Commodity price of Gold, Sliver, Copper, doller/Rs and many more. Narnolia Securities Limited Market Diary 03.02.2014 http://www.narnolia.com/index.php/category/archieve/market-diary/
- The Pradhan Mantri Krishi Sinchai Yojana (PMKSY) scheme will invest INR500 billion over 5 years to improve irrigation infrastructure like water sheds and drip irrigation systems.
- Jain Irrigation's managing director believes this will strongly benefit their micro irrigation systems (MIS) and piping businesses, potentially doubling drip irrigation sales over 5 years.
- For fiscal year 2016, Jain Irrigation forecasts 10-15% revenue growth in its domestic MIS business and aims to reduce gross receivable days in this segment to 130 days from currently 188 days.
This document provides an investment analysis recommendation on Cipla Limited from IIFL Securities. It recommends buying Cipla shares with a target price of ₹1,127, representing an upside of 20% from the current price. Key points include Cipla's strong growth in the US market driven by new product launches, focus on outperforming market growth in India and South Africa, plans to enter new markets like China and Brazil, and improved profitability and return on capital employed. The analysis also notes risks like potential rejection of drug applications.
TVS Motor Q1FY15: Business outlook strong; New launch impacts marginsIndiaNotes.com
TVS Motor’s 1QFY15 performance was below estimate, with EBITDA margin at 5.7% (v/s est. of 6.8%), resulting in PAT growth of 39% YoY to INR723m (est. INR953m). Motilal Oswal maintain FY16E estimates, buy.
See the Chart of Indian IIP Trend in Narnolia Securities Limited Market Diary 14.02.2014
http://www.narnolia.com/index.php/category/archieve/market-diary/
The document is a daily equity report published by CapitalStars Financial Research Pvt. Ltd. that provides information on the performance of the Indian equity market and key stocks. It summarizes that the Indian equity market rose to a new record high supported by reforms increasing FDI limits. It also reports financial results from companies such as Glenmark Pharma, Wipro, and Century Textiles showing increased profits. The report provides closing numbers and trends for various indices as well as notable gainers and losers among stocks.
Marico reported a 10% sales growth led by 3% volume growth for Q3FY14, beating estimates. However, margins were not comparable to last year due to a change in depreciation method. While profit grew 31% due to cost rationalization, slower volume growth is expected to continue in the near term due to a weak demand environment. The company maintained its market share but volume growth of key brands like Parachute declined. Margins improved to 18.7% due to cost control. However, the report downgrades the stock to "Neutral" given expectations of ongoing challenges in the demand environment and slower volume growth over the next 1-2 quarters.
Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
Indo Count Industries Limited reported its results for the third quarter of fiscal year 2015. Revenue for Q3FY15 increased 14.5% year-over-year to Rs. 428.36 crores. EBITDA grew 70% to Rs. 82.34 crores compared to the same period last year, resulting in EBITDA margins expanding to 19.2% from 12.95%. Net profit increased 19.3% to Rs. 43.62 crores. For the nine month period, revenue was up 12.4% while EBITDA and net profit witnessed strong growth of 62.5% and 46.5%, respectively. The company continues to expand its manufacturing capacity which will reach 68 million meters
- The Pradhan Mantri Krishi Sinchai Yojana (PMKSY) scheme will invest INR500 billion over 5 years to improve irrigation infrastructure like water sheds and drip irrigation systems.
- Jain Irrigation's managing director believes this will strongly benefit their micro irrigation systems (MIS) and piping businesses, potentially doubling drip irrigation sales over 5 years.
- For fiscal year 2016, Jain Irrigation forecasts 10-15% revenue growth in its domestic MIS business and aims to reduce gross receivable days in this segment to 130 days from currently 188 days.
This document provides an investment analysis recommendation on Cipla Limited from IIFL Securities. It recommends buying Cipla shares with a target price of ₹1,127, representing an upside of 20% from the current price. Key points include Cipla's strong growth in the US market driven by new product launches, focus on outperforming market growth in India and South Africa, plans to enter new markets like China and Brazil, and improved profitability and return on capital employed. The analysis also notes risks like potential rejection of drug applications.
TVS Motor Q1FY15: Business outlook strong; New launch impacts marginsIndiaNotes.com
TVS Motor’s 1QFY15 performance was below estimate, with EBITDA margin at 5.7% (v/s est. of 6.8%), resulting in PAT growth of 39% YoY to INR723m (est. INR953m). Motilal Oswal maintain FY16E estimates, buy.
See the Chart of Indian IIP Trend in Narnolia Securities Limited Market Diary 14.02.2014
http://www.narnolia.com/index.php/category/archieve/market-diary/
The document is a daily equity report published by CapitalStars Financial Research Pvt. Ltd. that provides information on the performance of the Indian equity market and key stocks. It summarizes that the Indian equity market rose to a new record high supported by reforms increasing FDI limits. It also reports financial results from companies such as Glenmark Pharma, Wipro, and Century Textiles showing increased profits. The report provides closing numbers and trends for various indices as well as notable gainers and losers among stocks.
Marico reported a 10% sales growth led by 3% volume growth for Q3FY14, beating estimates. However, margins were not comparable to last year due to a change in depreciation method. While profit grew 31% due to cost rationalization, slower volume growth is expected to continue in the near term due to a weak demand environment. The company maintained its market share but volume growth of key brands like Parachute declined. Margins improved to 18.7% due to cost control. However, the report downgrades the stock to "Neutral" given expectations of ongoing challenges in the demand environment and slower volume growth over the next 1-2 quarters.
Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
Indo Count Industries Limited reported its results for the third quarter of fiscal year 2015. Revenue for Q3FY15 increased 14.5% year-over-year to Rs. 428.36 crores. EBITDA grew 70% to Rs. 82.34 crores compared to the same period last year, resulting in EBITDA margins expanding to 19.2% from 12.95%. Net profit increased 19.3% to Rs. 43.62 crores. For the nine month period, revenue was up 12.4% while EBITDA and net profit witnessed strong growth of 62.5% and 46.5%, respectively. The company continues to expand its manufacturing capacity which will reach 68 million meters
Suzlon Energy Limited presented its Q1 FY16 earnings. Key highlights included:
- Highest quarterly sales volume of 205MW in India in last 3 years
- Normalized EBITDA margin of 15.3%, the highest in last 3 years
- Consolidated net debt reduced to Rs. 7,010 crs from Rs. 14,821 crs last quarter
The presentation discusses Suzlon's strategic focus on high growth, high volume and better margins in the Indian market. It also provides an overview of Suzlon's products, technology upgrades, order book status and the positive industry opportunities in the growing Indian renewable energy market.
