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Shares of <keyword id="6354999" type="General" weightage="20" keywordseo="voltas" source="Orion">Voltas</keyword> Ltd fell by nearly 3 per cent on Thursday morning trade after the air conditioning maker reported a decline of 21.6 per cent in its consolidated net profit in the March 2023 quarter. The stock fell by 2.85 per cent to Rs 830.60 on the BSE. At the NSE, it declined 2.82 per cent to Rs 830.50. Voltas Ltd on Wednesday reported a decline of 21.6 per cent in its consolidated net profit at Rs 143.23 crore in the March 2023 quarter, due to provisions made on delayed collection in the international project business. The Tata group firm had posted a consolidated net profit of Rs 182.71 crore in the year-ago period, the company said in a regulatory filing. Revenue from operations of Voltas was up 11.5 per cent to Rs 2,936.76 crore during the period under review, as against Rs 2,633.72 crore a year ago. "Profit before and after taxes were impacted during the current quarter due to provisions made on delayed collection in the international project business," Voltas said in its earnings statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-q4-net-profit-zooms-43-to-2624-crore-beating-expectations-to-add-capacity-of-1-million-vehicles/articleshow/99790060.cms">Maruti Suzuki Q4 net profit zooms 43% to ₹2,624 crore beating expectations, to add capacity of 1 million vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bajaj-finance-reports-30-jump-in-net-profit-to-3158-crore/articleshow/99792032.cms">NBFC giant Bajaj Finance reports 30% jump in Q4 net profit to ₹3,158 crore; books record new loans in FY23</a>

Voltas shares decline nearly 3% after March quarter earnings announcement

<keyword id="2746883" type="General" weightage="50" keywordseo="key-highlights" source="Orion">Key Highlights</keyword> for April '22: <ul><li>Room Air Conditioner category recorded an unprecedented growth of over 170%</li><li>The overall Cooling Products segment grew by more than 160%</li><li>Commercial Refrigeration category grew by 125%Voltas <keyword id="1762359" type="General" weightage="50" keywordseo="beko" source="Orion">Beko</keyword> home appliances segment grew by 75%.</li></ul> <keyword id="452495" type="General" weightage="50" keywordseo="voltas-limited" source="Orion">Voltas Limited</keyword>,, from the house of <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>'s, recorded a triple-digit growth in April 2022 , due to an increase in demand for cooling products given the intense summer experienced across the country. The volumes of April 2022 in the cooling products segment has broken many records. <keyword id="6354999" type="General" weightage="100" keywordseo="voltas" source="Orion">Voltas</keyword> has been the undisputed market leader in the Room Air Conditioner category since more than a decade, consistently maintaining the No. 1 position and has steadily maintained its lead over competition, with a lead of more than 640 BPS over nearest competitor as on YTD March FY22. The brand is now gearing up to meet its business objectives for FY 23. Commenting on the performance, Mr. <keyword id="272815" type="General" weightage="50" keywordseo="pradeep-bakshi" source="Orion">Pradeep Bakshi</keyword>, Managing Director &amp; CEO, <keyword id="201377" type="General" weightage="50" keywordseo="voltas-ltd" source="Orion">Voltas Ltd</keyword> said, "The summer of April 2022, has helped us gain an unprecedented growth in comparison to the last three years. Our Room AC business has grown up by over 170% in volume. The overall cooling products business has grown by more than 160% while our Home Appliances grew by 75% in volume. In Commercial Refrigeration, the company has grown by 125% in volume in April 22. We believe that our wide presence, focus on the emerging channels, excellent distribution network, strongest brand equity and attractive consumer offers, will help the brand stay ahead of the industry" He further added, "We are well poised to meet the growing demand, and are optimistic about achieving our business objectives for the financial year FY23." Besides its 24,000 customer touch points, Voltas also has a widespread network of exclusive brand outlets (EBOs) and plans to launch many more Brand Shops and Experience Zones by the end of FY 23. The Company has recently launched a dynamic product portfolio for the summer, and several Brand Shops in Tier 1, 2, and 3 cities across the country, to meet the expectations of consumers in these markets and enable them to experience the best-in-class technologically advanced products. Disclaimer: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same.

