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November 11, 2024

• BEAT THE STREET BULLETIN
• Date: 09-Nov-2024
• t.me/beatthestreet10
• ACQUISITION
• MAWANA SUGAR: Board reviewed Usha International's offer to buy 1,32,77,050 equity shares of Mawana Foods Pvt. Ltd. for Rs. 2.42 crore and sell the "Mawana" trademark for Rs. 5.75 crore, based on a valuation by Corporate Professionals Capital Pvt. Ltd. An independent valuation will be sought; if it's lower, a counteroffer will be made, and if higher, UIL’s offer may be accepted.
• ORDER WIN
• SOLAR INDUSTRIES: WINS RS 580 CR ORDER
• Solar Industries India Limited has received export orders worth INR 580 Crores for the supply of defence products, to be delivered over a period of 5 years from an international client.
• GR INFRA: WINS RS 867 CR ORDER
• Company has emerged as L1 bidder in BSNL’s Bharat Net Phase-3 (Middle Mile) Project: Package-16 for design, supply, construction, installation, upgradation, and O&M of the middle mile network of BharatNet.
• ITI: Emerges as the lowest bidder for 3 packages of BharatNet Phase-3 Project, with a total value of Rs. 4,559 Cr.
• CORPORATE UPDATE
• MIC ELECTRONICS: Wholly owned subsidiary of the company, MICK Digital India Limited (WOS), has been incorporated on November 08, 2024. The new entity will engage in smart meters, digital meters, roof-mounted AC units (RMPU), integrated power supply (IPS) systems, mini computers, microprocessor-based systems, and computer peripherals.
• FUND RAISING
• TINNA RUBBER: Board approved fundraising of up to Rs. 150 Cr.
• HEALTHCARE GLOBAL Q2:
• STRATEGIC DEVELOPMENT
• SASKEN TECH: Sasken to acquire Borqs Technologies Inc’s business for a total consideration of up to USD 40 million (~Rs. 338 Cr), including earn-outs and other payouts. The acquisition aims to expand capabilities in connected devices, including mobile phones, smartwatches, and IoT products. The transaction is expected to be completed by the end of 2024.
• KIMS: KIMS enters into an Operations and Management Agreement with Insignia Healthcare Private Limited ("KIMS-SIKHARA") for a 150-bed super specialty hospital at Guntur, Andhra Pradesh, with a 15-year initial term and a 10-year extension. KIMS will receive a 5% fee of total net revenue from medical services.
• INFRASTRUCTURE AND ENERGY
• RMC SWITCHGEARS: RMC Switchgears Ltd signs an MoU with the Government of Rajasthan for a 1,000 MW Ultra Mega Solar Park Project in Jaipur, marking a key step in its renewable energy expansion. The project is set to be completed in 2-3 years and is aligned with RMC’s goal of becoming a 35,000 crore enterprise by Vision 2030.
• PLANT COMMENCEMENT
• BALAJI AMINES: Company announces the successful commencement of commercial production of Methylamines at Unit-IV, Chincholi MIDC, Solapur, with a capacity of 40,000 TPA under Phase-2 expansion.
• OTHER UPDATES
• BIOCON: US FDA has classified Biocon Biologics’ facilities at Biocon Park, Bengaluru, as Voluntary Action Indicated (VAI), following a combined cGMP inspection and Pre-Licensing Inspection (PLI) conducted in July 2024.
• BRAINBEES SOLUTIONS: Company informs that a search/inspection by the Assistant Commissioner of State Tax, Mumbai, was completed on 10th November 2024. The company fully cooperated, and operations continue as usual.
• PFC: Chairman Parminder Chopra announces PFC’s decision not to sanction Shapoorji Pallonji's Rs. 20,000 crore loan due to board concerns and new sector risks.
• ADANI PORT: Adani-JKH Terminal at Sri Lanka's Colombo Port is expected to be operational from Q1 CY25. The terminal will add 1.5 million TEUs to the capacity of Colombo Port.
