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February 18, 2025

India Daybook – Stocks in News
GSK Pharma: Net profit at Rs. 229.8 cr vs Rs 45.7 cr, Revenue at Rs. 949 cr vs Rs 805 cr (YoY) (Positive)
Swan Energy: Net profit at Rs. 561.9 cr vs Rs 221.03 cr, Revenue at Rs. 1908.1 cr vs Rs 1591.6 cr (YoY) (Positive)
Kitex Garments: Net profit at Rs. 43.4 cr vs Rs. 21 cr, Revenue at Rs. 276 cr vs Rs. 160 cr (YoY) (Positive)
UFLEX: Net profit at Rs. 137.0 cr vs loss Rs. 67.3 cr, Revenue at Rs. 368 cr vs Rs. 327 cr (YoY) (Positive)
Pennar Ind: Net profit at Rs. 30.5 cr vs Rs. 25.4 cr, Revenue at Rs. 840 cr vs Rs. 745 cr (YoY) (Positive)
Polyplex: Net profit at Rs. 105 cr vs Rs. 17 cr, Revenue at Rs. 1721 cr vs Rs. 1495 cr (YoY) (Positive)
Jindal Poly: Net profit at Rs.4.1 cr vs loss Rs 19.4 cr, Revenue at Rs 1371 cr vs Rs 984 cr (YoY) (Positive)
Panacea: Net profit at Rs. 4.4 cr vs Rs 2.2 cr, Revenue at Rs 163 cr vs Rs 150 cr (YoY) (Positive)
Deepak Builders: Net profit at Rs. 16.3 cr vs Rs 10.6 cr, Revenue at Rs. 130 cr vs Rs 107 cr (YoY) (Positive)
Ashapura Mine: Net profit at Rs. 101.1 cr vs Rs. 46.05 cr, Revenue at Rs. 865.4 cr vs Rs. 713.1 cr.(YoY). (Positive)
Zen Technologies: Net profit at Rs. 42.66 cr vs Rs. 29.84 cr, Revenue at Rs. 152.2 cr vs Rs. 99.51 cr (YoY). (Positive)
Cupid: Net profit at Rs. 11.03 cr vs Rs 8.86 cr, Revenue at Rs. 46.35 cr vs Rs 40.05 cr (YoY) (Positive)
Magellanic Cloud: Net profit at Rs. 29.2 cr vs Rs 22.5 cr, Revenue at Rs. 151 cr vs Rs 131 cr (YoY) (Positive)
GNFC: Net profit at Rs. 158 cr vs Rs 95 cr, Revenue at Rs. 1899 cr vs Rs 2008 cr (YoY) (Positive)
Antony Waste: Net profit at Rs. 18.02 cr vs Rs 15.61 cr, Revenue at Rs. 242.7 cr vs Rs 217.1 cr (YoY) (Positive)
Ethos: Net profit at Rs. 30 cr vs Rs 25 cr, Revenue at Rs. 369 cr vs Rs 281 cr (YoY) (Positive)
Zydus Life: Company says USFDA concludes inspection at Ambernath API plant with no observations. (Positive)
Alembic Pharmaceuticals: Company Gets EIR for Its SolidOral Formulation Facility (F-4) at Jarod. Company Received EIR with Classification as Voluntary Action Indicated. (Positive)
PCBL: Company to set up Acetylene Black plant in India. (Positive)
M&M: Company’s Electric Origin Suvs Create New Record in The EV Category with Booking Value of Rs. 8472 Crores, securing 30179 Bookings on Day 1. (Positive)
BHEL: Company has received a Letter of Intent from Singareni Collieries Company Limited for EPC Pkg. of 1x800 MW Singareni Stage-II project. (Positive)
EMS: Company has received LoA for Civil and MEP Works for Multi-storied Group Housing Project order worth of Rs 272.9 crore. (Positive)
Rites: Company has been awarded work for preparation of Feasibility Study Report as Turnkey Depositary mode on cost plus fees basis from NLC India Limited. (Positive)
Zaggle: Company enters a service agreement with Forbes Marshal. (Positive)
