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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

October 25, 2024

  • Stocks to watch :
  • PNB Housing Finance: Net profit rose 22.7% YoY to ₹471.7 crore. NII surged 2.7% YoY to ₹650.5 crore.
  • JSW Energy: Net profit increased 2.3% YoY to ₹876.8 crore. Revenue down 0.7% YoY to ₹3,237.7 crore. EBITDA fell 10.4% YoY to ₹1,684.9 crore. EBITDA margin at 52% from 57.7% YoY.
  • United Breweries: Net profit rose 23.4% YoY to ₹132.3 crore. Revenue up 12% YoY to ₹2,114.7 crore. EBITDA rose 23% YoY to ₹226.8 crore. EBITDA margin at 10.7%.
  • Aarti Drugs: Net profit declined 11.6% YoY to ₹35 crore. Revenue fell 6.7% YoY to ₹598.3 crore. EBITDA down 12.3% YoY to ₹67 crore. EBITDA margin at 11.2% from 11.9% YoY.
  • Shriram Properties: ED officials are conducting search activity at its office premises in Bengaluru and Chennai.
  • IEX: Net profit up 28.8% YoY to ₹106.8 crore. Revenue up 28.3% YoY to ₹129.2 crore. EBITDA up 30.5% YoY to ₹120.3 crore. EBITDA margin at 86.4% from 85%
  • Jubilant Foodworks received a tax demand worth Rs 216 crore from the Income Tax Department and is in the process of filing a rectification appeal
  • Ajooni Biotech received repeat export orders from Bangladesh-based Avon Animal Health.
  • Power Grid Corporation of India emerged as a successful bidder to establish a transmission system in Gujarat.
  • MSTC approved the disinvestment of Ferro Scrap Nigam to Konoike Transport for Rs 320 crore.
  • Adani Ports unit completed the acquisition of an 80% stake in Astro Offshore for $195 million.
  • Mahanagar Gas: Board approved the scheme of merger with its wholly owned subsidiary, Unison Enviro. The merger will result in operational synergies and cost optimisation for the company.
  • Kansai Nerolac Paints to sell Lower Parel Land and Building for Rs 726 crore.
  • Global-Market Insights
  • The global cues are not strong.
  • -Tesla driven the US market, S&P posted its first daily gain this week
  • -Tesla's positive earnings forecast fuelled share up 22%
  • -However, sentiment was somewhat shaky
  • -Most of the sector's indices were in the red
  • -Bond yield also eased at 4.20%, after reaching a three-month high the day before at 4.26%
  • =====
  • -Dow -141, S&P500 +12, Nasdaq +139
  • -Brent oil $74.73
  • -US 10Y bond yield at 4.21%
  • -Dollar Index 104.02
  • -Gold at $2749
  • ============
  • -Of the 159 companies in the S&P 500 that have reported results this earnings season, 78.6% have beaten analyst expectations
  • -US Composite PMI rose to 54.3 in October from 54 in September, signalling solid business activity growth
  • -Weekly jobless claims also fell by 15,000 from the previous week to 227,000 on the period ending October 19th
  • After consistent disappointment in volume growth by Dabur, Nestle, HUL, United Spirits & D Mart there was some good news today
  • Volume growth YoY
  • bikaji +15 %
  • Colgate +8 %
  • Godrej Consumer +7 %
  • United Breweries +5 % overall, Premium +27 %
  • Mr.Abneesh Roy , Nuvama Analyst says
  • 1. Although urban demand is challenging (due to food inflation), still it is not gloom and doom everywhere.
  • 2. They expect urban slowdown to continue for 2 more quarters while rural will continue to see gradual recovery.
  • 3. companies /categories are still doing reasonably well. Eg. HUL saw decent volume growth in many parts of portfolio, but 3 categories Tea, Nutrition & soaps saw negative volume YoY and that brought headline number to 3%
  • @CNBCTV18News @CNBCTV18Live
  • UBS on L&T
  • Downgrade to Neutral, TP Cut to Rs 4000 from Rs 4400
  • Managing returns/cash flow key amid low appetite to grow orders
  • Supportive core earnings, but new order growth likely to weaken
  • Competitive scenario favourable in the Middle East; is it sustainable?
