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December 02, 2024

India Daybook – Stocks in News
Dixon Tech: Company to launch mass production of Google Pixel (Smart Phones) for Compal's designated customer (Positive)
RVNL: Company has been awarded a ₹642.57 Cr contract by PSPCL (Positive)
Emami Realty: Company is poised to generate an impressive revenue of approx 850 cr from its latest project, Emami Aamod (Positive)
Coal India: Company subsidiary, Eastern Coalfields Ltd (ECL), will see a price increase for Rajmahal coal to Rs 700/tonne from Rs 450/tonne, effective 30/11/2024. (Positive)
DLF: Company subsidiary sold Kolkata Tech Park to RDB Primarc Techno Park LLP for Rs 637 crore. (Positive)
GP Petroleum: Company signed Rs 223 crore supply agreement with Hindustan Petroleum Corporation Ltd for 50,000 MT of Bitumen (Positive)
Best Agrolife: Company subsidiary, Sudarshan Farm Chemicals, received a 20-year patent for a process for manufacturing of Methyl 2 (Positive)
GRP Ltd: Company secured a €15 million loan from PROPARCO for a secured senior credit facility (Positive)
Suven Pharmaceuticals: Long-term bank facilities rating remains on 'Watch Positive', short-term reaffirmed at 'CRISIL A1+. (Positive)
Ahasolar Technologies: Company signed a 20-year Power Purchase Agreement with Saffron Enclave Pvt Ltd for a 100 KW solar power plant in Gurgaon. (Positive)
Lupin: Company received tentative USFDA approval for a generic diabetes drug (Sitagliptin & Metformin). (Positive)
Zydus Wellness: Company acquired 98.14% stake in Naturell (India) Private Limited (Positive)
Cochin Shipyard: Company signs a contract worth Rs 1,000 cr with the Ministry of Defence for Short Refit and Dry Docking of a Large Indian Naval Vessel (Positive)
UBL: UP state shifts excise duty on beer from alcohol companies to wholesalers (Positive)
ONGC: Company acquires 0.615% Stake in ACG and 0.737% stake in BTC, Azerbaijan (Positive)
Aster: Company and Blackstone-backed Quality Care to merge and Create One of the Top 3 Hospital Chains in India with 10,150+ beds (Positive)
Sterlite Tech: STL won an arbitration case against MTNL, receiving ₹15.90 Cr + interest. (Positive)
KPI Energy: Receipt of Letter of Award for Setting up of Grid Connected 300 MWAC Ground Mounted Solar PV Plant Of Coal India Ltd. (Positive)
Ashok Ley: Hinduja Tech Completes TECOSIM Group Acquisition, Further Extending Its Global Automotive Engineering Reach (Positive)
H.G. Infra engineering: Company has been selected as a qualified bidder by Gujarat Urja Vikas Nigam Ltd for a 250MW/500MWH battery energy storage project (Positive)
NCC: Company confident of reaching Rs 20,000-22,000 crore order inflows target, with 58% achieved so far. (Positive)
KEC International: Bags New Orders worth Rs 1,040 Cr in Its T&D Business in International Markets (Positive)
Biocon: US FDA approves Arm’s Biocon Biologics’ YESINTEK, a monoclonal antibody that is used to treat Crohn’s disease (Positive)
Greaves: Board approves Initial Public Offer (IPO) offer of arm Greaves Electric Mobility. (Positive)
Maruti Suzuki: Total Sales At 1.81 Lk Units Vs Poll Of 1.77 Lk Units (Positive)
TVS Motor: Total Sales At 4.01 Lk Units Vs Poll Of 3.87 Lk Units (Positive)
TVS Motor: Company acquires 39.11% stake in DriveX Mobility for Rs 97.79 Cr, increasing its holding to 87.38%. DriveX, a two-wheeler trading and Distribution Company. (Neutral)
Tata Motors: Total Sales at 74,753 Units Vs Poll Of 74,200 Units. Company opens facility in Pune to scrap 21,000 vehicles a year (Neutral)
Macrotech Developers: Company acquires 100% stake in Janus Logistics (Neutral)
Cipla: Block Deal: Promoters to sell 1.7% stake worth Rs 2,000 crore via block deal on Monday. (Neutral)
Phoenix Mills: Company subsidiaries, PCPL and ISML, received GST notices totaling Rs 19.96 Cr and Rs 7.76 Cr respectively. (Neutral)
CESC: Company acquires 100% of Bhojraj Renewables Energy. (Neutral)
TBO Tek Limited: Company incorporated a wholly-owned subsidiary, PT TBO Tek Indonesia, in Indonesia (Neutral)
IndiaMART Intermesh: Company invests Rs 14.28 Cr in Mobisy Technologies, a SaaS firm, increasing its stake to 31.33% (Neutral)
Shriram Finance: Company acquired 40,000 CCDs of Shriram Housing Finance Ltd. from Kotak Mahindra Investments Ltd. for Rs 423.95 Cr. (Neutral)
Coromandel: Company received a customs order demanding ₹7.31 Cr in IGST, ₹3.76 Cr redemption fine and penalty. (Neutral)
KIMS: Company Secretary and Compliance Officer, CS. Uma Shankar Mantha, resigned. Effective December 17, 2024 (Neutral)
Aster DM Healthcare: Company to acquire 1.9 cr shares of QCIL at Rs 445.8/share (Neutral)
Max Financial Services: Company unit max life insurance has not received any IRDAI directive on Bancassurance capping. (Neutral)
Adani Enterprises Ltd: Company acquired Aviserve Facilities Private Limited and Aviground Facilities Private Limited by WOS of the Company. (Neutral)
REC: Ms. Rashmita Jha's additional charge as Chief Vigilance Officer (Neutral)
Castrol India: Company completed its ₹487.5 Cr acquisition of a 7.09% stake in ki Mobility Solutions (Neutral)
Petronet LNG: Company's board reappointed Sanjeev Mitla and Sundeep Bhutoria as Independent Directors for 3 years. (Neutral)
Hero Motocorp: Total Sales at 4.60 Lk Units Vs Poll Of 4.78 Lk Units (Neutral)
Hero MotoCorp: Company announces the resignation of Rachna Kumar, Chief Human Resource Officer. (Neutral)
RBL Bank and Bajaj Finance: Mutually agree to stop issuance of new co-branded credit cards (Neutral)
BSE: NSE transferred Monthly expiry of Fin Nifty, Midcap select, Bank Nifty and Nifty Next 50 to Thursday, BSE also initially shifted all expiries on Tuesday (Neutral)
CreditAccess: Raises Euro 25 Million from the German Investment Corporation, DEG (Neutral)
Greaves: Neeraj Sharan elevated to Executive Director & CEO of Excel Controlinkage (Neutral)
Mayur Uniquoters: Credit rating reaffirmed by CARE Ratings. Long-term bank facilities rating remains CARE AA; Stable. (Neutral)
Mahindra & Mahindra: Company announces the incorporation of Steer Hybren Pvt Ltd., a wholly-owned subsidiary of its subsidiary, Mahindra Susten Pvt Ltd (Neutral)
Arfin India Ltd: company announced the resignation of CFO Tarunkumar Acharya, effective November 30, 2024 (Neutral)
MOIL: Cuts Price of Ore with Manganese Content of Mn-44% & Above By 3%. Price of Ore with Manganese Content Below 44% Increased By 1% (Neutral)
Aviation Stocks: ATF Price Increased In Delhi to Rs 91,856.84/kl from Rs 90,538.72/kl (Neutral)
Shalimar Paints: Acuite downgraded and withdrew ratings due to GECL loan servicing delays. (Negative)
Home First: True North, Orange Clove, Aether Fund to sell 14.7% stake via block deals as media sources. (Negative)
Hyundai: Total Sales At 61,252 Units Vs Poll Of 65,000 Units (YoY) (Negative)
Escorts Kubota: Total Sales Down 9.4% At 8,974 Units Vs Poll of 9700 Units. (Negative)
Nomura On Dixon Tech
Buy Call, Target At Rs18,654/Sh
Co Launches Mass Production Of Google Pixel Smartphones
China+1 Can Lead To Significant Long-term Potential From Google
Est Addition Of Rs1,500 Cr Revenue, 4% Of FY26 Smartphone Sales Depending On Ramp-up
Co Will Showcase Capabilities To Make Premium Phones & Will Be Key Longer-term Positive
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
HSBC on Titagarh Rail
Buy, TP cut to Rs 1425 from Rs 1980
With state elections behind, awarding of metro rolling stock has resumed; opportunity pipeline is strong
Though execution of existing metro & Vande Bharat orders are slower than earlier expected, leading to est. cut
Cut Revenue & EPS Estimate By 9-11% In FY26/27
Nuvama on Adani Ports
Buy, TP Rs 1960
Investor Day at its Vizhinjam port
Takeaways
i) Reiterated its guidance of 1bnt handling vol by 2030
ii) Logistics to be significant growth driver
iii) Significant tech advancement in ports & logistics
iv) Strong b/s discipline
MS On IndusInd Bank
Equal-Weight Call, Target Cut To Rs1,150/Sh From Rs1,400/Sh
Stock Price Has Fallen 30% Post Earnings Owing To MFI Asset Quality
Detail Risk Reward – While Not Bad, Risks Are Towards Downside
Continue To Apply 30% Bear Case Weight & Better Risk Reward At Large Private Banks
GS On HDFC Bank
Buy Call, Target At `2,156/Sh
Maintain Positive View
See EPS Growing At A 15% CAGR Over FY24-27 On Back Of Core PpOP Growth Of 18% CAGR
See Improvement In Margin, Cost-To-Assets Driven By Operating Leverage
Investors May Start To Focus On EPS Growth More Than PpOP Growth To Adjust For Credit-Cost Outcomes
Expect Credit Cost To Remain In A Predictable Range Of 40-45 bps Of Loan Book
Jefferies On Bajaj Fin
Buy Call, Target At `8,400/Sh
Co Withdrew Co-branded Credit Cards Where It Partnered With RBL Bank & DBS Bank
Withdrawal Of Co-branded Credit Card Reflects Concern On Asset Quality In Mass-Mkt Credit Card
Limited Impact As Loss On Origination Fee May Be Partly Made Up By Lower Costs
Within SME Loans, Flexi-Loan Book Also Shouldn't Face Regulatory Risks As It's Quite Compliant
MS on RBL BK
UW, TP Rs 180
Co-branded card partnership with Bajaj Fin discontinued
Bajaj Fin was a sizeable channel for RBL Bank in terms of credit card issuance, & this move could constrain RBL's potential credit card market share over medium term.
