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November 27, 2024

BEAT THE STREET BULLETIN
Date: 26-Nov-24
https://t.me/BeatTheStreet10
EXPANSIONS & NEW OFFICES
EaseMyTrip: Opens a new office in Mumbai to strengthen corporate travel, B2B, and MICE services.
SEALMATICS: Inaugurates a 25,000 sq ft manufacturing facility at Kaman-Vasai, increasing production capacity by 65%.
REGULATORY UPDATES & CLARIFICATIONS
ADANI GREEN ENERGY: Clarifies no new financial commitment under discussion with TotalEnergies.
VODA IDEA: States no communication from DoT regarding bank guarantee waiver reports.
MTNL: No confirmation on reported government decision on bank guarantees.
TECHNOLOGY & SOLUTIONS
RATEGAIN: Partners with Kamat Hotels to enhance direct bookings and optimize customer acquisition across 18 luxury properties.
HCL TECH: Launches DataTrustShield in collaboration with Intel, focusing on secure data sharing, scalability, and compliance using Intel®️ TDX and Trust Authority.
PATENTS & INNOVATIONS
KWALITY PHARMA: Receives biological product approval for PEGylated-Asparaginase for leukemia treatment, exploring CDMO partnerships for expanded access.
ORDERS & CONTRACTS
BHARAT GLOBAL: Secures a ₹156 Cr order from UPL Agro Pvt. Ltd.
KRYSTAL INTEGRATED SERVICES: Wins ₹106.3 Cr contract from BMC.
FROG CELLSAT: Bags ₹110 Cr order for DAS solutions at Guwahati Airport.
RVNL: Wins ₹625 Cr order for infrastructure works in Maharashtra.
WAAREE ENERGIES: Secures a 600 MWp module supply order for renewable power projects.
JOINT VENTURES & PARTNERSHIPS
L&T FINANCE: Partners with Amazon Finance to develop innovative credit solutions.
NTPC: Incorporates “MNGEPL,” a 50:50 JV with MAHAGENCO for renewable energy park development.
ASHOK LEYLAND: SWITCH Mobility collaborates with Vertelo to deploy 1,000 electric commercial vehicles.
NEW PRODUCT LAUNCHES
SAJ HOTELS: Enters the QSR segment with ‘Daily Dosa,’ opening its first outlet in Andheri West, Mumbai.
OLA ELECTRIC: Launches four affordable e-scooters priced between ₹39,999-₹64,999 and introduces a PowerPod home inverter.
CREDIT RATING UPGRADES
RENAISSANCE GLOBAL: CRISIL upgrades long-term credit rating to ‘A-’ with a stable outlook.
GE VERNOVA: ICRA upgrades long-term credit rating to [ICRA]A+; outlook revised to Positive.
FUND-RAISING INITIATIVES
FIBRRWEB: Board meet on Dec 3 to discuss expansion of Spunlace Fabrics project and raise ₹200 Cr.
AAREY DRUGS, LANCER CONTAINER, ASIAN TEA, INDONG TEA: Board meetings on 09 December for raising of fund.
CORPORATE MOVES
LIC: Increases shareholding in Patanjali Foods to 5.02%.
EXIDE INDUSTRIES: Invests ₹99 Cr in its subsidiary, bringing total investment to ₹3,052 Cr.
ACQUISITIONS
LUMAX AUTO: Acquires 60% of Greenfuel Energy Solutions for ₹153.09 Cr.
ANNAPURNA: To acquire 100% equity in Madhur Confectioners Pvt. Ltd.
INFRASTRUCTURE DEVELOPMENTS
INTERARCH BUILDING PROJECTS: Expands capacity with Andhra Pradesh Phase 2 and Kichha upgrades, targeting 200,000 MT annual capacity by April 2025.
AB INFRABUILD: Wins ₹70 Cr order for rail infrastructure in Mumbai from Western Railways.
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BEAT THE STREET
JPMorgan on Hyundai
Initiate Overweight with TP of Rs 2200
A pure play on India’s passenger vehicle growth and premiumization journey
Expect PV industry recovery to resume in H2FY26
High SUV mix drives higher per unit profitability vs. Peers
Triggers would be maintenance of margins/ROCE and market share gains
MS on Hyundai
Initiate Overweight with TP of Rs 2418
With a FY27 P/E of 19x against an India OEM (ex Tata) average of 22x, valuation is attractive
GS on M&M
Buy, TP Rs 3600
Announced launch of its first dedicated EV platform cars on INGLO platform, BE 6e & XEV 9e
Believe these 2 model launches will help bolster M&M’s ability to address segments
M&M expects to file PLI scheme applications on these vehicles in coming mths
Brokerages on M&M EV Launch
Macquarie: Strong BEV model launch at attractive pricing
Nomura: M&M has addressed the shortcomings of an EV in India; believe M&M products are better than global competition in many respects
Jefferies: found the vehicles well-designed, feature-rich, attractively priced, and likely to provide a compelling proposition to customers
MS on Coal India
Initiate OW, TP Rs 525
Key beneficiary of power demand upcycle
A strong power demand outlook should support volumes and earnings growth over next few years.
