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Market breadth was skewed in the favour of buyers. Around 2,628 stocks rose, 1,370 fell, and 146 remained unchanged on the BSE.
Upgrade to ‘Buy’, Target Price at Rs 23; 28% upside potential
Retains ‘High Risk’ rating
Raises FY25-28E EBITDA by 3-7% on the back of 2-6% higher ARPUs.
Target EV/EBITDA multiple raised by one notch to 12x driven by improved industry dynamics.
TP in a bull case could rise to Rs 28, continget on a favourable outcome in the AGR case
Peak of competitive intensity is behind us
Tariff hikes in-line-with to slightly-ahead-of market expectations in terms of magnitude & timing.
5G monetisation has now been initiated by the telcos
Local sales at 50,103 units in June 2024 vs 50,001 units in June 2023, up 0.20%
Exports at 14,700 units in June 2024 vs 15,600 units in June 2023, down 5.77%
Total sales at 64,803 units in June 2024 vs 65,601 in June 2023, down 1.22%
Source: Company statement
RBI joins Project Nexus to allow cross-border P2P and P2M transactions with four ASEAN countries
RBI to work with four ASEAN countries to link fast payment systems, like UPI, for such transactions
Countries in the project include Malaysia, Phillipines, Singapore and Thailand
Agreement signed on June 30
Source: RBI statement
Fischer Medical Ventures Ltd. is in pact with Singapore-based Nervotec to market its technology globally.
Source: Exchange filing
Zomato Ltd.'s 11.1 lakh shares or 0.01% equity changed hands in a bunch trade.
The bunch trade happened on BSE at Rs 202.55.
Buyers and sellers are unknown.
Source: Cogencis
Rane Holdings to acquire balance 51% stake in joint venture company, Rane NSK Steering Systems for Rs 45 crore.
Board approves settlement agreement with NSK, Japan & Rane NSK Steering Systems
Source: Exchange filing
CASA rose 5.6% on year to Rs 28,042 crore
Total business rose 15.2% to Rs 1.7 lakh crore
Total deposits rose 14.4% to Rs 92,349 crore
Advances grew 16.1% to Rs 77,709 crore
Source: Exchange filing
Partnership to focus on middle and low-income segments in rural and semi-urban locations
To focus on new to credit customers, or those who have not been tapped by larger institutions
Source: Company statement
Godrej Properties Ltd. has acquired seven-acre land parcel in Bengaluru.
The project to have estimated revenue potential of Rs 1,200 crore.
Source: Exchange filing
Customers looking for upfront parity of price in EVs and ICE
Looking at reducing prices further
In scooters, have reached 15% penetration
Need a ‘Mutual Funds’ moment for clean mobility
Need to accelerate the development of charging infrastructure
Source: Swadesh Srivastava, Head, Emerging Mobility Business Unit, Hero MotoCorp at IESW 2024
NCC Ltd. received orders worth Rs 355 crore in June related to company building division.
Source: Exchange filing
NMDC cuts iron ore lump and fine prices by Rs 500 per ton for July 2024.
Source: Company
Larsen & Toubro Ltd. received an offshore order in the range of Rs 1,000-2,500 crore from Oil and Natural Gas Corp.
Source: Exchange filing
S.C. Murmu to be ED in charge of Supervision
J.K. Dash to be ED in charge of Regulation
Charulatha Kar to be ED in charge of communication, HR management and RTI Act
Source: People in the know to NDTV Profit
Green hydrogen to be made in India in Tuticorin with support from Singapore, Japan
GST rates are being aligned to global value chains
India as a policymaker is trying to create an ecosystem where investments are encouraged
Close to $500 million of potential exists in India
Source: Sunil Bharthwal, Commerce Secretary, IESW 2024
Total domestic PV sales rose 23% to 40,022 units
Total domestic sales rose 11% to 69,397 units
Total tractor sales rose 6% to 47,319 units
Domestic tractor sales rose 6% to 45,888 units
Three-wheeler sales fell 3% to 6,184 units
Source: Exchange filing
The brokerage has set the price target of Rs 2,025, which implied a 15% upside.
The 22nd largest player in IPM, outperformed IPM in past decade by 600 bps
The brokerage expects 13% organic domestic sales CAGR over FY2024-27E
Believes high-margin CMO vertical to double by FY28E led by healthy order book
Forecasts 14% sales CAGR and 17% EBITDA CAGR over FY2024-27E
Expects 230 bps expansion in EBITDA margins over FY2024-27E
Key risks include:
Any senior management exits
Resurfacing of NDMA concerns relating to Rantac
High domestic sales concentration
Aggressive amortization policy of the acquired brands
Stock Of The Day: JB Chemicals Surges After Kotak Initiates 'Buy'
Tech Mahindra Launches Project Indus LLM For Hindi Language, More than 37 Dialects
Godrej Properties Secures 11-Acre Land In Pune For Rs 1,800-Crore Project
April-June growth to be softer than seasonality but expect 2Q commentary to be positive
The weak start to the year on margins
Sector has bottomed out on YoY basis in Q4FY24, likely to improve hereon
On QoQ basis, growth trends likely to be soft with large divergence across companies
Expect Infosys and LTIMindtree to be at higher end of growth, Wipro/TechM at lower end
Expect most companies to retain FY24 outlook
Infosys and TCS stack up well in terms of valuation and expectations
Run up in Wipro makes it less favourable in term of risk reward
HCLT needs strong execution to meet its guidance
In mid caps, Coforge looks better than peers Mphasis/L:TTD/tata Elxsi/Cyient
Garden Reach Shipbuilders Shares Jump Over 10% On $54 Million Order Win
Manorama Industries Ltd. has enhanced an overall fractionation capacity from 15,000 ton per annum to 40,000 ton per annum.
