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April 25, 2024

News Headlines from Business News Agencies :
Business Standard :
RBI tells Kotak Mahindra Bank told to stop issuing new credit cards
LTIMindtree Q4 results: Profit dips 1.2% to Rs 1,100 cr, revenue up 2.3%
Bayer partners govt's CSC, Gram Unnati for last-mile agri inputs delivery
Rapido to offer free rides to differently-abled voters in Karnataka
FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank
JP Morgan CEO Dimon commends Modi govt for Aadhaar, poverty alleviation
GST, China imports emerge as major poll issues among lock industry traders
Nippon Life AMC Q4 results: Profit after tax jumps 73% to Rs 343 crore
Centre considering widening housing subsidy scope for urban poor under PMAY
SKA Group to invest Rs 600 cr to build premium housing project in Gr Noida
REITs, InvITs mobilise Rs 1.3 trillion in past four years: RBI data
EU raids Chinese security equipment firm over foreign subsidies concerns
Economic Times :
HUL Q4 Results: Net profit drops 6% YoY to Rs 2,406 crore
Tata Passenger Electric Mobility to supply 2,000 XPRES-T units to Vertelo
Realty developer Eldeco raises Rs 350 crore from HDFC Capital
Axis Bank board approves Rs 55,000 crore fundraise via mix of debt and equity
Indian Railways targets raking in Rs 5,400 crore from scrap sale
JioCinema set to disrupt SVOD market with Rs 30 per month subscription pack
IHG Hotels & Resorts to double presence in India with 100 operating hotels in five years
ADIF and IIT Guwahati incubation center sign MoU to boost startup ecosystem
India's pharma exports rise 10% to USD 27.9 bn in FY24
Tata Sons preparing for Tata Capital IPO with potential lookout for bankers: Report
Network-as-a-service provider CloudExtel raises Rs 200 crore debt
Boeing Q1 Results: Revenue declines 8%, first in 7 qtrs as deliveries decline
Mint :
Axis Bank Q4 Results: Net profit at ₹7,130 crore, NII rises 11.5% YoY
Tata Consumer Products expects tea volumes to grow in the mid-term
HUL Q4 results: Net profit at ₹2,406 crore, announces dividend of ₹24 per share
India-South Korea CEPA review talks likely in May or June
Bombay High Court dismisses Zee promoters’ petition against loan default order
AU Small Finance Bank Q4 results: Net profit at ₹370.7 crore
RVNL JV win project worth ₹439 cr from Southern Railway
Chennai Petro Q4 results: Net profit up 71.9% at ₹628 crore
GPT Infra bags order worth ₹487 cr from Central Railway, Mumbai
Govt's career service portal to compete with job websites
Trai to restart consultations on allocation of satcom airwaves
India Daybook – Stocks in News
ASK Auto motive: Company in joint venture pact with Japan-based Aisin Group for selling auto components for cars. (Positive)
Tejas Networks: Company expects substantial benefits from PLI scheme over the next four years (Positive)
Sterlite Technologies: US-manufactured fiber optic cable products are compliant with Build America, Buy America (BABA) provisions of Infrastructure Investment& Jobs Act. (Positive)
Axis Bank Q4: Net profit at ₹7130 cr vs poll of ₹6215 cr, NII at ₹13089 cr vs poll of ₹12809 cr (Positive)
Dalmia Bharat: Net profit at ₹320 cr vs poll of ₹272 cr, Revenue at ₹4,307 cr vs poll of ₹4,125 cr. (Positive)
PVR Inox: Company launches advertising-free movie cinemas in select luxury properties. (Positive)
RVNL: Company declared lowest bidder for a southern railway project worth ₹239 Cr. (Positive)
RITES: Company signs MoU with DVC for Project Management Consultancy for rail infra works. (Positive)
