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 30-01-2015 Download 174KB
Daily Equity F&O Margin Report 30-01-2015
Daily Market Update Report 30-01-2015 Download 622KB
Daily Market Update Report 30-01-2015
Daily Equity F&O Margin Report 29-01-2015 Download 170KB
Daily Equity F&O Margin Report 29-01-2015
Daily Market Update Report 29-01-2015 Download 621KB
Daily Market Update Report 29-01-2015

Value Plus – Monthly

Arihant's Value Plus: Jan 2015 Download 2MB
Arihant's Value Plus January 2015 Issue is now available. This month's issue contains - Market Roundup of 2014, Domestic data releases, Auto sector review, Nifty Technical Outlook, Technical Stock Picks, Standard Portfolio 2015, Currency Outlook, Commodity Special Report – Anusandhan 2015, Mutual Fund roundup, 2015 Events Calendar
Arihant's Value Plus: Dec 2014 Download 2MB
Arihant's Value Plus Dec 2014 Issue is now available. This month's issue contains - Market Roundup of Nov 2014 month, Domestic data releases, Auto sector review, Technical Nifty Outlook, Commodity Pick, Currency Outlook, Trading Glossary, Technical Stock Picks, Mutual Fund Roundup, Personal Finance: 6 Retirement Risks You Need To Be Prepared Of
Arihant's Value Plus: Nov 2014 Download 2MB
Arihant's Value Plus Nov 2014 Issue is now available. This month's issue contains - Market Roundup of Oct 2014 month, Domestic data releases, Auto sector review, Technical Nifty Outlook, Commodity Pick, Currency Outlook, Technical Stock Picks, 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

DAILY CURRENCY UPDATE REPORT 30-01-2015 Download 376KB
DAILY CURRENCY UPDATE REPORT 30-01-2015
COMMODITY AGRI MARKET BUZZ DAILY-30-01-2015 Download 171KB
COMMODITY AGRI MARKET BUZZ DAILY-30-01-2015
Arihant - COMMODITY DAILY METAL BUZZ-300115 Download 172KB
Arihant - COMMODITY DAILY METAL BUZZ-300115
DAILY CURRENCY UPDATE REPORT 29-01-2015 Download 376KB
DAILY CURRENCY UPDATE REPORT 29-01-2015
COMMODITY AGRI MARKET BUZZ DAILY-29-01-2015 Download 171KB
COMMODITY AGRI MARKET BUZZ DAILY-29-01-2015
Arihant - COMMODITY DAILY METAL BUZZ-290115 Download 173KB
Arihant - COMMODITY DAILY METAL BUZZ-290115
DAILY CURRENCY UPDATE REPORT 28-01-2015 Download 373KB
DAILY CURRENCY UPDATE REPORT 28-01-2015
COMMODITY AGRI MARKET BUZZ DAILY-28-01-2015 Download 173KB
COMMODITY AGRI MARKET BUZZ DAILY-28-01-2015
Arihant - COMMODITY DAILY METAL BUZZ-280115 Download 165KB
Arihant - COMMODITY DAILY METAL BUZZ-280115
Currency Outlook - 2015 Download 172KB
Currency Outlook - 2015
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

