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August 08, 2024

India Daybook – Stocks in News
Signature Global: Net profit at Rs 6.8 cr vs loss Rs 7.2 cr, Revenue at Rs 400 cr vs Rs 170 cr (YoY) (Positive)
Bhageria Industries: Net profit at Rs 6.1 cr vs Rs 1.3 cr, Revenue at Rs 112 cr vs Rs 97.5 cr (YoY) (Positive)
Chemplast: Net profit at ₹23.9 cr vs loss of ₹63.9 cr, Revenue at ₹1144 cr vs ₹996 cr (YoY) (Positive)
CCL Products: Net profit at Rs 71 cr vs Rs 61 cr, Revenue at Rs 773 cr vs Rs 655 cr (YoY) (Positive)
Gujarat Pipavav: Net profit at Rs 109.6 cr vs Rs 67.8 cr, Revenue at Rs 246 cr vs Rs 215 cr (YoY) (Positive)
Dr Lal PathLabs: Net profit at Rs 107.8 cr vs Rs 82.6 cr, Revenue at Rs 601.9 cr vs Rs 541 cr (YoY) (Positive)
BASF: Net profit at Rs 221 cr vs Rs 161 cr, Revenue at Rs 3935 cr vs Rs 3328 cr (QoQ) (Positive)
Abans Holdings: Net profit at Rs 22.20 cr vs Rs 19.30 cr, Revenue at Rs 296 cr vs Rs 250 cr (YoY) (Positive)
KINGFA Science: Net profit at Rs 39.1 cr vs Rs 35.0 cr, Revenue at Rs 420 cr vs Rs 338 cr (YoY) (Positive)
Abbott India: Net profit at Rs 330 cr vs Rs 290 cr, Revenue at Rs 1560 cr vs Rs 1479 cr (YoY) (Positive)
ITD Cementation: Net profit at Rs 100 cr vs Rs 52.2 cr, Revenue at Rs 2380 cr vs Rs 1832 cr (YoY) (Positive)
Radico: Net profit at Rs 77.4 cr vs Rs 68.3 cr, Revenue at Rs 430 cr vs Rs 390 cr (YoY) (Positive)
BSE: Adjusted Net profit at Rs 265 cr vs Rs 75 cr, Revenue at Rs 608 cr vs Rs 216 cr (YoY) (Positive)
Authum Investment: Net profit at Rs 1092 cr vs Rs 32 cr, Revenue at Rs 1413 cr vs Rs 62 cr (YoY) (Positive)
Manaksia: Net profit at Rs 3.0 cr vs Rs 0.1 cr, Revenue at Rs 193 cr vs Rs 172 cr (YoY) (Positive)
Kirloskar Oil: Net profit at Rs 160 cr vs Rs 125 cr, Revenue at Rs 1640 cr vs Rs 1543 cr (YoY) (Positive)
ESAB: Net profit at Rs 44.4 cr vs Rs 42.4 cr, Revenue at Rs 330 cr vs Rs 298 cr (YoY) (Positive)
Walchand Nagar: Net loss at Rs 1.7 cr vs loss Rs 11.4 cr, Revenue at Rs 79 cr vs Rs 67 cr (YoY) (Positive)
CARE: Net profit at Rs 20.7 cr vs Rs 17.8 cr, Revenue at Rs 79 cr vs Rs 66 cr (YoY) (Positive)
Agrawal Industrial: Net profit at Rs 39 cr vs Rs 27 cr, Revenue at Rs 700 cr vs Rs 630 cr (YoY) (Positive)
TVS Supply Chain Solutions: Company in multi-year pact with JCB for in-plant logistics at Vadodara, Gujarat (Positive)
Godrej Agrovet: Company intends to enter into definitive agreement with Godrej pet care. (Positive)
MTAR Technologies: Company gets orders worth approx. Rs. 140 Cr (Positive)
Coromandel International: Company appoints S Sankarasubramanian as MD & CEO of the company (Positive)
Phoenix Mills: Company unit Astrea Real Estate acquires 5 land-owning entities in Coimbatore for Rs 370 crore. (Positive)
Sapphire Foods: Kotak Mahindra Mutual Fund bought 5.99 lakh shares, representing 0.93% stake at Rs 1,650 apiece. (Positive)
