Initiate Neutral Call, Target Rs 700
Scalable Model With Domain Expertise & Long-Standing Client Relationships
Co Is Well Positioned To Ride Digital Adoption Wave In Life Sciences Cos
Client Roster Impressive, Sales Engine Geared Towards Large & Emerging Pharma
Strong Management & Ind Analyst Rankings, As Well As Balanced M&A Approach
Expect Co To Deliver 12% USD Rev/18% EPS CAGRs Over FY25-27
Key risks Include, Exposure To Only Life Sciences Vertical,
Key Risks Include, High Top-5 Client Revenue Concentration Of 46%,
Key Risks Include, Use Of $100m Cash With No Stated Dividend Policy, & In-Sourcing
Investec on Glenmark pharma
Initiate a FAST long, TP Rs 1900
Expect both earnings momentum & importantly CF generation to continue aiding ongoing re-rating
Aurangabad facility getting ZERO observations does provide a near-term trigger
trades At 23xSep’26E EPS
CLSA on QSR
Competition In Our Sample Small Towns Remains Intense
Domino’s, McDonald’s Have Lower Share In Incremental Ratings Unlike Local Competitors
Pizza Category Growth Has Improved Since Feb 2024 On Zomato Trends Data
Zomato Trends Data Indicates: Even With Better Growth For Domino’s, It Is Still Losing Share
Prices Have Been Largely Stable With Some Small Increases In Some Cities
Believe Competitive Intensity Remains High In Categories Like Pizzas,Burgers
Maintain Underperform Call On Jubilant FoodWorks & Westlife
Maintain Overperform Call On Restaurant Brands
CITI on Indus Towers
Buy Call, Target Rs 500
SC’s Dismissal Of AGR Petition Has No Immediate Impact on VI’s Cash Flows
Development Could Weigh On Near-Term Stock Sentiment
Recommend Using The Share Price Weakness As An Enhanced Buying Opportunity
See An Attractive Dividend Yield On Offer Of About6-7%
Key To Monitor: Completion Of Voda Idea’s Pending Debt Raise
Key To Monitor: Reiteration Of VI’s Capex Plans
Key To Monitor: Quantum Of Past Dues That VI Repays To Indus In Q2FY25
GS on L&T Fin
Buy Call, Target Rs 202
Mgmt Acknowledged Stress Is Building Up In Industry On MFI & Unsecured Loans
Mgmt Says Co Was Able To See The Risks Early On
Identifying Risks Early On Helped Mgmt Adopt Prudent Measures In Lending
Co Is Now Seeing Better Asset Quality Relative To Industry
Mgmt Maintained Guidance For Delivering 25% Growth
Mgmt Eyes Growth Guidance Of 25% With ROAs/ROEs of 3%/15% Over Next 24 Mths
Growth Guidance Driven By NIMs + Fee In 10.75%-11.25% Range, Opex + Credit Costs <7%
Mgmt Now Has Term Plan Around Building A Cycle-Resilient Retail Loan Book
Cycle-Resilient Retail Loan Book To Be Built Using Technology As Biggest Lever
Technology To Be Used As Biggest Lever Supplemented By Bureau Data & Alternate Data-Sets
Investec on Chola Fin
Upgrade to buy, TP raised to Rs 1850
Weakening vehicle sales should not impact overall growth significantly
Also see it has levers (margin expansion and operating leverage) to maintain RoA/RoE at 2.6% and 20% despite rising credit costs
Investec on Fusion Micro
Downgrade to sell, TP Cut to Rs 300
Board announced a profit warning for Q2, indicating possibility of a credit cost of Rs5bn-Rs5.5bn vs Rs3.5bn in Q1
In addition, co has initiated search for a new MD & CEO Co also plans to raise upto Rs5.5bn via equity
GS on M&M
Buy Call, Target Rs 3,400
XUV700 More Affordable Variants Supporting Profit Growth
BEV Launches To Be Profitable From Day 1
Improving Validation On Inglo EV Platform
Green shoots becoming more visible in rural markets
Tractor Market Setup Looks Better Heading Into H2FY25
Citi on ICICI BK
Buy Call, Target Rs 1,547
Growth Momentum To Sustain Led By Business Banking, MSME, Corporate
Focus On RaROC Continues
Comfortable LCR/LDR At 123%/85%
Range-Bound NIM With Similar Intensity Moderation In Q2
Expect Catch-Up In Deposit Cost To Be Partially Offset By Lower Drag On Interest Reversal
Jefferies on Interglobe Aviation
Buy Call, Target Rs 5,225
Mgmt Discussed Strong Tailwinds For Aviation Growth In India
Mgmt Reiterated Focus On Cost Leadership & Timely Ordering Of The Fleet
Int’l Segment Is A Key Growth Lever With New Fleet, New Routes
Several Digital Initiatives In Play With Focus On Increased Direct Ticket Booking
Several Digital Initiatives In Play With Focus On Launch Of Hotel Booking On Website
Jefferies on Amber Ent.
Buy Call, Target Rs 5,200
Domestic AC Industry Benefited From A Strong Q1 Summer
Domestic AC Industry Likely To Drive +30%YoY Volumes In FY25
In Electronics, ADD Imposition On PCBs Enabled AMBER To Induct New Customers
Mobility Order Book Healthy At `20.7 bn
In FY24-27, Est Margin-Accretive Components CAGR To Outpace That Of AC
Peak Capex Likely Behind Us, And RoCE To Rise To Around 20% By FY26
MS on CONCOR
Equal-Weight Call, Target Rs 1,083
Measures Announced To Boost EXIM Trade, Risks CCRI Margins
Railway board & CCRI: Zerocost Storage For Empty Containers For 90 Days
Railway board & CCRI: 50% Reduction In Charges Beyond 90 Days
Railway board & CCRI: Storage & Handling Rates Will Be Reduced From Rs 9,000 To Rs 2,000
Govt Expects These Measures To Significantly Bring Down Shipping Costs
MS on Telecom
July Trends Highlights: Even With Tariff Hikes; Only A Marginal Decline In Ind Subs
Churn In Key Operators Has Benefited BSNL
Reliance Jio Continues To Accelerate Share In Wireline Broadband Led By FWA
Rev Mkt share for Q1F25 Improved For Reliance Jio & Bharti
Jefferies on Telecom
In July’24, Sector’s Active Subs Base Declined By 1.5m MoM
Sector’s Active Subs Base Decline Was Due To Sim Consolidation Post Tariff Hikes
In July’24, VIL Lost 3m Subs & BSNL/ MTNL Gaining 2.9 m subs
4G/5G Subs Additions Were Steady At 5 m
In July’24, Suggests Lower Price Elasticity, With Bharti Gaining Market Share
BSNL/MTNL May Gain Some Share Due To Lower Tariffs
BSNL/MTNL Unlikely To Pose Risks To Mkt Share Trajectory of Bharti/Jio In Medium-term
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