• JPM ON ASIAN PAINTS
• (CMP:2,769)
• DOWNGRADE
• UNDERWEIGHT
• TARGET: 2,400
• Operating Performance Significantly Weaker Than Expectations
• Lagging Peers With Differential Expanding Further In Q2
• Lower FY25-27 EPS Estimates By 10- 12%
• MORGAN STANLEY ON LIFE INSURANCE
• • Oct-24 Update: HDFC Life, ICICI Pru Life reported relatively stronger numbers
• • Private sector individual APE at 12% YoY was on a base of 20% YoY (in Oct-23)
• • ICICI Pru Life and HDFC Life were relatively strong at 22% and 21% respectively
• Growth at SBI Life was subdued as expected and guided at 10%, on a relatively strong base of 16%
• BERNSTEIN ON PFC
• • Maintain Outperform with target price of Rs 620
• • Q2FY25-Sticking to core, making the right moves
• • Loan book- Disbursement picks up
• • Asset quality continues to improve
• NIMs and returns improve
• MORGAN STANLEY ON LIFE INSURANCE
• • Oct-24 Update: HDFC Life, ICICI Pru Life reported relatively stronger numbers
• • Private sector individual APE at 12% YoY was on a base of 20% YoY (in Oct-23)
• • ICICI Pru Life and HDFC Life were relatively strong at 22% and 21% respectively
• • Growth at SBI Life was subdued as expected and guided at 10%, on a relatively strong base of 16%
• CLSA ON SBI
• • Maintain Outperform with target price of Rs 1075
• • Loan growth remains healthy but deposit growth lagging (on a YoY basis)
• • Marginal decline in NIM but asset quality remains intact
• • Forecast 15%-16% ROE over the medium term
• BOFA ON OLA ELECTRIC
• • Maintain Buy; Cut target price to Rs 120 from Rs 145
• • Gross margin delivery has been steady
• • Addressing the reach & service hiccups in earnest
• • EV adoption accelerating; more launches on the anvil
• CLSA ON PFC
• • Maintain Outperform with target price of Rs 610 01000
• • Disbursals pick up after slow Q1; loan growth subdued due to high repayments
• • Lanco write-back supported strong net profit
• • Sanctions towards thermal capex picks up; not going ahead with Shapoorji loan
• CLSA ON ASHOK LEYLAND
• • Maintain Underperform with target price of Rs 188
• • Improvement in gross margin drives the beat
• • Believe we are in the midst of a CV downcycle
• • Believe it would be tough for the industry to control discounting for long
• • Pricing discipline sustenance amid low growth the key
• CLSA ON VEDANTA
• • Maintain Outperform; Cut target price to Rs 520 from Rs 545
• • Q2 operationally in line
• • Project execution key to watch
• • Leverage concern now largely behind
• • Commissioning of mines is likely to drive down COP further
• JEFFERIES INDIA STRATEGY
• More than a fifth of stocks under India coverage are trading below the June election results lows
• 30% of the stocks are down more than 20% from YTD peaks
• • A pick-up in govt. spending / capex in H2, improved seasonality and somewhat better relative valuations mean that a potential short term bounce back is possible
• • Domestic flows are still resilient at current high levels and offer downside cushion
• • With the recent China rally, India's PE premium to EMs has reduced to 83% from the >105% levels seen in Sep24
• From these beaten up bucket our analysts highlight 14 key ideas
