   Target Price: Rs 108

  • 
	Asian Paints   -  Consolidated
	Sales - Rs 3,052.92 Cr
	Profit - Rs 350.32 Cr

	Brokerage: Religare
	 

	View: Current valuations leave limited room for upside. Lack of sustained recovery in volumes and topline growth add downside risk to earnings.
	 

	Verdict: Sell
	 

	Target Price: Rs 4100

    Asian Paints   -  Consolidated Sales - Rs 3,052.92 Cr Profit - Rs 350.32 Cr Brokerage: Religare   View: Current valuations leave limited room for upside. Lack of sustained recovery in volumes and topline growth add downside risk to earnings.   Verdict: Sell   Target Price: Rs 4100

  • 
	Last few trading sessions saw some heavyweight companies announce their quarterly results. Here's a recap along with brokerage views. Take a look
  • 
	Reliance Industries - Standalone
	Sales - Rs 93,886.00 Cr
	Profit - Rs 5,502.00 Cr

	 Brokerage: IDBI Capital
	 

	View: GRM estimates revised upwards to USD9.5/bbl for Q4FY13 and USD9/bbl for FY14 from USD8.5/bbl earlier for both periods. Petrochemical margin expectation raised to 12% from earlier 11% in FY14 in expectation of a revival in polyester margin going forward.
	 

	Verdict: Accumulate
	 

	Target Price: Rs 955
  • 
	Cairn  - Consolidated
	Sales - Rs 4,277.61 Cr
	Profit - Rs 3,344.89 Cr

	Brokerage: BRICS
	View: It is the best way to play the oil story, given its leverage to oil price, production growth, exploration upside and excellent management quality.
	 

	Verdict: Add
	 

	Target Price: Rs 363
  • 
	NTPC - Standalone
	Sales - Rs 15,807.56 cr
	Profit - Rs 2,596.76 Cr

	Brokerage: Kotak Institutional Equities
	 

	View: Revised FY2013E (+4.6%) estimate to Rs13.3/share accounting for aggressive commercialization of capacities and improved generation.
	 

	Verdict: Add
	 

	Target Price: Rs 180
  • 
	HDFC Bank - Standalone
	NII - Rs 8,707.62 Cr
	Profit -  Rs1,859.07  Cr

	Brokerage: Motilal Oswal
	 

	View: HDFC is best-placed in the current environment with  CASA ratio of 46%, growth outlook of 1.3x the industry, improving operating efficiency, expected traction in income due to strong expansion in branch network and healthy asset quality.
	 

	Verdict: Neutral
	 

	Target Price: Rs 720
  • 
	HDFC - Consolidated
	Sales - Rs 10,128.58 Cr
	Profit - Rs 1,354.20 Cr

	Brokerage: Morgan Stanley
	 

	View: Valuation attractive in the context of growth,
	profitability and strong balance sheet
	 

	Verdict: Overweight
	 

	Target Price: Rs 960
  • 
	Shree Cement - Standalone
	Sales - Rs 1,428.03 Cr
	Profit - Rs 217.44 Cr

	Brokerage: Karvy
	 

	View: Cement sales during 2HFY13 is extimated to be 15% higher to 7mn MT versus 1HFY13 which should imply 9% YoY volume growth. Cement realization should also be higher during 2HFY13 which is the peak construction period. The strong surge in external power sales (70% PLF vs earlier estimate of 55%) is a positive surprise for the earnings.
	 

	Verdict: Buy
	 

	Target Price: Rs 4850
  • 
	Hindustan Zinc - Standalone
	Sales - Rs 3,178.02 Cr
	Profit - Rs 1,612.54 Cr

	Brokerage: Religare
	 

	View: Q4FY13 is expected to be better for the company on higher zinc volumes and increased mined metal production.
	 

	Verdict: Buy
	 

	Target Price: Rs 155
  • 
	Jagran Prakashan - Standalone
	Sales - Rs 322.10 Cr
	Profit - Rs 69.44 Cr

	Brokerage: Emkay
	 

	View: Given the current macro environment, advertisement revenue growth would continue to remain under pressure. on account of higher employee and SG&A cost, EPS has been cut by 4%/2% for FY13E/14E.
	 

	Verdict: Hold
	 

	Target Price: Rs 108
  • 
	Asian Paints   -  Consolidated
	Sales - Rs 3,052.92 Cr
	Profit - Rs 350.32 Cr

	Brokerage: Religare
	 

	View: Current valuations leave limited room for upside. Lack of sustained recovery in volumes and topline growth add downside risk to earnings.
	 

	Verdict: Sell
	 

	Target Price: Rs 4100

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