  • Market always rewards orders over core earnings for L&T
  • Valuation discount to industrial incumbents (30%) & reasonable PEG of 1x (vs 3x for incumbents) provides valuation comfort
  • CITI on ITC
  • Buy, TP Rs 560
  • Another mixed performance in 2Q; headline revenue ahead of est, led largely by agri business; however, profitability was impacted across multiple segments.
  • Cigarette revenue grew 7% YoY (net of excise), in-line with Citi expectations
  • Nomura on ITC
  • Buy, TP Rs 555
  • Good sales performance but margins pressured across segments 2Q
  • Cig vol grew 3% y-y vs est. of 2.5% but margins contracted 145bp y-y
  • FMCG growth of 5.4% in-line but margins contracted 37bp y-y
  • Hotels hold up strong; paper sales improve; agri surprises
  • MS on ITC
  • OW. TP Rs 554
  • Key positives came from net cigarette revenues, strong hotel business momentum, rebound in agri business
  • Key negatives arose from weak home consumption, inflation in food inputs & tobacco leaf, & overall weakness in paper segment
  • MOSL on IndusInd BK
  • Buy, TP Rs 1500
  • Weak quarter; steering through near-term challenges
  • Cut earnings estimates by 16.7%/8.7% for FY25/26, leading to an RoA/RoE of 1.6%/13.6% by FY26
  • NIM contracts sharply to 4.08%; MFI mix declines 149bp to 9.2% of loans
  • Jefferies on IndusInd BK
  • Buy, TP cut to Rs 1470
  • 2Q disappointed with profit of Rs13bn, -39% YoY, missing est due to higher credit cost & lower NIMs
  • Expect pressure to stay in 2HFY25 & moderate in FY26-27 driving earnings cut of 13-25%
  • Val @1.3x FY26 Adj PB reasonable
  • GS on IndusInd BK
  • Buy, TP Rs 1430
  • Weak 2Q with core-PPOP disappointing yet again (down 8% QoQ), as it missed GSe by 8%
  • Credit costs spiked partly on contingency buffers leading to PAT miss by 40%
  • Cut FY25/26/27 EPS by 19%/10%/9%
  • HSBC on IndusInd BK
  • Buy, TP cut to Rs 1510 from Rs 1770
  • Microfinance loans led weakness in performance.
  • Adverse movements in loan growth, NIMs and credit costs disappointed
  • Cut EPS by 8.7-21.4% for FY25-27e
  • However, @1.3x FY26e BVPS, risk/reward favourable
  • Jefferies on GMR Airports
  • Buy, TP Rs 106
  • 2Q Ebitda grew +19% YoY (-3% QoQ) to Rs 8.67bn (est: Rs8.62bn)
  • QoQ decline was driven by increase in employee expense &startup costs related to expansion at DIAL airport, & partly offset by pickup at segments
  • Air traffic at GMR's Indian Airports grew by ~9% YoY (1HFY25: +9% YoY), led by 7%/13%/16% YoY at Delhi/ Hyd/Goa Airports.
  • Net Debt increased slightly by 3% QoQ to Rs287bn
  • CITI on Laurus Labs
  • Sell, TP Rs 320
  • Another subdued qtr – flat revenues, 14.6% EBITDA margin (+30bps QoQ) as weakness in APIs offset improvement in CDMO
  • Management remains upbeat on CDMO outlook
  • Maintain Sell due to ltd growth visibility in other businesses (c75% of revenues)
  • Jefferies on Laurus
  • U-P, TP Rs 300
  • Laurus missed estimates once again as operating deleverage impacted margins in 2QFY25.
  • On flip side, CDMO sales picked up steam after several qtrs
  • Mgmt refrained from sales guidance & reiterated 20% EBITDA margin guidance for yr
  • Nomura on Dixon Tech
  • Buy, TP Rs 18654
  • 2Q beat led by mobiles; IT hardware & components major long-term opportunity
  • Raise rev est by 10%/8%/5% and EPS by 3-5% for FY25-27F
  • Focus on component manufacturing will be a key margin tailwind, with full impact to be visible from FY27F
  • GS on Westlife Foodworks
  • Buy, TP Rs 1045
  • SSSG & revenue weak but in line with GSe
  • One-off decline in gross margin, will reverse in 2H
  • Management highlighted initial signs of recovery driven by value initiatives
  • Expect SSSG to start recovering in 2HFY25
  • Nomura on Colgate
  • Reduce, TP Rs 3050
  • 2Q Below est; volume growth of high-single-digits in-line with est; but OPM contracted a sharp -200bp y-y on higher promotions & investments
  • Expect pricing growth to be flattish to low-single digits over near term
  • MS on Cyient
  • UW. TP Rs 1650
  • Management reiterated revenue growth in 2H>1H, but with project-based nature of work, weak order book and track record think it may not be prudent to extrapolate high growth rates.
