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June 23, 2023
- Deloitte resigns as Auditors of Byjus
- BDO appointed
- *India Daybook – Stocks in News*
- *Craftsman:* Axis Mutual Fund has bought additional 1.26 lakh shares in the auto ancillary company (Positive)
- *Infosys:* Company announced the launch of a free artificial intelligence certification on its Infosys Springboard Virtual Learning Platform to arm learners with future-ready skills. (Positive)
- *Hero Motocorp:* Company to launch Harley Davidson X440 (Positive)
- *Oil Downstream stocks:* Crude prices fell by 4.5 percent overnight on demand concerns (Positive)
- *Shyam Metalics:* ONGC starts 3.6MMSCMD Panna gas evacuation through a new pipeline. (Positive)
- *Larsen & Toubro:* Company partners with DRDO for AIP systems for Indian Navy submarines (Positive)
- *BPCL:* Board to consider fund raising via Rights Issue on June 28 (Positive)
- *Fortis:* Company to sell Chennai hospital facility to Kauvery Medical for Rs 152 crore (Positive)
- *LIC housing:* Tribhuwan Adhikari has been appointed as Chief Operating Officer of the company. (Positive)
- *Coforge:* Company acquires 20% stake in Coforge Business Process Solutions for Rs 336.9 cr. (Neutral)
- *PNB Housing Finance:* Board approves fund raising of up to Rs 5,000 cr. (Neutral)
- *Landmark Cars:* TPG Capital likely to sell 44 lk shrs (11% eq) in Landmark Cars via BlockDeal on June 23 (Neutral)
- *Vedanta:* Company selling Sterlite Copper Plant in Thoothukudi are wrong (Neutral)
- *Delhivery:* CA Swift Investments has exited the Gurugram-based logistics company by selling the entire 1.84 crore equity shares (Neutral)
- *Sansera Engineering:* Investors CVCIGP II Employee Ebene, and Client Ebene sold Rs 622.34 crore shares (Neutral)
- *HDFC:* The Corporation has sold its entire 9.65 percent stake in Ruralshores Business Services (Neutral)
- *Eros:* SEBI Prima Facie finds misrepresentation/diversion of funds by Eros International (Negative)
- *~J.P. Morgan*
- *Bajaj Auto – Not just a Nigeria story*
- BJAUT remains one of our preferred picks in Indian Autos due to: 1) the likely bottoming of 2W+3W exports (>45% of EBITDA), 2) domestic 2W recovery, 3) EV volume ramp up, and 4) improving margins due to better mix. Investors have recently been concerned about the currency devaluation and fuel subsidy removal in Nigeria (20-25% of exports). However, JPM’s EM Economics and Strategy team believes that while this may increase inflation in the near term, it would lead to medium-term benefits (we concur). Overall exports have started to improve sequentially and we would monitor these trends in the coming months. The domestic business is surprising positively, with market-share gains in 2Ws and continued resilience in 3Ws (+158% YTD) on a strong base of FY23 (+87% YoY). The launch of the Bajaj-Triumph premium motorcycles (27 June) is an important catalyst, as it will open a new addressable segment. We maintain OW with a revised Jun-24 price target of Rs5,400 (17% potential upside).
- Today's sharp weakness in the share price came after a news report by Bloomberg suggested that US authorities were looking into representations that Adani Group made to American investors following short seller Hindenburg Research's scathing report.
- The US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to investors with large holdings in Adani Group, focused on what the Indian ports-to-power giant told them, the report stated. The US Securities and Exchange Commission (SEC) also has a similar probe underway, it further mentioned.
