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September 11, 2024

India Daybook – Stocks in News
Astra microwave: Company signed a MOU with premier explosives for a strategic alliance to develop and sell multiple products jointly. (Positive)
Ramco Systems: Company announces the launch of aviation software 6.0 for smarter aircraft management (Positive)
Jubilant Pharmova: USFDA determines inspection classification of ‘voluntary action indicated’ for the contract manufacturing facility at Spokane, Washington (USA) (Positive)
Hindustan Zinc/Skipper: Company and skipper limited partner for India’s heaviest transmission steel pole structure, weighing around 200 metric tons (Positive)
Reliance Industries: Reliance Retail Ventures & Delta Galil in pact for JV in India. (Positive)
IZMO: Company launches IZMO micro - India’s leading system-in-package manufacturing facility, now operational in Bangalore, Company launch of IZMO microsystems, unit for semiconductor packaging, manufacturing (Positive)
Brigade Enterprises: Company inaugurates 108-bed hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows. (Positive)
PC Jeweller: Company said it has received a refund of ₹67.54 crore from the Income Tax Department (Positive)
Lemon Tree: Company announced the signing of a license agreement for a new property, the Lemon Tree Hotel, Mira Road, Mumbai (Positive)
IREDA: Company unit IREDA global green energy finance IFSC gets provisional registration from IFSCA. (Positive)
Tinna Rubber: Company has signed a joint venture agreement with lionshare holdings and MBODLA investments to acquire and recycle used Tyres, either in India or through a new recycling plant in South Africa (Positive)
Rajoo Engineers: Company signing agreement to develop innovative plastic extrusion machinery, Company to develop plastic extrusion machinery for one of overseas customer worth $ 15 million (Positive)
Ashoka Buildcon: Company has formed ABL INDIRA Projects JV LLP with Indira projects & development private limited for a project in the Maldives, holding a 90% stake in the LLP (Positive)
Genus Power Infra: Company has incorporated two wholly-owned step-down subsidiaries (SPVS) on September 10, these are incorporated as SPVS for execution of advanced metering infrastructure service provider contract (Positive)
Adani Ports: Rorix Holdings in pact with Company to integrate advanced technologies into India’s infrastructure: Bloomberg (Positive)
Infosys: Company and Proximus Group announce strategic collaboration to drive innovation and deliver superior customer experiences through CPaaS and DI solutions. (Positive)
Oil India/ ONGC: OIL, OVL and KABIL sign MoU with IRH, UAE for global cooperation in critical mineral supply chain (Positive)
Shriram Finance: Company plans to list its general and life insurance subsidiaries in next two years. (Positive)
Endurance Tech: Company to capitalize on premiumization in auto sector to grow revenues. (Positive)
Oil Downstream companies: Brent crude falls below $70 for the first time in 3 years. (Positive)
Torrent Pharma: Company achieved double-digit growth on business (Positive)
CESC: Purvah Green Power accepts LoA from company for setting up 300MW Solar PV power project. (Positive)
Bajaj Auto/Hero/TVS/Ola: Government likely to announce subsidy schemes for electric vehicles today: Sources to ET (Positive)
Windsor Machines: Plutus Investments acquires 53.9% of Windsor Machines for Rs 350 crore. (Positive)
Dr Reddy's lab: Company issues clarification on certain allegations pertaining to our engagement with agora advisory, Company routinely engage external coaches to enable significant role transitions of leaders. (Neutral)
Dixon Technologies: India CCI approves the subscription of certain shares of Aditya Infotech limited by Company and the acquisition of certain shares of ail Dixon technologies private limited by AIL (Neutral)
Logica Infoway: Company on obtaining Tier - I National Distributorship of Samsung Laptops/ Notebooks for West Bengal and National Capital Region (Delhi NCR) in the month of September 2024 (Neutral)
Pidilite industries: Company issues clarification on news regarding association of Dhaval buch, Company says engages with multiple partners, consultants (Neutral)
Tata Motors: India CCI approves the proposed merger of Tata motors finance ltd with and into Tata capital ltd (Neutral)
Persistent: Company to acquire assets of SoHo Dragon in $4.7 million deal (Neutral)
Reliance Industries: Company sets September 20 as last date for paying call money on partly paid shares. (Neutral)
IndiGo: Bureau of Civil Aviation Security reduces Quantum Of Penalty Imposed On Co from ₹1.2 Cr to ₹70 Lk (Neutral)
UCO Bank: To hike lending rate by 5 bps for some tenures from September 11, 2024 (Neutral)
SpiceJet: Company agrees to a restructuring settlement with Carlyle Aviation, which will involve writing off $40.17 million in lease arrears. (Neutral)
Yes Bank: Recommends wholesale banking country head Manish Jain's name as executive director for 3 years. (Neutral)
Auto Ancillaries: BMW Cut 2024 guidance in the Automotive segment. (Neutral)
Nifty closed @25,041 (+105) and Sensex @ 81,921 (+362) on Tuesday. GIFT Nifty was trading at 25,081 (as of 7.30 a.m.)
