Motilal Oswal - MOSL: Morning India (19/October/18): 1. Reliance Industries; 2. Havells India; 3. ACC; 4. Mindtree; 5. Cyient; 6. NIIT Tech; 7. DCB Bank; 8. Trident; 9. Music Broadcast; 10. Economy

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Motilal Oswal

Team Research

MOSL: Morning India (19/October/18): 1. Reliance Industries; 2. Havells India; 3. ACC; 4. Mindtree; 5. Cyient; 6. NIIT Tech; 7. DCB Bank; 8. Trident; 9. Music Broadcast; 10. Economy

MOrning India (19/October/18): 1. Reliance Industries; 2. Havells India; 3. ACC; 4. Mindtree; 5. Cyient; 6. NIIT Tech; 7. DCB Bank; 8. Trident; 9. Music Broadcast; 10. Economy

Today’s top research idea

Reliance Industries: Consol. EBITDA in line led by healthy retail performance

RIL reported consolidated EBITDA in line with our estimates at INR211bn. Refining margin was lower at USD9.5/bbl against USD10.5/bbl in 1QFY19 and USD12.0/bbl in 2QFY18. Petrochem EBIT margin declined sequentially due to higher feedstock prices amid startup of two new crackers in US putting pressure on benchmark deltas.
We expect SG GRM of USD6/bbl and expect RIL's GRM to bounce back to USD11-12/bbl in FY20. We expect slight pressure on petrochem margins due to startup of two more crackers in the US in next few months. Petcoke gasifiers are expected to ramp up by FY19-end. Expect Jio and retail to continue to shine. Reiterate Buy with target of INR1,479.

Piping hot news

Tata Sons said to be in talks to buy stake in Jet Airways

Tata Sons Ltd has held preliminary discussions to buy a large stake in debt-laden Jet Airways (India) Ltd, the Times of India reported on Thursday. Tata has sought management control of Jet Airways, seeking at least 26% initially and another 26% via an open offer later, the paper said. Jet Airways has been facing a financial crunch amid rising oil prices and a depreciating rupee. In a bid to revive itself, Jet Airways said in August it will inject funds and cut costs to turn around the business, without elaborating further.

19/10/2018 32 EN

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MOSL: Morning India (19/October/18): 1. Reliance Industries; 2. Havells India; 3. ACC; 4. Mindtree; 5. Cyient; 6. NIIT Tech; 7. DCB Bank; 8. Trident; 9. Music Broadcast; 10. Economy

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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