MOSL: Morning India (4/August/17): 1. Economy (Fuel or Engines) 2. Bulls & Bears 3. Technology 4. IOCL 5. Lupin 6. Titan 7. Colgate 8. Hexaware Tech 9. Emami 10. Ramco Cement
​MOrning India (4/August/17): 1. Economy (Fuel or Engines); 2. Bulls & Bears; 3. Technology; 4. IOCL; 5. Lupin; 6. Titan; 7. Colgate; 8. Hexaware Tech; 9. Emami; 10. Ramco Cement
Today’s top research idea
IOC: Adj. EBITDA marginally above est.; Core GRM at USD7.6/bbl
IOC reported marginally better core GRM of USD7.7/bbl v/s 3.6/bbl in 1QFY17 and USD6.9/bbl in 4QFY17. It reported inventory loss of INR28b in refining and INR12b in marketing. The company also wrote back INR28b of earlier provision for entry tax issue in the state of Haryana.
Adjusting for all this, EBITDA at INR91b was marginally above our estimate of INR87b. Forex gain stood at INR6b v/s loss of INR3.3b in 1QFY17 and gain of INR15b in 4QFY17. Reported PAT stood at INR45b, while adjusted PAT was INR27b. We had downgraded the stock last quarter.
Even after the recent rally, the stock is down 12%. Considering this, we upgrade our rating to Buy, but maintain target price of INR458.
Piping hot news
GST impact: Services PMI plunges to 45.9 in July
Service sector activity in July fell to its lowest level in nearly four years, evidently under the impact of the introduction of the Goods and Services Tax (GST), according to a private monthly survey.
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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