• Hindustan Aeronautics, Coal India, IndiGo, Godrej Consumer, PNB, Lodha, Chola Finance, Dabur, GMR Airports, Supreme Industries, IDFC First, KEI Industries, MGL and Honasa Consumer
• UBS ON PB FINTECH
• • Downgrade to Sell from Neutral; Hike target price to Rs 1550 from Rs 1205
• • Strong Q2FY25; new initiatives EBITDA to break even by FY27E
• Core insurance business grows steadily; slower disbursal impacts credit offtake
• • Steady renewals pool to drive profitability; already in the price
• JEFFERIES ON ASHOK LEYLAND
• • Maintain Hold; Cut target price to Rs 235 from Rs 240
• • Good Margin Despite Weak Volumes
• • Hopeful of truck demand recovery; Truck market share broadly stable
• • Stock is at 5.6x FY26E P/B and is unlikely to rise much until demand visibility 100 improves
• JEFFERIES ON TATA MOTORS
• Maintain Buy; Cut target price to Rs 1000 from Rs 1330
• • Weak Q2, but Expect a Better H2
• • JLR is facing tough macro in China and Europe, Q2 was also impacted by aluminum supply constraints and delayed shipments
• Expects a much better H2; JLR maintained its FY25 margin guidance
• India CV and PV demand has slowed down too, but CV profitability is holding up well
• JEFFERIES ON SBI
• Maintain Buy; Hike target price to Rs 1030 from Rs 1000
• • Stability in retail asset quality lends comfort
• • Healthy loan growth; deposit growth can improve
• Operating results aided by treasury gains and write-back of staff cost provisions
• Capital market related subsidiaries fared well
• BERNSTEIN ON LIC
• • Maintain Market-perform with target price of Rs 1190
• • Q2FY25 - Strong growth with improvement in product level margins
• • Higher mix of Non-Par in new business drove margin improvements
• Expect continued mix shift towards Non-Par savings to drive higher margin
• GOLDMAN SACHS ON TRENT
• Initiate Buy with target price of Rs 8000- 27% upside
• Zudio a multi-year share gain story with low competitive risk
• Market share gain led growth story
• Recent moderation due to urban slowdown, but expect a recovery
• Zudio market share still small compared to global leaders
• Expect Zudio to grow at 28% CAGR over FY24-35E to reach Rs1 tn in sales
• Westside to continue to deliver steady low double-digit sales growth
• Sustainable margins of Trent's Fashion & Lifestyle business could be higher as Zudio stores mature
• Star may have long-term potential, but will not see Zudio-like
• store growth and will likely face stiff competition from quick commerce players
• GOLDMAN SACHS ON UNITED SPIRITS
• • Initiate Buy with target price of Rs 1650 14% upside
• • India's spirit market seeing an overarching trend of premiumisation
• • USL well-positioned to ride the premiumisation trend
• India-UK trade deal could potentially lower Scotch import tariffs, which could further boost the category growth
• Near-term consumption slowdown in India is also impacting USL, but AP (Andhra Pradesh) growth is likely to offset the impact
• CLSA ON TATA MOTORS
• Upgrade to Outperform from Hold; Cut target price to Rs 968 from Rs 975
• JLR Ebit margin guidance of 10% in FY26 remains intact
