Ambuja Cements: Outlook more upbeat
Weak third quarter cement prices have largely been factored in.
Axis Bank: Loan growth faster than expected
Our narrow moat rating on this bank remains unchanged, as we believe the bank is successfully transitioning from a corporate-only to a retail-also bank.
Cairn India: Merger proposal to keep price under pressure
We anticipate a slight rebound in spreads, which will help the average selling price recover, but the low price will likely remain for much of fiscal 2016.
Dabur India: Shares overvalued, Q2 earnings rise 19%
Management has been adequately spending on advertising to defend its herbal turf.
Godrej: First-half margins in line
We increase our fair value for GCPL to Rs 1,225 per share as we adjust our intrinsic value to reflect the time value of money since our update in January.
HDFC Bank: Earnings in line
Increasing fair value estimate of HDFC Bank to Rs 1,130 on higher loan growth expectation.
HUL: Steady margins, flat earnings
The result has no impact on our narrow economic moat rating, though we believe the shares are still overvalued.
ICICI Bank: Asset quality weighs down stock price
Our hypothesis plays out as the insurance subsidiaries begin to improve profitability of the consolidated entity.
IDFC: Adjusting 2016 forecast
IDFC’s second-quarter 2016 earnings results were disappointing, as the firm took a large exceptional charge on its profits, bringing down EPS, to negative Rs 9 per share for the quarter, and negative Rs 8 per share for the past six months.
IDFC: Adjusting FVE
Adjusting fair value estimate for demerger; much of the future value comes from IDFC Bank.
IDFC: Adjusting our 2016 forecast
IDFC’s second-quarter 2016 earnings results were disappointing, as the firm took a large exceptional charge on its profits, bringing down EPS.
IndusInd Bank: FVE increases
The bank’s second-quarter fiscal 2016 results were in line with our fiscal 2016 growth expectations.
ITC: Slow growth in Q2 2016
Our fair value estimate of Rs 406 per share for the stock remains unchanged, as this gets offset against time-value-of-money accrued since our last fair value update in January.
Kotak Mahindra Bank
We believe the stock is currently overvalued trading at 4 times price/book value, and ahead of our Rs 585.50 per share intrinsic value.
Marico: Margins expand as anticipated
Our long-term forecast of 21% annual earnings growth over five years is unchanged.
RIL: Solid core earnings
Reliance Industries' second-quarter earnings exceeded our expectations, thanks to improving product margins, particularly gasoline and petrochemicals, which offset the weaker exploration earnings.
SBI: Adjusting 2016 estimated earnings down
We adjust our deposit growth to 11% from 10% to match the bank's performance thus far; however, our loan growth estimate remains at 13%, as we anticipate that system growth will move up from 10% to 13% for the full year.
Sun Pharma: When the dust settles, a growth story will emerge
While near-term headwinds persist, we continue to remain optimistic about the long-term growth potential of this narrow moat stock.
Ultratech: Margin improvement should continue
However, expectations have already been baked into the stock price.