Fineotex Chemical: Company’s product based on Azadirachtin secures government approval for revolutionary Public Health application. (Positive)
Redington: Company's Subsidiary, Announces Divestment of Paynet in Turkey (Positive)
Oil downstream stocks: Crude Oil declines on the prospect of increased flows from Iraq and Russia. (Positive)
Swan Defence: Company successfully completes 2nd Indian Coast Guard Vessel Refit Ahead of Schedule (Positive)
Career Point: Net profit at Rs. 13 cr vs Rs 15 cr, Revenue at Rs. 26.8 cr vs Rs 26.5 cr (YoY) (Neutral)
Alasaar Tech: Net profit at Rs. 12 cr vs Rs 16.5 cr, Revenue at Rs. 375 cr vs Rs 303 cr (YoY) (Neutral)
RPP Infra: Net profit at Rs. 18 cr vs Rs 16 cr, Revenue at Rs. 351 cr vs Rs 319 cr (YoY) (Neutral)
Munjal Auto: Net Loss at Rs. 1.99 cr vs Rs 23.34 cr, Revenue at Rs. 522 cr vs Rs 422 cr (YoY) (Neutral)
IZMO Limited: Net profit at Rs. 6.05 cr vs Rs 6.88 cr, Revenue at Rs. 58.66 cr vs Rs 50.21 cr (YoY) (Neutral)
Camlin Fine: Net Loss at Rs. 7.47 cr vs Rs 14.27 cr, Revenue at Rs. 433 cr vs Rs 385 cr (YoY) (Neutral)
Saraswati Saree: Net profit at Rs. 7.8 cr vs Rs 13.2 cr, Revenue at Rs. 182.1 cr vs Rs 228.47 cr (YoY) (Neutral)
Gufic: Net profit at Rs. 19.3 cr vs Rs 22.2 cr, Revenue at Rs. 208 cr vs Rs 202 cr (YoY) (Neutral)
Puravankara: Net Loss at Rs. 92.6 cr vs Profit Rs 77.79 cr, Revenue at Rs. 318.17 cr vs Rs 573.7 cr (YoY) (Neutral)
Easy Trip Planners: Net profit at Rs. 34.02 cr vs Rs 45.68. Cr, Revenue at Rs. 150 cr vs Rs 160 cr (YoY) (Neutral)
Jamna Auto: Net profit at Rs. 43.8 cr vs Rs 57.9 cr, Revenue at Rs. 562.4 cr vs Rs 604 cr (YoY) (Neutral)
Dr. Agarwals: Net profit at Rs. 10.4 cr vs Rs 9.44 cr, Revenue at Rs. 95.11 cr vs Rs 75.97 cr (YoY) (Neutral)
Vivimed: Net loss at Rs. 5.9 cr vs Rs 16.0 cr, Revenue at Rs. 37 cr vs Rs 41 cr (YoY) (Neutral)
ADF Foods: Net profit at Rs. 18.8 cr vs Rs 19.0 cr, Revenue at Rs. 147 cr vs Rs 129 cr (YoY) (Neutral)
Uttam Sugar: Net profit at Rs. 31.2 cr vs Rs 43.5 cr, Revenue at Rs. 424 cr vs Rs 518 cr (YoY) (Neutral)
Mukka: Net profit at Rs. 26.8 cr vs Rs 12.0 cr, Revenue at Rs. 296 cr vs Rs 501 cr (YoY) (Neutral)
NH: Net profit at Rs. 19.3 cr vs Rs 18.8 cr, Revenue at Rs. 137 cr vs Rs 120 cr (YoY) (Neutral)
RVNL: Net profit at Rs. 311.6 cr vs Rs 358.5 cr, Revenue at Rs. 4567 cr vs Rs 4689 cr (YoY) (Neutral)
Rajshree Sugar: Net loss at Rs. 20.4 cr vs Rs 27.8 cr, Revenue at Rs. 81 cr vs Rs 136 cr (YoY). (Neutral)
MTNL: Net loss at Rs. 836 cr vs Rs 839 cr, Revenue at Rs. 170 cr vs Rs 192 cr (YoY). (Neutral)
La opala: Net Profit at Rs 23 Cr Vs Rs 44 Cr, Revenue at Rs 91 Cr Vs Rs 107 Cr (YoY) (Neutral)
Jai Corp: Net Profit at Rs 12.4 Cr Vs Rs 11.9 Cr, Revenue at Rs 126 Cr Vs Rs 107 Cr (YoY) (Neutral)
DBL: Net Profit at Rs 115 Cr Vs Rs 107 Cr, Revenue at Rs 2590 Cr Vs Rs 2877 Cr (YoY) (Neutral)
