Brokerage: Motilal Oswal | Rating: Buy | Target: Raised to Rs 492
Motilal Oswal said that CPC market tailwinds were driving strong earnings growth. It raised estimates for carbon margins to USD 120 per tonne, while EBITDA estimates for CY17/18/19 were also raised by 17/22/21 percent. The broking firm raised volume estimates by 9 percent to 700 kt for CY19.
Brokerage: CLSA | Rating: Buy | Target: Rs 320
CLSA said that new HNIs start to ramp up and Mumbai-Pune e-Way drives Q2. Core traffic was hit by GST but it has returned to normal in September, the brokerage house added. Moreover, new concession wins under ‘Bharatmala’, the financial closure of a toll way are key catalysts. CLSA also believes that a likely pick up in BOT revenue and EPC order wins will improve revenue visibility.
Brokerage: PhillipCap | Rating: Downgrade to neutral | Target: Cut to Rs 255
The brokerage highlighted that the stock was trading at inexpensive valuations of 9 times FY19, but the firm lacked near to medium term growth driver. Mumbai-Pune set to expire in two years, a significant ‘cash tap’ will dry up for the company, it pointed out.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 1,200
CLSA said that key catalysts ahead are scale up of distribution business, but poor liquidity post demerger is a risk. Further, it added that rejig was on track and that the firm is emerging as a pure play on power reform.
Brokerage: Kotak Sec | Rating: Add | Target: Raised to Rs 1,070
Kotak Securities highlighted that the firm reported healthy operating metrics for the Kolkata distribution business. And, the valuation is expensive at 10x P/E & 1X P/B On FY19.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 905
CLSA said that the company’s growth momentum was picking up and that the firm delivered strong operating performance for the second consecutive quarter. The exports business too was seeing a sharp turnaround. Domestic business outlook is also healthy given continuing growth in auto & industrial and it raised FY18-20 EPS estimates By 2-5%, the report added. The valuations should sustain given the strong growth outlook.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 339
The brokerage said that the company had a weak first half, but the management is confident of a strong second half. The execution track record and likely strategic business expansion could drive a buy recommendation, it added.
Brokerage: CLSA | Rating: Underperform | Target: Raised to Rs 19,500
CLSA said that the firm has reported better than expected Q2 results, but power business expectedly remained under pressure. Overall, the operating income assumption remains unchanged, it added.
Brokerage: Kotak Sec | Rating: Reduce | Target: Rs 890
The brokerage said that Thermax’s revenues were down in energy and environment, while support was provided by Dahej resin facility. Further, a margin uptick was led by controlled other expenses. Lower other income & higher tax rate led to sharp PAT decline.
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