Investment Reports

Get to know the rationale behind great ideas for you to make sound long term investment decisions.

Date

of 1432 Reports

  • Result Update:Apollo Hospitals
    Result Update:Apollo Hospitals

    23 Feb 2017

    Apollo Hospitals’ Q3FY17 profitability was impacted due to (1) initial set up cost associated with commissioning of its mega facility in Navi Mumbai, (2) demonetization impact (~50% of revenue is in cash), and (3) 25-30 beds non-operational due to security reasons at Chennai Main (flagship hospita..
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  • Result Update:Vedanta
    Result Update:Vedanta

    23 Feb 2017

    EBITDA at Rs 60 bn (up 110% YoY) was broadly in line with our and Bloomberg consensus estimates. The increase was mainly due to (a) higher Zinc LME price of USD 2,520 (up 55% YoY) and higher zinc volume at Hindustan Zinc at 276 kt (up 21% YoY), (b) aluminum production of 319 kt (up 36% YoY) and 14% ..
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  • Result Update:Tata Motors
    Result Update:Tata Motors

    23 Feb 2017

    JLR’s EBITDA was a 20% miss. Margin was 10% vs. estimate of 14%. While some cost pressures were higher than expected (Discovery run-down), the heartbreak stemmed from the unfavorable hedge book in the wake of positive currency (GBP depreciation vs. the USD).
  • Result Update:Sun Pharma.Inds.
    Result Update:Sun Pharma.Inds.

    23 Feb 2017

    Q3FY17 EBITDA was 4% lower while PAT was 12% below our estimate due to higher tax (17.7%). Gross margin was lower at 71.6% (down 409 bps YoY/ 612 bps QoQ) led by 1) lower gross margin at Taro, 2) Olmesartan AG^ and 3) pricing pressure in US generics (US ex-Taro declined 12% QoQ, in our view).
  • Result Update:Rural Elec.Corp.
    Result Update:Rural Elec.Corp.

    23 Feb 2017

    REC’s PAT (Rs 17.5 bn, up 28% YoY) beat expectations on lower provisions (~Rs 1.8 bn of provision reversal from upgrade of a large thermal exposure). Management stated that a few more such upgrades are in the pipeline. GNPA ratio improved ~13 bps QoQ (at 2.3% on 180 dpd) and mgmt. expects it to re..
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  • Result Update:Petronet LNG
    Result Update:Petronet LNG

    23 Feb 2017

    PLNG stated that Gorgon LNG volumes of 1.44 mntpa (currently being received at Dahej terminal) is over-and-above the already fully leased-out volume of 15.75 mntpa. This indicates that utilization of Dahej terminal will be 100%+ even on expanded capacity of 15 mntpa. Higher/de-risked volumes and man..
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  • Result Update:Glaxosmit Pharma
    Result Update:Glaxosmit Pharma

    23 Feb 2017

    Despite a low base, net sales declined 12% with HFD volumes declining 17%. Consumer off-take declined 7% while inventory in trade channel was down 5% YoY. Gross margin declined 110 bps YoY due to RM cost inflation. Cost saving initiatives and 26% lower A&P spend led to 40 bps increase in OPM. PAT de..
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  • Result Update:Fortis Health.
    Result Update:Fortis Health.

    23 Feb 2017

    Q3FY17 consolidated revenue at Rs 11 bn (up 10% YoY) driven by 9% YoY growth in hospital business at Rs 9.2 bn and 11% YoY growth in diagnostics business (SRL) at Rs 2 bn. EBITDA increased to Rs 1.1 bn mainly due to lower service fee (consolidation of FHTL). Consolidated PBT before forex and excepti..
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  • Result Update:Advance. Enzyme.
    Result Update:Advance. Enzyme.

    23 Feb 2017

    Advanced Enzyme’s (AETL) Q3FY17 revenue declined 19% YoY and PAT declined 28% YoY; this was a negative surprise. However, on 9MFY17 basis, revenue grew 15% YoY and PAT grew 35% YoY.
  • Result Update:Adani Ports
    Result Update:Adani Ports

    23 Feb 2017

    Port EBITDA of ~Rs 12 bn (up 25% YoY) was driven by 8% YoY volume growth at 41 MT. Cargo at flagship Mundra port grew ~7% YoY (driven by containers). Profitability surprised positively rising 15% YoY to Rs 300/t. Results were boosted by SEZ income of Rs 2 bn.
  • Result Update:Adani Enterp.
    Result Update:Adani Enterp.

    23 Feb 2017

    Coal trading profitability rose sharply to ~USD 1.9/t, ahead of recent track record of USD 1.3/t in previous 4 quarters. However, this is still much below historical margin (USD 6-7/t). Volume was strong at 21.8 MT (up 13% YoY).

Trading Reports

Know our expert take on short term outlook on stocks, derivatives and indices based on technical analysis.

Date

of 646 Reports

Mutual Fund Reports

Find out the inside story on various Fund Houses (AMCs) and Mutual Fund schemes.

