Motilal Oswal - MOSL: Morning India (16/August/17): 1. Westlife Development (Corner Office) 2. Telecom 3. EcoScope 4. Coal India 5. Grasim Industries 6. Tata Power

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Motilal Oswal

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MOSL: Morning India (16/August/17): 1. Westlife Development (Corner Office) 2. Telecom 3. EcoScope 4. Coal India 5. Grasim Industries 6. Tata Power

â€‹MOrning India (16/August/17): 1. Westlife Development (Corner Office); 2. Telecom; 3. EcoScope; 4. Coal India; 5. Grasim Industries; 6. Tata Power

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Todayâ€™s top research idea

Coal India: Dragged by operating leverage; Many concerns still remain; Maintain Buy

Coal India's performance over the past couple of years was impacted by slow volume growth, impact of wage negotiation and grade re-adjustment at its coal mines. The headwinds are now behind, in our view.

We expect volumes to growth to accelerate from ~2% in FY17 to a CAGR of ~7% over FY17-20E as de-stocking ends, growth in electricity demand and import substitution. The impact of wage hike is already provided, though final negotiation is pending. It appears the full impact of grade slippage is reflected in 1QFY18.

We estimate PAT to grow at CAGR of ~13% over FY17-20E on volume growth and operating leverage gains. The valuations are attractive at 5.9x FY19E EV/EBITDA and 6.5% dividend yield. Buy.

Piping hot news

KG-D6 row: Govt slaps Rs 1700-cr penalty on RIL, BP

The government has imposed a new penalty of $264 million (about Rs 1,700 crore) on Reliance Industries Ltd and its partners for producing less than the targeted natural gas from eastern offshore KG-D6 fields in 2015-16.

16/08/2017 28 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.

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MOSL: Morning India (16/August/17): 1. Westlife Development (Corner Office) 2. Telecom 3. EcoScope 4. Coal India 5. Grasim Industries 6. Tata Power

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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