While RoA for credit card portfolio may improve, believe this is net -ve for medium-term earnings Earnings outlook is tough, particularly driven by challenges in the MFI segment.
This will likely keep RoE below COE & hence val at 0.6x bk
Investec On RBL Bank
Hold Call, Target Cut To `170/Sh
Co Has Terminated Its Co-branding Card Arrangement With Bajaj Fin, Its Largest Sourcing Partner
Move Was Likely Prompted By Need To Reduce Dependence On Bajaj Fin
Expect Headline Credit Growth To Moderate By 200 bps To 13-14% YoY In FY25
Growth May Revive In H2FY26 Onwards As Co Scales Up Arrangements With New Cobranding Partners
CITI on RBL BK
Buy, TP Rs 255
RBK & BAF decided to stop fresh issuance of co-branded credit card
Impact: BAF sourcing constituted 50-55%
Origination cost sharing will terminate but trail payout will continue.
Mgmt expects to grow credit card portfolio at 10-15% in near term
Emkay on Anant Raj
Initiate BUY, TP Rs 925
⁠Making it big in high-growth data center & cloud space
In Real Estate, comfortable launch pipeline to drive bookings/collections CAGR of 18%/39% during FY24-27E.
Deleveraged b/s & likely fund-raise to support Data Center growth
CITI ON GDP
Real GDP Growth Fell To A 7-quarter Low Of 5.4% YoY In Q2FY25 (Vs BBG Est Of 6.5%)
Investment Contributed 70 bps Of The 130 bps Growth Deceleration
There Was A Broad-Based Slowdown In Industrial Growth, While Services Remained Resilient
Part Of Industrial Slowdown Could Be Due To One-offs & An Unfavourable Base
Consumption Growth Slowdown Was In-line With Expectations - Rural Better Than Urban
Activity Data For Oct Remained Mixed
There Is Improvement In Rural Consumption & Continued Slowdown In Public Capex
Revise FY25 Real GDP Growth To 6.4% YoY (Vs 7% Earlier, RBI Est At 7.2% YoY)
While Elevated Inflation Makes A Dec Rate Cut Unlikely
RBI Could Explicitly Acknowledge Need To Support Growth, Cementing A Feb Rate Cut View
That Said, The RBI Could Consider CRR Cut In Dec To Ease Liquidity Pressures.
There Could Be Renewed Urgency On Public Capex, Even If It Remained Below The FY25 Target
UBS ON GDP
Growth In The September Quarter Was Much Below Consensus Expectation
Lowering FY25 Real GDP Growth To 6.3% YoY; Sequential Pick-up Likely In H2
Need Policy (Monetary & Fiscal) Support To Take Growth Towards 6.5% YoY
By Expenditure: Consumption And Capex Down; Net Export Contribution Up
By Production: Weak Industry Segment Growth Led The Slowdown.
MS On GDP
Expect Growth To Have Likely Bottomed Out And Thus Rebound In H2FY25
Mark-To-Market GDP Cut To 6.3% YoY For FY25
Slowdown Was Evident In Both Capex & Private Consumption
However, Consumption Growth At 6% Outpaced Capex Growth Of 5.4%
Net Exports Contributed Positively
Industry Remained Weak At 3.9% YoY With Manufacturing & Electricity Being A Drag
HSBC On GDP
GDP Grew At A Tepid 5.4% In Quarter Ending September, Well Below Expectation
Industry Came In Weaker Than Services, & Consumption Weaker Than Investment
Believe RBI Will Cut Rates Starting Feb, But Could Ease Liquidity Earlier, Starting December
JP Morgan On GDP
Nominal GDP Growth Slowed To 8%, Lowest Since December 2020
While Quantum Of Undershoot A Surprise, Trajectory Of Slowing Growth In Recently Is Not
Expect The First Cut In Feb, When The Has More Conviction Of Headline CPI Rolling Over
Yesterday’s Sharp GDP Downside Surprise Has Increased Odds Of A Cut At Next Wk’s Review
Base Case Remains That RBI Remains On A Dovish Hold Next Week
RBI Will Either Announce Or Signal Some Liquidity Easing In Anticipation Of Tightening Liquidity
Nomura On GDP
Slowing Consumption & Invst Growth Suggest Domestic Growth Engines Are Sputtering
Moderation Reflects A Mix Of Transient Factors, Which Should Reverse
Moderation Reflects Endemic Factors As Well Such As Ebbing Of Post-Pandemic Pent-Up Demand
Moderation Reflects Slowing Income Growth, RBI’s Macro-prudential Tightening & Weak Pvt Capex
Lower Our FY25 GDP Growth To 6.0% (From 6.7%) And FY26 To 5.9% (Vs 6.8%)
Expect 100 bps In Rate Cuts, Starting December
Goldman Sachs On GDP
Lower Our CY24 & FY25 Real GDP Growth Est By 30 Bps & 40 Bps To 6.4% YoY & 6.0% YoY Respectively
Maintain Our CY25 And FY26 Real GDP Growth Forecast At 6.3% YoY Each
India Daybook – Stocks in News
Dixon Tech: Company to launch mass production of Google Pixel (Smart Phones) for Compal's designated customer (Positive)
RVNL: Company has been awarded a ₹642.57 Cr contract by PSPCL (Positive)
Emami Realty: Company is poised to generate an impressive revenue of approx 850 cr from its latest project, Emami Aamod (Positive)
Coal India: Company subsidiary, Eastern Coalfields Ltd (ECL), will see a price increase for Rajmahal coal to Rs 700/tonne from Rs 450/tonne, effective 30/11/2024. (Positive)
DLF: Company subsidiary sold Kolkata Tech Park to RDB Primarc Techno Park LLP for Rs 637 crore. (Positive)
GP Petroleum: Company signed Rs 223 crore supply agreement with Hindustan Petroleum Corporation Ltd for 50,000 MT of Bitumen (Positive)
Best Agrolife: Company subsidiary, Sudarshan Farm Chemicals, received a 20-year patent for a process for manufacturing of Methyl 2 (Positive)
GRP Ltd: Company secured a €15 million loan from PROPARCO for a secured senior credit facility (Positive)
Suven Pharmaceuticals: Long-term bank facilities rating remains on 'Watch Positive', short-term reaffirmed at 'CRISIL A1+. (Positive)
Ahasolar Technologies: Company signed a 20-year Power Purchase Agreement with Saffron Enclave Pvt Ltd for a 100 KW solar power plant in Gurgaon. (Positive)
Lupin: Company received tentative USFDA approval for a generic diabetes drug (Sitagliptin & Metformin). (Positive)
Zydus Wellness: Company acquired 98.14% stake in Naturell (India) Private Limited (Positive)
Cochin Shipyard: Company signs a contract worth Rs 1,000 cr with the Ministry of Defence for Short Refit and Dry Docking of a Large Indian Naval Vessel (Positive)
UBL: UP state shifts excise duty on beer from alcohol companies to wholesalers (Positive)
ONGC: Company acquires 0.615% Stake in ACG and 0.737% stake in BTC, Azerbaijan (Positive)
Aster: Company and Blackstone-backed Quality Care to merge and Create One of the Top 3 Hospital Chains in India with 10,150+ beds (Positive)
Sterlite Tech: STL won an arbitration case against MTNL, receiving ₹15.90 Cr + interest. (Positive)
KPI Energy: Receipt of Letter of Award for Setting up of Grid Connected 300 MWAC Ground Mounted Solar PV Plant Of Coal India Ltd. (Positive)
Ashok Ley: Hinduja Tech Completes TECOSIM Group Acquisition, Further Extending Its Global Automotive Engineering Reach (Positive)
H.G. Infra engineering: Company has been selected as a qualified bidder by Gujarat Urja Vikas Nigam Ltd for a 250MW/500MWH battery energy storage project (Positive)
NCC: Company confident of reaching Rs 20,000-22,000 crore order inflows target, with 58% achieved so far. (Positive)
KEC International: Bags New Orders worth Rs 1,040 Cr in Its T&D Business in International Markets (Positive)
Biocon: US FDA approves Arm’s Biocon Biologics’ YESINTEK, a monoclonal antibody that is used to treat Crohn’s disease (Positive)
Greaves: Board approves Initial Public Offer (IPO) offer of arm Greaves Electric Mobility. (Positive)