Voltas records an unprecedented triple-digit growth in April '22

<ul><li>At 7:50 am, the SGX Nifty was up 0.52%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, on the back of positive cues from the Asian peers. At 7:50 am, the SGX Nifty was up 0.52%, indicating a strong start for Nifty50. Other Asian markets were also trading in green such as — Hang Seng Index up over 1.1%, Nikkei 225 up 2% and Shanghai Composite Index was also up over 1%. These are the stocks to watch out for during the trading session today: Cipla The pharma giant Cipla reported a 38.95% jump in its consolidated net profit to ₹659.35 crore for the quarter ended September 30, led by the robust sales in all markets. The company said a sustained focus on cost optimisation during the quarter helped deliver an EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of over 23%. The shares of Cipla ended 0.62% lower on Friday. ITC On Friday, Consumer staples-to-hospitality major ITC reported an 18.23% drop in its consolidated net profit to ₹3,413.44 crore. The drop came despite a 2.18% growth in its revenue from operations to ₹13,147.81 crore during the period under review. Its FMCG segment delivered a decent sales growth of 15.4% (YoY), but wasn’t enough to offset the volume decline of 12% in its cigarette segment. The shares of ITC ended 0.54% lower on Friday. Divi’s Labs Drug firm, Divi’ ’s Laboratories, reported a 45.63% rise in its consolidated net profit to ₹519.59 crore for the quarter ended September 30, mainly on account of robust sales. Consolidated total income stood at ₹1,762.94 crore compared to ₹1,492.60 crore for the same period a year ago. The shares of Divi’s Labs ended 0.40% higher on Friday. Biocon Kiran Mazumdar Shaw-led Biocon’s subsidiary, Biocon Biologics, had received a ₹1,125 crore investment from Goldman Sachs. This capital injection will enable Biocon Biologics to make prudent investments in R&amp;D, high-quality manufacturing, as well as, establish a global commercial footprint, the company said. The shares of Biocon ended 0.17% higher on Friday. Lakshmi Vilas Bank Private sector Lakshmi Vilas Bank (LVB) reported a net loss of ₹397 crore in the second quarter ended September 30 due to a rise in bad loans and provisions. Sequentially, the loss widened against ₹112.28 crore in the June quarter of this fiscal. The<a href="https://www.financialexpress.com/industry/banking-finance/made-significant-progress-with-clix-group-says-lakshmi-vilas-bank/2123468/"> bank also said</a> that despite logistical challenges arising due to the COVID-19 situation, the bank has made significant progress with Clix group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. The shares of Lakshmi Vilas Bank ended 0.64% higher on Friday. Voltas Electronics major Voltas reported 25.74% decline in consolidated net profit to ₹79.66 crore for the quarter ended September 30. The company also decided to restructure its business; it would transfer 100% of the B2B businesses to its wholly-owned subsidiary — Rohini Industrial Electricals Ltd (RIEL). The shares of Voltas ended 1% higher on Friday. Vedanta Vedanta reported a 61.8% decline in consolidated net profit to ₹824 crore for the quarter ended September 30, on the back of one-time tax expense. The decline came despite the stellar 33% growth in its revenue to ₹20,804 crore during the quarter under review. The shares of Vedanta ended 0.21% higher on Friday. Tata Consumer Products Tata Consumer Products reported an 18% rise in consolidated net profit to ₹234.33 crore for the quarter ended September 30, helped by an increase in domestic sales and volumes. Its revenue from operations was up 18.50% to ₹2,781.34 crore during the quarter under review. The shares of Tata Consumer Products ended 0.64% higher on Friday. IndiaMART InterMESH, Equitas SFB and VIP Industries IndiaMART InterMESH, Equitas SFB and VIP Industries are slated to report their second-quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-world-has-surpassed-50-million-confirmed-coronavirus-cases/articleshow/79116745.cms">The world has surpassed 50 million confirmed coronavirus cases</a> <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-heal-in-america-president-elect-joe-biden-uses-his-victory-speech-to-address-a-fractured-country/articleshow/79108211.cms">'This is the time to heal in America': President-elect Joe Biden uses his victory speech to address a fractured country</a>

Top stocks to watch — ITC, Biocon, Tata Consumer, Cipla, Divi’s Labs, Voltas, IndiaMART, Equitas SFB, and others

<ul><li>The US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed sentiments from the global markets, the Indian equities are likely to open flat on Friday. In the Asian market, the SGX Nifty was trading 0.73% higher at 7:51 am, indicating a positive start for Nifty50. However, the US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. The Dow Jones Industrial Average slid 19.80 points, whereas the S&amp;P 500 fell 0.15%. These are the stocks to watch out for during the trading session on October 16: Mindtree Larsen &amp; Toubro (L&amp;T) owned Mindtree posted an 88% jump in its net profit to ₹253.7 crore for the second quarter ended September 30. The company’s revenue for the quarter stood at ₹1,926 crore, marginally up 0.6% year-on-year. The shares of Mindtree ended over 7% lower yesterday. IndiaMart InterMesh The Indian e-commerce company IndiaMart InterMesh has clarified that the media reports claiming potential investment opportunities from Tata Group were incorrect and purely speculative in nature. The shares of IndiaMart InterMesh ended flat yesterday. Persistent Systems The technology services company Persistent Systems said it has entered into an agreement to acquire the US-based CAPIOT Software for $6.34 million (₹465.42 million). The shares of Persistent Systems ended 6% lower yesterday. AstraZeneca Pharma India The drug major AstraZeneca Pharma India said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. The shares of AstraZeneca Pharma India ended flat yesterday. Dhanuka Agritech The agrochemical company Dhanuka Agritech’s ₹100 crore buyback will open on October 20 and remain open until November 2. The shares of Dhanuka Agritech ended 2% lower yesterday. Sun Pharma The drug major Sun Pharma clarified to stock exchanges that it had not received any information or notice either from SEBI or anyone regarding the news of SEBI probe of its ex-board member Ashwin Dani. The shares of Sun Pharma ended 3% lower yesterday. Bharti Airtel Competition Commission of India approved completion of the first closing of the telecom giant Bharti Airtel subsidiary Nxtra Data to the Carlyle Group. The shares of Airtel ended 4% lower yesterday. Voltas, Symphony, Bluestar, among others The shares of Voltas, Symphony, Bluestar will also remain in focus during the trade today as the Indian government has banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. HCL Technologies, Federal Bank, Tata Communications, Bajaj Consumer Care and others <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms">HCL Technologies,</a> Federal Bank, Tata Communications, Bajaj Consumer Care among others are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink" style=""> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink" style="">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stocks to watch — HCL Tech, Airtel, IndiaMart, Mindtree, AstraZeneca Pharma, Sun Pharma, Voltas, and others

New Delhi, Feb 7 () Shares of Tata Group airconditioner maker Voltas Ltd on Friday rose by nearly 3 per cent after the company reported a 12.64 per cent increase in consolidated net profit in the third quarter ended December 2019. The scrip went up by 2.65 per cent to close at Rs 701.60 on the BSE. During the trade, it jumped 3.51 per cent to Rs 707.50. On the NSE, it gained 2.37 per cent to close at Rs 699.50. The company on Friday reported a 12.64 per cent increase in consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 78.08 crore in the same quarter last fiscal, Voltas said in a regulatory filing. Revenue from operations during the period under review stood at Rs 1,492.51 crore as against Rs 1,491.78 crore in the year-ago quarter, the company said. SUM RUJ

Voltas' shares gain nearly 3 pc after Q3 results

KOLKATA: Voltas established a clear lead in air-conditioners sold through multi-brand outlets in the past fiscal year, dethroning <keyword id="6356116" type="CITY" weightage="80" keywordseo="LG">LG</keyword>, the first time in almost 14 years that a local manufacturer was able to topple South Korean companies in any major segment in the fiercely competitive Rs 50,000-crore consumer electronics market. 
 
