Market Highlights

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

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December 16, 2024

• Markets staged a late recovery on Friday, rescuing an otherwise flat trading week.
• Discover what drove the markets, key winners and losers, and the outlook for the coming week.
• https://blog.liquide.life/weekly-stock-market-recap-nifty-analysis/
• Can Nifty cross 25000 in the coming week & Which Sectors could push Nifty higher ??
• Check out the Top 2 Picks and the Market Outlook as shared with Economic Times / ET Markets by clicking on the below link :
• https://x.com/Sudeep_Shah/status/1868223490777661818?t=ySFpoXzCCQrQmHtvg-8BGg&s=19
• Do Like, Share & Repost if you like the Inputs !!
• *Long TermCash Call:
• Tamil Nadu Petro Products Ltd (CMP: INR 84.50)*
• TN Petro is headquartered in Chennai and part of the AM International group, set up 1984 as a joint venture between SPIC Ltd and Tamil Nadu Industrial Development Corporation (TIDCO). They are primarily in 3 divisions - Heavy Chemicals Division (HCD), Linear Alkyl Benzene Division (LAB) and Propylene Oxide (PO).
• LAB is primarily used in manufacturing of detergents and industrial cleaners, HCD is used to manufacture caustic soda and chlorine. LAB contributes about 80% of TN Petro topline
• In FY24, the company clocked revenue of INR 1,697 Crore and EBITDA of INR 100 Crore. The PAT stood at INR 42 Crore along with a dividend of INR 1.20 per share. For 6 months of FY25, the Company has clocked revenues INR 923 Crore and EBITDA of INR 31 Crore. The PAT stood at INR 16 Crore.
• The company has a total market cap of INR 756 Crore, however, the company has a cash and cash equivalent of ~INR 250 Crore on standalone basis and ~INR 350 Crore on consol basis in the form on ST deposits in banks.
• Company has very little financial debt with the major liabilities being lease liabilities to the TN government for land of their various factories. They are rated A+ by CARE.
• TN Petro is also in the midst of capacity expansion of the LAB business from 120,000 MTPA to 145,000 MTPA by FY26. Considering the rapid increase in industrialization in India the need for industrial cleaners will be essential and hence timely completion of the expansion will contribute greatly to TN Petro bottom-line.
• Considering the comfortable liquidity position of the Company along with its long standing relations with marquee clientele for their products, the Company is well placed to improve their profit margins in the coming years.
• Target: 145-300-500+++++ with a 2-3 year timeframe.
• SL: 50
• Disclaimer: The above information is for educational purposes only and does not constitute investment advice. It is important that you do your own independent research or consult with your financial advisor before making any investment decisions
• CITI on TCS
• Sell, TP Rs 3935
• Demand outlook - Currently, more of same
• BSNL project is expected to be stable to slight decline in 3Q & start tapering off post that
• Smaller discretionary deals are emerging but face ROI scrutiny
• Mega deals being divided into smaller contracts
• UK & Europe – softer demand compared to North America
• Furloughs similar to last year.
• TCS aims to achieve an aspirational margin band of 26-28%
• CITI on Tech Mahindra
• Sell, TP Rs 1475
• Management meet takeaways
• Focus areas
• a) TechM has been reorganized into 6 SBUs (Strategic Business Units) reporting directly to CEO, with 3 SBUs located in Americas
• b) Co doubling down on key verticals
• c) Simultaneously, TechM is focusing on building capabilities in Cloud, AI & Automation, Enterprise Applications, Engineering Services, Cybersecurity – seen good traction across all capabilities
• Margin trajectory
• a) Co aims to improve margins to 15%, primarily through gross margin improvement
• b) Key margin levers– pyramid improvement, pricing optimization (implementing the “right rate for the right role”), reducing subcontracting
• CITI on LTIMIndtree
• Sell, TP Rs 5710
• Management meet takeaways
• Demand outlook
• (a) BFSI vertical has seen uptick in demand & continues to hold
• (b) Retail, Consumer Goods, Healthcare, & Manufacturing are seeing pick up in deals
• (c) Tech vertical is a mixed bag, with some accounts performing well while others tighten the budgets
• (d) KSA is a strong market with a promising demand pipeline, driven by a successful JV with Aramco.
