Motilal Oswal

​Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance. 

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

Team Research
  • Team Research

MOSL: Morning India (5/August/21): 1. State Bank of India (Gaining mom...

MOrning India (5/August/21): 1. State Bank of India (Gaining momentum in earnings); 2. Bulls and Bear; 3. Bharti Airtel; 4. Titan Company; 5. Hindalco; 6. Godrej Consumer; 7. Tata Consumer; 8. Bosch   Today’s top research idea State Bank of India: Gaining momentum in earnings; asset quality outlook strong State Bank of India (SBIN) reported a steady quarter, with an earnings beat of 12% on MOSLE. This was aided by controlled provisions despite a challenging environment. Core operating perf...

Alpesh Mehta
  • Alpesh Mehta
PNBHOUSING PNB Housing Fin... (Financial Services)

MOSL: PNB HOUSING FINANCE (Neutral)-Retailisation of AUM continues

PNB HOUSING FINANCE: Retailisation of AUM continues (PNBHOUSI IN, Mkt Cap USD1.6b, CMP INR720, TP INR760, 5% Upside, Neutral)   PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under bo...

PNBHOUSING PNB HOUSING FINANCE (Financial Services)
Jinesh Gandhi
  • Jinesh Gandhi
BOSCHLTD BOSCH (Automobiles & Parts)

MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues

BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral)   Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...

Aliasgar Shakir
  • Aliasgar Shakir
BHARTIARTL BHARTI AIRTEL (Telecommunications)

MOSL: BHARTI AIRTEL (Buy)-Steady earnings despite lockdown; encouragin...

BHARTI AIRTEL: Steady earnings despite lockdown; encouraging outlook (BHARTI IN, Mkt Cap USD42.5b, CMP INR574, TP INR720, 25% Upside, Buy)   Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses – despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred s...

Amit Murarka
  • Amit Murarka
HINDALCO Hindalco Indust... (Basic Resources)

MOSL: HINDALCO (Buy)-Margin outlook remains strong; We raise HNDL’s FY...

HINDALCO: Margin outlook remains strong; We raise HNDL’s FY22/FY23 EBITDA estimate by 3%/7% (HNDL IN, Mkt Cap USD13.4b, CMP INR443, TP INR520, 17% Upside, Buy)   Novelis, Hindalco’s wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions. We raise our cons...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch