Motilal Oswal - MOSL: Morning India (16/October/17)-1. Consumer-Ground Reality- 2. Ecoscope- 3. Reliance Industries- 4. IndusInd Bank- 5. Avenue Supermarts- 6. MCX- 7. Healthcare

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Motilal Oswal

Team Research

MOSL: Morning India (16/October/17)-1. Consumer-Ground Reality- 2. Ecoscope- 3. Reliance Industries- 4. IndusInd Bank- 5. Avenue Supermarts- 6. MCX- 7. Healthcare

â€‹MOrning India (16/October/17): 1. Consumer-Ground Reality; 2. Ecoscope; 3. Reliance Industries; 4. IndusInd Bank; 5. Avenue Supermarts; 6. MCX; 7. Healthcare

Todayâ€™s top research idea

Reliance Industries: Standalone EBITDA in line; RJio delivers +ve EBIT from 1st quarter itself

Reliance Industriesâ€™ 2QFY18 standalone operating performance was largely in-line with our expectations. Petchem segment reported robust performance driven by favorable margin and strong volume growth. While the reported GRM of USD12/bbl was below our estimate of USD12.6/bbl led by lower light-heavy differentials, the refining throughput of 18.1mmt was ahead of our estimate of 17.5mmt.

RJio turns EBITDA positive in 1st quarter of reporting: RJio reported stellar revenues of INR61.5b, led by ARPU of INR156, coming partly from 1QFY18 recharges. EBITDA of INR14.4b benefited from lower-than-expected opex, coupled with network and employee expense capitalized.

We raise our RJio valuation to INR245/share from INR190/share. Also we increase our estimates for petchem segment on account of increase in petchem delta due to delays in US petchem expansions. Our SOTP-based fair value stands at INR1,005/share, implying an upside of 15%. We thus upgrade our rating to Buy.

Piping hot news

IndusInd Bankâ€™s board approves merger with Bharat Financial

The board of IndusInd Bank Ltd has approved the merger between the bank and microfinance firm Bharat Financial Inclusion Ltd (BFIL), IndusInd informed the stock exchanges on Saturdayâ€¦

16/10/2017 36 EN

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MOSL: Morning India (16/October/17)-1. Consumer-Ground Reality- 2. Ecoscope- 3. Reliance Industries- 4. IndusInd Bank- 5. Avenue Supermarts- 6. MCX- 7. Healthcare

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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