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MOSt Market Roundup : Nifty future closed negative with losses of 1.81% at 22272 levels - Motilal Oswal Wealth Management Market Update Nifty : 22,124.70 -420.35 (-1.86%) Sensex : 73,198.10 -1414.33 (-1.90%) • The equity benchmark Sensex plummeted by over 1,400 points, and the Nifty closed at a 9-month low, falling below the 22,200 mark, due to widespread selling in the market. This decline was triggered by the recent announcement from the US government of an additional 10% tariff on Chinese goods, which rattled investors. The drop was further fueled by concerns over the upcoming 25% tariff on...
MOSt Market Roundup : Nifty future closed negative with losses of 1.81% at 22272 levels - Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty future closed negative with losses of 1.81% at 22272 levels - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-02-28 06:04:32 pm
Automobiles Sector Update : Demand remains weak across most segments by Motilal Oswal Financial Services Ltd Demand remains weak across most segments SIAM forecasts a bleak outlook for PVs and CVs in FY26 as well * In Feb’25, we continue to see weak demand trends across most auto segments. 2W sales are likely to post 1-3% YoY growth, driven by steady rural demand. In 2Ws, scooters are seeing better demand relative to motorcycles. PV retails are likely to post a low single-digit decline YoY. Despite demand weakness, most PV OEMs have raised prices by about 1% in Feb. CV demand also remain...
Automobiles Sector Update : Demand remains weak across most segments by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Demand remains weak across most segments by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 04:53:16 pm
Capital Goods Sector Update : Reflecting on high-growth and low-growth areas by Motilal Oswal Financial Services Ltd Reflecting on high-growth and low-growth areas Our analysis of 3QFY25 commentary from 25 companies, both from covered and uncovered universe in the capital goods space, indicates that the last two years were extremely good in terms of overall performance of companies, resulting in a high base for most players. Before companies embark on another leg of the high-growth phase, we expect near-term moderation in growth. Macro drivers continue to remain strong from T&D, renewables, electroni...
Capital Goods Sector Update : Reflecting on high-growth and low-growth areas by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Reflecting on high-growth and low-growth areas by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 04:44:54 pm
Chemicals Sector Update : Global markets still in turmoil; export trends mixed by Motilal Oswal Financial Services Ltd Global markets still in turmoil; export trends mixed * The global chemicals sector would experience mixed conditions in CY25, with a selective recovery to be observed in the specialty, industrial, and life sciences segments, while macroeconomic and geopolitical headwinds continue to pose challenges. Companies focus on cost management, portfolio diversification, and sustainability to navigate pricing pressures and demand volatility. * Exports displayed a mixed trend in Jan’25, with...
Chemicals Sector Update : Global markets still in turmoil; export trends mixed by Motilal Oswal Financial Services Ltd
Chemicals Sector Update : Global markets still in turmoil; export trends mixed by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 03:46:25 pm
Cables and wires Sector Update : UTCEM`s entry into cables and wires: Is it time for valuation multiple de-rating? by Motilal Oswal Financial Services Ltd UTCEM’s entry into cables and wires: Is it time for valuation multiple de-rating? * UTCEM’s announcement to enter the Cables and Wires (C&W) space with a capital outlay of INR18b may not initially seem large and disruptive. However, the recent precedence of value erosion in the Paints sector, the capex increase following the initial announcement in Paints, and the Aditya Birla Group’s intention to become a meaningful player (top 2-3) in the segments where they operate...
Cables and wires Sector Update : UTCEM`s entry into cables and wires: Is it time for valuation multiple de-rating? by Motilal Oswal Financial Services Ltd
Cables and wires Sector Update : UTCEM`s entry into cables and wires: Is it time for valuation multiple de-rating? by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 03:39:37 pm
NBFC Sector Update : Reduction of risk weights on bank loans to NBFCs by Motilal Oswal Financial Services Ltd Reduction of risk weights on bank loans to NBFCs  Sentimentally positive but will lead to a marginal reduction in CoB for NBFCs * On 25th Feb’25, the RBI issued a circular addressed to all Scheduled Commercial Banks (SCBs), including Small Finance Banks (SFBs), restoring the risk weights on their exposures to NBFCs, which will now be according to the external rating. This change will take effect from 1 st Apr’25. * Following the increase in risk weights on bank loans...
NBFC Sector Update : Reduction of risk weights on bank loans to NBFCs by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Reduction of risk weights on bank loans to NBFCs by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 03:24:55 pm
NBFC Sector Update : RBI reduces risk weight on MFI loans and loans to NBFCs by Motilal Oswal Financial Services Ltd RBI reduces risk weight on MFI loans and loans to NBFCs Supportive regulatory action continues; positive for both banks & NBFCs The Reserve Bank of India (RBI) has announced a significant policy reversal, restoring the risk weights on exposures of SCBs to NBFCs, as well as Micro-Finance Institutions (MFI), to their original levels. This decision effectively reverses the 25% increase in risk weights on bank loans to NBFCs that RBI had implemented in Nov’23. Below are our views ...