Narnolia Securities Limited positive to buy stocks of Escorts Ltd in current level with Revised price target of Rs. 175. For more information about stock market tips, contact here http://www.narnolia.com/index.php/contact-us/
Reliance Industries reported an 18.1% rise in net profit for the April-June quarter to Rs. 7,113 crore, driven by higher refining margins. Technical analysis indicates the stock could continue its upward movement. LIC Housing Finance reported a 6.7% rise in net profit for the first quarter to Rs. 407.84 crore, with total income rising 14%. Technical analysis also points to further gains in this stock. Asian markets opened flat ahead of light data week, while the failed coup in Turkey saw the lira tumble against the dollar and euro.
Construction and engineering major L&T posted an 11.8% yearly sales growth for the quarter ended December 2013. Recurring profit grew 12.1% to Rs. 1136.3 crore. Order inflows grew 21% to Rs. 21722 crore and order book grew 13% to Rs. 171184 crore. Margins expanded 180 bps to 11.6% but management said margins vary quarterly. Results were good despite slowdown but near-term earnings growth is seen as muted.
Electrical equipment maker V-Guard reported a 1.1% yearly sales growth for the quarter ended December 2013. EBITDA margins improved 89 bps to 8.2% on lower
Sector Updates: Air Conditioner Sector Institutional Research Report | HDFC s...hdfcsecurities1
The air-conditioner industry has witnessed several headwinds during FY18, led by GST transition and the change in energy efficiency ratings. As per Bureau of Energy Efficiency (BEE), the Air conditioner industry grew at a modest pace of 7% in volume terms during FY18 to 6.9mn units vs. 37% growth in FY17
Oshkosh Corporation provides an overview of its business and outlook for fiscal year 2015 during a presentation at the J.P. Morgan Aviation, Transportation & Industrials Conference. The company expects to nearly double earnings per share from fiscal year 2012 to fiscal year 2015 due to strong customer sentiment and upside opportunities in defense. For fiscal year 2015, Oshkosh estimates adjusted earnings per share will be in the range of $4.00 to $4.25, driven by continued execution of its MOVE strategy across all business segments.
Maruti Suzuki India Ltd equity research report initiates coverage with a Buy rating and target price of Rs. 1474.96, representing 13% upside potential. The report cites MSIL's cheaper valuation compared to 30% expected EPS growth over two years. It also notes MSIL's dominant market share in India's car market and plans to increase production capacity. Globally, the report expects slow economic growth and stressed government finances for several years. Key risks include higher input costs and a slowing global economy.
Bajaj Auto: Margins disappoint as discover woes continueIndiaNotes.com
Net sales grew 6.9% YoY on 6% YoY (+0.8% QoQ) realization growth: Bajaj Auto’s (BJAUT) net sales grew by 6.9% YoY (+6.5%) to INR52.5b (est. INR52.6b), led by 6% YoY growth (+0.8% QoQ) in realizations, while volumes grew marginally by 0.9% YoY (+5.6% QoQ) to 9.88m units.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
The Indian equity market ended marginally higher on Tuesday led by gains in financial stocks. Sentiment was boosted by hopes that lower inflation data could lead to lower interest rates. Asian shares were lackluster as oil prices continued to drop, while European shares edged higher. Several Indian companies such as Redington India and Bharat Forge saw their stock prices rise after posting good quarterly results.
This document discusses the DSP India T.I.G.E.R. Fund, which aims to capture growth from India's investment cycle revival and economic reforms. It focuses on sectors related to infrastructure growth and economic reforms like construction, cement, manufacturing, and autos. The document outlines reasons for recommending the fund, such as signs the investment cycle has bottomed out and capacity utilization rising. It also discusses the government's push for capex spending and various reforms that have been implemented in India to support the investment theme. Key data points are presented to track the building capex cycle in India.
Godrej Consumer's Q4 results were slightly below expectations; NeutralIndiaNotes.com
- Godrej Consumer's 4QFY15 results were slightly below expectations, with consolidated net sales growth of 8.2% YoY versus estimated growth of 8%. EBITDA growth was 13% YoY, below the estimated growth of 14%.
- Consolidated gross margins expanded significantly due to lower input costs, but EBITDA margins only grew modestly as advertising spending increased substantially YoY.
- The Indian business grew revenues by 9.8% with strong growth in key categories like home insecticides and hair colors. EBITDA margins for India expanded by 80 bps. However, the international business revenues grew slower than expected at 6.5% in reported terms.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
The document summarizes the calculation of Net Return on Investment (NROI) for several food and dairy companies over multiple years. It analyzes the relationship between NROI and share price growth for each company. For most companies, there is a positive correlation between NROI and share price growth. However, for some companies like GSK, there is a negative correlation. The document concludes that NROI can be used as a performance measure for top management for some companies but not others based on the analysis.
Powergrid is maintained as a "BUY" with a target price of Rs. 118, representing an upside of 25% from the current market price. In Q3FY14, Powergrid's adjusted PAT increased 4.3% YoY to Rs. 1043 crore despite below estimate asset capitalization of Rs. 3050 crore during the quarter. Revenues increased 9.6% YoY due to lower than anticipated capitalization. Margins declined 336 bps YoY to 87.4% due to a 55.7% rise in transmission expenses. The Central Electricity Regulatory Commission issued new tariff regulations for FY15-19 that will form the basis of Powergrid's earnings over the next
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
1. HUDCO is a wholly-owned Indian government company with over 46 years of experience providing loans for housing and urban infrastructure projects.
2. The company's loan book has been growing at a CAGR of 7.5% over the last 4 years, and it is expected to benefit from initiatives like the Pradhan Mantri Awas Yojna aimed at increasing housing.
3. HUDCO is attractively priced at 1.4 times its book value, with a return on equity of 7.6%. The high capital adequacy ratio of 63.9% eliminates the risk of equity dilution in the near term.
- Mahindra & Mahindra reported a 14.2% decline in net profit for Q3FY16 to Rs807.9 cr due to one-time costs, though operating income grew 16.8% to Rs11,008 cr, in line with estimates.
