Motilal Oswal - MOSL: Morning India (25/May/17)-1.Media (TV Viewership)-2. Technology; 3. Lupin; 4. Bharat Forge; 5. Amara Raja Batteries; 6. Gujarat Gas; 7. Dish TV

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Motilal Oswal

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MOSL: Morning India (25/May/17)-1.Media (TV Viewership)-2. Technology; 3. Lupin; 4. Bharat Forge; 5. Amara Raja Batteries; 6. Gujarat Gas; 7. Dish TV

MOrning India (25/May/17): 1.Media (TV Viewership); 2. Technology; 3. Lupin; 4. Bharat Forge; 5. Amara Raja Batteries; 6. Gujarat Gas; 7. Dish TV; 8. GE T&D India; 9. Jindal Steel; 10. Kaveri Seed

Todayâ€™s top research idea

Lupin: Weak 4QFY17; Guides for muted FY18
Lupinâ€™s 4QFY17 revenues grew 2%YoY to INR42.5b (-6% of est.) .). The miss in revenue is primarily attributed to weak US sales.
There was a one-time impact of INR3.3b, relating to provisioning against patent litigation and forex loss. EBITDA declined 15.3% YoY to INR11.1b (3% below est.), with margins at 26% (est. of 25%).
Competition in Glumetza and Fortamet is expected to decline US sales in FY18. Due to this, EBITDA margin to contract in FY18. Maintain Buy with a TP of INR1,475 @ 20x FY19E PER We cut FY18E/19E EPS by ~16% due to the impact of competition in key products in the US. Cut in target multiple is attributed to the weak industry outlook.

Piping hot news

UDAY points a brighter picture, saves Rs7,900cr for Discoms
The performances of several state electricity distribution companies (discoms) have seen an improvement since they signed up for the Ujwal Discom Assurance Yojana (Uday).

25/05/2017 42 EN

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MOSL: Morning India (25/May/17)-1.Media (TV Viewership)-2. Technology; 3. Lupin; 4. Bharat Forge; 5. Amara Raja Batteries; 6. Gujarat Gas; 7. Dish TV

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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