NBFC Sector Update : RBI reduces risk weight on MFI loans and loans to NBFCs by Motilal Oswal Financial Services Ltd
NBFC Sector Update : RBI reduces risk weight on MFI loans and loans to NBFCs by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-28 02:57:17 pm
Bank Nifty support is at 48500 then 48250 zones while resistance at 48950 then 49150 zones - Motilal Oswal Wealth Management Morning Market Outlook * The market is expected to open sharply lower due to a significant decline across global markets, driven by concerns over trade tariffs, the Dollar Index reaching a one-month high of 107, and a more than 8% drop in Nvidia’s shares, which failed to meet analyst expectations. * The US market fell 2.5%, closing at a five-month low, while US Treasury yields rose following President Trump's new tariff threats. The updated fourth-quarter economic growth repor...
Bank Nifty support is at 48500 then 48250 zones while resistance at 48950 then 49150 zones - Motilal Oswal Wealth Management
Bank Nifty support is at 48500 then 48250 zones while resistance at 48950 then 49150 zones - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-02-28 09:53:24 am
Gold Commentary: 27th February 2025 by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd Below the Gold Commentary: 27th February 2025 by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd    Gold prices traded steady after retreating from recent record highs, as safe-haven demand remained strong amid uncertainty surrounding U.S. trade tariffs and slowing economic growth. President Trump yesterday, ordered an investigation into potential new tariffs on copper imports to boost U.S. production of a critical metal used in ...
Gold Commentary: 27th February 2025 by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
Gold Commentary: 27th February 2025 by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-27 12:34:12 pm
Oil & Gas Sector Update : Pockets of value re-emerging By Motilal Oswal Financial Services Ltd Pockets of value re-emerging * In Jun’24, we had highlighted that valuations for O&G stocks had surged and the value trade was fading away. In the last seven months, valuations have corrected sharply, with the average one-year fwd. P/E for O&G stocks (excl. RIL) at 7.7x, down 34% vs. Jun’24 (and below 10-year mean now). * We see a limited risk of sharp earnings downgrades to FY26 numbers based on the following factors: 1) Even the most bearish crude oil price estimat...
Oil & Gas Sector Update : Pockets of value re-emerging By Motilal Oswal Financial Services Ltd
Oil & Gas Sector Update : Pockets of value re-emerging By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 12:37:39 pm
Automobiles Sector Update : Growth moderating for 2Ws and UVs By Motilal Oswal Financial Services Ltd Growth moderating for 2Ws and UVs HMSI closes in on HMCL in domestic 2W ICE * In Jan’25, 2W ICE volume remained flat YoY, while PV volume grew 1.6% YoY. * In 2Ws, ICE scooter volume increased 8% YoY in Jan’25, whereas motorcycle sales fell 3% YoY, declining for the third consecutive month. On YTD basis, the motorcycle industry, excluding HMSI, has grown by just 2.6% YoY. * In domestic 2W ICE, the gap between HMCL and HMSI is just 100bp on YTD basis (just 20bp in Jan&rs...
Automobiles Sector Update : Growth moderating for 2Ws and UVs By Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Growth moderating for 2Ws and UVs By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 12:26:02 pm
Telecom Sector Update : Diverging trends in tariff hike flow-through across three private telcos By Motilal Oswal Financial Services Ltd Diverging trends in tariff hike flow-through across three private telcos After a gap of almost 2.5 years, telcos implemented tariff hikes in Jul’24, with RJio taking the lead by raising the tariffs. RJio raised the popular (28-day 1.5GB/day and 84-day 1.5GB/day) plan prices by ~20-25%, while Bharti and Vi followed up with slightly lower ~17-19% price hikes. Overall, the blended tariff hikes were ~17% across the three telcos. However, the tariff hike flow-through has been impacted by ...
Telecom Sector Update : Diverging trends in tariff hike flow-through across three private telcos By Motilal Oswal Financial Services Ltd
Telecom Sector Update : Diverging trends in tariff hike flow-through across three private telcos By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 11:37:11 am
Life Insurance Sector Update : Minimal impact of surrender charge regulations By Motilal Oswal Financial Services Ltd Minimal impact of surrender charge regulations Our top picks: HDFC Life and SBI Life * During 3QFY25, the life insurance industry witnessed APE growth of ~8% YoY, driven by ~22% YoY growth reported by private life insurers, while LIC witnessed a decline of ~17% YoY. For 9MFY25, the industry and private insurers grew 14% and 20% YoY, respectively. HDFCLIFE/IPRU/MAXFIN/SBILIFE delivered better-than-industry growth of 12%/28%/13%/17% YoY. * VNB performance was mixed for listed companies...