• JPM On Persistent
• OW, TP Rs 6100
• Management meet takeaways
• Growth outperformance helped by client mining, winning in vendor consolidation, &GenAI pivot
• BFSI and Healthcare to continue to drive growth
• Clients sound more optimistic with US elections &Fed rate cuts behind
• JPM On Persistent
• OW, TP Rs 6100
• Management meet takeaways
• Growth outperformance helped by client mining, winning in vendor consolidation, &GenAI pivot
• BFSI and Healthcare to continue to drive growth
• Clients sound more optimistic with US elections &Fed rate cuts behind
• Incred on Persistent Systems
• Maintain Hold, target price at Rs 6863
• Beat and upgrade cycle to continue
• Greenshoots in hi-tech vertical drive FY26 revenue higher
• On track to deliver the stated EBIT margin expansion in H2
• Earnings revision expected on the up
• Expect Revenue, EBIT, PAT CAGR over
• FY25-27F 18%/26%/25%
• JPM on GCPL
• OW, TP Rs 1365
• Post sharp selloff, find risk reward more reasonable & expect GCPL to outperform peers hereon
• On an analyst call, CFO provided further color on Q3 weakness saying 85-90% of vol deceleration due to cyclical factors, & not structural
• GPCL expects soaps volume growth to return to normative levels over the next two quarters (assuming no further price increases for CPO) and believes HI could see a quicker recovery if seasonality stays normal in Q4.
• Jefferies on PI Industries
• Buy, TP cut to Rs 4865 from Rs 5100
• Kumiai has lowered agchem rev growth guidance for Nov-24 to Oct-25 period citing 7% y/y decline in pyroxasulfone sales on elevated inventories.
• PI factored this in while guiding for lower growth in 2Q
• New products should drive growth in FY26
• Cut FY26/27 revenues 3%/5% leading to 4%/5% cut to FY26/27 EPS
• Project 10% EPS Cagr over FY24-27.
• Jefferies on Max Fin
• Buy, TP Rs 1660
• Partnership between Max Life & Axis Bank has led to company name & brand change to Axis Max Life Ins
• This refresh in identity could enhance brand-recall, especially in Tier II/III mkts where bank's brand is strong
• Also reiterate Axis-Max can gain from exemption of term protection from GST, allowance for composite license & merger between insurance & other firms.
• Norms on banca will be watched; Axis drives 45% of APE.
• Vals at 8x P/VNB is attractive.
• HSBC on Financials
• 2024 was a year of liquidity constraints
• Expect easier liquidity conditions in 2025, which should aid deposit growth
• Preferred stocks for 2025: AXSB, HDFCB, ICICIBC among banks
• BAF, SHFL among NBFCs
• MS on Energy
• India's fuel prices are benchmarked to US$73/bbl Brent. Integrated margins for OMCs was largely stable despite depreciating rupee as Brent remained weaker.
• Rising crude disc & strong domestic demand should continue to support margins
• Prefer HPCL, BPCL
• GS on Aurobindo Pharma
• Buy, TP Rs 1525
• DM Biosimilar monetisation narrative commences
• CHMP recommendation for Zefylti - positive development
• Significant investments aimed at new lever for growth
• Aurobindo remains a preferred pick
• Nomura on Cement
• 3Q avg spreads improve marginally on lower fuel cost; 60-day & 90-day lagged spreads suggest up to Rs70/t expansion
• Cement spreads suggest slight improvement amid flattish cement prices
• Prefer Ultratech, Shree, Ambuja & Ramco
• Neutral- Nuvoco & ACC
• Reduce - Dalmia
• Axis Capital on SWIGGY
• Initiate Buy target price at Rs 640 on Swiggy
• Second place but still in the race
• Compelling investment opportunity as India's second-largest q-com/food delivery player
• Food-delivery/q-com businesses remain underpenetrated, with a long growth runway
• Swiggy's ambitious store expansion targets in q-com should aid its GOV/top line growth; also, its cost-control is improving
• Swiggy's ideation/innovation abilities and strengthened leadership team should help it stay a market leader
• GS on Consumer Durables (FY26)
• Expect real estate driven demand for electricals and durables to accelerate
• Premiumization to continue across categories
• Increased domestic manufacturing across categories
• Symphony- Maintain Neutral at target price of Rs 1480
• Crompton - Maintain Buy; target price at Ra 500
• NBIE on Data Patterns
• Maintain Buy, target price at Rs 2997
• Vijay Ananth K, Whole Time Director, COO, and Chief Information Security Officer, is expected to lead Data Patterns in the future
• Like the company due to its strong in-house
• R&D capabilities and deep domain knowledge in radars, electronic warfare etc
• Order book is forecast to grow at a CAR of 19% between FY25E and FY27E
• Efficient execution to drive operating leverage
• Company remains confident in maintaining operating margins within the 35-40% range over the next 2-3 years
• IOC, BPCL, HPCL: Govt aims for crude oil deal with Russia by next fiscal, citing Rosneft-RIL agreement as timely boost. - bs
• TEJNAKSH HEALTHACARE: Co.s MD Dr. Ashish Rawandale Patil's Pflow receives an Indian patent, marking his 11th as India’s only urologist with this achievement.