This follows a year in which Voltas emerged as a front-runner in the category, fighting LG for ascendancy. The performance by Voltas came in the face of scepticism that success in FY13 had been a flash in the pan and that no domestic brand could make a dent in the dominance of the multinationals in multi-brand outlets, where 90% of total industry sales take place. 
 The <keyword id="6383291" type="COMPANY" weightage="40" keywordseo="ACS">ACs</keyword> made by the <keyword id="6355725" type="CITY" weightage="40" keywordseo="Tata-Group">Tata Group</keyword> unit had a 20% share in multi-brand outlets followed by LG at 18% and Samsung at 10.8% in the April 2013-February 2014 period, according to the latest data from market researcher GfKNielsen that tracks sales in the durables industry. Voltas is ahead by value as well at 18.9%, followed by LG at 17.9% and Samsung at 10.6%. 
 
This was the first full year in which Voltas sustained its leadership throughout, with LG having fought back to the top in some months in FY13. 
 
However, LG is still the market leader when counting sales in multi-brand outlets and its own exclusive stores. 
 
As per GfK-Nielsen, LG India has a 22% share by this measure, with Voltas at 18%, followed by Samsung at 14%. Since multi-brand outlets account for the dominant share of AC sales, it's a fair measure of competition, said Pradeep Bakshi, president and COO, unitary cooling products business group. 
 
“We are targeting more than 25% share this year. For this, we have launched more than 90 models,” he said. LG India seemed to reject the reasoning offered by Voltas. 
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	“We would like to mention that LG is market leader in AC segment and figures mentioned in the mail are representing manipulative and incorrect form of market share,” it said in an email without responding on other queries sent as part of a detailed questionnaire.
To be sure, as a delayed summer gets under way, LG will be more than ready to unleash the might of its vast marketing machine. Voltas will have a tough task as LG has been pushing back hard with higher margins this season, said a senior executive of a leading electronic retail chain. 
 
“Another area where Voltas has not worked hard is to increase the appeal of the brand among younger consumers, for whom Hitachi and Daikin are the preferred brands and may settle for a LG or Samsung if budget does not permit,” he said. 
 
Still, the turnaround at Voltas is big news at Bombay House, the Tata group headquarters, considering the many Indian brands that lost out after LG and Samsung entered the Indian market in the late 90s. 
 Homegrown brands such as BPL, Videocon, Onida, <keyword id="6369697" type="COMPANY" weightage="40" keywordseo="Godrej">Godrej</keyword> and Voltas lost lustre starting 2000-01, with the South Koreans kicking off their marketing thrust. IFB was one of the few Indian brands to maintain its grip on the market in the niche front-loading washing segment until about four years ago, when LG took over as leader. 
 LG India has built the country's largest network of company-branded exclusive stores in the durables industry, with more than 1,800 such franchisees. As per estimates, such stores account for around 20% of LG India's sales, the highest contribution from this category in the industry. However, AC makers including Hitachi, Daikin, Voltas and <keyword id="345443" type="COMPANY" weightage="40" keywordseo="Carrier">Carrier</keyword> have not focused on setting up exclusive stores since most AC sales take place in multi-brand stores such as local outlets, regional chains and modern retail. 
 
The executives most credited with the Voltas turnaround are Bakshi and managing director Sanjay Johri. The process started eight years ago when Bakshi was given the task of turning around the air-conditioner business by the board, with the condition that if he failed, the business may be sold. At the time Voltas was at a negligible 6-7th position in the market, with accumulated losses of Rs 140 crore. 
 
“Regaining market leadership has indeed been a Herculean task, considering LG was a tough market leader and the AC category has been one of the most penetrated with more than 25 international and domestic brands jostling for their share of the wallet,” said Bakshi, who joined Voltas after stints at Electrolux and Godrej Appliances. Bakshi’s strategy involved launching India’s first energy efficient air-conditioner in 2007, three years before the government made energy ratings mandatory, pricing the models Rs 2,000-3,000 higher than LG and Samsung. Advertisements said energy efficiency would lower electricity bills. 
 
He also shut two factories that could not produce such models. In 2012, Voltas launched its biggest success to date -- the all-weather AC range. He also employed one of LG's strategies to great success. “The AC business was traditionally done by dealers who would specialise in this field. LG had changed the game by selling AC in the general trade and we too decided to follow suit. We currently have more than 9,400 such outlets where our products are sold. This changed the game for us too,” said Bakshi. 
 
The air-conditioner business is now the highest contributor toward profitability for Voltas, encouraging Bakshi to draft a blueprint to expand the brand into household appliances such as refrigerators and washing machines with a target to expand revenue to Rs 5,000 crore in five years. The business is the second-largest revenue contributor for Voltas, after electro-mechanical projects and services, with sales of Rs 1,835 crore in 2012-13 with a profit of Rs 173 crore. Total net sales for Voltas in 2012-13 amounted to Rs 5,514 crore . 
 
The brand lends itself very strongly to the domain of air and water, said Deba Ghosal, head of marketing and key accounts. “If you add our pedigree of cooling expertise, leadership position, and the trust factor of a Tata brand, the possibilities to expand into other categories are immense,” he said. 
 
