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Buy Devyani International Ltd For Target Rs.215 By Motilal Oswal Financial Services Ltd Near-term pressure persists; focus on store expansion We met with Mr. Manish Dawar, CFO of Devyani International (DIL), to discuss the current demand trends, the company’s growth outlook across business verticals, and its long-term strategy. Near-term consumer sentiment remains subdued due to high food inflation, intense competition, and geopolitical challenges. The underlying performance in 2HFY25 will largely be similar to that in 1HFY25. KFC and Pizza Hut (PH) are expected to post...
Buy Devyani International Ltd For Target Rs.215 By Motilal Oswal Financial Services Ltd
Buy Devyani International Ltd For Target Rs.215 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-20 09:56:34 am
Buy Anant Raj Ltd For Target Rs.1,100 By Motilal Oswal Financial Services Ltd Riding India's data center localization wave RE business to grow steadily, while DC & Cloud will be in the limelight Diversification in progress…: Anant Raj (ARCP) is transitioning from its stronghold in real estate to a diversified business model with strategic investments in data centers (DCs) and cloud services. This shift capitalizes on India's burgeoning data localization and digital transformation trends. With a planned capacity of 300MW for DC over the next 4-5 ye...
Buy Anant Raj Ltd For Target Rs.1,100 By Motilal Oswal Financial Services Ltd
Buy Anant Raj Ltd For Target Rs.1,100 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-20 09:46:34 am
Buy MTAR Technologies Ltd For Target Rs.2,100 By Motilal Oswal Financial Services Ltd Fueling clean energy liftoff MTARTECH derives the majority of its revenue (~60% in 1HFY25) from the clean energy segments, with most of it coming from one customer, Bloom Energy (BE). As the transitory impact of BE’s product changes is over now, we expect the company to report strong growth in the near term in this segment, led by the revival of orders from BE and the addition of new clients. * MTARTECH witnessed a rough patch over the last couple of quarters due to product trans...
Buy MTAR Technologies Ltd For Target Rs.2,100 By Motilal Oswal Financial Services Ltd
Buy MTAR Technologies Ltd For Target Rs.2,100 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-19 11:25:07 am
Buy PI Industries Ltd For Target Rs. 4,480 By Geojit Financial Services Ltd Solid Q2 results; Outlook Positive PI Industries manufactures plant protection and specialty plant nutrient products and solutions under its agri-inputs business. It is also a leading custom synthesis and manufacturing (CSM) company in India, providing contract research and contract manufacturing services to global innovators. • Standalone revenue increased 8.3% YoY to Rs. 2,131cr in Q2FY25, led by growth in exports. Exports grew 7.8% YoY to Rs. 1,761cr. Agchem exports increased ~1...
Buy PI Industries Ltd For Target Rs. 4,480 By Geojit Financial Services Ltd
Buy PI Industries Ltd For Target Rs. 4,480 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-18 05:31:33 pm
Buy CIE India Ltd For Target Rs.575 By Motilal Oswal Financial Services Ltd Indian business to remain the growth driver Europe business unlikely to recover soon We recently met with the management of CIE Automotive India (CIEINDIA), and following are the KTAs from the discussion. For YTDCY24, India business has grown in line with industry trends – underperforming management’s guidance of target to outperform the industry by 5-10%, largely due to the underperformance of its end segments/OEMs that it is exposed to. Going forward, we expect the Indian bus...
Buy CIE India Ltd For Target Rs.575 By Motilal Oswal Financial Services Ltd
Buy CIE India Ltd For Target Rs.575 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-18 11:36:13 am
Buy Jyothy Labs Ltd For Target Rs.500 By Yes Securities Ltd Expect subdued EBITDA growth in 3Q even while volume growth improves We recently met the management of Jyothy Laboratories Ltd. (JYL). Management reemphasized about the soft demand environment & pressure on margins in the near-term. Beyond the next few quarters, JYL is confident of improving its growth trajectory with high-single digit volumes supported by come-back of pricing, premiumization and addition of category next year. Maintain BUY with unchanged target price (TP) of Rs500. ...
Buy Jyothy Labs Ltd For Target Rs.500 By Yes Securities Ltd
Buy Jyothy Labs Ltd For Target Rs.500 By Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-18 11:19:19 am
Add Galaxy Surfactants Ltd For Target Rs.3,250 By Yes Securities Ltd Cleansing the path ahead to empiric profitability A proxy to the FMCG industry Galaxy surfactants is well-positioned to capitalize on growing demand for personal care and home care (HPC) products globally. Its relentless focus on expanding the high-margin specialty care product segment, currently fetching ~40% of revenues, is expected to drive an EBITDA CAGR of ~14.3% over the span FY24-27. Fading geopolitical challenges and improving rural dynamics should bring stability and restocking in...
