In today’s briefing:
- Transformers & Rectifiers (India) Ltd- Ambitious Targets
- Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List
Transformers & Rectifiers (India) Ltd- Ambitious Targets
- Transformers & Rectifiers (India) Ltd (TRIL IN) is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range
- With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA.
- Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.
Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List
- We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling
- Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality
- Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns
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