IDFC Securities

IDFC Securities Ltd., a subsidiary of the Infrastructure Development Finance Company (IDFC) wherein the Government of India holds a 20% interest, is India's leading equities broker catering to most of the prominent financial institutions,  both foreign and domestic investing in Indian equities. A research team of experienced and dedicated experts ensures the flow of critically investigated stock ideas and portfolio strategies for our clients. Our coverage spans across various growth sectors such as agriculture, automobiles, Consumer Goods, Technology, Healthcare, Infrastructure, Media, Power, Real Estate, Telecom, Capital Goods, Logistics, Cement  amongst other sectors. Our clients value us for our strong research-led investment ideas, superior client servicing track record and exceptional execution skills.

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

GMR Infrastructure's Q3FY20 results (Outperformer) - Air traffic growt...

Q3FY20 result highlights Airport traffic recovered in Q3FY20 with Delhi Airport witnessing  a 7% yoy growth in passenger (vs 5% decline in H1FY20) and Hyderabad Airport  reporting a 9% growth in passenger traffic (vs 4.9% in H1FY20). Note that traffic was subdued in H1 because of Jet Airways shutdown of operations. GMR Infrastructure (GMR) revenues grew by 11% yoy to Rs16.7bn aided by strong non aero revenues growth of 12% and 138% yoy growth in rental revenues. EBITDA for airport business w...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Bhoomika Nair
  • Bhoomika Nair
AMBUJACEM AMBUJA CEMENTS (Construction & Materials)

Ambuja Cement's Q4CY19 results (Outperformer) - In line; cost efficien...

Q4CY19 result highlights Adj PAT +54% yoy to Rs4.55bn: was above estimates on lower tax (shifted to new tax regime) while operational performance was in-line. Volume increased 6.7% yoy: to 6.54mn tons led by pickup in demand in North and East, growing ahead of industry (mkt share gains). Realisations +2.7% yoy: to Rs4795/t due to sharp price hikes across regions in 1HCY19. This was further augmented by 14% yoy growth in premium products. Hence, revenue was up 9.5% yoy to Rs31.4bn. However, ...

Nitin Agarwal
  • Nitin Agarwal

Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; ...

Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concer...

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

Event update: GMR Infrastructure (Outperformer) - Unlocking value in a...

Event GMR Infrastructure (Infra) has entered into an agreement to sell its 49% stake in GMR Airports (GAL) to France’s Groupe ADP at an enterprise value of Rs220bn. The new deal would replace GMR’s earlier deal with Tata-GIC Details GMR has signed a share-purchase agreement with Groupe ADP to sell 49% stake in GAL. GMR Infra holds 92% stake in GAL, with 5.86% of the shares held by PE investors Groupe ADP operates two main airports in France - Paris-Charles de Gaulle and Paris-Orly. The dea...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Shirish Rane
  • Shirish Rane

India Strategy: Nifty50 Q3FY20 Review - Demand weakness persists, cont...

Nifty50* Q3FY20 continued to see a fairly segmented performance led by a) weak earnings reported by commodity oriented companies, b) strong show by financials and c) strong base effect support from Tata Motors (TAMO). Ex-TAMO, Nifty PAT grew 22%yoy (6% above IDFC estimates and 1% above consensus estimates). Ex-financials, commodities and TAMO, PAT (for 24 out of 50 Nifty companies) increased by 8%yoy, about 1% above consensus estimates. Led by overall weak demand environment in consumption as we...

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

GMR Infrastructure's Q3FY20 results (Outperformer) - Air traffic growt...

Q3FY20 result highlights Airport traffic recovered in Q3FY20 with Delhi Airport witnessing  a 7% yoy growth in passenger (vs 5% decline in H1FY20) and Hyderabad Airport  reporting a 9% growth in passenger traffic (vs 4.9% in H1FY20). Note that traffic was subdued in H1 because of Jet Airways shutdown of operations. GMR Infrastructure (GMR) revenues grew by 11% yoy to Rs16.7bn aided by strong non aero revenues growth of 12% and 138% yoy growth in rental revenues. EBITDA for airport business w...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Bhoomika Nair
  • Bhoomika Nair
AMBUJACEM AMBUJA CEMENTS (Construction & Materials)

Ambuja Cement's Q4CY19 results (Outperformer) - In line; cost efficien...

