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BATA INDIA: Demand robust; store expansion on track Initiating new ad campaign, loyalty program to revive consumer appeal

23 Dec 09:39 AM          

- Demand environment remains robust; expect 9% SSS growth in 4QCY13 - A comprehensive loyalty program and a new advertisement campaign through recent tie-up with DDB Mudra in the offing - To partially invest gains from better scale, mix improvement ...
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Torrent Pharma: Acquires part of Elder Pharma’s domestic business for INR20b; Deal appears EPS dilutive; Awaiting more clarity for revising est.

16 Dec 09:50 AM          

TRP IN, Mkt Cap USD1.3b, CMP INR480, TP INR520, 8% Upside, Buy - Torrent Pharma has entered into a binding agreement to acquire a part of Elder Pharma’s domestic formulations business for a consideration of INR20b. The deal is expected to conclude sometime in first half of 2014. - TRP will be acquiring 30 brands from three of the five segment...
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SAIL: Steel demand improved marginally yet remains weak; capacity to rise by 5mtpa in FY14; oversupply concerns us

16 Dec 09:47 AM          

SAIL IN, Mkt Cap USD4.2b, CMP INR68, TP INR52, 24% Downside, Sell We met the management of SAIL. Key takeaways are: - Steel demand has improved marginally w.r.t. 2QFY14, yet remains weak. - Steel price hikes in September and October led to increase in average realization. The price hikes affected sales volumes in October. There was a parti...
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TATA MOTORS: JLR Nov-13 wholesale above est, driven by ramp-up in LR; Current momentum could drive upsides to estimates

16 Dec 09:40 AM          

TTMT IN, Mkt Cap USD19.4b, CMP INR370, TP INR416, 12% Upside, Buy - JLR’s Nov-13 wholesale volumes grew by 15% YoY (+11% MoM) to 39,956 units, driven by 17% growth (+13% MoM) in Land Rover volumes to 33,203 units (v/s est 31,500) and 8% growth (+5% MoM) in Jaguar volumes to 6,753 units (v/s est 6,250). - JLR’s Nov-13 retails grew 25% YoY (+9....
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