• Management remains cautious on CVs but new launches in PV to drive growth
• Negatives priced in; JLR's H2FY25 FCF seeing multiple tailwinds
• NOMURA ON INFO EDGE
• • Maintain Buy; Hike target price to Rs 8630 from Rs 8280
• • Pickup in core recruitment continues
• • Real estate - stable billing growth continued
• • Other verticals - matrimony and education continue to grow
• • Moat intact; reiterate as top pick in India internet space
• TODAY'S Q2 RESULT
• Bajaj Consumer Care Ltd Balrampur Chini Mills Ltd Bank of India BEML Ltd Bengal & Assam Co BLS International Services Ltd Blue Dart Express Ltd Borosil Renewables Ltd Britannia Industries Ltd Campus Activewear Ltd Devyani International Ltd Dollar Industries Ltd EIH Associated Hotels Ltd Elgi Equipments Ltd Electronics Mart India Ltd EPL Ltd Galaxy Surfactants Ltd Gateway Distriparks Ltd Gujarat Narmada Valley Fertilizers & Chemicals Ltd Godfrey Phillips India Ltd Goodluck India Ltd Graphite India Ltd Harsha Engineers International Ltd Hindalco Industries Ltd Hindustan Copper Ltd Insecticides (India) Ltd Jubilant FoodWorks Ltd National Fertilizers Ltd Oil and Natural Gas Corp. PG Electroplast Ltd Precision Wires India Ltd Premier Explosives Ltd the Ramco Cements Ltd Ramco Industries Ltd RateGain Travel Technologies Ltd Keystone Realtors Ltd Sandhar Technologies Ltd Sansera Engineering Ltd Shree Cement Ltd SML Isuzu Ltd Suprajit Engineering Ltd TCPL Packaging Ltd Time Technoplast Ltd Triveni Turbine Ltd TVS Supply Chain Solutions Ltd Vaibhav Global Ltd Zydus Wellness Ltd
• You said:
• make one down one
• ChatGPT said:
• ChatGPT
• Here is the list with each name on a new line:
• Bajaj Consumer Care Ltd
• Balrampur Chini Mills Ltd
• Bank of India
• BEML Ltd
• Bengal & Assam Co
• BLS International Services Ltd
• Blue Dart Express Ltd
• Borosil Renewables Ltd
• Britannia Industries Ltd
• Campus Activewear Ltd
• Devyani International Ltd
• Dollar Industries Ltd
• EIH Associated Hotels Ltd
• Elgi Equipments Ltd
• Electronics Mart India Ltd
• EPL Ltd
• Galaxy Surfactants Ltd
• Gateway Distriparks Ltd
• Gujarat Narmada Valley Fertilizers & Chemicals Ltd
• Godfrey Phillips India Ltd
• Goodluck India Ltd
• Graphite India Ltd
• Harsha Engineers International Ltd
• Hindalco Industries Ltd
• Hindustan Copper Ltd
• Insecticides (India) Ltd
• Jubilant FoodWorks Ltd
• National Fertilizers Ltd
• Oil and Natural Gas Corp.
• PG Electroplast Ltd
• Precision Wires India Ltd
• Premier Explosives Ltd
• the Ramco Cements Ltd
• Ramco Industries Ltd
• RateGain Travel Technologies Ltd
• Keystone Realtors Ltd
• Sandhar Technologies Ltd
• Sansera Engineering Ltd
• Shree Cement Ltd
• SML Isuzu Ltd
• Suprajit Engineering Ltd
• TCPL Packaging Ltd
• Time Technoplast Ltd
• Triveni Turbine Ltd
• TVS Supply Chain Solutions Ltd
• Vaibhav Global Ltd
• Zydus Wellness Ltd
• UBS on Aurobindo
• Sell, TP Rs 1333
• Weak 2Q: Lower gRevlimid, higher WC, Eugia guidance to be missed
• US rev- strong orals, slow recovery in injectables
• CMO-doubling of capacity to 60KL could add 7-10% to 2030 EBITDA
• GLP-1 -Focusing on developed market on both API & formulation
• CITI On Divis Labs
• Buy, TP Raised to Rs 6850
• Q2 ahead of Est.
