Market Live: Nifty above 11,050 in pre-opening, Sensex up 100 pts; rupee opens lower


CLSA on Maruti Suzuki
Maintain buy call, target cut to Rs 7,200 from Rs 7,400 per share
Cut FY20-21 EPS estimates by 8-10% 
Higher likelihood of a rebound in PVs

BNP Paribas on Repco Home
Buy rating, target at Rs 556 per share
Seasonal weakness in asset quality
Delivery on FY20 loan growth & GNPA target remains key

Morgan Stanley on JSPL 
Overweight call, target at Rs 188 per share
Management reiterated its fy20 volume guidance of 6.5 mt
Co expects to achieve reasonably good EBITDA/t despite lower realisations
Co is focused on deleveraging its balance sheet

Morgan Stanley on Glenmark Pharma
Equal-weight rating, target cut to Rs 394 from Rs 615 per share
Near-term business outlook modest 
Balance sheet appears stretched
Prospects for unlocking value in IP pipeline seem distant

Nomura on Ujjivan Financial
Applying 50% holdco discount to the listed entity 
In our base case, assume 40% holdco discount to arrive at Rs 270 per share
Estimate the fair value for the bank at Rs 37-39 per share

Edelweiss on Ujjivan Financial
Advise investors to hold on to stock till clarity on USFB IPO pricing emerges
Have a positive business outlook on Ujjivan Small Fin Bank
Listing of USFB will mean dilution & Holdco discount for existing shareholder

Citi
Earnings miss big in Q1 across most sectors  
BSE-100 earnings declined 1% YoY in Q1
Nifty/Sensex earnings rose 3%/13% YoY, missing estimates by 4%/10% respectively)
Nifty FY20 earnings growth expectation stands at 16% YoY
Cut Sensex target to 39,000 from 39,600 

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ICICI Securities
Earnings downgrade continue albeit at a slow pace
Q1FY20 Nifty50 FF sales/EBITDA/ PAT grew 5.5%/-2.5%/8.8% respectively
Growth in PAT largely driven by favourable base of corporate lenders 
Ex-financial PAT declined 8.9% YoY

Antique
Indian equities has seen a massive earnings downgrade 
Nifty 50 EPS downgraded by 5.6% for FY20 & 3.6% for FY21
Overall, net profit growth momentum has significantly weakened in Q1
Ex-financials Nifty net profit growth declined by 13.1% 

CLSA 
Earnings downgraded across the board
Our coverage universe pre-ex earnings growth at 5-qtr low of 0.2%
Ex-PSU oil sector, our coverage pre-ex earnings up 15%
Ex- oil & gas, metals & financials, CLSA universe pre-ex profit down 1%
Earnings downgrades (55%) nearly thrice of the upgrades (19%)

Motilal Oswal
Earnings downgrade risks elevated
Nifty EPS cut by 4%; downgrade/upgrade ratio weakens to 3x
Expect Nifty EPS to grow 16.4% in FY20 & 19.7% in FY21
Ex-financials, Nifty profits are expected to stay flat YoY

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Brokerages View: Source- CNBC-TV18:

CLSA on Maruti Suzuki
Maintain buy call, target cut to Rs 7,200 from Rs 7,400 per share
Cut FY20-21 EPS estimates by 8-10% 
Higher likelihood of a rebound in PVs

BNP Paribas on Repco Home
Buy rating, target at Rs 556 per share
Seasonal weakness in asset quality
Delivery on FY20 loan growth & GNPA target remains key

Morgan Stanley on JSPL 
Overweight call, target at Rs 188 per share
Management reiterated its fy20 volume guidance of 6.5 mt
Co expects to achieve reasonably good EBITDA/t despite lower realisations
Co is focused on deleveraging its balance sheet

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Morgan Stanley on Glenmark Pharma
Equal-weight rating, target cut to Rs 394 from Rs 615 per share
Near-term business outlook modest 
Balance sheet appears stretched
Prospects for unlocking value in IP pipeline seem distant

Nomura on Ujjivan Financial
Applying 50% holdco discount to the listed entity 
In our base case, assume 40% holdco discount to arrive at Rs 270 per share
Estimate the fair value for the bank at Rs 37-39 per share

Edelweiss on Ujjivan Financial
Advise investors to hold on to stock till clarity on USFB IPO pricing emerges
Have a positive business outlook on Ujjivan Small Fin Bank
Listing of USFB will mean dilution & Holdco discount for existing shareholder

Citi
Earnings miss big in Q1 across most sectors  
BSE-100 earnings declined 1% YoY in Q1
Nifty/Sensex earnings rose 3%/13% YoY, missing estimates by 4%/10% respectively)
Nifty FY20 earnings growth expectation stands at 16% YoY
Cut Sensex target to 39,000 from 39,600 

ICICI Securities
Earnings downgrade continue albeit at a slow pace
Q1FY20 Nifty50 FF sales/EBITDA/ PAT grew 5.5%/-2.5%/8.8% respectively
Growth in PAT largely driven by favourable base of corporate lenders 
Ex-financial PAT declined 8.9% YoY

Antique
Indian equities has seen a massive earnings downgrade 
Nifty 50 EPS downgraded by 5.6% for FY20 & 3.6% for FY21
Overall, net profit growth momentum has significantly weakened in Q1
Ex-financials Nifty net profit growth declined by 13.1% 

CLSA 
Earnings downgraded across the board
Our coverage universe pre-ex earnings growth at 5-qtr low of 0.2%
Ex-PSU oil sector, our coverage pre-ex earnings up 15%
Ex- oil & gas, metals & financials, CLSA universe pre-ex profit down 1%
Earnings downgrades (55%) nearly thrice of the upgrades (19%)

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Motilal Oswal
Earnings downgrade risks elevated
Nifty EPS cut by 4%; downgrade/upgrade ratio weakens to 3x
Expect Nifty EPS to grow 16.4% in FY20 & 19.7% in FY21
Ex-financials, Nifty profits are expected to stay flat YoY





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