MOSL: Morning India (10/May/17)-1. Larsen & Toubro-2. Aurobindo Pharma-3. Bharti Airtel-4. Godrej Consumer-5. Interglobe Aviation; 6. Petronet LNG; 7. Blue Star; 8. Bharti Infratel; 9. ABB
​MOrning India (10/May/17): 1. Larsen & Toubro; 2. Aurobindo Pharma; 3. Bharti Airtel; 4. Godrej Consumer; 5. Interglobe Aviation; 6. Petronet LNG; 7. Blue Star; 8. Bharti Infratel; 9. ABB; 10. NIIT Tech
Today’s top research idea
Larsen & Toubro: The Monitorable Troika; Orders l E&C Execution l Net Working Capital
In our view, large domestic projects in Infrastructure, Defense and Hydrocarbons are likely to bunch up in FY18. We thus build in order growth of 17% for LT.
Domestic execution, which has been lackluster over past four years, is likely to pick up from 2HFY18, driven by strong order flow in 4QFY17.
NWC is on track to reach 18% of sales by FY21, from 21% in 3QFY17 (25% in 4QFY16).
We maintain our Buy rating with a revised target price of INR1,970 (24x standalone EPS), to which we add INR420 for the subsidiaries.
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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