Bakshi acknowledges challenges ahead such as increasing appeal to younger consumers. “But we are on the way. For instance, this year we have launched a smartphone app to control the AC and are also targeting social media,” he said. 
 
Bakshi is also betting on his new team, which consists of seasoned talent from the industry. This includes Rahul Jain, who joined from LG to head service, Ghosal, another ex-LG India executive, and Manish Desai, who moved from Onida to head finance.

Voltas Topples LG, Samsung In Consumer Electronics; Grabs No 1 Spot In ACs

New Delhi, Feb 7 () Tata group airconditioner maker Voltas Ltd on Friday reported a 12.64 per cent increase in its consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 78.08 crore in the same quarter last fiscal, Voltas said in a regulatory filing. Revenue from operations during the period under review stood at Rs 1,492.51 crore as against Rs 1,491.78 crore in the year-ago quarter, the company said. Voltas said its revenue from unitary cooling products for comfort and commercial use segment increased 14 per cent at Rs 601 crore as compared to Rs 526 crore in the corresponding quarter last year. Air Coolers and other products also witnessed increased traction and healthy growth. The company's electro-mechanical projects and services segment had a revenue of Rs 808 crore as compared to Rs 875 crore in the year-ago quarter primarily due to slow pace of execution of projects. Carry forward order book of the segment was higher at Rs 7,024 crore, including major orders booked in water projects as compared to Rs 4,994 crore in the corresponding quarter last year, Voltas said. Engineering products and services segment revenue remain unchanged at Rs 83 crore as compared to the previous year, the company added. RKL SHWSHW

Voltas Q3 net profit up 12.64% at Rs 87.95 cr

<ul><li>The SGX <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was trading nearly a percent higher.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid mixed cues from the global market, Indian stock-market indices are likely to open lower on Friday. On Thursday, the Dow Jones Industrial Average fell 0.29% or 80.12 points, due to the newly-released US unemployment data. However, at 8:05 am, the SGX Nifty was trading nearly a percent higher. These are the <keyword id="6354298" type="DEFINITION" weightage="20" keywordseo="Stocks">stocks</keyword> to watch out for during the trading session on August 14: <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> Domestic steel major Tata Steel posted a consolidated net loss of ₹4,648.13 crore for the quarter ended June, mainly on account of reduced income. However, on a standalone basis, the company managed to maintain profitability despite a significant reduction in income. According to the filing, Tata Steel posted a standalone net profit of ₹1,193.27 crore in the quarter under review, down from ₹ 1,538.99 crore last year. The shares of Tata Steel ended flat yesterday. <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> Bharat Petroleum Corporation Ltd (BPCL), the highlight among the host of state-run companies put on the block by the government reported a 93% increase in its standalone net profit for the April-June quarter at ₹2,076.17 crore. The rise in profits was largely backed by a 43.22% fall in its total expenditure during the period under review to ₹48,284.06 crore. The shares of BPCL ended nearly 1% lower yesterday. <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> The country’s largest two-wheeler maker Hero posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30, on account of lower sales due to the coronavirus pandemic. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. The shares of Hero ended nearly 2% lower yesterday. <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> Eicher Motors arm VECV acquired Volvo Group’s bus business in India for ₹100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement. The company also reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to COVID-19 pandemic. The shares of Eicher ended over 2% lower yesterday. Bank of India The board of the Bank of India has approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. The shares of BoI ended over 1% lower yesterday. Jindal Steel and Power Jindal Steel and Power Ltd (JSPL) has started supplying head hardened (HH) rail to Rail Vikas Nigam Ltd (RVNL) for the Kolkata Metro’s Joka-Esplanade corridor. HH rails are used in high-speed freight corridors and metro rail projects. In a statement, JSPL said the company was selected by RVNL after a bidding process to supply 3,000 tonnes of HH rails for Kolkata metro rail tracks. The shares of JSPL ended nearly 2% higher yesterday. SpiceJet and IndiGo SpiceJet's passenger load factor in July was at 70% up from 68% in June. However, the market share declined from 16.8% in June to 15.7% in July. Similarly, IndiGo's passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. The shares of SpiceJet and IndiGo ended over 2% and 12% higher, respectively, yesterday. Hindalco, Berger Paints, Glenmark Pharmaceuticals, Voltas These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" data-type="tilCustomLink">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

After <a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry&amp;sortorder=effectivedate">Cyrus </a><a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry&amp;sortorder=effectivedate">Mistry</a>’s removal as the chairman of <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>, the Tata group has been shortlisting contenders for the top post and Noel Naval Tata, the half brother of <a href="http://www.businessinsider.in/searchresult.cms?query=Ratan+Tata+&amp;sortorder=effectivedate">Ratan Tata</a> and the current Managing Director of <keyword id="241718" type="COMPANY" weightage="100" keywordseo="Tata-International">Tata International</keyword>, has emerged to be a contender for the top job at <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons&amp;sortorder=effectivedate">Tata Sons</a>. 
 
According to sources, his name is amongst the few internal candidates like N Chandrasekaran and Ralf Speth who have emerged as potential candidates shortlisted for the race for the top job at India's largest conglomerate. 
 Post Mistry’s sacking, Tata Sons’ board brought back 78-year old <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> for 4 months as the interim chairman. In that period, the 5 member panel comprising Tata himself along with TVS Group chairman, Bain Capital's Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, have been mandated to finalise a candidate. 
 
There are some external names in the list too. These include Former Unilever COO Harish Manwani. 
 
However, sources suggest it’s still premature to suggests anything definitive. It has also being said that that Manwani or Chandra have also so far not met the panel for any interviews. 
 