  • Stk is cheap relative to most peers & has underperformed YTD
  • MS on GCPL
  • EW, TP Rs 1313
  • Volume growth in India (+7%), HI launches trends, high A&P spends, gaining market share in soaps, and margin improvement in International markets were positives.
  • Domestic margin pressure could have hurt 2H EBITDA growth.
  • Agro Tech Foods | Bharti Enterprises May Have Finalized A Buyer For Its Stake In Del Monte | ET Now
  • Adani Enterprises will participate in various investor conferences in November 2024 and February 2025, including Avendus Spark Annual Investor Conference, CITIC CLSA India Forum, MACQ Emerging Market Conference, and Axis Capital India Conference
  • Kansai Nerolac
  • Sale of land at Lower Parel for Rs. 726 Crores.
  • Money Masters
  • Board approved raising Rs. 49 crores via rights issue.
  • Nureca partners with Blinkit and launches AI diet plans.
  • GRM Expands Its Global Presence Through Partnership With Supermercados Central Ltda In Chile
  • Bio-Coal theme something which is interesting
  • Next year usage will be 7%
  • Axis bank
  • RBI Approval: Re-Appointment of Amitabh Chaudhry as the Managing Director & CEO Of The Bank
  • Coromandel International
  • Approves capex plans worth Rs 677cr to expand granulation+fungicides production
  • EARNINGS
  • Good-Dixon Tech, Nippon Life, Cyient, Coromandel
  • Mixed-ITC, Castrol, Oracle
  • Inline-GCPL, United Breweries, DCB Bank, PNB Housing Finance, GMR Airports
  • Weak-IndusInd Bank, NTPC, JSW Energy, Petronet LNG, MGL, Glenmark, Finolex Industries
  • BROKERAGE RADAR
  • MORGAN STANLEY INDIA STRATEGY
  • A Story for Those Struggling To Be Bullish on Indian Equities
  • ROE rose to a 13-year high of 16.9% in FY24, driven by margin expansion
  • A private capex cycle is underway that gives us confidence that ROE is set for higher levels in the next 3-4 years
  • Rising ROE = rising share prices, more so as ROE vs. long bond yields is up and at a 15-year
  • high asset turn reaffirms a large capex cycle in the pipeline
  • Significant room for balance sheets to grow
  • Overweight Financials, Industrials and Consumer Discretionary to gain exposure to India's improving ROE story
  • BROKERAGE RADAR JEFFERIES ON PIRAMAL PHARMA
  • Maintain Buy with target price of Rs 260
  • Favourable phasing orders in CDMO drives Q2 beat
  • CDMO maintains growth momentum
  • Mgmt reiteretared its FY25 revenue and Ebitda growth guidance of low teens
  • FY25/26 EBITDA estimates increase by 2-3%
  • JEFFERIES ON PETRONET LNG
  • Maintain Underperform with target price of Rs 240
  • EBITDA was 16% below despite one- off gains with Dahej vol
  • Mgmt guided to 95-100% utilisation in Dahej in H2FY25
  • No offtakers have signed up yet for the 5mmt expansion by Mar-25
  • See challenging economics of the DPDH-PP+East coast terminal projects
  • GOLDMAN SACHS ON ITC
  • Maintain Buy; Hike target price to Rs 525 from Rs 515
  • Q2: Steady quarter in a tough consumption environment
  • Good growth in cigarette business
  • FMCG business margins under pressure from rising input costs
  • Agri business has a strong quarter, paper further weakens, hotels remains healthy
  • GOLDMAN SACHS ON GODREJ CONSUMER
  • Maintain Buy; Cut target price to Rs 1500 from Rs 1525
  • Q2: Industry beating volume growth continues
  • Green shoots in the HI business after launch of new molecule
  • Remains confident on its soap business despite the formulation change from HU
  • India EBITDA margin to remain under pressure for 2 quarters due to palm oil inflation
  • International business is on strong growth trajectory
  • GOLDMAN SACHS ON LAURUS LABS
  • Maintain Sell; Hike target price to Rs 375 from Rs 350
  • Q2 below: CDMO picks up, but overall performance still remains sub-par
  • EBITDA margin below primarily on account ofoperating deleverage
  • Generics business seeing some pressure
  • UBS ON L&T
  • Downgrade to Neutral from Buy; Cut target price to Rs 4000 from Rs 4330
  • Weaker near-term outlook
  • Managing returns/cash flow key amid low appetite to grow orders
  • Supportive core earnings, but new order growth likely to weaken
  • Competitive scenario favourable in the Middle East; is it sustainable?