Reliance Infrastructure: Net loss at Rs. 3298.3 cr vs Rs. 421.1 cr, Revenue at Rs. 5032 cr vs Rs. 4637 cr (YoY) (Neutral)
Rama Steel Tubes: Net profit at Rs. 5.54 cr vs Rs 8.91 cr, Revenue at Rs. 275 cr vs Rs 262 cr (YoY) (Neutral)
Blue Cloud: Net profit at Rs. 9.4 cr vs Rs 4.06 cr, Revenue at Rs. 146 cr vs Rs 167 cr (YoY) (Neutral)
ANS Industries: Company appointed Mr. Sudhir Kumar Jha as Chief Financial Officer effective Feb 14, 2025. (Neutral)
JSW Energy: Company has Announced That The Resolution Plan It Submitted For KSK Mahanadi Power Company Ltd Has Been Approved By The National Company Law Tribunal (Neutral)
Glenmark: USFDA inspection at Indore facility with five observations. (Neutral)
Uno Minda: Company Approved Acquisition Of 49.90% Additional Stake of Unominda Ev Systems, Acquisition For Rs 1.41 Billion. (Neutral)
Punjab National Bank: Issued Long Term Infrastructure Bonds At Coupon Of 7.34% P.A. Bonds Worth 29.5b Rupees Issued On Private Placement Basis. (Neutral)
Wipro: Appoints Amit Kumar as Managing Partner and Global Head of Wipro Consulting (Neutral)
Piramal Enterprises: Company to raise Rs. 450 crore via NCDs at 9.10% Coupon Rate (Neutral)
Electronics Mart: Company opened a new Bajaj Electronics store on Feb 15, 2025, in Andhra Pradesh. (Neutral)
Reliance Ind: Court reverses judgment on arbitral award against GOI. (Neutral)
Syngene: Company received an order from the National Faceless Appeal Centre regarding an appeal for Assessment Year 2018-19. (Neutral)
Bajaj Consumers: Net profit at Rs. 25.3 cr vs Rs 36.3 cr, Revenue at Rs. 234.4 cr vs Rs 250.2 cr (YoY) (Negative)
Hinduja Global: Net Loss at Rs. 8.6 cr vs Profit Rs 8.2 cr, Revenue at Rs. 1064 cr vs Rs 1203 cr (YoY) (Negative)
Kohinoor: Net Loss at Rs. 8.3 cr vs Rs 0.5 cr, Revenue at Rs. 19.5 cr vs Rs 23.3 cr (YoY) (Negative)
Sudarshan Chemical: Net profit at Rs. 0.5 cr vs Rs 14.59 cr, Revenue at Rs. 666.4 cr vs Rs 565.7 cr (YoY) (Negative)
Best Agrolife: Net Loss at Rs. 24.16 cr vs Rs 6.62 cr, Revenue at Rs. 274 cr vs Rs 314 cr (YoY) (Negative)
AGS: Net Loss at Rs. 190 cr vs Rs 15.3 cr, Revenue at Rs. 210 cr vs Rs 370 cr (YoY) (Negative)
JP Associates: Net Loss at Rs. 768 cr vs Rs 476 cr, Revenue at Rs. 1491 cr vs Rs 1655 cr (YoY) (Negative)
Elpro: Net Loss at Rs. 21.0 cr vs profit Rs 23.7 cr, Revenue at Rs. 16 cr vs Rs 58 cr (YoY) (Negative)
Mirc Elec: Net Loss at Rs. 5.3 cr vs Rs 1.6 cr, Revenue at Rs. 167 cr vs Rs 295 cr (YoY) (Negative)
SBEC: Net Loss at Rs. 21.4 cr vs Rs 1.8 cr, Revenue at Rs. 140 cr vs Rs 140 cr (YoY) (Negative)
Borosil Renewables: Net Loss at Rs. 30.1 cr vs Rs 15.9 cr, Revenue at Rs. 361 cr vs Rs 330 cr (YoY) (Negative)
Dish TV: Net Loss at Rs. 46.5 cr vs Rs 3.2 cr, Revenue at Rs. 373 cr vs Rs 470 cr (YoY) (Negative)
Unimech: Net profit at Rs. 15.6 cr vs Rs 20.4 cr, Revenue at Rs. 53.9 cr vs Rs 64.7 cr (YoY) (Negative)