Suprajit Engineering: Inauguration of new plant of Shanghai Lone Star Cable Co. Ltd. (Positive)
NALCO: KABIL signs MoU with CSIR-NGRI for geophysical investigations in critical & strategic minerals sector. (Positive)
Hindustan Unilever: Net profit at ₹2,406 cr vs poll of ₹2,438 cr, Net Revenues at ₹14,857 cr vs poll of ₹14,989 cr (Neutral)
Syngene: Net Profit up 5.5% at ₹188.6 cr vs ₹178.7 cr, Revenue down 7.8% At ₹916.9 Cr Vs ₹994.4 Cr (YoY) (Neutral)
Indian Hotels Q4: Net profit at ₹418 cr vs poll of ₹405 cr, Revenue at ₹1905 cr vs poll of ₹1869 cr (Neutral)
Mas Financials: Net profit up 23.3% at ₹69.4 cr vs ₹56.3 cr, Revenue up 24.2% at 345.8 cr vs ₹278.5 cr (YoY) (Neutral)
Macrotech Developers Q4: Net profit at ₹666 cr versus ₹744 cr, revenue at ₹4,019 cr versus ₹3,255 cr YoY (Neutral)
Indian Bank: FSIB recommends Asheesh Pandey for the position of MD & CEO in Indian Bank. (Neutral)
State Bank: Financial Services Institutions Bureau (FSIB) recommends Rana Ashutosh Kumar Singh for the position of MD in State Bank of India. (Neutral)
Delta Corp: Company incorporates joint venture Delta Penland Private as a wholly owned subsidiary. (Neutral)
Jubilant Pharma: U.S. FDA inspection at Radiopharmaceuticals manufacturing facility of Canada-based unit end with 5 observations. (Neutral)
Reliance Industries: Company acquires 100% stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV. (Neutral)
ITC: Company’s shareholders to meet on June 6 for hotels scheme of arrangement (Neutral)
AU Small Finance Bank: Net profit at ₹370.7 cr vs poll of ₹354.6 cr, Gross NPA at ₹1,237.4 cr vs ₹1,339.7 cr (QoQ) (Neutral)
LTIM Q4: Net profit at ₹1100 cr vs poll of ₹1130 cr, ₹ Revenue at ₹8,893 cr vs poll of ₹8,950 cr. (Neutral)
Kotak Mahindra Bank: Company barred by RBI from issuing new credit cards. (Negative)
Vedanta: company order of temporary suspension of mining operations in respect of The A. NARRAIN iron ore mine (Negative)
Oracle Financial Q4: PAT down 24% QoQ, revenue declines 10% (Negative)
CITI on Kotak Mahindra BK
Neutral, TP Rs 2040
RBI Halts All Online Onboarding of New Customers & Credit Card Issuances
In 3Q, 95% of new PL, 99% of new CC, & 79% of new BL disbursed digitally
Also, 90% of new investment & 76% of FD/RD a/cs opened digitally
Credit cards portfolio constituted 3.7% of advances (up 52% YoY/10% QoQ)
This incident would adversely impact growth, NIM & fee income.
Pace of branch expansion (89 in 9M and 80 in FY23) also needs to accelerate.
CLSA on Kotak Mahindra Bk
O-P, TP Rs 2100
RBI ban
Profit impact likely to be modest unless ban stays for long
Bk’s digital platform ‘811’ has a large customer base; however, these are low-value customers.
Their contribution to total savings deposits is only 8%
Credit cards is a fast-growing segment, but contributes only 4% to the total loan book of the bank.
Given it is a higher- ROA business, profit contribution would be in high-single digits
Jefferies on Kotak Mahindra BK
Hold, TP cut to Rs 1970
RBI pointed to material gaps in Bank’s digital & security platforms
Been asked to stop
1)onboarding new customers on online/mobile channels
2)issuing new credit cards
If resolution takes >6mths, it could affect rev & costs
Axis BK Review
MS
OW, TP Rs 1450
PBT ex capital gains 4% above MSe helped by beat on NII/ fees
Avg deposit growth 5% QoQ – a +ve amid tight liquidity situations
RoA remains strong; CET 1 ratio improved QoQ by 4bp to 13.7%
Deposit growth acceleration next key re-rating catalyst
Jefferies
Buy, TP Rs 1380
4Q surprised +vely with 13% beat on profit est (+8% YoY) aided by better NIMs, higher fees & stable credit costs.