Healthy operating cashflows mean limited risks to medium-term dividends/capex
Val attractive at 2.1x F26 P/B & 6.8x F26 P/E
MS on Prestige Estate
Downgrade to UW from OW, TP cut to Rs 1510
Prestige delivered 63% pre-sales growth in FY24.
However, we reduce our FY25 pre-sales growth estimate to +9% YoY (earlier +28%) since it achieved only 29% of its FY25 target in 1HF25
JPM on Persistent
OW, TP Rs 6900
Most expensive tech stock globally at 58x 1 yr fwd P/E; believe val to sustain or even re-rate further
Come up with bull-case scenario that bakes in >20% rev growth in FY26/27 & a higher P/E multiple of 50x that drives a fair value of Rs7100
Bernstein on IT Services
Prefer select large caps (Infosys, TCS) with high US exposure (50-60%) & BFSI mix (30% mix) that have stronger customer relationships & margin resilience
Within SMIDs (Persistent, 80% US revenue mix), best positioned to grow high teens in medium term
Macquarie on Telecom
Continue to see an industry tariff put that in-turn drives constructive earnings, cash flow, & returns trajectory
Order of Preference
Bharti Airtel (OP) > Hexacom (OP) > Reliance (N) > Indus Towers (upgrade to Neutral) > Vodafone Idea (upgrade to Neutral)
GS on Aurobindo Pharma
Buy. TP Rs 1525
APAC healthcare Corp day Key Takeaways
Remains upbeat about
1)US biz- core rev that grew 7% qoq with margins improving 200bps qoq
2) Europe- increased material supply aiding growth & margins
c) Biosimilar - 3 product launches next year
UBS on Siemens
Neutral, TP Rs 8000
Reported 11%/34%/45% yoy growth in top-line/EBITDA/PAT
Topline missed est. by 6% but delivered beat of 1%/18% on EBITDA & PAT
Sharp beat on bottom line was led by other income, up 95% YoY.
New orders at Rs 61.6 bn reflect 37% YoY growth
MS on LTMindtree
OW, TP Rs 7050
Analyst Day Takeaways
Key highlights
a) discretionary spending still elusive,
b) sales engine showing decent momentum
c) strategic change in delivery model to embrace Gen AI;
d) margin aspirations of 17-18% at US$10bn revenue scale
JPM on LTMindtree
OW, TP Rs 6900
Analyst days takeaways
1) Discretionary spends are still missing in action
2) Growth needs to accelerate to expand margins to 17-18%,
3) $10bn rev target
4) AI strategy is to embed
5) Large deal pipeline strong
6) Launched Project North Star
Fund Houses Recommendations
Bernstein on Zomato: Maintain Outperform on Company, target price at Rs 335/Sh (Positive)
Antique on Siemens: Maintain Buy on Company, target price at Rs 8856/Sh (Positive)
Nuvama on Siemens: Maintain Buy on Company, target price at Rs 8350/Sh (Positive)
Emkay on Gulfoil: Maintain Buy on Company, target price at Rs 1800/Sh (Positive)
MS on Coal India: Initiate Overweight on Company, target price at Rs 525/Sh (Positive)
JPMorgan on Hyundai: Initiate Overweight on Company, target price at Rs 2200/Sh (Positive)
MS on Hyundai: Initiate Overweight on Company, target price at Rs 2418/Sh (Positive)
Nuvama on M&M: Maintain Buy on Company, target price at Rs 3700/Sh (Positive)
Emkay on M&M: Maintain Buy on Company, target price at Rs 2700/Sh (Neutral)
MS on Prestige: Downgrade to Underweight on Company, cut target price at Rs 1510/Sh (Negative)
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
Nifty Witnesses Consolidation Post a Swift Rebound
1. Global Market:
On Tuesday, all three major U.S. indices closed in positive territory as traders overlooked President-elect Donald Trump's latest threats to hike tariffs on Mexico, Canada, and China. The #Dow & #S&P 500 hit new all-time highs, gaining 0.28% and 0.57%, respectively, while the #Nasdaq also advanced by 0.57%.