Add Galaxy Surfactants Ltd For Target Rs.3,250 By Yes Securities Ltd
Add Galaxy Surfactants Ltd For Target Rs.3,250 By Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-18 11:10:43 am
Buy Coromandel International Ltd For Target Rs.2000 - Motilal Oswal Financial Services Ltd Lower subsidy; high RM costs continue to hurt performance Operating performance above estimates * Coromandel International (CRIN) reported subdued operating performance in 2QFY25 (EBIT down 10% YoY) due to a lower NBS rate and high raw material prices, partly offset by healthy performance from the crop protection business (EBIT up 24% YoY). * With improved reservoir levels and forecasts of above-normal northeast monsoons, the company is expecting healthy growth in fertilizer volumes...
Buy Coromandel International Ltd For Target Rs.2000 - Motilal Oswal Financial Services Ltd
Buy Coromandel International Ltd For Target Rs.2000 - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-17 11:45:02 am
Buy Kirloskar Oil Engines Ltd For Target Rs.1,540 By Motilal Oswal Financial Services Ltd Attractive valuations versus near-term weakness We hosted the Kirloskar Oil Engines Ltd (KOEL) management for an interactive session on current trends in the genset industry and other areas, such as the emission norm change in industrial engines, export markets, and KOEL’s plans for B2C and Arka Fincap. The genset industry is undergoing a transition phase with near-term weakness seen in volumes, which will normalize in a few quarters. The company is ready for the CEV5 norm shift in t...
Buy Kirloskar Oil Engines Ltd For Target Rs.1,540 By Motilal Oswal Financial Services Ltd
Buy Kirloskar Oil Engines Ltd For Target Rs.1,540 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-17 11:28:53 am
Buy PVR INOX Ltd For Target Rs.1,980 By Yes Securities Ltd Addressing the investors' concerns During our interaction with investors, key concerns raised were primarily around the probability of occupancy revival, threat of OTTs, potential of re-releases and outlook. In this report, we put forth points which makes us believe occupancy rates are on the cusp of recovery and footfalls should sustain in future. We remain positive on the movie exhibition industry and maintain BUY on PVRINOX with TP of Rs1,980.   * Occupancy revival: What ...
Buy PVR INOX Ltd For Target Rs.1,980 By Yes Securities Ltd
Buy PVR INOX Ltd For Target Rs.1,980 By Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-17 11:13:01 am
Buy Stove Kraft Ltd For Target Rs.1,101 By Yes Securities Ltd Distribution expansion, manufacturing excellence and new product launches to drive outperformance; reiterate BUY We visited Stovekraft’s manufacturing facility near Bengaluru to get insights into its manufacturing capabilities, sourcing, new product development, extent of in-house manufacturing and level of backward integration. Our key takeaways are as follows i) STOVEKRA currently manufactures ~95% of product sold in-house; ii) they have completely backward integrated their manufac...
Buy Stove Kraft Ltd For Target Rs.1,101 By Yes Securities Ltd
Buy Stove Kraft Ltd For Target Rs.1,101 By Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-17 11:02:56 am
Buy Hyundai Motor India Ltd For Target Rs.2,194 By Yes Securities Ltd Powerful Lineage, Promising Levers We initiate coverage on Hyundai Motor India (HMIL) with BUY (TP of Rs2,194) at 24x FY27E), valuing the stock at par with MSIL. Although HMIL is aligned well with PV segment trends, its growth has been capacity-constrained as reflected in lower domestic volume CAGR of ~9% (vs ~16% for industry) over FY21-24. The GM plant acquisition will surely boost growth through vital capacity addition in phases. Besides leveraging the strong parentage of Hyundai Motor ...
Buy Hyundai Motor India Ltd For Target Rs.2,194 By Yes Securities Ltd
Buy Hyundai Motor India Ltd For Target Rs.2,194 By Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-17 10:48:44 am
Buy Cello World Ltd For Target Rs.1000 By Motilal Oswal Financial Services Ltd Penning the growth story ahead Cello World Ltd (CELLO) has achieved significant success within the writing instrument segment (accounted for ~17% of its consolidated revenue in FY24) following its re-entry into the space in CY19. Currently, Unomax (CELLO’s brand) is one of the leading brands in the industry, posting revenue of ~INR3.3b in FY24 (~44% revenue CAGR over FY21-24) along with industry best margin profile. The domestic business accounted for ~60% of segmental revenues in FY...
