Gold Silver Reports (GSR) – TVS Motor Falls For Second Day After Brokerages Maintain Underperform – Shares of the Chennai-based two-wheeler maker fell as much as 4.49 percent to Rs 583.85 after brokerages maintained ‘underperform’ rating on the stock after it missed earnings estimates in March quarter.
Credit Suisse
📌 Maintained ‘Underperform’; cut price target to Rs 490 from Rs 510.
📌 Good execution on products, but double-digit margins seem to be a pipe dream.
📌 Management now refused to give any guidance on achieving double-digit margins.
📌 Raw Materials, competition key headwinds in near term.
Macquarie
📌 Maintained ‘Underperform’; cut price target to Rs 540 from Rs 575.
📌 Margin improvement remains elusive.
📌 Think the valuation for TVSL is expensive at 25 times FY20E PER.
Nifty Results Today
📌 Bajaj Finance
📌 Bajaj Finserv
📌 Other Results
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📌 Balkrishna Industries
📌 Central Bank of India
📌 Coffee Day Enterprises
📌 Escorts
📌 JK Tyre & Industries
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📌 SRF
📌 Taj GVK Hotels & Resorts
📌 Voltas
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