• Pflow, a patented home-based urine flow test, aids early detection of urinary issues.
• Featured on Shark Tank India 2 Season, it promises to transform kidney healthcare in India.
• Co. says This patent marks a significant milestone in the journey of Pflow, and we are excited about the future prospects of this groundbreaking product.
• BEAT THE STREET BULLETIN
• Date: 15-Dec-2024
• Telegram: [t.me/beatthestreet10]
• NEW ORDERS & CONTRACTS
• - HBL Power: Bags ₹1,552 crore order from Chittaranjan Locomotive Works for the supply, installation, and commissioning of Train Collision Avoidance System (TCAS) equipment for 2,200 locomotives. Completion expected within 12 months.
• - RITES: Secures ₹298 crore order from the Ministry of External Affairs for project implementation services for the construction of an Integrated Check Post (ICP). Time frame: 59 months.
• - AFCONS Infra: Receives ₹1,006 crore Letter of Acceptance (LOA) from Madhya Pradesh Metro Rail Co. Ltd. for a metro rail project.
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• CORPORATE UPDATES & ANNOUNCEMENTS
• - Lupin: Acquires trademarks for GIBTULIO®, GIBTULIO MET®, and AJADUO® from Boehringer Ingelheim to expand its diabetes portfolio. Transfer to be completed by March 2025.
• - MAX Financial: Max Life rebrands as "Axis Max Life Insurance Limited" following regulatory approval to strengthen its market presence.
• - Infosys: Invests ₹8.3 crore in 4baseCare, a healthcare startup focused on AI-powered precision oncology. The minority stake aims to enhance healthcare solutions.
• - GMM Pfaudler: CFO Manish Poddar resigns, effective February 7, 2025, for new opportunities.
• - Tata Consumer: Completes acquisition of Organic India, making it a wholly owned subsidiary.
• - Trident: Approves restructuring plan involving the sale of stakes in Trident Global Inc. (USA) and Trident Europe Ltd. (UK) to Trident Group Enterprises Pte. Ltd. (Singapore), valued at USD 10 million.
• - Vakranee: Schedules a Board Meeting on December 21, 2024, to discuss fundraising via equity.
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• STRATEGIC PARTNERSHIPS & AGREEMENTS
• - Premier Explosives: Partners with Global Munition (NIBE Group) to form a joint venture for manufacturing defense and aerospace products. Equity split: 51:49.
• - Dixon Technologies: Signs a binding term sheet with Vivo India for a joint venture in electronic devices manufacturing, including smartphones. Dixon holds 51% and Vivo India 49%.
• - Praj Industries: Forms a wholly owned subsidiary, "Praj Projects (Tanzania) Limited," to enhance business interests in Tanzania.
• - Sudarshan Chemicals: To issue ₹195 crore worth of shares to investors, including Shamyak Investment Pvt Ltd and Lata Manek Bhanshali.
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• INFRASTRUCTURE & EXPANSIONS
• - Lemon Tree Hotels: Signs a deal for a new property in Bhuj, Gujarat, expected to open in FY 2026.
• - Ganesh Green: Commences commercial production of a new solar module line in Mahesana, Gujarat, with 514 MW capacity addition, bringing the total to 750 MW.
• - Godavari Bio: To add 200 KLPD capacity at Sameerwadi manufacturing unit with an investment of ₹130 crore. Expected completion by Q4 2026.
• - TARC: Raises ₹340 crore through NCDs to repay existing NCDs, providing a corporate guarantee for repayment.
