Motilal Oswal - MOSL: Morning India (28/April/17)-1. ONGC (Upgrade to Buy); 2. EcoScope; 3. Maruti Suzuki; 4. Kotak Mah.; 5. Shriram Transport; 6. TVS Motor

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Motilal Oswal

Team Research

MOSL: Morning India (28/April/17)-1. ONGC (Upgrade to Buy); 2. EcoScope; 3. Maruti Suzuki; 4. Kotak Mah.; 5. Shriram Transport; 6. TVS Motor

â€‹MOrning India (28/April/17): 1. ONGC (Upgrade to Buy); 2. EcoScope; 3. Maruti Suzuki; 4. Kotak Mah.; 5. Shriram Transport; 6. TVS Motor

Todayâ€™s top research theme

â€‹ONGC: Projects finally showing results: Cost efficiency, production growth and dividend yield call for re-rating
After almost a decade of negative-to-flat growth, we believe gas production would grow at 10-15% annually for the next five years. Our recent meeting with the management reinforced our belief.
Continued improved oil recovery (IOR) and contribution of new projects to production would also help reverse the decadal trend of negative-to-flat growth.
We expect oil prices to remain in the band of USD50-60/bbl, which would provide stability to its earnings.
After two years of negative EPS growth, we expect EPS growth of 31% in FY18 and 14% in FY19. Positive policy developments, cost efficiency and dividend yield of 4-6% would further aid re-rating of the stock. Upgrade to Buy.

28/04/2017 32 EN

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Motilal Oswal

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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MOSL: Morning India (28/April/17)-1. ONGC (Upgrade to Buy); 2. EcoScope; 3. Maruti Suzuki; 4. Kotak Mah.; 5. Shriram Transport; 6. TVS Motor

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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