- Revenue growth was driven by a 23.9% rise in the automotive segment, while the farm equipment segment saw sluggish 4.4% growth.
- New model launches like KUV100 and TUV300 are performing well, with KUV100 receiving 350 orders per day and an 18,000-vehicle order backlog.
Britannia Industries 1QFY15 results ahead of estimate; buy - Motilal OswalIndiaNotes.com
Britannia Industries reported stronger than expected results for the first quarter of fiscal year 2015, with net sales growth of 15.3% year-over-year to INR 16.2 billion, ahead of estimates. EBITDA grew 21.5% to INR 1.4 billion, with margins expanding 50 basis points to 8.8% despite a 230 basis point contraction in gross margins due to rising raw material costs. Operating expenses savings offset gross margin pressure and contributed to higher EBITDA. PAT grew 24.9% to INR 1.08 billion, also beating estimates. The brokerage maintains a "Buy" rating and revised target price of INR 1,320 per share based on expected margin expansion from premiumization and
1) TCS management commented on its Q4 FY2014 earnings call that revenue growth will be lower than the previous quarter due to weak seasonality, and margins will decline 40-50 bps due to currency movements and higher investments.
2) However, the outlook for FY2015 is positive as management expects robust demand and healthy growth across markets except India.
3) While Q4 growth may be lower than expected, TCS' strong fundamentals including a healthy deal pipeline and focus on emerging technologies support maintaining a "Buy" rating with a target price of Rs. 2510 per share.
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
Suzlon Energy Limited presented its Q1 FY16 earnings. Key highlights included:
- Highest quarterly sales volume of 205MW in India in last 3 years
- Normalized EBITDA margin of 15.3%, the highest in last 3 years
- Consolidated net debt reduced to Rs. 7,010 crs from Rs. 14,821 crs last quarter
The presentation discusses Suzlon's strategic focus on high growth, high volume and better margins in the Indian market. It also provides an overview of Suzlon's products, technology upgrades, order book status and the positive industry opportunities in the growing Indian renewable energy market.
Narnolia Securities Limited positive to buy stocks of Escorts Ltd in current level with Revised price target of Rs. 175. For more information about stock market tips, contact here http://www.narnolia.com/index.php/contact-us/
Reliance Industries reported an 18.1% rise in net profit for the April-June quarter to Rs. 7,113 crore, driven by higher refining margins. Technical analysis indicates the stock could continue its upward movement. LIC Housing Finance reported a 6.7% rise in net profit for the first quarter to Rs. 407.84 crore, with total income rising 14%. Technical analysis also points to further gains in this stock. Asian markets opened flat ahead of light data week, while the failed coup in Turkey saw the lira tumble against the dollar and euro.
Construction and engineering major L&T posted an 11.8% yearly sales growth for the quarter ended December 2013. Recurring profit grew 12.1% to Rs. 1136.3 crore. Order inflows grew 21% to Rs. 21722 crore and order book grew 13% to Rs. 171184 crore. Margins expanded 180 bps to 11.6% but management said margins vary quarterly. Results were good despite slowdown but near-term earnings growth is seen as muted.
Electrical equipment maker V-Guard reported a 1.1% yearly sales growth for the quarter ended December 2013. EBITDA margins improved 89 bps to 8.2% on lower
Sector Updates: Air Conditioner Sector Institutional Research Report | HDFC s...hdfcsecurities1
The air-conditioner industry has witnessed several headwinds during FY18, led by GST transition and the change in energy efficiency ratings. As per Bureau of Energy Efficiency (BEE), the Air conditioner industry grew at a modest pace of 7% in volume terms during FY18 to 6.9mn units vs. 37% growth in FY17
Oshkosh Corporation provides an overview of its business and outlook for fiscal year 2015 during a presentation at the J.P. Morgan Aviation, Transportation & Industrials Conference. The company expects to nearly double earnings per share from fiscal year 2012 to fiscal year 2015 due to strong customer sentiment and upside opportunities in defense. For fiscal year 2015, Oshkosh estimates adjusted earnings per share will be in the range of $4.00 to $4.25, driven by continued execution of its MOVE strategy across all business segments.
Maruti Suzuki India Ltd equity research report initiates coverage with a Buy rating and target price of Rs. 1474.96, representing 13% upside potential. The report cites MSIL's cheaper valuation compared to 30% expected EPS growth over two years. It also notes MSIL's dominant market share in India's car market and plans to increase production capacity. Globally, the report expects slow economic growth and stressed government finances for several years. Key risks include higher input costs and a slowing global economy.
Bajaj Auto: Margins disappoint as discover woes continueIndiaNotes.com
Net sales grew 6.9% YoY on 6% YoY (+0.8% QoQ) realization growth: Bajaj Auto’s (BJAUT) net sales grew by 6.9% YoY (+6.5%) to INR52.5b (est. INR52.6b), led by 6% YoY growth (+0.8% QoQ) in realizations, while volumes grew marginally by 0.9% YoY (+5.6% QoQ) to 9.88m units.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
The Indian equity market ended marginally higher on Tuesday led by gains in financial stocks. Sentiment was boosted by hopes that lower inflation data could lead to lower interest rates. Asian shares were lackluster as oil prices continued to drop, while European shares edged higher. Several Indian companies such as Redington India and Bharat Forge saw their stock prices rise after posting good quarterly results.
This document discusses the DSP India T.I.G.E.R. Fund, which aims to capture growth from India's investment cycle revival and economic reforms. It focuses on sectors related to infrastructure growth and economic reforms like construction, cement, manufacturing, and autos. The document outlines reasons for recommending the fund, such as signs the investment cycle has bottomed out and capacity utilization rising. It also discusses the government's push for capex spending and various reforms that have been implemented in India to support the investment theme. Key data points are presented to track the building capex cycle in India.
Godrej Consumer's Q4 results were slightly below expectations; NeutralIndiaNotes.com
- Godrej Consumer's 4QFY15 results were slightly below expectations, with consolidated net sales growth of 8.2% YoY versus estimated growth of 8%. EBITDA growth was 13% YoY, below the estimated growth of 14%.
- Consolidated gross margins expanded significantly due to lower input costs, but EBITDA margins only grew modestly as advertising spending increased substantially YoY.