Par Drugs: Net profit at Rs. 0.57 cr vs Rs 3.42 cr, Revenue at Rs. 21.38 cr vs Rs 23.99 cr (YoY) (Negative)
Themis Medicare: Net profit at Rs. 0.51 cr vs Rs 7.36 cr, Revenue at Rs. 93.80 cr vs Rs 82.51 cr (YoY) (Negative)
Permanent Magnets: Net profit at Rs. 2.04 cr vs Rs 7.10 cr, Revenue at Rs. 49.35 cr vs Rs 56.10 cr (YoY) (Negative)
Maiden Forgings: Company received a show cause notice from Commissioner (DGGI), Meerut regarding a GST demand of amount Rs. 17.12 Cr (Negative)
Redington: Company received a GST order for FY2020-2021 with a demand of INR 91.74 Cr. (Negative)
AGS Transact: Statutory auditors have issued an adverse opinion in their ltd review reports. Company is seeking a voluntary loan restructuring with lenders for itself and its subsidiary, Secure Value India Ltd. to manage repayments (Negative)
Exicom: Credit rating downgraded by CARE Ratings for Exicom. (Negative)
CFO Club feels proud to announce a forthcoming Webinar as under: Theme: Good Board Governance Practices
Speaker: Prof. Samir K Barua, Faculty, IIM Ahmedabad and ID at Axis Bank, Tata Projects Limited, Torrent Power Limited
Date: Wednesday, Feb 19, 2025
Time: 04:00 PM to 05:00 PM IST (including Q&A)
Venue: Digital
Registration Link: https://forms.gle/s7fdx8fsGymyF6CV6
Agenda To Be Covered:
1.The role of a board member to deliver good governance.
2.The board’s role in addressing crises and driving operational excellence.
3.Decoding boardroom dynamics as it occurs in practice
4.Q&A
Linkedin Event Page: https://www.linkedin.com/events/7296762848037212161
A long one...
important to look at the long term trend of markets..for india it has been up and up ever since the early 2000s...but even then the market does not move in a straight line...sometimes it goes well above trend and sometimes well below...both create opportunities...one to buy and the other to sell...post the covid sell off indian equities have moved up sharply...this move was supported largely by earnings growth compunded at 20% plus in the last 4 years...that assumption got baked into the market particularly in the last 18 months making investors ignore valuations....the 20% compounded earnings growth was well over nominal gdp growth of 12% or so...this was because there was catch up of suppressed earnings in the 2016 to 2020 period...initially due to demon, bank clean up, then gst implementation, il&fs and dewan hsg blow ups and the sme & msme credit squeeze that followed and lastly the covid.....now that the catch of earnings has happened it will normalise to nominal gdp (11/12%) plus max a percent or two...market is currently baking that into their workings and hence bringing the market multiples down...firstly it were the foreigners that sold but now the locals have joined in...no sell down is ever orderly...so watch for the overshoot on the downside and step in to make money...
