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 31-07-2014 Download 165KB
Daily Equity F&O Margin Report 31-07-2014
Daily Market Update Report 31-07-2014 Download 695KB
Daily Market Update Report 31-07-2014
Daily Equity F&O Margin Report 30-07-2014 Download 166KB
Daily Equity F&O Margin Report 30-07-2014
Daily Market Update Report 30-07-2014 Download 671KB
Daily Market Update Report 30-07-2014

Value Plus – Monthly

Arihant's Value Plus: Jul 2014 Download 3MB
Arihant's Value Plus Jul 2014 Issue is now available. This month's issue contains - Market Roundup of June 2014 month, News update, Auto sector review, Technical Nifty Outlook, Technical Stock Picks, Commodity Pick, Mutual Fund Roundup
Arihant's Value Plus: Jun 2014 Download 3MB
Arihant's Value Plus Jun 2014 Issue is now available. This month's issue contains - Market Roundup of May 2014 month, News update, Auto sector review, Q4FY14 Results, Technical Nifty Outlook, Technical Stock Picks, Commodity Pick, Mutual Fund Roundup, Smart stats- Muthoot Finance NCD, Ongoing Corporate FDs, best fixed deposits, top mutual fund schemes recommended for SIP investment
Arihant's Value Plus: May 2014 Download 5MB
Arihant's Value Plus May 2014 Issue is now available. This month's issue contains - Market Roundup of April 2014 month, News update, Auto sector review, Q4FY14 Results, Technical Nifty Outlook, Technical Stock Picks, Commodity Pick and Currency Pick, Mutual Fund Roundup, From Arihant’s Blog: Understanding Currency Derivatives

Ongoing IPO and NFO Note

FPO Note - Engineers India Ltd (EIL) Download 154KB
EIL is a niche player in India’s engineering service segments, with strong credentials in energy sector. EIL’s performance in last one year was impacted by capex slowdown resulting into falling revenues, margins and profitability. However, future prospects looks encouraging from here on with ever increasing order book coming from increased presence in new markets and segments. We expect EIL to benefit incrementally from improved capex cycle in India. We believe margins at present are at bottom and should improve going forward. At upper level of price band stock looks reasonably valued in our view. Recommend subscribe to FPO.

Commodity Reports

Daily NCDEX Margin Report 31-07-2014 Download 112KB
Daily NCDEX Margin Report 31-07-2014
Daily mcx Margin Report 31-07-2014 Download 115KB
Daily mcx Margin Report 31-07-2014
DAILY CURRENCY UPDATE REPORT RCH-DCR 31-07-2014 Download 261KB
DAILY CURRENCY UPDATE REPORT RCH-DCR 31-07-2014
COMMODITY AGRI MARKET BUZZ DAILY-31-07-2014 Download 179KB
COMMODITY AGRI MARKET BUZZ DAILY-31-07-2014
Arihant - COMMODITY DAILY METAL BUZZ-310714 Download 158KB
Arihant - COMMODITY DAILY METAL BUZZ-310714
Daily NCDEX Margin Report 30-07-2014 Download 114KB
Daily NCDEX Margin Report 30-07-2014
Daily mcx Margin Report 30-07-2014 Download 117KB
Daily mcx Margin Report 30-07-2014
COMMODITY AGRI MARKET BUZZ DAILY-30-07-2014 Download 174KB
COMMODITY AGRI MARKET BUZZ DAILY-30-07-2014
Arihant - COMMODITY DAILY METAL BUZZ-300714 Download 171KB
Arihant - COMMODITY DAILY METAL BUZZ-300714
DAILY CURRENCY UPDATE REPORT RCH-DCR 30-07-2014 Download 260KB
DAILY CURRENCY UPDATE REPORT RCH-DCR 30-07-2014
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