Life Insurance Sector Update : Minimal impact of surrender charge regulations By Motilal Oswal Financial Services Ltd
Life Insurance Sector Update : Minimal impact of surrender charge regulations By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 11:13:55 am
Company Update : CIE India Automotive Ltd By Motilal Oswal Financial Services Ltd EBITDA/PAT miss estimates; EU business disappoints * 4QCY24 consol. revenue declined ~6% YoY to INR21.1b (est. INR20.96b), due to weak EU market performance. CY24 revenue/EBITDA declined ~3%/5% YoY, while adj. PAT grew 3% YoY. * 4Q EBITDA stood at ~INR2.99b (est. INR3.2b), down 9% YoY. EBITDA margins stood at 14.2% (est. 15.2%), down 40bp YoY/130bp QoQ. * Adj. PAT stood at INR1.8b (est. INR1.9b), up 1% YoY. * India business performance: Revenue declined 2% YoY to ~INR15.2b (in lin...
Company Update : CIE India Automotive Ltd By Motilal Oswal Financial Services Ltd
Company Update : CIE India Automotive Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 10:48:20 am
The Economy Observer : Expect real GDP growth at ~5.7% YoY in 3QFY25 By Motilal Oswal Financial Services Ltd Expect real GDP growth at ~5.7% YoY in 3QFY25 Real GVA growth could improve to 6.1-6.3% * India’s real GDP grew by an unexpected 5.4% YoY in 2QFY25, compared to the market expectation of 6.5%, RBI’s projection of 6.7%, and our forecast of 6.2%. Naturally, the market participants were surprised and revised their GDP growth projections for FY25 and FY26. * Various growth forecasts for 3QFY25 and 2HFY25: The RBI reduced its growth forecasts, though it still projects real GDP...
The Economy Observer : Expect real GDP growth at ~5.7% YoY in 3QFY25 By Motilal Oswal Financial Services Ltd
The Economy Observer : Expect real GDP growth at ~5.7% YoY in 3QFY25 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 10:43:06 am
Transports and Logistics Sector Update : Anchoring solutions Navigating success By Motilal Oswal Financial Services Ltd Anchoring solutions | Navigating success Growth on a fast-track mode! * India’s ports sector is a vital pillar of its trade and economic framework, managing 95% of the country’s export volumes and 70% of its export values. Spanning a coastline of ~7,500km and aided by 20,275km of national waterways across 24 states, the sector benefits from its strategic location in the Indian Ocean. This positioning aligns India with 80% of the global maritime oil trade, underscoring its po...
Transports and Logistics Sector Update : Anchoring solutions Navigating success By Motilal Oswal Financial Services Ltd
Transports and Logistics Sector Update : Anchoring solutions Navigating success By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 10:16:14 am
Company Update : ABB India Ltd By Motilal Oswal Financial Services Ltd Results above expectations * ABB India reported a good set of numbers in 4QCY24, with a beat across all parameters. * Revenue at INR33.65b grew 22% YoY, beating our expectation of INR31.4b by 7%, led by Electrification (up 33% YoY) with seamless execution of data center orders, from EPC customers, and export markets from Distribution Solution division. Robotics vertical, on the other hand, was able to convert opportunities from electronics and automotive segments. Motion segment revenue...
Company Update : ABB India Ltd By Motilal Oswal Financial Services Ltd
Company Update : ABB India Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-26 10:02:44 am
MOSt Market Roundup : Nifty index opened on a negative note and remained within the range of its first-hour candle clearly indicating a lack of momentum on either side by Motilal Oswal Wealth Management Market Update Nifty : 22,547.55 5.80 (-0.03%) Sensex : 74,602.12 • The equity benchmark Nifty ended flat today amid concerns over potential reciprocal tariffs from the US, ahead of the Nifty February series F&O expiry on Thursday and continued selling pressure from foreign institutional investors (FIIs). Additionally, the domestic market will be closed tomorrow, and the upcoming quarterly results of US tech giant Nvidia kept the Nifty in a sideways motion. • US Presi...