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• RESIGNATION/APPOINTMENT
• - Niva Bupa: Appoints Mr. Mohit Gupta as Non-Executive Independent Director, effective December 13, 2024. Previously, he was Co-founder & CEO of Zomato Ltd.'s food delivery division.
• - Bandhan Bank: Mr. Pankaj Sood, Non-Executive Nominee Director, resigns from the bank’s Board and committees.
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• FUNDRAISING UPDATES
• - AEROFLEX Industries: Board approves up to ₹400 crore fundraise via QIP.
• - Sundarshan Chemicals: To issue ₹195 crore worth of shares at a discount for private placement.
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• REGULATORY & LEGAL UPDATES
• - Blue Coast Hotels: SEBI withdraws ₹85 crore claim on Goa hotel auction proceeds.
• - Zydus Wellness: Wins Writ Appeal at the High Court of Sikkim regarding budgetary support claims, to be resolved within 12 weeks.
• ---
• STRATEGIC BUSINESS DEVELOPMENTS
• - Swiggy: Launches a new app "Scenes" to compete with Zomato's "District," focusing on events and experiences.
• - Jubilant FoodWorks: Associate company Hashtag Loyalty Pvt. Ltd. begins voluntary liquidation.
• ---
• MARKET INSIGHTS & INDUSTRY NEWS
• - Apple: Over 40 Indian companies, including Dixon Technologies, Amber Electronics, HCLTech, Wipro, and Motherson Group, are involved in Apple's component supply ecosystem.
• - Mutual Funds: Cash holdings grew by ₹70,081 crore in 2024, reaching ₹1.80 lakh crore by November, indicating a higher cash allocation in total AUM.
• ---
• INDUSTRY UPDATES
• - GE Power India: Secures ₹182.7 million order for the supply of boiler parts for Sanjay Gandhi Power Station, expected completion in 3.5 months.
• - Waaree Energies: Subsidiary WPPL acquires a 55% stake in ERTSPL for ₹5.5 crore, supporting its expansion into solar inverters, EV chargers, and power electronics.
• Stay Updated with
• Beat the Street
• Global-Market Insights 1/n
• -US markets closed mixed ahead of the US central bank's Federal Reserve meeting on interest rates
• -Dow fell 0.2% to 43,828, while the Nasdaq rose 0.1% to 19,926
• -S&P500 ended flat
• -Inflation data shows that monthly CPI accelerated in line with market estimates in November, while WPI rose more than expected
• -CME FedWatch data shows 93% traders feel that FOMC would cut rates by 25bps
• =====
• Global-Market Insights 2/n
• Dow -86, S&P500 -Flat, Nasdaq +24
• US 10Y bond yield is at 4.395%
• Dollar Indes is at 106.94
• Gold is at $2675
• Brent oil is at $74.49
• ====
• Global-Market Insights 3/3
• -However, US 10Y bond yield increased 7.3 basis points to 4.4% Friday
• -Brent oil gained 1.5% to $74.5, driven by tightening supplies and rising fuel demand
• The oil rally was fuelled by expectations of sanctions on Russia and Iran and lower interest rate forecasts in the US
• NIRMAL BANG ON DATA PATTERNS
• • Maintain Buy, target price at Rs 2997
• • Vijay Ananth K, Whole Time Director, COO, and Chief Information Security Officer, is expected to lead Data Patterns in the future
• • Like the company due to its strong in-house R&D capabilities and deep domain knowledge in radars, electronic warfare etc
• • Order book is forecast to grow at a CAGR of 19% between FY25E and FY27E
• • Efficient execution to drive operating leverage
• • Company remains confident in maintaining operating margins within the 35-40% range over the next 2-3 years
• GST COUNCIL TO DELIBERATE ON CLOSURE OF GOM ON GST REVENUE ANALYSIS -CNBCTV18
• GOM On Restructuring Of Compensation Cess Likely To Submit A Status Report To GST Council
• GOM Likely To Seek 3-month Extension; GST Council Likely To Grant An Extension
• • Alert: GOM On Compensation Cess was constituted on September 25, 2024
• GST Council Likely To Discuss-
