Reliance Industries (NS:RELI): Our ADD rating on RIL with a price target of INR 2,280 /sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. ICICI Bank (NS:ICBK) ICICI Bank’s (ICICIBC) improving all-round performance over the past couple of years has been interrupted by the impact of the second wave in terms of asset quality during Q1FY22, a trend witnessed by all lenders. Slippages increased to 4.2% (FY21: 2.3%), driven primarily by higher retail slippages (6%). The bank, however, reported NII/PPOP/PAT in line with our expectations, by dipping into the COVID provisions (INR 10.5bn) during the quarter, to maintain PCR at 78%. Best-in-class liability franchise, risk-calibrated asset book, and industry-leading technology initiatives for new-to-bank (NTB) business sourcing are likely to drive ICICI Bank towards above-industry growth and a 15% RoE trajectory. Maintain BUY with a revised SOTP price of INR 775 (earlier INR 770).
HSIE Results Daily Reliance Industries, ICICI Bank Ltd (NS:ICBK), ITC (NS:ITC), Ambuja Cement, Mphasis (NS:MBFL), Persistent Systems Ltd (NS:PERS), IndiaMART InterMESH Ltd (NS:INMR), Federal Bank (NS:FED), HeidelbergCement (DE:HEIG) India Ltd (NS:HEID)
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