ET NOW BROKERAGE
CLSA ON POWER GRID
@darshanetnow
Maintain Buy, Target `166
NE-Agra Project commissioned - the largest project of Power Grid
Project start can boost the visibility of 20% EPS growth over FY15 - 17
Project can reduce capital stuck in capital work-in-progress by 15%
BARCLAYS ON SIEMENS
@darshanetnow
Cut target to `711 from `731, Maintain Underweight
Valuations remain challenging despite recent share price correction
Expect most positive drivers to emerge only from FY19
Revival in industrial capex already reflected in current valuations
Has lost market share in both transformer and substation orders
CS ON AARTI INDUSTRIES
@darshanetnow
Management remains confident of a 15-20% volume CAGR
On track to achieve a 20-25% earnings CAGR over the next few years
Product mix will gradually change in the favour of higher-margin products
Restructuring complete; de-merger likely by FY17
Stock trades at 14x FY17E consensus EPS, after 95% returns in CY15
BOFA ML ON BHEL
@darshanetnow
Cut target to `155 from `158, Maintain Underperform
CEA denies technical clearance for the Telangana project
Projects rejected by CEA are not given environmental clearance
Telangana project represents `5000 cr or 4%of order book
1,320 MW Ennore project cancelled by Madras High Court
Cut FY16-18 EPS estimates by 3-5% on recent order cancellations
GS ON BAJAJ AUTO
@darshanetnow
Maintain Sell, Target `1974
New launches fail to revive domestic fortunes
Efforts to revive the Discover brand are not yielding results
Pulsar launches has not helped their volumes and market share
Motorcycles category is losing ground to scooters
NOMURA ON EMAMI
@darshanetnow
Downgrade to Neutral from Buy, Target `1200 from `1010
Downgrade stocks as all positives seem to be priced in
At current levels, prefer Dabur, Godrej and HUL
New acquisitions and business poised for high growth
NOMURA ON AMARA RAJA
@darshanetnow
Downgrade to Reduce from Buy; Raise target `824 from `568
Telecom segment slowdown could be a key headwind
Market expectations seem too optimistic
Expect replacement battery industry growth to slow to 7.5%
NOMURA ON EXIDE
@darshanetnow
Maintain Neutral, Target `159 from `164
Slow industry growth limits upside
Industrial segment likely to be affected by improving power supply
Inability to gain share from unorganised segment is key risk
Economic Times
Business Standard
Ø Foreign investors get relief from controversial MAT
Ø Marriage of Regulators: FMC to merge with Sebi
Ø Mobiles to fall under separate category in revised IIP
Ø Lenders approve higher cost in 4 Lanco projects
Ø Russian traders want JV with Indian tea cos
Ø Maruti's agitating workers chalk out future strategy
Ø NALCO to invest over Rs 65K cr for new projects
Ø FIPB to take up 31 FDI proposals on Tuesday
Ø India will be $20-trillion economy: PM at Facebook event
Ø Rajeev Agarwal to oversee commodities at Sebi
Ø FPIs in selling mode, take out Rs 6,000 cr in Sept
Ø Top six cos take Rs 53,886 cr hit in market valuation
Ø MMTC to produce, market sovereign gold coins
Ø ICICI makes aggressive push in unsecured loans
Ø JPMorgan schemes to hive off Amtek holdings
Ø Liberty to raise stake in joint venture with Videocon to 49%
Business Line
Mint
Ø SEBI steps up measures against SMS, social media scams
Ø India will play big part in driving technology forward: Pichai
Ø Lenders want Amtek promoters to inject some equity first
Ø Four SME IPOs to hit capital markets this week
Ø BSE gets shareholders’ nod to list its shares
Ø Moser Baer to focus on LED products, targets ₹500-cr market size in 3 years
Ø Govt to complete spectrum harmonisation by December end
Ø Xi Jinping pledges $2 billion for South-South cooperation
Ø Laid-off Ssangyong workers in Mumbai seeking reinstatement: Mahindra
Ø German transport authority asks Volkswagen to present car clean-up plan
Ø Narendra Modi shows keen interest in Tesla technology
Financial Express
Financial Chronicle
Ø Modi invites Apple CEO Tim Cook to set up manufacturing base
Ø SAIL invests Rs 2,
600 cr in Rourkela plant for hot rolled coils
Ø Qualcomm announces to invest $150 mn for Indian start-ups
Ø ITC aims Rs 18K cr revenue from agriculture business by ‘21
Ø US FDA revokes approval for Sun Pharma's seizure drug over compliance issues
Ø MFs go slow on debt investments in Sept
Ø Stamp duty may be scrapped on property transfers to Reits
Ø Farmers may get right to sell crop at benchmark
Ø Agri-commodities expect upside in medium term
CLSA ON POWER GRID