  • Market always rewards orders over core earnings for L&T
  • JPMORGAN ON CYIENT
  • Maintain Overweight with target price of Rs 2250
  • In-line on growth, margins and guidance
  • Expects Q3/H2 growth to be stronger than Q2/H1
  • Strong Q3 commentary should drive some relief rally
  • JPMORGAN ON COLGATE
  • Maintain Neutral; Cut target price to Rs 3300 from Rs 3450
  • Margin miss weighs on Q2 even as vol growth resilient at high single digit
  • Demand outlook turns bit cautious
  • Expect margin to improve QoQ in coming qtr as A&P spends phase out
  • IIFL ON INDUSIND BANK
  • Downgrade ratings to Add vs Buy; target price cut to Rs 1300 vs Rs 1590
  • Miss on all fronts; Downgrade to ADD
  • Sharp NIM decline due to slower growth in high yielding segments
  • Asset quality deteriorates across segments
  • Expect credit cost to remain elevated in the near-term m due to forward flows
  • Cut our FY26-27 est. by 9-14% led by lower growth and fee income
  • MS on GCPL
  • EW, TP Rs 1313
  • Volume growth in India (+7%), HI launches trends, high A&P spends, gaining market share in soaps, and margin improvement in International markets were positives.
  • Domestic margin pressure could have hurt 2H EBITDA growth.
  • MOSL on IndusInd BK
  • Buy, TP Rs 1500
  • Weak quarter; steering through near-term challenges
  • Cut earnings estimates by 16.7%/8.7% for FY25/26, leading to an RoA/RoE of 1.6%/13.6% by FY26
  • NIM contracts sharply to 4.08%; MFI mix declines 149bp to 9.2% of loans
  • Jefferies on IndusInd BK
  • Buy, TP cut to Rs 1470
  • 2Q disappointed with profit of Rs13bn, -39% YoY, missing est due to higher credit cost & lower NIMs
  • Expect pressure to stay in 2HFY25 & moderate in FY26-27 driving earnings cut of 13-25%
  • Val at 1.3x FY26 Adj PB reasonable
  • GS on IndusInd BK
  • Buy, TP Rs 1430
  • Weak 2Q with core-PPOP disappointing yet again (down 8% QoQ), as it missed GSe by 8%
  • Credit costs spiked partly on contingency buffers leading to PAT miss by 40%
  • Cut FY25/26/27 EPS by 19%/10%/9%
  • Nomura maintains a buy call on #ITC (https://t.me/+eGyBIduPgNY4OWE1) after the co just reported its Q2 results yesterday.
  • Says, Q2 saw good sales performance but Q2 margin was pressured across segments
  • Tarmat Limited : Company have been allotted a Civil Works for Taxiway “M” phase — 1 on Airside at Chhatrapati Shivaji Maharaj International Airport (CSMIA), Mumbai for Rs.23,90,55,919/- .
  • Standard Capital Markets Limited : Board approved the issuance of upto 50,000 Secured, Unlisted, Unrated, Redeemable Non-convertible Debentures having a face value of INR 1,00,000 each, aggregating up to an amount of INR 500,00,00,000/- in one or more tranches on a Private Placement basis.
  • Triveni Turbine Limited : Board has approved the reduction of share capital of Triveni Energy Solutions Limited, a Wholly Owned Subsidiary of the Company, from INR 16,00,00,000 consisting of 1,60,00,000 equity shares of INR 10/- each to INR 8,00,00,000 consisting of 80,00,000 equity shares of INR 10/- each by reducing 80,00,000 equity shares of INR 10/- each for a total consideration of INR 44,00,00,000.
