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February 04, 2025

NAZARA TECH: Update on acquisition of Intellectual Property Rights from Zeptolab UK Limited
The company has acquired all Intellectual Property Rights, including trademarks, software, and related assets, for the mobile games "CATS: Crash Arena Turbo Stars" and "King of Thieves" for USD 7.7 million (~Rs. 66.59 Crores). USD 6.7 million (~Rs. 58.22 Crores) has been paid, with the remaining USD 1 million to be paid as per the agreement.
JEENA SEEKHO : Six branches in Ambala Cantt, Amritsar, Kanpur, Sonipat, Safdarjung, and Jagriti Vihar Meerut have signed an MOU with the National Health Authority to provide cashless services under the Central Armed Police Forces (CAPF) scheme.
TITAGARH RAIL : Shri Anil Kumar Agarwal's designation has been changed to Deputy Managing Director (DMD) of the Company, effective February 3, 2025.
He will now oversee both Freight Rail Systems (FRS) and Passenger Rail Systems (PRS) under the guidance of the Vice Chairman and Board of Directors.
TITAGARH RAIL; Shri Anil Kumar Agarwal and Shri Prithish Chowdhary, Deputy Managing Directors, will jointly oversee the company’s corporate functions.
Shri Saket Kandoi, Director (Freight Rolling Stock), has been appointed Director & CEO (Maritime) and ad interim CEO of the FRS vertical, effective February 3, 2025.
TITAGARH RAIL : The company is adding two new business verticals
Shipbuilding and Maritime Systems – covering shipbuilding, repair, and maritime activities.
Signalling and Safety Systems – focusing on railway signaling, safety, and train control solutions to ensure efficient and secure train operations.
MORGAN STANLEY ON MARUTI SUZUKI
Maintain Overweight, target price 14,942
Made-in-India Jimny sold out in Japan
Within four days of launch from Jan 30, bookings for the new model crossed 50k
Suzuki has temporarily suspended orders
Company is already exporting Fronx SUV to Japan, making this the second export model
Maruti's export volumes at 15% of total volumes vs 18% in Q3FY25 YoY
Domestic updates on the 8th Pay Commission salary hike could support a rebound in first-time buyers in FY27
JEFFERIES ON ONGC
Maintain Buy, target price ₹375
Risk-reward favorable
Strong production growth outlook over FY25-28
Partnership with BP to revive production from its largest field
Raised standalone earnings FY26/27E by 2%/4%
Recent regulatory actions bode well for profitability
HSBC ON INDIAN BANKS
RBI credit data shows growth under pressure
Weak demand and reduced risk appetite continue to impact retail loan growth
Non-food credit growth for the banking system slowed to 10.8% YoY in Dec'24 from 12.2% YoY in Nov'24
Except for MSME loans, credit growth moderated across retail, agriculture, and corporate loans
The sector needs more liquidity injection by the RBI but also further demand stimulation for growth to improve
NUVAMA ON DIVIS LABS
Maintain Buy, target price ₹6,830
Q3FY25: Beat on all fronts led by custom synthesis
Company indicated ongoing efforts to add new products/clients
GLP-1 remains a growth opportunity
Expects margin benefits in the mid-term due to backward integration at Kakinada
Raising FY26 estimates by 3%-4%
GOLDMAN SACHS ON DIVIS LABS
Maintain Neutral, target price ₹5,925
Raise FY25-28 EPS estimates by 8%
Reiterated double-digit growth outlook
Scope for market share gains in molecules where global share is 25-30%
New generic molecules going off-patent in 2026-2029
Ramp-up following ongoing investments in peptides, sartans, and contrast media
GOLDMAN SACHS ON ADANI PORTS
Maintain Buy, target price ₹1,560
Recent correction makes risk-reward attractive
With resumption of coal capex in India, expect contribution from volumes to settle at current levels
Market share gains have also continued
Logistics business continues to see healthy growth
JEFFERIES ON GLAND PHARMA
Maintain Underperform, target price 1,350 (from ₹1,630)
Weak revenue growth in base business, but margins at multi-quarter high
Management expects base business to recover in Q4
Cenexi breakeven timelines pushed by a year
