Motilal Oswal - MOSL: Morning India (26/July/18): 1. Larsen Toubro; 2. JSW Steel; 3. Hero Motocorp; 4. Bharti Infratel; 5. Ambuja Cement; 6. BHEL; 7. Jubilant Food; 8. Canara Bank

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Motilal Oswal

Team Research

MOSL: Morning India (26/July/18): 1. Larsen & Toubro; 2. JSW Steel; 3. Hero Motocorp; 4. Bharti Infratel; 5. Ambuja Cement; 6. BHEL; 7. Jubilant Food; 8. Canara Bank

MOrning India (26/July/18): 1. Larsen & Toubro; 2. JSW Steel; 3. Hero Motocorp; 4. Bharti Infratel; 5. Ambuja Cement; 6. BHEL; 7. Jubilant Food; 8. Canara Bank

Today’s top research idea

Larsen & Toubro: Adj. PAT exceeds estimate in a quarter of multiple one-offs

PAT (adjusted for one-offs) of INR15.8b in 1QFY19 was ahead of our estimate of INR14.6b.
While we had only built in INR3.5b of profit on sale of the Kattupalli port in our estimates, there were additional one-offs relating to (a) INR4b profit/loss reversal on road INVIT, (b) write-down/provisioning in realty amounting to INR7.5b, (c) impairment charge on hydel projects of INR1b and (d) Ind-AS impact on realty profit of INR0.8b (post-tax).
Maintain Buy with an SOTP-based TP of INR1,540 (E&C business at 22x FY20E EPS, at the higher end of the five-year trading band, to which we add INR530 for subsidiaries).

Piping hot news

Liberty House gets NCLT nod for bid to acquire Amtek Auto

The Chandigarh bench of the National Company Law Tribunal (NCLT) on Wednesday approved the resolution plan by single bidder Liberty House to acquire the assets of debt-laden Amtek Auto Ltd. The company was among the first list of 12 large bad loan accounts that the Reserve Bank of India (RBI) identified for insolvency resolution. The division bench of justice R.P. Nagrath and technical member Pradeep R. Sethi approved the resolution plan following an insolvency plea filed by Corporation Bank against the auto component manufacturer. Liberty House is part of the Sanjeev Gupta-led global industrial group GFG Alliance.

26/07/2018 56 EN

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MOSL: Morning India (26/July/18): 1. Larsen & Toubro; 2. JSW Steel; 3. Hero Motocorp; 4. Bharti Infratel; 5. Ambuja Cement; 6. BHEL; 7. Jubilant Food; 8. Canara Bank

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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