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August 09, 2024

Nifty closed @24,117.00 (-180.50) and Sensex @78,886.22 (-581.79) on Thursday GIFT Nifty was trading at 24390 (as of 7:30 a.m)
FIIs net sold equities in cash to the tune of Rs 2,627 cr whereas DIIs bought equities in cash worth Rs 577 cr on August 08 2024
LIC reported standalone net profit rose 9.61% y/y in the June quarter to Rs.10,461 crore
Page Industries Q 1 FY 25 net profit rises 4.3% YoY to Rs 165.22 crore
Stricter F&O rules likely to shift volumes to offshore Gift City, says CEO
Bharat Forge said its consolidated net profit declined 18% to Rs 175 crore in Q 1 FY 25
Citi on GSPL
Sell Call, Target Raised To Rs 315
1QFY25 Below Expectations on Both Volumes & Tariffs
Transmission Vols Increased 9% QoQ To 36 mmscmd, 6% Below Our Estimates
Realised Tariffs Were Also Below Well Expectations.
Lower Our FY25-27e Standalone EBITDA Est By 1-2% On Minor Adj To Our Vol & Tariff Est
Target Hikes As We Mark-To-Market The Value Of The Co’s Holding In GGAS
Citi on Bharat Forge
Sell Call, Target Raised To Rs 900 From 850
Slight Operational Beat In Q1; Domestic Segment Better Than Exports
PAT Was Supported By Higher Non-Operating Income
Domestic Rev Growth Was Much Better Than Est, Driven By Non-Auto Segment
Exports Revenue Was Weaker, Especially In The PV Segment
Outlook Remains Positive, Mgmt Is Optimistic On Demand Momentum In India
Downside Risks To Export Rev, & Current Valns Provide Little Margin Of Error
Continue To Value The Stock At 29xSep’25e EPS
Jefferies on Bharat Forge
Maintain Underperform, Target Raised To Rs 1,200 From 1,075
Defence Business Is Scaling Well & Subsidiaries Showing Signs Of Improvement
Like Co’s Structural Initiatives But Concerned On Cyclical Headwinds In Exports
Valuations Are Rich At Current Levels
Raise FY25-27 EPS Estimates By 2-3%
Citi on Page Ind
Sell Call, Target Raised To Rs 33,100
Weaker Than Expected Growth & Profitability In Q1
Expect Co’s Rev Growth Momentum To Remain Subdued In The Near Term
Note Decline In MBOs Continuing For 4 Subsequent Qtrs
Remain Cautious Given Lack Of Near-Term Catalyst, Specific Initiatives To Drive Growth
Trim Our FY25-27 EPS Est By 0-4%
Roll-Forward Our Target P/E (45x; Unchanged) To June-26 (From March 26)
Citi on PI Ind
Buy Call, Target Raised To Rs 5,125
Mgmt Confident Of Delivering ~15% Revenue Growth In FY25
EBITDA Aided By Continued Growth In Csm EXPORTS & Higher EBITDA Margin
Margins Benefited By Operating Leverage And Favourable Product Mix
Mgmt Expects Full-Year EBITDA Margin To Remain Around 25-26%
Domestic Agrochem Rev Impacted By Delayed Sowing & Erratic Monsoon Spread
Jefferies on PI Ind
Maintain Buy Call, Target Raised To Rs 5,100 From 4,750
Positive Dvpts On Pyroxasulfone Patent Should Allay investor Concerns
Robust Growth Outlook Of New Product (Fluindapyr) Shd Aid Growth
Raise FY25/26 EBITDA Estimates By 2%
Co Remains Our Top Pick In Chemical Space
Jefferies on Eicher
Maintain Buy, Target Cut To Rs 5,500 From 6,000
Recent Weakness In RE Volumes Is A Concern
Co Should Be A Key Beneficiary Of 2-W Premiumisation
Toughest Phase Of Competition Is Behind
Cut FY25-27 EPS Estimates By 2-4%
Jefferies on Guj Gas
Maintain Underperform, Target Cut To 450 From 460
Morbi Volume Has Declined 50% In July After Latest Price Hike
Focus Shifts To Defending The Margin
Cut FY25/26 Vols By 4%, in-Line With Lowered Co’s Guidance Of 5-7%
Cut FY25/26 EPS Estimates By 6%/5%
CLSA on Gujarat Gas
Underperform Call, Target Rs 420
Q1 Standalone Net Profit 6% Below Expectations
Q1 Profit Below Est As Disappointment In Margin Overshadowed Healthy Beat On Volumes
Mgmt Guided For 40% QoQ Decline In Q2 Volumes From Morbi
Mgmt Guided For Decline From Morbi Facility Due To Weak Biz Environment For Ceramic Tile Ind
Nomura on Gujarat Gas
Reduce Call, Target Rs 470
Q1 Below Estimates, Impacted By Lower-than-anticipated Margin
Overall Volume Growth Guidance Cut To 6-7%; Morbi To Decline 30-40% In Q2
Co Remains Amongst Most Expensive Gas Utility Co Globally Currently Trading At 22.6x FY26 P/E
JPMorgan on Lupin
Upgrade To Overweight, Target Raised To Rs 2,400
Believe Co Has More Legs To Grow, Despite Its Significant Outperformance
Outperformance Driven By Accelerating Momentum In Its US Business
Outperformance Driven By Support From Several Pdt Launches & Stable Generic Pricing Environment
India Business Inching Back To Double-digit Growth & Improvement In Core Business Margins
Co’s US Pipeline Looks Solid
Several Key Product Opportunities Driving A 13% Rev CAGR In US Business Over FY24-27
Expect Co’s Core Business Margins (Ex-FTFs) To Improve Nearly 400 bps, To 22% In FY27
Expect 29% Core Earnings CAGR Over FY24-27
Kotak Inst. on MRF
Sell Call, Target Rs Rs 97,000
Q1 EBITDA 7% Above Est Due To Better-than-Est Revenue Print & Cost-control Measures