Buy Cello World Ltd For Target Rs.1000 By Motilal Oswal Financial Services Ltd
Buy Cello World Ltd For Target Rs.1000 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-17 10:19:44 am
Reduce Bharat Earth Movers Ltd For Target Rs.4,190 By Elara Capital Pipeline robust; execution remains key BEML (BEML IN) is set to benefit from robust order pipeline in the sunrise sectors of Rail & Metro (R&M, INR 1tn) and Defence (INR 500bn) in the next 3-4 years. This with better-than-expected growth in the Mining space (led by supply of high-end mining equipment to war-ridden zones) should aid growth. Room for margin improvement also exists given reduction in manpower expenses and better product mix. Expect FY25-26 to be soft for the R&M s...
Reduce Bharat Earth Movers Ltd For Target Rs.4,190 By Elara Capital
Reduce Bharat Earth Movers Ltd For Target Rs.4,190 By Elara Capital
Source: Elara Capital
2024-12-17 10:07:10 am
Reduce Metropolis Healthcare Ltd For Target Rs. 2,000 by Yes Securities Ltd Core Diagnostics buy – Pros and cons Metropolis recently purchased Core Diagnostics at 2.2x revenue funded by Rs1.4bn cash and Rs1.1bn in shares. Key positives that have been already highlighted include specialists connect in growing therapy and cross sell specialized tests of Metropolis to customers of Core. However, in this update we touch upon few factors that might make the acquisition not such a uniformly positive one. Firstly, deal would be ROE and ROCE accretive only from FY28...
Reduce Metropolis Healthcare Ltd For Target Rs. 2,000 by Yes Securities Ltd
Reduce Metropolis Healthcare Ltd For Target Rs. 2,000 by Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-17 09:48:37 am
Buy Ceat Ltd For Target Rs.3,500 By JM Financial Services CEAT to acquire Camso brand’s OHT business CEAT has entered into an agreement with Michelin to acquire Camso brand’s Off-Highway construction equipment bias tyre and tracks business. Prima facie, we see this deal as strategic positive for CEATs’ long-term goal of expanding its presence in Off-Highway Tyres (OHT) business. Acquisition of Camso’s business is expected to help CEAT widen its product portfolio (into bias tracks and construction tyres) besides gaining acc...
Buy Ceat Ltd For Target Rs.3,500 By JM Financial Services
Buy Ceat Ltd For Target Rs.3,500 By JM Financial Services
Source: JM Financial Services Ltd
2024-12-17 09:30:09 am
Buy CarTrade Tech Ltd For Target Rs.1,655 By JM Financial Services Near-term guidance enabling sustained upmove CarTrade has seen a strong uptick since posting a reputable 2QFY25 result with the stock up 40%+ since result day. While increasing understanding of the company’s business models and their growth drivers along with the operating leverage story justifies the uptick, it has caught further strength with the company twice sharing guidance on 3QFY25 – 30% YoY growth in Consumer group and 25-30% PAT growth sequentially. While PAT growth gu...
Buy CarTrade Tech Ltd For Target Rs.1,655 By JM Financial Services
Buy CarTrade Tech Ltd For Target Rs.1,655 By JM Financial Services
Source: JM Financial Services Ltd
2024-12-17 09:24:35 am
Buy Godrej Consumer Products Ltd For Target Rs.1,415 By JM Financial Services India business seeing headwinds, pace of recovery in volumes will be key GCPL’s business update for Q3FY25 points to weaker than expected performance. India business is expected to report flat volumes (vs +7-8% in 1H) due to likely volume decline in Soaps (pricing actions impacts wholesale/HH inventory) and moderation in volume growth for HI (delayed winter in North/cyclone in South). While mgmt. had called out possible volume impact on Soaps in its Q2FY25 concall, unfavourable weath...
Buy Godrej Consumer Products Ltd For Target Rs.1,415 By JM Financial Services
Buy Godrej Consumer Products Ltd For Target Rs.1,415 By JM Financial Services
Source: JM Financial Services Ltd
2024-12-17 09:19:30 am
Buy Max Healthcare Ltd For Target Rs.1,380 By Motilal Oswal Financial Services Ltd Brownfield expansion to boost growth * We have analyzed the capex plans of listed hospital companies focusing on brownfield and greenfield bed additions to assess the impact on margins and their ability to achieve EBITDA breakeven after capacity expansion. * Over FY25-27, listed hospitals plan to add a total of 16,707 beds (vs. 6,330 beds added over FY20-24) for a combined capex of INR202b. About 52% of those beds would be added through greenfield/inorganic projects and 48% via brownfie...
