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The stock currently trades at 51.9x FY20e EPS of Rs 47.90 and 42.5x FY21e EPS of Rs 58.53.
On balance, we assign ‘accumulate’ recommendation on the stock with a target price of Rs 400 (previous target Rs 505) based on 22x FY21e earnings over a period of 9-12 months.
The stock currently trades at 22.5x FY19 EPS of Rs 11.64 and 18.7x FY20e EPS of Rs 13.97. Setting up agglomeration unit in India is aimed at enhanced value addition for agglomerated products generally command 4-5% higher margins compared to spray dried products.
Lumax Industries is engaged in the production of stylish, high automotive lighting solutions. With strong collaborations and company accounts for a significant market share in the automobile lighting segment.
Increase in cost of funds and decline in average yield explain slowdown of NII growth to 6.9% (yoy) in Q3FY19, compared to 15.4% (yoy) growth in Q3FY18.
Battered by rising EDC prices (with adverse effect on PVC/EDC delta), margins on its flagship PVC resin business nosedived to 16.2% fin Q3 from 18.5% In the same period a year ago.
Despite the funding environment remaining constrained in the NBFC sector, GICHFL reported decent loan book growth of 17.3% (yoy) last quarter, galvanized by robust growth in housing loan portfolio.
Propelled by higher off take of high margin products and firm overall realizations, revenues of Deepak's basic chemicals business rose by a satisfying 14.8%, in 9MFY19, a marked improvement from 7.3% reported last fiscal.
Talwalkars posted an impressive 35.3% (yoy) growth in its topline in Q3FY19 (contributing to 27.0% of revenue in 9MFY19 vs 23.9% of revenue in the same period last year), thanks to increased revenues from personal training and PWG (Power World Gyms) centres (60 in India at the end of 9MFY19 vs 40 in the same period last year.
While campaigning for the Republican Party, Trump made a series of China bashing statements including one where he said that United States can’t allow China to continue exploiting them and that this is one of the biggest thefts in history.