• Approve Rules & Procedure Of Functioning Of GSTAT, Initiate Early Functioning Of GSTAT; Reduce Legal Burden Of Courts & For Industry
• • On To Issue Clarity On Details Of Un-Registered Recipient & Declaration Of Place Of Supply Of Online Services
• Proposal Likely To Bring In Ease Of Doing Business For Online Services Sector
• To Create Provision To Grant Temp Id No. To Those Not Liable For Perm Registration
• Move To Ease Issues Of Taxpayers Seeking Registration & Not Granted & Such Taxpayers Begin/Conduct Biz In Absence Of Permanent GST Registration
• Alert: 55TH GST Council to meet on December 21 in Jaisalmer
• SYSTEMATIX ON MARKETS
• • Markets sentiment lack conviction
• • Sector rotation being seen
• • US economy remains solid, may pause Fed's rate cuts
• • Nifty EPS projections expected to be moderated (FY25-27 at 11% CAGR)
• • Services sector to perform better than marketing
• • Top picks- HDFC Bank, Muthoot Finance, Berger Paints, Marico, Hindalco, Gulf Oil, GAIL, Sun Pharma, NALCO, CIPL
• INCRED ON PERSISTENT SYSTEMS
• • Maintain Hold, target price at Rs 6863
• • Beat and upgrade cycle to continue
• • Greenshoots in hi-tech vertical drive FY26 revenue higher
• • On track to deliver the stated EBIT margin expansion in H2 00
• • Earnings revision expected on the up
• • Expect Revenue, EBIT, PAT CAGR over FY25-27F 18%/26%/25%
• GOLDMAN SACHS ON CONSUMER DURABLES FOR FY26
• • Expect real estate driven demand for electricals and durables to accelerate
• • Premiumization to continue across categories
• • Increased domestic manufacturing across categories.
• • Symphony Maintain Neutral at target price of Rs 1480
• • CG Consumer Maintain Buy; target price at Ra 500
• WADIA GROUP (FROM ET)
• Jehangir Wadia returns as director of group companies
• Joins Britannia in a  non-executive role
• Seen retaking helm at Bombay Dyeing as MD
• Returns to business after 3-year hiatus in London
• Wadia group has Britannia, Bombay Burmah, Bombay Dyeing, National Peroxide-listed plays
• CITI on LTIMIndtree
• Sell, TP Rs 5710
• Management meet takeaways
• Demand outlook
• (a) BFSI vertical has seen uptick in demand & continues to hold
• (b) Retail, Consumer Goods, Healthcare, & Manufacturing are seeing pick up in deals
• (c) Tech vertical is a mixed bag, with some accounts performing well while others tighten the budgets
• (d) KSA is a strong market with a promising demand pipeline, driven by a successful JV with Aramco.
• Jefferies on PI Industries
• Buy, TP cut to Rs 4865 from Rs 5100
• Kumiai has lowered agchem rev growth guidance for Nov-24 to Oct-25 period citing 7% y/y decline in pyroxasulfone sales on elevated inventories.
• PI factored this in while guiding for lower growth in 2Q
• New products should drive growth in FY26
• Cut FY26/27 revenues 3%/5% leading to 4%/5% cut to FY26/27 EPS
• Project 10% EPS Cagr over FY24-27.
• Jefferies on Max Fin
• Buy, TP Rs 1660
• Partnership between Max Life & Axis Bank has led to company name & brand change to Axis Max Life Ins
• This refresh in identity could enhance brand-recall, especially in Tier II/III mkts where bank's brand is strong
• Also reiterate Axis-Max can gain from exemption of term protection from GST, allowance for composite license & merger between insurance & other firms.
• Norms on banca will be watched; Axis drives 45% of APE.
• Vals at 8x P/VNB is attractive.
• HSBC on Financials
• 2024 was a year of liquidity constraints
• Expect easier liquidity conditions in 2025, which should aid deposit growth
• Preferred stocks for 2025: AXSB, HDFCB, ICICIBC among banks
• BAF, SHFL among NBFCs
• MS on Energy
• India's fuel prices are benchmarked to US$73/bbl Brent. Integrated margins for OMCs was largely stable despite depreciating rupee as Brent remained weaker.