Buy Max Healthcare Ltd For Target Rs.1,380 By Motilal Oswal Financial Services Ltd
Buy Max Healthcare Ltd For Target Rs.1,380 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 03:48:58 pm
Buy ICICI BankLtd For Target Rs.1,550 By Motilal Oswal Financial Services Ltd Well poised to deliver sustainable growth and profitability! Asset quality steady; Estimate RoA to sustain at 2.1% for FY27E   We met with Mr. Rakesh Jha (Executive Director – Retail, Corporate Banking and Small Enterprises) and Mr. Abhinek Bhargava (Head – Investor Relations) from ICICI Bank (ICICIBC) to discuss the bank’s business outlook and other key focus areas. Following are the key takeaways from the discussion:   Loan growth remains healthy; ...
Buy ICICI BankLtd For Target Rs.1,550 By Motilal Oswal Financial Services Ltd
Buy ICICI BankLtd For Target Rs.1,550 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 02:11:46 pm
Buy V.S.T. Tillers Tractors Ltd For Target Rs. Rs.6,172 By Sushil Finance Market leader in the tillers segment in India: The agricultural equipment market in India is expanding significantly, driven by factors such as the increasing mechanization of farming, government initiatives, and labor shortages due to urbanization. The increasing adoption of mechanization in agriculture, driven by an increase in MSP prices and incentives for small and marginal farmers, positions the company for sustained growth. The focus on smaller tractors and power tillers aligns well ...
Buy V.S.T. Tillers Tractors Ltd For Target Rs. Rs.6,172 By Sushil Finance
Buy V.S.T. Tillers Tractors Ltd For Target Rs. Rs.6,172 By Sushil Finance
Source: Sushil Finance
2024-12-14 01:39:18 pm
Buy Sharda Motor Industries Ltd For Target Rs. Rs.2,527 By Sushil Finance Vehicular emission norms to propel future growth With the upcoming implementation of the CEV-V (Construction Equipment Vehicle) norms in January 2025, the management expects that the products of Sharda Motor Industries Ltd (SMIL) will be required for majority of the off-highway segment, and subsequently may lead to a potential increase in the target addressable market. Similarly, with the BS VI OBD (On Board Diagnostics) Phase 2 norms coming into effect in April 2023, it has slowly started...
Buy Sharda Motor Industries Ltd For Target Rs. Rs.2,527 By Sushil Finance
Buy Sharda Motor Industries Ltd For Target Rs. Rs.2,527 By Sushil Finance
Source: Sushil Finance
2024-12-14 12:54:42 pm
Buy Zen Technologies Ltd For Target Rs. 2,400 By Motilal Oswal Financial Services Ltd Growth plans intact Acquisition plans and ordering to firm up from 4QFY25 Our recent interactions with Zen management indicate that ordering in key areas of Zen will start ramping up in the coming months. The company is also close to finalizing the plans for an inorganic acquisition for simulator or anti-drone business and is looking at the US as one of the key markets in the future. Recently, Zen has signed an MoU with AVT Simulation, which is into air simulation systems, and Zen inte...
Buy Zen Technologies Ltd For Target Rs. 2,400 By Motilal Oswal Financial Services Ltd
Buy Zen Technologies Ltd For Target Rs. 2,400 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 11:25:22 am
Buy Power Mech Projects Ltd For Target Rs.3,330 By Geojit Financial Services Ltd Strong bottom-line show, MDO to drive revenues Power Mech Projects Ltd. (POWM) is a leading infrastructure construction company based in Hyderabad with a global presence. The company’s orderbook is largely backed by orders from Power segment which accounts for 76.8% of total mix. * Q2FY25 consolidated revenues grew at 11% YoY to stand at Rs. 1,035cr., aided by strong execution in the erection segment. EBITDA grew at 9% YoY to stand at Rs. 124 cr.; however, margins saw a 21bps decl...
Buy Power Mech Projects Ltd For Target Rs.3,330 By Geojit Financial Services Ltd
Buy Power Mech Projects Ltd For Target Rs.3,330 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd.
2024-12-14 11:07:38 am
Buy Astra Microwave Products Ltd For Target Rs. 976 By Geojit Financial Services Ltd Order book improving...margin to improve    Astra Microwave Products Ltd. (AMPL) is a leading designer and manufacturer of a wide array of radio frequency systems, microwave chips, and microwave-based components and subsystems for defence, telecom, and space. * In Q2FY25, AMPL reported a 21% increase in revenue, driven by healthy order execution, which was in line with estimates. * EBITDA grew by 18% YoY, while margins were stable at 21.4%. Reported PAT declined by 15% YoY ...