  • JAY KAILASH NAMKEEN LIMITED : First retail store/outlet has opened Beside Umiya mobile, Suvarna Bhoomi Complex, Near Speedwell Party Plot Chowk, Rajkot, Gujarat.
  • Cyient Limited : Board Approved Acquisition of Abu Dhabi & Gulf Computers Establishment through Company’s subsidiary & Investment in to Azimuth AI, Inc., through Company’s step down subsidiary & Closure of Branches at Singapore, Korea and Malaysia .
  • Ola Electric Mobility Limited : Ola Electric introduces the Ola Digital Twin Platform integrated with NVIDIA Omniverse.
  • Home First Finance Company India Limited : Board Approved Offer, Issue and Allotment in one or more tranches, Non-Convertible Debentures (“NCDs”) or such other structured instrument(s) for an amount not exceeding Rs. 700 crores through private placement.
  • Coromandel International Limited : Board has approved the capital expenditure plans .
  • Grovy India Limited : Board approved the allotment of 1,00,02,204 /- fully paid-up Bonus Equity Shares of face value of Rs. 10/- each in the ratio of 3:1 i.e., Three Bonus Equity Share for every One existing Equity Shares of the Company of Rs. 10/- each, held by the shareholders of the Company as on the record date i.e., Wednesday, October 23, 2024.
  • Coromandel International Limited : Board has approved to further acquire additional 6.67% equity shares in Coromandel Crop Protection Philippines Inc (CCPP) by infusion of amount up to USD 90,000 in one or more tranches subject to regulatory approvals. This infusion of USD 90,000 will lead to 100% shareholding in CCPP. Consequently, CCPP will become a wholly owned subsidiary of the Company.
  • Power Grid Corporation of India Limited : company has been declared as the successful bidder under Tariff based competitive bidding to establish Inter-State transmission system for “Evacuation of Power from Potential Renewable Energy Zone in Khavda area of Gujarat under Phase-V (8 GW): Part A” on build, own, operate and transfer basis. The Letter of Intent (LoI) has been received by Power Grid Corporation of India Limited .
  • Cinerad Communications Limited : The Company has entered into a Non-exclusive License Agreement and Employees Transfer Agreement with Seed Infotech Limited for availing a non-exclusive, royalty free, non transferable, non-sub-licensable license to (i) use the Trademarks; and (ii) carry out, conduct and operate the Business including but not limited to fulfillment of the Contracts on behalf of the Licensor in the territory of Maharashtra, Karnataka, Telangana and Uttar Pradesh along with transfer of certain employees of Licensor to the Company.
  • Bharat Bhushan Finance & Commodity Brokers Limited : Board approved Fund raising by way of the issue of Fully paid-up Equity Shares of the Company to its eligible shareholders as on the record date on a right basis , for a maximum amount not exceeding Rs. 3,38,04,000 /-. Rights Issue Shares: 33,80,400 ,Rights Issue Price: Rs. 10/- per Rights Equity Share. Rights Entitlement Ratio: 1 (One) Rights Equity Share for every 1 Equity Shares held by eligible shareholders as on the Record Date.
  • GMR Airports Limited : Raising funds up to Rs. 1,500 Crore in one or more tranche(s), through issue of Non-Convertible Bonds.
  • Info Edge (India) Ltd : Company has agreed to invest an amount of about Rs. 8 Crores in Vyuti Systems Private Limited.
  • Axis Bank: Ganesh Sankaran, the group executive of the wholesale banking coverage group, has resigned to pursue opportunities outside the bank. RBI also approved the reappointment of Amitabh Chaudhry as MD & CEO for 3 years, effective Jan. 1.
  • Jubilant Foodworks: The company received a tax demand worth Rs 216 crore from the Income Tax Department and is in the process of filing a rectification appeal.
  • Ajooni Biotech: The company received repeat export orders from Bangladesh-based Avon Animal Health.
  • MSTC: The company approved the disinvestment of Ferro Scrap Nigam to Konoike Transport for Rs 320 crore.
  • Shriram Properties: The Enforcement Directorate officials are conducting searches at the office premises in Bengaluru and Chennai. The company, its special purpose vehicles, and its executives have no direct or indirect involvement in the alleged matters under investigation.