• Rising crude disc & strong domestic demand should continue to support margins
• Prefer HPCL, BPCL
• GS on Aurobindo Pharma
• Buy, TP Rs 1525
• DM Biosimilar monetisation narrative commences
• CHMP recommendation for Zefylti - positive development
• Significant investments aimed at new lever for growth
• Aurobindo remains a preferred pick
• China November Industrial Production up 5.4% YoY in-line with estimates
• JPMORGAN ON PERSISTENT SYS
• (CMP: 6,477.65)
• MAINTAIN OVERWEIGHT
• TARGET: 6,100
• Growth Outperformance Led By Client Mining, Winning In Vendor Consolidation, GenAl Pivot
• BFSI And Healthcare To Continue To Drive Growth With A Gradual Pick Up In HiTech
• Clients Sound More Optimistic With US Elections & Fed Rate Cuts Behind
• Priority Is On Growth Over Margin As The Latter Can Be Recouped Over A Period Of Time
• GenAl Can Drive Nearly 25% Productivity Benefits & Won't Be Deflationary
• NOMURA ON CEMENT
• Prefer UltraTech, Shree Cement, Ambuja & Ramco (All Buy)
• Neutral On Nuvoco & ACC
• Reduce On Dalmia Bharat
• Q3FY25 Average Spreads Improve Marginally On Lower Fuel Cost
• 60-day And 90-day Lagged Spreads Suggest Up To ₹70/t Expansion
• Cement Spreads Suggest Slight Improvement Amid Flattish Cement Prices
• Bullish On Long-term Tailwinds Despite Recent Moderation
• CITI ON TCS
• (CMP: 4,473.90)
• MAINTAIN SELL
• TARGET: 3,935
• BSNL Project Is Expected To Be Stable To Slight Decline In Q3 & Start Tapering Off Post That
• Smaller Discretionary Deals Are Emerging But Face Rol Scrutiny
• Mega Deals Are Being Divided Into Smaller Contracts
• UK & Europe Has Softer Demand Compared To North America
• Co Aims To Achieve An Aspirational Margin Band Of 26-28%
• Reduced Subcontracting Costs Is A Result Of Strategic Decisions Rather Than Market Conditions
• CITI ON TECH MAH
• (CMP: 1,796.40)
• MAINTAIN SELL
• TARGET: 1,475
• Co Is Doubling Down On Key Verticals - Telecom, Mfg (Particularly Automotive & Industrial)
• Co Is Doubling Down On Key Verticals - BFSI, Healthcare & Life Sciences
• Focus Is More On Building Capabilities In Cloud, Al & Automation, Enterprise Applications
• Key Margin Levers Are - Pyramid Improvement, Pricing Optimization
• Key Margin Levers Include Reducing Subcontracting Costs, Improving Utilisation Rates
• JPMORGAN ON GCPL
• • Maintain Overweight, target price at Rs 1365
• • Post sharp selloff, find risk reward more reasonable & expect GCPL to outperform peers hereon
• • CFO: Q3 weakness saying 85-90% of vol deceleration due to cyclical factors, & not structural
• • Expects soaps volume growth to return to normative levels over the next two quarters (assuming no further price increases for CPO)
• • Believes hair oil could see a quicker recovery if seasonality stays normal in
• AXIS CAPITAL ON SWIGGY
• • Initiate Buy target price at Rs 640 on Swiggy
• • Second place but still in the race
• • Compelling investment opportunity as India's second-largest q-com/food-delivery player
• • Food-delivery/q-com businesses remain underpenetrated, with a long growth runway
• • Swiggy's ambitious store expansion targets in 0q-com should aid its GOV/top line growth; also, its cost-control is improving
• • Swiggy's ideation/innovation abilities and strengthened leadership team should help it stay a market leader
• NOMURA ON INDIA CEMENT
• • Neutral stance on India Cement in the Construction Materials sector.
• • Slight improvement in spreads for 3QFY25, driven by lower fuel costs.
• • Cement spreads show a modest increase, with average spreads rising by INR 66/t QoQ.
• • Fuel cost decline (5% QoQ) and flat cement prices contribute to the spread improvement.
• • Lagged impact of fuel cost reduction expected to drive further spread expansion in the coming months (INR 70/t for 60-day and INR 50/t for 90-day lag).
• • Spreads correlation with industry unitary EBITDA is strong, indicating potential for improved earnings once fuel cost adjustments reflect in the income statement.
