This Stock To ‘Buy’ For 14.7% Upside, In 12 Months: HDFC Securities

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Target Price

The Current Market Price (CMP) of Dilip Buildcon is Rs. 629. The brokerage firm has estimated a Target Price for the stock at Rs. 722. Hence the stock is expected to give a 14.7% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 629
Target Price Rs. 722
1 year return 14.70%

Company performance

Company performance

Dilip Buildcon reported a revenue of Rs. 21.5bn (+12%/0% YoY/QoQ, 28% miss); while its EBITDA margin stood at 10.6%, contracted sharply, on account of under-absorption of fixed overheads and elevated raw material prices. HDFC states, “NHAI restriction on bidding lifted; OI of Rs. 80-100bn in FY22: The order book (OB), as of Sep-21, stood at Rs. 231bn, with Rs. 80-100bn expected in FY22. 47.15% of the OB is now road projects and this is likely to increase, following the lifting of restriction from bidding NHAI projects.”

Comments by HDFC Securities

Comments by HDFC Securities

The company has shown weak financial performances, and missed estimates. The company had faced slow execution in large projects. According to HDFC, “High commodity price volatility has led to price escalation coverage reducing to 50-60% in EPC projects and 40% in EPC HAM. We maintain BUY, however, given the margin pressure and cut our EPS along with TP to Rs. 722/sh.”

About the company

About the company

As one of the fastest-growing Engineering, Procurement, and Construction (EPC) company in India, DBL is aligning with India’s infra-growth vision. According to the company, “DBL’s success is enabled by its powerful execution capability, a proprietary fleet of 12,903 machinery and vehicles and its 37,793 employees using cutting edge technology and innovation, such as Drone Monitoring, GPS Monitoring and Safety Management.”

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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ADB to provide USD 61 million loan for development projects in Agartala, BFSI News, ET BFSI

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The Central government has inked a pact with multilateral funding agency Asian Development Bank for USD 61 million (around Rs 454 crore) loan to fund development projects in Agartala, Tripura. The government and Asian Development Bank (ADB) have signed a USD 61 million loan to improve livability, harness technology and promote new developments to accommodate the expanding population in Agartala city while building the capacity of state agencies for improved service delivery, an official release said on Monday.

The loan agreement for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the government and Takeo Konishi, Country Director of ADB’s India Resident Mission.

The project is aligned to the vision of the government Smart City Mission to upgrade urban infrastructure services and will improve livability in Agartala with the provision of better road connectivity, flood resilient measures and making tourist places more attractive, Mishra said.

“Through this project, ADB will catalyse synergies with the smart city components being implemented in Agartala through an underground utility corridor with the shifting of electrical lines, incorporating elderly, women, children, and differently-abled responsive features, improving road geometry along with urban design interventions,” Konishi said

The provision of asset management and sustainability strategy, capacity-building of tourism operators and livelihood improvement of street vendors and artisans will serve as a model to other assets and tourist attractions in Agartala, and other cities in Tripura, he added.

The project will build and upgrade 48 kilometres of new or existing stormwater drainage and construct 23 km of climate-resilient urban roads.

It will also fund the renovation of open spaces and create water recreation and lakeside walkways in Maharaja Bir Bikram College Lake and Ujjayanta Palace — major tourist attractions in the city.

Developing Agartala’s central and north zones as models of area-based development following the principles of the smart city mission initiative is expected to have a ripple effect on other parts of the city and nearby cities and towns by making urban areas more livable, citizen-friendly, resilient, and sustainable, the release said.

(With PTI inputs)



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Ashwin Khorana joins Ujjivan Small Finance Bank as CIO, BFSI News, ET BFSI

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Veteran CIO, Ashwin Khorana has joined Ujjivan Small Finance Bank as CIO. With over three decades of experience, most of which has been in the BFSI sector, he has been instrumental in designing and strategizing the technology roadmap of some of the leading banks in India.

Most recently Khorana was a technology advisor and consultant CIO before joining Ujjivan Small Finance Bank. Prior to that he served as the CIO of Jana Small Finance Bank.

Khorana sees himself as a generalist across the entire financial technology landscape and a master of core areas. Combining his strategy strength with deep technology as well as strong domain expertise in the BFSI sector has made him among the top technology thought leaders in the sector.

Among the leading companies where Khorana has worked in a technology leadership role include Janalakshmi Financial Services, ING Vysya Bank (now Kotak Mahindra Bank) and Standard Chartered Bank among others.

Through his career Khorana has been involved in various Core Banking implementations and has handled solution delivery for Securities Services, CRM, Basel II, Customer Analytics, Credit and Debit Cards, Credit Risk, Payments, Internet Banking, eCommerce & digital initiatives.



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HDFC Bank to hold 2,000 workshops to prevent financial frauds, BFSI News, ET BFSI

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Largest private sector lender HDFC bank on Monday said it will be organising 2,000 workshops over the next four months for preventing financial frauds.