Maruti Suzuki: Total Sales At 1.81 Lk Units Vs Poll Of 1.77 Lk Units (Positive)
TVS Motor: Total Sales At 4.01 Lk Units Vs Poll Of 3.87 Lk Units (Positive)
TVS Motor: Company acquires 39.11% stake in DriveX Mobility for Rs 97.79 Cr, increasing its holding to 87.38%. DriveX, a two-wheeler trading and Distribution Company. (Neutral)
Tata Motors: Total Sales at 74,753 Units Vs Poll Of 74,200 Units. Company opens facility in Pune to scrap 21,000 vehicles a year (Neutral)
Macrotech Developers: Company acquires 100% stake in Janus Logistics (Neutral)
Cipla: Block Deal: Promoters to sell 1.7% stake worth Rs 2,000 crore via block deal on Monday. (Neutral)
Phoenix Mills: Company subsidiaries, PCPL and ISML, received GST notices totaling Rs 19.96 Cr and Rs 7.76 Cr respectively. (Neutral)
CESC: Company acquires 100% of Bhojraj Renewables Energy. (Neutral)
TBO Tek Limited: Company incorporated a wholly-owned subsidiary, PT TBO Tek Indonesia, in Indonesia (Neutral)
IndiaMART Intermesh: Company invests Rs 14.28 Cr in Mobisy Technologies, a SaaS firm, increasing its stake to 31.33% (Neutral)
Shriram Finance: Company acquired 40,000 CCDs of Shriram Housing Finance Ltd. from Kotak Mahindra Investments Ltd. for Rs 423.95 Cr. (Neutral)
Coromandel: Company received a customs order demanding ₹7.31 Cr in IGST, ₹3.76 Cr redemption fine and penalty. (Neutral)
KIMS: Company Secretary and Compliance Officer, CS. Uma Shankar Mantha, resigned. Effective December 17, 2024 (Neutral)
Aster DM Healthcare: Company to acquire 1.9 cr shares of QCIL at Rs 445.8/share (Neutral)
Max Financial Services: Company unit max life insurance has not received any IRDAI directive on Bancassurance capping. (Neutral)
Adani Enterprises Ltd: Company acquired Aviserve Facilities Private Limited and Aviground Facilities Private Limited by WOS of the Company. (Neutral)
REC: Ms. Rashmita Jha's additional charge as Chief Vigilance Officer (Neutral)
Castrol India: Company completed its ₹487.5 Cr acquisition of a 7.09% stake in ki Mobility Solutions (Neutral)
Petronet LNG: Company's board reappointed Sanjeev Mitla and Sundeep Bhutoria as Independent Directors for 3 years. (Neutral)
Hero Motocorp: Total Sales at 4.60 Lk Units Vs Poll Of 4.78 Lk Units (Neutral)
Hero MotoCorp: Company announces the resignation of Rachna Kumar, Chief Human Resource Officer. (Neutral)
RBL Bank and Bajaj Finance: Mutually agree to stop issuance of new co-branded credit cards (Neutral)
BSE: NSE transferred Monthly expiry of Fin Nifty, Midcap select, Bank Nifty and Nifty Next 50 to Thursday, BSE also initially shifted all expiries on Tuesday (Neutral)
CreditAccess: Raises Euro 25 Million from the German Investment Corporation, DEG (Neutral)
Greaves: Neeraj Sharan elevated to Executive Director & CEO of Excel Controlinkage (Neutral)
Mayur Uniquoters: Credit rating reaffirmed by CARE Ratings. Long-term bank facilities rating remains CARE AA; Stable. (Neutral)
Mahindra & Mahindra: Company announces the incorporation of Steer Hybren Pvt Ltd., a wholly-owned subsidiary of its subsidiary, Mahindra Susten Pvt Ltd (Neutral)
Arfin India Ltd: company announced the resignation of CFO Tarunkumar Acharya, effective November 30, 2024 (Neutral)
MOIL: Cuts Price of Ore with Manganese Content of Mn-44% & Above By 3%. Price of Ore with Manganese Content Below 44% Increased By 1% (Neutral)
Aviation Stocks: ATF Price Increased In Delhi to Rs 91,856.84/kl from Rs 90,538.72/kl (Neutral)
Shalimar Paints: Acuite downgraded and withdrew ratings due to GECL loan servicing delays. (Negative)
Home First: True North, Orange Clove, Aether Fund to sell 14.7% stake via block deals as media sources. (Negative)
Hyundai: Total Sales At 61,252 Units Vs Poll Of 65,000 Units (YoY) (Negative)
Escorts Kubota: Total Sales Down 9.4% At 8,974 Units Vs Poll of 9700 Units. (Negative)
Nomura On Dixon Tech
Buy Call, Target At Rs18,654/Sh
Co Launches Mass Production Of Google Pixel Smartphones
China+1 Can Lead To Significant Long-term Potential From Google
Est Addition Of Rs1,500 Cr Revenue, 4% Of FY26 Smartphone Sales Depending On Ramp-up
Co Will Showcase Capabilities To Make Premium Phones & Will Be Key Longer-term Positive
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
HSBC on Titagarh Rail
Buy, TP cut to Rs 1425 from Rs 1980
With state elections behind, awarding of metro rolling stock has resumed; opportunity pipeline is strong
Though execution of existing metro & Vande Bharat orders are slower than earlier expected, leading to est. cut
Cut Revenue & EPS Estimate By 9-11% In FY26/27
Nuvama on Adani Ports
Buy, TP Rs 1960
Investor Day at its Vizhinjam port
Takeaways
i) Reiterated its guidance of 1bnt handling vol by 2030
ii) Logistics to be significant growth driver
iii) Significant tech advancement in ports & logistics
iv) Strong b/s discipline
MS On IndusInd Bank
Equal-Weight Call, Target Cut To Rs1,150/Sh From Rs1,400/Sh
Stock Price Has Fallen 30% Post Earnings Owing To MFI Asset Quality
Detail Risk Reward – While Not Bad, Risks Are Towards Downside
Continue To Apply 30% Bear Case Weight & Better Risk Reward At Large Private Banks
GS On HDFC Bank
Buy Call, Target At `2,156/Sh
Maintain Positive View
See EPS Growing At A 15% CAGR Over FY24-27 On Back Of Core PpOP Growth Of 18% CAGR
See Improvement In Margin, Cost-To-Assets Driven By Operating Leverage
Investors May Start To Focus On EPS Growth More Than PpOP Growth To Adjust For Credit-Cost Outcomes
Expect Credit Cost To Remain In A Predictable Range Of 40-45 bps Of Loan Book
Jefferies On Bajaj Fin
Buy Call, Target At `8,400/Sh
Co Withdrew Co-branded Credit Cards Where It Partnered With RBL Bank & DBS Bank
Withdrawal Of Co-branded Credit Card Reflects Concern On Asset Quality In Mass-Mkt Credit Card
Limited Impact As Loss On Origination Fee May Be Partly Made Up By Lower Costs
Within SME Loans, Flexi-Loan Book Also Shouldn't Face Regulatory Risks As It's Quite Compliant
MS on RBL BK
UW, TP Rs 180
Co-branded card partnership with Bajaj Fin discontinued
Bajaj Fin was a sizeable channel for RBL Bank in terms of credit card issuance, & this move could constrain RBL's potential credit card market share over medium term.
While RoA for credit card portfolio may improve, believe this is net -ve for medium-term earnings Earnings outlook is tough, particularly driven by challenges in the MFI segment.
This will likely keep RoE below COE & hence val at 0.6x bk
Investec On RBL Bank
Hold Call, Target Cut To `170/Sh
Co Has Terminated Its Co-branding Card Arrangement With Bajaj Fin, Its Largest Sourcing Partner
Move Was Likely Prompted By Need To Reduce Dependence On Bajaj Fin
Expect Headline Credit Growth To Moderate By 200 bps To 13-14% YoY In FY25
Growth May Revive In H2FY26 Onwards As Co Scales Up Arrangements With New Cobranding Partners
CITI on RBL BK
Buy, TP Rs 255
RBK & BAF decided to stop fresh issuance of co-branded credit card
Impact: BAF sourcing constituted 50-55%
Origination cost sharing will terminate but trail payout will continue.
Mgmt expects to grow credit card portfolio at 10-15% in near term
Emkay on Anant Raj
Initiate BUY, TP Rs 925
⁠Making it big in high-growth data center & cloud space
In Real Estate, comfortable launch pipeline to drive bookings/collections CAGR of 18%/39% during FY24-27E.