MOSt Market Roundup : Nifty index opened on a negative note and remained within the range of its first-hour candle clearly indicating a lack of momentum on either side by Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty index opened on a negative note and remained within the range of its first-hour candle clearly indicating a lack of momentum on either side by Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-02-25 05:31:43 pm
MOSt Market Roundup : Nifty index opened with a gap down of over 180 points near the 22600 zone, breaking out of its range from the last 8 trading sessions by Motilal Oswal Wealth Management Market Update Nifty : 22,553.35 -242.55 (-1.06%) Sensex : 74,454.41 -856.65 (-1.14%) * The equity benchmarks, Nifty and Sensex, both fell over 1%, with Sensex hitting an 8-month low below the 75,000 mark, amid intense selling in IT and metal stocks, tracking the weak trends in US markets. The decline was further driven by persistent foreign fund outflows and concerns about US tariffs. The Sensex dropped 856 points, or 1.1% to close at 74454, while Nifty fell 242 points, or 1%, closi...
MOSt Market Roundup : Nifty index opened with a gap down of over 180 points near the 22600 zone, breaking out of its range from the last 8 trading sessions by Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty index opened with a gap down of over 180 points near the 22600 zone, breaking out of its range from the last 8 trading sessions by Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-02-24 05:18:36 pm
The Economy Observer : WPI inflation stood at 2.3% in Jan`25 By Motilal Oswal Financial Services Ltd WPI inflation stood at 2.3% in Jan’25 Food prices decelerated, led by vegetables * The Wholesale Price Index (WPI)-based inflation stood at 2.3% YoY in Jan’25, slightly lower than 2.4% in Dec’24, but higher than 0.3% in Jan’24. The deceleration was led by a decrease in food inflation (especially vegetables), which was partly offset by a slower pace of contraction in prices of fuel & power items (the slowest contraction in the past five months) and the 24-mont...
The Economy Observer : WPI inflation stood at 2.3% in Jan`25 By Motilal Oswal Financial Services Ltd
The Economy Observer : WPI inflation stood at 2.3% in Jan`25 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 06:20:26 pm
Company Update : Zen Technologies Ltd By Motilal Oswal Financial Services Ltd Disappointing results * Zen Tech’s 3QFY25 revenue, EBITDA, and PAT came in below our estimates. * Revenue was up 44.3% YoY at INR1.42b, a 39% miss on our estimate of INR2.31b. * Absolute EBITDA was down 17% YoY at INR367m, vs. our estimate of INR859m (57% miss), mainly because of higher-than-expected total operating expenses as a percentage of sales. EBITDA margin contracted 1910bp YoY/690bp QoQ to 26.0% vs. our estimate of 37.2%. * PAT at INR386m came in 39% below our estim...
Company Update : Zen Technologies Ltd By Motilal Oswal Financial Services Ltd
Company Update : Zen Technologies Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 06:17:06 pm
Company Update : Aditya Birla Fashion and Retail Ltd By Motilal Oswal Financial Services Ltd Muted revenue growth, GM expansion driven beat * ABFRL’s consol. revenue grew 3% YoY (in line) to INR43.1b, driven by growth in the ethnic and TMRW portfolio. * Lifestyle revenue remained flat YoY (2% miss) as 12% LTL growth in the retail channel was offset by weaker primary sales in wholesale and other channels. * Pantaloons revenue declined ~2% YoY due to the shift in festive dates (Pujo in 2Q) and continued store closures. * Ethnic revenue grew 7% YoY, driven by robust gr...
Company Update : Aditya Birla Fashion and Retail Ltd By Motilal Oswal Financial Services Ltd
Company Update : Aditya Birla Fashion and Retail Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 06:14:57 pm
Company Update : Glenmark Pharma Ltd By Motilal Oswal Financial Services Ltd Operational performance misses estimates * Glenmark’s revenue grew 35.1% YoY to INR33.9b (in line) in 3QFY25. * India formulations (DF) grew 305.7% YoY to INR10.6b (31% of sales) on a low base of past year. * Europe generics revenue grew 14.8% YoY to INR7.3b (22% of sales). * RoW (RoW+LatAm) sales rose 3.3% YoY to INR7.5b (23% of sales). * NA revenue increased 2.4% YoY to INR7.8b (USD93m; 22% of sales). * Gross margins (GM) expanded 920bp YoY to 68% due to lower RM cos...
Company Update : Glenmark Pharma Ltd By Motilal Oswal Financial Services Ltd
Company Update : Glenmark Pharma Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 06:05:49 pm
Oil & Gas Sector Update : India Energy Week: Multiple initiatives to strengthen By Motilal Oswal Financial Services Ltd India Energy Week: Multiple initiatives to strengthen India’s Oil & Gas sector On February 13, 2025, we attended an interactive session on India's Oil & Gas sector led by Mr Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, and Mr Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, at India Energy Week 2025. Key highlights included MoPNG’s continued push for government compensation to Oil Marketing Companies (OMCs) for LPG under-recovery...