- The Indian business grew revenues by 9.8% with strong growth in key categories like home insecticides and hair colors. EBITDA margins for India expanded by 80 bps. However, the international business revenues grew slower than expected at 6.5% in reported terms.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
The document summarizes the calculation of Net Return on Investment (NROI) for several food and dairy companies over multiple years. It analyzes the relationship between NROI and share price growth for each company. For most companies, there is a positive correlation between NROI and share price growth. However, for some companies like GSK, there is a negative correlation. The document concludes that NROI can be used as a performance measure for top management for some companies but not others based on the analysis.
Powergrid is maintained as a "BUY" with a target price of Rs. 118, representing an upside of 25% from the current market price. In Q3FY14, Powergrid's adjusted PAT increased 4.3% YoY to Rs. 1043 crore despite below estimate asset capitalization of Rs. 3050 crore during the quarter. Revenues increased 9.6% YoY due to lower than anticipated capitalization. Margins declined 336 bps YoY to 87.4% due to a 55.7% rise in transmission expenses. The Central Electricity Regulatory Commission issued new tariff regulations for FY15-19 that will form the basis of Powergrid's earnings over the next
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
1. HUDCO is a wholly-owned Indian government company with over 46 years of experience providing loans for housing and urban infrastructure projects.
2. The company's loan book has been growing at a CAGR of 7.5% over the last 4 years, and it is expected to benefit from initiatives like the Pradhan Mantri Awas Yojna aimed at increasing housing.
3. HUDCO is attractively priced at 1.4 times its book value, with a return on equity of 7.6%. The high capital adequacy ratio of 63.9% eliminates the risk of equity dilution in the near term.
- Mahindra & Mahindra reported a 14.2% decline in net profit for Q3FY16 to Rs807.9 cr due to one-time costs, though operating income grew 16.8% to Rs11,008 cr, in line with estimates.
- Revenue growth was driven by a 23.9% rise in the automotive segment, while the farm equipment segment saw sluggish 4.4% growth.
- New model launches like KUV100 and TUV300 are performing well, with KUV100 receiving 350 orders per day and an 18,000-vehicle order backlog.
Britannia Industries 1QFY15 results ahead of estimate; buy - Motilal OswalIndiaNotes.com
Britannia Industries reported stronger than expected results for the first quarter of fiscal year 2015, with net sales growth of 15.3% year-over-year to INR 16.2 billion, ahead of estimates. EBITDA grew 21.5% to INR 1.4 billion, with margins expanding 50 basis points to 8.8% despite a 230 basis point contraction in gross margins due to rising raw material costs. Operating expenses savings offset gross margin pressure and contributed to higher EBITDA. PAT grew 24.9% to INR 1.08 billion, also beating estimates. The brokerage maintains a "Buy" rating and revised target price of INR 1,320 per share based on expected margin expansion from premiumization and
1) TCS management commented on its Q4 FY2014 earnings call that revenue growth will be lower than the previous quarter due to weak seasonality, and margins will decline 40-50 bps due to currency movements and higher investments.
2) However, the outlook for FY2015 is positive as management expects robust demand and healthy growth across markets except India.
3) While Q4 growth may be lower than expected, TCS' strong fundamentals including a healthy deal pipeline and focus on emerging technologies support maintaining a "Buy" rating with a target price of Rs. 2510 per share.
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
The document discusses Andhra Bank, an Indian bank. It recommends reducing exposure to the bank's stock and assigns a target price of Rs. 66 per share, down from the previous target. It cites multiple challenges for the bank, including high impairment of assets, poor earnings quality, and high deposit costs. The bank's asset quality remains weak, with gross and net non-performing assets above industry averages. Restructured assets make up 10.6% of total assets and are expected to rise further. Only 82% of assets would need to service 100% of liabilities, a challenge given the bank's stressed fundamentals.
The Prestige Estate has moved up form starting of CY12, peaked in May13, then went down gradulally. Narnolia Securities Limited do not recommend additional investment in this stock despite its gains in the current period.
India Equity Analytics highlights the JLR volume update which came in November 2013 with annual increase by 25%. The JLR includes 6244 units of Jaguar and 31159 units of Land Rover.
Narnolia Securities Limited positive to buy stocks of State Bank of India with target price of Rs Rs.1779/share which is 1.1 times of FY14E book value and neutral view on the stock of Sun Pharmaceuticals Industries limited
Narnolia Securities Limited believe current level is attractive entry point for the investor to buy stock of Bank of India. Also buy view on TCS stock due to client spending in the US and Europe and growth in demand for technologies
Zensar Technologies reported lower than expected earnings for the third quarter. Revenue declined 1% quarter-over-quarter due to seasonal impacts and furloughs, while profit fell 28% due to currency fluctuations. However, management remains confident in the company's growth trajectory and expects double-digit growth in the enterprise services business for fiscal year 2015. While maintaining a "Buy" rating, the analyst raised the target price to Rs. 440, citing healthy order pipeline and near-term earnings visibility. At the current market price of Rs. 386, the stock trades at 5.6 times estimated earnings for fiscal year 2015.
This document initiates coverage on Grauer and Weil (India) Ltd and provides an overview of the company. Some key points:
- GWIL is the market leader in surface treatment chemicals in India with a 38% market share and offers a wide range of surface treatment products and solutions.
- It has a strong distribution network and dealer relationships across major states in India. Auto and auto components are major end markets and are expected to boost revenues.
- GWIL owns a large and highly valuable commercial property, Growel's 101 mall, which generates significant rental income and cash flows. Occupancy and rents are expected to increase further.
- Relocating its paint manufacturing plant and new technical collabor
- Tata Motors is recommended as a buy, with a 12-month target price of Rs. 410 per share.
- Tata Motors leads the growing electric vehicle market in India and will benefit from government policies supporting EVs.
- The company saw strong revenue growth in passenger vehicles in FY21 and a return to pre-pandemic levels for commercial vehicles.
- Cost optimization measures have improved margins at both Tata Motors and Jaguar Land Rover, its largest subsidiary.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
See Chart of Central Govt Expenditure vs GDP Growth in Narnolia Securities Limited Market Diary 7.2.2014 http://www.narnolia.com/index.php/category/archieve/market-diary/
See Chart of Central Govt Expenditure vs GDP Growth in Narnolia Securities Limited Market Diary 7.2.2014
http://www.narnolia.com/index.php/category/archieve/market-diary/
The COVID-19 pandemic has significantly impacted various sectors of the Indian stock market according to the document. The automobile sector saw an 81.78% drop in Tata Motor's sales for the first quarter of 2020 compared to the same period the previous year. The FMCG sector was not materially impacted according to Nestle India, which reported having strong cash reserves. The telecom sector saw increased mobile usage but limited benefits due to generous data plans. Vodafone Idea and Bharti Airtel are expected to lose subscribers in the first quarter due to disruptions caused by the pandemic.