"The list is a small one and Noel is certainly in it. He is someone who is fully aware of the Tata ethos and value systems that has come under strain in recent times," an official keeping a close tab on the ongoing developments told ET. 
 
Noel (59) is the Chairman of Trent, the retail arm of the group, having served as its Chief Executive Officer and Managing Director until August 12, 2010. He is also on the board of Titan and Voltas and a director and since 2010, the non-executive chairman of Tata Investment Corporation (TIC).

Noel Tata emerges as top contender to be the next Tata Sons Chairman

<ul><li>Indian companies are dependent on imports from China in several key sectors apart from smartphones and smart TVs. </li><li>Products like air conditioners, cars, electric vehicles and even medicines are highly dependent on material from China. </li><li>Even though companies might make many of these products in India, the heavy dependence on Chinese imports could hurt them if the <keyword id="3763841" type="PERSON" weightage="20" keywordseo="boycott-china">boycott China</keyword> campaign prevails. </li></ul>The dominance of Chinese products in electronics, particularly, smartphones and smart TVs is widely known. But, did you know that even many of the ‘made in India’ products rely on parts imported from China? These are the top 7 sectors that will be hurt the most if the boycott China campaign prevails: <ul><li>Cars – 27% of the imports come from China, including key components used in engines, wheels and electric vehicles. China is the key supplier for sub-components used in engine, electrical, electronics, alloy wheels, tyres etc. Also, it supplies key components for EVs, including lithium-ion battery cells, according to a Motilal Oswal, a broking firm, report.</li></ul>“Tata Motors, Motherson Sumi and Bharat Forge would be the least impacted due to their business’ diversified nature and global operations,” the report said. Also read: <a href="https://www.businessinsider.in/business/auto/news/checkout-the-list-of-indian-startups-working-on-electric-vehicles-and-batteries/slidelist/76562429.cms">Here are the startups fuelling India’s electric vehicle dream</a> <ul><li>Consumer durables – Supply chain dependence on China is high for components like compressors, LED lights, motors and mobile displays. Up to <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/duty-on-led-panels-could-go-to-keep-make-in-india-on-big-screen/articleshow/67534491.cms">70% of the cost</a> of a smart TV is the display and most of them come from China.</li></ul>For instance, Voltas will be the most affected in case the Indian government hikes tariffs on imports from China. On the other hand, companies like Havells will be the least affected since 90% of its manufacturing is in-house. Other makers of electrical appliances depend on China in the range of 20-60%. <div type="Article" hostid="261" msid="76419573" title="The boycott of China’s products will be easier said than done –⁠ smartphones, ACs and cars may become more expensive" mstype="2" mssubtype="0"></div> <ul><li>Pharmaceuticals – 60-70% of key materials come from China and the Chinese raw material is 20-30% cheaper than domestic production. </li></ul>The situation is worse in cases of antibiotics and penicillin, for which more than 90% of the imports are from China. However, Sun Pharma and Cipla would be the least impacted as they are fully integrated and have considerable exposure to the branded business, Motilal Oswal said. <ul><li>Telecom – Airtel and Vodafone Idea use telecom equipment from Huawei and ZTE in a total of 10 circles out of 22. Over 75% of smartphones in India are imported from China. </li><li>Chemical and Agro Chemicals – 10-50% of raw materials are sourced from China depending on the product. Companies are trying to reduce their dependence on China by identifying other countries to source from. Agrochemicals refer to pesticides used by farmers.</li></ul>Rallis, Dhanuka, Sumitomo India and Insecticide will be the worst hit while SRF, Aarti Industries and Bharat Rasayan which make agrochemicals will benefit from the crackdown on Chinese imports. <div type="Article" hostid="261" msid="76297080" title="Arun Bharat Ram and Arvind Lal — the two businessmen who became billionaires during the lockdown" mstype="2" mssubtype="0"></div> <ul><li>Ecommerce and tech startups – Major ecommerce players and tech startups like Info Edge, Zomato and Paytm have high investment exposure to China. The government has already started enforcing some regulations like asking these companies to <a href="https://www.businessinsider.in/business/ecommerce/news/india-tells-amazon-flipkart-paytm-mall-and-all-other-ecommerce-companies-to-show-country-of-origin-next-to-the-products/articleshow/76568106.cms">label Chinese-origin products</a>. </li><li>Utilities – 80% of India’s solar module imports come from China and some thermal plants also depend on China for equipment.</li></ul>Companies like Tata Power and Adani Group may be able to step up manufacturing and fill in the gap left by the relegation of Chinese imports in this space. These are the market shares of Chinese companies in key product segments The consumer durables and appliances segment which includes products like air conditioners, smartphones, smart TVs, refrigerators and more is dominated by Chinese companies. For instance, 28% of all air conditioners in India are imported. According to data from<a href="https://www.counterpointresearch.com/india-tv-shipments-climb-record-15-million-units-2019-15-annually"> Counterpoint Research</a>, Xiaomi leads the smart TV category with a 27% market share, more than the cumulative share of Samsung and LG. <div type="image" title="TV market share" msid="76618714" hostid="261" caption="&amp;lt;p&amp;gt;In the TV industry, they hold 42% market share&amp;lt;/p&amp;gt;"></div> In the smartphone category, Chinese companies like Xiaomi, Oppo, Vivo and Realme have an overwhelming presence with a market share of 76%, according to<a href="https://www.idc.com/getdoc.jsp?containerId=prAP46289820"> IDC</a>. <div type="image" title="Smartphone market share" msid="76618729" hostid="261" caption="&amp;lt;p&amp;gt;Chinese companies hold 76% of the smartphone market amongst themselves&amp;lt;/p&amp;gt;"></div> Electrical equipment, including smartphones and TVs account for over 22% of India’s imports from China. In the year 2018-19, imports in this category stood at more than $20 billion. According to data obtained from the Ministry of Commerce and Industry’s<a href="https://commerce-app.gov.in/eidb/"> Export &amp; Import Data Bank</a>, here are the top three imports from China to India in 2018-19: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">India’s imports from China </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">Electrical equipment </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">$20.63 billion </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">Nuclear reactors </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">$13.4 billion </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">Organic chemicals </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 6pt 5pt 6pt;overflow:hidden;overflow-wrap:break-word;">$8.6 billion </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/inside-indias-50000-crore-scheme-to-woo-electronics-manufacturing-including-smartphones/articleshow/76207462.cms">Inside India’s ₹50,000 crore scheme to woo electronics manufacturing including smartphones</a> <a href="https://www.businessinsider.in/policy/economy/news/the-boycott-of-chinas-products-will-be-easier-said-than-done-smartphones-acs-and-cars-will-become-more-expensive/articleshow/76419573.cms">The boycott of China’s products will be easier said than done –⁠ smartphones, ACs and cars may become more expensive</a> <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">Finance Minister Nirmala Sitharaman announces six measures for the MSME sector</a>

