On Coal India

Edelweiss

• Maintained ‘Hold’; hiked price target to Rs 263 from Rs 243.
• Record Ebitda riding robust FSA realisation.
• Volume ramp up at key subsidiaries encouraging.
• Expect e-auction realization to come off resulting in muted earnings growth.

CLSA

• Maintained ‘Buy’; hiked price target to Rs 290 from Rs 275.
• Decent March quarter results.
• Volume growth was patchy but some improvement in recent months.
• Muted earnings outlook but reasonable valuation and a high dividend yield.

Citi

• Maintained ‘Buy’; hiked price target to Rs 320 from Rs 300.
• March quarter was in line; E-Auction prices resilient, Volumes muted.
• Believe valuations discount uncertainty on likely volume trends.
• Coal India offers an attractive dividend yield.

On Glenmark Pharma

Macquarie

• Maintained ‘Neutral’; cut price target to Rs 600 from Rs 620.
• Margin expansion and debt reduction hinge largely on U.S. recovery.
• Performing well in India, Europe and Rest of World.
• Cut EPS estimates for the current and the next financial year by 12 percent and 9 percent respectively on lower margins and higher interest cost

CLSA

• Downgraded to ‘Sell’ from ‘Buy’; cut price target to Rs 500 from Rs 740.
• March quarter results were significantly below estimate.
• 2019-20 revenue guidance was weaker than expected.
• High investment phase to keep earnings subdued.

Macquarie on Hero Moto

• Maintained ‘Outperform’ with a price target of Rs 3,000.
• Strong growth prospects over mid to long term.
• Confident of maintaining dominance in motorcycle.
• Targeting enhanced presence in scooters and premium motorcyles.

CLSA on ONGC

• Maintained ‘Buy’; hiked price target to Rs 285 from Rs 240.
• Slew of one-offs cause a big miss in March quarter.
• Subsidy exemption confirmation.
• Stock at compelling valuations and higher dividend yield.

CLSA on IPCA

• Maintained ‘Sell’; hiked price target to Rs 780 from Rs 730.
• Operating leverage benefit drives Ebitda growth.
• Revenue guidance for the current financial year is in line but margin guidance higher than estimate.
• Valuation not factoring-in slower EPS growth ahead.

Nomura on Alkem Lab

• Upgraded to ‘Buy’ from ‘Neutral’; hiked price target to Rs 2,230 from Rs 1,965.
• March quarter results were below estimates.
• Management commentary suggests improved outlook.
• Hike EPS estimates on the back of lower material costs and lower tax rate.

Nomura on Ujjivan Financial

• Maintained ‘Reduce’ with a price target of Rs 315.
• Stable March quarter, strong growth; opex recovery lags.
• Stable margins but pre-provisioning operating profit miss on higher opex.
• Asset quality performance steady.

Macquarie on Jagran Prakashan

• Maintained ‘Outperform’; cut price target to Rs 146 from Rs 150.
• Ad growth aided by higher government spend ahead of election.
• Expect recovery in margins aided by lower newsprint cost.
• Cut EPS estimates for the current and the next financial year on lower ad growth and delayed RM cost benefit.

F&O Cues

• Nifty June futures at 11946, premium of 32 points.
• Nifty Bank June futures at 31600, premium of 63 points
• Nifty rollovers at 70.4 percent, Nifty Bank rollovers at 82 percent.
• Nifty put-call ratio at 1.3 versus 1.15.

• DCM record date for demerger.
• IIFL Holdings record date for spinoff.
• Navkar Corporation, Bajaj Healthcare to move into short term ASM Framework.
• Tata Teleservices (Maharashtra) price band revised to 10 percent.

• Just Dial: Emerging Markets Sudan Free Equity Index Fund acquired 3.55 lakh or 0.55 percent equity shares at Rs 716.96 each.
• Ducon Infratech: Nomura Singapore acquired 6 lakh shares or 0.57 percent equity at Rs 16.5 each.

Ramco Systems

• Reliance MF acquired 6 lakh shares or 1.96 percent equity at Rs 208.25 each.
• Goldman Sachs India Fund sold 8.1 lakh shares or 2.65 percent equity at Rs 208.2 each.

Essar Shipping

• Citoc Investment acquired 50 lakh equity or 2.42 percent equity at Rs 10.15 each.
• Aquarius India Opportunities Fund sold 15.5 lakh shares or 0.75 percent equity at Rs 10.05 each.
• Indiaman Fund Mauritius sold 13 lakh or 0.63 percent equity at Rs 10.05 each.

• Jet Airways said it’s not in position to approve its financial results. This is in view of on-going bidding process undertaken by the domestic lenders for management change and resignation by members of board of directors also to be blamed for the said action.
• Bharti Airtel: (Q4FY19 ARPU increased 18.3 percent QoQ) to Rs 123 – the biggest jump since its listing. Company says that India customer base declined by only 16 lakh to 28.26 crore.
• Sonata Software: Prasanna Oke resigned from CFO’s post with effect from June 30.
• Ujjivan Financial Services: Deepak Khaitan resigned from the post of CFO with effect Aug. 2 and Barun Agarwal has been appointed in his place. Statutory Auditors Price Waterhouse CA LLP resign as company is desirous of having same network of firms as auditors for the company and its arm Ujjivan Small Finance Bank.
• Shemaroo clarified that neither the company nor the directors/employees have received any formal communication from the Police or any copy of FIR. This clarification comes from the news that FIR was registered against management and directors of Viacom 18 Media Private Limited and the company itself.
• AstraZeneca said that it has opened a new development operations centre in Bengaluru to support expansion of its clinical research footprint in India. (Press Trust of India)