Source: Exchange filing
Market breadth was skewed in favour of buyers. Around 2,162 stocks rose, 923 declined, and 126 remained unchanged on BSE.
Garden Reach Shipbuilders received a construction order worth nearly $21 million from Bangladesh.
Source: Exchange filing
The NSE Nifty 50 was 17.65 points or 0.1% lower at 23,992.95, and the S&P BSE Sensex was 10.62 points higher at 79043.35.
IndiGo Can Return 18% With Sustained Profitability, UBS Says On Upgrade
The yield on the 10-year bond opened flat at 7.02%.
It closed at 7.01% on Friday.
Source: Cogencis
Rupee Tracks Asian Peers To Open Little Changed Against Dollar
Transformers & Rectifiers (India) Ltd. received an order worth Rs 72.5 crore from NCC Ltd.
The company also received an order worth Rs 55.9 crore from Power Grid Corp.
It has received an order worth Rs 20.1 crore from Adani Energy Solutions Ltd.
Source: Exchange filing
Morgan Stanley maintained an underweight with target price Rs 967, which implied downside of 42%.
Amara Raja now matches Exide on capability but lags on customer wins.
Ramp-up timeline remain unknown
Tie-up gives it LFP prismatic and cylindrical technology
Already in use in India,Tata Motors buys from Gotion;
Expects battery business to eventually reach low double-digit ROCEs
Large customer wins will be key to track
Scale will be key to generating returns in batteries as EV battery deflation continues
Remain selectively overweight in the battery segment
Will share more details in 1-2 months, prefer Exide over Amara
Citi Research kept a 'Buy' on Bharti Airtel Ltd., and set the target price at Rs.1,750, which implied an upside of 20.7%.
Bharti Airtel has announced average hike of 16%
It has raised tariffs even in the low-end feature-phone segment
The new tariffs help narrow the extent of Jio’s pricing discount to Bharti.
Continue to assume ARPUs of Rs235/270/305 over FY25/26/27
Remain positive from a medium-term view
Would use any meaningful correction as an enhanced buying opportunity
Maintain Equalweight on Tata Steel at Rs 145 target, which implied of 17% downside.
Maintain Underweight on SAIL at Rs 113 target which implied 21% downside.
Maintain Underweight on JSW Steel at Rs 650 target, which implied 31% downside.
Maintain Underweight on Jindal Steel Power at Rs 655 target which implied 38% downside.
Euro Rises On French Vote, China Eyed After PMI: Markets Wrap
Tata Steel Converts $565-Million Debt In Arm Into Equity
Price band changes from 5% to 20%: Tata Investment Corp., Wockhardt Pharma.
Ex/record Dividend: GHCL Textiles, GHCL, Geojit Financial Services.
Ex/record AGM: Tata Communications.
Ex/record Demerger: Oriental Carbon & Chemicals.
Moved to a short-term framework: PNB Gilts, Titagarh Rail Systems.
Jindal Stainless Fully Acquires Sulawesi Nickel Processing Industries
Deepak Nitrite: Promoter Ila D Mehta bought 1.46 lakh shares on June 26.
Tide Water Oil (India): Promoter Standard Greases & Specialities Pvt. bought 48,081 shares on June 27.
Styrenix Performance Materials: Promoter Shiva Performance Materials sold 29 lakh shares on June 27.
Star Cement: Promoter Laxmi Chamaria sold 84,354 shares on June 24 and June 25.
Saurashtra Cement: Promoter Promilla Khanna sold 80,000 shares between June 19 and June 26.
Steel Exchanger India: Promoter Umashiv Garments sold 1 crore shares on June 26.
JSW Neo Energy Gets LoA For 300 MW Wind-Solar Hybrid Power Projects From SJVN
Samhi Hotels Shareholder Trims Stake For Rs 193.40 Crore
Fidelity Sells HCLTech Shares Worth Rs 1,788 Crore; Mutual Funds, Morgan Stanley Among Buyers
Vraj Iron and Steel: The public issue was subscribed to 119.04 times on day 3. The bids were led by institutional investors (163.9 times), non-institutional investors (208.81 times), and retail investors (54.93 times).
BEL Bags Rs 3,172 Crore Order From Armoured Vehicles Nigam
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