A quarter of your car, 70% of your TV, 90% of antibiotics come from China

<ul><li>Shah Rukh Khan topped the report in 2019 and <keyword id="6354832" type="UNKNOWN" weightage="20" keywordseo="ms-dhoni">MS Dhoni</keyword> was at No. 1 in 2020.</li><li>As per IIHB’s report, Dream11 was the most spontaneously recalled brand in this year’s survey.</li></ul>Versatile actor <keyword id="106133" type="PERSON" weightage="20" keywordseo="Ranveer-Singh">Ranveer Singh</keyword> versus Captain Cool MS Dhoni? Well, both seem to have done equally well in the annual IPL ad recall research of the Indian Institute of Human Brands (IIHB) conducted ten days after the start of the League this year. The research polled 879 respondents in the age-group of 18-35 years (M=481, F=398) across India. The interviews were conducted telephonically. Dream11 was the most spontaneously recalled brand in this year’s survey, which possibly also helped enhance both the brand equity and recall of MS Dhoni who anchored the 12-ad series for the brand as its ambassador and protagonist. Jio Fiber, with multiple IPL teams featured with an effervescent Ranveer Singh gyrating with a sing-song brand message, came in second on recall in the research, also helping the celebrity endorser to considerably strengthen his personal recall. Byju’s was the most spontaneously recalled brand on the IPL last year; though its celebrity endorser Shah Rukh Khan trailed behind other celebrities. Virat Kohli, as expected, did well on recall too, and came third in the recall rankings. Salman Khan did surprisingly well in this year’s survey and came in at No. 4, ahead of Rishabh Pant, Rahul Dravid, Varun Dhawan, Alia Bhatt and Saurav Ganguly who followed in that sequence. Ajay Devgn, Sachin Tendulkar, Shikhar Dhawan, Shah Rukh Khan, Boman Irani, Kareena Kapoor, Ranbir Kapoor, Katrina Kaif, Ayushmann Khurrana and Akshay Kumar, on the other hand, had very few mentions and scored very poorly on respondent recall. There were sporadic mentions of Virender Sehwag and Priyanka Chopra too. In the last survey conducted in October 2020, MS Dhoni had the highest spontaneous recall as a celebrity endorser. Virat Kohli was a not-so-close second. Akshay Kumar was at rank 3; Ayushmann Khurrana at rank 4. “MS Dhoni and Ranveer Singh had a disproportionate share of visibility and recall in the IPL research we just conducted. This was in sync with the ultra-high recall of the brands they respectively endorse”, said Dr. Sandeep Goyal, Chief Mentor of IIHB. “It is interesting nevertheless to note that brands without celebrities like Phone Pe, Byju’s and others too have done well wherever media investments are heavy”. IIHB team used its proprietorial CELEBAR tool based on Celebrity Brand Association &amp; Recognition to assign a metric score to each celebrity and associated brand. The tool takes into account: <ul><li>Spontaneous recall of the brand</li><li>Spontaneous recall of the celebrity</li><li>Association between brand &amp; celebrity together </li><li>Recency of communication </li><li>Media weight behind campaign</li><li>Solus versus multiple brands using the celebrity</li></ul>MS Dhoni had a CELEBAR score of 87, up from 82 at the last IPL. His spontaneous recall was an unusually high 82%. His association with Dream 11 was also very constant at 79% from the last edition. He got 9% association with IPL/Star TV, 8% brand association with Indigo Paints, 6% with Orient Fans for Orient Fans and Livfast Solar. 2% recall came from SunFeast Yippee. So, most of Dhoni’s brand goodness got hijacked by Dream 11, much like last year. If Dhoni had only been endorsing Dream 11, his CELEBAR score would have been near 100, given his strong association with that one brand, to almost the relative exclusion of the other brands he endorses. Ranveer achieved a CELEBAR score of 86, empirically almost equal to that of MS Dhoni. But his association was more democratically spread with Jio Fiber at 56%, JD mart at 48%, My11 Circle at 22% and Bingo at 18%. Names of some other brands were mentioned by respondents but these were filtered out as they were not part of the IPL broadcast. Both MS Dhoni and Ranveer gained massively also on account of their main brands spending disproportionately large amounts of media monies which made them exponentially more visible than other competing celebrities. Virat Kohli trailed far behind the Top 2. His score of 45 on CELEBAR is mostly derived by his 94% association with MRF tyres. Bluestar is in low single digits on association. Salman Khan at a CELEBAR of 38, owes 82% recall to Rajshree elaichi and the balance to Pepsi. Rishabh Pant climbed up interestingly to No. 5 on the strength of his JSW appearances. Varun Dhawan had 76% of his recall from Lux Cozi and much lower from Frooti. Alia owed most of her recall also to Frooti with scattered mentions of Dark Fantasy. Interestingly, the IPL seems to be running no/few ads with Amitabh Bachchan, Akshay Kumar, Deepika Padukone, Ranbir Kapoor, and even with cricketers Rohit Sharma or KL Rahul or Hardik Pandya, or the media weightages behind those ads were too insignificant to be noticed by viewers. The Cred ad for Rahul Dravid was spontaneously recalled by 17% respondents but only 2% remembered Jackie Shroff and only 1% mentioned Kumar Sanu for the same brand. Mutual Funds (AMFI) ads had 22% recall but most respondents got the protagonists mixed up, with the most attributing the messaging to Dhoni and Kohli. Dream 11’s association with multiple cricketers was mentioned by many respondents but most were not sure if they remembered current creatives. Only the connect with MS Dhoni was unambiguous. Despite heavy media weights, Vimal elaichi ad featuring Ajay Devgn and Shah Rukh Khan had only an 8% recall. Netmeds with Kareena Kapoor and Renuka Shahane had a good 9% recall. Priyanka Chopra’s Appy Fizz and Katrina’s Slice were almost not recalled. Hema Malini managed 3% recall on Kent RO. Randhir Kapoor’s Asian Paints managed 4% while Kareena Kapoor’s and Pankaj Tripathi’s Berger creatives both got below 1%. Ayushmann was remembered by less than 1% in Urban Company. Gajaraj Rao was mentioned in less than 1% for Voltas. Unacademy featuring Sunil Gavaskar and Harsha Bhogle too scored poorly at 2%. Gamezy featuring KL Rahul got less than 1% recall. On the ads without celebrities, the most remembered were Phone Pe (32%), Byju’s (31%), Vivo (22%), One Plus (21%), Groww (20%), Upstox (20%), Kia (19%), MPL (18%), Bisleri (11%), PharmEasy (11%), Thums Up(9%), Coca Cola (6%), Renault Kiger (6%), Tata Safari (6%), Skoda (3%), Ajio (3%), Dark Fantasy (2%), LikedIn (2%), Raymond (2%) and Tuborg (1%). As more gets added to the broadcast as the IPL progresses, both standings of celebrities and recall of brands may change.

