28 Jul 2017 | 12:31 PM


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SML ISUZU LIMITED February 09, 2015
 
CMP : Rs. 869 | Target : Rs. 1150
   
  Key Triggers
   
SML Isuzu Limited (SMLI) is engaged in the business of manufacturing Light commercial vehicles. The company manufactures buses, trucks and other customized vehicles like Ambulances, Prison van, Refrigerated van, etc. SML Isuzu is mainly concentrated in 5 to 12 tons GVW segment.
Key investment rationales are investment plan, focus on niche segment, collaboration with Isuzu Motors and operational leverage benefits.
 
 
   
NANDAN DENIM LIMITED January 09, 2015
 
CMP : Rs. 150 | Target : Rs. 183
   
  Key Triggers
   
Nandan Denim (NDL) is a part of Chiripal group and currently the second largest integrated denim fabric company in India based in Ahmedabad. The company manufactures and supplies quality grey cotton fabrics, khakis and denims
Key investment rationales are capacity expansion, force on exports, backward integration, addition of value added products, strong clientele and favorable business outlook.
   
 
 
   
HERITAGE FOODS LIMITED December 11, 2015
 
CMP : Rs. 525 | Target : Rs. 640
   
  Key Triggers
   
Heritage Foods is one of the largest Dairy companies in India, based in Hyderabad. The company operates in five divisions: Dairy, Retail, Agri, Bakery and Renewable energy. Dairy is the flagship business of the company contributing 74% to the topline in FY15.
Dairy industry has tremendous potential for growth, Value added products to improve margin of its dairy business & Retail business reported positive EBITDA showing signs of re-vival.
   
 
 
   
FIEM INDUSTRIES LIMITED November 20, 2015
 
CMP : Rs. 652 | Target : Rs. 760
   
  Key Triggers
   
Fiem Industries is among the leading manufacturers of automobile lightings, signaling equipment and rear view mirrors for automotive industry. It also forayed in LED luminaires for various applications and integrated passenger information system (IPIS) for buses, metros and railways. Fiem have 9 plants spread across North and South India. It has a long successful track record along with diversified products base and its LED business to drive growth at greater pace.
   
 
 
   
KOTAK MAHINDRA BANK LIMITED August 19, 2015
 
CMP : Rs. 623 | Target : Rs. 900
   
  Key Triggers
   
Kotak Mahindra Bank acquired ING Vysya Bank in an all-stock deal. This amalgamation has created the fourth largest private sector bank in the country. Through this move the bank is able to increase its branch network, fee income and asset profile which would improve profitability for the merged entity going forward.
   
 
 
   
Tech Mahindra Ltd August 07, 2015
 
CMP : Rs. 533.90 | Target : Rs. 600
   
  Key Triggers

In emerging areas of Big Data, Mobility Network, Cloud, Security, Platforms and Engineering Services, Tech Mahindra is well
placed with its breadth of service offerings. Tech Mahindra is well positioned in the markets it serves with a broad range of service
offerings and a diversified customer base.

 
 
   
Cholamandalam Investment and Finance Company Ltd (CIFC) March 30, 2015
 
CMP : Rs. 550.80 | Target : Rs. 775
   
  Key Triggers
CIFC has invested heavily towards building its branch network in the last 3-4 years, growing at a 35% CAGR over FY10-FY14 to ~600 branches from 171 in FY10.
CIFC plans to cross-sell small loans to customers of group companies. The cost of sourcing these loans will be lower.
Strong and reputed promoter enhances market credibility.
Recent stake sale to boost tier 1 capital– precursor for a better credit rating.
 
 
   
Shriram Transport Finance Company Limited March 27, 2015
 
CMP : Rs. 1095.10 | Target : Rs. 1500
   
  Key Triggers
Proportion of very old vehicles (+5 years) is expected to increase, aiding profitability ahead.
Priority sector lending certificates may become a potential game changer for SHTF as it will enable NBFCs to sell loans efficiently at a better rate.
We expect the delinquency rate to decline considerably in FY16, leading to lower interest reversals, any recovery from written-off interest accruals would also boost margins for SHTF.
 
 
   
Lakshmi Machine Works Ltd. January 9, 2015
 
CMP : Rs. 3840 | Target : Rs. 4500
   
  Key Triggers
Lakshmi Machine Works Ltd (LMW) has been consistently at the forefront of technological advancements in textile machinery.
LMW is s debt free company and has a strong cash position which accounts for 43% of the balance sheet.
Changing lifestyle, rising incomes and increasing demand for quality products are set to fuel the demand.
 
