January 25, 2020

Positive management commentary on cement consumption to drive Ultratech Cement’s performance ove the short to medium term

Ultratech Cemco is India’s largest cement company. Demerger of cement division of Century and its merger into the company provides an opportunity add value through transition […]
January 24, 2020

APL Apollo a dominant ERW steel pipe player with good long term growth prospects but faces near term headwinds due to slow economic conditions

APL Apollo is India’s largest producer of electric resistance welded (ERW) steel pipes. Over the years, through organic and inorganic initiatives, the company enhanced its ERW […]
January 23, 2020

Corpus of Nippon Life India Asset Management growing post acquisition by Japanese parent

Nippon Life Asset Management is one of India’s largest asset management company offering products across the entire spectrum of wealth management. Financialisation of savings is driving […]
January 22, 2020

Momentum maintained in underlying business at RBL Bank; however credit costs go up due to large corporate account turning bad

RBL Bank is India’s leading private sector bank which has been recently impacted by spike in bad loans to 3 – 4 stressed accounts. Higher provisions […]
January 22, 2020

Management assurance on advertisement pick up and recovery of related party debt has improved sentiment in Zee Entertainment

Zee is India’s largest listed media company. The implementation of the new tariff order has been very positive for the company with subscription revenues shooting up […]
January 21, 2020

Worst of the NPAs behind Federal Bank. Lower credit costs and gradual revival in net interest income to drive growth

Federal Bank is an old private sector bank with a history that dates back to the pre-independence era. The bank has a dominant presence in Southern […]
January 21, 2020

ICICI Lombard may be a secular growth story in the making. Long term trajectory for general insurers is bright

ICICI Lombard is a India’s largest private sector general insurance company. We have a positive view on the insurance industry due to its low penetration and […]
January 20, 2020

Tough external environment and client specific issues to result in slower growth for L&T Technologies in near future but long term prospects remain bright

L&T Technology is a leading engineering and R&D services company. The service offering is differentiated from the traditional software companies in India due to its focus […]
January 20, 2020

Steady profits from L&T Finance; legacy loans still remain a drag. Credit growth dependent on improvement in external environment

L&T Finance, the NBFC subsidiary of engineering giant L&T lends to infra, housing and rural sector. Within these, the largest lending book is for infra projects […]
January 15, 2020

Transient factors such as tough lending environment, high slippages and exposure to select stressed accounts has marred sentiment in Indusind Bank but valuations attractive

Indusind is a leading private sector bank with strong presence in vehicle finance and micro- finance post merger with Bharat Financial. Exposure to IL&FS, Dewan Housing, […]