• GOLDMAN SACHS ON CONSUMER DURABLES FOR FY26
• Expect real estate driven demand for electricals ans durables to accelerate
• Premiumization to continue across categories
• Increased domestic manufacturing across categories
• Symphony Maintain Neutral TP 1480
• CG Consumer Maintain Buy TP 500
• INCRED ON PERSISTENT SYSTEMS
• Maintain Hold, TP 6863
• Beat and upgrade cycle to continue
• Greenshoots in hi-tech vertical drive FY26 revenue higher
• On track to deliver the stated EBIT margin expansion in H2
• Earnings revision expected on the up
• Expect Revenue, EBIT, PAT CAGR over FY25-27F 18%/26%/25%
• HDFC SEC ON REALTY
• Grade A developers (especially Bengaluru based) facing trouble in regulatory approvals
• Hurdles resulting in postponement of launches
• Supply-demand constraints might be there
• Top picks Prestige Estates and Sobha
• Godrej Propeties may not see much impact from Bengaluru
• Godrej Properties may see re-rating due to fund raise
• Godrej Properties-Maintain ADD, TP 3000
• Sobha Maintain Buy TP 2639
• Brigade Enterprises Maintain Buy TP 1400
• Prestige Estates Maintain Buy 2060
• JSW ENERGY: Company has secured multiple renewable energy (“RE”) projects in the Commercial and Industrial (C&I) power market, achieving a total locked-in generation capacity of 20 GW.
• The company's locked-in RE C&I capacity stands at 3.1 GW, which includes 2,654 MW of JSW group captive capacity and 445 MW of third-party C&I capacity.
• Currently, the operational & capacity of the company stands at 488 MW.
• GLENMARK PHARMA: Glenmark Pharmaceuticals Inc. has launched Lacosamide Oral Solution, 10 mg/mL, bioequivalent to UCB's Vimpat® Oral Solution, 10 mg/mL.
• The Vimpat® Oral Solution market reached $57 million in sales for the 12 months ending October 2024.
• HI-TECH PIPES: India Ratings & Research has upgraded the Company’s credit ratings for its bank facilities.
• WOCKHARDT: Zaynich™ (Zidebactam/Cefepime, WCK 5222) enables US cancer patient undergo successful liver transplant and resume chemotherapy by eradicating dual extreme-drug resistant Gram negative pathogens
• Santa Rally Data
• Returns between December 15 to January 5
• Nifty 50
• Gained 8/10 times
• Average return 1.5%
• Nifty Midcap 100
• Gained 9/10 times
• Average return 2.7%
• F&O Stocks
• 67% of stocks gained
• In 2017, 88% of stocks gains
• Stocks That Gained Most (Out of 10 times) - Gains of 6-13%
• Hindustan Copper – 9
• Jindal Stainless – 9
• JSPL – 9
• NMDC – 9
• Ashok Leyland – 9
• Berger – 9
• SAIL – 8
• NALCO - 8
• Source: JMFinancial
• NIFTY TO OPEN FLAT
• Citi on IT
• Relative preference for INFY/HCLT (Neutral rated) remains; other stocks which could benefit more from the cyclical upturn in US BFS – LTIM & Mphasis (both Sell rated).
• Our view remains gradual & uneven recovery is underway
• 4 key points of debate
• (a) Pace of cyclical recovery after 2 tough years
• (b) Vendor consolidation, need to free up spends, tech changes – implications for traditional business
• (c) Rapid GCC growth – reasons, outlook & direction
• (d) Gen AI – pace of adoption, data/cloud opportunity, implications of productivity savings, business outcome opportunity – deflationary, or not?
• NIFTY OPEN LOWER
• Global Markets India Says India Underperformance Has Mainly Been Due To Weak Earnings
• Government Capex Is Down 15% Year-To-Date -CNBCTV18
• Singapore GRMs @ $7/bbl – highest since March 2024
• IOCL and RIL - biggest beneficiary
• Generally every $1/bbl drop in GRM,
• For MRPL, impact EBITDA by Rs 1000 cr
• For Chennai Petro, lowers EPS by 30%
• For IOCL/BPCL/HPCL, decreases earnings by 16%/16%/14%
• For RIL, decreases consolidated earnings by around 4%-5%
• Nifty Realty hits 2-month high, leading sectoral gains with Oberoi Realty and Prestige driving the momentum
• BALAJI SUBRAMANIAN IIFL SECURITIES SAYS
• • Expect Bharti Airtel's ARPU to inch up in 2025 till a tariff hike
• • Satellite broadband to be an immediate competition to telecom players
• • Expect some investors to book profit amid volatility around Starlink news
• • Will watch out for the potential IPO of Jio Platform & the valuation it lists at
• • Voda Idea price has perhaps baked in no relief on the AGR dues