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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Gail India is a gas utility company with various business segments such as gas transmission &amp; trading, LPG, LLH and petrochemicals.</li><li>It operates a natural gas pipeline network of 13700 km as of end of FY21</li><li>Target Price and Valuation: We roll over valuations to FY24E and value Gail at Rs 180/share based on SoTP method</li></ul><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>

Gail India is a gas utility company with various business segments such as gas transmission &amp; trading, LPG, LLH and petrochemicals.It operates a natural gas pipeline network of 13700 km as of end of FY21Target Price and Valuation: We roll over valuations to FY24E and value Gail at Rs 180/share based on SoTP methodContent 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.

GAIL: Gas Trading Segment Continues to Drive Earnings

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</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>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
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.

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<p>GAIL is a dominant player in India involved in business of sourcing, transportation, distribution, and processing of natural gas in India. The company owns &gt;11,000 kms of natural gas pipelines. </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>

GAIL is a dominant player in India involved in business of sourcing, transportation, distribution, and processing of natural gas in India. The company owns &gt;11,000 kms of natural gas pipelines. 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.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>A "Buyback" is where (for our purposes) a publicly-listed company repurchases its shares from existing shareholders, sometimes in the market, sometimes in a structured buyback off exchange, and sometimes at a price higher than market price (in this insight, we will use the nouns "Buy-back" and "Buyback" interchangeably; the official regulatory documents in India often use the form with the hyphen).</p><p>When companies use excess cash to buy back shares, they often not only end up optimising their capital structure but also <em>"achieve</em>" EPS accretion with the aid of a reduction in the total share count of the company. Some companies use buy-backs to support their share prices during sluggish periods and others attempt to use it as a defence mechanism against hostile takeover situations.  Still others in India use it to return capital to their promoters.</p><p>All that is pretty well-known.</p><p>In India, such Buy-backs are governed by the <a href="https://www.sebi.gov.in/legal/regulations/jul-2019/securities-and-exchange-board-of-india-buy-back-of-securities-regulations-2018-last-amended-on-april-17-2020-_40327.html" target="_blank" rel="noopener">SEBI (BUY-BACK OF SECURITIES) REGULATIONS, 2018</a> (last amended on 17th April 2020) and are principally executed through three main mechanisms - Tender Offers, On-Market Transactions, and Book-building Processes. </p><p>This insight is the first of a two-part series by Quiddity on Indian Buy-backs.</p><p>In this insight, we will look into the regulations that govern each of the buy-back mechanisms to discover the basis for how they get executed.</p>

A "Buyback" is where (for our purposes) a publicly-listed company repurchases its shares from existing shareholders, sometimes in the market, sometimes in a structured buyback off exchange, and sometimes at a price higher than market price (in this insight, we will use the nouns "Buy-back" and "Buyback" interchangeably; the official regulatory documents in India often use the form with the hyphen).When companies use excess cash to buy back shares, they often not only end up optimising their capital structure but also "achieve" EPS accretion with the aid of a reduction in the total share count of the company. Some companies use buy-backs to support their share prices during sluggish periods and others attempt to use it as a defence mechanism against hostile takeover situations.  Still others in India use it to return capital to their promoters.All that is pretty well-known.In India, such Buy-backs are governed by the SEBI (BUY-BACK OF SECURITIES) REGULATIONS, 2018 (last amended on 17th April 2020) and are principally executed through three main mechanisms - Tender Offers, On-Market Transactions, and Book-building Processes. This insight is the first of a two-part series by Quiddity on Indian Buy-backs.In this insight, we will look into the regulations that govern each of the buy-back mechanisms to discover the basis for how they get executed.

Quiddity India Buy-Back Guide 2021: Regulations & Patterns

Aditya Birla Capital Ltd / Equity Bottom-Up

<p>Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).</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>

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).
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.

HSIE Results Daily: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

India

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

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Gail India (GAIL IN)

GAIL: Gas Trading Segment Continues to Drive Earnings

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Pick of the Week - GAIL India

GAIL is a dominant player in India involved in business of sourcing, transportation, distribution, and processing of natural gas in India

Edelweiss

Quiddity India Buy-Back Guide 2021: Regulations & Patterns

This insight is a basic primer of Indian buyback types, rules and regulations, and is part of a two-part series, with the other part being a

Travis Lundy

HSIE Results Daily: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving...

HDFC Securities

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