 
   
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UPL Ltd. December 30, 2014
 
CMP : Rs. 336.10 | Target : Rs. 400
   
  Key Triggers
 
The company believes that there is a big opportunity exists in Indian agrochemical industry as the usage of pesticides in India is one of the lowest in the world.
The Company is focusing to make inroads into vast African markets and expects to improve its performance in various geographies including USA, Europe and Latin America.
 
 
   
Ashiana Housing Ltd. November 27, 2014
 
CMP : Rs. 183.80 | Target : Rs. 245
   
  Key Triggers
 
The company is in the process of evaluating projects for various other Indian cities to be executed either independently or in collaboration.
The company is an early mover in the retirement housing segment and the Ashiana brand has already become synonymous with quality senior housing.
 
 
   
Havells India Ltd. October 28, 2014
 
CMP : Rs. 267.10 | Target : Rs. 300
   
Company Overview
Havells India is one of largest electrical and power distribution equipment manufacturer Company in India. The company operates in four segments: switchgears, cable, lighting and fixtures and electrical consumer durables. Their brands include Crabtree, Sylvania, Concord, Luminance and Linolite.
 
Investment Rationale
Havells enjoys a dominant market share in the overall organised switchgears market and continued to take initiative in expanding its product portfolio.

The company plans to double the Havells Galaxy stores showrooms in the next couple of years. These stores contributed Rs 450 crore to the company's revenues last year.
 
 
   
Berger Paints Ltd. September 23, 2014
 
CMP : Rs. 351.85 | Target : Rs. 410
   
Company Overview
Berger Paints India Ltd is the third largest paint manufacturer and the second largest decorative paint player in India. They are offering their customers a variety of innovative painting solutions, decorative or industrial. Its decorative business constitutes about 80% of its overall business.
 
Investment Rationale
The total size of the paint market in India is around Rs 35,000 cr. The per capita consumption of paints per annum is now about 2.6 kg compared to the international average of 10 - 13 kg. Due to the growing urbanization and the expected recovery to the economy, the company expects that this may increase to more than Rs 50,000 cr by 2016-17.
 
 
   
 
Axis Bank Ltd. August 25, 2014
 
CMP : Rs. 398.75 | Target : Rs. 480
   
Company Overview
Axis Bank is the third largest private sector bank in India. The bank has 2402 branches (including extension counters) and 12922 ATMs spread across the country at the end of March 2014. Axis Bank has the largest ATM network among private banks in India.
 
Investment Rationale
The bank aims to increase its share in the financial services sector by continuing to build a strong retail franchise. The segment continues to be one of the key drivers of the Bank’s growth strategy, encompassing a wide range of products delivered through multiple channels to customers. It offers a complete suite of products across deposits, loans, investment solutions, payments and cards and is committed to developing long - term relationships with its customers by providing high - quality services.
 
 
   
 
Cairn India Ltd. July 16, 2014
 
CMP : Rs. 344.55 | Target : Rs. 390
   
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Cairn has a portfolio of nine blocks, one in Rajasthan which contains multiple assets, two on the west coast and four on the east coast of India, and one each in Sri Lanka and South Africa. The company operates ~ 30 per cent of India’s domestic crude oil production. It has opened 4 frontier basins with over 40 discoveries, 31 in Rajasthan alone.
 
 
   
 
Mahindra & Mahindra Ltd. May 20, 2014
   
CMP : Rs. 1099.60 | Target : Rs. 1300
Founded in 1945 as a steel trading company, over the years the company has diversified into many new businesses and now Mahindra & Mahindra (M&M) is $16.7 billion multinational group with more than 180,000 employees in over 100 countries across the globe. The company's operations span 18 key industries that form the foundation of every modern economy. It operates in automotive, farm equipment, information technology, financial services, steel trading, infrastructure, hospitality, Systech and other segments.
 
   
 
Amara Raja Batteries Ltd. April 22, 2014
   
CMP : Rs. 406.40 | Target : Rs. 460
Amara Raja Batteries Ltd. (ARBL) is a leading manufacturer of lead acid batteries for both industrial and automotive applications in the Indian storage battery industry. Within the industrial segment, ARBL supplies batteries for telecom infrastructure, UPS systems, railways, IT and banking segments. The company has a JV with Johnson Controls Inc. which holds 26% stake in the company and provides technical collaboration to the company. The company's industrial and automotive batteries are exported to Asia Pacific, Africa and the Middle East countries.