Company
11-Aug-2020
SHREE CEMENT: Disappoints on weaker margins (SRCM IN, Mkt Cap USD10.5b, CMP INR22389, TP INR21500, 4% Downside, Neutral)
Shree Cement (SCRM)’s 1QFY21 result was relatively weaker than large-cap peers (UTCEM, Ambuja) as EBITDA/t declined to INR1421/t v/s sharp expansion reported by peers.
Company
11-Aug-2020
MAHANAGAR GAS: Marginal EBITDA beat led by better volumes (MAHGL IN, Mkt Cap USD1.3b, CMP INR968, TP INR1200, 24% Upside, Buy)
Mahanagar Gas (MAHGL)’s 1QFY21 EBITDA was marginally above est., led by better volumes; however, EBITDA/scm came in below estimates. - Total sales improved to ~65% of normal levels in Aug’20 v/s 55% in Jul’20 and 25% in Apr’20. These are estimated to ri
Company
11-Aug-2020
TITAN COMPANY: In-line; Recovery path getting gradually clearer (TTAN IN, Mkt Cap USD12.9b, CMP INR1108, TP INR1300, 17% Upside, Buy)
Titan’s (TTAN) 1QFY21 results were broadly in line with estimates. Gold volumes declined by 81% during the quarter. However, decent recovery was seen in Jun’20 with Tanishq’s like-to-like growth declining 18% YoY. The recovery prospects in the jewelry s
Market Analysis
11-Aug-2020
Morning India Daily
MOrning India (11/August/20): 1. Titan Company (In-line; Recovery path getting gradually clearer); 2. Power Grid Corp; 3. Shree Cement; 4. Container Corp; 5. Ipca Lab; 6. Bank of Baroda; 7. Mahanagar Gas; 8. Persistent Systems
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