India City Gas Sector: Pessimism Overdone
Indraprastha Gas (IGL) and Mahanagar Gas (MGL) stock prices have seen a ~18/1% correction over the last six months and underperformed Sensex by 25/7%
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HSIE Results Daily: Britannia Industries, Godrej Consumers, Balkrishna Industries
Britannia took price corrections to defend its market share as competitive intensity rose (particularly from local/regional brands)
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Mahanagar Gas (Results Review 4QFY23): Strong Margins Drive Earnings.
Our ADD recommendation on Mahanagar Gas (MGL) with a target price of INR 1,170 is premised on (1) lower volume growth compared to peers
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HSIE Results Daily: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac
Larsen & Toubro: Larsen & Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1...
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Mahanagar Gas - Strong Margins Drive Earnings. Maintain ADD
Q4FY23 EBITDA, at INR 3.9bn, and APAT, at INR 2.7bn, came well above our estimates, owing to higher-than-expected realisation and lower opex
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