FIIs net bought equities in cash to the tune of Rs. 2,208 cr whereas DIIs sold equities in cash worth Rs. 275 cr on September 10, 2024
ICRA expects Indian IT services industry to deliver muted 4-6% revenue growth in FY25, but the operating profit margin is expected to be healthy
Kumar Mangalam Birla, chairman of the Aditya Birla Group, increased his stake in Vodafone Idea by purchasing 1.86 crore shares underlining his confidence in the struggling telco
Swiggy is likely to raise Rs 5,000 cr from its upcoming IPO, up from earlier Rs 3,750 cr as the food and grocery delivery firm ratchets up efforts to gain market share in the highly competitive sector
Honda Motorcycle & Scooter India is looking to enter the electric vehicle segment this fiscal and eyes one-third of its overall sales to accrue from the segment by 2030
Lockheed Martin and Tata Advanced Systems Ltd. announced a 'teaming agreement' to expand engagement through the C-130J Super Hercules tactical airlifter project
M&M refuted allegations levelled by the Congress that the conglomerate paid Dhaval Buch, husband of Madhabi Puri Buch, chairperson of SEBI, to receive preferential treatment from the market regulator
SpiceJet said that Carlyle Group's commercial aviation investment and servicing unit will write off $40.2 million of the airline's lease arrears and convert $30 million of its arrears into equity
Jubilant Pharmova announced that the manufacturing facility of its arm, based in Washington, has received 'voluntary action indicated' from the US FDA
Bringing an end to a long-standing dispute over the property, Century Textiles said that it has acquired the ownership rights of a 10-acre land parcel worth Rs 1,100 cr from Nusli Wadia
Indian ADRs: Wipro (+1.9%), Infosys (+1.4%), ICICI Bank (-0.6%)
Debt:
10yr G-sec yield closed flat at 6.85% on Tuesday
Indian states accepted entire notified amount of Rs 13,790 cr in weekly auction
According to CareEdge Ratings, despite an overall improvement in performance of monsoon compared to last year, agriculture sector continues to remain at risk due to regional disparities in rainfall
Banking system credit growth outpacing deposit growth could lead to liquidity challenges, as per FICCIIBA report
Corporate bond issuances fell by 22% MoM to Rs 81,238 cr in Aug’24 from Rs 1.04 lakh cr in Jul’24, as issuers delayed raising funds awaiting US Fed’s monetary policy decision on 18th Sep’24
Commodities:
Brent crude was down by 2.99% to $69.69/barrel, at their lowest level since December 2021 after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns fromTropical Storm Francine
Gold futures settled higher as market participants positioned themselves ahead of U.S. inflation data for further clues on the depth of interest rate cuts by the Federal Reserve next week. Spot gold was up by 0.54% to $2,518.68/oz on Tuesday
Maharashtra soyabean farmers are facing a crisis as market prices have dropped below the MSP of Rs. 4,892/quintal. The State government has requested the Centre to implement import duties on edible oil, soya milk, and cake to support soyabean farmers
China's exports grew at their fastest pace in nearly 1-1/2 years in August, suggesting manufacturers are rushing out orders ahead of tariffs expected from a growing number of trade partners, while imports disappointed amid weak domestic demand
Currency:
Rupee depreciated by 2 paise and settled at 83.98 against the US dollar on Tuesday, despite inflow of FIIs in Indian equity market
US Dollar Index (DXY) fell by 0.01% to end at 101.64 on Tuesday, as All eyes are on the first debate between Trump and Harris on Tuesday night in Philadelphia