Even as loan growth stays softer in FY25, to improve LDR, margins can offset some impact
Vals @1.7x FY25 Adj PB attractive
CLSA
Buy, TP Rs 1310
LDR down 250bps, NIM improved sequentially
Deposit growth healthy 6% QoQ, with CASA ratio modestly improving.
Margins improved 5bps QoQ, contrary to fears of a decline
AU Small BK Review
MS
OW, TP Rs 850
F4 PBT 14% above MSe.
Mainly led by lower provisions (0.7% vs. MSe of 0.9%).
Core PPoP grew 15% YoY & 6% above MSe – NII was in line, fee income beat was partly offset by higher opex.
Avg. LCR stood at 117% vs. 123% last qtr.
Nomura
Neutral, TP Rs 625
4Q24: NIMs decline sharply; higher fee income aids PPOP
Build in RoE of 13-14% over FY25-26F
Higher fee income offset sharp fall in NIMs
Strong loan and deposit growth; slippages moderate
LTIMindtree Review
GS
Buy, TP Rs 5770
Rev miss(-1.3% qoq in 4Q vs GSe at-0.5%)
Commentary suggests continued weakness in discretionary enterprise spend & no meaningful change in overall demand environment
LTIM expects growth to return from next qtr.
MS
EW, TP cut to Rs 4600
Expectation of growth returning from 1Q & continued strong net income conversion to FCF are +ves.
Stock has underperformed YTD, but material uptick in growth in F25 vs F24 requires superior execution
Nomura
Reduce, TP Rs 4170
4Q misses est., margin guidance pushed out
No meaningful recovery in sight
Sequential growth from 1QFY25E; however, growth acceleration unlikely in FY25F
Margin disappoints again
Lower FY24-26F EPS by 4-8%
HSBC
Hold, TP cut to Rs 5380
LTIM reported another weak quarter as both revenues & margins missed expectations in 4Q FY24
Management was slightly more positive on FY25 growth, though stayed negative on margin outlook
MS on Indian Hotels
OW. TP Rs 529
F4Q24 EBITDA missed MSe
Core business remains on track, but weakerthan-expected numbers in international subsidiaries drove miss.
Continued demand & muted supply growth in core markets, multibrand portfolio, & strong FCF keep us OW
HSBC on HUL
Hold Call, Target Rs 2,300
Q4 Volume/Underlying Sales Growth Of 2%/1% A Tad Below Expectations
Modest EBITDA Margin Decline On High A&P
Amid Poor Demand & Rise In Local Competition, Co Delivered Modest FY24 Volume Growth
Amid Poor Demand & Rise In Local Competition, Co Delivered Earnings Growth Of 1%
Outlook Appears Uncertain And Growth Lacklustre
HSBC on Nippon AMC
Buy Call, Target Rs 665
Q4 Market Share Gains In New Inflows & Equity AUM
Lower Than Expected Income Yield Compression Were Positives
Increase FY25/26 EPS Estimates By 5.4%/1.6% To Factor In AUM Mix Change Yield Profile
Revenue Pressure Could Be Partly Offset By Efficiency Gains
Nomura on Zydus Life
Buy Call, Target Rs 988
US FDA Issued 10 Observations For Jarod Injectable Site
Details Of Observations Are Not Yet Known, But There are Concerns Among Concerns
Concerns Are There Given Relatively Large Number Of Observations
Concerns Are There Given Relatively High Risk Of Compliance Failures For Injectable Sites
Jarod Is One Of Co’s Three Injectable Manufacturing Facilities That Caters To US Market
Jarod Also Contributes 3% Of US Revenue
Jarod Manufactures Non-pncology Injectable

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