Market Highlights

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June 15, 2023

• *Ramkrishna Forgings:* Company bags order worth 4.5 m euros from a European railway passenger coach manufacturer (Supportive for stock prices)
• June 14 (Reuters) - IPCA Laboratories Ltd IPCA.NS:
• IPCA LABORATORIES LTD - INSPECTION OF COMPANY'S APIS MANUFACTURING FACILITY SITUATED AT RATLAM BY US FDA
• IPCA LABORATORIES LTD - US FDA ISSUED A FORM 483 WITH 11 OBSERVATIONS
• *NUCLEUS SOFTWARE* WINS LARGE ORDER FORM MAHINDRA FINANCE (SUPPORTIVE FOR STOCK PRICES)
• *GRANULES:* CO RECEIVES ANDA APPROVAL FOR LEVETIRACETAM TABLETS || TABLETS HAS US SALES OF 247M USD (SUPPORTIVE FOR STOCK PRICES)
• Top holdings of the President of India's portfolio
• .
• KIOCL Ltd. 99.0%
• Punjab & Sind Bank 98.3%
• LIC 96.5%
• Indian Overseas Bank 96.4%
• UCO Bank 95.4%
• Scooter's India Ltd. 93.9%
• HMT Ltd. 93.7%
• Central Bank of India 93.1%
• Bank of Maharashtra 91.0%
• ITI Ltd. 90.1%
• *Instl. Investors EQUITY Cash Trades PROV. - 14/06/2023 : Rs. CRS. :*
• *FIIS : BUY +1,714 (10,413-8,699)*
• *DIIS : SELL -655 (6,243-6,898)*
• *SALES NOTE: MOFSL on HDFCB/HDFC Merger*
• Media articles indicate SEBI is unlikely to give a special exemption to MFs for breaching the maximum holdings norm post-merger
• Our back of the envelop calculations suggest about *_INR 50 bn of selling by Domestic MFs_*
• HDFCB 30day ADTV is US$ 330mn and HDFC Ltd it is US$ 130m => *_Combined ADTV can be U$ 450m-500m_*
• Total selling is US$ 620m which needs to be absorbed over 30 days => Both names fairly liquid to absorb this selling!
• HDFCB remains one of our preferred picks.
• Regards,
• Prabhat Anantharaman, CFA
• MOFSL
• *J.P. Morgan: Indian Hospitals – Ripe to absorb expansion; initiating coverage*
• The Indian hospitals sector has outperformed the BSE Healthcare Index and Nifty Index by 190% and 152%, respectively, in the past ~3 years, driven by structural demand, prudent cost management and capex discipline. After consolidating bed capacities over FY19-23, most players are looking to expand capacities aggressively, albeit strategically, to fuel the next leg of growth. We initiate coverage on India’s largest healthcare service providers with a positive outlook premised on compelling growth prospects for the industry. We forecast a 19% EBITDA CAGR over FY23-26E for our covered companies. Improved profitability, strong B/S and FCF generation should enable companies to fund expansion and also allow them to explore M&A opportunities. Initiate at OW on Apollo (PT Rs5,950/sh), and Fortis (PT Rs355/sh), Neutral on Max (PT Rs620/sh) and Medanta (PT Rs710/sh).