Buy Astra Microwave Products Ltd For Target Rs. 976 By Geojit Financial Services Ltd
Buy Astra Microwave Products Ltd For Target Rs. 976 By Geojit Financial Services Ltd
Source: Geojit Financial Services
2024-12-14 10:55:41 am
Buy CEAT Ltd For Target Rs.3,671 by Yes Securities Ltd Camso’s acquisition – Strategic yet expensive! View – Accelerate focus on high margin OHT and exports segments CEAT has entered into an agreement with Michelin to acquire Camso brand’s compact construction equipment (CCE) bias tyre and high margins bias tracks business. We see this acquisition as strategic positive for CEATs’ long-term goal of expanding OHT (~15% of consol topline as of 2Q) and exports (~19% topline). Acquisition to help CEAT widen its prod...
Buy CEAT Ltd For Target Rs.3,671 by Yes Securities Ltd
Buy CEAT Ltd For Target Rs.3,671 by Yes Securities Ltd
Source: Yes Securities Ltd.
2024-12-14 10:27:53 am
Buy CARE Ratings Limited For Target Rs.1,630 by Yes Securities Ltd Re-rating driven by strong earnings visibility   Domestic Ratings - On strong growth trajectory Besides the industry tailwinds, CARE’s consistently improving growth performance over the past three years (4% in FY22, 14% in FY23/24 and 19% in H1 FY25) reflects a) strengthening and sharpening of ratings process, b) augmentation in quality of resources and improved retention of talent (attrition has substantially declined), c) significant increase in intensity of customer o...
Buy CARE Ratings Limited For Target Rs.1,630 by Yes Securities Ltd
Buy CARE Ratings Limited For Target Rs.1,630 by Yes Securities Ltd
Source: Yes Securities Ltd.
2024-12-14 10:02:17 am
Buy Tata Power Ltd For Target Rs. 509 By Motilal Oswal Financial Services Ltd Ambitious investments and strategic expansion drive growth * We attended Tata Power’s analyst meet, where the company showcased its 4.3GW cell and module manufacturing facility at Tirunelveli in Tamil Nadu. The event was also attended by senior management from the company. Our key takeaways: 1) management showcased its vision to double EBITDA and PAT (before minority) to INR300b and INR100b by FY30, respectively; 2) by FY30, TPWR expects the share of renewables in PAT to rise to...
Buy Tata Power Ltd For Target Rs. 509 By Motilal Oswal Financial Services Ltd
Buy Tata Power Ltd For Target Rs. 509 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-12-10 12:56:12 pm
Buy Reliance Industries Ltd For Target Rs. 1,580 By Motilal Oswal Financial Services Ltd Compelling risk-reward; FCF generation likely to pick up Reliance Industries (RIL) has underperformed the broader benchmarks, Bharti and organized retail peers, over the past few years, despite similar or superior EBITDA growth. We believe RIL’s underperformance was driven by higher capex in Retail and RJio as well as a lack of FCF generation. However, we believe the capex has likely peaked and expect RIL to generate ~INR1t cumulative FCF over FY24-27. We believe the risk-reward is c...
Buy Reliance Industries Ltd For Target Rs. 1,580 By Motilal Oswal Financial Services Ltd
Buy Reliance Industries Ltd For Target Rs. 1,580 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-12-10 12:42:08 pm
Buy P N Gadgil Jewellers Ltd For Target Rs. 950 By Motilal Oswal Financial Services Ltd Strengthening retail presence with trust * P N Gadgil Jewellers (PNG) is the second-largest jewelry retail chain in Maharashtra, with a total store count of over 48 stores as of now (12 additions in FY25YTD). The company reported INR61b revenue in FY24, with a total store count of 36 (including two stores in Goa and one in the US). Based in Pune, PNG has a rich brand legacy that dates back to 1832 and maintains a presence in numerous cities (21) across Maharashtra. The company, during...
Buy P N Gadgil Jewellers Ltd For Target Rs. 950 By Motilal Oswal Financial Services Ltd
Buy P N Gadgil Jewellers Ltd For Target Rs. 950 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-12-10 11:44:28 am
Buy HG Infra Engineering Ltd For Target Rs. 1,791 By Geojit Financial Services Ltd Strong execution to cement H2 growth.. HG Infra Engineering Ltd. (HG Infra) is one of the emerging EPC players in India, with over two decades of rich experience in road construction. It is primarily engaged in roads and allied sectors like flyovers, bridges, and irrigation. * In Q2FY25, HG Infra registered a better-than-estimated revenue growth of 22% YoY, led by superior execution of projects. * In H1FY25 the company received an order inflow of Rs 6,280cr (214% YoY), and the led or...
