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September 02, 2024

Jefferies on Guj Gas
Underperform Call, Target Rs 450
Integration Of GSPC's Gas Trading Biz Will Improve Co’s Margin Profile
Earnings Volatility Will Rise, Implying A Lower Valuation Multiple
Once Scheme Takes Effect, Fair Value For Gujarat Gas Is Rs 513 (15% Downside)
CLSA on Gujarat Gas
Elimination of holdco disc., rerating of a portion of trading income & full use of tax shield from unabsorbed losses makes this a highly accretive merger.
Est. equity value to rise by 65% & FY26 PBT/PAT to jump by a bigger 76%/125%
Antique on Guj Gas
Buy Call, Target Raised To Rs 726 From Rs 690
Believe Merger Of GSPL & GSPL Into Guj Gas Is Value Accretive
Merger Will Enable Co To Make Quick Use Of The Rs 72,000 Cr Carry Forward Losses In GSPC
Trading Margin Charged By GSPC From Co Will Now Be Valued At Higher Multiple Of CGD Biz
There Is A Higher Intrinsic Value Of Both GSPC & GSPL's Biz (As Per Est) Than Being Assigned
Some Small Synergy Benefits Are Also Expected From Cost Savings & Lower Indirect Taxes
Equirus on Guj Gas
Upgrade To Add, Target Rs 667
Merger, Demerger Plan Involving GSPC & GSPL Well Thought
Co Will Benefit From Its Position As 2nd Largest Gas Trading Company In India
Benefit Will Be From Rising Gas Consumption, Presence Across Value Chain
Its CGD/Trading Segment Will Benefit From Potential Entry Of Gas Into GST
Merger Is EPS Accretive With FY25E/26 Proforma EPS At Rs 32/36 Due To Carried Losses
Proforma EPS Will Normalise To Rs29 In FY27
UBS on Axis Bank
Neutral Call, Target Rs 1,250
Sectoral Headwinds And Weak Q1 Has Led To The Recent Underperformance
Structural Changes To Protect Metrics, However Weakness Likely In Near-term
Re-rating Requires Stable Credit Quality And Growth
Valuations Discount To Peers Has Increased And Appear Reasonable Currently
Due To Sectoral Headwinds, A Sharp Re-rating Is Less Likely In Near-term
MS on RIL
Overweight Call, Target Rs 3,416
CMD Laid Out A Clear Path To Monetisation Across Verticals
Focus Will Be Keeping Balance Sheet Gearing Conservative
New Energy EBIDTA Targets, New Chemicals Invst & AI Datacenter Rollout Positive Surprises
Nomura on Torrent Pharma
Neutral Call, Target Rs 3,018
Both Indrad & Dahej Now Cleared By US FDA With VAI Classification
Co Now Expects 5-10 New Product Approvals In FY25 And More In FY26
Have Factored Recovery In US Revenues For Torrent Pharma Into Estimates
Factor In $133 m/$153 m/$184 m In Sales For FY25/26/27 Vs Current Annualised Run-rate
Citi on UltraTech Cem
Buy, Target Rs 13,000
Current Downturn In Demand Was Expected Owing To Elections Followed By Monsoons
More Hikes Are Needed As Spot Prices Remain Below Q1 Average
Industry Consolidation Should Continue With Inorganic Opportunities
InCred on Bajaj Fin
Buy Call, Target Rs 9,000
Prefer Bajaj Fin Amid Superior Growth, Conservative Underwriting & Top Notch Return Ratios
Believe Asset Quality Concerns Over Rural Distress For Co Are Overdone
Expect A Positive Surprise With A Better-than-expected Revival In Rural India
Listing Of Housing Arm & Comfortable Valuation, Have Added Co To High-Conviction List
News Headlines from Business News Agencies:
Business Standard
New MSME credit assessment model for PSBs to launch by March end
Domestic car wholesales fall 2-3% in Aug amid high dealer stock, low demand
IGL aims to be a leader in LNG, with 100 stations by FY30: MD Chatiwal
Slow GDP growth due to lower govt spending, MCC, says RBI Governor Das
BLS International acquires 51% stake in SLW Media for Rs 80.24 lakh
Goldman Sachs to lay off up to 1,800 employees amid annual review process
Global tech leaders eye Rs 10,000 cr AI tender as India expands AI mission
LT Foods strengthens RTC, organic product lines for double-digit growth
IBM to revoke ops from China amid tussle between Washington-Beijing: Report
TN govt inks MoU with Google to set up AI labs to skill 2 mn youngsters
Dantewada administration imposes Rs 1,620.5 cr fine on NMDC for violations
Govt plans FMD-free zones in 8 states to enhance animal product exports
Global tech leaders eye Rs 10,000 cr AI tender as India expands AI mission
Economic Times
Govt slashes windfall tax on petroleum crude to Rs 1,850/tonne
Kavach will be implemented in mission mode in country: Railway Minister Ashwini Vaishnaw
Biocon unit gets USFDA nod for generic drug
Mauritius invites Indian SMEs to leverage duty-free export benefit under AGOA
Bharat Petroleum to invest Rs 75,000 crore in expanding refining capacity
Nokia to invest Rs 450 cr in setting up biggest R&D lab in Chennai for fixed wireless business
Visa partners with Skill India to upskill 20,000 youths for tourism industry
Indian banks' body to seek easing of proposed norms for retail deposits, sources say
SBI has no intention of getting into a deposit rate war: Chairman CS Setty
Darsh Dronobotics ties up with Trouve Innovation Hub for development of hydrogen air taxi
Aviva says India unit 'engaging' with authorities over tax investigation
Deposit and lending rates rise sequentially in July
Power Grid Corp acquires Bhadla-III & Bikaner-III Transmission
Mint
GST collections increase by 10% to reach ₹1.75 lakh crore in August
Gujarat Gas to undergo major restructuring, merger, demerger plans announced
Gentari to offer battery energy storage solutions to Indian C&I consumers
FDA authorizes Novavax's updated COVID vaccine targeting JN.1 strain
The Man Company acquisition: Emami to acquire remaining 49.6% stake
UK proposes 5.5 bln pound subsidy for Sizewell C nuclear plant
Navratna crown for Railtel, Satluj Jal Vidyut Nigam, NHPC and Solar Energy Corp.