Deleveraged b/s & likely fund-raise to support Data Center growth
CITI ON GDP
Real GDP Growth Fell To A 7-quarter Low Of 5.4% YoY In Q2FY25 (Vs BBG Est Of 6.5%)
Investment Contributed 70 bps Of The 130 bps Growth Deceleration
There Was A Broad-Based Slowdown In Industrial Growth, While Services Remained Resilient
Part Of Industrial Slowdown Could Be Due To One-offs & An Unfavourable Base
Consumption Growth Slowdown Was In-line With Expectations - Rural Better Than Urban
Activity Data For Oct Remained Mixed
There Is Improvement In Rural Consumption & Continued Slowdown In Public Capex
Revise FY25 Real GDP Growth To 6.4% YoY (Vs 7% Earlier, RBI Est At 7.2% YoY)
While Elevated Inflation Makes A Dec Rate Cut Unlikely
RBI Could Explicitly Acknowledge Need To Support Growth, Cementing A Feb Rate Cut View
That Said, The RBI Could Consider CRR Cut In Dec To Ease Liquidity Pressures.
There Could Be Renewed Urgency On Public Capex, Even If It Remained Below The FY25 Target
UBS ON GDP
Growth In The September Quarter Was Much Below Consensus Expectation
Lowering FY25 Real GDP Growth To 6.3% YoY; Sequential Pick-up Likely In H2
Need Policy (Monetary & Fiscal) Support To Take Growth Towards 6.5% YoY
By Expenditure: Consumption And Capex Down; Net Export Contribution Up
By Production: Weak Industry Segment Growth Led The Slowdown.
MS On GDP
Expect Growth To Have Likely Bottomed Out And Thus Rebound In H2FY25
Mark-To-Market GDP Cut To 6.3% YoY For FY25
Slowdown Was Evident In Both Capex & Private Consumption
However, Consumption Growth At 6% Outpaced Capex Growth Of 5.4%
Net Exports Contributed Positively
Industry Remained Weak At 3.9% YoY With Manufacturing & Electricity Being A Drag
HSBC On GDP
GDP Grew At A Tepid 5.4% In Quarter Ending September, Well Below Expectation
Industry Came In Weaker Than Services, & Consumption Weaker Than Investment
Believe RBI Will Cut Rates Starting Feb, But Could Ease Liquidity Earlier, Starting December
JP Morgan On GDP
Nominal GDP Growth Slowed To 8%, Lowest Since December 2020
While Quantum Of Undershoot A Surprise, Trajectory Of Slowing Growth In Recently Is Not
Expect The First Cut In Feb, When The Has More Conviction Of Headline CPI Rolling Over
Yesterday’s Sharp GDP Downside Surprise Has Increased Odds Of A Cut At Next Wk’s Review
Base Case Remains That RBI Remains On A Dovish Hold Next Week
RBI Will Either Announce Or Signal Some Liquidity Easing In Anticipation Of Tightening Liquidity
Nomura On GDP
Slowing Consumption & Invst Growth Suggest Domestic Growth Engines Are Sputtering
Moderation Reflects A Mix Of Transient Factors, Which Should Reverse
Moderation Reflects Endemic Factors As Well Such As Ebbing Of Post-Pandemic Pent-Up Demand
Moderation Reflects Slowing Income Growth, RBI’s Macro-prudential Tightening & Weak Pvt Capex
Lower Our FY25 GDP Growth To 6.0% (From 6.7%) And FY26 To 5.9% (Vs 6.8%)
Expect 100 bps In Rate Cuts, Starting December
Goldman Sachs On GDP
Lower Our CY24 & FY25 Real GDP Growth Est By 30 Bps & 40 Bps To 6.4% YoY & 6.0% YoY Respectively
Maintain Our CY25 And FY26 Real GDP Growth Forecast At 6.3% YoY Each
ATF (#JetFuel) Price Increased In Delhi To Rs 91,856.84/kl From Rs 90,538.72/kl
UBS ON GDP
Growth In The September Quarter Was Much Below Consensus Expectation
Lowering FY25 Real GDP Growth To 6.3% YoY; Sequential Pick-up Likely In H2
Need Policy (Monetary & Fiscal) Support To Take Growth Towards 6.5% YoY
By Expenditure: Consumption And Capex Down; Net Export Contribution Up
By Production: Weak Industry Segment Growth Led The Slowdown
CITI ON GDP
Real GDP Growth Fell To A 7-quarter Low Of 5.4% YoY In Q2FY25 (Vs BBG Est Of 6.5%)
Investment Contributed 70 bps Of The 130 bps Growth Deceleration
There Was A Broad-Based Slowdown In Industrial Growth, While Services Remained Resilient
Part Of Industrial Slowdown Could Be Due To One-offs & An Unfavourable Base
Consumption Growth Slowdown Was In-line With Expectations - Rural Better Than Urban Activity Data For Oct Remained Mixed
There Is Improvement In Rural Consumption & Continued Slowdown In Public Capex
Revise FY25 Real GDP Growth To 6.4% YoY (Vs 7% Earlier, RBI Est At 7.2% YoY)
While Elevated Inflation Makes A Dec Rate Cut Unlikely
RBI Could Explicitly Acknowledge Need To Support Growth, Cementing A Feb Rate Cut View
That Said, The RBI Could Consider CRR Cut In Dec To Ease Liquidity Pressures
NOMURA ON GDP
Slowing Consumption & Invst Growth Suggest Domestic Growth Engines Are Sputtering
Moderation Reflects A Mix Of Transient Factors, Which Should Reverse
Moderation Reflects Endemic Factors As Well Such As Ebbing Of Post-Pandemic Pent-Up Demand
Moderation Reflects Slowing Income Growth, RBI's Macro- prudential Tightening & Weak Pvt Capex
Lower Our FY25 GDP Growth To 6.0% (From 6.7%) And FY26 Το 5.9% (Vs 6.8%)
Expect 100 bps In Rate Cuts, Starting December
GOLDMAN SACHS ON HUL
• Maintain Neutral with a Target Price of ₹2775
• Focus on a holistic plan to grow the portfolio, addressing affluent India
• Dialing up product superiority across the portfolio
• Core: Target growth in-line with categories; challenges in specific brands need resolution
• Future Core: Target growth at 1.25x category growth, 49009 leveraging premiumisation tailwinds
• Market Makers: Target growth at 1.5x category growth, driven by category inflection points
• Near-term volume growth likely muted; pricing to improve, margins expected to remain stable
UBS ON HUL
• Maintain Neutral; Cut Target Price to ₹2800 from ₹2950
• Management optimistic about medium-term growth prospects in India
• Each business segment assigned a distinct growth role
• Near-term demand expected to remain stable
• Aims for double-digit EPS growth in the medium term through revenue growth and moderate margin expansion
MORGAN STANLEY ON HUL
• Maintain Underweight with a Target Price of ₹2110
• Appreciate the shift in management style from assertive to aggressive; believe fulfilling the plan is a multi-year task
• Beauty & Wellbeing Strategy: Well-defined; requires strong execution in innovation, GTM, and consumer connection Setup
• Personal Care: Strong on science but needs brand rebuilding efforts
• Food & Nutrition: Growth to be driven by market share gains and profitability
• Home Care: Positioned well to continue delivering solid results
China November Caixin manufacturing PMI at 51.5 vs estimate of 50.6: Bloomberg
UltraTechCement and JKCement are Jefferies' top picks in cement space
Nomura on Dixon Tech
Buy, TP Rs 18654
Co launches mass production of Google Pixel smartphones
China+1 can lead to significant long-term potential for Dixon from Google
Est, it can potentially add Rs 15bn of reve, 4% of FY26 smartphone sales
Nuvama on Adani Ports
Buy, TP Rs 1960
Investor Day at its Vizhinjam port
Takeaways
i)Reiterated its guidance of 1bnt handling vol by 2030
ii)Logistics to be significant growth driver
iii)Significant tech advancement in ports & logistics
iv)Strong b/s discipline
Jefferies on Bajaj Fin
Buy, TP Rs 8400
Withdrawn from co-branded credit cards partnership with RBL Bank
This reflects reduced scope of work
May have limited impact as loss on origination fee may be partly made up by lower costs, trail/ use-based fees will continue
CITI on Bajaj Fin
Buy, TP Rs 8150
iii) Freedom to divert resources/capabilities to other businesses.
(iv) Make case relatively strong for credit card license reapplication
MS on IndusInd BK
EW, TP cut to Rs 1150 from Rs 1400
Stock price has fallen 30% post-earnings owing to MFI asset quality, where trends continue to weaken, driving more EPS cuts.
Detail risk reward – while not bad, risks are towards downside
Continue to apply 30% bear case weight
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
HSBC on Titagarh Rail
Buy, TP cut to Rs 1425 from Rs 1980
With state elections behind, awarding of metro rolling stock has resumed; opportunity pipeline is strong
Though execution of existing metro & Vande Bharat orders are slower than earlier expected, leading to est. cut
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
Sammaan Capital Supreme Court Update
Supreme Court is reviewing an Special Leave Petition [SLP] appealing a 2024 Delhi High Court dismissal of a PIL filed in 2019. The PIL alleged financial irregularities, which were debunked after audits by regulatory bodies.
Co. Says
Regulatory investigations found no evidence of wrongdoing.
Former promoter exited in 2023; allegations unrelated to current management.
Company’s financial health has improved significantly since 2019.
SLP presents no new allegations.
Sammaan Capital considers the SLP frivolous and remains focused on operational goals while cooperating with the judiciary.
Emkay on Anant Raj
Initiate BUY, TP Rs 925
⁠Making it big in high-growth data center & cloud space
In Real Estate, comfortable launch pipeline to drive bookings/collections CAGR of 18%/39% during FY24-27E.