USD/AUD increased by 0.14% to end at 1.503 on Tuesday, as The US Dollar received support as recent labor data reduced the likelihood of an aggressive Fed rate cut in September
EUR/USD fell by 0.12% to end at 1.102 on Tuesday, as investors turn cautious ahead of the US inflation for August and the ECB policy announcement
CHF/USD increased by 0.31% to 1.181 on Tuesday, as Swiss inflation dropped to a five-month low, which has heightened expectations for another SNB rate cut soon
International Markets:
U.S. markets were a mixed bag on Tuesday as the Dow Jones was down by 0.23% while the S&P 500 and the Nasdaq were up by 0.45% and 0.84% respectively. All 3 major futures indices are down by 17-29 bps at the time of writing the report
Chinese Trade Balance increased to US$ 91.02 bn in Aug-24 vs. US$ 84.65 bn in Jul-24 and was above economists' expectations of US$ 83.9bn. Exports grew by 8.7% YoY in Aug-24 vs. expectations of a 6.5% YoY growth while imports grew by 0.5% YoY as compared to expectations of 2.0% YoY
German CPI increased by 1.9% YoY in Aug-24 which was unchanged from preliminary estimates of 1.9% YoY and as compared to 2.3% YoY in Jul-24
PIDILITE INDUSTRIES: CO ISSUES CLARIFICATION ON NEWS REGARDING ASSOCIATION OF DHAVAL BUCH || CO SAYS ENGAGES WITH MULTIPLE PARTNERS, CONSULTANTS
PIDILITE INDUSTRIES: CO SAYS AS PART OF ITS ROUTINE REQUIREMENTS, THE CO IN FY 2019-20 HAD ENGAGED AGORA ADVISORY’S MR. DHAVAL BUCH, A GLOBALLY RENOWNED SUPPLY CHAIN AND PROCUREMENT PROFESSIONAL, FOR HIS SERVICES IN THESE AREAS
PIDILITE INDUSTRIES: CO SAYS WE FURTHER STATE THAT THERE HAVE NEVER BEEN ANY ENQUIRIES OR CASES FROM SEBI VIS-À-VIS THE CO
DIXON TECHNOLOGIES: INDIA CCI APPROVES THE SUBSCRIPTION OF CERTAIN SHARES OF ADITYA INFOTECH LIMITED (AIL) BY CO AND THE ACQUISITION OF CERTAIN SHARES OF AIL DIXON TECHNOLOGIES PRIVATE LIMITED BY AIL
Stocks in News post Market closure
Mindteck: the Board of Directors of the Company has fixed Friday, September 20, 2024 as the Record Date for the purpose of determining Shareholders and their entitlement for Issue and Allotment of Bonus Equity Shares in the ratio 1:4
Jubilant Pharmova Limited : USFDA determines inspection classification of ‘Voluntary Action Indicated’ for the contract manufacturing facility at Spokane, Washington (USA).
Narmada Agrobase Limited : Board approved Issue of 2,43,87,685 Equity Shares of face value of Rs. 10.00/- each for cash at an Issue Price of Rs.15/- per Equity Share aggregating up to Rs. 36,58,15,275/- to all the eligible Equity shareholders of the Company on Rights as on the Record date.Record Date 16th September, 2024 for the purpose of ascertaining the eligibility of shareholders entitled for issuance of 9 Rights Equity shares for every 5 fully paid-up Equity shares .
Steel Strips Wheels Limited : The Company has entered into the Supplementary Shareholders Agreement with Clean Max Astria private Limited , Associate Company and a special Purpose Vehicle engaged in the business of production, generation, supply and distribution of wind, solar and/or hybrid power, and Clean Max Enviro Energy Solutions Private Limited , for further investing an amount of Rs. 6,93,10,000/- in CMAPL by way of subscription ofequity shares through right issue.
Bhageria Industries Limited : The Company has received an Order dated September 09, 2024 from the Office of the Commissioner of CGST, Palghar to pay IGST amounting to Rs.2,09,27,691/- along with Interest and Penalty.
Goa Carbon Limited : The operations at the Company's Goa Unit located at St. Jose de Areal, Salcete-Goa has resumed from today. The Kiln has been lit up. After preliminary heat up and commencement of feeding of raw material, normal production shall resume shortly.