Ranveer Singh and MS Dhoni are the most recalled brand ambassadors this IPL: IIHB Report

NEW DELHI: As we inch closer to the Budget 2014, Dalal Street is abuzz with expectations of strong pro-growth reforms from Finance Minister Arun Jaitley. 
 
Given high expectations from the government, all attempts are expected to be made to present a comprehensive Union budget. However, the residual period until the next Budget to be presented is relatively small. 
 
Experts feel that the focus of the new government would be more on creating opportunities for retail investors in financial markets. But it is definitely not going to be a cakewalk for them. 
 
“The budget itself is not going to be a cakewalk. In fact, it is going to be a tight rope walk for the government,” said Killol Pandya, Senior Fund Manager-Debt, LIC Nomura MF. 
 
“The economy has certain structural and macro issues which it is facing and the government will be at pains to balance putting our growth story back on track while battling the inflation bugbear,” he added. 
 
The fact is that most of the steps which the government can take to promote growth and kick start the economy will have short-term inflationary ramifications. However, in terms of market performance, analysts see the markets rallying nearly 5-6 per cent in the run-up to the event. 
 
 
 
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Traders carried forward bullish futures bets to the July series on the expiry of the June contracts on Monday on expectations the market could rebound in the run-up to the Union Budget on July 10. 
 
Fresh build-up of positions in Nifty options suggests the benchmark index could gain about 5-6% by the Budget day from the current levels, said an ET report. 
 
Most analysts are of the view that despite escalating tensions in Iraq and depreciating rupee, Indian markets should be able to scale higher from the current levels, supported by strong FII flows and as most of the oil, which is imported, comes from the southern region, which remains unaffected. 
 
“The overweight by international investors in India will be highest in the whole emerging market space and we think it will continue. We think there is a re-rating going on in India,” said Hans Goetti, Head of Investment Asia, BIL. 
 
“We think if there is a new earning cycle start on the back of a stronger economy, then it can grow at about 6.5 per cent for several years, accompanied by higher prices in the equity markets,” he added. 
 
History suggests that the Union Budget’s influence on the market’s short-term performance is declining, but the next budget could still leave a trail of impact. 
 
The upcoming budget could be important because of where India is placed cyclically, what the mandate for the government implies and because this is the first non-Congress government in a decade, say experts. 
 
“Though history suggests that the budget’s influence on short-term performance is declining, expectations (measured by pre-budget performance) are still important in deciding what the market does after the budget,” said Ridham Desai, India Strategist at Morgan Stanley, in a report. 
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“If the pre-budget returns are positive, there is a 90% chance that the post-budget returns are negative,” he added. 
 
We have collated a list of ten stocks which investors can look at ‘buying’ ahead of the Budget 2014, for the next 12 months: 
 
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	Brokerage Firm: BofA-ML 
 
 
Titan Company Ltd: Target price set at Rs 406 
 <keyword id="10899" type="CITY" weightage="40" keywordseo="Titan-Industries">Titan Industries</keyword>, a Tata Group company, is India’s leading watch and jewelry retailer. Titan’s growth can pick up in FY15/16E as SSSG in jewelry bottoms out. This can be led by a favorable macro: easing inflation, possible pick-up in the urban job scenario and wage hikes. 
 While resumption of the sale of <keyword id="18712" type="ENTERTAINMENT" weightage="40" keywordseo="Gold">gold</keyword> coins can improve operating leverage, possible margin benefits due to focus on premiumization in jewelry as well as watches can boost earnings. 
 
