Motilal Oswal - MOSL: Morning India (2/May/17)-1. Tata Power (IC)-2. Big Leap â€“ Tiles (Thematic); 3. Auto Volumes (April); 4. Dabur India; 5. Ambuja Cem.; 6. Biocon; 7. Federal Bank

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Motilal Oswal

Team Research

MOSL: Morning India (2/May/17)-1. Tata Power (IC)-2. Big Leap â€“ Tiles (Thematic); 3. Auto Volumes (April); 4. Dabur India; 5. Ambuja Cem.; 6. Biocon; 7. Federal Bank

â€‹MOrning India (2/May/17): 1. Tata Power (Initiating Coverage); 2. Big Leap â€“ Tiles (Thematic); 3. Auto Volumes (April); 4. Dabur India; 5. Ambuja Cem.; 6. Biocon; 7. Federal Bank

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Todayâ€™s top research theme

Tata Power (INITIATING COVERAGE): Leading supplier struggling for RoE accretive growth

â€‹The regulated business is facing growth headwinds on slowing capex and stricter operating norms. The drag at Mundra will increase with rising coal prices, inflation and declining capacity charge.
Renewable energy would drive growth but with IRR on projects just meeting cost of equity, it will not drive value. TWPR's RoE would hardly cover it's CoE while leverage is high (2.7x D:E). This is not reflected in its current valuation, trading at 1.2x FY19 book.
We initiate with Sell valuing at 1x FY19E at INR69/sh.

Piping hot news

Core sector output up 5%, signals industrial recovery

â€‹Core sector output rose by 5 per cent in March, recovering from the one-year low growth rate of 1 per cent in February.

02/05/2017 38 EN

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Motilal Oswal

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MOSL: Morning India (2/May/17)-1. Tata Power (IC)-2. Big Leap â€“ Tiles (Thematic); 3. Auto Volumes (April); 4. Dabur India; 5. Ambuja Cem.; 6. Biocon; 7. Federal 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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