Colgate’s Q3FY11 numbers were below our forecasts owing to an unexpected increase in SG&A expenditure. Net sales grew 14%, led by 12% volume growth. The merger of Professional Oral Care (POC) and CC Healthcare (CC) resulted in 360bps rise in gross margins, but other expenditure (% of sales) increased 391bps.
MPL
Glenmark’s Q3 numbers disappointed on US sales growth front and lower margins. US generic sales grew by mere 8.2% YoY and de-grew 8.8 % QoQ on back of product withdrawal during the quarter and slow pick-up in recently launched products. We expect the company’s US sales to pick-up from Q4 onwards on back of gradual improvement in market share.
NTPC’s reported PAT remained flat at Rs23.7bn during the quarter. However, its adjusted PAT grew by 11% y-o-y to Rs23.2bn, marginally ahead of our estimate of Rs22.3bn. Generation remained flat at 54.7BU, despite higher capacity, as some of its units had to back down due to low demand schedule. It has tied up over 100GW under long term PPA’s with various SEB’s, thus giving comfort vis-à-vis private IPPs like JSW Energy who have higher exposure to the merchant market. Maintain HOLD with a target price of Rs216.
Jagran Prakashan (JPL) delivered strong growth as expected – top-line grew by 26%YoY, led by advertisement growth of 31%YoY to Rs1.95bn (in line with our estimate) and circulation revenue growth of 7.2%YoY to Rs570mn. Event and outdoor business grew by 20%YoY (10% of total sales).
Shree Cement’s (SRCM) Q3FY11 results were disappointing with drop in realisations and negligible power sales wiping out profits. Average cement realisations slumped 13% YoY to Rs2.8k/mt, while EBITDA/mt halved to Rs590. Margins contracted 1,844bps YoY to 20.3% as against our estimate of 22.8%. Higher capital charges resulted in PBT of Rs77mn. A tax write back enabled the company post a net profit of Rs275mn as against our estimate of Rs699mn.Emkay Global Financial Services has reiterated its BUY recommendation on Pine Labs with a target price of Rs225, implying a potential upside of 50% from the current market price of Rs150.
News in Focus
Featured, India Business, Stock Markets, Aadhar Housing Finance, Finance Sector, ICICI Securities, India
ICICI Securities has reiterated its BUY recommendation on Aadhar Housing Finance Ltd with a target price of Rs 625, implying an upside potential of nearly 29 percent from the current market price o
Motilal Oswal Financial Services has reiterated its BUY recommendation on Coforge with a target price of Rs 1,900, implying an upside potential of nearly 30% from the current market price of Rs 1,4
Featured, India Business, Analyst View, Stock Markets, Anand Rathi, India, RateGain Travel Technologies, Retail Sector
RateGain Travel Technologies has emerged as one of the most compelling growth stories within India's travel technology ecosystem, according to Anand Rathi.
Featured, India Business, Analyst View, Cement Sector, Geojit Financial Services, India, Ramco Cements
Rodrygo transfer rumors have lasted because the football logic is stronger than the gossip cycle.
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Mumbai-based brokerage Motilal Oswal Financial Services Ltd (MOFSL) has reiterated a BUY rating on Nuvama Wealth Management, setting a one-year price target of Rs 1,860 — implying 23% upside from the stock's current market price of Rs 1,510.
ICICI Securities, through its retail research arm ICICI Direct, has reaffirmed a Buy rating on City Union Bank (CITUNI), pegging a 12-month target price of Rs 240 a share against a current market price of Rs 204 — an implied upside of 18%.