• Revenue/EBITDA/PAT grew 10%/15%/18% QoQ
• Commentary was strong & has validated GLP-1 thesis
• Co believes that they are expected to be a major player in GLP-1 & supplies expected to commence earlier than next 12 mths
• GS on Trent
• Initiate Buy, TP Rs 8000
• Market share gain led growth story
• Zudio’s business model not easy to replicate
• Recent moderation due to urban slowdown, but expect a recovery
• Expect Co to deliver revenue/EBITDA/PAT CAGR of 28%/34%/29% over FY24-30E
• GS on USL
• Initiate Buy, TP Rs 1650
• USL has also taken initiatives in growing non-Whisky categories
• Introducing premium brands in Tequila & Gin
• Extending largest Whisky brand to gin, Vodka & Rum
• Est. EPS to increase at a CAGR of 14% over FY24-27
• MS on Asian Paints
• UW, TP Rs 2522
• 2Q revenue & margins missed estimates, hampered by subdued demand and extended rains & floods
• Volume growth (at -0.5%) was weaker than peers
• Product mix, rising rebates, employee costs and high selling expenses are key monitorables
• Nomura on Asian Paints
• Neutral, TP Rs 2500
• 2Q: Below est.; volumes decline of 0.5% y-y below peers’ growth of c.3-4% & est of +8%
• Sales / EBITDA decline sharply by 5% / 28% y-y
• OPM down sharply due to a drop in GPM/ higher staff cost; APNT’s OPM narrows vs peers
• JPM on Asian Paints
• Downgrade to UW, TP cut to Rs 2400
• Q2 significantly weaker than expectations – revenue/EBITDA was 6%/20% below consensus
• APNT is lagging peers with differential expanding further in Q2 both on reve & earnings front
• Lower FY25-27E EPS by 10-12%
• Jefferies on Asian Paints
• U-P, TP Rs 2100
• Significant miss in 2Q, with a line by line miss across P&L heads
• A mild vol decline, >500bp Ebitda margin decline resulted in pre-ex earning decline of 31% YoY
• Mgmt blamed weak consumer sentiment & seasonality but presented +ve H2 view
• IIFL ON SBI
• • Maintain Add, target price hiked to Rs 920 vs Rs 900
• • Non-core income and lower opex drives beat
• • NIM contracts as LDR declines
• • Build 13% loan Cagr vs 14-16% management guidance due to elevated international LDR
• • Expect 9% EPS Cagr over FY24-27E due to range-bound NIMs
• GS on Ola Electric
• Buy, TP Rs 137
• 2Q re /vol growth of +39%/+74% yoy
• Co acknowledged gaps in its service network infra & indicated to exit Dec 2024 with 1000 service centers vs 500 in Sept
• Should get full 13% PLI incentive benefit as % of topline in 3Q vs 5% benefit in 2Q
• HSBC ON LUPIN
• (CMP: 2,105)
• UPGRADE BUY
• TARGET: 2,400
• Operational Beat In Q2 Led By Better Mix And Cost Efficiency
• Guides For 22-23% EBITDA Margin In FY25
• Build-up Of Complex Injectables In US Is Key
• CLSA ON TATA MOTORS
• (CMP:805)
• UPGRADE OUTPERFORM
• TARGET: 968
• Co Confident In Its JLR Guidance Of EBIT Margin For FY25 & FY26
• Mgmt Cautious On CVs But New Launches In PV To Drive Growth
• MS ON ASHOK LEYLAND
• (CMP:222)
• MAINTAIN OVERWEIGHT
• TARGET: 268
• Expect Volume Trends To Gradually Improve, Helped By Favourable Base
• Gradual Volume Recovery And Valuation Support Drive Overweight
• JPM on Ashok Leyland
• OW. TP Rs 250
• 2Q operating results beat expectations due to stronger-than-expected gross margins.
• This is in line with AL’s stated goal (as well as its competitor TTMT’s) of prioritizing profitability over volumes/market-share in near term
• Nomura on Ashok Leyland
• Buy, TP cut to Rs 247
• Margins holding well due to pricing discipline
• 2Q margins in line with consensus; CV cycle expected to improve
• Despite recent weak CV demand, maintain +ve outlook on cycle
• CITI on Ashok Leyland
• Buy, TP Rs 260
• 2Q above estimates as better-than-expected gross margin offset lower operating leverage.
• Mgmt. outlook +ve.
• Mgmt noted that co has been focused on margins, thus has not increased discounts.
