Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 575
Motilal Oswal said that the company had a strong performance at both JLR & India business. Further, it highlighted that the management maintained 10% retail growth guidance for FY18, while forex hedge losses could reduce from the fourth quarter. The brokerage upgraded consolidated EPS estimate by 23 percent and 6 percent for FY18 and FY19. It is building in margin expansion at JLR & S/A business.
Brokerage: BofAML | Rating: Buy | Target: Raised to Rs 535
The research firm said that results were in line with expectations and margins for both JLR and India improved due to higher volumes and cost controls. Further, second half is likely to be stronger on scale-up of new launches along with lower realised forex losses and continued improvement in India business.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 560
The brokerage house said that margin beat at JLR and domestic levels was seen and it has raised these estimates by 100 bps but reduced JLR volumes marginally.
Brokerage: BofAML | Rating: Underperform
The global financial services firm said that Q2 Profit was 22% behind our estimates and it also said that adjusted marketing margins also declined 17% QoQ. It expects the firm to benefit from further inventory gains in Q3.
Brokerage: Credit Suisse | Rating: Neutral
The brokerage reiterated the positive view on IOC and BPCL and said that the firm’s first half marketing volume was weaker than IOC. Further, rising net debt and falling return on capital makes it stay neutral.
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 525
The global financial services firm said that weak refining performance led to a miss in GRMs. Further, it added that refining margin was higher at $7.60/bbl due to an inventory gain of about $2.1/bbl.
Brokerage: Morgan Stanley | Target: Rs 597
Morgan Stanley said that core refining margin was 7 percent below its estimates, while adjusted marketing margin decline 10% seasonally on a qoq basis.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 1,270
CLSA said that the company had a clear strategy on pursuing volume growth. Further, it reported strong q2 numbers despite a high base last year and an improvement in volume growth resulted in an operating leverage benefit.
Brokerage: CLSA | Rating: Buy | Target: Rs 205
CLSA observed that print ad was hit by GST, while radio & digital expansions underway. It cut forecasts by 3-11%, but the firm still offers a 13% earnings CAGR.
Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 25,580
The brokerage house said that company’s strong earnings traction continues; deserves high valuation. Unlike Retail Peers, the firm has shown ability to maintain strong double-digit volume growth, the broking firm said.
Brokerage: Credit Suisse | Rating: Downgrade to Underperform | Target: Raised to Rs 18,500
The brokerage house said that the downgrade was based on the valuation as stock trades at 60x FY19e Earnings. It still likes the structural story of the firm.
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