Hindustan Zinc Limited : Company and Skipper Limited partner for India’s heaviest transmission steel pole structure, weighing around 200 metric tons.
Reliance Industries Limited : Reliance Retail Ventures and Delta Galil Announce Strategic Partnership in India Through the JV with Reliance Retail, Delta Galil will expand its presence in India and establish an apparel innovation platform focused on the Indian market.
IZMO Limited : izmo Ltd. Launches izmo Micro: India’s Leading System-in-Package (SiP) Manufacturing Facility, Now Operational in Bangalore”. The Business release is self-explanatory.
Brigade Enterprises Limited : Brigade Foundation Inaugurates 108-Bed Hospital in Collaboration with St. John’s Medical College Hospital at Brigade Meadows, Kanakapura Road.
WARDWIZARD HEALTHCARE LIMITED : Board meeting to be held on 16th Sep 2024, to raising of funds in various routes.
Indian Renewable Energy Development Agency Limited : International Financial Services Centre Authority (IFSCA) vide its letter dated September 04, 2024 has granted the provisional registration to IREDA Global Green Energy Finance IFSC Limited, (a wholly owned subsidiary of IREDA Ltd) as a finance company at gift city today in the presence of Shri Pralhad Joshi, the Hon’ble Union Minister for New and Renewable Energy, Consumer Affairs, Food, and Public Distribution; Shri Kanubhai Desai, the Hon’ble Minister of Finance, Energy, and Petrochemicals, Government of Gujarat.
Tinna Rubber and Infrastructure Limited : The Company has signed Joint Venture Agreement with Lionshare Holdings Ltd and Mbodla Investments (Pty) Ltd , Johannesburg, South Africa, for the purpose of acquiring used tyres and recycling them either in India and/or to commence a recycling plant in South Africa and development and management of a tyre recycling venture in South Africa and manufacturing and export of used tyres/crumb rubber and other allied products.
Ramco Systems Limited : Ramco Systems announces the launch of Aviation Software 6.0for smarter aircraft management.Specialized Engine MRO solution and key AI enhancements to drive transformation in M&E and MRO operations.
Teamo Productions HQ Limited : Board approved the allotment of 8,00,00,000 equity shares having face value of Re. 1/- each at an issue price of Rs. 1.50/- each consequent upon the conversion of 80,00,000 Warrants issued at an Issue Price of Rs. 15/-each, after adjusting the number of shares, paid-up capital per share and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each.
Hazoor Multi Projects Limited : Board meeting to be held on September 16, 2024 to evaluate the proposal regarding In-principal approval of a potential merger of Square Port Shipyard Private Limited into the Company with a view to combine the strengths and synergies of both businesses.
Logica Infoway Limited : Company has recently become part of Samsung ecosystem, where the company has officially tied up with Samsung brand as Tier - I – National Distributor for West Bengal and National Capital Region for supply of Samsung products i.e. Laptops/Notebooks directly to Tier – II & Tier - III distributors.
Associated Alcohols & Breweries Limited the proud creator of the HANDCRAFTED PREMIUM GIN “NICOBAR” are thrilled to announce that the NICOBAR gin has been awarded the “BRONZE MEDAL” in the best contemporary gin at the awards organised by San Francisco World Spirits Competition . This monumental win not only sets a new standard of excellence but also firmly places the Company at the forefront of the Gin industry.
Ashoka Buildcon Limited : Intimation regarding execution of Share Purchase Agreement (“SPA”) for transfer of the entire stake held by the Company in Project JV viz. ABL Indira Projects JV LLP .
Genus Power Infrastructures Limited : The Company has incorporated following two wholly-owned step-down subsidiaries (SPVs) (1). GENUS SHEKHAWATI SMART METERING SOLUTIONS SPV PRIVATE LIMITED (2). GENUS MARWAR SMART METERING SOLUTIONS SPV PRIVATE LIMITED
Texel Industries Limited : Board approved raising of funds.
NDUSTRIAL INVESTMENT TRUST LTD. : Board approved the Scheme of Amalgamation ofIITInvestrust Limited and IITL Management and Consultancy Private Limited wholly-owned subsidiaries of the Company, with theCompany and their respective shareholders .