Deleveraged b/s & likely fund-raise to support Data Center growth
MORGAN STANLEY ON GDP
QE Sep GDP Disappoints; Mark to Market FY25 Lower
Expect growth to have likely bottomed out and thus rebound in H2FY25
Mark to market GDP to 6.3% YoY for FY25 from 6.7% earlier
Expect RBI to keep rates steady in the policy review given trailing inflation above 6%
UBS ON PHARMA SECTOR
US price erosion has now reverted to mid-cycle range of 4-6% y/y
Oct-24 IQVIA trend - Strong trend for Specialty in Sun, Cipla reflects Lanreotide hit
Aurobindo injectable ramp-up still not visible
Zydus still the most expensive in the coverage at 39x FY26E core P/E
BERNSTEIN ON GDP
RBI will get more comfortable with policy actions, but this will impact Rupee, so the pace of cuts has to be modest
With elections done, Govt starts to push spending as it has the buffers
Yet to see signs of a stance change by Govt.
Equity markets and earnings estimates are pricing in more than a 7% GDP
Icing is that retail investors don't look at PE and don't spend time discussing GDP data
Flows will continue to chase themes, and 200x PE would be the new norm
Stay neutral on Nifty but believe that wider acceptance of the slowdown would be the first sign of bottoming
BOFA ON GDP
GDP slows to a 7-quarter low at 5.4%
Lower FY25 GDP growth to 6.5%, FY26 kept at 7%
Agriculture in the green, but weaker than estimates
Services and public capex flashes amber, while Industry has gone red
JEFFERIES ON GDP
Weak 5.4% GDP growth for Sep quarter is not surprising as corp results were already implying weakness
But continued weak Govt capex in Oct certainly surprises us
Combined impact of slow govt. spending and a sharp decline in bank credit growth is a key reason for the current slowdown
Believe both should reverse soon which DODI should aid growth
Much tighter fiscal for FY25 is on the cards which is driving yields lower
Possibility of a CRR cut goes up
BAJAJ AUTO NOV SALES: TOTAL SALES UP 5 % TO 4,21,640 UNITS YOY, EST 4.26 LKH
Ambuja Cements moves closer to NET ZERO
Partners with Coolbrook to leverage zero-carbon heating tech, cutting fossil fuel use in manufacturing
Ambuja Cements enters into strategic partnership with Finland-based Coolbrook to implement its proprietary RotoDynamic Heater™ (RDH™) technology.
By harnessing Renewable Electricity for zero carbon high-temperature process heating, Ambuja Cements will significantly reduce its fossil fuel dependence.
This technology further advances Ambuja Cements’ industry leadership in driving decarbonisation across its cement manufacturing process.
This will complement with Ambuja Cements target on improving AFR to 28% and achieving green power of 60% by 2028.
NECTAR LIFE: LARGE TRADE NSE
ISENGARD DIRECT PE LLC SOLD 14.6 LKH SHARES @ ₹ 33.10
TOURISM FINANCE: LARGE TRADE NSE
ADITYA KUMAR HALWASIYA BUYS 5 LKH SHARES ( 0.56 % STAKE ) @ ₹ 179.41/SHARE
EUREKA FORBES: Mr. Vikas Jayna, Chief Technology Officer (SMP) has resigned with effect from December 02, 2024 to pursue other opportunities outside the organization.
VERANDA LEARNINGS: Board Meet On 11 Dec To Consider Fund Raising Via Equity
https://t.me/BeatTheStreet10
Market opens little changed tracking both global and domestic cues. Sensex below 79,800 & Nifty around 24,150
MAHINDRA: TOTAL Sales Up 16 % TO 79083 UNITS YOY, EST 81000
MAHINDRA TRACTORS NOV SALES UP 4 % TO 33378 UNITS , EST 35200
MAHINDRA PV SALES UP 16 % TO 46222 UNITS YOY
MAHINDRA FARMS DOMESTIC BIZ UP 2 % TO 31,746 UNITS YOY
EXPORT BIZ UP 62 % TO 1632 UNITS YOY
Mahindra Farm Biz Management Says Kharif harvest wraps up as Rabi sowing begins. Diwali timing caused slight industry dip, but strong reservoir levels and higher MSP uplift farmer sentiment. Tractor demand expected to rise with good Rabi crop; exports grew 62% with 1,632 tractors sold.
DIXON HITS ALL TIME HIGH
MOTILAL OSWAL ON HUL
• Reiterate buy, target price at Rs 3,100
• Exciting product funnel; gearing up for growth
• HUL remains strategically aligned with India's evolving economic landscape
• Remains focused on volume-led growth, complemented by low single-digit price hikes to offset raw material pressures
• Continues to place building blocks for future growth and has been able to do so
ahead of its peers
• It continues to display the capabilities despite its larger size
• Near-term outlook is challenging
• Model sales/EBITDA/adj. PAT CAGR of 7%/8%/9% over FY24-27E
OlaElectric is down nearly 6% after its market share drops to 25%, while Bajaj and TVS gain ground in November
MGL In Focus – 5-7% volume risk
BEST plans 100% electric fleet of 8000 by 2027
BEST to have more than 50% electric buses by the end of next financial year
BEST to buy 2650 electric buses in FY26
MGL is currently serving the 2,500 CNG BEST buses
These potentially generate 0.15-0.2 mmscmd of volumes – 5-7% of the total volumes
Total CNG volumes stand at 2.9 mmscmd – BEST volumes will phase out slowly
LUPIN: Clarification On News Report Lupin shares gain 3% after USFDA approves type-2 diabetes drug
Co. Says We confirm that the Company has received tentative approval from U.S. FDA for Sitagliptin and Metformin Hydrochloride Tablets to market a generic equivalent of Janumet® Tablets, 50 mg/500 mg and 50 mg/1000 mg of Merck Sharp & Dohme LLC.
LIC IN FOCUS
Govt proposes to allow insurance agents to tie-up with more than one life, general & health insurer
Alert: LIC has the largest agency force in the insurance space. LIC received over 95% of its total biz from its agency network
ASHOK LEYLAND NOV SALES: TOTAL SALES UP 1 % TO 14137 UNITS YOY
SHEELA FOAM MNGMT SAYS Demand Is Good, Wedding Season Has Seen Good Traction So Far
FY25 Revenue Growth Would Be Close To 10%
H2 Should See 13-15% Growth
ESCORTS NOV SALES: TOTAL SALES DOWN 9.1 % TON 8974 UNITS YOY
DOMESTIC SALES DOWN 8.1 % TO 8730 UNITS
EXPORT SALES DOWN 40 % TO 244
ESCORTS Management Says Sales Down down due to the shift of major festive days to October this year.
However, during the festive months from September to November, EKL domestic tractor sales were up by 9% to 38,554 tractors as compared to 35,387 tractors in the same period last year.
Going forward we expect growth momentum to continue in the remaining fiscal year, driven by favorable macroeconomic conditions, higher Minimum Support Price (MSP), improved terms of trade, and higher water reservoir levels.
GLOBAL HEALTH: Dr. Sanjay Geed has been appointed as Senior Management Personnel and designated as ‘Medical Director, of Indore Hospital/Unit of the Company
He also worked as Chief Intensivist, Incharge of ICU/ICCU at Vishesh Hospital and Diagnostics, Indore and in various roles at Choithram Hospital and Research Centre, Indore, prior to joining Medanta Group.