• *News headlines from business news agencies:*
• *Business Standard*
• Ashok Leyland eyes Ebitda break-even for EV arm Switch Mobility in FY25
• Tyre firms raise prices for third straight quarter to combat rising costs
• India to be a booming market for FICO in coming years: CEO Will Lansing
• Aster DM Healthcare-Quality Care India merger talks enter final lap
• Vedanta group maintains cost guidance, pushes capital expenditure pedal
• Govt plans to integrate Gati Shakti portal with e-Shram database
• Godrej Properties net debt rises marginally to Rs 7,572 crore in Q2
• Fssai calls quick commerce firms for talks on food safety issues on Tuesday
• Interarch Building Products plans to double turnover to Rs 2,500 cr by 2028
• Ecozen plans to raise $75 mn to fuel growth, increase market presence
• India's coal import rose 8% to 140.6 MT in H1, demand likely to stay modest
• HAI mulls incentives for hotel operators to adopt sustainable practices
• *Economic Times*
• Life insurers sector reports 13.16% growth in new premiums for October; new policy issuances drop 41.6%
• Maruti Suzuki ties up with HSBC India for inventory funding
• Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger
• Northeast gas grid to be operational by 2026: Indian Gas Exchange CEO
• IIFCL plans subsidiary for issuance of asset backed securities
• Confident of achieving $31 billion chemical export target this fiscal: CHEMEXCIL
• Debt at Vedanta Resources cut by $4.7 billion: Anil Agarwal
• India emerging as good opportunity market for Sony's gaming biz, says India MD
• Despite slower credit growth, consumption via credit goes up by five per cent, say industry executives
• SBI's deposit crosses Rs 50 lakh cr, net profit up 28 pc
• PepsiCo, Unilever and Danone selling products with lower health ratings in India: Report
• Banks express no 'stress' as govt directs close monitoring of lending by MFI segment
• *Mint*
• India plans cell for expediting new treatments and vaccines for emerging public health emergencies
• Indian airspace is getting more users; need to look at streamlining air traffic management: Official
• Land purchases, joint development deals soar amid booming real estate demand
• Top 10 companies see valuation slump ₹1.55 crore, RIL biggest laggard
• Asian Paints Q2 result: Profit falls 42% YoY; board approves interim dividend
• India poised to gain from Trump's potential tariff hike on China, says report
• US Gulf of Mexico oil, gas production stalls amid hurricane Rafael’s 100 mph
• Govt not keen on waiving off levies on AGR
• Invesco Advisers’ ESG Claims Draw $17.5 Million SEC Fine
• PFC board declines SP Group's ₹20,000-crore loan proposal
• Medical devices industry welcomes government's Rs 500-crore scheme
• Bernstein on LIC
• Market perform, TP Rs 1190
• Reported healthy growth in new business premium (+22% YoY) led by Non-Par savings, with some impact from pull-forward sales.
• Kotak Inst Eqt on LIC
• Buy, TP Rs 1250
• Reported strong (47%) VNB growth in 2QFY25
• CITI on Info Edge
• Buy, TP raised to Rs 8850
• reported a solid 2Q – revenues were in-line while EBITDA 3% ahead (+14% YoY)
• Commentary suggests recruitment billings growth should accelerate further in 3Q (expect 19% YoY in 3Q vs 14% YoY in 2Q)
• Margins expanded c300bpsQoQ/100bps YoY
• UBS on Tata Motors
• Sell, TP cut to Rs 780
• Significant miss led by JLR despite D&A respite
• JLR and CV disappoint while PV in line
• Amidst industry wide profit warnings JLR management reiterated their FY25 EBIT guidance
• FCF guidance now stands at £1.3bn from earlier £1.8bn
• Nomura on Tata Motors
• Buy, TP cut to Rs 900 from Rs 1303
• 2Q below, but JLR guidance maintained
• Strong rebound in JLR in 2HFY25; India CV recovery likely by 4QFY25F
• Consol EBITDA at Rs 121.5bn below est of Rs 130.6bn
• JLR’s performance across markets has been better than peers
• INOX INDIA: INOX India awarded contract to set up Mini LNG Terminal for Island Power Producers at The Bahamas
