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Motilal Oswal maintains ‘Buy’ on Larsen & Toubro; target price Rs 1,600
Posted on 11th January 2016
Domestic Engineering & Construction (E&C) is likely to witness a slowdown in execution in H2FY17 (+8 % in H1FY17) on account of demonetisation and continued execution challenges. The impact may linger longer for the ‘elite housing’ segment (6% of order book). We cut our FY17 order inflow estimates (+9% v/s +18% earlier) to factor in weak defense, infrastructure and power generation orders. We, however, expect a revival in FY18, led by higher government spending on infrastructure and defense. Maintain our ‘buy’ rating with a revised target price of Rs 1,600 ( 18x FY19E standalone EPS), adding Rs 490 for the subsidiaries.

Domestic infrastructure growth was subdued at 3% y-o-y due to extended monsoon, lack of clearances and payment delays.

Our dipstick survey on housing projects under construction by LT in Mumbai indicates that projects which are in advanced stages of construction or being built by reputed builders have seen minimal disruption. This, however, is not the case for newly launched projects or developers going through financial stress.

Our sensitivity analysis reveals that a delay in 50% of the projects would lead to a 4% earnings cut over FY17/FY18. LT’s FY17 order inflow growth guidance stands Rs 1.55 trn ( +15% y-o-y, H1FY17: 12%).

Related Companies: Larsen & Toubro Limited   

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The Modi government, true to its intentions of divesting Air India, has put apartments owned by the airline across Mumbai on the block. These apartments, most of which are concentrated in upmarket South Mumbai, are expected to fetch Air India a minimum of Rs 305 crore. According to the company’s auction documents, the minimum price (called the reserve price from which bidding shall start), range from above Rs 10 crore to a little under Rs 1 crore.

While the bids for some these properties need to be submitted on or before August 31, bids for others can be submitted a day later on September 1, 2017. Cushman and Wakefield has been appointed as the advisors for the sale of these properties.


 
Walmart and Google are today announcing a new partnership that will enable voice shopping through Google Assistant, Google’s virtual assistant that lives on devices like its smart speaker, Google Home. Specifically, consumers will now be able to take advantage of Walmart’s “Easy Reorder” feature through an integration with Google’s shopping service, Google Express. This will allow consumers to shop from hundreds of thousands of Walmart products just by speaking, the companies explain.

Related to this, Google Express is also today ditching its membership fees, and now promises free delivery across its retailers in one to three days, as long as customer orders are above each store’s minimums.


 
After a game of patience, GMR Infrastructure Ltd’s sustained focus on airports is slowly paying off. Return on investments in airports’ development and maintenance is improving, as regulations are being eased and traffic at key airports is rising.

On Tuesday, the company detailed its expansion plans for its prized asset, Delhi International Airport (Pvt.) Ltd (DIAL), where it leads the consortium. A 60% increase in capacity for passenger traffic and increase in cargo handling infrastructure, besides world-class facilities, will be done in three phases over a decade. Although this would imply cost increases in the near term, it would gradually ramp-up revenue and profit. In fact, June quarter passenger traffic at Delhi airport grew by 14%.


 
New Delhi: The government is close to finalizing a proposal to grant licences in perpetuity to pharmaceutical companies, scrapping the existing policy that required renewal of licences every five years.

Aimed at enhancing the ease of doing business in India, the government has proposed that manufacturers be granted licences that will remain valid as long as they comply with good manufacturing practices (GMP).


 
The BSE Sensex firmed up by another 149 points and the Nifty reclaimed the 9,800—mark in opening trade on Wednesday, aided by fresh buying mainly in realty, healthcare and banks, coupled with positive global cues.

The 30—share index moved higher by 149.01 points, or 0.47 %, to 31,440.86. The gauge had gained 33 points in yesterday’s session.


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