Motilal Oswal - MOrning India (27/May/19): 1. NTPC (Lower under-recoveries drive strong performance); 2. Financials (Draft guidelines for ALM and LCR requirements of NBFCs); 3. JSW Steel; 4. Grasim Inds; 5. Divis Lab

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Motilal Oswal

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MOrning India (27/May/19): 1. NTPC (Lower under-recoveries drive strong performance); 2. Financials (Draft guidelines for ALM and LCR requirements of NBFCs); 3. JSW Steel; 4. Grasim Inds; 5. Divi's Lab

MOrning India (27/May/19): 1. NTPC (Lower under-recoveries drive strong performance); 2. Financials (Draft guidelines for ALM and LCR requirements of NBFCs); 3. JSW Steel; 4. Grasim Inds; 5. Divi's Lab; 6. Ashok Leyland; 7. Page Industries; 8. Future Retail

Today’s top research idea

NTPC: Lower under-recoveries drive strong performance; Capitalization to pick up pace; under-recoveries to decline; Re-iterate Buy

Operations are turning around as availability of coal improves and FC u/r decline. Management expects no fuel-related under-recoveries from FY20 (v/s INR8b in FY19), which will likely boost PAT. Under-recoveries on GCV and O&M are well addressed in the tariff regulations 2020-24, which will also support earnings.

We expect capitalization to pick up pace, driving a regulated equity CAGR of 14% over FY19-21. Capitalization will outpace capex, boosting RoE and driving re-rating of the stock. Re-iterate Buy with a DCF-based target price of INR158/share

Piping hot news

RBI to buy Rs 15,000 crore of gilts via OMO

The Reserve Bank of India (RBI) on Friday said it will conduct the purchase of government securities (gilts) under open market operation to the tune of Rs 15,000 crore on June 13. It also notified the revised voluntary retention route for foreign portfolio investors for debt investment.

27/05/2019 1 EN

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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.

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MOrning India (27/May/19): 1. NTPC (Lower under-recoveries drive strong performance); 2. Financials (Draft guidelines for ALM and LCR requirements of NBFCs); 3. JSW Steel; 4. Grasim Inds; 5. Divi's Lab

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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