ATF (#JetFuel) Price Increased In Delhi To Rs 91,856.84/kl From Rs 90,538.72/kl
UBS ON GDP
Growth In The September Quarter Was Much Below Consensus Expectation
Lowering FY25 Real GDP Growth To 6.3% YoY; Sequential Pick-up Likely In H2
Need Policy (Monetary & Fiscal) Support To Take Growth Towards 6.5% YoY
By Expenditure: Consumption And Capex Down; Net Export Contribution Up
By Production: Weak Industry Segment Growth Led The Slowdown
CITI ON GDP
Real GDP Growth Fell To A 7-quarter Low Of 5.4% YoY In Q2FY25 (Vs BBG Est Of 6.5%)
Investment Contributed 70 bps Of The 130 bps Growth Deceleration
There Was A Broad-Based Slowdown In Industrial Growth, While Services Remained Resilient
Part Of Industrial Slowdown Could Be Due To One-offs & An Unfavourable Base
Consumption Growth Slowdown Was In-line With Expectations - Rural Better Than Urban Activity Data For Oct Remained Mixed
There Is Improvement In Rural Consumption & Continued Slowdown In Public Capex
Revise FY25 Real GDP Growth To 6.4% YoY (Vs 7% Earlier, RBI Est At 7.2% YoY)
While Elevated Inflation Makes A Dec Rate Cut Unlikely
RBI Could Explicitly Acknowledge Need To Support Growth, Cementing A Feb Rate Cut View
That Said, The RBI Could Consider CRR Cut In Dec To Ease Liquidity Pressures
NOMURA ON GDP
Slowing Consumption & Invst Growth Suggest Domestic Growth Engines Are Sputtering
Moderation Reflects A Mix Of Transient Factors, Which Should Reverse
Moderation Reflects Endemic Factors As Well Such As Ebbing Of Post-Pandemic Pent-Up Demand
Moderation Reflects Slowing Income Growth, RBI's Macro- prudential Tightening & Weak Pvt Capex
Lower Our FY25 GDP Growth To 6.0% (From 6.7%) And FY26 Το 5.9% (Vs 6.8%)
Expect 100 bps In Rate Cuts, Starting December
GOLDMAN SACHS ON HUL
• Maintain Neutral with a Target Price of ₹2775
• Focus on a holistic plan to grow the portfolio, addressing affluent India
• Dialing up product superiority across the portfolio
• Core: Target growth in-line with categories; challenges in specific brands need resolution
• Future Core: Target growth at 1.25x category growth, 49009 leveraging premiumisation tailwinds
• Market Makers: Target growth at 1.5x category growth, driven by category inflection points
• Near-term volume growth likely muted; pricing to improve, margins expected to remain stable
UBS ON HUL
• Maintain Neutral; Cut Target Price to ₹2800 from ₹2950
• Management optimistic about medium-term growth prospects in India
• Each business segment assigned a distinct growth role
• Near-term demand expected to remain stable
• Aims for double-digit EPS growth in the medium term through revenue growth and moderate margin expansion
MORGAN STANLEY ON HUL
• Maintain Underweight with a Target Price of ₹2110
• Appreciate the shift in management style from assertive to aggressive; believe fulfilling the plan is a multi-year task
• Beauty & Wellbeing Strategy: Well-defined; requires strong execution in innovation, GTM, and consumer connection Setup
• Personal Care: Strong on science but needs brand rebuilding efforts
• Food & Nutrition: Growth to be driven by market share gains and profitability
• Home Care: Positioned well to continue delivering solid results
China November Caixin manufacturing PMI at 51.5 vs estimate of 50.6: Bloomberg
UltraTechCement and JKCement are Jefferies' top picks in cement space
Nomura on Dixon Tech
Buy, TP Rs 18654
Co launches mass production of Google Pixel smartphones
China+1 can lead to significant long-term potential for Dixon from Google
Est, it can potentially add Rs 15bn of reve, 4% of FY26 smartphone sales
Nuvama on Adani Ports
Buy, TP Rs 1960
Investor Day at its Vizhinjam port
Takeaways
i)Reiterated its guidance of 1bnt handling vol by 2030
ii)Logistics to be significant growth driver
iii)Significant tech advancement in ports & logistics
iv)Strong b/s discipline
Jefferies on Bajaj Fin
Buy, TP Rs 8400
Withdrawn from co-branded credit cards partnership with RBL Bank
This reflects reduced scope of work
May have limited impact as loss on origination fee may be partly made up by lower costs, trail/ use-based fees will continue
CITI on Bajaj Fin
Buy, TP Rs 8150
iii) Freedom to divert resources/capabilities to other businesses.
(iv) Make case relatively strong for credit card license reapplication
MS on IndusInd BK
EW, TP cut to Rs 1150 from Rs 1400
Stock price has fallen 30% post-earnings owing to MFI asset quality, where trends continue to weaken, driving more EPS cuts.
Detail risk reward – while not bad, risks are towards downside
Continue to apply 30% bear case weight
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
HSBC on Titagarh Rail
Buy, TP cut to Rs 1425 from Rs 1980
With state elections behind, awarding of metro rolling stock has resumed; opportunity pipeline is strong
Though execution of existing metro & Vande Bharat orders are slower than earlier expected, leading to est. cut
HSBC on Cable and Wire OEMs
Demand environment looking +ve for CY25
While capacity growth is set to outpace demand growth, still see margin improvement in CY25 led by wires biz
Polycab– Buy, TP Rs 7750
KEI Ind– Hold, TP Rs 4350
RR Kabel– Hold, TP Rs 1700
Sammaan Capital Supreme Court Update
Supreme Court is reviewing an Special Leave Petition [SLP] appealing a 2024 Delhi High Court dismissal of a PIL filed in 2019. The PIL alleged financial irregularities, which were debunked after audits by regulatory bodies.
Co. Says
Regulatory investigations found no evidence of wrongdoing.
Former promoter exited in 2023; allegations unrelated to current management.
Company’s financial health has improved significantly since 2019.
SLP presents no new allegations.
Sammaan Capital considers the SLP frivolous and remains focused on operational goals while cooperating with the judiciary.
Emkay on Anant Raj
Initiate BUY, TP Rs 925
⁠Making it big in high-growth data center & cloud space
In Real Estate, comfortable launch pipeline to drive bookings/collections CAGR of 18%/39% during FY24-27E.
Deleveraged b/s & likely fund-raise to support Data Center growth
MORGAN STANLEY ON GDP
QE Sep GDP Disappoints; Mark to Market FY25 Lower
Expect growth to have likely bottomed out and thus rebound in H2FY25
Mark to market GDP to 6.3% YoY for FY25 from 6.7% earlier
Expect RBI to keep rates steady in the policy review given trailing inflation above 6%
UBS ON PHARMA SECTOR
US price erosion has now reverted to mid-cycle range of 4-6% y/y
Oct-24 IQVIA trend - Strong trend for Specialty in Sun, Cipla reflects Lanreotide hit
Aurobindo injectable ramp-up still not visible
Zydus still the most expensive in the coverage at 39x FY26E core P/E
BERNSTEIN ON GDP
RBI will get more comfortable with policy actions, but this will impact Rupee, so the pace of cuts has to be modest
With elections done, Govt starts to push spending as it has the buffers
Yet to see signs of a stance change by Govt.
Equity markets and earnings estimates are pricing in more than a 7% GDP
Icing is that retail investors don't look at PE and don't spend time discussing GDP data
Flows will continue to chase themes, and 200x PE would be the new norm
Stay neutral on Nifty but believe that wider acceptance of the slowdown would be the first sign of bottoming
BOFA ON GDP
GDP slows to a 7-quarter low at 5.4%
Lower FY25 GDP growth to 6.5%, FY26 kept at 7%
Agriculture in the green, but weaker than estimates
Services and public capex flashes amber, while Industry has gone red
JEFFERIES ON GDP
Weak 5.4% GDP growth for Sep quarter is not surprising as corp results were already implying weakness
But continued weak Govt capex in Oct certainly surprises us
Combined impact of slow govt. spending and a sharp decline in bank credit growth is a key reason for the current slowdown
Believe both should reverse soon which DODI should aid growth
Much tighter fiscal for FY25 is on the cards which is driving yields lower
Possibility of a CRR cut goes up
BAJAJ AUTO NOV SALES: TOTAL SALES UP 5 % TO 4,21,640 UNITS YOY, EST 4.26 LKH
Ambuja Cements moves closer to NET ZERO
Partners with Coolbrook to leverage zero-carbon heating tech, cutting fossil fuel use in manufacturing
Ambuja Cements enters into strategic partnership with Finland-based Coolbrook to implement its proprietary RotoDynamic Heater™ (RDH™) technology.
By harnessing Renewable Electricity for zero carbon high-temperature process heating, Ambuja Cements will significantly reduce its fossil fuel dependence.
This technology further advances Ambuja Cements’ industry leadership in driving decarbonisation across its cement manufacturing process.
This will complement with Ambuja Cements target on improving AFR to 28% and achieving green power of 60% by 2028.
NECTAR LIFE: LARGE TRADE NSE
ISENGARD DIRECT PE LLC SOLD 14.6 LKH SHARES @ ₹ 33.10
TOURISM FINANCE: LARGE TRADE NSE
ADITYA KUMAR HALWASIYA BUYS 5 LKH SHARES ( 0.56 % STAKE ) @ ₹ 179.41/SHARE
EUREKA FORBES: Mr. Vikas Jayna, Chief Technology Officer (SMP) has resigned with effect from December 02, 2024 to pursue other opportunities outside the organization.
VERANDA LEARNINGS: Board Meet On 11 Dec To Consider Fund Raising Via Equity
https://t.me/BeatTheStreet10
Market opens little changed tracking both global and domestic cues. Sensex below 79,800 & Nifty around 24,150
MAHINDRA: TOTAL Sales Up 16 % TO 79083 UNITS YOY, EST 81000
MAHINDRA TRACTORS NOV SALES UP 4 % TO 33378 UNITS , EST 35200
MAHINDRA PV SALES UP 16 % TO 46222 UNITS YOY
MAHINDRA FARMS DOMESTIC BIZ UP 2 % TO 31,746 UNITS YOY
EXPORT BIZ UP 62 % TO 1632 UNITS YOY
Mahindra Farm Biz Management Says Kharif harvest wraps up as Rabi sowing begins. Diwali timing caused slight industry dip, but strong reservoir levels and higher MSP uplift farmer sentiment. Tractor demand expected to rise with good Rabi crop; exports grew 62% with 1,632 tractors sold.
