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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

January 09, 2025

  • Stocks To Watch
  • Tata Motors : JLR reported a mixed performance for Q3 FY25. Wholesale volumes increased 3% YoY to 1,04,427 units, reflecting a recovery from prior supply disruptions, while retail sales declined 3% YoY to 1,06,334 units. Wholesales showed a 20% QoQ rise. Notable gains were observed for JLR’s flagship models, with Range Rover up 22%, Range Rover Sport up 17% and Defender up 13% YoY. The overall mix of these high-margin models grew to 70% of total wholesale volumes.
  • BHEL has successfully commissioned the first two units of the 6x170 MW Punatsangchhu-II hydroelectric project (PHEP-II) in Bhutan. Located in Bhutan’s Wangdue district, PHEP-II is a greenfield hydroelectric project executed under a bilateral agreement between the GoI and the Royal Government of Bhutan.
  • Hindalco : US-based Novelis Inc announced that it plans to offer $500 million in senior unsecured notes due 2030 in a private offering. The offering is exempt from registration under the Securities Act of 1933. The notes will be guaranteed by Novelis and some of its subsidiaries on a senior unsecured basis. Proceeds from the offering will primarily be used to repay $491 million in outstanding borrowings under its revolving credit facility. Any remaining funds will be used for general corporate purposes.
  • Manappuram Finance : RBI has removed supervisory restrictions imposed on Asirvad Micro Finance Ltd (microlending arm of Manappuram Finance) with immediate effect. The restrictions, which had been placed on the companies on October 17, 2024, required them to cease sanctioning and disbursing loans, effective from October 21, 2024.
  • Lupin Ltd has received the EIR from the USFDA for its Pithampur Unit-1 manufacturing facility that manufactures both APIs and finished products. 
  • MOIL has been imposed a penalty of ₹16.77 crore by the Collector of Balaghat for exceeding the production limit at its Tirodi mine beyond the environmental clearance (EC) and consent to operate (CTO) for the years 1993-94 to 1995-96 and 2006-07 to 2008-09. The penalty was levied for violations related to production beyond the prescribed limits during the mentioned periods.
  • ACME, the Renewable energy firm, has successfully commissioned an additional 90 MW of solar power capacity in Rajasthan, bringing its total operational renewable generation capacity to 2,453 MW. The additional capacity comprises 62 MW from ACME Dhaulpur Powertech Private Ltd and 28 MW from ACME Raisar Solar Energy Private Ltd, both of which were commissioned on January 7, 2025. These two plants are now fully operational with a rated capacity of 300 MW each.
  • PN Gadgil Jewellers reported consolidated YoY revenue growth of 24% for Q3 FY25, driven by robust same-store sales growth and festive demand during Dussehra, Diwali, and the wedding season. The retail segment led the growth with a 42% YoY revenue increase, while the franchise segment posted an 87% YoY rise. The e-commerce segment outperformed, recording a 98% YoY surge in revenue. The diamond category also saw strong momentum, achieving a 40% YoY growth in revenue.
  • Anand Rathi Wealth is set to consider issuing bonus shares for the first time. Board meeting convened on January 13, 2025, to deliberate on the proposal. 
  • Poonawalla Fincorp has approved raising up to Rs 190 crore through bonds.
  • The India Cements has received GST demand of Rs 7.1 crore, including fines and penalties, from Chennai Tax Authority.
  • UltraTech Cement received GST order worth Rs 1 crore along with interest from the Bhopal tax authority.
  • GMR Airports has entered into a share purchase agreement to acquire shares of Bird Delhi General Aviation Services in one or more tranches.
  • Advait Infratech has received a LoI from Gujarat Urja Vikas Nigam Ltd. for the establishment of standalone battery energy storage systems.
  • Prataap Snacks has received a letter of offer for an open offer from Authum Investment & Infrastructure and Mahi Madhusudan Kela, who plan to acquire a 26.01% stake in the company.
  • Mangalore Refinery and Petrochemicals has entered into a lease agreement with the Indian Strategic Petroleum Reserves Ltd. for the storage of crude oil.
  • Bayer CropScience has received a GST demand order worth Rs 2.8 crore for the period from FY18-20 from the Telangana government.
  • Zen Technologies received a patent grant for "T-72 Containerized Crew Gunnery Simulator System."
  • Afcons Infrastructure received a Letter of Intent from DRDO for Rs 1,084.5-crore infrastructure project.
  • United Spirits has received a GST demand order worth Rs 1.1 crore from the Kerala government for the period between September 2017 and March 2020.
  • Kotak Mahindra Bank board will consider raising funds by issuance of NCDs on private placement basis.
  • Morepen Laboratories incorporated a new subsidiary Morepen Medtech Ltd.
  • NTPC Green incorporated NTPC Rajasthan Green Energy Ltd, a 74:26 Joint Venture with Rajasthan Rajya Vidyut Utpadan Nigam Ltd.
  • Zee Media Corp is set to consider raising funds through further public issue, QIP or other means.
  • Borosil Renewables has announced 50% capacity expansion in manufacturing of solar glass.
  • United Breweries: The Telangana government has refused to bow to the demands of United Breweries for a substantial price hike and attributes it as companies "monopoly tactics".
