DCB Bank (DCBB) posted a strong all-round 4QFY18 performance with a ~22% yoy PAT growth (Rs 642mn, EE Rs 607mn), 29% yoy loan growth and better asset quality (GNPA/NNPA improving to 1.8%/0.7% on lower slippages at 1.7%). While core fee income grew by a strong 40% yoy, NIM (calc.) contracted 8bps qoq.

ACC reported a healthy performance for 1QCY18 with revenue growth of 14.8% YoY at Rs 35.6bn aided by volume/realisation growth.

TCS’ sequential revenue growth of 2.0% in CC terms in 4QFY18 was above our estimate of 1.5%

We have retained Buy rating on IBL, raised our target price to Rs 2,165 (from Rs2,018 earlier) and valued the stock at 3.9x FY20E P/BV.

TCS’ 4QFY18 USD revenue grew by 3.9% QoQ (2% in CC terms), marginally ahead of our estimate. Volume growth came in at 2% QoQ, while CC pricing remained flat. EBIT margin rose by 22bps QoQ led by operational efficiency and favourable currency.

Cyient posted a healthy 8.3% QoQ USD revenue growth in 4QFY18 led by DLM business (+81% QoQ), while core services business grew by 2% QoQ.

Shriram Transport Finance Company (SHTF) is the undisputed leader in the domestic used CV segment with 25-26% market share and outstanding AUM of INR 900bn as on Q3FY18.

Mindtree has posted a healthy performance in 4QFY18. Its revenue grew by an impressive 5.6% QoQ (4.5% in CC terms) to US$226.2mn (exceeding our estimate by 1.4%) led by superb show in key verticals i.e. Travel & Hospitality (+9.9% QoQ), Technology, Media & Services (+9.3% QoQ) and MFG, Retail & CPG (+6.4% QoQ) in USD terms.

We attended Ashok Leyland's (AL) Annual Global Conference 2018. Themed 'Conquer new frontiers - More battles to win,' the conference provided useful insights - Research Report Published on 19 Apr 2018.

The Company is driving an ambitious global expansion plan with expanding its core areas and diversifying into new businesses.Buy for an upside potential of ~22% from the current level with an investment horizon of 9-12 months.