• INOX India to supply 10 X 1500m3 LNG storage tanks and a re-gasification system for a Power Plant project at the island nation
• With a collective storage capacity of 15000 m3 LNG, this would be the largest installation of shop-built double-walled vacuum insulated cryogenic tanks in the world
• This biggest-ever order till date for the LNG business of INOX India, would witness the production of largest shop-built double-walled vacuum insulated cryogenic tanks ever made by the Company
• SWIGGY ON CCI PROBE
• CCI has yet to pass a decision on whether competition law violations occurred
• DG investigated certain aspects of Swiggy's business based on the April 5, 2022, order
• The investigation is currently at a preliminary stage
• All details of the matter were disclosed in Swiggy's public filing on September 26, 2024
• Swiggy has not yet received the confidential details of the DG's findings from CCI
• Swiggy is fully cooperating with the investigation
• Swiggy is committed to complying with the laws of the country
• Info Edge Management Says IT companies are back to hiring - ETNOW
• GCC and IT hiring is showing signs of improvement
• INFO EDGE Management Says Study Abroad Biz Impacted By Visa Curbs - ETNOW
• 99 acres racing towards breakeven; expect H2 to be better than H1
• 80% Of The Shiksha Biz Is Domestic Facing
• Burn is almost down to zero levels in Jeevansathi
• RattanIndia launches Neomate, affordable premium stationery.
• MINI DIAMOND: Mini Diamonds India Ltd Completes Shipment of 2,000 Lab-Grown Diamond Jewelry Pieces to Canada’s Parasmani Inc.
• The partnership with Parasmani Inc. is a key step in MDIL’s North American growth. As demand rises for sustainable, ethically crafted jewelry, MDIL remains committed to meeting it with innovation, high quality, and environmental responsibility.
• VINIT SAMBRE
• DSP MUTUAL FUND
• • Believe specialty chemical cos will recover over the next 1-2 years
• • Neutral on cement sector at the moment
• • Positive on auto anc within discretionary consumption
• • Positive on QSR, expansion plans to aid growth
• • Working with low single digit growth estimate for FY25
• • Capex growth in H1FY25 impacted by election, expect capex to move up in H2FY25
• • Haven't seen turnaround in consumption, urban consumption slowing down
• • Positive on consumer discretionary, banking, IT, healthcare
• Utilities, engineering cos trading at expensive valuations
• Mr. Chetan Ahya of Morgan Stanley says
• Expect tariff hikes on China to be implemented gradually by US
• Adds Asian currencies could face pressure if the enacts tariff measures
• Expect RBI to take 2 rate cuts from Feb 2025
• "Rate of growth of premium was flattish vs higher single digit in the last 2 qtrs. Margins seen between 13.5-14.5% range".
• -Rajiv Rajgopal of Akzo Nobel
• RELIANCE: TRAI to reconsider its plan not to auction satellite spectrum but to simply allocate it, in a fresh clash with Elon Musk's Starlink.- Reuters
• PREMIER ENERGIES Q2 CONCALL
• Margin improvement due to operational excellence, cost optimization, and increased capacity utilisation.
• Warranty provisions increased with revenue growth, impacting "other expenses."
• Domestic demand remains robust, minimising export dependency. U.S. expansion is under consideration but on a "wait-and-watch" basis due to political developments.
• Revenue from government projects contributed around 10.3% in H1. Future growth depends on tender availability and favourable payment terms.
• Indian solar companies recently filed a petition for an anti-dumping duty on imports. The process is in the early stages, with no clear timeline or outcome at this point
• ALEMBIC PHARMA; Alembic Pharmaceuticals announces USFDA Final Approval for Diltiazem Hydrochloride Extended-Release Capsules USP, 120 mg, 180 mg, 240 mg, 300 mg, and 360 mg.
• NMDC : Ironore prices slump towards $100 after China's latest fix disappoints
• MODULEX CONSTRUCTION TECH: Board Meet On 13 To To consider a proposal for Increase in Authorized Capital of the Company and raising of fund Via Preferential issue. (Mcap131 Cr)