Jefferies rates Ashok Leyland ‘hold’
Posted on 9th January 2018 |
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| We assume Ashok Leyland at Hold with price target of Rs 130. We expect 10-15% growth in M&HCV industry over FY18-20e, but this is priced, in our view. A pause in market share gain and high volatility in monthly/quarterly growth figures are potential headwinds. Growth in LCVs, exports and defence is likely to accelerate but is unlikely to be material enough. Early introduction of fleet modernisation policy is a key upside risk not factored into our estimates. M&HCV up cycle until FY20E — we expect 10-15% growth but with volatility Pick-up in GDP growth and infrastructure-related activity ahead of 2019 elections, stricter implementation of overloading norms, low base of last 10 years, shift to higher tonnage trucks and pre-buying in 2HFY20 ahead of BS-VI implementation are catalysts for M&HCV industry over the next 2-3 years. Improvement in fleet efficiency post e-way bill in 2018 and continued weak truck operator economics are headwinds. On the balance, we expect 10-15% industry growth over FY18-20E but with high volatility in monthly/quarterly growth figures. Introduction of fleet modernisation policy is a key upside trigger not factored into our estimates as timing remains uncertain. DFC is a significant risk beyond FY20E. Market share gains have played out for now Ashok Leyland gained significant market share in M&HCV goods over FY13-17 (23 to 33%) helped by network expansion outside of South India, better product-market fit, low competitive intensity and better pricing levers. However, with many of the factors above beginning to reverse, we do not expect much market share gain by Ashok Leyland in the near-term. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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