@darshanetnow
Maintain Buy, Target `166
NE-Agra Project commissioned - the largest project of Power Grid
Project start can boost the visibility of 20% EPS growth over FY15 - 17
Project can reduce capital stuck in capital work-in-progress by 15%
BARCLAYS ON SIEMENS
@darshanetnow
Cut target to `711 from `731, Maintain Underweight
Valuations remain challenging despite recent share price correction
Expect most positive drivers to emerge only from FY19
Revival in industrial capex already reflected in current valuations
Has lost market share in both transformer and substation orders
CS ON AARTI INDUSTRIES
@darshanetnow
Management remains confident of a 15-20% volume CAGR
On track to achieve a 20-25% earnings CAGR over the next few years
Product mix will gradually change in the favour of higher-margin products
Restructuring complete; de-merger likely by FY17
Stock trades at 14x FY17E consensus EPS, after 95% returns in CY15
BOFA ML ON BHEL
@darshanetnow
Cut target to `155 from `158, Maintain Underperform
CEA denies technical clearance for the Telangana project
Projects rejected by CEA are not given environmental clearance
Telangana project represents `5000 cr or 4%of order book
1,320 MW Ennore project cancelled by Madras High Court
Cut FY16-18 EPS estimates by 3-5% on recent order cancellations
GS ON BAJAJ AUTO
@darshanetnow
Maintain Sell, Target `1974
New launches fail to revive domestic fortunes
Efforts to revive the Discover brand are not yielding results
Pulsar launches has not helped their volumes and market share
Motorcycles category is losing ground to scooters
NOMURA ON EMAMI
@darshanetnow
Downgrade to Neutral from Buy, Target `1200 from `1010
Downgrade stocks as all positives seem to be priced in
At current levels, prefer Dabur, Godrej and HUL
New acquisitions and business poised for high growth
NOMURA ON AMARA RAJA
@darshanetnow
Downgrade to Reduce from Buy; Raise target `824 from `568
Telecom segment slowdown could be a key headwind
Market expectations seem too optimistic
Expect replacement battery industry growth to slow to 7.5%
NOMURA ON EXIDE
@darshanetnow
Maintain Neutral, Target `159 from `164
Slow industry growth limits upside
Industrial segment likely to be affected by improving power supply
Inability to gain share from unorganised segment is key risk
Economic Times
Business Standard
Ø Foreign investors get relief from controversial MAT
Ø Marriage of Regulators: FMC to merge with Sebi
Ø Mobiles to fall under separate category in revised IIP
Ø Lenders approve higher cost in 4 Lanco projects
Ø Russian traders want JV with Indian tea cos
Ø Maruti's agitating workers chalk out future strategy
Ø NALCO to invest over Rs 65K cr for new projects
Ø FIPB to take up 31 FDI proposals on Tuesday
Ø India will be $20-trillion economy: PM at Facebook event
Ø Rajeev Agarwal to oversee commodities at Sebi
Ø FPIs in selling mode, take out Rs 6,000 cr in Sept
Ø Top six cos take Rs 53,886 cr hit in market valuation
Ø MMTC to produce, market sovereign gold coins
Ø ICICI makes aggressive push in unsecured loans
Ø JPMorgan schemes to hive off Amtek holdings
Ø Liberty to raise stake in joint venture with Videocon to 49%
Business Line
Mint
Ø SEBI steps up measures against SMS, social media scams
Ø India will play big part in driving technology forward: Pichai
Ø Lenders want Amtek promoters to inject some equity first
Ø Four SME IPOs to hit capital markets this week
Ø BSE gets shareholders’ nod to list its shares
Ø Moser Baer to focus on LED products, targets ₹500-cr market size in 3 years
Ø Govt to complete spectrum harmonisation by December end
Ø Xi Jinping pledges $2 billion for South-South cooperation
Ø Laid-off Ssangyong workers in Mumbai seeking reinstatement: Mahindra
Ø German transport authority asks Volkswagen to present car clean-up plan
Ø Narendra Modi shows keen interest in Tesla technology
Financial Express
Financial Chronicle
Ø Modi invites Apple CEO Tim Cook to set up manufacturing base
Ø SAIL invests Rs 2,
600 cr in Rourkela plant for hot rolled coils
Ø Qualcomm announces to invest $150 mn for Indian start-ups
Ø ITC aims Rs 18K cr revenue from agriculture business by ‘21
Ø US FDA revokes approval for Sun Pharma's seizure drug over compliance issues
Ø MFs go slow on debt investments in Sept
Ø Stamp duty may be scrapped on property transfers to Reits
Ø Farmers may get right to sell crop at benchmark
Ø Agri-commodities expect upside in medium term
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