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July 12, 2024

India Daybook – Stocks in News
Azad Engineering: Company gets 5-year contract from Germany's Siemens Energy Global. (Positive)
Brigade Ent: Company Launches Cobalt at Brigade Ei Dorado, Project Has Revenue Potential Of Over 4b Rupees (Positive)
Jio Financial: Company gets RBI nod for conversion of company from NBFC to Core Investment Company (Positive)
Hindustan Zinc: Company gets renewable power from Serentica’s 180 MW solar project (Positive)
Bondada Engineering: Company wins ₹316 cr order from Reliance Projects & Property Management Services Limited (Positive)
LT Foods: Company made initial investment of £7m in new facility in UK, company expecting annual revenue of £50m over next 2 Years (Positive)
Ratnaveer: Company is focusing on developing new revenue streams for the pipes division from the defense sector, a move that promises exciting future prospects (Positive)
Allcargo: Company CFS volumes for the month of June 2024 was 55.9 ‘000 TEUs, an increase of 20% over June 2023 and 6% over May 2024. (Positive)
EPL: Company will acquire 49% shares of CMAPL from clean max, industry to which the entity being acquired belongs to captive power generation through renewable energy (Positive)
Oriental Rail Infra: Company’s arm Oriental Foundry gets order worth ₹432 cr for manufacture & supply of 1,200 BVCM-C Wagons from Indian Railways (Positive)
Infosys: Company gets contract from Delaware Department of Labor (Positive)
LTIMINDTREE: Company and Snowflake strengthen joint commitment to enable enterprises to accelerate AI adoption journey. (Positive)
Cyient: Company to set up new subsidiary for dedicated focus on its end-to-end turnkey ASIC semiconductor business (Positive)
TCS: AI deal pipeline has inched higher from $900 million last quarter to $1.5 billion, company stay committed to 26-28% aspirational margin level (Positive)
M&M: June total vehicle output at 69,045 units vs 64,092 units YoY (Positive)
Dabur: Company said it has added two lakh outlets in its sales network in FY24, which is the highest addition by any FMCG company in the country. (Positive)
Varun Beverages: PepsiCo clocks double-digit volume growth in Indian beverages market in Jun qtr (Positive)
Prakash Industries: Company gets final (stage-ii) approval for Bhaskarpara coal mine from the ministry of environment. (Positive)
Utkarsh SFB: Mirae Asset Mutual Fund gets RBI nod to acquire up to 9.95% stake in company (Positive)
TEGA IND: Company’s Subsidiary TEGA Industries Chile SpA has procured a land admeasuring 51,025.77 Square Meters in Region Concon, Chile for an amount of 2,332,531,065 CLP (-INR 21.42 Crores) which will be used for future expansion. (Positive)
Prakash Ind: Ministry of Environment has granted Final I Stage-II approva for Bhaskarpara Commercial Coal Mine in Chhattisgarh. (Positive)
Nazara Tech: Unit Nodwin Singapore acquires additional 43.5% stake in Freaks4UGaming for €23.45 million. (Positive)
Taneja: Company has received an order from Hyderabad based Company for modification and Installation of instrumentation on Helicopters. (Positive)
GTPL HATHWAY: Company Internet users are expected to reach 900 mn by 2025 (Neutral)
TCS: Net Profit at Rs 12040 cr vs Rs12430 cr (QoQ), Revenue at Rs 62610 cr vs Rs 61240 cr (QoQ) (Neutral)
GNA Axles: Net Profit at Rs 27.8 cr vs Rs. 33.2 cr (YoY), Revenue at Rs 400 cr vs Rs 374 cr (YoY). (Neutral)
Vodafone Idea: Company’s shareholders approve preferential issue of shares. Seeks waiver of Rs 24,700-cr bank guarantee from Department of Telecom (Neutral)
Rashtriya Chemicals: Company places purchase order worth Rs 514 crore. (Neutral)
AGI Infra: Company has received approval for listing of its equity shares on the main board of the NSE (Neutral)
IPCA LAB: Dr. Goutam Muhuri, President – R&D (Formulations) has superannuated from the services of the Company with effect from close of business hours on 11th July, 2024 (Neutral)
Adani Wilmar: Company to buy 67% stake in Omkar Chemical Industries at an enterprise value of Rs 56.25 crore. (Neutral)
Welspun Enterprises: Dipali Goenka resigns as non-independent director of Company. (Neutral)
Bombay Dyeing: Vinod Jain resigns as the Chief Financial Officer (CFO) & Chief Risk Officer (CRO) of the company w.e.f July 11 (Neutral)
Adtiya Birla Fashion: Company purchases an additional 17.5% equity stake in Goodview Fashion. (Neutral)
Samvardhana Motherson: Company’s unit raises Rs 2,922 crore through senior notes. (Neutral)
Pitti Engineering: Company raises Rs 360 crore via QIP. (Neutral)
Zee Entertainment: Board to meet to consider and approve raising funds on July 16. (Neutral)
NCL Industries: Company’s cement production down 11% (YoY) in June-QTR, company cement dispatches down 11% (YoY) in June-QTR (Negative)
GTPL: Net profit down 73.3% at ₹14.2 cr vs ₹36 cr, Revenue up 8.9% at ₹843.3 cr vs ₹774.4 cr (YoY) (Negative)
