CLSA downgraded on Godrej Consumer to ‘Underperform’ from ‘Buy’; cut TP to Rs645 from Rs800.
Downgrading due to another earnings miss.
Believe business may need time to stabilize and pick-up.
Cut EPS estimates by 3-4% for FY20-21.
CLSA maintained ‘Buy’ on Marico; hiked TP to Rs475 from Rs465. A strong start to 2019-20 led by smart margin gains.
- Good Parachute, moderate VAHO, and weak Saffola.
- Hike earnings estimates on higher-margin expectations.
- BofA Securities maintained ‘Buy’ on Bharti Airtel with a TP of Rs400.
- June quarter review: once again good India cellular revenue growth.
- Divergence versus Vodafone Idea visible.
Citi maintained ‘Buy’ on Tata Power with a TP of Rs76.
- June quarter review: Decent; net debt increased quarter-on-quarter and remains monitorable.
- Adoption of IND AS-116 impacts net profit negatively, though not very materially.
Nomura downgraded on Apollo Tyres to ‘Neutral’ from ‘Buy’; cut TP to Rs170 from Rs247.
- June quarter was in line; demand outlook worsens.
- Sharp original equipment decline mars outlook despite healthy growth in replacement.
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