Motilal Oswal - MOSL: Morning India (24/May/17)-1.Financials (Ground Reality); 2. Tata Motors; 3. Voltas; 4. Allcargo Logistics; 5. Century Ply

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Motilal Oswal

Team Research

MOSL: Morning India (24/May/17)-1.Financials (Ground Reality); 2. Tata Motors; 3. Voltas; 4. Allcargo Logistics; 5. Century Ply

â€‹MOrning India (24/May/17): 1.Financials (Ground Reality); 2. Tata Motors; 3. Voltas; 4. Allcargo Logistics; 5. Century Ply

Todayâ€™s top research idea

Tata Motor: Above est; Better mix drives strong performance in JLR and India

â€‹TTMT (incl JLR) has changed accounting of realized Fx hedges. Consol EBITDA at INR108b (v/s est INR79.3b; -11% YoY). Adj. PAT at INR43.2b (v/s est INR17.5b, -25% YoY) and FY17 adj PAT at ~INR62.4b (-52%).
JLR â€“ Product mix, operating leverage drives margin improvement
S/A â€“ Mix, price hike & lower BS-3 discount drives margins
We have upgraded our consol EPS by 5-6% for FY18/19 driven by favorable GBPINR rate. JLRâ€™s 4QFY17 performance has been very strong and has come earlier than our expectation. We had articulated drivers of improvement in operating performance from 2HFY18 in our recent detailed report. The stock trades at 14.6x/6.8x FY18E/FY19E consolidated EPS. We maintain Buy with TP of INR635 (FY19 SOTP based).

24/05/2017 28 EN

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MOSL: Morning India (24/May/17)-1.Financials (Ground Reality); 2. Tata Motors; 3. Voltas; 4. Allcargo Logistics; 5. Century Ply

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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