MOSL: Morning India (10/August/17)-1. EcoKnowLedge (Economy)2. Tata Motors3. Eicher Motors4. Britannia Inds.5. NMDC6. Muthoot Finance7. Bank of India8. Nalco
​MOrning India (10/August/17): 1. EcoKnowLedge (Economy); 2. Tata Motors; 3. Eicher Motors; 4. Britannia Inds.; 5. NMDC; 6. Muthoot Finance; 7. Bank of India; 8. Nalco
Today’s top research idea
- Tata Motors: Below est.; Higher RM/marketing cost and op. deleverage hurt JLR
- Consol EBITDA declined 45% YoY to INR49.65b (v/s est INR66.6b), translating into Adj PAT decline of 90% YoY to INR3b (v/s est INR10.1b).
- JLR's EBITDA margins declined 460bp YoY to 7.9%, impacted by higher RM cost, marketing cost & operating deleverage. EBITDA declined by 34% YoY to GBP442m (v/s est GBP711m). Adj. PAT declined 53% to GBP125m (v/s est GBP239m).
- Guides for EBITDA margins in FY18 to remain stable over FY17 of ~12%. FX hedge losses to reduce gradually with significant reduction from 4QFY18 onwards. We downgrade our consol. EPS by 27%/7% for FY18/19. Buy.
Net direct tax receipts rise 19.1% to Rs1.9 trillion in April-July
-The government's net receipts from corporate and personal income tax rose 19.1% in the April-July period to Rs1.9 trillion, faster than the growth rate estimated in February for the entire financial year, the Central Board of Direct Taxes (CBDT) said on Wednesday.
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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