Shree Renuka Sugars: Company repaid entire ECB of $300 Million availed from holding Company (Positive)
Sterlite Power: Company's order book has seen a 15% increase quarter-on-quarter. (Positive)
Bondada: Company received order worth of Rs 19.8 crore (Positive)
Tata Motors: Moody’s upgraded rating for Tata Motors and JLR. (Positive)
Godrej Consumer: Net profit at Rs 450.7 cr vs Rs 318.8 cr, Revenue at Rs 3331 cr vs Rs 3448 cr (YoY) (Neutral)
Sanghvi Movers: Net loss at Rs 40.49 cr vs loss of Rs 41.79 cr, Revenue at Rs 151 cr vs Rs 146 cr (YoY) (Neutral)
Aditya Birla Fashion and Retail: Net loss at Rs 215 cr vs loss of Rs 162 cr, Revenue at Rs 3428 cr vs Rs 3196 cr (YoY) (Neutral)
Welspun Corp: Net profit at Rs 250 cr vs Rs 165 cr, Revenue at Rs 3140 cr vs Rs 4070 cr (YoY) (Neutral)
KIMS: Net profit at Rs 86.60 cr vs Rs 80.80 cr, Revenue at Rs 690 cr vs Rs 606 cr (YoY) (Neutral)
Sula Vineyards: Net profit at Rs 14.60 cr vs Rs 13.70 cr, Revenue at Rs 130 cr vs Rs 117 cr (YoY) (Neutral)
Balaji Amines: Net profit at Rs 43.3 cr vs Rs 52.7 cr, Revenue at Rs 385 cr vs Rs 464 cr (YoY) (Neutral)
Apollo Tyre: Net profit at Rs 302 cr vs Rs 397 cr, Revenue at Rs 6334 cr vs Rs 6244 cr (YoY) (Neutral)
Jagsonpal: Net profit at Rs 5.3 cr vs Rs 7.5 cr, Revenue at Rs 61 cr vs Rs 60 cr (YoY) (Neutral)
Bannari: Net profit at Rs 6.4 cr vs Rs 13.6 cr, Revenue at Rs 400 cr vs Rs 431 cr (YoY) (Neutral)
Aadhar Housing: Net profit at Rs 200 cr vs Rs 150 cr, Revenue at Rs 710 cr vs Rs 590 cr (YoY) (Neutral)
Godfrey: Net profit at Rs 230 cr vs Rs 254 cr, Revenue at Rs 1440 cr vs Rs 1245 cr (YoY) (Neutral)
Radiant: Net profit at Rs 11.1 cr vs Rs 14.2 cr, Revenue at Rs 100 cr vs Rs 93.4cr (YoY) (Neutral)
Lemon Tree: Net profit at Rs 19.8 cr vs Rs 23.5 cr, Revenue at Rs 270 cr vs Rs 222 cr (YoY) (Neutral)
Balaji Amines: Net profit at Rs 43.0 cr vs Rs 53.0 cr, Revenue at Rs 385 cr vs Rs 464 cr (YoY) (Neutral)
NHPC: Net profit at Rs 1108.0 cr vs Rs 1095.0 cr, Revenue at Rs 2694 cr vs Rs 2757 cr (YoY) (Neutral)
Happy Forgings: Net profit at Rs 63.79 cr vs Rs 64 cr, Revenue at Rs 341 cr vs Rs 330 cr (YoY). (Neutral)
Mutthot Cap: Net profit at Rs 10.8 cr vs Rs 17.8 cr, Revenue at Rs 100 cr vs Rs 107 cr (YoY). (Neutral)
Bajaj Finserv: Bajaj Allianz General Insurance July premium down 36% at Rs. 2,416 cr. (Neutral)
Hindalco: Novelis Inc said its net sales for the first quarter increased 2% year-on-year to $4.2 billion (Neutral)
Gensol Engineering: Company board meeting on AUG 12 to consider Q1 results, Company to consider proposal of raising of funds (Neutral)
Karnataka Bank: Bank enables payment of Goods & Service Tax GST through UPI. (Neutral)
Marico: Company Says Operating conditions in Bangladesh market are gradually improving. (Neutral)
Adani Enterprise: Adani is planning to raise $1.2 bn for flagship firm via share sale: Report from Business Standard (Neutral)
