External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<h2>Muhurat Pick – 2021</h2><p>Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Muhurat Pick – 2021Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

<p>Bata India witnessed a revenue recovery rate (adjusted) reaching 80% in Q4FY21 vs. 74% in Q3FY21. Lower revenues from formal &amp; fashion footwear continued to impact gross margin YoY though QoQ gross margins witnessed an improvement. Revenue fell 5% YoY to Rs 589.9 crore in Q4FY21. Aligning with the current demand scenario, Bata tweaked its product portfolio from formals &amp; fashion categories to casuals, fitness &amp; essential categories. Gross margins contracted ~570 bps YoY to 53.1% mainly owing to unfavourable product mix.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Bata India witnessed a revenue recovery rate (adjusted) reaching 80% in Q4FY21 vs. 74% in Q3FY21. Lower revenues from formal &amp; fashion footwear continued to impact gross margin YoY though QoQ gross margins witnessed an improvement. Revenue fell 5% YoY to Rs 589.9 crore in Q4FY21. Aligning with the current demand scenario, Bata tweaked its product portfolio from formals &amp; fashion categories to casuals, fitness &amp; essential categories. Gross margins contracted ~570 bps YoY to 53.1% mainly owing to unfavourable product mix.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India: Well Placed to Benefit from Demand Normalisation

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We trim our FY22/23E estimates given subdued discretionary demand due to extended lockdown in Q1FY22 and continue to maintain HOLD rating with a revised TP of Rs. 1500/share (Rs. 1600 earlier) we roll forward our target PE multiple of 45x to its FY23E EPS.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We trim our FY22/23E estimates given subdued discretionary demand due to extended lockdown in Q1FY22 and continue to maintain HOLD rating with a revised TP of Rs. 1500/share (Rs. 1600 earlier) we roll forward our target PE multiple of 45x to its FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BATAINDIA: We trim our FY22/23E estimates given subdued discretionary demand due to extended lock...

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry...

ICICI Securities Limited

Bata India: Well Placed to Benefit from Demand Normalisation

Bata India witnessed a revenue recovery rate (adjusted) reaching 80% in Q4FY21 vs. 74% in Q3FY21. Lower revenues from formal & fashion footwear...

ICICI Securities Limited

Result Update:Bata India

We trim our FY22/23E estimates given subdued discretionary demand due to extended lockdown in Q1FY22 and continue to maintain HOLD rating with a...

Axis Direct

BATAINDIA: We trim our FY22/23E estimates given subdued discretionary demand due to extended lock...

We trim our FY22/23E estimates given subdued discretionary demand due to extended lockdown in Q1FY22 and continue to maintain HOLD rating with a...

Axis Direct

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