MOSL: Morning India (24/July/17)-1. Telecom 2. Reliance Inds. 3. Bajaj Auto 4. United Spirits 5. Avenue Supermarts 6. Britannia Industries
​MOrning India (24/July/17): 1. Telecom; 2. Reliance Inds.; 3. Bajaj Auto; 4. United Spirits; 5. Avenue Supermarts; 6. Britannia Industries; 7. Ashok Leyland; 8. MRPL; 9. Divi's Lab
Today’s top research idea
Reliance Industries: Standalone EBITDA/PAT largely in line
RIL reported standalone financials in line with expectation. However, GRM of USD11.9/bbl was higher than our estimate. RIL's GRM has shown strong resilience towards weak crack spreads, narrowing light-heavy differential and narrowing Brent -dubai differential due to better yield/crude optimization & risk management. Petrochem has also shown improvement in margin due to rise of 69% QoQ delta in PP, 5% QoQ rise in PE delta and almost doubling of SBR & PBR deltas. Commissioning of ROGC would be done in next 45-60days while petcoke gasifier is expected to be commissioned fully by Mar-18.
RIL announced launch of its Jio phone which is targeting current pool of 530m feature phone users. Current paid subscriber base has improved to 100m. Going further, Telecom would be a major driver of stock performance.
Piping hot news
ONGC not to make open offer post HPCL acquisition
ONGC will not be required to make an open offer to minority shareholders of HPCL after buying out government's 51.11 per cent stake as the deal won't trigger takeover norms as did the IOC-IBP merger in 2002, a senior government official said.
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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