Motilal Oswal - MOSL: Morning India (31/August/17)-1. Tata Power (FY17 Annual Report Update)-2. Delta Corp; 3. EcoKnowLedge-4. Automobiles

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Motilal Oswal

Team Research

MOSL: Morning India (31/August/17)-1. Tata Power (FY17 Annual Report Update)-2. Delta Corp; 3. EcoKnowLedge-4. Automobiles

â€‹MOrning India (31/August/17): 1. Tata Power (FY17 Annual Report Update); 2. Delta Corp; 3. EcoKnowLedge; 4. Automobiles

Todayâ€™s top research theme

Tata Power: FY17 Annual Report Update â€“ Optimized CGPLâ€™s capital structure; Raising estimates; Maintain Sell

Post analyzing Tata Power's (TPWR) FY17 annual report, we have raised our estimates. Key highlights:

â€‹CGPL gets INR45b quasi equity; another INR29b needed over three years
Coal JVs are funding negative free cash flows (some of under-recoveries) at CGPL
Delhi distribution: Strong FCF on WC release, but regulated equity is muted
Renewable energy: Strong free cash flow, but intense competition hurts growth
Leverage increased under Ind-AS; Maintain Sell with SOTP of INR71

Piping hot news

RBI says 98.96% of Rs 500, Rs 1000 notes returned after demonetisation

According to Reserve Bank of India's (RBI) annual report released Wednesday, 98.96% of Rs 500 and Rs 1000 notes (by value) that were invalidated due to the demonetisation exercise had been returned by the end of June. The numbers put to rest one of the big mysteries surrounding the demonetisation exercise, which, according to some analysts, was one of the reasons behind the Bharatiya Janata Party's landslide win in this year's elections in UP.

31/08/2017 22 EN

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MOSL: Morning India (31/August/17)-1. Tata Power (FY17 Annual Report Update)-2. Delta Corp; 3. EcoKnowLedge-4. Automobiles

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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