Techno-Funda Picks 29-01-2015 Download 222KB
Techno-Funda Picks - Whirlpool and Brigade Enterprises
Maruti Suzuki– Q3FY15 Result Update Download 217KB
Maruti Suzuki’s reported PAT was at Rs 802 crores a growth 17.7% on YoY basis, and PAT margin at 6.5%. The stock at Rs 3,685 trades at 31.3x and 21.8x our estimated EPS of Rs 118 and Rs 169 per share for FY15E & FY16E respectively. We value the stock at 21x FY16 EPS, and assign a price target of Rs 3,547 with a “Neutral” recommendation.
Persistent Systems – Q3FY15 Result Update Download 200KB
Persistent has delivered mixed set of numbers with top line growth of 4.2% qoq in dollar revenue. We have valued stock at P/E(x) of 18x to its FY16E earnings and have arrived at fair value of Rs 1,728 per share. At CMP Rs 1,726 stock trades at 18 (x) its FY16E earnings. We have ‘Neutral’ rating on the stock.
Ultratech Cement– Q3FY15 Result Update Download 223KB
Ultratech’s (ULTC) 3QFY15 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 12x to its FY16E EBITDA. Our fair value for Ultratech comes at Rs. 3,430 per share. We recommend ‘HOLD’ rating on the stock.
KPIT Technologies – Q3FY15 Result Update Download 69KB
KPIT performance during the quarter was in line with our expectations. We have valued stock at P/E(x) of 12x to its FY16E earnings and have arrived at fair value of Rs 218 per share. At CMP Rs 211 stock trades at 11.6 (x) its FY16E earnings. We have ‘Neutral’ rating on the stock.
Hindustan Zinc – Q3FY15 Result Update Download 289KB
Hindustan Zinc’s (HZL) 3QFY15 performance was better than expected largely due to strong LME prices and higher other income (on account of mark to market treasury gains). We have valued stock on EV/EBITDA of 5.5x its FY16E and have arrived at fair value of Rs 178 per share. At CMP of Rs 162 the stock is trading at FY15E and FY16E EV/EBITDA of 5.0x and 4.7x. We recommend Hold rating on the stock.
TCS – Q3FY15 Result Update Download 212KB
TCS has delivered muted set of numbers with a top line growing marginally by 0.05% qoq at $3,931 mn. We believe TCS will improve its performance with consistent clients’ wins and improving global scenario from next quarter onwards. We have valued stock at P/E(x) of 20x to its FY16E earnings and have arrived at fair value of Rs 2,522 per share. At CMP Rs 2,532 stock trades at 20.1 (x) its FY16E earnings. We have ‘Neutral’ rating on the stock.
POSITIONAL CALL 19-01-2015: IGARASHI MOTORS Download 387KB
POSITIONAL CALL: BUY IGARASHI MOTORS AT CMP 346.45 OR ON A DECLINE UP TO 325 SL 315 TGT 400-450
Federal Bank – Q3FY15 Result Update Download 236KB
The Q3FY15 Earnings of Federal bank was largely in-line with expectations. Federal bank continues to shine with advances growth picking up to 15% from 12% level in previous quarter coupled with strong other income growth. We remain positive about the prospects of the bank in the longer run and have price target to Rs 184 based on 2x ABV of Rs 92. We have ‘BUY’ rating on the stock.
DCB Bank – Q3FY15 Result Update Download 236KB
DCB recorded profit growth of 17% YoY to Rs 42.5 crs, however its PBT grew at a faster pace of 37% YoY to Rs 50 crs. DCB had a strong loan growth with superior asset quality; however we have valued DCB at discount to its peers because of higher proportion of retail deposits in total deposits. We value DCB at 2.75x FY16E ABV of Rs 53 giving a price target of Rs 146. We recommend to BUY the stock.
Indusind Bank – Q3FY15 Result Update Download 249KB
Indusind Bank (IIB) posted healthy growth both on the top-line and bottomline front. Net profit grew by 29% YoY and stood at Rs 447 crs. Strong loan traction, resilient asset book and superior liability franchise makes us positive on the bank. We recommend NEUTRAL rating with a price target of Rs 852 based on 3.75x FY16E ABV of Rs 227.
Techno-Funda Picks Download 284KB
Techno-Funda Picks: BEL and Marico
Techno-Funda Picks Download 391KB
Techno-Funda Picks: Canara Bank, Siemens, HT Media and Mangalam Cement
Infosys – Q3FY15 Result Update Download 202KB
Infosys has delivered good set of numbers with a top line growth of 0.8% qoq at $2,218mn. We believe Infosys deserve a re-rating thus we have assigned a higher PE of 19x (18.5x) to its FY16E earnings and have arrived at fair value of Rs 2,226 per share. At CMP Rs 2,074 stock trades at 17.7(x) its FY16E earnings. We have HOLD rating on the stock.
Fundamental Pick: Mangalam Cement Download 345KB
Fundamental Pick: Buy Mangalam Cement CMP: 314, TGT: 429
POSITIONAL CALL: BUY IDFC Download 357KB
POSITIONAL CALL 01-12-2014: BUY IDFC AT CMP 159.40 OR ON A DECLINE UP TO 145 SL 133 TGT 176-186-204
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 CURRENCY OUTLOOK 27-01-2015 Download 185KB
WEEKLY CURRENCY OUTLOOK 27-01-2015
WEEKLY AGRI OUTLOOK 27-01-2015 Download 184KB
WEEKLY AGRI OUTLOOK 27-01-2015
Weekly Market Report - 27-01-2015 Download 781KB
Weekly Market Report - 27-01-2015
Weekly Market Report - 19-01-2015 Download 782KB
Weekly Market Report - 19-01-2015