| Results |
| Axis Bank: Mixed performance continues |
|
| No change in key metrics; asset quality stress rising steadily |
|
| Strong capital, healthy liability profile driving our rating despite headwinds in business |
|
| Headwinds remain: Loan impairment and pressure on revenue growth |
|
| DB Corp: The stars align |
|
| 1QFY14 results analysis: Whatever happens when all the stars are aligned |
|
| Growing in strength: BUY with 12-month forward FV of Rs300 (Rs280 previously) |
|
| Mindtree: Good headline, internals could have been better |
|
| Good headline numbers, excellent pick-up in revenue growth |
|
| Internals could have been better; cash generation disappoints |
|
| Consistent growth in IT services is impressive; we expect it to continue. Maintain ADD |
|
| Results, Change in Reco |
| TCS: Lack of alternatives, solid execution; upgrade to ADD |
|
| Delivers yet again; cash flow generation not as good |
|
| Good environment or bad, TCS delivers |
|
| Rupee to the rescue, lack of alternatives could push up P/E multiple; upgrade to ADD |
|
| Bajaj Finserv: NBFC posts strong performance; upgrade to BUY |
|
| Valuations attractive, upgrade to BUY |
|
| General insurance: Higher earnings despite lower underwriting profits |
|
| Stable earnings in life insurance, low conservation ratio is a concern |
|
| Company alerts |
| Larsen & Toubro: Cautious takeaways from AR2013 |
|
| EBITDA margin propped by provision reversals; FX loss buffer exists but may not benefit in FY2014 |
|
| Contracting customer advances raise execution concern; higher debtors further put Wcap. pressure |
|
| Management sees a few bright spots in dull macro; focus on cash and current yield |
|
| Subs: Weak toll collections, both for old and new projects; large loss taken in forging, shipbuilding |
|
| Broadly maintain estimates; retain ADD on reasonable valuations |
|
| Godrej Consumer Products: AR analysis: Costly growth or platform for the long-haul? |
|
| Domestic business steady, IBD revenue growth led by acquisitions |
|
| Margins paint a different picture, significant spike in advertising and sales promotion |
|
| Balance sheetRoE deterioration continues, FCF negative yet again |
|
| We retain our REDUCE rating; choppy IBD margins, rich valuations are cause for concern |
|
| JSW Energy: Annual Report analysis: Commissioning complete, focus on operations |
|
| Sharp improvement in operational performance yields three-fold jump in net income |
|
| Capex commitments largely behind us, working capital increases by Rs11 bn |
|
| We retain our ADD rating though highlight JSW Energy's vulnerability to Rupee depreciation |
|
| Sector alerts |
| Telecom: RCOM slashes 3G data pricing by 50% |
|
| The event - RCOM announces 50% cut in 3G data pricing |
|
| The nub - cut on expected lines, directionally, even as the extent is a bit of a surprise |
|
| The impact - modest immediate negative if incumbents follow; we don't see RCOM gain much |
|
No comments:
Post a Comment