Brokerage: CLSA | Rating: Sell | Target: Rs 95
The brokerage house said that the weak June quarter was due to tariff under-recovery. Further, it said that a delay in key tariff orders led to the company missing Q1 estimates by 1 percent. The stock offers no more value at 3.8 times FY18 with business earning 18.6 percent return on equity.
Brokerage: CLSA | Rating: Buy | Target: Rs 380
CLSA observed that the company’s EBITDA grew on strong growth and incremental contribution from PKC acquisition. Further, it said that the company’s operational outlook remains strong, given improving PV industry growth.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 1,435
CLSA said that the company posted double-digit growth in net profit after a gap of seven quarters. It also said that strong growth for most segments was led by a cyclical recovery in exports. The recent rupee appreciation will be a headwind for its margin.
Brokerage: CLSA | Rating: Sell | Target: Lowered to Rs 125
CLSA said that the order inflow was weak as India clamped down on thermal ordering. Further, it said that the company may find it difficult to bag orders as the market stagnates. It also sees limited upside for the company given the hostile environment for thermal power plants.
Brokerage: CLSA | Rating: Sell
CLSA said that the Q1 Generation fell on weak merchant markets & unsustainable business model. Imported coal pain and M&A stress ahead is seen by the brokerage firm.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 250
The brokerage house cut Dahej volumes for the current fiscal by 7 percent. The guidance for tax rates has increased from 28-30 percent to over 30 percent.
Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 274
Motilal Oswal is assuming FY18/19 total volumes at 16.3/19 MMT. It is also seeing terminal growth of 3% beyond FY22.
Brokerage: IDFC Sec | Rating: Outperform | Target: Rs 746
The brokerage house expects volumes to come back strongly from the second half of FY18. Further, it expects the tile industry growth to revive.
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