  • Adani Ports: The company’s unit completed the acquisition of an 80% stake in Astro Offshore for $195 million
  • EFCI
  • #EFC
  • #EFCIL
  • Blockbuster Q2FY25
  • Record quarter with highest ever revenue, EBITDA, PBT and PAT ever in company's history
  • Significant margin expansion QoQ and YoY
  • Solid cash flow generation
  • Every segment fires together
  • Rev at 166cr vs 97cr
  • Q1 at 102cr
  • PBT at 56cr vs 15cr
  • Q1 at 21cr
  • Almost 4x YoY!!
  • Almost 3x QoQ!!
  • PAT at 37cr vs 11cr
  • Q1 at 16cr
  • 14rs eps for Q2 alone
  • OCF at 150cr vs 32cr
  • IXIGO: Company has approved entering into definitive agreements to acquire a 51% stake in Zoop Web Services Private Limited (“Zoop”) for a total consideration of Rs. 12.54 crore.
  • GODREJ PROPERTIES: Company emerges as the highest bidder for a Luxury Group Housing Plot on Golf Course Road in Gurugram with a revenue potential in excess of INR 5,500 crore*
  • KINGS INFRA: Aquaculture healthcare products of Kings Infra receives Coastal Aquaculture Authority approval
  • MORGAN STANLEY ON INDIAN HOTELS
  • Maintain Overweight; Hike target price to Rs 759 from Rs 595
  • Margins to rise in this cycle
  • Demand has multiple demand tailwinds but supply addition here is slow
  • Increase in share of capital light businesses should be a margin tailwind
  • Expect margin to remain above mgmt target of 33%
  • Domestic luxury spending to rise ahead of GDP growth
  • Foreign tourist arrivals should also rise as new airports in Delhi and Mumbai open
  • Big Insiders Raising cash in USA
  • Jeff Bezos,
  • Warren Buffett,
  • NVIDIA CEO Jensen Heung,
  • APPLE CEO Tim Cook,
  • JPM CEO Jamie Dimon,
  • And Many other CEOs and company insiders
  • Dear All
  • The recent FPI selling is not an unknown fact, thus diving deeper into what exactly are the FPIs selling and the magnitude of the same. While some sectors have held their ground on the back of DII buying, others have been hit due to FPI selling pressure. DII buying have neutralized FPI selling to a great extent thereby reducing overall impact on the markets (as it is down by only 5% which seems like a mild reaction for approx. $ 9 Bn sell off)
  • Please find attached one pager highlighting the above points
  • Anil Ambani set to invest Rs 10000 crore in new project, 1000 acres land allotted to build India's largest......
  • His flagship company Reliance Infrastructure Ltd will invest Rs 10,000 crore over the next 10 years in a new defence project.
  • Anil Ambani, Reliance Group chairman, has been making headlines for the past few months for several reasons. His companies such as Reliance Infrastructure and Reliance Power are bouncing back as they reduced their debts significantly. The 65-year-old also continues to fight despite many challenges in his businesses. Now, his flagship firm Reliance Infrastructure Ltd is set to invest Rs 10,000 crore over the next 10 years in a new defence project.
  • The company will set up India's largest integrated project in Ratnagiri in Maharashtra for the manufacturing of explosives, ammunition, and small arms. The company has been allotted 1,000 acres of land in the Watad Industrial Area of Ratnagiri, Maharashtra to develop Dhirubhai Ambani Defence City (DADC), the firm said in a statement. "DADC will be the largest greenfield project in the defence sector in India by any private sector company," it said.
  • R-Infra joins the likes of Tata Group, Adani and Larsen & Toubro for defence manufacturing. "Reliance Infrastructure will invest over Rs 10,000 crore over the next 10 years," the statement said. "Reliance Infrastructure through its subsidiaries has exported defence equipment worth more than Rs 1,000 crore over a period of time." Reliance Infra currently has a market cap of Rs 10073 crore.
  • Its wholly-owned subsidiaries Jai Armaments Ltd and Reliance Defence Ltd already have licenses from the government for manufacturing of arms and ammunition. The project envisions potential joint ventures with up to six leading global defence companies and will include a wide range of ammunition, from small to large calibres, as well as terminally guided munitions (TGM).
  • The small arms portfolio will cater to export markets for both civil and military applications. The statement did not reveal the names of joint venture partners. R-Infra already has joint ventures with French defence firms Dassault Aviation and Thales.
Panchkarma