Expect Demand Trends To Remain Steady & Coupled With Mkt Sha Gain, Augurs Well For Co
Current Uptick In Raw Material Basket Will Continue To Weigh On Margin
Stock Trading At 28x FY26 Consolidated EPS, Which Believe Is Expensive
MS on ONGC
Overweight Call, Target Raised To Rs 430 From 302
Top Quartile Dividend Growth In Energy Globally Offers A Good Basis For Next Leg
Improving Incremental Return On Capital Employed Offers A Good Basis For Next Leg
Recovering Cash Flows In Intl Assets Offers Good Basis For Next Leg Of $12 Bn In Value Creation
Key Risks Include Any Decline In Oil Price Below Long-term Base Case Of $70/bbl
Key Risks Also Include Potential Reduction In Government Stake
MS on SAIL
Underweight Call
Target Rs 110
Q1 Earnings Showed A Miss On EBITDA
Q1 Volumes Were 4.0 mt, +3% YoY & -12% QoQ, Broadly In-line
Revenue Was Slightly Above Forecast Of 1%
EBITDA Of `222 Cr, 9% Below Estimate
Aadhar Housing Finance Q 1 FY 25 PAT jumps 37% YoY to Rs 200 crore
India Shelter Finance Corporation reported a 77% YoY growth in PAT to Rs 84 crore for Q 1 FY 25
Cochin Shipyard Ltd reported a 76.5% YoY jump in net profit at Rs.174.2 crore Q 1 FY 25
Biocon Ltd reported a 550.59% YoY jump in net profit at Rs.659.7 crore Q 1 FY 25
(SAIL) reported a 61.5% YoY decline in net profit at Rs.81.8 crore for Q 1 FY 25 due to lower net sales realisation ( NSR) and adjustments related to exceptional items
Vedanta puts $2.5 bn steel business sale on hold
Fortis Health to acquire PE stake in diagnostics arm for Rs 1,780 cr
Bangladesh crises may be a speed bump for Indian 2W majors who together hold more than 50% market share
Sobha Ltd consolidated net profit sank 50% to Rs 6.06 crore in Q 1 FY 25
Indian ADRs: Dr Reddy's (+1.4%), HDFC Bank (+1.35%) and ICICI Bank (+1.3%)
Technocraft Industries (India) Limited
Board Meeting to be held on 13-Aug-2024 to consider Buyback
INSPIRISYS solution ltd june quoter 2024
Consolidated net profit after tax up Rs 2.50 crores against loss of Rs. 3.20 crores compare with quoter ending June 2023 to 2024.good turn arround.
Standalone sales up Rs. 82 crores to 102 crores. More than 25% sales up and net profit for June quoter Rs. 3 crores against Rs.4 crores.
News Headlines from Business News Agencies:
Business Standard
RBI's Monetary Policy Committee keeps repo rate unchanged at 6.5%
Food inflation pressures can't be ignored in RBI MPC's target: Governor Das
PFC secures 25.5 bn yen loan from JBIC to finance wind energy project
rai completes mandatory examination of recent industry-wide tariff hikes
IBBI introduces self-regulatory guidelines for committee of creditors
RBI status quo on interest rates to boost demand for realty sector: CEOs
Sebi proposes revised format for FVCI for filing compliance report
Radico Khaitan expects 20% growth as Indians splurge on expensive liquor
JSW Energy secures contract from SECI for 230 MW renewable energy supply
IT hiring likely to grow by 8.5% by next year as demand grows: Report
Uttar Pradesh govt set to launch Rs 4,000 cr agriculture business project
Airtel Payments Bank Q1 results: PAT up 41% to Rs 7.2 cr on revenue rise
Economic Times
Envision secures 116 MW wind turbine supply order from Blueleaf Energy
Warner Bros Discovery writes down TV assets by $9 billion amid uncertainty over fees, sports rights renewals
Vedanta is said to put $2.5 billion steel business sale on hold
FPI buying in Indian IT rises to highest since July 2022: NSDL data
Wipro Enterprises’ hydraulics business acquires US rival Columbus
RBI shortens frequency of credit reporting to 15 days
Nazara gets go-ahead for Smaaash acquisition from creditors
RBI's stance provides elbow room to check inflation, aid growth: Experts
Unicommerce eSolutions IPO subscribed 37X on day 3, retail portion booked 72X
UP RERA to penalise builders for delaying possession
RBI Guv Das says premature to talk about US recession but will remain vigilant
Mercedes-Benz confident of double-digit growth this year, rolls out 2 new top-end models
Mint
HC demands personal guarantees from SpiceJet directors over unpaid engine dues
MRF reports Q1 Results: Net profit down 3.3% at Rs 562.6 cr, Margin at 16.1%
FMCG volumes grew slower in June quarter; rural outpaces urban market: Nielsen
Chinese regulators probe banks for breaking bond buying rules
RCap resolution: NCLT asks Hindujas to deposit ₹2,750 cr in designated account
Bangladesh crisis could boost India's ready-made garment exports: CareEdge
Insomnia Media to invest ₹300 crore in films, shows
Big pharma cuts R&D, sending shudders through industry
RIL aims to be green energy leader, boost retail and Jio investments
Maruti Suzuki to recall 2,555 units of Alto K10 over steering gear box defect
SJVN to raise funds via securitization of assets and stake sale in arm SJVN Green Energ

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