Buy HG Infra Engineering Ltd For Target Rs. 1,791 By Geojit Financial Services Ltd
Buy HG Infra Engineering Ltd For Target Rs. 1,791 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-10 11:22:27 am
Buy Jyothy Laboratories Ltd For Target Rs.496 by Geojit Financial Services Ltd Margins improved, valuation moderated Jyothy Labs Ltd. (JLL) is an Indian FMCG player with products across fabric care, dishwashing, mosquito repellents & personal care . * For Q2FY25, revenue growth was flat YoY largely, due to a high base of 11% last year. Volumes grew by 3% YoY while increased grammage and price cuts impacted value growth. Main segments, fabric care & dishwash (78% mix), along with household insecticides, witnessed flat growth while personal care declined by ...
Buy Jyothy Laboratories Ltd For Target Rs.496 by Geojit Financial Services Ltd
Buy Jyothy Laboratories Ltd For Target Rs.496 by Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-10 10:35:35 am
Buy PVR Inox Ltd For Target Rs.1,980 by Yes Securities Ltd Pushpa 2: ‘Wildfire’ expected! Much awaited Pushpa 2 is set to release on 5th Dec and has created a strong buzz on the box office with staggering advance booking collections of INR1bn+ globally. More than 1mn tickets have been booked in advance. Further, states of Telangana and Andhra Pradesh have relaxed pricing caps for 2-3 weeks post release, which is a move in positive direction for the industry. This bolsters our bullish view on PVR INOX. We remain optimistic on revival in...
Buy PVR Inox Ltd For Target Rs.1,980 by Yes Securities Ltd
Buy PVR Inox Ltd For Target Rs.1,980 by Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-10 10:17:55 am
Reduce Ipca Laboratories Ltd For Target Rs.1,575 by Yes Securities Ltd Await fresh triggers on Unichem and US foray We interacted with IPCA to better assess the progress of Unichem cross selling opportunity and clarity on US trajectory in standalone business. Low hanging fruit in the form of better margin is largely achieved as Unichem would report ~15% OPM in FY25. Further improvement would require revenue traction which in turn is dependent on conducting bio-equivalent studies for large products in run up to dossier filings across new markets. While this wo...
Reduce Ipca Laboratories Ltd For Target Rs.1,575 by Yes Securities Ltd
Reduce Ipca Laboratories Ltd For Target Rs.1,575 by Yes Securities Ltd
Source: Yes Securities Ltd
2024-12-07 12:46:07 pm
Buy KPIT Technologies Ltd For Target Rs. 1,760 By Geojit Financial Services Ltd Long term growth will remain intact. KPIT Technologies Ltd., a digital transformation consulting & software integration company, provides cutting edge engineering solutions to more than 150 companies & enterprises in the field of CASE mobility. * We expect revenue and PAT CAGR to grow by 19% and 20% over FY25E-FY27E respectively, on the back of deal wins, pricing benefits and inorganic growth. * Q2FY25 revenue came in at 20% YoY in constant currency, driven by middleware arch...
Buy KPIT Technologies Ltd For Target Rs. 1,760 By Geojit Financial Services Ltd
Buy KPIT Technologies Ltd For Target Rs. 1,760 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-07 12:30:20 pm
Buy Hero MotoCorp Ltd For Target Rs. 5,269 By Geojit Financial Services Ltd Solid Q2 results, Festive season to drive growth Hero MotoCorp (HMCL) is India’s leading two-wheeler manufacturer, with nearly 32% share of the domestic motorcycle market in volume terms. The company has eight manufacturing facilities  -  six in India and one each in Colombia and Bangladesh. * In Q2FY25, Hero MotoCorp's standalone revenue increased 10.8% YoY to Rs. 10,463cr, driven by a 7.3% rise in sales volume and higher average selling prices due to better product...
Buy Hero MotoCorp Ltd For Target Rs. 5,269 By Geojit Financial Services Ltd
Buy Hero MotoCorp Ltd For Target Rs. 5,269 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-07 12:18:50 pm
Sell Manappuram Finance Ltd For Target Rs. 152 By Geojit Financial Services Ltd Ongoing Weak Performance to Persist Manappuram Finance Ltd. (MGFL) is one of the leading gold loan NBFCs in India. MGFL has also diversified into other business segments like housing loan, vehicle loan and microfinance, with a branch network size of around 5,000 spread across the country. * MGFL's total AUM grew 17% YoY to Rs. 45,716cr, with gold loan AUM rising to Rs. 24,365cr (+17% YoY) in Q2 FY25. * Asirvad, MGFL's microfinance subsidiary, shows 11% YoY AUM increase to Rs....