Toyam Sports Limited : Pacific Star Sports LLC subsidiary of Toyam Sports Limited & USC Worldwide Events LLC announces its long term association with Qatar Cricket Association.
Hindustan Foods Limited : The Company has invested Rs. 43,00,00,000 by way of subscription to Rights Issue of 4,30,00,000 Equity Shares of Rs. 10/- each at par in the KNS Shoetech Private Limited , the Wholly Owned Subsidiary of the Company. There is no change in the shareholding percentage of the Company in KNS Shoetech, pursuant to this investment.
Sandur Manganese & Iron Ores Limited : Board meeting to be held on Sep 16th ,for fund raising.
HDFC Bank Limited : A penalty of Rs. 1 crore has been imposed on the Bank by the Reserve Bank of India.
Oil India Limited : OIL, OVL & KABIL sign MoU with IRH, UAE for Global cooperation in Critical Mineral supply chain.
Lemon Tree Hotels Limited : The Company has signed a License Agreement viz Lemon Tree Hotel, Mira Road, Mumbai. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited andis expected to open in FY 2026.
Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.
Tata Motors: The CCI approves proposed merger of Tata Motors Finance with Tata Capital
Ceat: India Ratings and Research has revised outlook of the company to positive from stable.
Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.
Entero Healthcare Solutions: India Ratings and Research has upgraded the company’s long-term issuer rating to ‘IND A-’ from ‘IND BBB’. The outlook is stable
PDS: The company has secured a key trade financing facility, backed by HSBC Bank Middle East Ltd., to strengthen its position as a global fashion infrastructure platform. The facility will support the company's working capital needs and align with measurable sustainable finance objectives.
Astra Microwave Products: The company has signed a memorandum of understanding with Premier Explosives Ltd., Hyderabad. The strategic alliance aims to jointly develop and market a range of products
IRB Infrastructure Developers: Transport Ministry said that no toll would be charged for travelling up to 20 km on highways and expressways per day. Toll collection for over 20 km to be based on distance covered by vehicle as per satellite data.
Adani Ports-Rorix Pact: International Holding Co.'s subsidiary Rorix has entered into an agreement with Adani Ports. This pact focuses on the integration of advanced technologies into India's infrastructure.
UCO Bank: The bank will hike MCLR by 5 bps in most tenures
InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.
Inox India: The company has been granted a patent for a 'cryogenic liquid-based variable temperature cold storage unit and method'
Dixon Technologies (India): The Competition Commission of India has approved the proposed acquisition of a minority stake in Aditya Infotech Ltd.
*News Headlines from Business News Agencies :*
*Business Standard :*
Lockheed Martin-Tata pact may enable local C-130J Super Hercules production
Maruti Suzuki eyes significant increase in exports by 2030: MD, CEO
Maruti Suzuki looks to establish holistic ecosystem for EV buyers
Govt aims to extend additional Rs 5 trn via credit guarantees in 2 years
RBI rejects Canara Bank’s bid for credit card subsidiary amid concerns
Airtel Finance launches FD service, offers up to 9.1% as interest rates
Indian IT services industry to deliver 4-6% revenue growth in FY25: ICRA
No funding issue for semicon projects, committed Rs 62K cr incentive: Meity
Google loses EU court appeal against 2.4 bn euro fine in antitrust case
Home decor brand Nestasia raises $8.35 mn in from Susquehanna Asia VC
Southeast Asian nations likely to boost coal trade as China approaches peak
Rewa Airport gets DGCA approval; will become sixth in Madhya Pradesh
*Economic Times :*
Tata Power-DDL, Nissin Electric working on micro substation with power voltage transformer project
Coal India to spend $8 billion on coal-fired plants near mines
Godrej Properties raises Rs 64.6 crore through issue of debentures to investors
Oyo's GBV reached Rs 10,700 crore in FY24, co reports first time PAT of Rs 229 cr for last fiscal