Oil & Gas Sector Update : India Energy Week: Multiple initiatives to strengthen By Motilal Oswal Financial Services Ltd
Oil & Gas Sector Update : India Energy Week: Multiple initiatives to strengthen By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 06:02:45 pm
Company Update : KNR Construction Ltd By Motilal Oswal Financial Services Ltd Miss in execution Earnings snapshot: 3QFY25 * During 3QFY25, KNR received certain one-time adjustments and arbitration claims. For a like-to-like comparison, we have adjusted these items in revenue, other income, other expenses, and total taxes for 3QFY25 and showed them as exceptional items. The arbitration claims were relating to the following: * In Patel KNR Heavy Infrastructures Ltd, the company received claims worth INR355m (included in revenue) and interest of INR1b on such cla...
Company Update : KNR Construction Ltd By Motilal Oswal Financial Services Ltd
Company Update : KNR Construction Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:21:54 pm
Company Update : Senco Gold Ltd By Motilal Oswal Financial Services Ltd In-line sales; a sharp miss on profitability Consolidated results * Senco’s consolidated revenue grew 27% YoY to INR21.0b (est. INR20.7b). * The company presentation has not yet been released. However, management previously reported an inventory loss of ~INR500m due to customs duty. Adjusting for the INR298m inventory loss in 2Q, we consider the INR200m inventory loss in 3Q to understand the underlying margin. * After adjusting the inventory effect, the consolidated gross ma...
Company Update : Senco Gold Ltd By Motilal Oswal Financial Services Ltd
Company Update : Senco Gold Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:19:21 pm
Company Update : Kalpataru Projects Ltd By Motilal Oswal Financial Services Ltd High interest expense leads to PAT miss * 3QFY25 revenue came largely in line at INR48.2b (+16% YoY), primarily led by robust execution in T&D/B&F segments (up 42%/26%). Water and Railways declined 42% and 18% YoY, respectively. * EBITDA margin was flat YoY (down 10bp QoQ) at 8.4%, slightly below our estimate of 8.5%. EBITDA at INR4b grew 17% YoY/15% QoQ. * PAT grew 9% YoY to INR1.6b, below our estimate of INR1.9b, due to higher-than-expected interest cost (+29% YoY), lower o...
Company Update : Kalpataru Projects Ltd By Motilal Oswal Financial Services Ltd
Company Update : Kalpataru Projects Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:16:21 pm
Company Update : Deepak Nitrite Ltd By Motilal Oswal Financial Services Ltd Miss across board; worst performance since 1QFY21 * Revenue was at INR19b (our est. INR18.6b, down 5% YoY). * EBITDA was at INR1.7b (our est. of INR2.4b, down 45% YoY). Gross margin was at 26.8% (down 490bp YoY), while EBITDAM stood at 8.9% (vs. 15.2% in 3QFY24). * Reported PAT stood at INR981m (our est. of INR1.5b, down 51% YoY). * In 9MFY25, revenue was at INR61b (+10% YoY), EBITDA at INR7.8b (-5% YoY), PAT at INR4.9b (-11% YoY), and EBITDAM at 12.7% (-200bp YoY).   S...
Company Update : Deepak Nitrite Ltd By Motilal Oswal Financial Services Ltd
Company Update : Deepak Nitrite Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:10:47 pm
Company Update : United Breweries Ltd By Motilal Oswal Financial Services Ltd Healthy revenue growth; weak operating margins * UBBL’s standalone net sales grew 10% YoY to INR20.0b (est. INR20.4b). * Volume growth was 8% YoY (est. 6%), with premium segment volume growing strongly by 33% YoY. * North/West/East/South regions posted 16%/4%/3%/8% volume growth. * Gross margin declined 90bp YoY and 70bp QoQ to 43.1% (est. 43.8%, 43.8% in 2QFY25). * Employee expenses grew 6% YoY, while other expenses rose 11% YoY, led by investments in supply chain ahead ...
Company Update : United Breweries Ltd By Motilal Oswal Financial Services Ltd
Company Update : United Breweries Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:05:59 pm
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd In-line performance; muted Novelis performance offset by strong India business Highlights of the consolidated result * 3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization. * Consolidated EBITDA stood at INR76b (+29% YoY/-4% QoQ), in line with our est. of INR77b, driven by lower costs and operating efficiencies. * APAT stood at INR38b (+61% YoY/-12% QoQ), in line with our estimate. * For 9MFY25, revenue...
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 04:02:11 pm
The Economy Observer : India`s fiscal deficit likely to reach ~3.5% of GDP by FY31 By Motilal Oswal Financial Services Ltd India’s fiscal deficit likely to reach ~3.5% of GDP by FY31 Contractionary impulse of fiscal spending may continue post-FY27 * Finance Minister, Nirmala Sitharaman, has set the course for fiscal consolidation in her Union Budget 2025-26, announcing a fiscal deficit of 4.8% of GDP for FY25, revised downward from the earlier estimate of 4.9%. Further, the FY26 deficit target has been set at 4.4% of GDP (vs. a broad market expectation of 4.5%), signaling a more aggressive approach to...