DIXON HITS ALL TIME HIGH
MOTILAL OSWAL ON HUL
• Reiterate buy, target price at Rs 3,100
• Exciting product funnel; gearing up for growth
• HUL remains strategically aligned with India's evolving economic landscape
• Remains focused on volume-led growth, complemented by low single-digit price hikes to offset raw material pressures
• Continues to place building blocks for future growth and has been able to do so
ahead of its peers
• It continues to display the capabilities despite its larger size
• Near-term outlook is challenging
• Model sales/EBITDA/adj. PAT CAGR of 7%/8%/9% over FY24-27E
OlaElectric is down nearly 6% after its market share drops to 25%, while Bajaj and TVS gain ground in November
MGL In Focus – 5-7% volume risk
BEST plans 100% electric fleet of 8000 by 2027
BEST to have more than 50% electric buses by the end of next financial year
BEST to buy 2650 electric buses in FY26
MGL is currently serving the 2,500 CNG BEST buses
These potentially generate 0.15-0.2 mmscmd of volumes – 5-7% of the total volumes
Total CNG volumes stand at 2.9 mmscmd – BEST volumes will phase out slowly
LUPIN: Clarification On News Report Lupin shares gain 3% after USFDA approves type-2 diabetes drug
Co. Says We confirm that the Company has received tentative approval from U.S. FDA for Sitagliptin and Metformin Hydrochloride Tablets to market a generic equivalent of Janumet® Tablets, 50 mg/500 mg and 50 mg/1000 mg of Merck Sharp & Dohme LLC.
LIC IN FOCUS
Govt proposes to allow insurance agents to tie-up with more than one life, general & health insurer
Alert: LIC has the largest agency force in the insurance space. LIC received over 95% of its total biz from its agency network
ASHOK LEYLAND NOV SALES: TOTAL SALES UP 1 % TO 14137 UNITS YOY
SHEELA FOAM MNGMT SAYS Demand Is Good, Wedding Season Has Seen Good Traction So Far
FY25 Revenue Growth Would Be Close To 10%
H2 Should See 13-15% Growth
SOLEX ENERGY: WINS RS 18.87 CR ORDER
Co. has received the Work Order from Thenpandian Energy Innovations Private Limited for Solar PV Module Mono - Bifacial M10 of 13 MW
To be completed within 6 months as per the terms of the order
ESCORTS NOV SALES: TOTAL SALES DOWN 9.1 % TON 8974 UNITS YOY
DOMESTIC SALES DOWN 8.1 % TO 8730 UNITS
EXPORT SALES DOWN 40 % TO 244
ESCORTS Management Says Sales Down down due to the shift of major festive days to October this year.
However, during the festive months from September to November, EKL domestic tractor sales were up by 9% to 38,554 tractors as compared to 35,387 tractors in the same period last year.
Going forward we expect growth momentum to continue in the remaining fiscal year, driven by favorable macroeconomic conditions, higher Minimum Support Price (MSP), improved terms of trade, and higher water reservoir levels.
GLOBAL HEALTH: Dr. Sanjay Geed has been appointed as Senior Management Personnel and designated as ‘Medical Director, of Indore Hospital/Unit of the Company
He also worked as Chief Intensivist, Incharge of ICU/ICCU at Vishesh Hospital and Diagnostics, Indore and in various roles at Choithram Hospital and Research Centre, Indore, prior to joining Medanta Group.
UPL: Company has today completed the process of transfer of Specialty Chemical business as a going concern by way of slump sale to its Wholly-owned Subsidiary viz. Superform Chemistries Limited (Formerly known as UPL Speciality Chemicals Limited).
KAY CEE: WINS RS 12.87 CR ORDER
Company has been awarded a work order/contract by Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL).
The contract pertains to the Shifting / Undergrounding of 132kV Basni - NPH line passing through the campus of AIIMS, Jodhpur (on the request of AIIMS, Jodhpur) with 630 sq. mm, 132kV XLPE cable system on D/C monopole including detailed route survey, laying and installation of cable and monopole alongwith associated accessories/items and civil works.
TVS MOTORS NOV SALES ; TOTAL SALES UP 10 % TO 4.01 LKH UNITS YOY , EST 3.95 LKH
TOTAL 2 WHEELER SALES UP 12 % TO 3.92 LKH UNITS YOY
DOMESTIC 2 WHEELER SALES UP 6 % TO 3.05 LKH UNITS YOY
EXPORTS SALES UP 25 % TO 93.7 K
MOTORCYCLE SALES UP 4 % TO 1.80 LKH UNITS
SCOOTER SALES UP 22 % TO 1.65 LKH UNITS YOY
EV SALES UP 57 % TO 26,292 UNITS YOY
TWO WHEELER EXPORT SALES UP 34 % TO 65.1 LKH UNITS
3 WHEELER SALES DOWN 28 % TO 8777 UNITS YOY
JSW MG MOTOR NOV SALES UP 20 % TO 6019 UNITS YOY
TOYOTA KIRLOSKAR INDIA NOV SALES UP 44 % TO 25,586 UNITS YOY
HYUNDAI NOV SALES ; TOTAL SALES DOWN 6.9 % TO 61,252 UNITS YOY , EST 64000 UNITS
DOMESTIC SALES DOWN 2.4 % TO 48,246 YOY
EXPORT SALEA DOWN 20.5 % TO 13,005 YOY
Overall SUV contribution to domestic sales continues to stay strong at 68.8% in November
2024
Achieved highest ever monthly rural contribution of 22.1% in November 2024, augmenting HMIL’s reach in the hinterland of India
CNG contribution of 14.4% in November 2024 backed by innovative Hy-CNG Duo technology
Management Says “HMIL’s push towards fortifying SUV supremacy continued in November with SUVs contributing 68.8% of our total Domestic sales. We also bolstered HMIL’s presence in the hinterland of India, by achieving highest ever monthly rural contribution of 22.1% in November.
Our innovative Hy-CNG technology continues to strengthen HMIL’s CNG sales, with a 14.4% contribution in November 2024
MARUTI NOV SALES : TOTAL SALES UP 10 % TO 1.81 LKH UNITS ( YOY) , ESTIMATES 1.78 LKH
TOTAL DOMESTIC SALES UP 9 % TO 1.53 LKH UNITS YOY
TOTAL PASSENGER VEHICLES (PV) SALES UP 5 % TO 1.41 LKH
EXPORT SALES UP 25 % TO 28,633 UNITS
TATA MOTORS NOV SALES ; TOTAL SALES UP 1 % TO 74,753 UNITS YOY, EST 73000 UNITS
DOMESTIC SALES UP 1 % TO 73,246 UNITS YOY
TOTAL COMMERCIAL VEHICLE ( CV) SALES DOWN 1 % TO 27,636 UNITS YOY
DOMESTIC CV SALES DOWN 1 % TO 26,183 UNITS
TOTAL PASSENGER VEHICLES SALES UP 2 % TO 47,117 UNITS
EV SALES UP 9 % TO 5202 UNITS
EICHER MOTORS NOV SALES ; VECV SALES UP 7.3 % TO 5,574 UNITS YOY
DOMESTIC SALES UP 5.8 % TO 4957 UNITS YOY
EXPORT SALES UP 32.7 % TO 402 UNITS YOY
MCLEOD RUSSEL: Co. Says Yesterday, our IT infrastructure faced a ransomware attack. The management acted swiftly, and the technical team is restoring systems.
Operations remain unaffected, and updates will follow.
BIOCON: Subsidiary Biocon Biologics announced U.S. FDA approval of YESINTEK™, a biosimilar to Stelara® (Ustekinumab), for treating Crohn's disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis.
Commercialization in the U.S. begins by February 2025.
PARAPDEEP PHOSPHATES: Company has taken the planned shutdown of the Ammonia and Urea Plants at Goa, in order to replace the catalysts in the primary and secondary reformers, as well as in the LTS Converter
ZOMATO: Byondnxt raised new capital on Nov 30, 2024, reducing the Company's stake to 6% from ~8% ( at the time of Co.s investment in October 2024).).
GREAVES COTTON: Greaves Cotton's subsidiary Greaves Electric Mobility Limited ( GEML) approved an IPO, including fresh equity issuance and an offer for sale, pending shareholder approval.
COAL INDIA NOV BIZ
Coal production in November 2024 rose 7.2% to 90.62 MT from 84.52 MT last year.
November 2024 coal production from captive entities rose 37.69% to 17.13 MT.
FY 2024-25 cumulative production reached 628.03 MT, up 6.21%.
Coal dispatches grew 3.85% in November to 85.22 MT, with captive dispatches up 25.73%.
FY24-25 dispatches totaled 657.75 MT, a 5.45% increase.
EICHER MOTOR NOV SALES: TOTAL MOTORCYCLE SALES UP 2 % 82,257 UNITS YOY, EST 82000
MOTORCYCLE UPTO 350 CC SALES DOWN 4 % TO 71,261 UNITS YOY
MOTORCYCLE ABOVE 350 CC SALES UP 84 % TO 10,996 UNITS YOY
EXPORTS SALES UP 96 % TO 10,021 UNITS YOY
MOIL: Co. Revised Prices From 1 Dec
Ferro manganese ore (Mn ≥ 44%) Prices reduced by 3%.
Ferro manganese ore (Mn < 44%) Prices increased by 3%.
SMGR Mn-30% & Mn-25% (specific exclusions) Prices increased by 3%.
SMGR SMH, CHS578, CHL442, GML464, TDL499 Prices reduced by 5%.
Chemical grades Prices increased by 5%.
EMD price remains at ₹205,000/PMT for December 2024.
HERO MOTO NOV SALES
TOTAL SALES DOWN 7 % TO 4.59 LKH YOY , 4.75 LKH EST
TOTAL MOTORCYCLE SALES DOWN 4 % TO 4.25 LKH YOY
SCOOTER SALES DOWN 32 % TO 33,949 UNITS YOY
DOMESTIC SALES DOWN 8 % TO 4.39 LKH YOY
EXPORT SALES UP 36 % TO 20,027 UNITS YOY
HERO MOTOCORP: Company plans to expand its premium and scooter offerings in ICE and EV segments, expecting growth from favorable economic trends.
