| Change in Reco |
| JSW Energy: Tricky trade; upgrade to ADD from SELL |
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| Sensitivity to currency and coal prices remains high, stock reaction even sharper |
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| Merchant prices have softened on early onset of monsoons, may revive subsequently |
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| Upgrade to ADD noting sharp correction and favorable risk-reward |
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| Company alerts |
| Lupin: Growth drivers in place |
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| Recent launches and visible pipeline offer comfort regarding US growth |
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| Domestic sales likely to be muted in the near term |
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| We maintain ADD, increase target price to Rs800 (from Rs760), raise FY2014E-15E EPS by 1%/4% |
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| Sector alerts |
| Energy: Like the hike |
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| CCEA's decision to hike domestic gas prices; we expect US$8-10/mn BTU in medium term |
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| Big boost to earnings of OIL and ONGC |
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| Benefit to RIL could be meaningful, if gas production revives from current levels |
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| Impact on GAIL to depend on subsidy burden |
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| Manageable impact on power sector; higher urea subsidies to be offset by Government collections |
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| NBFCs: Restrictions on private placement will affect financial flexibility |
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| RBI guidelines for debt private placement by NBFCs |
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| Time gap between issuances is a concern, in our view |
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| Lower yield on bonds than bank loans |
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| Economy |
| Economy: CAD provides a breather but trend unlikely to continue |
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| CAD/GDP at 3.6% in 4QFY13; 4.8% in FY2013 |
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| Capital flows have been supportive but downside risks are increasing |
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| External sector vulnerability reflected in the currency |
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