Motilal Oswal - MOSL: Morning India (4/September/17)-1. Vedanta (Zinc day - production to grow after a hiatus of 6 years) 2. Dr Reddys (Suboxone litigation in favor of DRRD US FDA approval key) 3. Grasim Industries

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Motilal Oswal

Team Research

MOSL: Morning India (4/September/17)-1. Vedanta (Zinc day - production to grow after a hiatus of 6 years) 2. Dr Reddy's (Suboxone litigation in favor of DRRD US FDA approval key) 3. Grasim Industries

â€‹MOrning India (4/September/17): 1. Vedanta (Zinc day - production to grow after a hiatus of 6 years); 2. Dr Reddy's (Suboxone litigation in favor of DRRD; US FDA approval key); 3. Grasim Industries (Aditya Birla Capital lists at a significant premium); 4. Economy (Economic activity remained subdued in July 2017); 5. Automobiles (August 2017 volumes)

Todayâ€™s top research idea

Vedanta: Zinc day - production to grow after a hiatus of 6 years

We attended VEDLâ€™s Zinc Day and came back more confident on its production growth plans at Hindustan Zinc (HZL) and Zinc international (ZI). Zinc-lead mine production will grow after a hiatus of six years. Production at HZL will increase 27% and at ZI by 135% by FY20E.

Strong-term outlook for Zinc LME has also turned bullish. Aluminum prices are also trading stronger on supply-side measures by China. We have raised consolidated EBITDA estimates by 8/12% to INR162/171b for FY19E/FY20E.

Strong commodity prices and sweating of assets would drive an attributable consolidated EBITDA growth CAGR of ~20% and PAT CAGR of ~41% over FY17-20E.

The target price is revised to INR361/share (from INR316 earlier). Maintain Buy.

04/09/2017 30 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.

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MOSL: Morning India (4/September/17)-1. Vedanta (Zinc day - production to grow after a hiatus of 6 years) 2. Dr Reddy's (Suboxone litigation in favor of DRRD US FDA approval key) 3. Grasim Industries

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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