Reports
View latest reports from the Arihant Research Desk. Daily News Analysis, daily market outlook, Value Plus for the latest happenings, investment ideas, model portfolio and market summary, mutual fund reports, ongoing IPO and NFO recommendation reports.

 

Daily Market Outlook

Daily Equity F&O Margin Report 31-10-2014 Download 167KB
Daily Equity F&O Margin Report 31-10-2014
Daily Market Update Report 31-10-2014 Download 579KB
Daily Market Update Report 31-10-2014
Daily Equity F&O Margin Report 30-10-2014 Download 166KB
Daily Equity F&O Margin Report 30-10-2014
Daily Market Update Report 30-10-2014 Download 589KB
Daily Market Update Report 30-10-2014

Value Plus – Monthly

Arihant's Value Plus: Oct 2014 Download 2MB
Arihant's Value Plus Oct 2014 Issue is now available. This month's issue contains - Market Roundup of Sep 2014 month, Domestic data releases, Auto sector review, Technical Nifty Outlook, Commodity Pick, Currency Outlook, Technical Stock Picks, Mutual Fund Roundup
Arihant's Value Plus: Sep 2014 Download 3MB
Arihant's Value Plus Sep 2014 Issue is now available. This month's issue contains - Market Roundup of Aug 2014 month, Domestic data releases, Auto sector review, Q1FY15 Results Update, Technical Nifty Outlook, Commodity Pick, Currency Outlook, Technical Stock Picks, Fundamental Stock Picks, Mutual Fund Roundup, Investors Q&A, From Arihant’s Blog - Preparing for Retirement Risks
Arihant's Value Plus: Aug 2014 Download 3MB
Arihant's Value Plus Aug 2014 Issue is now available. This month's issue contains - Market Roundup of July 2014 month, Domestic data releases, Auto sector review, Q1FY15 Results Update, Technical Nifty Outlook, Technical Stock Picks, Commodity Pick, Mutual Fund Roundup

Ongoing IPO and NFO Note

IPO Note - Sharda Cropchem Ltd Download 424KB
Sharda Cropchem Ltd is a crop protection chemical company engaged in the marketing and distribution of a wide range of formulations and generic active ingredients globally. The company is priced at PE ratio of 13x the upper price band of Rs 156 and 12x the lower price band of Rs 145 on FY2014 earning. This seems reasonable; given the company’s strong balance sheet, healthy return ratios and earnings growth. Also, the offer price is at a discount to the comparable agrochemical companies in the industry (PE ratio is 25x FY2014 earnings). The company’s diversified business model with a clear focus on registration of molecules makes its business strategy unique as compared to its peers. We recommend investors to SUBSCRIBE for the IPO.

Commodity Reports

COMMODITY AGRI MARKET BUZZ DAILY-27-10-2014 Download 176KB
COMMODITY AGRI MARKET BUZZ DAILY-27-10-2014
DAILY CURRENCY UPDATE REPORT RCH-DCR 22-10-2014 Download 373KB
DAILY CURRENCY UPDATE REPORT RCH-DCR 22-10-2014
COMMODITY AGRI MARKET BUZZ DAILY-22-10-2014 Download 179KB
COMMODITY AGRI MARKET BUZZ DAILY-22-10-2014
Arihant - COMMODITY DAILY METAL BUZZ-221014. Download 147KB
Arihant - COMMODITY DAILY METAL BUZZ-221014.
DAILY CURRENCY UPDATE REPORT RCH-DCR 21-10-2014 Download 355KB
DAILY CURRENCY UPDATE REPORT RCH-DCR 21-10-2014
Commodity Diwali Special Report-2013 Download 195KB
Commodity Diwali Special Report-2013
Copper - Mirror Image Download 131KB
Copper - Mirror Image

