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Broker Radar for August 2

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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