Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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June 22, 2023

• *ANTIQUE ON JSW ENERGY*
• Double Upgrade To Buy, Target Rs 316
• Co. on way to commission 10 GW by FY25 (half of its FY30 target)
• 10 GW commissioning by FY25 will yield 7500-8000cr in EBITDA
• Making rapid strides in energy storage-from battery, pumped hydro storage & green hydrogen
• JSW will touch 8000cr EBITDA by end of FY25E
• Mytrah's run-rate EBITDA is on its way to INR 1650cr
• Acquisition val look like a 6.4x EV/EBITDA, as against 7x EV/EBITDA for a greenfield project
• *Jefferies on Shriram Fin*
• Upgrade to buy, TP raised to Rs 2130
• Upgrade as stakes sale by PIEL& TPG removes a key equity supply overhang
• Favourable used-CV outlook & growth in SCUF's loan products by leveraging SHTF's wider distribution should drive a 15% loan CAGR in FY23-26E
• *MOSL on Tube Investment*
• Buy, TP Rs 3560
• Recovery in Eng. biz expected in FY24
• EV businesses moving from investment to commercialization phase
• Eng. biz to grow in double digits, with scope of margin expansion
• Metal Formed biz to grow 10%
• Cycle biz to recover in FY24
• *CLSA on IDFC First BK*
• Downgrade to U-P from Buy, TP raised to Rs 85 from Rs 80
• Has been 1 of best performers on a YTD basis
• While like bank’s compelling growth story, think val, at 1.8x 1-yr forward PB, do not fully reflect unfinished journey on ROE improvement
• *GS on Emami*
• Buy, TP Rs 500
• FY24 plays on twin tailwinds of improving rural demand & moderating input costs
• Believe EBITDA growth over FY23-25 likely to be significantly higher than past 6-7 yrs
• Weak summers will dampen pickup in 1Q, but non-summer portfolio see healthy growth
• *Nomura on Banks*
• At the cusp of a multi-year credit cycle
• expect banks to deliver 17% RoEs over FY24-25F, with 18% loan CAGR for private banks
• Top picks -ICICI Bank, Axis Bank & Indusind Bank
• Downgrade AU Bank to reduce, TP Rs 650
• *MS on IT*
• View risk to F24 consensus est. as greatest for Tech M, TCS, & MphasiS & relatively lower for HCLT, & LTIM Downgrade Cyient to EW – TP Rs 1500 following strong outperformance, have ltd comfort on vals
• Prefer large-caps over midcaps
• Preferred picks- INFY, HCLT & LTIM
• *CLSA on OCMs*
• Strong profits may continue
• Expect auto fuel price cuts only in 2HFY24
• Prefer BPCL & IOCL
• Sub-US$90/bbl crude is favourable for them even as a large share of discounted imports from Russia may remain an added tailwind