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Market Live: Nifty above 11,200 in pre-opening, Sensex flat; rupee opens flat – Moneycontrol.com


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BofAML on Dr Reddy's Laboratories
Maintain buy call, target at Rs 3,052 per share
Good base biz recovery with sales growing QoQ despite PSAI business
See good momentum in base markets like India, Russia & PSAI business

BofAML on Bharti Airtel
Upgrade to buy, target raised to Rs 400 from Rs 360 per share
Favourable risk-reward with tariff hike adding upside optionality
Expect company’s market share to remain stable at 30-31% from FY20-24

Jefferies on Gas Companies
Upgrade MGL to buy from underperform noting 12x FY20 P/E is attractive
Downgrade IGL to hold (Where 22x FY20 P/E seems to price in double-digit volume Growth)
Downgrade Gujarat Gas to hold as IMO & softer margin are near-term headwinds

CLSA on Kansai Nerolac
Maintain sell rating, raise target to Rs 390 from Rs 385 per share
Decent growth for decorative; industrial remains under pressure
Good start to FY20 with positive earnings growth

CLSA on India Strategy
India’s economy has slowed considerably over the last 12 months
Housing/investment cycle slowdown is the most pertinent issue
Housing-driven GFCF slowdown started from FY12 
Early trends indicate consumption slowdown is not too deep at the moment 
Our favourite investment themes are housing recovery 
Other preferred picks are Bharti Airtel & Reliance Industries
In our model portfolio, we add LIC Housing & SBI 
Cut overweight on HDFC Bank & ITC

CLSA on Supreme Industries
Retain buy call, cut target to Rs 1,274 from Rs 1,320 per share
Packaging margin remains weak; piping volumes are strong

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Brokerages View: Source: CNBC-TV18:

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Nomura on Dr Reddy’s Laboratories
Buy call with target at Rs 3,285 per share
Revenue was up 3% YoY & was 2% ahead of our estimates
Reported PAT at Rs 6.6 billion was 14% ahead of our estimates of Rs 10.3 billion

Morgan Stanley on Dr Reddy’s Laboratories
Equal-weight on the stock with target at Rs 2,804 per share
Key US launches are likely being delayed (gNuvaring & gCopaxone)
Company is partially exiting its US specialty business

Kotak Institutional Equities on Dr Reddy’s Laboratories
Rev, EBITDA, PAT miss estimates as recovery in US was offset by other geographies
Cut FY2020/21e EBITDA by 11%/6% & FY2020-21e EPS ny 8-9%
Reduce rating on the stock with target at Rs 2,450 per share

IDFC Securities on Dr Reddy’s Laboratories
Maintain neutral on the stock with target at Rs 2,782 per share
Delay in big ticket launches remains a risk to estimates
Co has one of the most valuable ANDA pipeline amongst peers which should deliver going forward

Credit Suisse on Dr Reddy’s Laboratories
Underperform rating with target at Rs 2,415 per share
Q1 better-than-expected with US performance driven by high-margin launches
Reported EBITDA benefitted from lower R&D but was offset by low API margin

CLSA on Dr Reddy’s Laboratories
Maintain buy call, target at Rs 3,330 per share
On track to deliver on its realigned strategy
Q1 PAT up 45% YoY which included a one-time gain of Rs 350 cr

UBS on Dr Reddy’s Laboratories
Neutral call, target at Rs 2,950 per share 
New products’ success & cost control key for earnings growth
Q1 revenue & margin impacted by weak PSAI segment
Production issues impact operating earnings

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BofAML on Dr Reddy’s Laboratories
Maintain buy call, target at Rs 3,052 per share
Good base biz recovery with sales growing QoQ despite PSAI business
See good momentum in base markets like India, Russia & PSAI business

BofAML on Bharti Airtel
Upgrade to buy, target raised to Rs 400 from Rs 360 per share
Favourable risk-reward with tariff hike adding upside optionality
Expect company’s market share to remain stable at 30-31% from FY20-24

Jefferies on Gas Companies
Upgrade MGL to buy from underperform noting 12x FY20 P/E is attractive
Downgrade IGL to hold (Where 22x FY20 P/E seems to price in double-digit volume Growth)
Downgrade Gujarat Gas to hold as IMO & softer margin are near-term headwinds

CLSA on Kansai Nerolac
Maintain sell rating, raise target to Rs 390 from Rs 385 per share
Decent growth for decorative; industrial remains under pressure
Good start to FY20 with positive earnings growth

CLSA on India Strategy
India’s economy has slowed considerably over the last 12 months
Housing/investment cycle slowdown is the most pertinent issue
Housing-driven GFCF slowdown started from FY12 
Early trends indicate consumption slowdown is not too deep at the moment 
Our favourite investment themes are housing recovery 
Other preferred picks are Bharti Airtel & Reliance Industries
In our model portfolio, we add LIC Housing & SBI 
Cut overweight on HDFC Bank & ITC

CLSA on Supreme Industries
Retain buy call, cut target to Rs 1,274 from Rs 1,320 per share
Packaging margin remains weak; piping volumes are strong





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