Fund Houses Recommendations
Jefferies on TCS: Upgrade to Buy on Company, raise target price at Rs 4615/Sh from Rs 4030/Sh (Positive)
UBS on TCS: Maintain Buy on Company, target price at Rs 4600/Sh (Positive)
Nuvama on TCS: Maintain Buy on Company, raise target price at Rs 4800/Sh (Positive)
JP Morgan on TCS: Maintain Overweight on Company, raise target price at Rs 4600/Sh (Positive)
MS on Prestige: Maintain Overweight on Company, target price at Rs 1770/Sh (Positive)
UBS on Federal Bank: Upgrade to Buy on Bank, raise target price at Rs 250/Sh (Positive)
UBS on Zomato: Maintain Buy on Company, raise target price at Rs 260/Sh (Positive)
Investec on Bharti Hexa: Initiate Buy on Company, target price at Rs 1240/Sh (Positive)
Investec on Bharti Airtel: Maintain Hold on Company, raise target price at Rs 1560/Sh (Positive)
Nomura on Indian Budget: Expect a cut to the FY25 fiscal deficit target (Positive)
Jefferies on Pharma Sector: Key Takeaways from IQVIA US data for May & June-24. Sun Pharma, Biocon and Zydus shows strong performance (Positive)
Citi on TCS: Maintain Sell on Company, target price at Rs 3645/Sh (Positive)
Nomura on TCS: Maintain Neutral on Company, raise target price at Rs 3860/Sh (Neutral)
CLSA on TCS: Maintain Buy on Company, raise target price at Rs 4007/Sh (Neutral)
UBS on ABB: Downgrade to Neutral on Company, raise target price at Rs 9100/Sh (Neutral)
Axis on Vedant Fashion: Downgrade to Add on Company, cut target price at Rs 1150/Sh (Negative)
Nifty closed @24,315.95 (-8.50) and Sensex @79,897.34 (-27.43) on Thursday GIFT Nifty was trading at 24 458 (as of 7:40 a.m)
FIIs net sold equities in cash to the tune of Rs 1,137 cr whereas DIIs bought equities in cash worth Rs 1,676 cr on July 11 2024
TCS Q1FY25 consolidated PAT rises 9 YoY to Rs.12,040 cr
ATC India pushes Vodafone Idea to convert remaining OCDs worth Rs 1,600 crore into equity shares at conversion price of Rs 10 per share
Adani Wilmar to buy 67% stake in Omkar Chemicals, aims to expand footprint
Aditya Birla Fashion acquires 51% stake in Tarun Tahiliani brand Goodview Fashion
Anand Rathi Wealth Q1FY25 consolidated PAT, revenue jump 38% YoY AUM surges 59% to Rs.69,018 cr
Prestige Estates Q1FY25 sale bookings fall 23% YoY to Rs 3029 cr
RIL may list Jio in 2025 at likely valuation of Rs 9 lac cr Jeffries
Amtek promoter held in Rs 25000 cr loan fraud case
Vodafone Idea Shareholders Approve Raising Rs 2458 Crore Via Preferential Issue Co seeks Rs.24 700 cr bank guarantee waiver
Zydus barred from selling cancer biosimilar, for now
NARCL offers Rs 360 crore to acquire Delhi based Agson Global's bad debt
MGM Healthcare promoter acquires Vizag's SevenHills Hospital via insolvency process
Dabur adds 2 lakh outlets to its network in FY 24 highest by any FMCG player
Hindustan Zinc inks deal to acquire 180 MW renewable energy from Serentica
Indian ADRs: Infosys (+2.7%), Wipro (+1.6%) and Dr Reddy's (-0.7%)
Jefferies on TCS
Upgrade To Buy, Target Rs 4,615
Q1 Results Beat Estimates
See Return To Growth Of Its Key Verticals/Markets
Net Hiring At A Seven-quarter High As Emerging Signs Of Revival
Raise Revenue Estimates But Tweak EPS Slightly
Expect 7%/10% CAGR In CC Revenues/EPS Over FY24-27
Co Offers Value Relative To Nifty As Its Current PE Prem Of 29% Is 1-std Below Its 5-Yr Avg
Citi on TCS
Sell Call, Target Rs 3,645
Q1 Revenue Came In Higher Than Expectations, Driven By India/Regional Markets
Growth Ex-India Was +1.1% QoQ/+1% YoY In USD Terms
EBIT Margins Came In-line At 24.7%
Forward Looking Indicators Include TTM TCV +13% YoY
Forward Looking Indicators Include Headcount -1.4% YoY
Mgmt Commentary – Too Early To Call If Growth Is Sustainable
Mgmt Says Market Conditions Unchanged Since Start Of The Quarter
Nomura on TCS
Neutral Call, Target Raised To Rs3,860/Sh From Rs 3,800
Raise FY25-26 EPS By 1.2-1.5%
Stock Trades At 25.4x FY26 EPS
Infosys & Wipro Are Top Picks In The Large Cap Indian IT Services Space
Nuvama on TCS
Buy Call, Target Rs4,800/Sh From Earlier Target Of Rs4,560/Sh
Q1 Results Show Solid Start To The Turnaround Year
Maintain That The Earnings Downgrade Cycle For The Sector Is Behind
Expect Strong Deal Wins Of Last Few Quarters Shall Gradually Convert Into Rev In Coming Quarters
See TCS As A Perfect Large Cap Proxy To Play This Upcycle
UBS on Federal Bank
Upgrade to buy, TP Raised to Rs 250
Expect ROA accretion-based re-rating aided by near-term catalyst
Change in mix towards high yield loans to drive NIM expansion
Re-rating catalysts: Clarity on new CEO & visibility on future strategy
Trading @1.1x FY26E P/BV
UBS on ABB
Downgrade to Neutral, TP Raised to Rs 9100
Ltd room for val re-rating at 75x 2026E ESS
Rarnings to remain supportive
Expect continuation of strong structural & cyclical drivers in conventional & emerging segments

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