AVP Infracon Secures ₹ 87 Cr Infrastructure Project in Tamil Nadu
AVP Infracon Limited, a prominent player in India’s infrastructure sector, has received a Letter of Acceptance (LOA) from the Superintending Engineer Highways Construction and Maintenance, Tiruvannamalai Circle, for the widening and strengthening of the Thirukoilur-Asanur road in Tamil Nadu. The project, valued at approximately ₹ 86.54 Cr , aims to enhance the region’s transportation network and is expected to be completed within 18 months .
The scope of work includes widening the road from two lanes to four lanes, junction upgrades, widening and reconstruction of culverts, construction of minor bridges, and the development of a center median, drainage retaining walls, and paver blocks. This project is part of a broader initiative to improve road connectivity and infrastructure in Tamil Nadu.
With a strong portfolio, AVP Infracon has successfully completed numerous projects and currently manages 13 ongoing projects. The company maintains a substantial order book valued at ₹ 400 Cr , further strengthening its presence in the infrastructure sector and reinforcing its commitment to delivering high-quality projects that support the nation’s growth.
Reason for FII leaving.
- 5-6% yearly INR depreciating against dollar.
- 12.5% LTCG tax.
- 5% US bond yields
Here is complete bifurcation as per my understanding.
-Let's say FII invested 1L$ [85L in rs (1$ = 85 rs)] in Indian market & got 12% CAGR in 5 year.
-After 5 yr, 85L turn to 1.49CR at 12% CAGR.
- 6% annually INR depreciation leads rupee value from 85rs to 114rs in 5 yr.
- Hence, 1L$ investment becomes 1.31L$ (1.49cr/114) in dollar terms. 31L$ profit before taxes.
- Now, they need to pay 12.5% LTCG on 31L$ which is 3.875L$ so their real return is 27.125L$ (31-3.875).
- After 5 year, they got 27.13% ROI in dollar terms which is just net 5% CAGR in dollar terms.
- They will get easily 5% CAGR by investing into US bond yields.
Earlier, FII couldn't exit due to liquidity but now, SIP is giving them safe exit with enough liquidity.
HSBC On SBI Cards
Upgrade To Buy, Target Raised To Rs1,000 From Rs560/sh
Improvement In Card Issuance, Softening Money Market Rates Are Positives
Credit Cost Drop Could Drive Sharp EPS Upgrades
An Earnings Upgrade Cycle Is More Likely Now
Other Markers On Asset Quality Have Been More Positive In Q3FY25
CLSA On Hindalco
Buy Cal, Target Rs815/sh
Reported Another Strong Quarter In India Helped By Higher Prices & Flat Costs
Stable Aluminium Prices, Believe Q4 Domestic Aluminium Profitability Likely To Remain Strong
Novelis Was Guided To Bounce Back
Secured Coal Blocks & Downstream Expansion Should Further Support Domestic Profitability
Debt Is Likely To Rise Over The Next Three Years As Expansion Projects Pick-up Steam
Benefits Of New Projs Will Become Visible FY27 Onwards
Jefferies On Hindalco
Buy Call, Target Rs800/sh
Stock Is Down 18% In Last 4 Months & Has Underperformed Indian Peers
Stk Underperformed Despite 1-9% Upgrade To Consensus FY25-26 EPS Vs 22-55% Cuts For Peers
Q3 EBITDA Rose 26% YoY, In-line With Est As India Biz
Offset A Weaker Novelis
Concern Over Novelis' Margins On Rising Scrap Prices Is Alleviating
India Business Is Benefiting From Higher Aluminum Price
FY26 PB At 1.0x Is Reasonable
Jefferies On Reliance
Buy Call, Target Rs1,660/sh
DHC Has Overturned Its Own Decision & Ruled In Favour Of Govt in KG D6 Block Case
In An Arbitration Related To Gas Prodn From KG D6 Block, Requiring RIL-¬Bp To Pay $ 1.55 Bn
RIL-Bp Consortium Is Likely To Challenge Order In SC
See No Near-term Implications For Reliance From This Order