Stock Recommendation and Other Reports

HDFC Bank – Q2FY15 Result Update Download 228KB
HDFC Bank reported stable set of numbers. Asset quality, as seen in GNPAs, continues to remain strong. We have valued stock on P/B(x) of 4x on its FY16 adjusted book value of Rs 246 per share and arrived at a target price of Rs. 985. We recommend to ‘HOLD’ the stock.
Hindustan Zinc – Q2FY15 Result Update Download 347KB
Hindustan Zinc’s (HZL) 2QFY15 performance was better than expected largely due to strong LME prices (11.4% rise sequentially). We have valued stock on EV/EBITDA of 6x its FY16E and have arrived at fair value of Rs 186 per share. At CMP of Rs 171 the stock is trading at FY15E and FY16E EV/EBITDA of 5.5x and 5.3x. We recommend Hold rating on the stock.
Positional Call: Bank of Baroda Download 340KB
Buy Bank of Baroda at CMP 919 or on a decline up to 900 SL 870 TGT 958-985-1000
JSW Steel – Q2FY15 Result Update Download 292KB
JSW Steel’s Q2FY15 numbers were above expectations on account of higher proportion of value added products which increased to 33% vs 29% sequentially. We have valued the company at 6.0x FY16E EV/EBITDA and have arrived at the price target of Rs 1,426. We recommend Accumulate rating on the stock.
Ultratech Cement – Q2FY15 Result Update Download 306KB
Ultratech’s (ULTC) 2QFY15 numbers were largely in line with the estimates largely driven by increased volume. We continue to value stock using EV/EBITDA(x) and have ascribed EV/EBITDA(x) of 10x to its FY16E EBITDA. Our fair value for Ultratech comes at Rs. 2,872 per share. We recommend ‘ACCUMULATE’ rating on the stock.
Federal bank – Q2FY15 Result Update Download 236KB
The Q2FY15 Earnings of Federal bank was largely in-line with expectations. With advances growth picking up to 12% from 8% level in previous quarter. We became positive about the prospects of the bank in the longer run and have revised our price target to Rs 161 based on 1.75x ABV of Rs 92. We have ‘Accumulate’ rating on the stock.
TCS – Q2FY15 Result Update Download 213KB
TCS’s 2QFY15 performance was marginally lower than our estimates on revenue and operating margins front. TCS reported $ revenue growth of 6.4% QoQ and 17.7% YoY. We have valued stock at P/E(x) of 19x its FY16 EPS and have arrived at a fair value of Rs 2,428. Recommend ‘Neutral’ rating on the stock.
Hero Motocorp – Q2FY15 Result Update Download 212KB
Hero Motocorp net sales grew by 20.5% YoY to Rs 6,864 cr, on strong volume growth of 19.5%. The stock at Rs 2,877 trades at 17.4x our estimated FY16 EPS of Rs 165 per share. We assign a price target of Rs 2,970 at 18x FY16 EPS, and have “Neutral” rating on the stock.
Bajaj-Auto – Q2FY15 Result Update Download 203KB
Bajaj-Auto Q2FY15 results were in line with estimates. Q2 PAT stood at Rs 853 crore showing an increase of 1.9% on YoY basis. We assign a price target of Rs 2,284, at 16x FY16 EPS of Rs 143 per share, and have a “NEUTRAL”rating on this stock.
Indusind Bank – Q2FY15 Result Update Download 246KB
Indusind Bank posted healthy growth both on the top-line and bottom-line front. Net profit grew by 30% YoY and stood at Rs 430 crs. We recommend to HOLD with a price target of Rs 685 based on 3x FY16E ABV of Rs 228.5.
Infosys – Q2FY15 Result Update Download 209KB
Infosys has delivered good set of numbers with a top line growth of 3.2% qoq at $2,201mn. Rupee Revenues increased 4.5% qoq to Rs 13,342cr. We believe Infosys deserve a re-rating thus we have assigned a higher PE of 18.5x (16x) to its FY16E earnings and have arrived at fair value of Rs 4,146 per share. At CMP Rs 3,889, stock trades at 17.4(x) its FY16 earnings. We have HOLD rating on the stock.
Smart Call (Value Plus Oct 2014): ITC Download 304KB
Buy ITC above 366 SL 352 TGT 380-395
Smart Call (Value Plus Oct 2014): HPCL Download 306KB
Buy HPCL at CMP 485 or on a decline up to 470 SL 450 TGT 523-543-560
Initiating Coverage - Coal India Ltd Download 307KB
We are initiating coverage on Coal India Ltd (CIL). The company is into coal production. The company has the distinction of holding largest coal reserves in the world and is also the largest producer of coal. CIL produces more than 80% of the domestic coal and enjoys the virtual monopoly in India. We initiate coverage with NEUTRAL rating on the stock.

Weekly Reports

Weekly Market Report - 27-10-2014 Download 690KB
Weekly Market Report - 27-10-2014
Weekly Market Report - 20-10-2014 Download 454KB
Weekly Market Report - 20-10-2014
Weekly Metal Energy Outlook-20-10-2014 Download 191KB
Weekly Metal Energy Outlook-20-10-2014
WEEKLY CURRENCY OUTLOOK RCH-WCR 20-10-2014 Download 190KB
WEEKLY CURRENCY OUTLOOK RCH-WCR 20-10-2014
WEEKLY AGRI OUTLOOK 20-10-2014 Download 175KB
WEEKLY AGRI OUTLOOK 20-10-2014
WEEKLY CURRENCY OUTLOOK RCH-WCR 13-10-2014 Download 188KB
WEEKLY CURRENCY OUTLOOK RCH-WCR 13-10-2014
WEEKLY CURRENCY OUTLOOK RCH-WCR 13-10-2014 Download 188KB
WEEKLY CURRENCY OUTLOOK RCH-WCR 13-10-2014
Weekly Market Report - 13-10-2014 Download 691KB
Weekly Market Report - 13-10-2014