OVL nears US approval for Venezuela operations amid sanctions challenges
NCLT clears decks for Viacom18-Star deal following CCI nod.
IPO-bound Rebel Foods’ losses shrink to ₹378 crore in FY24
YPF Eyes Sale of Lithium Unit as Focus Narrows on Shale Ramp-Up
Intel Weighs Options Including Foundry Split to Stem Losses
UPI likely to grow further in several countries: RBI Governor
Reliance Industries
Waiting for the elephant to dance
Market Cap -Rs 20,43,107 Cr
Sales Revenues for FY 24 - 10,00,122 Cr
Net Profit for FY 24 - Rs 79020 Cr.
Cos cumulatively investment in the last 3 years stood at Rs 5.28 lakh Cr.
After rolling out, 5G and Airfibers Co now wants to double down on AI and Deep Tech as indicated in the AGM.
Co holds 350 + patents in 5G and 6 G technologies and has more than 1 k scientists working on various critical research projects across different businesses. Co spent over Rs 3643 Cr towards R&D in FY24.
Co wants to bring AI to every Indian, everywhere.
Co has started using AI and Deep Tech across other Reliance operating cos to fast track their AI journey and transformation.
By leveraging their expertise in infra,networking, operations, software, and data and with the help of global partners, Co is looking forward to introducing efficient and effective AI tools and services. These tools and services will be introduced in various B2B and B2C markets.
Co to offer 100 GB free cloud storage to Jio users and offer the most affordable prices to those needing higher storage.
Jio is targeting to double its revenue and EBIDTA over the next 3 to 4 years.
Reliance Retail value stands at Rs 8,20,000 Cr. Co is looking to double its retail business in the next 3 to 4 years.
Out of 5 Growth Engine businesses, 3 of the businesses are already valued at 8,20,000 Cr each (Total value of = Rs 24.6 lakh Crs)
Cos Green Energy and Material business looks to attain revenues of Rs 5 lakh Cr per annum and 50000 Cr + of EBIDTA per annum in the next 5 to 7 years.
Nifty closed @25,235.90 (+83.95%) and Sensex @82,365.77 (+231.16%) on Friday GIFT Nifty was trading at 25,419 (as of 7:30 am)
FIIs net bought equities in cash to the tune of Rs 5,318 cr whereas DIIs net sold Rs 3,198 cr on August 30 2024
Dabur, Jubilant eye 40% stake in Coke bottler HCCB
PVR INOX to close 70 non performing screens in FY25 plans monetisation of real estate assets
Birla Estates, LGCPL Group to co develop 131 acre project in Noida
Sales slide for top carmakers August sees second consecutive month of decline
TVS Motor sales up 13% in Aug at 391,588 units exports grow by 13%
Raymond receiving large number of business inquiries after Bangladesh crisis Raymond CMD Gautam Singhania
Biocon unit gets USFDA nod for generic drug
Oil marketing companies increase price of 19 kg commercial LPG cylinder by Rs 39
Lenders to RCAP accuse IIHL of using delaying tactics, company denies allegations
Mahindra Skoda VW poised for 50:50 EV joint venture Focus on battery powered SUVs
HAL signs contract to jointly develop new generation Helicopter engines
Vedanta pledges Rs. 1 lakh crore for Rajasthan, eyes renewable energy push
FM players seek 70% cut in reserve prices for new auctions
Tata Consumer Products completes merger of three subsidiaries in India
Adani Ports acquires 80% stake in Astro Offshore to boost marine portfolio
Gala Precision Engineering raises Rs 50 crore from anchor investors
Indian ADRs: Dr Reddy’s (+1.5%), ICICI Bank (+0.6%) and Infosys (+0.3%)

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