Execution remains weak and stock lacks near-term catalysts
Lower FY25-27E EPS by 1-4%
JP MORGAN ON BANDHAN BANK
Downgrade to Neutral from Overweight, target price 155 (from ₹250)
MFI stress showing in credit cost increase
Earnings estimates for FY25/26 decreased by 10%/12% due to high provisions
AUM growth slows down, led by a push towards secured mix
JEFFERIES ON LIC HOUSING FINANCE
Maintain Buy, target price ₹700 (from ₹795)
Margins stable QoQ, potential rate cut headwind
Provision reversal led by resolution in a wholesale account
Expect 4% EPS CAGR and ROE of 13-14% over FY25-27E
Pick-up in growth and a better NIM outlook needed for meaningful re-rating
NOMURA ON LIC HOUSING FINANCE
Maintain Buy, target price ₹735 (from ₹700) 1001000
Continues to deliver healthy asset quality
AUM growth soft, driven by muted disbursements
NIMs focus on diversifying the loan book
Corrected over 14% in the last three days, trading at benign valuations
PAINT, OMCS, AVIATION : Brent Crude Near $75/bbl-1 Month Low
OPEC+ set to maintain gradual output increase despite pressure from Trump- Reuters
HSBC on Aster DM
Buy, TP Rs 580
3Q operationally in-line; higher tax & one-offs hit its reported PAT
Outlook on hospitals biz remains robust on back of beds-addition plan & continued focus on efficiency
Sustained pick-up in operating margin remains key catalyst
NUVAMA ON AARTI INDUSTRIES
Downgrade to Reduce from Buy, TP 396
Gross margin came under pressure owing to liquidation of high-cost RM such as aniline
Trimming FY25E/26E/27E EPS by 5.2%/21.5%/27.8%
The energy business (which consists of MMA) clocked a 14% YoY decline in volumes while recovering by 10% sequentially.
Recycling business- aims to achieve 100TPD production over 18 months and to take it to 500TPD by 2030.
New value chains in Chloro Toluenes can create 25–30 new products catering to many industries
HSBC ON LIC HSG FIN
UPGRADE HOLD TARGET: 600
Co Continues To Lose Market Share & Is Facing Pricing Challenges
Lower Credit Cost Offsets Earning Pressure
Upgrade EPS Estimate On Better Asset Quality Outlook
Current Valuations Have Corrected Materially
BERNSTEIN ON PAYTM
MAINTAIN OUTPERFORM TARGET: 1,100
Co To Acquire 25% Stake In A Brazil-based Embedded Finance Startup For 51 m
See Acquisition Of Brazil-based Embedded Finance Startup As A Negative Development
The Development Is Negative For A Business That Is Yet To Turn Profitable In Its Home Market
Idea Of Going After Newer Shinier Markets Would Question Assumption
Co's Ability To Stay Focused On A Large But This Is An Increasingly Competitive Mkt
JPM on Premier Energies
Neutral, TP Rs 1170
3Q PAT of Rs 2552 m was up 24% QoQ, & beat est by 14%
Rev up 12% QoQ, but EBITDA margins expanded further to 30% for qtr.
Sales mix improved with a higher proportion of cells in 3Q
MOSL on Vinati Organics
Buy, TP Rs 2600
Operational performance in-line; guidance intact
EBITDA in line; PAT miss due to lower-than-expected other income
Management guided for a rev CAGR of 20% in next 3 yrs
STK trading at 35x FY26E EPS & 25x FY26E EV/EBITDA
Kotak Inst Eqt on Premier Energies
Sell, TP raised to Rs 840
Further capacity commissioning &ability of competitors to stabilize cell lines will be key monitorables for Premier’s profitability
Revise est. by 2-21% on a/c of margin beat this qtr
CITI on LIC Hsg
Buy, TP Rs 851
Provisioning net write-back of Rs0.4bn drove earnings beat.
Disbursements down 6% qoq as Hyderabad/Bangalore, constituting 25-30% disbursements, faced adverse events
Hyderabad issue resolved in Dec & Bangalore should be addressed in this qtr.
CITI on Gland Pharma
Sell, TP Rs 1420
3Q mixed – Rev weak but EBITDA margins improved+500bps QoQ
Challenges continued in Cenexy & management expects EBITDA break-even in 3QFY26.
On +ve note, progress on Biologics & GLP-1 is on track
CITI on Divis Labs
Buy, TP Rs 6850, top pick
Another strong quarter – Revenues / EBITDA grew 25%/52% YoY
Co quite upbeat on all segments (GLP-1, Gx, Contrast media
Jefferies on Divis Labs
Hold, TP Rs 6280
3Q revenue was in-line, while EBITDA came in ahead on better product mix.