Sell Manappuram Finance Ltd For Target Rs. 152 By Geojit Financial Services Ltd
Sell Manappuram Finance Ltd For Target Rs. 152 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-07 12:03:37 pm
Buy Cipla Ltd For Target Rs. 1695 By Geojit Financial Services Ltd Goa Clearance paves the way for Abraxane Cipla Ltd is a holding company that operates as a pharmaceutical company. Its strategic business units comprise Active Pharmaceutical Ingredients (APIs), Respiratory, and Cipla Global Access. Geographically, the company operates in India, the US, South Africa and the Rest of the World. * In Q2FY25, Cipla's consolidated revenue grew 5.6% YoY to Rs. 7,051cr, driven by a 28.9% YoY growth in South Africa to Rs. 799cr and a 19.1% YoY growth in eme...
Buy Cipla Ltd For Target Rs. 1695 By Geojit Financial Services Ltd
Buy Cipla Ltd For Target Rs. 1695 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-04 03:56:43 pm
Buy FSN E-Commerce Ventures Ltd For Target Rs. 198 By Geojit Financial Services Ltd Strong revenue growth; BPC outperformed FSN E-Commerce Ventures Pvt Ltd (Nykaa) is a consumer technology platform provider that distributes beauty, fitness, healthcare, skincare and haircare products via online and physical stores. It has three operating segments: beauty and personal care (BPC), fashion and others, which include Nykaa Man, Superstore and international business. * In Q2FY25, Nykaa's revenue grew 24.4% YoY to Rs. 1,875cr, driven by robust performance of the Beauty and...
Buy FSN E-Commerce Ventures Ltd For Target Rs. 198 By Geojit Financial Services Ltd
Buy FSN E-Commerce Ventures Ltd For Target Rs. 198 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2024-12-04 03:42:53 pm
Buy Swiggy Ltd For Target Rs. 470 By JM Financial Services Key operating metrics could improve meaningfully in 2Q Swiggy will report its first post-IPO results tomorrow and we expect an improving trend in most key operating metrics. In food delivery, the company is likely to deliver 6% QoQ growth, marginally better than 5% delivered by Zomato (BUY, TP INR 300), aided by growing traction for its co-branded credit card with HDFC Bank. Segment profitability too is likely to improve meaningfully to 1.8% (as % of GOV) vs. 0.8% in 1Q, on the back of low...
Buy Swiggy Ltd For Target Rs. 470 By JM Financial Services
Buy Swiggy Ltd For Target Rs. 470 By JM Financial Services
Source: JMFinancial Services Ltd
2024-12-04 03:25:07 pm
Buy Reliance Industries Ltd For Target Rs.1,660 By JM Financial Services The recent weakness in RIL’s share price (down ~15% in the last 2 months) seems primarily due to: a) 5-6% downgrade in consensus FY25 EBITDA estimate driven by weak O2C and Retail business earnings in 1HFY25; and b) limited clarity on Jio’s listing timeline. Further, this was aided by accelerated stake sale by FIIs (down 112bps in Oct'24 and down 169bps during Jul-Oct’24 to 22.5% at end-Oct’24). Hence, at CMP, RIL is trading near our bear-case valuation of INR 1,23...
Buy Reliance Industries Ltd For Target Rs.1,660 By JM Financial Services
Buy Reliance Industries Ltd For Target Rs.1,660 By JM Financial Services
Source: JMFinancial Services Ltd
2024-12-04 03:15:14 pm
Add Piramal Enterprises Ltd For Target Rs. 1150 By Emkay Global Financial Services Ltd Asia Roadshow: Increased acceptance of gradual turnaround story We hosted the management of Piramal Enterprises in Singapore and Hong Kong during 27-29 Nov-2024. The roadshow saw good interest from long-only investors and hedge funds, leading to nearly a dozen-and-half meetings. Key takeaways: 1. Investors appreciated the progression toward the 3% RoA growth business (retail and Wholesale 2.0) franchise over the medium term; 2. Increased investor comfort around divestment of the legacy boo...
Add Piramal Enterprises Ltd For Target Rs. 1150 By Emkay Global Financial Services Ltd
Add Piramal Enterprises Ltd For Target Rs. 1150 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2024-12-04 02:45:47 pm
Sell Gujarat Fluorochemicals Ltd For Target Rs. 3800 By Emkay Global Financial Services Ltd Analyst Meet update: Aggressive guidance; we await visible rampup in EV entity GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor. GFL highlighted its growth plans at the group level under InoxGFL group which include the chemicals and wind energy businesses. Management expects the group’s EBITDA to quadruple over coming 3 years led by ramp up in both, battery chemicals and renewable energy busi...
