MOSL: Morning India (22/July/19): 1. Reliance Inds. (Better throughput offsets poor GRMs); 2. EcoScope; 3. Hero Motocorp; 4. HDFC Bank; 5. Hindustan Zinc; 6. Dabur; 7. InterGlobe Aviation; 8. L & T Infotech
MOrning India (22/July/19): 1. Reliance Inds. (Better throughput offsets poor GRMs); 2. EcoScope; 3. Hero Motocorp; 4. HDFC Bank; 5. Hindustan Zinc; 6. Dabur; 7. InterGlobe Aviation; 8. L & T Infotech; 9. RBL Bank; 10. L&T Fin. Holdings; 11. Amara Raja Batt.; 12. Future Lifestyle
Today’s top research idea
Reliance Inds.: Better throughput offsets poor GRMs
- In line with decline in benchmark refining margins, RIL reported a GRM of USD8.1/bbl vs USD10.5/bbl previous year. However, lower production of PX & MEG, both of which recorded sharp decline in margins QoQ, resulted in higher profitability of the petrochem segment.
- We expect benchmark refining and petrochem margins to remain under pressure in 2019. The company continues to invest heavily in Telecom with INR85b of capex in the quarter. Retail continues to do well with sharp rise YoY to INR20b of EBITDA. Valuing core segments of refining and petrochem at 7.5x FY21 EBITDA and adding the valuation of telecom and retail segments, we arrive at Target price of INR1400. Reiterate Neutral.
Piping hot news
LIC offers Rs 1.25 lakh crore line of credit by 2024 to fund highway projects
As part of innovative modes of financing to meet India's huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said. Keen on timely execution of the Rs 8.41 lakh crore ambitious Bharatmala project that aims to lay a grid of highways pan-India, the Road Transport and Highways Ministry has been looking to harness various sources of finances including pension and insurance funds.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.