Reiterate Recovery In Retail's Growth, A Possible Public Listing Of Jio
Reiterate Recovery In O2C Profitability Should Lead To 13% EBITDA Growth In FY26
Nomura On M&M
Buy Call, Target Rs3,681/sh
Impressive Start For BEVs With 30,000 Bookings
Co Has Received 56%/44% Bookings For 9e/BE6
More Importantly, 73% Of Bookings Have Come For Top-End 79 kwh Pack Three
Believe That 30,000 Orderbook, Especially With 73% Top-End Mix, Is A Strong Number
Price-Points Are Very High, EV Market In India Is Still In A Nascent Stage
Citi On M&M
Buy Call, Target Rs3,680/sh
Mahindra’s BEVs; XEV9e & BE6 Received 30,179 Bookings On 1st Day Of Bookings
Mgmt Noted That Value Of These Bookings Is Rs8,472 Cr (At Ex-Showroom Price)
XEV 9e Contributed 56% To The Bookings While BE6 Contributed 44%
Deliveries Will Begin In Late-March’25 In A Phased Schedule
Absolute Vols Of BEVs Have Been Much Lower Than Some Of Recent Models Launched By M&M
Given Capacity Is 5,000 Units/Month, Orderbook Stands At Around 6 Months
Need To See How The EV Facility Ramps Up & What Is Cancellation Rate
MS on M&M
Maintain Overweight with TP of Rs 3675
30,179 BEV Bookings – Almost USD1bn Orderbook; an impressive start
Mix was a positive surprise: XEV 9e received 56% of bookings while Pack 3 variant accounted for 73% of bookings
M&M likely to be fastest growing PV play in 2025
GS on M&M
Buy, TP Rs 3800
BE6 + XEV 9E Day 1 Bookings (30k) to imply 8% incremental SUV Volume on FY26 GSe
Expect BE 6 & XEV 9E models to collectively contribute 46k units or 8%/18% of M&M FY26E SUV vol/rev in FY26E
This implies 24%/29% FY26E vol/rev share in India’s E-Car market
HSBC On Gujarat Pipavav
Upgrade To Hold, Target Rs150/sh
Q3 EBITDA Declined 6% YoY On Weaker Container & Bulk Volumes
Liquids To Deliver Vol Growth But Earnings Growth Hinges On Container Cargoes, We Argue
Cut FY25-27 Profits By 4-5%
HSBC On Pharma
Concerns On US Tariffs Appear Overdone
Await Specifics For The India Pharma Industry
Think Reciprocal Tariffs By The US Are Unlikely
Indian Cos Supply 60% Of Generic Drug Volume To The US
Indian Cos Help The US Healthcare System To Lower Costs
Hypothetical 10% Tariff Would Lead To A 1-6.5% Cut To FY26 EPS
Market Focussed On Long-Term Growth Prospects
Nomura On Glenmark Pharma
Neutral Call, Target Rs1,500/sh
Q3 Below Est, Revenues & EBITDA Supported By Higher Other Operating Income
Key Negative Surprise Was India Revenues Missed Est By 15%
US Sales At $92.5 M A Marginal $4 M Rise QoQ & Were $2.5 m Higher Than Est
CITI on CONCORD Bio
Neutral, TP Rs 1880
3Q disappointing with subdued trends in both APIs & formulations
Rev up 1% YoY while EBITDA declined 7% YoY to Rs980m
As per co, change in procurement pattern at end of customers led to weakness in quarter & therefore, 4Q may be better
CLSA on Manappuram Fin
O-P, TP Rs 225
Process changes in gold loans; MFI normalcy some time away
Slower gold loan growth due to operational rejig
Increased opex and cost of funds
Asirvad MFI credit costs 17% (annualised); growth guidance revised downwards
MS on Deepak Nitrite
OW, TP Rs 3000
DPNT expects profitability to improve starting Q4
Demand trends in key sectors, start-up of key projects and clarity on funding will be key to watch
CITI ON INDIAN MARKETS
Post corrections valuations for large caps are reasonable
Remain constructive
The top-down drivers for consumption growth (direct income tax cuts, policy rate cut, decline in inflation)
Capex growth (public capex recovery from Dec’24) are improving
Sectoral OW/UW — Key stocks rated Buy where our views were reinforced are HDFC Bank, Kotak, Maruti, Endurance, HDFC Life, Torrent Pharma and Makemytrip.