The Economy Observer : India`s fiscal deficit likely to reach ~3.5% of GDP by FY31 By Motilal Oswal Financial Services Ltd
The Economy Observer : India`s fiscal deficit likely to reach ~3.5% of GDP by FY31 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-21 03:58:11 pm
Healthcare Sector Update : Slight uptick in acute/steady chronic therapies drives IPM growth for Jan`25 by Motilal Oswal Financial Services Slight uptick in acute/steady chronic therapies drives IPM growth for Jan’25 * The India Pharma Market (IPM) grew 8.4% YoY in Jan’25 (vs. 6.6% in Dec’24 and 7.9% in Dec’23). * Acute therapy growth stood at 8% in Jan’25 (vs. 6% in Dec’24 and Jan’24 each) owing to the seasonality benefit. * The growth was driven by strong outperformance in Cardiac/Gastro/Urology. These therapies outperformed IPM by 230bp/170bp/460bp, respectively. * For the ...
Healthcare Sector Update : Slight uptick in acute/steady chronic therapies drives IPM growth for Jan`25 by Motilal Oswal Financial Services
Healthcare Sector Update : Slight uptick in acute/steady chronic therapies drives IPM growth for Jan`25 by Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2025-02-21 03:41:37 pm
Company Update : Fusion Microfinance Ltd By Motilal Oswal Financial Services Ltd Sharp deterioration in asset quality but early green shoots visible Annualized credit costs at ~23%; reported NIM contracts ~260bp QoQ * Fusion reported a net loss of ~INR7.2b in 3QFY25 (vs. MOFSLe loss of INR2b) because of NIM compression from interest income reversals and reversal of all net deferred tax assets (DTA) to date. At a normalized tax rate, Fusion would have reported a lower loss of ~INR3.8b, with a standard corporate tax rate applied on the PBT. * NII declined ~34% YoY ...
Company Update : Fusion Microfinance Ltd By Motilal Oswal Financial Services Ltd
Company Update : Fusion Microfinance Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 03:21:11 pm
Company Update : Repco Home Finance Ltd By Motilal Oswal Financial Services Ltd Muted loan growth and disbursements; earnings in line Reported NIM improves ~40bp QoQ; asset quality continues to improve * Repco’s 3QFY25 PAT grew 7% YoY to INR1.1b (in line). NII grew ~9% YoY to ~INR1.8b (~5% beat). Other income grew 35% YoY to INR196m. Opex rose ~31% YoY to INR535m (~12% higher than MOFSLe). * PPOP grew ~2% YoY to INR1.4b (in line). Provisions for the quarter stood at ~INR3m, translating into annualized credit costs of ~1bp (PY: 9bp and PQ: -45bp). * GNPA...
Company Update : Repco Home Finance Ltd By Motilal Oswal Financial Services Ltd
Company Update : Repco Home Finance Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 03:15:42 pm
Company Update : P N Gadgil Jewellers Ltd By Motilal Oswal Financial Services Ltd In-line operating performance; store expansion on track * PNGJ’s consolidated sales rose 24% YoY to INR24.4b in 3QFY25, led by strong demand during Navratri and Diwali. * SSSG grew by 25.7% in 9MFY25. * Stud ratio improved 80bp YoY to 7.4% in 3QFY25 vs 6.6% in 3QFY24. * The company added 9 stores during the quarter, bringing the total count to 48 stores in 25 cities. * Gross margin expanded by 130bp YoY to 9.8% (est. 10.3%). * EBITDA margin was up 40bp YoY to 5% (est. ...
Company Update : P N Gadgil Jewellers Ltd By Motilal Oswal Financial Services Ltd
Company Update : P N Gadgil Jewellers Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 03:10:59 pm
Company Update : IIFL Finance Ltd By Motilal Oswal Financial Services Ltd Earnings miss due to NIM compression and elevated credit costs Healthy ~40% QoQ growth in gold loans; calc. NIMs decline ~70bp QoQ * IIFL Finance’s (IIFL) 3QFY25 NII declined ~22% YoY and ~8% QoQ to ~INR12.4b (~7% miss). Other Income stood at ~INR1.1b (PY: INR1.1b). This was because of higher loss on de-recognition of financial instruments and lower gain on fair value changes. * Net total income (NTI) declined ~21% YoY to ~INR13.4b. Opex grew 3% YoY to INR7.5b (in line), with t...