Bank of Baroda - Q1FY15 Result Update Download 231KB
Bank of Baroda’s 1QFY15 earnings were largely in-line with estimates. Better performance came on back of strong NII growth during the quarter. Net interest income reported 15.2% YoY and 6.5% QoQ growth to Rs. 3,328cr. We have valued stock on P/ABV(x) of 1.0x on its FY16 adjusted book value of Rs 1,031 per share and recommend Accumulate rating with a target price of Rs 1,031 per share.
TVS Motor - Q1FY15 Result Update Download 175KB
TVS reported mixed set of numbers for Q1FY15. Volumes for the company grew by 18.1% while realisations increased by 10% on YoY basis. The stock at Rs. 143 trades at 12.4x our estimated FY16 EPS of Rs 11.5 per share at which stock looks over-valued in our view. We have assigned a price target of Rs 115 per share based on PE of 10x its FY16 estimates. Recommend ‘Reduce’ rating on the stock.
Ambuja Cements – Q2CY14 Result Update Download 221KB
Ambuja’s 2QCY14 result came above estimates largely driven by higher volumes and realisations. We have valued stock on EV/EBITDA of 9.5(x) its CY15 estimates and have arrived at a fair value of Rs 228 per share. At CMP of Rs 211 the stock is available at CY15E P/E(x) and EV/EBITDA(x) of 15.5x and 8.7x, respectively at which valuations look cheap in our view. We recommend HOLD rating on the stock.
ACC – Q2CY14 Result Update Download 374KB
ACC’s 2QCY14 operating performance came below estimates. Profit after tax declined by 6% YoY to Rs 241cr. We have valued stock on EV/EBITDA of 9.0(x) its CY15 estimates and have arrived at a fair value of Rs 1,387 per share. At CMP of Rs 1,460 the stock is available at CY15E P/E(x) and EV/EBITDA(x) of 18.3x and 9.4x, respectively at which valuations looks expensive in our view. We recommend REDUCE rating on the stock.
Positional Call: Cadila Healthcare Download 323KB
Positional Call: Buy Cadila Healthcare at CMP 1127 or on a decline upto 1090 SL 1050 TGT 1170-1227-1270
Yes Bank - Q1FY15 Result Update Download 214KB
Yes Bank reported lower than expected growth during the quarter. However, we expect momentum to come back on track in coming quarters. We believe, the business dynamics would continue to work in favor of YES bank, improvement in liability franchise, loan composition, consistent balance sheet growth, and superior asset quality. We have valued bank at 2.2(x) its FY15 adj book value and have arrived at fair value of Rs 605 per share. At CMP of Rs 545, the stock is trading at P/ABV(x) of 2.0x its FY15 adjusted book value of Rs 275 per share. We recommend Hold rating on stock.
Ultratech Cement- Q1FY15 Result Update Download 321KB
Ultratech’s (ULTC) 1QFY15 numbers were largely in line with the estimates largely driven by increased volume. During the quarter sales volume increased by 16% to 11.7 MT. 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. 2,600 per share. We recommend ‘NEUTRAL’ rating on the stock.
TCS - Q1FY15 Result Update Download 209KB
TCS’s 1QFY15 performance was better than our and consensus estimates on revenue and operating margins front. TCS reported $ revenue growth of 5.5% QoQ and 16.7% yoy. We believe, TCS will continue to deliver stellar performance every quarter with consistent client wins and improving global economic scenario. We estimate FY16 revenue/earnings to record a CAGR of 17%/14.5%. We have valued stock at P/E(x) of 20x (premium to its peers) it’s FY16 EPS and has arrived at a fair value of Rs 2,557. Recommend ‘Neutral’ rating on the stock, post the run-up in the price.
Bajaj Auto - Q1FY15 Result Update Download 217KB
BAL Q1FY15 results were slightly below estimates but our long term view on the stock remains positive. BAL’s ambition of becoming global leader in motorcycle is reflected in its global sales and in our view BAL is inching towards its goal with every passing quarter. We assign a price target of Rs 2142, at 15x FY16 EPS of Rs 143 per share, and have a “NEUTRAL” rating on this stock.
Federal Bank - Q1FY15 Result Update Download 246KB
The Q1FY15 earnings of Federal bank, though not very impressive, were largely in-line with expectations. With advances growth remaining in 8-10% range coupled with subdued fee income we have cautious view. We have arrived at the price target of Rs 110 base on 1.2x FY16 ABV of Rs 92.
Indusind Bank – Q1FY15 Result Update Download 236KB
Indusind Bank (IIB) posted healthy growth both on the top-line and bottomline front. Net profit grew by 26% YoY and stood at Rs 421 crs. We recommend to HOLD with a price target of Rs 571 based on 2.5x FY16E ABV of Rs 228.5.
Smart Call (Value Plus July 2014): Petronet LNG Download 325KB
Buy Petronet LNG at CMP: 178.30 or on a decline up to 174, SL: 169, TGT: 190-197-205
Smart Call (Value Plus July 2014): Crompton Greave Download 325KB
Buy Crompton Greaves at CMP: 207.65 or on a decline up to 199, SL: 188, TGT: 222-234-245

Weekly Reports

Weekly Market Report - 28-07-2014 Download 900KB
Weekly Market Report - 28-07-2014
Weekly Metal Energy Outlook-28-07-2014 Download 221KB
Weekly Metal Energy Outlook-28-07-2014
WEEKLY CURRENCY OUTLOOK RCH-WCR 28-07-2014 Download 196KB
WEEKLY CURRENCY OUTLOOK RCH-WCR 28-07-2014
WEEKLY AGRI OUTLOOK 28-07-2014 Download 181KB
WEEKLY AGRI OUTLOOK 28-07-2014
Weekly Market Report - 21-07-2014 Download 901KB
Weekly Market Report - 21-07-2014
Weekly Metal Energy Outlook-14-07-2014 Download 205KB
Weekly Metal Energy Outlook-14-07-2014
WEEKLY AGRI OUTLOOK 14-07-2014 Download 176KB
WEEKLY AGRI OUTLOOK 14-07-2014
Weekly Market Report - 14-07-2014 Download 869KB
Weekly Market Report - 14-07-2014