- Jaguar Land Rover reported results for the second quarter of fiscal year 2024, with revenue of £6.9 billion, a pre-tax profit of £442 million, and wholesale volumes of 96,800 units.
- Key metrics like revenue, pre-tax profit and wholesale volumes saw significant year-over-year increases compared to the prior year period. Net debt was reduced to £2.249 billion.
- Profitability improved with EBIT margin reaching 7.3% due to higher wholesale volumes, better product mix and cost control measures, though production was impacted by planned shutdowns.
This document analyzes the financial performance of Bajaj Auto, an Indian automobile manufacturer, over multiple years. It examines various financial ratios related to profitability, liquidity, leverage and cash flows. Key findings include Bajaj Auto's receivables management being strong for an Indian manufacturing firm, with most debt collected within six months. The analysis concludes that Bajaj Auto has effectively managed the impacts of recession and maintains a strong debtor collection system and growing turnover.
The document analyzes Triveni Turbines, an Indian electrical equipment company. It summarizes key financial details like revenue growth of 13% and EPS growth of 21.99% over the past 3-5 years. An DCF valuation of Triveni Turbines is then presented, estimating the company's value per share at Rs. 17.758 based on a projected revenue growth rate of 2.59%, cost of equity of 5859.60 million, and terminal value of Rs. 41501.60 million. Overall the document conducts an industry, company and financial analysis of Triveni Turbines to evaluate its performance and present a DCF valuation.
Vivimed Labs Limited presented its earnings for Q3 FY2015. Net sales increased 2.7% year-over-year to Rs. 3,447 million. EBITDA grew 12.4% to Rs. 603 million, with margins expanding 152 basis points to 17.5%. Net profit increased 8.3% to Rs. 206 million, with margins up 31 basis points to 6.0%. Segment performance was mixed, with the specialty chemicals segment flat on net sales but higher margins of 24.5%, and the healthcare segment grew net sales 2.9% with a 6.4% margin. Going forward, the company will focus on new product launches, market expansion, and capitalizing on a
Bajaj Finance Q1FY15: Net profit jumps to Rs2113.60 mn, up 20.27%; BuyIndiaNotes.com
During Q1FY14, Bajaj Finance's net profit jumps to Rs. 2113.60 million from Rs. 1757.40 million over the corresponding quarter last year, registered a growth of 20.27% y-o-y. Investors are recommended to buy the stock for a price target of Rs.2385.00.
CARE assigned short-term and long-term credit ratings to JK Tyre & Industries Ltd. The short-term ratings of PR1 were assigned to the company's commercial paper/short-term debt programme and short-term bank facilities, indicating strong capacity for timely repayment. A long-term rating of CARE A was also assigned to the company's long-term bank facilities, reflecting adequate safety for timely debt repayment. However, the ratings are constrained by JK Tyre's high gearing and susceptibility to raw material price fluctuations.
Godrej Properties is a real estate developer in India with a national footprint. It has grown revenues, earnings, and profits consistently over the past 6 years. The report recommends buying GPL now given its leadership position, asset-light business model, and attractive valuations. GPL is projected to continue growing sales and profits over the next two years as real estate demand increases and the economy recovers. However, risks include sector cycles, funding challenges, and regulatory changes. Overall, GPL is seen as a quality real estate stock to buy for long term growth.
The key Indian indices opened higher supported by strong Asian markets and quarterly results. Gains were trimmed in the afternoon but markets recovered on buying in metal, realty and auto stocks. The Sensex and Nifty ended up 0.7%.
IVRCL won its first international contracts worth $440 million in Saudi Arabia and Nepal, diversifying geographically. BGR Energy won a $490 million contract in India. Allcargo Global acquired controlling stakes in Hong Kong logistics firms, expecting to boost earnings. Market sentiment was positive supported by company results and deals.
GB Auto - Initiation of Coverage - January 2016Mohamed Marei
This document initiates coverage of GB Auto, Egypt's largest automotive company, and assigns it a "Buy" rating. It summarizes GB Auto's diversified product portfolio and regional exposure. The analyst expects solid fundamentals to continue, driven by GB Auto's investments and Egypt's pipeline of projects over the next 5-6 years. However, Egypt's automotive industry currently faces stresses from foreign currency shortages. The valuation assigns GB Auto a fair value of EGP 5.44/share based on a discounted cash flow analysis, implying 99% upside potential.
CMC has recent healthy demand environment across the IT space, Narnolia Securities Limited positive for the "BUY" view on the stock and we revise our target price from Rs1490 to Rs1690.
Similar to Commodity price of Gold, Sliver, Copper, doller/Rs and many more. Narnolia Securities Limited Market Diary 03.02.2014 (20)
The document provides several stock recommendations and analyses:
- It recommends buying RTNPOWER near Rs. 8.65, with price targets of Rs. 9.05 and Rs. 9.35, as the stock is rising in an impulse pattern and stochastic is supporting further gains.
- It recommends buying POLARIS near Rs. 207, as the stock has confirmed a wave 4 low and is expected to resume its impulse move, with price targets of Rs. 217.50 and Rs. 223.
- It recommends buying PRESTIGE near Rs. 249, as the stock has confirmed the low of a corrective wave 2 and is expected to rise in wave 3 of a major trend to price targets of Rs
The Indian equity markets ended the week on a mixed note, with the Sensex declining 0.89% while the Nifty closed 0.80% lower. Several companies such as Everest Industries, Emami, Gati, Visaka Industries, Equitas Holdings and Shoppers Stop have their concall scheduled for today. The markets will continue to watch out for developments around the French elections and movement in US bond yields.
- Indian equity indices gave sharp gains, with the Nifty closing at 9,407.30, up 0.97% led by gains in FMCG, auto and pharmaceutical stocks. Midcap and smallcap indices underperformed.
- Tea production in India fell 21% in March due to dry weather affecting major producing state Assam.