Q4CY19 result highlights Adj PAT +54% yoy to Rs4.55bn: was above estimates on lower tax (shifted to new tax regime) while operational performance was in-line. Volume increased 6.7% yoy: to 6.54mn tons led by pickup in demand in North and East, growing ahead of industry (mkt share gains). Realisations +2.7% yoy: to Rs4795/t due to sharp price hikes across regions in 1HCY19. This was further augmented by 14% yoy growth in premium products. Hence, revenue was up 9.5% yoy to Rs31.4bn. However, ...

Nitin Agarwal
  • Nitin Agarwal

Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; ...

Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concer...

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

Event update: GMR Infrastructure (Outperformer) - Unlocking value in a...

Event GMR Infrastructure (Infra) has entered into an agreement to sell its 49% stake in GMR Airports (GAL) to France’s Groupe ADP at an enterprise value of Rs220bn. The new deal would replace GMR’s earlier deal with Tata-GIC Details GMR has signed a share-purchase agreement with Groupe ADP to sell 49% stake in GAL. GMR Infra holds 92% stake in GAL, with 5.86% of the shares held by PE investors Groupe ADP operates two main airports in France - Paris-Charles de Gaulle and Paris-Orly. The dea...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Shirish Rane
  • Shirish Rane

India Strategy: Nifty50 Q3FY20 Review - Demand weakness persists, cont...

Nifty50* Q3FY20 continued to see a fairly segmented performance led by a) weak earnings reported by commodity oriented companies, b) strong show by financials and c) strong base effect support from Tata Motors (TAMO). Ex-TAMO, Nifty PAT grew 22%yoy (6% above IDFC estimates and 1% above consensus estimates). Ex-financials, commodities and TAMO, PAT (for 24 out of 50 Nifty companies) increased by 8%yoy, about 1% above consensus estimates. Led by overall weak demand environment in consumption as we...

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

GMR Infrastructure's Q3FY20 results (Outperformer) - Air traffic growt...

Q3FY20 result highlights Airport traffic recovered in Q3FY20 with Delhi Airport witnessing  a 7% yoy growth in passenger (vs 5% decline in H1FY20) and Hyderabad Airport  reporting a 9% growth in passenger traffic (vs 4.9% in H1FY20). Note that traffic was subdued in H1 because of Jet Airways shutdown of operations. GMR Infrastructure (GMR) revenues grew by 11% yoy to Rs16.7bn aided by strong non aero revenues growth of 12% and 138% yoy growth in rental revenues. EBITDA for airport business w...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Bhoomika Nair
  • Bhoomika Nair
AMBUJACEM AMBUJA CEMENTS (Construction & Materials)

Ambuja Cement's Q4CY19 results (Outperformer) - In line; cost efficien...

Q4CY19 result highlights Adj PAT +54% yoy to Rs4.55bn: was above estimates on lower tax (shifted to new tax regime) while operational performance was in-line. Volume increased 6.7% yoy: to 6.54mn tons led by pickup in demand in North and East, growing ahead of industry (mkt share gains). Realisations +2.7% yoy: to Rs4795/t due to sharp price hikes across regions in 1HCY19. This was further augmented by 14% yoy growth in premium products. Hence, revenue was up 9.5% yoy to Rs31.4bn. However, ...

Nitin Agarwal
  • Nitin Agarwal

Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; ...

Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concer...

Shirish Rane
  • Shirish Rane
GMRINFRA GMR Infrastruct... (Industrial Goods & Services)

Event update: GMR Infrastructure (Outperformer) - Unlocking value in a...

Event GMR Infrastructure (Infra) has entered into an agreement to sell its 49% stake in GMR Airports (GAL) to France’s Groupe ADP at an enterprise value of Rs220bn. The new deal would replace GMR’s earlier deal with Tata-GIC Details GMR has signed a share-purchase agreement with Groupe ADP to sell 49% stake in GAL. GMR Infra holds 92% stake in GAL, with 5.86% of the shares held by PE investors Groupe ADP operates two main airports in France - Paris-Charles de Gaulle and Paris-Orly. The dea...

GMRINFRA GMR INFRASTRUCTURE (Industrial Goods & Services)
Shirish Rane
  • Shirish Rane

India Strategy: Nifty50 Q3FY20 Review - Demand weakness persists, cont...

Nifty50* Q3FY20 continued to see a fairly segmented performance led by a) weak earnings reported by commodity oriented companies, b) strong show by financials and c) strong base effect support from Tata Motors (TAMO). Ex-TAMO, Nifty PAT grew 22%yoy (6% above IDFC estimates and 1% above consensus estimates). Ex-financials, commodities and TAMO, PAT (for 24 out of 50 Nifty companies) increased by 8%yoy, about 1% above consensus estimates. Led by overall weak demand environment in consumption as we...

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