Protean eGov: Standard Chartered Bank is likely to sell a 3.09% equity stake in IT-enabled solutions provider through block deals (Neutral)
Maruti: Company said it has issued a recall for 2,555 Alto K10 cars which, it said, are suspected to have a defect in the steering-gear box assembly. (Neutral)
GMM Pfaudler: Net profit at Rs 23.9 cr vs Rs 50 cr, Revenue at Rs 785 cr vs Rs 912 cr (YoY) (Negative)
Anjani Portland: Net loss at Rs 19.02 cr vs loss of Rs 13.64 cr, Revenue at Rs 116 cr vs Rs 156 cr (YoY) (Negative)
OM Infra: Net profit at Rs 13.1 cr vs Rs 16.0 cr, Revenue at Rs 160 cr vs Rs 263 cr (YoY) (Negative)
SKM Egg Products Export: Net profit at Rs 11.87 cr vs Rs 34.9 cr, Revenue at Rs 117 cr vs Rs 203 cr (YoY) (Negative)
Veranda Learning: Net loss at Rs 25.16 cr vs loss of Rs 19.30 cr, Revenue at Rs 119 cr vs Rs 68.90 cr (YoY) (Negative)
Transindia: Net profit at Rs 4.7 cr vs Rs 6.1 cr, Revenue at Rs 18.7 cr vs Rs 26.3 cr (YoY) (Negative)
Mazda: Net profit at Rs 2.9 cr vs Rs 7.7 cr, Revenue at Rs 36 cr vs Rs 51 cr (YoY) (Negative)
Tasty Bite Eatables: Net loss at Rs 3.7 cr vs profit of Rs 21.4 cr, Revenue at Rs 85.0 cr vs Rs 153 cr (YoY) (Negative)
GTL Infrastructure: Company gets Rs 894 crore GST show cause notice from GST authority for FY18 (Negative)
UPL: Moodys downgrades UPL to Ba2, places ratings under review for further downgrade (Negative)
Nomura on Tata Motors
Buy Call, Target Rs 1,303
Co Launched Its Curvv.Ev On August 7 2024
Believe Tata Curvv Breaks All Key Barriers For EV Adoption
Brings Price Parity Between EV & ICE
It Significantly Reduces Range Anxiety, Offers Real-World Range Of 350-400 Km
Jefferies on Tata Motors
Buy Call, Target Rs 1,330
Cos New Mid-Sized SUV Coupe Curvv Fills A Key Gap In Its Portfolio
Vehicle Appears Well-Styled & Feature-Rich
The EV Comes At An Attractive Price; ICE Launch Is On Sept 2
New Flexible ATLAS Platform Also Offers Potential To Launch More Ices Across 3.9-4.6 M Length
Tata Has Already Made A Big Comeback In Pvs In The Last Four Years
Believe Curvv Has Potential To Further Lift Its Market Share
MS on Tata Motors
Equal-Weight Call, Target Rs 1,178
Tata Launched Its New EV, Curvv, As EV Sales Have Slowed Down
Closely Tracking Success Of This Model
It Will Provide A Broader Read-Across On EV Demand In India
Will Provide Clarity On Whether EV Growth In F26 Will Be V-Shaped Or U-Shaped
HSBC on Cummins
Buy Call, Target Raised To Rs 4,200
Soft Revenue Growth More Than Offset By A Sharp Improvement In EBITDA Margin
Domestic Growth Outlook Continues To Be Strong; Exports Market Is Seeing Recovery
Raised Medium-Term Growth & Earnings Forecasts
Jefferies on Cummins
Underperform Call, Target Rs 2,190
Q1 EBITDA Was 7% Below Estimates With A 19% Revenue Miss
Powergen Segment Sales Declined 8% Yoy With The Impact Of The CPCB IV + Transition