- High concentration of open interest at the 9,300 Nifty put option showed its strength, propelling the Nifty above 9,400.
INGVYSYA BANK: "BUY" 28th Mar 2014
- INGVYSYA Bank has not participated in recent market rally despite strong liability franchise and stable asset quality due to political uncertainty in Andhra Pradesh.
- Business is now normalizing as both the new states of Telangana and Seemandhra are witnessing improving economic activity.
- The stock is available at an attractive valuation of Rs. 680 per share, which implies a price to book value of 1.8 times for FY14.
Narnolia Securities Limited see Coal India at a attractive valuation to go long from the current dips. So we stick to our previous estimates with revised price premium and recommend Maintain Buy CIL at price dips with a revised target price of Rs.318/-. Which is ~13% upside from the current level.
Narnolia Securities Limited have raised our target price largely due to two factors –(1) margin and return ratio likely to improve from April quarter as permanagement and (2) price would settle at 3.2 times of FY14E book due to showing some positive upturn in economy and boost up of market sentiment. Narnolia Securities Limited recommend buy stock of Indusind bank price target of Rs.540
Jindal Steel & Power is undergoing $9 billion in steel and power expansion projects backed by resource availability and cash flows. Profitability depends on iron ore and coal prices, which are improving. The stock trades at 1.1x FY14 P/B. The analyst initiates coverage with a neutral rating and target price of Rs. 285, citing improving steel business fundamentals but challenging near-term profitability.
Narnolia Securities Limited cover Persistent System as one of the few companies in the tier-II with potential to grow revenue at a range of 18-20%. Considering the company’s premium valuation, we advice “Book Profit” on the stock. At a CMP of Rs 1059, stock trades at 13.4x FY15E earnings. Our view could be change with management guidance, higher currency flactuations and post earnings of coming quarter
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Narnolia Securities Limited believe the ACC Limited stock's fundamental is still good and price too cheap also , but for the earning upgradation and revised target price we would like to see the 1st quarter earnings,hence we recommend Book Profit on the stock at a price range between Rs.1253 to Rs.1310. Also Hold the Stock of ICIC Bank. For more information please go through this PDF
Narnolia Securities Limited are positive to buy stock of Tata Steel Ltd, V-Guard Industries Ltd and Infosys with target prize Rs.401, Rs.525, Rs 3760 respectively. Also Book profit on Axis bank Stock
Considering management’s aggressive expansion in production capacity and marketing network, Narnolia Securities Limited believe company can deliver good growth in coming years. Further, we expect the company to benefit immensely from the subdued steel prices currently. Narnolia Securities Limited expect the benefit to flow in for the next coming quarters as well. We recommend a "Buy" rating on stock with price target of Rs. 105
HCL tech’s decent level of utilization, focused on cost control andutilization of new market opportunities through vendor’s consolidation would provide a new shape to the company in near future. Narnolia Securities Limited retain BUY onthe stockand revised our target price from Rs 1560 to Rs 1650.
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Escorts reported strong tractor volume growth in February 2014, with domestic sales up 6.8% YoY to 4,581 tractors. The company remains positive on growth prospects in FY2014 and beyond, expecting demand to improve with economic recovery. While cautious on the construction equipment segment, analysts revised estimates and rating on Escorts from "Reduce" to "Buy" with a revised target price of Rs. 175. The positive tractor volume performance in CY2013 and expected further demand growth support maintaining a positive view on the stock.
All IT companies are accelerating its revenue growth and shaping up its margin because of favorable demand and supply environment. We maintain our positive stance on (In order ofpreference) TECHM, PERSISTENT, ZENSARTECH, ECLERX and KPIT under mid cap space.
Most of banking stocks reported moderate revenue and profit growth owing to multiple headwinds. In near term we are not seeing improvement in economic condition and asset quality pressure are expected to remain in the system due to tight liquidity situation and rising interest rate. Post result we like SBI, Union Bank and UCO Bank due to their structural improvement in balance sheet, operating and financial metrics.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Applying the Global Internal Audit Standards_AIS.pdf
Commodity price of Gold, Sliver, Copper, doller/Rs and many more. Narnolia Securities Limited Market Diary 03.02.2014
1. 3rd Feb 2014
MARKET DIARY
SGX NIFTY : 6072 (
31 pts Down )
Quote of The Day
"Obvious prospects for physical growth in
a business do not translate into obvious
profits for investors."
Benjamin Graham
MARKET
Name
Sensex
Nifty
DOW
NASDAQ
CAC
Value
20513.85
6089.5
15698.85
4103.88
4165.72
Change
15.60
15.80
(149.76)
(1925.00)
(14.30)
DAX
FTSE
NIKKIE
HANG SENG
9306.48
6510.44
14679.13
22035.42
(67.00)
(28.01)
(235.48)
(106.19)
EW ALL SHARE
9734.38
86.03
Chart of the Day
India's Total Debt Components
INSTITUTIONAL TURNOVER
FII
Investor
Buy(Cr.)
Sale(Cr.)
Net(Cr.)
31th Jan, 14
2798.91
3,451.88
(652.97)
Jan,14
2014
Index Action-Nifty (31th Jan, 14)
65566.26
65566.26
66,832.14
66,832.14
(1265.88)
(1265.88)
DII
Investor
Contents
News
Management Tweets
Economic calendar
Result Calendar
Result Q3FY14
Page
2
Coverage
UPDATE
3
UPDATE
3
UPDATE
4 - 16
16 - 17
UPDATE
UPDATE
Sale(Cr.)
Net(Cr.)
31th Jan, 14
Jan,14
2014
Index
Buy(Cr.)
1294.09
25688.41
25688.41
967.08
27,143.88
27,143.88
327.01
(1455.47)
(1455.47)
COMMODITY PRICE
COMMODITY/CURRENCIES
Value
GOLD
29462.00
SILVER
43309.00
CRUDEOIL
106.80
↑
↑
↑
COPPER
NATURALGAS
444.95
302.60
↓
↓
DOLLAR/RS.
EURO/RS.
POUND/RS.
62.68
84.52
102.95
↑
↓
↓
Narnolia Securities Ltd.