Date

of 63 Reports

  • Need of an equivalent of the American 401K plan
    Need of an equivalent of the American 401K plan

    06 Feb 2017

    It was probably in 2004 that the MF industry had for the first time suggested that Indian investors need a 401(k)-like plan
  • MF industry captains happy with budget
    MF industry captains happy with budget

    06 Feb 2017

    We have taken Budget reactions from some of the well-known names in the mutual fund industry. Read on
  • How ethical funds fared
    How ethical funds fared

    06 Feb 2017

    Let's take a look at how India's only 3 ethical funds have done over the past 10 years
  • Hedging uncertainty using balanced funds
    Hedging uncertainty using balanced funds

    06 Feb 2017

    In a market where there is no clear outlook for debt and equity, balanced funds make for a good option
  • Flexible STP everything you wanted to know
    Flexible STP everything you wanted to know

    06 Feb 2017

    Flex STPs allow you to park money in one set of funds - say debt or liquid funds, and transfer it into equity funds, based on preset market triggers
  • The evolving ELSS
    The evolving ELSS

    21 Jan 2017

    From being a limited-option category, equity-linked savings schemes now offer a good diversity of schemes
  • How MF investors should play the U.S. Fed interest rate hike move
    How MF investors should play the U.S. Fed interest rate hike move

    28 Dec 2016

    We spoke with a bevy of experts to gauge the impact on your mutual fund investments, and the way forward
  • What clicked and what did not
    What clicked and what did not

    20 Dec 2016

    With just two weeks to go for the New Year, we have taken stock of which equity themes worked in 2016 and which didn't
  • Watch out for debt funds
    Watch out for debt funds

    20 Dec 2016

    As investors cry hoarse over falling bank deposit rates, the spike in debt fund returns could not have been a better product advertisement
  • Value funds did deliver
    Value funds did deliver

    20 Dec 2016

    With investor assets worth over Rs 20,000 crore, value funds have fared quite well in the last 5 years, with an average CAGR of nearly 21 per cent
  • The emergence of a new breed
    The emergence of a new breed

    20 Dec 2016

    Equity-income funds are like balanced funds but they are also low on risk as well as taxes. This makes them worth exploring
  • Demonetization Scare
    Demonetization Scare

    20 Dec 2016

    In November, more than Rs 12700 crore long-term money flew in, laying to rest any concern among mutual fund investors

Sector & Economy Reports

Get updated on the recent macro and micro trends in various sectors as well as Indian and Global markets.

Date

of 106 Reports

  • Sector Update:Logistics Monitor
    Sector Update:Logistics Monitor

    23 Feb 2017

    As per data from Indian Ports Association (IPA), cargo at Major Ports grew 3.6% YoY (Jan ‘17), which was lower than 7.1% YoY growth YTDFY17. Growth in iron ore (up ~4x YoY) offset 10%/ 15% YoY decline in coking / thermal coal respectively. Container tonnage rose ~1% YoY (up 2.5% in TEUs), as ex-JN..
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  • Eco - Exports exposure
    Eco - Exports exposure

    23 Feb 2017

    India’s export growth has averaged +4% over the last six months (Aug16 to Jan17). Exports turned positive in Sept 16 after two years of mostly negative prints. Fall in commodity prices largely explained the decline. But, the turnaround we are seeing now is not all from commodity price recovery, so..
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  • Economy Update: IIP
    Economy Update: IIP

    17 Feb 2017

    Eco: IIP falls in December, but solid q-o-q improvement
  • Economy Update: Post RBI
    Economy Update: Post RBI

    14 Feb 2017

    RBI kept Repo rate on hold at 6.25%, in line with our expectations versus market call for a 25bp rate cut. In addition, the committee replaced the word‚ accommodative? in the forward guidance with ‚neutral? which is more hawkish than expected.
  • Sector Update:Logistics
    Sector Update:Logistics

    08 Feb 2017

    Finance ministry’s positive commentary on (a) competitive pricing of rail tariffs considering competition (especially road) and (b) underlying intent to regain market share through offering end-to-end integrated logistics solutions augur well for volume growth of Container Train Operators (CTOs) l..
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  • Sector Update:Capital Goods: Capex cycle
    Sector Update:Capital Goods: Capex cycle

    07 Feb 2017

    GovtInfra spends, emission norms to lead turnaround
  • Sector Update:METAL
    Sector Update:METAL

    07 Feb 2017

    Bullish long-term cyclical factors: Global mining capex is at decadal low, dwindling new discoveries; World’s top 2 mining companies have cut their total workforce by a whopping 38% over last 4 years due to depressed commodity prices; Chinese government strictly controlling new capacity addition a..
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  • Sector Update:Road
    Sector Update:Road

    02 Feb 2017

    Road sector recovered over the last 2 years; opportunity of ~Rs6 trnin next 5-6 years; Post the lull of FY12-14, strong pick up in FY15-17 facilitated by multiple reforms; In FY 18 itself, ~ Rs1 trnof orders each, by Centre (NHAI + MoRTH) and States; HAM to be the preferred route for NHAI going forw..
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  • Economoy Update: Union Budget 2017-18
    Economoy Update: Union Budget 2017-18

    02 Feb 2017

    Smarter approach vsThrowing money, at every problem: egdigitalization, increasing crop insurance, digital agri-markets, space-tech & targets for MNREGA, online edu-courses, healthcare cards, …
  • Economy Update: Budget Expectations 2017-18
    Economy Update: Budget Expectations 2017-18

    24 Jan 2017

    No wiggle room, but so much to do!
  • Sector Update:IT
    Sector Update:IT

    24 Jan 2017

    As Donald Trump assumes office on 20 Jan’17, Indian IT is likely to face heightened visa/immigration issues.Legislative enactments to curb misuse/loopholes of H1-B/LI visas may take centre stage. Key provisions relate to increase in minimum wages (from USD 60K to USD 100K) and 50:50 local hires. T..
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  • Sector Update:Pharma
    Sector Update:Pharma

    11 Jan 2017

    We expect India Pharma# to report tepid EBITDA growth of 9% YoY in Q3FY17 aided by one-offs such as Natco (164%) and Glenmark (73%), and acquisitions for Cipla (40%) and Strides (27%). While we expect steady performance by Sun (18%) and Lupin (15%), we see weak show by Dr Reddy’s and Cadila due to..
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