MOSL: Morning India (15/November/17): 1. Lupin (ART)- 2. Sun Pharma- 3. Eicher Motors- 4. Grasim Inds.- 5. GAIL- 6. Cadila Healthcare- 7. BoB- 8. Idea Cellular- 9. MRPL- 10. Bata India
​MOrning India (15/November/17): 1. Lupin (ART); 2. Sun Pharma; 3. Eicher Motors; 4. Grasim Inds.; 5. GAIL; 6. Cadila Healthcare; 7. BoB; 8. Idea Cellular; 9. MRPL; 10. Bata India
Today’s top research idea
- Eicher Motors: 2QFY18 Op-performance in-line; RE margins stable; VECV margin beats estimate
- EIM's operating performance was in-line with consol. EBITDA margin at 31.9% (est. 31.7%). However, higher tax restricted consol. PAT to ~INR5.2b (est. INR5.5b), a growth of 25%.
- RE's net realization declined 2% QoQ (+1% YoY) to ~INR106.7k (est. INR108.8) due to pass through of input tax credit. EBITDA margin expanded ~50bp QoQ (+60bp YoY) to 31.9% (est. 31.7%), led by lower RM cost (despite commodity pressures) due to efficiency gains.
- VECV's realizations grew 6% YoY (flat QoQ) to INR1.56m (est. INR1.59m). EBITDA margin expanded 200bp YoY (+90bp QoQ) to 9.2% (est. of 8.5%) on account of efficiency gains and operating leverage. Adj PAT was at INR950m (est. INR1.1m), grew 44% YoY. For RE, SSG in bookings for top-25 cities in early teens. It hasn't taken any price increase in RE since Aug-16.
Piping hot news
India’s trade deficit hits 35-month high as exports decline 1.1% in October
India’s merchandise exports declined for the first time in 14 months in October as exporters struggled with a liquidity crunch because of delayed refunds under the goods and services tax (GST) regime, leading to the highest trade deficit in 35 months. Data released by the commerce ministry on Tuesday showed exports fell 1.1% in October to $23.1 billion while imports expanded at the slowest pace in 10 months at 7.6% to $37.1 billion.
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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