124, 1st floor 7/1, Lords Sinha Road Kolkata -700071. Ph 033-22821500/01/02/03/04 Mob : 9830013196
email: research@narnolia.com, website : www.narnolia.com
2. Markets Snapshot
Top Price Performers
Top Performers
Top Performers 1D
% Change
Top Performers 1W
% Change
FACORALL
20.00
RESTILE
27.14
1M
SPECTACLE
% Change
ABAN
19.60
SPECTACLE
24.39
INFODRIVE
97.32
GRAVITA
DOLPHINOFF
19.11
15.01
WARRENTEA
KGNIND
23.42
22.91
FCSSOFT
NEWINFRA
92.86
88.56
MONSANTO
14.63
FCSSOFT
22.73
CHIRAWA
84.03
108.16
Worst Price Performers
Worst Performers
1D
% Change
Worst Performers
1W
% Change
Worst Performers
1M
% Change
JAIBALAJI
(18.46)
JAIBALAJI
(27.04)
GLOBALCA
(58.56)
PVR
(11.15)
SIGRUN
(25.00)
TUNITEX
(56.75)
CINEPRO
(10.95)
GOENKA
(22.39)
GOENKA
(47.93)
CANDC
(9.21)
SHARRESLTD
(22.26)
MURLIIND
(46.26)
BALRAMCHIN
(8.46)
MAFATLAIND
(22.18)
MAHAPOL
(45.44)
Top News :
• Daiichi Sankyo Co said it would step up support of Indian drugmaking arm Ranbaxy Laboratories and send personnel to help resolve
problems at a factory that US regulators have banned from supplying pharmaceutical ingredients. Company has already put a lot of effort into
company support but that has not been enough .
• Tata Power Company said it had agreed to sell its 30 percent stake in coal mining firm PT Arutmin Indonesia to Indonesia's Bakrie Group for
USD 500 million. Tata Power signed the agreement through its wholly owned units, the company said in a statement, without specifying them.
• Maruti Jan Auto sales No : -10.3 % ( YoY ) , +12.6 % ( YoY ) . TVS Jan Auto sales No : +5.9 % ( YoY ) , + 16.8 % ( YoY ) . Atul Auto Jan Auto sales
No : -5.1 % ( YoY ) , + 18.6 % ( YoY ) . Tata motors Jan Auto sales No : -34.3 % ( YoY ) , + 6.9 % ( YoY ) .
• Glenmark Pharmaceuticals Ltd have approved a proposal to merge its subsidiaries i.e. Glenmark Generics Ltd. ("GGL") and Glenmark Access
Ltd. ("GAL") with GPL. As on date 99.33% of the share capital of GGL is being held by GPL (including 1.19% being held by GAL, a wholly owned
subsidiary of GPL). Per the Scheme, the remaining shareholders holding 0.67% (10,16,741 equity shares) of the share capital of GGL will be
issued shares of GPL at a swap ratio which has been determined as 4 shares of GPL of Re. 1 each for every 5 shares of Rs. 10 each held by the
shareholders of GGL.
• Securities and Board Exchange of India (SEBI) fined Unilever Plc (ULVR.L) 5 million rupees for being late in making certain disclosures tied to
its open offer for its domestic unit Hindustan Unilever Ltd last year. SEBI did not specify which disclosures Unilever had issued late. Under
Indian rules, companies are required to make certain statements when they are involved in takeovers.
• A major fire occurred on January 30, 2014 evening in one of the warehouse of the FSCSL situated at Jigni, Bengaluru. The fire was controlled
after few hours. Further, in addition to inventory of other customers of FSCSL inventory of the Company as also/that of Company’s whollyowned subsidiary Future Value Retail Limited (FVRL), was also damaged in the fire. However, since the quantum of the inventory of the
Company and FVRL was not significant, there would not be any impact on the operations of the Company or that of FVRL. The inventory of the
Company and FVRL is fully insured.
• The U.S. Federal Aviation Administration (FAA) has downgraded India's aviation safety ranking, which means Indian carriers cannot increase
flights to the United States and face additional checks for existing flights .
• The University of Michigan said that consumer sentiment rose to a seasonally adjusted 81.2, from 80.4 in the preceding month. Analysts had
expected UoM consumer sentiment to rise to 81.0 last month.
• The Bureau of Economic Analysis said that personal spending rose to a seasonally adjusted 0.4%, from 0.6% in the preceding month whose
figure was revised up from 0.5%. Analysts had expected personal spending to rise 0.2% last month.
• Bureau of Labor Statistics said that U.S. employment cost index rose to a seasonally adjusted 0.5%, from 0.4% in the preceding quarter.
Analysts had expected U.S. employment cost index to remain unchanged at 0.4% in the last quarter.
3. Management Tweets :
• Brigade Mgt Guideline : The company saw strong margin growth, which was aided by the revenue recognition of new projects. Mgt says the
last quarter is likely to be better than Q3 and the company will launch about 3.3 million square feet projects across all segments. The company
is likely to see better realisations in the days to come. For the year it will be better than the Q3 realisations as the present selling price is far
better than that .
• Titagarh Wagons Mgt Guideline : The Railways has not finalised any tender for wagons in the past 2.5 years, which has caused a lot of pain
for wagon makers like Titagarh Wagons . So much so that its net sales fell 80 percent and the company recorded a loss on an EBIT level. Mgt
expects a tender to get finalised in the next few weeks. there have been reports of a drop in railways' earnings for the first time. Mgt says it is a
vicious cycle, if comapny do not make new capital investment it would hit their earnings. Mgt refrained from giving any forward looking
projections at this point of time.
• Ashok Leyland Mgt Guideline : It is important to continue to launch new products. Mgt says in this industry having the right products is
imperative. Company is looking for an improvement in the fourth quarter. Every year the company plans to see ways to further expand its
portfolio and presence in the LCV segment .
• Arvind Mgt Guideline : Company is confident of outperforming all its earlier guidances buoyed by the recovery seen in export markets like
US and Europe. The company will maintain its 20 percent growth and outperform its volume guidance of 14 percent. With capex plans of 12
metric tonne in garment business in Gujarat and Karnataka, Lalbhai is aiming at a 30-40 percent growth in FY15 topline.
• Motherson Sumi Mgt Guideline : Company was very confident of the company posting a very good performance going ahead too from most
of their parameters. The company has a strong order book both domestic and international. Both their subsidiaries Samvardhana Motherson
Reflectec (SMR) and German-based Peguform delivered operational improvement in the quarter gone by. Going forward the company could
see reduction in overall debt by about 6.5-7 percent over last year
• Havells India Mgt Guideline : The mgmt maintained its revenue guidance of 11% - 12% and OPM of 13% - 13.5% in domestic business, while
expects Sylvania to report 5 - 5.5% OPM in FY14.