The S&P 500 is likely to continue its northward journey and test the level of 6100 in the short term. While, on the downside, the support is shifted higher in the zone of 5980-5950 level.
For the second consecutive trading session, #BrentOil has ended on a negative note. Going ahead, the zone of $70.40-70 will act as immediate support for Brent Oil. While, on the upside, the zone of 73.80-74 will act as a crucial hurdle.
On Tuesday, the U.S. Dollar Index (#DXY) failed to hold above Monday’s high, experiencing a minor correction. However, the index's overall trend remains bullish as it trades above its short and long-term moving averages. Going ahead, any sustainable move above the level of 107.50 will lead to resume its northward journey.
2. Nifty View:
For the second consecutive trading session, the benchmark index Nifty traded within a narrow range of 217 points, closing flat. This reflects a sense of indecisiveness at current levels, suggesting the need for a decisive breakout to determine the next directional move.
Going ahead, the 100-day EMA zone of 24320-24350 will act as an immediate hurdle for the index. Any sustainable move above the level of 24350 will lead to an extension of the pullback rally upto the level of 24550 in the short term.
While, on the downside, the zone of 24130-24100 will act as immediate support for the index. If the index slips below the level of 24100, then the next support is placed at 23980 level.
On the #derivative front, November #futures dipped by 0.23 percent, and the cumulative #OpenInterest of current, next, and far series has also dipped by 1.64 percent, which indicates an overall long unwinding.
Among the constituents of the #Nifty index, only 4 stocks have witnessed a long build-up, and 17 stocks have witnessed a short covering rally. While 10 stocks have witnessed a short build-up and 19 stocks have witnessed a long unwinding.
The 24200 strike has significant call open interest, followed by the 24300 strike. On the put side, 24100 has a substantial open interest, followed by a 24000 strike.
For the November monthly series, OI PCR is at 0.95.
3. Bank Nifty View :
The banking benchmark index, Bank Nifty, opened with an upside gap on Tuesday. However, it failed to hold above the previous swing highs and subsequently faced profit booking of over 350 points, closing flat at the 52191 level.
Going ahead, the zone of 52450-52500 will act as an immediate hurdle for the index as prior swing highs are placed in that region. Any sustainable move above the level of 52500 will lead to a sharp upside rally in the index upto the level of 52900, followed by 53400 in the short term.
While, on the downside, the zone of 51800-51700 will act as immediate support for the index. If the index slips below the level of 51700, then the next support is placed at the 51300 level.
On the #derivative front, November #futures ended higher by 0.09 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 2.94 percent.
The 52500 strike has significant call open interest, followed by the 53000 strike. On the put side, 52000 has a substantial open interest, followed by a 51500 strike.
For the November monthly series, OI PCR is at 1.22.
4. Key Market Indicators:
The volatility index, India VIX, ended on a flat note. Going ahead, the zone of 16.80-17 will act as an immediate hurdle for the index. While, on the downside, the zone of 14-13.80 will act as immediate support for the index.
The #Advance/Decline ratio was tilted in favor of advancers.
5. Key Sectors:
Technically, Nifty IT, PSU Bank, Realty, and Financial Services are likely to outperform in the short-term.
6. FII/DII Data:
#FIIs bought to the tune of 1157.7 cr while #DIIs sold to the tune of 1910.86 cr.
FIIs' #Long-short ratio for index futures is at 34.89 as on a net basis, they sold 14377 index futures.
On the stock #futures front, FIIs have sold to the tune of 2351 contracts, while on the #Options Front, FIIs sold 33268 call contracts and bought 55579 Put Option contracts.