CPCB II Engines Could Be Sold Only Till 30th June 2024, CPCB IV+ Engines, Which Need 30-50% Price Hikes To Maintain Margins, Should Become Material From Now
FY24-27E EPS CAGR Is Just 18%, As Factor In Margin Weakness Ahead
Nomura on Cummins
Neutral Call, Target Rs 3,740
Buoyant Outlook
Raise EBITDA Margin By 51 Bps/35 Bps/31 Bps For FY25/26/27
Domestic Demand Strong, With Exports Bottoming Out
Demand Agnostic To Price Increase Led By CPCB IV+
Stock Remains Expensive & Trades At 44x/37x FY26F/27F EPS
Jefferies on Godrej Cons
Buy Call, Target Rs 1,580
Missed Est Due To Margin Miss In India, Modest Perf In Deos
India Organic Volume Growth At 8% However Stands Out Across Peer-Set
Focus On Launches Continue & GCPL Has Now Forayed Into Rapidly Growing Pet Care
LV Launch Should Drive HI Sales In Coming Qtrs
Excessive Growth Focus Is Evident, Which We Like
MS on Godrej Cons
Equal-Weight Call, Target Rs 1,325
Q1 Revenue Was A Miss While EBITDA Margin Ahead Of Est
While India Business Volumes Were Strong, GAUM Business Performance Remains Weak
Entry Into Pet Care: GCPL To Invest Rs 500 Cr Primarily In Opex, Sales & Marketing Over Five Years
Jefferies on Hindalco
Buy Call, Target Rs 825
Novelis' Q1 EBITDA Rose 19% Yoy But Was 5% Below Est
Volumes Grew 8% Yoy But EBITDA/T Fell A Slight 3% Qoq To $525
Net Debt Rose 6% Qoq On Working Capital Outflow & Ongoing Capex Spend
Novelis Expects $30 M Impact On Adj EBITDA In Q2 Due To Flooding In Its Swiss Plant
It, However, Maintained Its Mid-Term EBITDA/Tonne Guidance Of $525
JPM on Hindalco
OW, TP cut to Rs 725
See some near term headwinds led by
a) softness in LME prices
b) flooding in Novelis’ Switzerland plant (EBITDA impact of $30mn in 2Q,
c) weakening scrap spreads led by rising prices of UBC
CLSA on Hindalco
O-P, TP Rs 770
Novelis’ 1Q operating in line with vol growth of 8% YoY & Ebitda/t of $525(+10% YoY)
North & South America fared better
Flooding led to a shutdown of its Sierre plant, which it expects to restart at end-2Q, leading to $30m impact on its adj Ebitda
Jefferies on Pidilite
Hold Call, Target Raised To Rs 3,310
Posted Double-Digit UVG Yet Again - For 3 Consecutive Quarters Now
Rural Growth Outpaced That In Urban
B2B UVG In Q1 (+18%) Outpaced That In B2C (+8%), Led By Exports
Gross Margin Rose To 53.8% (+480 Bps Yoy)
Raise FY25-27 EPS By +4% & Est FY24-27e EPS CAGR At +18%
Macquarie on Pidilite
U-P, TP Rs 2300
In-line 1Q PAT; bullish growth outlook
Like
1) Optimism on market demand & ability to deliver sales growth
2) strong vol growth across consumer bazaar & B2B segments
3) healthy gross margin
4) Reduction in WC intensity from 4Q levels
However, weak domestic consumer bazaar subsidiaries' performance & EBITDA margin (5% margin in 1Q vs 14.3% in 4Q), as well as moderation in international EBITDA margin from 4Q levels, were concerning.