UBS on PCBL
Initiate Buy, TP Rs 600
Expect growth from diversification into newer phosphonate chemistry will positively surprise
Additionally, sophisticated nano-silicon technology offers substantial optionality but is not fully appreciated by the market
BULLISH ON CONSUMPTION ; GOLDMAN SACS , Says
We recommend NSE India Consumption vs NSE Infra outperformance pair trade.
The long/short pair upside to 2022 relative peak and 25% upside to 2020 peak.
For NSE India Consumption index about two-third of the weight is concentrated in FMCG, autos and consumer services, with another 20% in durables and telcos.
Within the infrastructure segments, while budgetary allocations to roads and railways is flat YoY and defence allocations have moderated too government remains supportive of power which is a risk to the short leg of the trade
Bernstein on One97 Comm(Paytm)
O-P, TP Rs 1100
Announced acquisition of 25% stake in Brazil based startup for $1m
See this as a -ve development for a biz that is yet to turn profitable in home market & a long journey ahead that requires undivided management attention & execution
KEC INT ; KEC Intl 9MFY25 Revenue Growth At 9% Vs Co's FY25 Guidance Of 15%
PRESTIGE ESTATES: CO ACQUIRES 39% STAKE IN PRESTIGE FALCON MUMBAI REALTY FOR RUPEES 189 CR, INCREASING HOLDING TO 90%
PRESTIGE ESTATES: CO ACQUIRES 42.55% STAKE IN PRESTIGE LEISURE RESORTS FOR RUPEES 98 CR, MAKING IT A UNIT
KEC INT Q3
YTD Order intake of over Rs. 22,000 crore v 13482 Cr In Q2 , substantial growth of more than 70% YoY.Order Book ( Guidance of Rs 25000 Cr Orders , Already achieved Rs 22000 Cr In Q3)
YTD Order Book of Rs. 37,440 crore; Additionally, L1 of over Rs. 4,000 crore ( v Rs 37400 Cr Order Book AT Q2 )
CEO Says "We delivered strong Q3 performance with higher profitability, record orders, and revenue growth despite challenges. EBITDA margins rose to 7.0% (from 6.2% YoY).
With a ₹41,000 Cr order book + L1, improved execution, and a strong pipeline, we expect sustained growth."
PREMIER ENERGIES Q3 ; Orderbook at 4,539 MW
Orderbook value of ₹6,946 cr
Order inflows at 2,240 cr
Macquarie on JSPL
O-P, TP cut to Rs 980 from Rs 1170
Capex guidance raise for value-added products & support infrastructure is a negative surprise
Believe it is now factored in stock price
Steel EBITDA/ton has bottomed; expect margins to improve in ensuing qtrs
HAL , BDL; HAL, BDL, defence peers aim to stall selling pressure on hopes of more orders in FY25 - CNBCTV18
Macquarie on JSPL
O-P, TP cut to Rs 980 from Rs 1170
Capex guidance raise for value-added products & support infrastructure is a negative surprise
Believe it is now factored in stock price
Steel EBITDA/ton has bottomed; expect margins to improve in ensuing qtrs
DAM Capital on JSPL
Buy, TP cut to Rs 1210 from Rs1300
Lower multiple to 7x vs 7.5x
Find risk reward to be extremely favorable
Expect a much better FY26 on back of Higher steel prices
Current prices in China are not sustainable
Expect supply discipline
Dolat Capital on JTL Industries
Initiates coverage with a ‘Buy’ rating with TP at Rs.141
Ramp-up of the new DFT line along with higher capacity utilization will enhance top-line
Improvements in product portfolio via greater proportion of value-added products will
support margins
Company’s volume expansion plan, aggressive market share augmentation & product mix
improvement initiatives are key positives
Dolat expects Revenue/EBITDA/PAT CAGR of 37/51/46% over FY25-27E
ADANI PORTS JAN BIZ
APSEZ delivers highest ever monthly cargo volume, handles 39.9 MMT in Jan’25 (+13% YoY).
During Jan’25, APSEZ handled its highest ever monthly cargo volume at 39.9 MMT (+13 YoY), led by containers (+32% YoY) and liquids and gas (+18% YoY).
YTD Jan’ 25, APSEZ handled 372.2 MMT of total cargo (+7% YoY), led by containers (+20% YoY) and liquids and gas (+9% YoY).
YTD Jan’25 logistics rail volumes was at 0.53 Mn TEUs (+9% YoY) and GPWIS was at 18.1 MMT volumes (+12% YoY).