Company Update : IIFL Finance Ltd By Motilal Oswal Financial Services Ltd
Company Update : IIFL Finance Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 02:49:29 pm
Company Update : Endurance Technologies Ltd By Motilal Oswal Financial Services Ltd Operationally in-line; low other income & high tax lead to PAT miss * 3QFY25 consol revenue grew ~12% YoY to INR28.6b (in-line). This was driven by a ~9% YoY growth in standalone (India) business (vs the 2W industry sales growth of 7%) and ~20% YoY growth in subsidiaries. * The Europe business revenue grew ~22% YoY in Indian terms and ~21% in EUR terms against the new car registration growth of 1.3%. Maxwell reported a growth of 37% YoY to INR260m in 3QFY25. * Aftermarket sales f...
Company Update : Endurance Technologies Ltd By Motilal Oswal Financial Services Ltd
Company Update : Endurance Technologies Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 02:44:48 pm
Company Update : Aegis Logistics Ltd By Motilal Oswal Financial Services Ltd Miss on EBITDA and PAT * EBITDA came in 20% below our estimate, at INR2.3b (+10% YoY and +4% QoQ). * PAT also came in 15% below our estimate, at INR1.2b. However, other income was above our estimate. * In 9MFY25, EBITDA increased 12% YoY to INR6.9b, while revenue/PAT remained flat YoY at INR50.6b/3.8b. * In 3QFY25, standalone revenue stood at INR6.7b (-19% YoY, +2% QoQ). * Standalone PAT came in at INR658m (-38% YoY, -9% QoQ).   Segmental performance in 3QFY25 * T...
Company Update : Aegis Logistics Ltd By Motilal Oswal Financial Services Ltd
Company Update : Aegis Logistics Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 02:33:56 pm
The Economy Observer : Jan`25 inflation eases, IIP weakens in Dec`24 By Motilal Oswal Financial Services Ltd Jan’25 inflation eases, IIP weakens in Dec’24 Expect ~6% real GDP growth in 3QFY25 * Headline CPI inflation came down to a five-month low of 4.3% YoY in Jan'25 vs. 5.2% in Dec'24. The deceleration was mainly led by a five-month slowest growth in food inflation (6% in Jan'25 vs. 8.4% in Dec'24). However, core inflation remained broadly stable at ~3.7% during the month (Exhibit 1). On a sequential basis, inflation declined 1.0% in Jan'25 vs. 0.5% in Dec'...
The Economy Observer : Jan`25 inflation eases, IIP weakens in Dec`24 By Motilal Oswal Financial Services Ltd
The Economy Observer : Jan`25 inflation eases, IIP weakens in Dec`24 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 02:28:43 pm
Fund Folio : Equity AUM moderates amid volatilities; down 4.7% from peak of Sep`24 By Motilal Oswal Financial Services Ltd Equity AUM moderates amid volatilities; down 4.7% from peak of Sep’24 Key observations The Nifty-50 witnessed an additional correction of 0.6% MoM in Jan’25, following a 2% decline in Dec’24. The market closed in red for the fourth consecutive month. Notably, the index was extremely volatile and hovered around 1,440 points before closing 136 points lower. Notably, DII inflows (at USD10b) and FII outflows (at USD8.4b) were at second record highs in Jan’25 (DIIs in...
Fund Folio : Equity AUM moderates amid volatilities; down 4.7% from peak of Sep`24 By Motilal Oswal Financial Services Ltd
Fund Folio : Equity AUM moderates amid volatilities; down 4.7% from peak of Sep`24 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 11:37:42 am
Technical Trading Idea : UPL Ltd For Target Rs.680 By Motilal Oswal Wealth Management UPL Ltd  Buy UPL Ltd CMP : 650 SL 630 Target 680 Duration : 2-3 Days Stock has broken out of a bullish pennant pattern with a large bodied candlestick on the daily chart. The ADX line is rising confirming the strength of the uptrend.   For More Research Reports : Click Here  For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration num...
Technical Trading Idea : UPL Ltd For Target Rs.680 By Motilal Oswal Wealth Management
Technical Trading Idea : UPL Ltd For Target Rs.680 By Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-02-20 10:42:58 am
Company Update : MTAR Technologies Ltd By Motilal Oswal Financial Services Ltd Operating performance below estimates Performance in 3QFY25 * Consolidated revenue grew 47% YoY, while it declined 8% QoQ to INR1.75b (est. INR1.69b) * EBITDA grew 39% YoY, while it declined 10% QoQ to INR333m (est. INR359m). EBITDA margin contracted 110bp YoY and 30bp QoQ to 19.1% (est. 21.2%). Gross margin stood at 49.7% (-220bps YoY), while employee expenses/other expenses as a % of sales stood at 18.0%/12.7% (-230bp / +120bp YoY). * Adj. PAT grew 53% YoY, while it dipped 15% Q...