The campaign will tell the customers about ways to safeguard themselves against financial fraud, starting with not disclosing any information on banking details.

A special focus is being given to the youth segment, where the bank will be targeting Senior Secondary Schools and Colleges, so that the awareness is ingrained, as per an official statement.

“Digitalization offers customers unparalleled convenience and access to banking services. With these conveniences comes a lot of risks of cyber frauds as well. The fraudsters are constantly on the prowl looking out for gullible customers,” it’s managing director and chief executive Sashidhar Jagdishan said.

The second edition of the campaign titled ‘Mooh Band Rakho’ was launched by K. Rajeswara Rao, Special Secretary, NITI Aayog. Lt General Dr Rajesh Pant, National Cyber Security Co-ordinator, was also present.



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One more held in bank fraud case, BFSI News, ET BFSI

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THRISSUR: The crime branch team probing the fraud in the CPM-ruled Karuvannur cooperative bank arrested Pallath Kiran, the key accused in the case. Kiran, who hails from Mapranam in the district, was nabbed by the probe team from Kollamkode in Palakkad district, on Monday, the crime branch DSP V A Ullas said.

Kiran was a commission agent of the bank, and not a direct employee. However, nearly Rs 23 crore have flown into his account from the Karuvannur bank. Even though the police have not found any document establishing that Kiran has a membership in the bank, he was sanctioned a loan of Rs 45 lakh. He has also availed loans from another 41 benami accounts, several of them amounting above Rs 50 lakh each, the police sources said. Kiran, however, has said that he was not an employee of the bank and was not involved in the fraud.

Kiran had been absconding for the last several months. As per the information received by police, he had been hiding in several north Indian states as well as Tamil Nadu. He was arrested when he was on his way to Kollamkode by bus, the DSP said.

Kiran is the fourth accused in the case and now only two more accused are remaining to be nabbed in the case.

Row over min attending marriage reception

Meanwhile, minister for higher education R Bindu, has courted controversy by attending the marriage party of the daughter of one of the absconding accused. The marriage of the daughter of Ambili Mahesh was held on October 24, and Bindu, who is the wife of the acting CPM secretary Vijayaraghavan, had reportedly attended the reception at the house of the bridegroom at Muriyad.

Sources close to Bindu clarified that she had attended from the groom’s side. The groom’s mother is currently a district panchayat member. Bindu and the groom’s mother have worked for long periods in the CPM.



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RBI, BFSI News, ET BFSI

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Emission commitments pose medium-term risks to BRICS (Brazil, Russia, India, China & South Africa) nations and could engender energy shortages, technology gaps and thus pose risks to medium-term growth and inflation, RBI deputy governor Michael Patra has said.

The comment comes at a time when India has been under pressure globally to reduce dependency on coal-fired power plants and cut emissions. Patra said this in his keynote address in the conference on ‘Growth and development in the BRICS economies’ organised by the Delhi School of Economics (DSE) and Indian Statistical Institute (ISI), which was released by the RBI on Monday.

“Medium-term challenges for the BRICS arise in the context of climate risks and emission commitments, which may engender energy shortages, technology gaps and hence pose risks to medium-term growth and inflation, especially for countries with large total emissions,” said Patra. He added that the immediate challenge was from elevated commodity prices for net importers like India, although they confer terms of trade gains for net exporters like Brazil and Russia. “For all the BRICS, rising food prices on account of natural calamities and demandsupply imbalances caused by the pandemic involve elevated inflation risks,” said Patra.

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‘Buy’ This Stock For 17% Return, In 1 Year: ICICI Securities Recommends

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Target Price

The Current Market Price (CMP) of Tech Mahindra is Rs. 1585. The brokerage firm has estimated a Target Price for the stock at Rs. 1860. Hence the stock is expected to give a 17% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 1585
Target Price Rs. 1860
1 year return 17.00%

Company performance

Company performance

Tech Mahindra is experiencing firm traction in the Health care and Life Science (HLS) vertical, which is on its way to reaching US$1bn revenues in two to three years from the current annual run rate of ~US$400 mn. ICICI comments, the company’s “BFSI is trending towards US$1 bn revenue in FY22 and US$1.5 bn revenue in next 2 to 3 years from ~US$850 mn currently.” The communication vertical, continued to be its key growth driver, led by 5G for telcos while 5G for enterprises would take some to pick up. 5G for business is a large opportunity of US$712 bn.

Comments by ICICI Securities

Comments by ICICI Securities

According to ICICI Securities, “Tech Mahindra’s share price has grown by ~4.2x over the past 5 years. We remain positive on the stock and maintain BUY rating.”

About the company

About the company

Tech Mahindra has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom, which generates 40% of their revenues. Apart from telecom Tech Mahindra caters to BFSI, manufacturing & retail. The company’s dollar revenue CAGR grew at 5.6% over the last 5 years.