ICICI Bank Ltd: Target price set at Rs 1,850 
 
The global investment bank is bullish on ICICI Bank as it has built a strong retail franchise to complement its corporate banking activities and capitalize on the fast-growing retail market. ICICI Bank has expanded distribution to 3,500 branches, allowing it to acquire customers at a very rapid pace and also gain share. 
 
The bank enjoys a strong capital position (Tier 1 at 12.8%), and is well placed to manage credit cycle/regulatory changes and deliver earnings growth of 16-22% through FY15/16. Outperformance should be driven by: 1) Op. efficiency (CI ratio improving to lesser than 38-39% in FY15/16 vs 41% in FY13); and 2) Credit cost at 80bps. 
 
Maruti Suzuki Ltd: Target price set at Rs 2900 
 Maruti Suzuki (MSIL) is a subsidiary of <keyword id="111052" type="CITY" weightage="40" keywordseo="Suzuki-Motor">Suzuki Motor</keyword> Corp, Japan. Set up in 1983, MSIL is presently India’s largest passenger car company which primarily sells compact hatchbacks (65% of volumes), vans and upper sedans. 
 
MSIL is our top pick in the Indian autos space, being best positioned to ride the country’s consumption recovery theme due to its rich product pipeline over the next three years. 
 
The stock deserves a valuation premium due to superior growth prospects (31% EPS CAGR over the forecast period) and also because it is the sole listed proxy in the domestic car industry. 
 
<keyword id="111992" type="CITY" weightage="40" keywordseo="Oil-India-Ltd">Oil India Ltd</keyword>: Target price set at Rs 694 
 
Oil India (OIL) is a state-owned (67.6% stake) E&amp;P company with only onshore production and exploration mainly in north-east India. This region accounts for its entire crude oil and most of its gas production and reserves. 
 
Gas price hike drives a 41-59% YoY rise in FY15E EPS at a gas price of US$6.8-9.0/mmbtu. A rise in oil price net of subsidy drives 34-70% YoY growth in FY15E EPS. FY15E EPS would rise by 60-114% YoY if the prices of both oil &amp; gas increase. 
 
Risk-reward ratio is evenly balanced with the worst-case fair value implying around 30% potential downside, and the best-case fair value implying a potential upside of 16-39%. 
 
Voltas Ltd: Target price set at Rs 282 
 
Voltas, a Tata Group company, is India’s leading air conditioning and engineering services company. It operates in India through an extensive dealer and service network. Cyclical recovery in macro will drive stronger consumer discretionary sales, ie AC. 
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There will better construction demand as well. Sharp expansion of margin led by favourable product mix change will be drive 80% of the 27% earnings CAGR in FY14-17. The stock is cheaper relative to peers and is likely to rerate along with stronger growth. 
 
Analyst: S Ranganathan of LKP 
 
Dishman Pharma: Target price set at Rs 160 
 
Dishman Pharma is an integrated global outsourcing partner in CRAMS for innovator drug companies and derives close to 65 percent of its 1400cr revenues from CRAMS with marketable molecules forming the balance 35 percent of its revenues. 
 
With all its capital expenditure behind, the company has forward integrated its Vitamin-D facility and with a 24 percent sustainable EBIDTA margin we believe that it is now focused on de-leveraging its balance sheet having a debt of 850 cr. 
 
We recommend a BUY on the stock trading at 8x the current year's expected earnings with a price objective of 160. 
 
Zensar Technologies Ltd: Target price set at Rs 500 
 
Zensar Technologies is a Rs 2300-cr software company of the RPG group, which derives two-third of its revenues from ETS (enterprise transmission solutions) and one-third of its revenues from IM (infrastructure management). Zensar has the largest Oracle practice business in India and has a strong focus on digital transformation, which is primarily a consulting-oriented business. 
 
The company has consistently grown at a CAGR of more than 20 percent over the past 5 years both on top-line and bottom-line. Zensar (a debt-free entity) with a sustainable EBIDTA margin of more than 30 percent is well on its way to post a net profit of close to Rs 300 cr this fiscal. BUY with a price objective of Rs 500. 
 
ITNL: Target price set at Rs 250 
 
ILFS Transportation Network Ltd is a leading surface transportation infrastructure company belonging to the ILFS group. We believe that ITNL is the best proxy to play this theme not only in India, but also outside India and could be a prime beneficiary of the road development projects. 
 
This business is highly capital intensive and hence the high debt equity of 3x. ITNL with its 6500cr revenues is well placed to capitalize on the large addressable opportunity as it has attractive EBIDTA margins of 30 percent. Buy ITNL with a price objective of Rs 250. 
 
Escorts Ltd: Target price set at Rs 160 
 
Escorts with business interests in agricultural equipment, construction and railway equipment is the third largest player in tractors and is now launching new products in the mid to heavy segment of tractors and is aggressively foraying into the southern parts of the country where it lacks presence. 
 
The monsoon, although delayed, is expected to gather momentum in the next 3 months, which would also act as a positive trigger for the stock in the coming quarter. ESCORTS trading at 6.5x historical earnings should be bought with a price objective of 160. 
 
Federal Bank: Target price set at Rs 160 
 
Federal Bank was punished rather unjustly for its aggressive lending to the SME sector where it has seen fast traction and we believe that the markets have now factoring in the fact that its asset quality continues to be good with net NPA at 0.74% and provision coverage at a very healthy 84%. 
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The bank has a very healthy CASA of more than 30% and net interest margins are at a healthy 3.3% with branch expansion happening at a faster clip ( it now has 1175 branches) 
 
A quality private sector bank with an able leader available at a compelling price to book of 1.5x should be bought for a price objective of Rs 160. 
 
(Views and recommendations expressed in this section are the analysts’ own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)

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