• ICICI Bank Mgt Guideline : Bank expect improvement in agricultural sector growth, but overall economic recovery to remain slow .
Improvement in the current account deficit and mobilization of about USD 34 billion under the swap facilities, helped Rupee to stabilize . While
the pace of restructuring of loans is expected to continue to increase in the coming quarter, healthy core operating trends gives the ability to
absorb the higher level of provisioning arising out of the credit cycle. Full year provisioning as a percentage of average loans would not exceed
90-100 basis points. Bank has maintained the NIM improvement guidance of 20 bps in FY2014 over 3.11% in FY2013. Bank proposes to contain
the expense ratio below 40% in FY2014 .
Firstsource Solutions Mgt Guideline : Company have enough leverage in the business to mitigate the wage hikes next year . Q3 is seasonally a
weak quarter for the company given the US holiday season but there has been improvement in profitability on account of actions taken in the
past related to low profitable or non-profitable accounts for which there was a methodical basis of shutting them down or renegotiating
contracts .
Economic Calendar
Monday
3-Feb-14
Tuesday
4-Feb-14
Wednesday
5-Feb-14
Thursday
6-Feb-14
Friday
7-Feb-14
US
Final Manufacturing PMI , ISM
Manufacturing PMI , Construction
Spending m/m , ISM Manufacturing
Prices , Total Vehicle Sales .
Factory Orders m/m , IBD/TIPP
Economic Optimism ,Loan Officer
Survey ,
ADP Non-Farm Employment Change ,ISM
Non-Manufacturing PMI ,Crude Oil
Inventories .
Trade Balance ,Unemployment Claims ,Prelim
Nonfarm Productivity q/q ,Prelim Unit Labor
Costs q/q.
Non-Farm Employment Change ,
Unemployment Rate , Average Hourly
Earnings m/m .
UK/EURO
ZONE
Spanish Manufacturing PMI , Halifax
HPI m/m , Italian Manufacturing PMI
, Final Manufacturing PMI ,
Manufacturing PMI , German 30-y
Bond Auction .
Spanish Unemployment Change ,
Construction PMI , Italian Prelim CPI
m/m , PPI m/m .
INDIA
Auto sales no .HSBC manufacturing
PMI data
French 10-y Bond Auction , Spanish 10-y Bond
German Trade Balance , French Gov
Spanish Services PMI , Italian Services PMI , Auction , German Factory Orders m/m ,Asset Budget Balance ,French Trade Balance ,
Final Services PMI , Services PMI ,Retail Purchase Facility ,Official Bank Rate ,MPC Rate Manufacturing Production m/m , Trade
Sales m/m ,
Statement ,Minimum Bid Rate , ECB Press
Balance , Italian 10-y Bond Auction ,
Conference .
German Industrial Production m/m .
HSBC India Services PMI , HSBC India
Composite PMI.
4. Result Calendar Q3FY14
Bse Code
530117
532351
526397
532914
512433
530095
533108
531570
532290
532938
500085
521244
532329
523367
512445
532488
522261
531259
500136
533213
506803
536507
504697
532764
532312
507815
509488
509152
517300
523586
533207
532627
530701
532067
507912
517206
500257
523384
502157
521018
524404
508924
506579
523874
500459
532503
522257
523650
530449
Company Name
Adi Finechem
Aksh Optifibre
Alphageo India-$
Arcotech
Asutosh Enter
Bhagwandas Met
BHILWRA TEC
BLAZON MARBL
BLB
Capital First
Chambal Fert
Chitradurga Spin
Danlaw Tech-$
DCM Shriram Cons
Devinsu Trad
Divis Lab
Dolphin Offsh-$
ESHAMEDIA
Ester Inds
Frontline Securities
Fulford India-$
FUTLIF FAS
Galada Power
GEECEE
Geometric
Gillette India
Graphite India
GRP
Gujarat Inds
Indian Toner-$
JPINFRATEC
JPPOWER
KDJHRL
Kilpest India
LKP FIN
Lumax Inds
Lupin
Maha Rashtra
Mangalam Cem
Maral Overseas
Marksans Pharma
Northern Proj
Oriental Carbon-$
Precision Cont
Procter & Gamble
Rajapalayam-$
Rajoo Engineers-$
Redex Protech
Rungta Irr
Date
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
03-Feb-14
Bse Code
500370
526521
517166
536666
517168
532390
521038
500770
505854
531574
532401
590073
526525
530063
531611
534612
511692
507525
531673
511339
502352
500048
500493
523019
500480
526783
533400
532518
530023
500163
500160
509631
590065
533047
532717
536868
533155
506184
532899
533293
532998
506919
532641
532416
519491
504093
532810
533274
526109
Company Name
Salora Intl
Sanghi Inds
SPEL Semi
STAR FERRO
Subros
TajGVK Hotels
Tamilnadu Jai
Tata Chemicals
TRF-$
VAS Infra
Vijaya Bank
Wheels India
Worldwide Leath
Yashraj Cont
Aadhaar Ventures
Advance Metering
Ajcon Global
Amrit Corp-$
Anka India
Apple Credit
Aurangabad Paper
BEML
Bharat Forge
BN Rathi
Cummins India
Dr Agarwals-$
FCEL
FLORENCE-$
Fortune Fin
Godfrey Phil
GTL
HEG
India Motor
INDIAN MET
Indo Tech Transf
INTEGRA TELE
JUBL FOOD
Kanani Inds
Kaveri Seed
Kirloskar Oil Engines
Lotus Eye Care
Makers Lab-$
NDL
Next Mediaworks
Ocean Agro
Panasonic Ener-$
Power Finance
Prestige Estates
Pricol
Date
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18. N arnolia Securities Ltd
402, 4th floor 7/ 1, Lord s Sinha Road Kolkata 700071, Ph
033-32011233 Toll Free no : 1-800-345-4000
em ail: research@narnolia.com ,
w ebsite : w w w .narnolia.com
Risk Disclosure & Disclaimer: This report/message is for the personal information of
the authorized recipient and does not construe to be any investment, legal or taxation
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consider reliable, but we do not represent that it is accurate or complete and we do not
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