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Reserve Bank of India – Press Releases

Press Releases

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Tenor 7-day
Notified Amount (in ₹ crore) 2,00,000
Total amount of offers received (in ₹ crore) 2,72,865
Amount accepted (in ₹ crore) 2,00,010
Cut off Rate (%) 3.94
Weighted Average Rate (%) 3.91
Partial Acceptance Percentage of offers received at cut off rate 8.50

Ajit Prasad          
Director (Communications)

Press Release: 2021-2022/1200

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1 Auto Ancillaries And 1 Pharma Stock to Buy As Suggested By ICICI Securities

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NRB Bearings

NRB Bearings gets an add call from ICICI Securities with a target price of Rs 175. The current market price is Rs 139, with an upside potential of 24%.

Q2FY22 Results

  • NRB had a good second quarter of fiscal year 22.
  • Revenue for the quarter was Rs 256.6 crore, up 29.8% year over year and 27.4% quarter over quarter.
  • EBIDTA was 47.3 crore, increasing 55.8% year on year and 76.9% quarter on quarter.
  • PAT of Rs 24.4 crore, up 113.8 percent year on year.

Target and Valuation

“NRB has been making strides towards innovation and R&D. Going ahead, a recovery in auto, & boost in e vehicles sales will help it to grow. We maintain our BUY rating. We build in revenue, EBIDTA, PAT CAGR of 18.6%, 22.2%, 25.2% respectively. Target Price and Valuation: We value NRB at Rs 175 i.e. 18x P/E on FY23E EPS,” the brokerage has said.

Key triggers for future price-performance:

Manufacturing should benefit from the auto sector’s recovery. NRB is also concentrating on research and development to meet the needs of the e-vehicle market.

A new e-market is set to launch, with the goal of increasing reach and market share while reducing counterfeit goods.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals gets an add call from ICICI Securities with a target price of Rs 607. Glenmark Pharmaceuticals’ current market price is Rs 522.4.

Key concall highlights:

ICHNOS is expected to raise funds in FY23E.

2) Revenue CAGR of 10- 15 percent over 4-5 years, with a 19 percent margin

3) In FY22E, the company expects to submit 18-20 ANDAs.

4) Respiratory launches in the United States will begin in FY24E.

5) The PDUFA deadline for Ryaltris is January 22nd.

6) Annual capex guidance of Rs6.5-7 billion for the next 2-3 years.

Outlook and Valuation

Over FY21-FY23E, we expect revenue and PAT CAGRs of 9.6% and 8.2%, respectively, with a consistent EBITDA margin of 18-19%. The IPO of the API subsidiary was a success, and the majority of the revenues were used to pay off debt.

In FY22, out-licensing of new items will offer extra funds to enable the company meet its debt reduction target of Rs16 billion in FY22E.

“We remain positive on stock given strong India business and attractive valuation of 14.2xFY23E earnings. Reiterate ADD on the stock with a revised target price of Rs607/share based on 16xFY23E earnings,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Buy Praj Industries Ltd With A Target Price of Rs 472 Says Axis Securities

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Q2 FY22 results of the company

According to the consolidated performance for Q2 FY22, the company’s income from operations stood at Rs. 532.41 crore (Q1 FY22: Rs. 386.26 crore; Q2 FY21: Rs. 260.24 crore), PBT is at Rs. 46.77 crore for the period (Q1 FY22: Rs. 29.80 crore; Q2 FY21: Rs. 15.67 crore), PAT is at Rs. 33.34 crore (Q1 FY22: Rs. 22.20 crore; Q2 FY21: Rs. 11.39) and order intake during the quarter Rs. 745 crore (Q1 FY22: Rs. 661 crore; Q2 FY21: Rs. 405 crore).

According to the H1 FY22 – Consolidated results of the company, income from operations stood at Rs. 918.67 crore (H1 FY21: Rs. 389.79 crore), PBT is at Rs. 76.57 crore for the period (H1 FY21: Rs. 1.15 crore), PAT is at Rs. 55.54 crore (H1 FY21: Rs. 0.89 crore) and order intake Rs. 1406 crore (H1 FY21: Rs. 715 crore).

Buy Praj Industries Ltd with a target price of Rs 472

Buy Praj Industries Ltd with a target price of Rs 472

According to the brokerage “Praj is witnessing strong growth in its key segment BioEnergy in Domestic business, the overall demand-supply gap of Ethanol, increased interest in grain-based distilleries and decarbonisation impetus is auguring well for Praj along with development in other key verticals such as CPS, ZLD & High Purity gaining traction. Praj is a key beneficiary of multiple tailwinds provided by the bio-economic revolution, giving strong growth & revenue visibility for the next 3-5 years.”

Axis Securities has claimed in its research report that “We maintain our BUY with a revised target price of Rs 472 valuing the company at 35x (~20% discount to TTM PE of 45x) FY23 EPS, implying an upside of 33% from the CMP 355.”

Disclaimer

Disclaimer

The above stock is picked from the brokerage report of Axis Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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