VIDA, its EV brand, sustained festive sales momentum and expanded market share, supported by network growth. Global sales rose 36% year-on-year.
Hero MotoCorp achieved record festive sales with 1.6 million units sold, up 13% from 2023.
VIDA sold 11,600 units, while Harley-Davidson X440 hit 2,800 sales.
At EICMA 2024, Hero unveiled the Xpulse 210, Xtreme 250R, Karizma XMR 250, and VIDA Z scooter.
It also launched the Hero For Startups (HFS) program to support innovative automotive startups.
VST TILLER NOV SALES
TOTAL SALES UP 7 % TO 2251 UNIT YOY
POWER TILLER SALES UP 6 % TO 1904 UNITS YOY
TRACTORS SALES UP 18 % TO 347 UNITS YOY
GODAVARI BIO: Godavari Biorefineries signs a license agreement with Catalyxx Inc. to convert ethanol into biobutanol and higher alcohols, with a $1.93M fee and royalties on sales.
RBL Bank: RBL Bank & Bajaj Finance decided to stop issuance of new co-branded credit cards (Agencies)
Solar imports from Southeast Asia are being unfairly sold in the U.S. below their production costs, according to Commerce Department findings.
Top Headlines for the day
GDP growth slumps to 7-quarter low of 5.4%
Nifty declines for second month in a row
Aster DM & Quality Care India announce merger
Cyclone Fengal landfall: TN on red alert
Suspense over Maharashtra CM continues
Eknath Shinde will take 'big decision' in next 24 hours, says Shiv Sena leader
NSE CHANGES MONTHLY EXPIRY DAY TO THURSDAY FROM 1 JAN
BANKNIFTY
NIFTYNXT50
FINNIFTY
MIDCPNIFTY
EARLIER EXPIRY DAY ( MONTHLY)
BANKNIFTY - LAST WEDNESDAY
NIFTYNXT50 - LAST FRIDAY
FINNIFTY - LAST TUEDAY
MIDCPNIFTY - LAST MONDAY
TBO TEK: Tek Travels DMCC, a wholly owned subsidiary of the Company, has incorporated a new wholly owned subsidiary in Indonesia, by the name of PT TBO Tek Indonesia.
The setting up of the Entity is a part of the Company’s expansion plans which will help in expanding its footprints in Indonesia.
FDI Inflows into India Rise 43.1% to $13.6 Billion in Q2 FY24
Coffee prices at 47-year high on Brazil crop concerns
HG INFRA: Co. has been declared as a qualified bidder by the Gujarat Urja Vikas Nigam Ltd for 250 MW/500 MWH out of the project for setting up of 500 MW/1000 MWh Standalone Battery Energy Storage Systems in Gujarat under Tariff-Based Global Competitive Bidding (Phase-IV) with Viability Gap Funding Support
Time Period; 18 Months
ZYDUS WELNESS: Update On Acquisition
Company has acquired 98.14%
equity share capital from the Sellers of the Naturell (India) Private Limited
Co. Says We are in the process of completing the necessary formalities to acquire balance 1.86% equity share capital of the Target, which is expected to be completed shortly
EMAMI REALTY: Emami Realty Unveils Emami Aamod
Ultra Luxe Bespoke Residences offering top class city amenities along with the serenity of a natural waterbody
Emami Realty, part of the Emami Group, has launched Emami Aamod, a luxury residential project in New Alipore, Kolkata. Expected to generate ₹850 crore in revenue, the project aims to redefine urban living with opulence and sustainability.
M&M ; Steer Hybren Pvt Ltd, a subsidiary of Mahindra Susten Pvt Ltd, was incorporated in Mumbai on November 29, 2024.
Steer Hybren has been incorporated for production and sale of Power and Generating Electricity, Independent Power Producer (IPP), Distributed Energy including rooftop solar installation for commercial, industrial, institutional and residential segment, through various renewable energy sources and energy storage systems etc.
JAI BALAJI; Search operation was being conducted by the Income Tax Department at the Company's Registered Office and certain other premises since 26th November, 2024.
The Company fully co-operated with the officials during the proceedings and responded to the details sought by them.
BAAZAR STYLE ; Company has opened a new store of Style Baazar at Nautanwa, Maharajganj, Uttar Pradesh today.
With this addition, the total number of stores as on date stands at 200
INNOVANA THINKLAB ; Co. has received the In-principle approval for Listing of Equity shares from NSE Emerge to BSE Mainboard
ASK AUTOMOTIVE; Co. will be participating in “Rising Rajasthan – Global Business Expo 2024” being organized by Government of Rajasthan from December 9, 2024 to December 11, 2024 at JECC, Jaipur, Rajasthan.
The Company will be showcasing its future ready mobility solutions and products in the safety products segments of Advanced Braking Systems, Aluminium Lightweighting Precision Solutions and Safety Control Cables.
ZydusWellness is also in the process to buy remaining 1.86% stake of NaturellIndia.
DhanukaAgritech's Harsh Dhanuka says the company is set to achieve revenue estimates for its three major products.
SriLanka's consumer prices fell by 2.1% in November, the highest deflation rate recorded by the economically fragile island nation since 1961, official data showed Saturday (November 30)
BN RATHI ; BOARD MEET ON 4 DEC TO CONSIDER BONUS , STOCK SPLIT
CESC: Purvah Green Power Pvt Ltd, a CESC subsidiary, acquired 100% of Bhojraj Renewables Energy Pvt Ltd For Rs 4.66 Cr, making it a step-down subsidiary effective today.
CANTABIL RETAIL: Company has opened 7 New Showrooms/ Shops at different location in India during the month of November 2024.
Now total number of Showrooms/ Shops of the Company stands at 574.
COCHIN SHIPYARD; WINS RS 1000 CR ORDER
Cochin Shipyard Limited (CSL) on November 30, 2024 has signed a contract with the Ministry of Defence (MoD), Government of India, for Short Refit and Dry Docking of a Large Indian Naval Vessel.
The estimated contract value is above Rs.1,000 crore and the estimated duration for the project is around 5 months
ICICI SEC: A shareholder of ICICI Bank (holding 200 shares) has appealed to NCLAT against NCLT Ahmedabad’s orders approving the Scheme of Arrangement between ICICI Bank and ICICI Securities and dismissing objections.
PROTEAN EGOV: The Board approved applying for listing the company's equity shares on NSE's main board. The application has been submitted.
VISHNU CHEMICALS: Update On Acquisition of Jayansree Pharma Private Limited ( JPPL)
Company has completed the acquisition of JPPL at an Enterprise Value of ₹ 52 cr
ORIENTAL RAIL: CARE Ratings has upgraded the bank facility ratings of Oriental Foundry Pvt. Ltd., a subsidiary of Oriental Rail Infrastructure Ltd.
Dixon Technologies to Manufacture Google Pixel Phones
Dixon Technologies' subsidiary, Padget Electronics, will start mass production of Google Pixel phones for Google, in collaboration with Compal.
This is a big deal for Dixon, signifying their growth and commitment to high-quality products.
The production will happen at Padget Electronics' Noida facility.
This collaboration marks a significant step for Dixon in India’s electronics manufacturing landscape, reflecting its commitment to delivering cutting-edge products to both domestic and global markets.
Dixon's Vice Chairman & MD, Atul B. Lall, emphasized the company's readiness to leverage its advanced facilities and manufacturing expertise for this opportunity
KAYNES: Kaynes Tech plans semiconductor subsidiary IPO in 5 years - FORBES
MAHARASHTRA CM SWEARING-IN ON DECEMBER 5
DEVENDRA FADNAVIS LIKELY TO TAKE OATH
DCM Ajit Pawar says, "During the meeting (Delhi meeting of Mahayuti leader) it was decided that Mahayuti will form the government with CM from BJP and the remaining two parties will have DCMs... This is not the first time there has been a delay... If you remember, in 1999, one month was taken for government formation."
KPI ENERGY: The company won Coal India Limited's tender to set up a 300 MWAC solar PV plant at GIPCL’s Solar Park, Khavda, Gujarat.
The LOA was issued on November 30, 2024, including 5 years of O&M.
VODA IDEA: The Department of Telecommunications eased bank guarantee rules for pre-2022 spectrum auctions, aiding telecom firms like Vodafone Idea by reducing advance payment requirements and boosting credit prospects. - ET
NCLAT Approves Sale Of IL&FS Paradip Refinery Water To Successful Bidder - PTI
According to reports, this may enable IL&FS to repay a debt of around Rs 1,000 crore
ARTSON LTD: Update on the Sale of Undertaking of the Company (Nagpur Division)
Agreement to Sell Business is executed between the Company and Tata Projects Limited.
The documentation is completed today and Tata Projects Limited will take over the Undertaking w.e.f. tomorrow i.e., 1st December 2024.
GautamAdani on US allegations: "Every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group."
INFO EDGE: An FIR was filed by Bandra Police on November 29, 2024, based on Subsidiary Allcheckdeals India Private Limited (“AIPL”) complaint against Rahul Yadav, Devesh Singh, Pratik Choudhary, Sanjay Saini, and others, alleging fraud involving 4B Networks' funds.

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