Key OW: Banks, Telecom, Healthcare
Key UW: IT, Metals, Consumer Discretionary.
Our Dec’25 NIFTY target of 26k has 13% upside from here.
CITI ON MARUTI SUZUKI
Maintain Buy, TP at 14500 (from 13700)
Maintain Maruti as our top pick in the Indian autos sector
Expectations of better mix and lower discount
Earnings estimates increase by 5–7% over FY25-27
Marginally increase target EV/EBIT multiple to 24x from 23x, given better volume outlook.
CITI ON UNITED SPIRITS
Maintain Neutral, TP 1650
Andhra Pradesh market could help drive growth over next 3 quarters
Uttar Pradesh new excise policy-state has low contribution to business
Expects few more quarters for premium segment to gather historical momentum
Inflation expected to be there for neutral alcohol spirits
CITI ON SHRIRAM FINANCE
Maintain Buy, TP 720
Truck rentals on major routes surged 2-4% MoM
Car, 2-wheelers,buses retail sales increased significantly in January
E-way bill generations in value terms up 10% MoM
Fast-tag collections were flat MoM
Diesel consumption decreased 4% MoM in January due to cold wave in N.India
Logistics sector is poised for strong performance in coming months, driven by seasonal demand and supportive economic policies
MORGAN STANLEY ON CEMENT
Expect demand momentum to continue over next few months
Supporting sustained cement price hikes
Medium term outlook remains constructive
Margin expansion should be led mainly by cost improvement
Upgrade Shree Cement to Equal Weight from Underweight, TP at 26950 ( From 24200)
Downgrade ACC to Underweight from Equal Weight, TP at 1670 (from 2510)
Ultratech Cement remains top pick
INVESTEC ON INDIAN AUTOs
February 1st Fortnite-Retail Registration Trends
In E-2W Bajaj Auto back to leadership, Ola market share down 700bps MoM
In ICE 2-W TVS gains m/share, while Hero's market share started moving up due to uptick in rural
Bajaj Auto lost 110bps market share YTDFY25
In E-4s Tata Motors lost 600bps m/share ceding its top position to MG for first time
In ICE-4 M&M/Maruti increased m/share by 170/160bps to 14%/44% vs YTDFY25
Tata Motors m/share declines in ICE as well by 330bps to 8.2%
JP MORGAN ON PERSISTENT SYSTEMS
Maintain Overweight, TP 7200
Buy this dip-high quality growth compounder offering 30% potential upside
21%/29% revenue/PAT CAGR expected over FY25-27
Record high deals indicate high-teens revenue growth in FY26
Came up with new target of $5bn revenue by FY31, implying strong 26% CAGR over FY27-31
See potential for margin expansion from subcon reduction and operating leverage
SBI Mutual Fund, in collaboration with SBI, launches JanNivesh SIP at Rs 250
JanNivesh SIP available on SBI YONO app and fintech platforms like Paytm, Groww, and Zerodha
JanNivesh SIP offers flexible daily, weekly, and monthly investment plans starting at Rs 250
TITAN : Said to be in talks with Qatar-based Mannai Corp to acquire a significant stake in Damas Jewellery
Discussions are focused on valuation, estimated at ₹4,500 crore
NTPC: Plans to spend $62 billion on 30 GW of nuclear power
Zomato: Introduces Nugget—an AI-native, no-code customer support platform.
