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February 28, 2024

*Jefferies on Bharti Airtel*
Buy, TP Rs 1300
Analysis of TRAI data suggests that Bharti Hexacom is favorably placed as:
(1) its markets have historically grown 3-5 ppts faster vs. Rest of India (ROI) & their lower teledensity offers longer growth runway;
(2) it may see higher market gains given Bharti's superior execution and VIL's weak positioning;
(3) translation of tariff hikes into ARPU has been better here (17% ARPU Cagr vs 12% Cagr in ROI)
*CLSA on Voda Idea*
Sell, TP Rs 5
Board approves $2.4bn equity raise
Co has been in talks with potential investors, but fund raising is still pending
Expect financial crunch in FY26CL when annual spectrum & AGR payments will be due
Over 12M, VI has lost 120bps rev market share
*Nomura on Voda Idea*
Reduce, TP Rs 6.5
A change of fortunes is now on cards
VIL puts in place plans to raise up to Rs 450bn
Repair, recovery & rolling out 5G key monitorables after VIL secures funding
If VIL is able to bring in external investors, it would be a significant +ve
*MS on Telecom*
VIL's BoD approved a potential fund-raise of $5.5bn, including equity/equity-linked instruments of $2.4bn.
If it closes, see current market structure continuing near term, & increasing conviction on industry being in repair phase with potential increase in tariffs
*CLSA on Vedanta*
Upgrade to U-P from Sell, TP raised to Rs 260 from Rs 230
Analyst day takeaways
Indicated an Ebitda target of $6bn/US$7.5bn by FY25/27 (FY24: US$5bn) through capacity expansion, backward integration & value additions (largely in aluminium, base metals & power)
With deleveraging, its capital allocation & corporate structure have been a focal point over past few years, & thus improvement in operational parameters will be key to a rerating
*Jefferies on AAvas Fin*
Buy, TP Rs 1900
Management meet takeaways
Mgmt indicated that multiple initiatives and completion of tech rollout should lift growth & productivity metrics.
Mgmt expects CoF to inch up in 4Q. It has hiked lending rates by 25bps w.e.f March to cushion NIMs
Focus is also on lifting mix of core lower ATS housing loans to boost yields.
Mgmt expects opex intensity to ease over next few years and lift returns.
*Jefferies on Max Fin*
Buy, TP Rs 1200
Max Life (81% owned by Max FS) is well-placed to deliver 17% Cagr in premium over FY24-26 as it leverages on ramp-up of agency & closer integration with Axis Bk.
Dy MD of Axis Bank now is Chairman at Max Life & 3 board members are from Axis
Clarity on norms on surrender charges are key & balanced view from regulator will likely abate concerns
See healthy VNB Cagr of 18% between FY24-26 & vals. at 1.6x FY25 P/EV are at discount to peers
*India Daybook – Stocks in News*
*GE T&D:* Company bags orders worth Rs 370 cr from Power Grid. (Positive)
*Indostar:* Brookfield, Florintree to invest ₹4,566 cr in Indostar Capital: (Positive)
*Texmaco Rail:* Board approves fund Raising of Rs 150 cr through issue of 83.4 lakh warrants to promoter and non promoter on preferential basis (Positive)
*Tanla Platforms:* Announce the launch of its new product Wisely ATP Spotlight (Positive)
*Indus Towers/VI:* Vodafone Board approves Equity fund raising of upto Rs 20,000 Crores (Positive)
*SJVN:* Company has commissioned 100 MW Raghanesda Solar Power Project located in district Banaskantha, Gujarat. (Positive)
*HCL Tech:* Company sees surge in private 5G adoption across manufacturing and Greenfield sectors (Positive)
*Salasar Techno:* Company gets order worth ₹200 cr from ZETWERK Business for supply of 25,000 mt of solar structures (Positive)
*ICICI Lombard:* ICICI Bank buys 1.65% equity (approx. 81 lk shares) in ICICI Lombard General Insurance for ₹1,356 cr (Positive)
*Godrej Ind:* Godrej Appliances anticipates its premium segment to increase sales turnover by as much as 20% in fiscal 2025. (Positive)
*Torrent Power:* Company has emerged as a successful bidder and received a Letter of Intent from PFC Consulting for the establishment of an inter-state transmission scheme in Solapur (Positive)
*JSW Energy:* Company has secured a Letter of Award from SJVN Ltd for a solar capacity project of 700 MW (Positive)
*Tata Elxsi:* Company and Telefónica have implemented a cloud-native infrastructure management system powered by ETSI Open-Source MANO (Positive)
*ONGC:* Proposal for formation of “ONGC Green Limited” as wholly owned subsidiary of the Company. (Positive)
*TIPS Ind:* Board to meet to consider Buy Back of Shares (Positive)
*NSE Indices:* Meeting of the Index Maintenance Sub-Committee to conduct periodic review of stocks (Neutral)
*Exide Ind:* Invested Rs 24.99 Crores by way of subscription in the equity share capital of its wholly owned subsidiary, "Exide Energy Solutions Limited (Neutral)
*Hind Zinc:* Incorporates “Hindmetal Exploration Services Private Limited with an objective to explore, discover, develop and tap mineral resources. (Neutral)
*Titan:* Company purchased remaining 0.36% stake in Caratlane (Neutral)
*Axis Bank:* RBI approves appointment of Munish Sharda as Executive Director of the bank for 3 year. (Neutral)
*Gland Pharma:* Appoints Alain Kirchmeyer as President of arm Phixen S.A.S. (Cenexi) (Neutral)
*ZEEL:* Company board renamed the independent advisory panel as the independent investigation committee. (Neutral)
*Finolex Cables:* Company said to delist its global depository receipts (Neutral)
*KSB Limited:* Board meeting to consider quarterly results (Neutral)
*Venus Pipes:* Board to meet to Fund Raising Via Equity or Debt (Neutral)
*Swan Energy:* Board to meet to consider and determine the Issue Price for QIP (Neutral)
*PSB:* Board to meet to consider Fund Raising Aggregating Rs 2000 Crores Via Share Issue. (Neutral)
*Capital SFB:* Net Profit up 2.1% at ₹28.9 cr vs ₹28.3 cr YoY. Gross NPA at 2.97% vs 2.73% (Negative)
*Patanjali:* The Supreme Court served a contempt notice to Patanjali Ayurved for issuing misleading advertisements about health cures (Negative)

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