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March 19, 2025

Beat The Street Bulletin
Date: 19-Mar-2025
TG: [https://t.me/BeatTheStreet10]
Order Win
- UNITED DRILLING: UDTL Wins ₹13.7 Cr order from Oil India.
- GR INFRA: Secures NHAI project for Agra-Gwalior Greenfield Road (₹4,263 Cr).
- ORIENTAL RAIL: Wins ₹1.89 Cr order from Integral Coach Factory (ICF), Indian Railways.
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Acquisition
- SUPREME PETROCHEM: Acquires 100% equity shares of Xmotd Polymers Pvt. Ltd. for ₹39.76 Cr.
- JUNIPER HOTELS: Acquires Jenipro Hotels Private Limited to develop a 5-Star Hotel/Resort on Kaziranga land.
- NAZARA TECH: Acquires an additional 8.97% stake in Absolute Sports Pvt. Ltd., making it a wholly-owned subsidiary.
- ZEN TECH: Acquires a 45.33% stake in Bhairav Robotics Pvt. Ltd.
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Collaboration
- BPCL: Collaborates with BluJ Aerospace, ANERT, and CIAL to launch the world's first hydrogen-powered VTOL aviation ecosystem.
- IMFA: Collaborates with JSW Neo Energy, JSW Green Energy One, and JSW Green Energy Seven for renewable power supply.
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Leadership Changes
- WESTLIFE FOODWORLD: Mr. Akshay Jatia appointed CEO, replacing Mr. Amit Jatia.
- NAVA: Mr. P. Trivikrama Prasad’s tenure as Managing Director ends on March 18, 2025, continues as Non-Executive Director.
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New Projects
- AMIC FORGINGS: Board approves land purchase for ammunition plant & factory setup.
- VAIDYA SANE: Opens its first hospital in Gujarat (Madhavbaug).
- DR REDDYS: Alvotech & Dr Reddy’s FDA acceptance for AVT03 (biosimilar).
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Fundraising
- STANDARD CAPITAL: Launches Category III AIF with ₹50 Crore investment.
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Bought/Sold
- SCIPA INDIA PRIVATE LIMITED: Sold 4.4 lakh shares of Gensol Engineering.
- VIRTUE FINANCIAL SERVICES: Sold 7.8 lakh shares of Gensol Engineering.
- BRIDGE INDIA FUND: Bought 2.11 lakh shares of Gensol Engineering.
- WELLS FARGO EMERGING MARKETS EQUITY CIT: Sold 6.28 lakh shares of Axis Bank and Reliance Industries.
- SEI TRUST COMPANY: Bought 6.28 lakh shares of Axis Bank and Reliance Industries.
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Credit Ratings
- BLACK BOX: CRISIL Ratings upgrades company to BBB+/Stable.
- MUTHOOT FINANCE: S&P Global Ratings upgrades Muthoot Finance ratings to ‘BB+’ with ‘Stable’ outlook.
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IPO
- PHYSICSWALLAH: Files draft papers for ₹4,500 Cr IPO.
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Miscellaneous
- GRANULES INDIA: Dissolution of Granules Europe Limited subsidiary.
- BBTC: Board meeting on March 21 to consider dividend.
- AUTHUM INVESTMENT: Board meeting on March 21 to consider dividend.
- WELSPUN CORP: Board meeting on March 21 to consider proposal to delist from Calcutta Stock Exchange.
- HDFC BANK: Q4 result + dividend announcement on 19 April.
- Fitch Ratings: US-Canada trade war and additional sanctions on Russia & Iran to increase oil market volatility.
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USFDA Approval
- ZYDUS LIFESCIENCES: Receives USFDA approval to manufacture Apalutamide Tablets for prostate cancer.
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Other
- Expansion
- DMART: Opens new stores at Adoni, Kurnool & Haralur, Bengaluru.
- MUTHOOT FINANCE: Board approves expansion of BACL (Bajaj Auto Credit Ltd.).
- Legal Issues
- JK LAKSHMI CEMENT: Receives tax demand order of ₹45.59 Cr for AY 2022-23.