VEDANTA: Creditors To Meet Today to Vote on India Demerger Plan
Alert- The demerger was approved by Vedanta board back in September 29, 2023
Demerger will result in five separate listed companies –
Vedanta Aluminium
Vedanta Oil & Gas
Vedanta Power
Vedanta Steel and Ferrous Materials
Vedanta Ltd. (existing company)
For every 1 share of Vedanta Ltd, the shareholders will additionally receive 1 share of each of the 4 newly listed companies
Bharti Airtel: Indian Continent Investment to sell 4.82 crore (0.8% equity) via block deal tomorrow
Floor Price – Rs 1659 – 1% discount to CMP
Deal size valued at close to Rs 7800 cr
Deal most likely to happen in block window
Jefferies is the merchant banker
Alert - Indian Continent Investment is Sunil Mittal owned promoter entity of Bharti Airtel
MORGAN STANLEY ON CEMENT
Expect demand momentum to continue over the next few months, supporting sustained cement price hikes 1000
Medium-term outlook remains constructive
Margin expansion should be led mainly by cost improvement
Upgrade Shree Cement to Equal Weight from Underweight, target price at ₹26,950 (from ₹24,200)
Downgrade ACC to Underweight from Equal Weight, target price at ₹1,670 (from ₹2,510)
Ultratech Cement remains the top pick
Cues This Morning | Nifty snaps 8 day losing streak; Recovers more than 1% off day's low to close flat.
Get ready for today's trading session with the latest global and Indian markets news wrap!
News Headlines from Business News Agencies:
Business Standard
Opec+ mulls delaying April oil supply restart amid market concerns
Co-working operators rent out 224,000 seats to firms across 8 cities: C&W
NSDL Q3 results: Net profit jumps 30% to Rs 86 cr, total income up 16%
Rajasthan approves Rs 5,120 cr to improve drinking water supply in state
IL&FS Group initiates Rs 5,000 crore interim payout to eligible creditors
UFlex to invest over Rs 750 cr on new Mexico unit, recycling plant at Noida
Footwear maker Khadim expects demerger to be completed by March: Official
Ashwini Vaishnaw to launch IndiaAI portal, 10 firms to provide 14,000 GPUs
Glenmark, FDC recall products from US market on manufacturing issues: USFDA
Experts push to restore Syria's war-torn heritage sites, including Palmyra
Sebi cracks down on REITs, InvITs with tougher financial disclosure rules
Boosted by PLI scheme, India's smartphone exports hit record Rs 1.5 trn
Economic Times
Airtel completes landing of SEA-ME-WE-6 submarine cable in Chennai
Standard Chartered appoints P D Singh as CEO for India
Air India enters into codeshare partnership with Virgin Australia
Solitario Lab Grown Diamonds secures US $3.6 million in pre-IPO funding
Global aerospace firms turn to India amid Western supply chain crisis
Piyush Goyal discusses aircraft manufacturing in India with Lockheed Martin
JSW MG India appoints Anurag Mehrotra as managing director
Indian luxury car industry is like a startup which is growing slowly: Audi India head Balbir Dhillon
SMT appoints Bhargav Kotadia as chief executive officer
PhonePe introduces device tokenisation for debit, credit card payments
India, US to finalise broad contours of proposed trade agreement
Bajaj Consumer Care to acquire Vishal Personal Care at Rs 108 cr enterprise valuation
Mint
India’s goods trade deficit widens to $22.99 billion in January
India's crude steel capacity needs 8 pc CAGR to meet Govts 300 mn MT target by 2030: Report
Mutual fund industry unfazed as rattled investors rush to pause investments
ICSI, ICMAI demand inclusion of co secretaries, cost accountants as 'accountant' in I-T Bill
Govt considering raising deposit insurance limit above current ₹5 lakh: Official
Deepak Nitrite's weak chemical margin comes as a shock catalyst
HSBC investors back CEO's investment banking retrenchment
Kotak Mahindra Bank cuts interest rate on savings account by 50 bps
India's exports surge to $74.97 bn in Jan 2025 from $68.33 bn, trade deficit rises to $2.67 bn
SBI says impact of US tariff reciprocity on Indian exports likely to be minimal
India's sugar production to drop below 27 MMT from 31.8 MMT in 2025 sugar season: Report

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