Nomura on Uno Minda
Buy Call, Target Rs 1,190
Expanding TAM To Sustain Strong Growth
Q1 Ahead; Focus On Affordable Premiumization
Scale-Up In E4W Components Keep Growth Visibility High
Stock Trading At 42.3x FY26 EPS, Which Believe Is Attractive Given Strong 24% FY24-27 EPS CAGR
HSBC on Lupin
Hold Call, Target Raised To Rs 1,920
Better Mix (Mirabegron Launch In US, Traction In Existing US Pdts) Led EBITDA Margins Beat In Q1
Lower R&D-Led EBITDA Margin Beat In Q1
Good Line-Up Of Opportunities In FY25-26
Timely Approval And Execution Will Be Critical To Sustain US Sales Momentum
HSBC on Tata Chem
Reduce Call, Target Rs 800
Q1 Results Weaker Than Consensus
US And India Businesses Improve But Negative Surprises In UK And Africa
Muted Outlook As Capacity Additions Outpace Demand Growth
Upside Risks From Solar/EV And Any Capacity Disruptions
JPM on Apollo Tyres (1st cut)
OW, TP Rs 555
1Q sharp miss on margins; will watch for commentary on one-offs/lumpy items
Consol Rev at Rs63bn (+1.4% YoY, -4% vs JPMe) while EBITDA (Rs9.1bn, -14% YoY) 11% below JPMe
Expect consensus est. to be revised downwards
CITI On AB Fashion
Sell, TP Rs 260
Margin expansion led by lower markdown, cost control, & rationalization of channel/stores
With no sign of demand trend improving bundled with high operating & financial leverage, believe impact on ABFRL’s growth & profitability will be highest
GS on DR Lal
Sell, TP Rs 2450
1Q sales/ adj. EBITDA grew 11%/16% yoy, driven by a combination of higher testing per patient &change in product mix
EBITDA margins came in at 28.2%, (+122bps yoy), driven by improvement in gross margins (better mix) & operating leverage
DLPA’s core business (ex-Suburban) reported low teen yoy growth, primarily driven by realisation per patient (bundling of tests, product mix) as patient volume growth at mid-single digit remained meaningfully below pre-Covid levels
Nifty closed @24,297.50 (+304.95) and Sensex @79,468.01 (+874.94) on Wednesday GIFT Nifty was trading at 24184 (as of 7:30 a.m)
FIIs net sold equities in cash to the tune of Rs 3 315 cr whereas DIIs bought equities in cash worth Rs.3 801 cr on August 07 2024
Torrent, Zydus make cut for JB Pharma buyout
Samir Modi ousted from the board of Godfrey Phillips India
Tata Motors introduces Curvv.ev at Rs.17.49 lakh onwards
Gautam Adani has not set a date for retirement, says Adani Enterprises
Chemplast Sanmar Ltd reported Q 1 FY 25 consolidated net profit of Rs.24 crore against a net loss of Rs.64 crore in the year earlier period
Bata in talks with quick commerce companies to offer 10 minute delivery of footwear
NHPC Ltd reported a 1.2% YoY increase in net profit at Rs.1,108 5 cr for Q 1 FY 25
Apollo Tyres Ltd reported a 23.9% YoY decline in net profit at Rs.302 cr for Q 1 FY 25
Aditya Birla Fashion Retail Ltd reported a net loss of Rs.161.4 cr for Q 1 FY 25 compared to a net loss of Rs.141.4 cr in Q 1 FY 24
AIA Engineering board approves Rs.500 crore share buyback at a 12% premium
Jio Studio films garnered Rs 700 crore business at box office
Nitco sells 4 acre Mumbai plot to Runwal for Rs 232 cr
Indian ADRs: HDFC Bank (+1.9%), Dr Reddy’s (+1.2%) and Wipro (-1.4%)

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