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Stay updated with Beat The Street
JPMorgan on Steel
Long-awaited safeguard duty finally announced – 12% for 200 days; positive for IndianSteel
Once implemented, this should increase the landed cost of imports by Rs5.5K/ton
But the effective increase in domestic HRC prices could be lower at Rs2K/ton
Expect complete flow through to EBITDA
See scope for consensus and our own estimates to be revised upwards for FY26
Steel stocks have been rallying of late, led by optimism around China steel output cuts, German infra fund announcement and safeguard duty imposition
Expect stock prices to react positively as it opens up ample room for imagination around profitability improvement & government’s strong intent to support the steel sector
Tatasteel and JSWSteel are preferred picks, but we also expect SAIL to see a sharp positive stock price reaction given the recent underperformance
RVNL, IRCON, RITES; India considers Japan's next-gen E10 bullet train for rail project - NIKKEI ASIA
JR East's new rolling stock set to run on Mumbai-Ahmedabad line in 2032
CLSA on flows
FIIs pull out another US$5.4bn from India; record selling by active funds
FIIs moved into financials from industrials and staples
Ex SIP discretionary inflows also fell to a 10-month low in February
Thematic, mid- and small-cap category funds see big MoM decline in inflows
CLSA on Metals
Multiple Catalysts
JSW Steel – TP raised to Rs 825
Tata Steel – TP Raised to Rs 145
Asuming 12% safeguard duty, impact on fair value is higher for JSW (+7%) & Tata (+10%), given their higher flat product exposure, but relatively muted for JSPL (+3%)
HSBC on MFIs
See sentiment turning +ve for MFI sector in 2025; however, impact of certain events still needs to be assessed
Val for CREDAG remains punchy at 1.8x FY26e BVPS Banks like UJJIVANS (TP Rs 43), EQUITASB (TP Rs 77) (Buy) are likely to give better returns
BERNSTEIN ON INDIA STRATEGY
India Is Not An Easy Market; Those Bullish At The Peak Are Bearish After The Fall
Structural Narratives & Storytelling Have Been Set Aside, Albeit Not Uncommon
Changes In Investor Sentiments Are Often Driven By Market Performance, Rather Than Other Way Around
Believe Fll Selling In Last Stages As They Have Moved To Neutral-Underweight Position
Reinvestment In Large Quantum Is Function Of Clarity On Trump Tariffs
Reinvestment In Large Quantum Is Function Of Stability Of Macro & Currency
Sentiment On India Is Weak Across Board, Sometimes That Is Good Enough Sign For Bottoming
Surprising Resilience Of Domestic Flows Despite Weak Returns Backdrop, Needs To Be Watched
Remain Selective Buyers Of Large-Caps With Positive Returns View On Nifty 50
Nifty Target Of 26,500 As Against A Cautious View In H2 Last Year
Remain On Sidelines On Small & Midcap, Given Seeming Lack Of Valuations Support
VODA IDEA : Vodafone Idea (Vi) launched 5G services in Mumbai.
Offers widespread coverage at competitive pricing.
Powered by strong spectrum holdings and next-gen infrastructure.
Partnered with Nokia for energy-efficient, high-performance equipment.
Uses AI-based SON for continuous network optimization.
Introductory offer: Unlimited 5G data on plans starting at ₹299.
Voda Idea ; Co. says Plans ₹50,000-55,000 Cr capex over 3 years for 4G expansion (90% coverage) and 5G rollout in key areas.
JEFFERIES ON REITS
Indian Office REITs Have Outperformed Property Sector & Broader Markets Substantially YTD
Improved Office Fundamentals & Rate Beneficiaries
See Improved Fundamentals & Return To 8-10% Dividend Per Unit Growth, After 2 Flattish Years
Valuations Are Still At Long-Term Average NAV Discounts
Potential Rise In Office Rents & Further Decline In Yields Could Drive Upside Surprises
Maintains 'Buy' Rating On Embassy REIT With Target Price Of ₹429
Maintains 'Buy' Rating On Mindspace REIT With Target Price Of ₹421
Macquarie on Lemon Tree
O-P, TP Rs 210
Additional upside could come from multiple expansion due to an increase in strategic value, potential M&A and update on Fleur IPO
VODAFONE IDEA: CO LAUNCHES 5G SERVICES IN MUMBAI WITH UNMATCHED VALUE
ADANI GREEN ; Petitions against Adani Green's Sri Lanka wind projects withdrawn after company cancels them amid government review of power prices - PTI
TATA POWER , WAAREE ENERGIES: India Solar cell and module imports dropped by 20% and 57%, respectively, in the first eight months of 2024-25 - Rubix
Rubix reported a sharp decline in imports from China, with solar cell imports falling from over 90% to 56% and module imports to 65% in 2023-24.
Rubix stated that TP Solar (Tata Power's solar unit), Reliance Industries, Waaree Energies, Vikram Solar, Gautam Solar, AdSolar, and Rene are all planning gigawatt-scale capacity expansions.

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