L&T Semiconductor Technologies, IBM to collaborate in R&D to design advanced processors
Skoda Auto plans to offer mild hybrids to EVs in India: Chairman and CEO Klaus Zellmer
APPEC-India ONGC Videsh focuses on buying stakes in oil, gas producing assets amid energy transition
EU to lower proposed tariffs on Tesla, other EVs from China: Report
SpiceJet says Carlyle Aviation will convert $30 mn in lease arrears into equity
Infosys partners with Proximus Group to drive new biz opportunities
US animal health major Zoetis expand global capability centre (GCC) in Hyderabad
*Mint :*
Inflows into equity schemes rose 3%, debt funds saw 62% dip in Aug: AMFI data
NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary
Tata Capital's Profit Boom: FY24 sees hefty ₹2,492 crore net income
OPEC+ has postponed a tough decision it can’t put off for long
Apple loses against EU over €13 billion Irish tax bill
Credit card spending in India to soar 5X over debit by FY29
Expiry of patent for key product weighs on PI Industries
Chennai: Operations affected at Samsung plant as workers' strike enters 2nd day
PN Gadgil Jewellers IPO gets fully subscribed within few hours of issue opening
Axis Mutual Fund to launch Nifty 500 Value 50 ETF for long-term wealth creation
Auto incentive schemes helped create over 30,000 jobs, says minister Kumaraswamy
CCI sets sights on local presence as global digital economy merger deals surge
*UBS on Tata Motors*
Sell Call, Target Rs 825
The Question Is Should Investors Worry With JLR Discounts Spike
Defender, Range Rover & Range Rover Sport, Trio Are JLR's Prem Models Have Boosted ASPs
The Extended Successful Run Of These Models Has Started To Moderate
The Orderbook Is Now Below Pre-COVID Levels
Range Rover Discounts Could Also Soon Rise
Expect Further Downside Risk From Margin Slippage At JLR & Within Indian PVs
*HSBC on Dixon Tech*
Buy Call, Target Raised To Rs 14,000
HP Is A Leading Player In The India’s Personal Computers (PC) Market
Dixon Looks Set To Capture A Significant Portion Of India’s IT Hardware Manufacturing Market
Large Scale In Mobile & IT Hardware To Create Backward Integration Opportunities
*CLSA on Dixon Tech*
Hold Call, Target Rs 12,100
Co Outlined A Strong Near & Medium-term Growth Outlook
New Customer Acquisition Is Likely To Drive Growth In The Near-term
Gaining Wallet Share In Mobile Phones Is Likely To Drive Growth In The Near Term
Over The Medium-term, The Focus Is On Raising Backward Integration Via Components Mfg
Dixon Now Has Tie-Ups With Four Of The Top Laptop Brands In India
Co Aspires To Gain 20%-25% Market Share In This Segment Over The Medium Term
*Jefferies on Kaynes Tech*
Hold Call, Target Rs 4,540
Core EMS Biz Is On A Strong Footing, With Jun’24 Orderbook
Co Enjoys The Highest OPM (13-14%) Vs EMS Peers
Co Targets $1 Bn Sales By FY28, Implying FY24-28 CAGR Of +47%
Estimate FY24-27 Sales / EPS At +42%/48% CAGR
FY26 PE At 65x
*HSBC on Real Estate*
Not Yet Time To Get Worried
Residential Sales Continue To Increase From A High Base, But The Pace Has Moderated
Despite Pricing Growth, Preference Remains For Larger Homes
Average Ticket Price Of Gurugram Now Above Mumbai
NCR Only Market To Average 3+ Bedrooms Per Home Sold
Godrej Properties Lone Developer Among Top 10 In Six Cities
*MOSL on Deepak Nitrite*
Neutral Call, Target Rs 3,060
Co Investing Rs 2,200 Cr In Integration Projects & Set For Phased Commissioning By FY25
Cost Reduction, Backward Integration Would Ensure A Steady Supply Of Raw Materials
Supply Deal With Petronet LNG Would Ensure A Steady Supply Of Raw Materials
Believe Current Valuation At 39x FY26 EPS Seems Expensive
*GS on Zee Ent*
Neutral Call, Target Rs 165
FY25-27 Revenue Estimate Decline By 2-3%
FY25 EBITDA Estimate Is 7% Higher, Though Lower In FY26/FY27
Updated Estimates Largely Due To Lower Revenues (Subdued Advertisement Revenues)
Key Upside Risks - Higher Growth In Subscription Rev, Faster Recovery In Advertisement Income,
Key Downside Risks - Elevated Content Costs, Impact From Digital On Ad And Subscription Rev

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