Company Update : MTAR Technologies Ltd By Motilal Oswal Financial Services Ltd
Company Update : MTAR Technologies Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:20:37 am
Company Update : Galaxy Surfactants Ltd By Motilal Oswal Financial Services Ltd Miss across the board; standalone business leads the drag * Revenue stood at INR10.4b (our est. of INR10.9b, +11% YoY). * EBITDA came in at INR1.1b (est. of INR1.2b, -6% YoY). Gross margin was 31.1% (-70bp YoY), with EBITDAM at 10.1% (-180bp YoY). * PAT came in at INR646m (est. of INR798m, -9% YoY). * During 9MFY25, revenue stood at INR30.8b (+7% YoY), and EBITDA was INR3.6b (-1% YoY). PAT came in at INR2.3b (+2% YoY). EBITDAM was INR11.6% (-100bp YoY).     For ...
Company Update : Galaxy Surfactants Ltd By Motilal Oswal Financial Services Ltd
Company Update : Galaxy Surfactants Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:16:20 am
Company Update : Bata India Ltd By Motilal Oswal Financial Services Ltd Continues to report tepid growth * Revenue at INR9.2b (4% miss) grew by a modest ~2% YoY. Revenue growth was majorly driven by volume growth. * Gross margins expanded ~10bp YoY to 56.2% (down ~40bp QoQ) and were ~80bp below our estimate. * Gross profit increased 2% YoY to INR5.2b (~5% miss). * EBITDA increased 9% YoY to INR2b (5% miss), driven by strong cost controls as SG&A costs declined ~4% YoY, while employee costs rose by a modest ~1% YoY. * Margins expanded 150bp YoY ...
Company Update : Bata India Ltd By Motilal Oswal Financial Services Ltd
Company Update : Bata India Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:13:54 am
Company Update : Signature Global Ltd By Motilal Oswal Financial Services Ltd Strong bookings; on track to meet guidance Highest-ever 3Q collections; 87% pre-sales guidance achieved * Signature Global reported 3QFY25 pre-sales of INR27.7b (26% beat), up 119% YoY and flat QoQ. * Strong pre-sales were aided by volumes of 2.49msf, up 117% YoY and 5% QoQ. For 9MFY25, volumes jumped 127% YoY to 6.9msf. * For 9MFY25, pre-sales stood at INR86.7b, up 177% YoY (best ever 9M presales), achieving 87% of FY25 pre-sales guidance. Additionally, the company has launched p...
Company Update : Signature Global Ltd By Motilal Oswal Financial Services Ltd
Company Update : Signature Global Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:11:35 am
Company Update : Nalco Ltd By Motilal Oswal Financial Services Ltd Beat on all fronts fueled by favorable pricing Highlights of the 3Q consolidated results: * Revenue stood at INR46.6b (YoY/QoQ: +39%/+17%) against our est. of INR40.3b, driven by favorable pricing. * Consolidated EBITDA stood at INR23.3b (YoY/QoQ: +201% /+50%) against our est. of INR14.3b. * EBITDA margin stood at 49.9% vs. 38.7% in 2QFY25 and 23.1% in 3QFY24. * APAT for the quarter stood at INR15.6b (YoY / QoQ: +233% /+50%) against our estimate of INR9.4b. * The BOD declare...
Company Update : Nalco Ltd By Motilal Oswal Financial Services Ltd
Company Update : Nalco Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:08:23 am
Company Update : Apollo Hospitals Ltd By Motilal Oswal Financial Services Ltd Operationally in line with estimates * Apollo Hospitals’ (APHS) 3QFY25 revenues grew 13.9% YoY to INR55.3b (est. INR54.5b). * Healthcare services revenue grew 13% YoY to INR27.8b. * Healthco revenue grew 15.3% YoY to INR23.5b. * AHLL revenue grew 15% YoY to INR3.9b. * EBITDA margin expanded by 110bp YoY to 13.8% (in line with estimates) due to lower employee/other expenses (down 20bp/120bp YoY as % sales). * EBITDA grew 24.1% YoY to INR7.6b (in line with estimates). ...
Company Update : Apollo Hospitals Ltd By Motilal Oswal Financial Services Ltd
Company Update : Apollo Hospitals Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:05:44 am
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd Novelis 3QFY25: Revenue in line; higher input cost impacts earnings * Shipments volume stood at 904kt (YoY/QoQ: -1%/ -4%), against our estimate of 910kt. The weakness in volume was primarily due to lower VAP and automotive shipments. * Revenue stood at USD4.1b (YoY/QoQ: +4%/-5%), largely in line with our estimate of USD4.2b, which was supported by higher average aluminum prices. * Adjusted EBITDA stood at USD367m (YoY/QoQ: -19%/-21%), below our estimate of USD428m. This was primarily...
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd
Company Update : Hindalco Ltd By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-02-20 10:02:09 am