MOSL: Morning India (14/November/17)-1. Reliance Inds.- 2. Axis Bank- 3. EcoScope- 4. Telecom- 5. NTPC- 6. Coal India- 7. HPCL- 8. NMDC- 9. Idea Cellular- 10. P & G Hygiene
​MOrning India (14/November/17): 1. Reliance Inds.; 2. Axis Bank; 3. EcoScope; 4. Telecom; 5. NTPC; 6. Coal India; 7. HPCL; 8. NMDC; 9. Idea Cellular; 10. P & G Hygiene
Today’s top research idea
- Axis Bank: Strong capitalization to fast-track recovery; Upgrading to Buy
- Axis Bank's board has approved a capital raising plan amounting to USD1.79b (INR116.26b) to provide the necessary growth capital to the bank and support asset quality clean-up.
- We estimate AXSB's FY18E/19E book value to increase by 9%/10% and Tier-I ratio by 170bp to 13.8% by FY18E. The entire capital raising will eventually result in dilution of 9.1% on the existing capital base (8.3% on post-issue basis).
- We revise our estimates and project ~42% earnings CAGR over FY17-20, even as we factor in credit cost of 2.7%/1.8%/1.5% over FY18-20E. We turn positive on AXSB from a medium-term perspective, and revise our PT to INR680, based on 2.3x Mar-20E ABV. We thus upgrade our rating to Buy.
Piping hot news
Govt to launch Bharat 22 ETF today, seeks to raise Rs8,000 crore
The government will launch the ‘Bharat 22’ exchange traded fund (ETF) managed by ICICI Prudential Mutual Fund, on Tuesday, targeting an initial amount of about Rs8,000 crore. The new fund offer will be open for subscription till 17 November and a discount of 3% is being offered to all categories of investors.
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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