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  • Ajanta Pharma

    APL has exhibited a record of strong growth, margins and return ratios. APL stands to benefit due to (a) strong brand equity and 12-15 new product launches in India each, and (b) launch of gVesicare and gRapaflo in US market. It also has tentitative ap...

    Buy Reco. Price: 1,018.00

  • Alkem Lab

    Alkem has higher domestic base, which offers lower regulatory risk. The contribution of US business expected to increase from 22% in FY18 to 24% in FY21E with launches like gPradaxa, gSolodyn and gMultaq over FY19E-21E. We expect ~290bps margin expansion (F...

    Buy Reco. Price: 1,914.00

  • Aster DM Health.

    The company has doubled its hospital capacity in the past three years and has also reduced the dependence on governments for its hospital business in the GCC region. Company is adding total 423/307 more hospital beds in India/GCC over FY19-20E. Currently, A...

    Buy Reco. Price: 148.30

  • Apollo Hospitals

    The outlook on Apollo’s business is positive owing to favourable demographics, rising insurance penetration, strong brand and pan India presence. Company is expected to benefit from the capex (addition of ~2,500 beds, 30% of its current capacity) ...

    Accumulate Reco. Price: 1,173.00

  • Alembic Pharma

    Alembic (APL) is planning to launch 20-25 products in India. Company expects to launch derma products in FY20E and injectable products from FY21E in the US market. We expect CAGR of 12%/11% in revenue/PAT over FY19E-21E. Margins would be flat over FY19E and...

    Accumulate Reco. Price: 614.00

  • Eicher Motors

    Volume growth moderation in Royal Enfield (RE) over next couple of years, due to sufficient penetration may impact revenue. Waiting period for some of its popular RE models has been coming off and some models are now available off-the-shelf. Future volume g...

    Reduce Reco. Price: 22,360.00

  • Adani Ports

    APSEZ intends to commercialise its fleet of 19 dredgers in order to drive its revenue. APSEZ is expected to see improved earnings momentum owing to (a) improvement in the volumes at Mundra port, (b) strong growth in the container volumes, and (c) improved c...

    Accumulate Reco. Price: 361.00

  • Bharat Forge

    BFL will benefit from strong outlook for US CV industry (expected 28% yoy in CY18) and Indian M&HCV industry (expected 10-12% yoy in FY19). Management has targeted to double revenues from oil and gas segment in next 2-3 years (vs. US$100mn in FY18). Con...

    Buy Reco. Price: 506.60

  • Credit Analysis

    CARE has triggers in place to grow in tandem with India’s credit growth story. The near term could be volatile due to concerns regarding credit growth, adverse macros in places and drying up of new issuances. Hence, the stock could see some time corre...

    Buy Reco. Price: 986.10

  • Minda Corp

    MCorp reported weak set of numbers in Q2FY19 with revenue, EBITDA and PAT growing 18% yoy, 10% yoy and 6% yoy respectively while EBITDA margin contracted 82bps yoy to 10.6%. The company successfully raised Rs310cr in May 2018 through Qualified Institutional...

    Buy Reco. Price: 133.50