POLYMEDICURE Q3 CONCALL
The company expects to grow at a rate of 22-24% in the current financial year ( Retains Guidance)
The company also expects to improve its EBITDA margin by 100-150 basis points.
The company is also expecting to add 100 more sales people in the current financial year
AXIS CAP ON HOTELS
The Indian hotel sector continued its strong growth momentum in Dec’24, with ARR rising 9% YoY, complemented by flattish YoY occupancy rates but staying high at 70%.
Q4FY25 is likely to carry the momentum with tailwinds from more wedding days.
We continue to prefer companies with stronger presence in metros and focus on upscale segments: Chalet Hotels, IHCL, Juniper Hotels
USL, UBL, TEXTILE STOCKS ; UK-INDIA FTA talks to resume from Feb 24-ET
TITAGARH RAIL: CO ANNOUNCES FORAY INTO TWO NEW BUSINESS VERTICALS, INCLUDING SHIPBUILDING
PREMIER ENERGIES UP 6 % ON STRONG Q3 SHOW
PAYTM, MOBIKWIK; Fintech firms to raise issue with Payments Council of India and Finance Ministry - NDTV PROFIT
Fintechs worry reduced incentives will impact margins
Payment companies say high reduction was not expected
Budget 2025 cut RuPay, UPI incentives to Rs 437 crore from Rs 2,000 crore
CYIENT DLM ; Cyient DLM Enhances Education Infrastructure in Two Government Schools in Mysuru
JP MORGAN Says India Valuations Looking Better Vs US Market, Should Start To Help At Some Point
Global Macro Remains Very Uncertain, Will Keep Markets Very Volatile
Govt Chose To Stimulate Consumption, Have Upgraded Consumer Names At JPM (Ex-4ws) - CNBCTV18
TATA CHEMICALS Q3 CONCALL
The management expects stable pricing for 3-6 months.
Co. see India growing, while the US and Western Europe remain flat or decline slightly.
The US market may improve with economic growth.
Their focus is on sustainable operations, balancing growth with cash flow, investment, and debt reduction.
KEC International management says they are the lowest bidders in a few orders and may convert them in the next quarter.
Transmission ordering is growing, but civil business order book has declined.
KEC Int reports significant slowdown in water projects.
They aim to achieve FY25 revenue guidance of 12-15%.
Facing a shortage of transformers in the transmission space.
Topline growth rate for FY25 may be slightly lower than 15%.
Q4 is expected to be much better.
SEBI Observation letter for 8 DRHP Approval issued for the following IPOs:
1. SMPP Limited
2. Aditya Infotech Limited
3. Brigade Hotel Ventures (Shareholder Quota: Brigade Enterprises Limited)
4. Kumar Arch Tech Limited
5. Solarworld Energy Solutions
6. Indogulf Cropsciences
7. Prostarm Info Systems
8. Globe Civil Projects Limited
KILITCH DRUG : Bhavin Mukund Mehta Appointed as Vice Chairman of Pharmexcil
INDUSIND BANK CEO Says We seen Worst Of Microfinace
Want To See 1 or 2 quarter before we Can Says Stability in Microfinance Biz - CNBCTV18
INDUSIND BANK Ceo Says MFI Forms 8-10% Of The Book
Forward Flows Have Stabilised In Microfinance Book - CNBCTV18
INDUSIND BANK CEO Says Had Stopped Growing Our MFI Biz 4 Quarter Ago Seeing Over Leveraging
Will Take Another 2-3 Quarters For Credit Card Book To Stabilise
Forward Flows Have Stabilised In Microfinance Book
Have Done Disbursals Worth ₹9,000 Cr In The MFI Book In Q3FY25 - CNBCTV18
FMCG STOCKS FACING PROFIT BOOKING
NOTE : FMCG STOCKS RALLIED IN LAST 2 SESSIONS ON NO TAX ON RS 12 LKH INCOME ANNOUNCEMENT
ICICI DIRECT ON AUTOS
Higher disposable income: ₹30,000 – ₹1.1 lakh per taxpayer
Potential car upgrade: More buyers for 2-W & 4-W
Premiumization trend: Hatchback → Compact SUV shift
Key beneficiaries: Maruti Suzuki, M&M, Tata Motors, Bajaj Auto, Eicher Motors
AARTI IND Says Expect volume recovery in Q4 as well especially in polymer and aniline markets-ETNOW
Agro and polymer segments pricing pressure expected to continue
Domestic focusing segment may see some rise in margins
If China tariffs remain, US market should see good trend for co and Indian chemical industry

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