Global-Market Insights
-Ahead of PCE inflation data the US markets continued rally
-S&P500 and Dow both closed at an all-time high
-Utilities and Discretionary sectors continued buying
-Automaker Ford & GM fell after Trump threatens 25% tariff on Mexico and Canada, 10% on China
-Fed November meeting minutes show broad support for gradually rate cut but some saw pause or faster cuts as an option
Global-Market Insights
-Dow +124, S&P500 +34, Nasdaq +121
-US 10Y bond yield at 4.30%
-Dollar Index 106.83
-Gold at $2628
-Brent oil $72.81
Global-Market Insights
-The PCE price index is expect a y-o-y increase of 2.8% for the core reading
-Market is also waiting for personal income and consumer spending for October today
-Morgan Stanley CEO expressed optimism about the market, saying that the US economy will continue to outperform next year
ANTIQUE ON SIEMENS
(CMP: 7,242.5)
MAINTAIN BUY
TARGET: 8,856
Healthy Q4 Led By Healthy Execution Across Mobility & Energy Segments
Revenue Was In-line With EBITDA Rising 34% YoY & Earnings Growth Of 36% YoY
Orderbook (Ex-Loco) Was A Robust, Providing Strong Rev Visibility For Near- to-medium Term
MS on Coal India
Initiate Overweight with TP of Rs 525
Key beneficiary of power demand upcycle
Strong power demand outlook bodes well for coal
Volumes should be key earnings driver over the medium term
MS ON PRESTIGE ESTATE
(CMP: 1,706.2)
DOWNGRADE UNDERWEIGHT
TARGET: 1,510
Reduce FY25 Pre-sales Growth Estimate Το 9% YoY From 28%
Reduce FY25 Pre-sales Growth Estimate As Co Achieved Only 29% Of Its FY25 Target In H1FY25
Relative Underweight Rating Is A Function Of High Capex On IP Business
Relative Underweight Rating Is A Function Of Weaker Pre-sales Momentum Vs Peers
JEFFERIES INDIA STRATEGY
• Interacted with institutional investors, Kaustubh Dasve, Jt Secy & OSD to Maharashtra Dy CM Devendra Fadnavis
• Highlighted the vision to double the state GDP to $1 trillion during this decade
• It's an ambitious target for this economically largest state in India (13% of GDP)
• Believe that with a strong mandate in the recent polls & a developmental agenda, the estate should be able to attract investments for achieving its objectives
• To achieve the same, the state GDP needs to grow at ~14% CAGR from the current $500 bn
• Higher growth will take per-capita GDP in the state to hit $6,500/capita from current $3,300; driving significant societal benefits
• Raising manufacturing share, with power reforms a driver
• GCCs, financial base to help maintain edge in services
• "Speed of travel" to be the focus for Mumbai
• Balancing income transfer scheme with fiscal
UBS on Siemens
Neutral, TP Rs 8000
Reported 11%/34%/45% yoy growth in top-line/EBITDA/PAT
Topline missed est. by 6% but delivered beat of 1%/18% on EBITDA & PAT
Sharp beat on bottom line was led by other income, up 95% YoY.
New orders at Rs 61.6 bn reflect 37% YoY growth
MORGAN STANLEY ON PRESTIGE ESTATES
• Downgrade to Underweight from Overweight; cut target price to Rs 1510 from Rs 1770
• Slower pre-sales growth, lower conviction
• Reduce FY25 pre-sales growth estimate to +9% YoY vs earlier +28%
• This is because it achieved only 29% of its FY25 target in H1FY25
• Relative Underweight rating is a function of high capex on IP business and weaker presales momentum vs. peers
JPM on LTMindtree
OW, TP Rs 6900
Analyst days takeaways
1) Discretionary spends are still missing in action
2) Growth needs to accelerate to expand margins to 17-18%,
3) $10bn rev target
4) AI strategy is to embed
5) Large deal pipeline strong
6) Launched Project North Star
MS on LTMindtree
OW, TP Rs 7050
Analyst Day Takeaways
Key highlights
a) discretionary spending still elusive,
b) sales engine showing decent momentum
c) strategic change in delivery model to embrace Gen AI;
d) margin aspirations of 17-18% at US$10bn revenue scale
Bernstein on IT Services
Prefer select large caps (Infosys, TCS with high US exposure (50-60%) & BFSI mix (30% mix) that have stronger customer relationships & margin resilience
Within SMIDs (Persistent, 80% US revenue mix), best positioned to grow high teens in medium term
MORGAN STANLEY ON OMCS
• India's fuel prices are benchmarked to $75/bbl Brent
• Integrated margins for OMCs have increased with stable fuel prices
• Rising crude discounts and improving domestic demand should continue to support margins
• This would reduce the narrative of fuel price cuts
• Prefer HPCL/BPCL
LE MERITE EXPORTS: LARGE TRADE NSE
UMASHANKAR LATH SOLD 1.21LKH SHARES @ ₹ 226.07
MCON RASAYAN: LARGE TRADE NSE
VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES SOLD 38K SHARES @ ₹ 157.13
Adani Group says no bribery charges against Gautam Adani, Sagar Adani & Vneet Jaain in DoJ indictment
Adani directors not charged under US foreign corrupt practices act charges
Only Azure and CDPQ officials charged with bribery in the US DoJ indictment

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