Sell Gujarat Fluorochemicals Ltd For Target Rs. 3800 By Emkay Global Financial Services Ltd
Sell Gujarat Fluorochemicals Ltd For Target Rs. 3800 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2024-12-04 02:33:20 pm
Buy Pricol Ltd For Target Rs. 475 By Emkay Global Financial Services Ltd SAC plastic molding acquisition: Attractive valuation, balance sheet Pricol has entered into an agreement for acquiring the plastic injection molding business of Sundaram Auto Components (SAC; FY24 sales/PAT of Rs7.3bn/190mn; press release) on all-cash, debt-free basis at an attractive valuation of ~8x FY24 PER. SAC’s products cater to interior and exterior plastic parts for 2Ws, PVs, and CVs, with strong presence within TVSL (SAC is whollyowned subsidiary of TVSL; TVSL contributes ~...
Buy Pricol Ltd For Target Rs. 475 By Emkay Global Financial Services Ltd
Buy Pricol Ltd For Target Rs. 475 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2024-12-04 02:18:13 pm
Buy National Mineral Development Corporation Ltd For Target Rs. 280 By Motilal Oswal Financial Services Ltd Increasing EC limit to drive volumes; capex underway to support higher volumes * Iron ore production in 1HFY25 stood at 17.5mt (down 11% YoY) and sales volume at 20mt (down 3% YoY). In Oct’24, NMDC reported production of 4.07mt (+4% YoY) and sales volume of 4.03mt (+17% YoY). YTD volumes have been impacted by heavy rainfall. With expectation of ramp-up in 2HFY25, management expects to end FY25 with ~50mt volumes. * In 1HFY25, net realization increased by 13% YoY to INR5,160/t, owi...
Buy National Mineral Development Corporation Ltd For Target Rs. 280 By Motilal Oswal Financial Services Ltd
Buy National Mineral Development Corporation Ltd For Target Rs. 280 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services lTD
2024-12-04 12:52:02 pm
Buy Granules India Ltd For Target Rs.625 By Motilal Oswal Financial Services Ltd OAI at Gagillapur breaks the sound compliance track record Limited approvals pending from Gagillapur offer some respite * USFDA classified Granules India’s (GRAN) gagillapur site as Official Action Indicated (OAI) following the recent inspection. * OAI implies that the remediation measures have some lacuna in addressing issues highlighted by USFDA. * Having said that, there are only three ANDAs pending for approval. Additionally, with the OAI classification, GRAN can continu...
Buy Granules India Ltd For Target Rs.625 By Motilal Oswal Financial Services Ltd
Buy Granules India Ltd For Target Rs.625 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-04 12:43:20 pm
Buy Swiggy Ltd For Target Rs. 475 By Motilal Oswal Financial Services Ltd An appetizing start Decent growth across FD and quick commerce * Swiggy delivered INR36.1b revenues in 2QFY25, up 11.7% QoQ. The food delivery business’s GOV grew 14.6% YoY, whereas the contribution margin stood at 6.6%, posting a slight expansion over the previous quarter. FD’s adjusted EBITDA as a % of GOV margin was up 80bp QoQ at 1.6%. * Instamart’s GOV was INR33.8b (GOV up 24.1% QoQ/75.5% YoY), whereas the contribution margin was -1.9%. Adjusted EBITDA as a % o...
Buy Swiggy Ltd For Target Rs. 475 By Motilal Oswal Financial Services Ltd
Buy Swiggy Ltd For Target Rs. 475 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-04 12:37:43 pm
Buy Indian Bank Ltd For Target Rs. 670 By Motilal Oswal Financial Services Ltd Delivering sustainable growth and profitability RoA to remain robust at 1.2% * Indian Bank (INBK) has emerged as one of the better-performing PSU banks with the best-in-class profitability and asset quality ratios. The bank stands out for its prudent strategy, i.e., increasing its MCLR book ahead of a potential reversal in the rate cycle and strengthening its balance sheet with a robust PCR and contingency buffer. * INBK has reported loan growth of 3.5% in 1HFY25 YTD (13% in FY24) an...
Buy Indian Bank Ltd For Target Rs. 670 By Motilal Oswal Financial Services Ltd
Buy Indian Bank Ltd For Target Rs. 670 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-12-04 12:23:05 pm