  • NMDC gets approval for incorporation of arm in Gujarat and for opening NMDC Liaison Offices at Dubai, UAE and Brisbane/Melbourne, Australia.
  • PI Industries gets a customs demand order worth Rs 82.8 crore from Maharashtra government. Order is related to classification disputes under the Customs Tariff for input material imported.
  • Trishakti Industries receives INR 90 Million order from KEC International.
  • BEAT THE STREET BULLETIN
  • Date: 9-Jan-2025
  • https://t.me/BeatTheStreet10
  • NEW ORDERS & CONTRACTS
  • - Richa Info: Signed a ₹100 crore Supply and Services Agreement with Roopyaa Tradebizz Limited for TV technologies and associated services (6-month term).
  • ---
  • INCIDENTS & CLARIFICATIONS
  • - PI Industries: Customs Commissioner issued ₹43.91 crore liability order for the period from 21 July 2018 to 24 November 2022; company plans to challenge it legally.
  • - Schaeffler India: Mr. Aashish Bhatia, President – Automotive Technologies, exits the company due to organizational restructuring, effective 8 January 2025.
  • ---
  • OPERATIONS & PERFORMANCE
  • - Solex Energy: Achieved 103% revenue growth YTD as of 31 December 2024. The company plans an 800 MW solar module expansion starting January 2025, increasing total capacity to 4 GW by June 2025, driving revenue and profitability growth from FY26 onwards.
  • - Hindalco: Novelis Inc. plans to privately offer $500 million in senior unsecured notes due 2030 to repay existing borrowings and fund general corporate purposes.
  • - Zen Tech: Celebrated the grant of its 11th patent in FY 2024-25 for the T-72 Containerized Crew Gunnery Simulator System, a military training tool for T-72 tank crews.
  • ---
  • STRATEGIC PARTNERSHIPS & TECHNOLOGICAL UPDATES
  • - NTPC Green: PM Modi laid the foundation stone for NTPC Green Energy Limited's Green Hydrogen Hub Project at Pudimadaka near Visakhapatnam, which will be the first Green Hydrogen Hub under the National Green Hydrogen Mission.
  • - Borosil Renewables: Announced a 50% capacity expansion in solar glass manufacturing, increasing from 1,000 to 1,500 tons per day, responding to pricing challenges from cheap imports.
  • ---
  • LEADERSHIP CHANGES & APPOINTMENTS
  • - Niyogin Fintech: Board approved the incorporation of a wholly owned subsidiary, “Niyogin Finserv Limited” or “Niyogin Financial Services Limited,” to undertake financial services business.
  • ---
  • FUNDRAISING & CAPITAL EXPANSIONS
  • - Schaeffler India: No updates on fundraising yet.
  • - Zee Media: Board meeting scheduled on 13 January 2025 to consider fundraising via equity shares.
  • - Shiva Cement: JSW Cement received SEBI approval for a ₹4,000 crore IPO.
  • ---
  • M&A & CORPORATE ANNOUNCEMENTS
  • - Control Print: Incorporated a wholly owned subsidiary, ‘Control Print MEA FZE,’ in Hamriyah Free Zone, UAE, to focus on trading printing equipment and related products.
  • - Mangalum Global: Board meeting scheduled for 13 January 2025 to consider stock split.
  • - NMDC: Approved the incorporation of a wholly owned subsidiary at GIFT City, Gujarat, and liaison offices in Dubai (UAE) and Brisbane/Melbourne (Australia).
  • ---
  • LEGAL & REGULATORY UPDATES
  • - PI Industries: Facing ₹43.91 crore customs liability for the period 21 July 2018 to 24 November 2022.
  • ---
  • Stay Updated with Beat the Street
  • MORGAN STANLEY ON RELIANCE
  • Maintain Overweight, target price 1662
  • Valuations are undemanding
  • Refining: Engine of RIL's FCF generation is turning up with global capacity
  • Adds almost half of demand growth in 2025 with further tightness through 2027
  • Retail profitability should improve in FY26 with rationalisation of store footprint (~3.6 mn sq ft last two quarters)
  • New Energy, while being used internally, remains highly underappreciated - should improve profitability of the oil-to-chemicals vertical in 2025
  • MACQUARIE ON INDIA
  • Maintain an overweight rating, as India is still the best secular EM market
  • HSBC ON INDIA
  • Downgrade to Neutral from Overweight
  • Sensex 2025 target at 85990
  • MORGAN STANLEY ON INIDA
  • Adding underweight--November
  • Both portfolio weight and MSCI weight have been rising
  • NOVELIS-(HINDALCO)-Q3 UPDATE-WEAK
  • Adjusted EBITDA $360-370 mn vs $454 mn YoY, down 20% YoY
  • Adjusted EBITDA fall led by scrap price increase,  unfavourable product mix from lower auto shipments
  • Shipments 900-910 kt in Q3 FY25 vs 910 kt in Q3FY24- Flat YoY
  • Higher beverage packaging shipments offset by lower automotive, specialty shipments
  • BROKERAGES ON MANAPPURAM FINANCE
  • BOFA
  • Maintain Buy, TP 235 (Up 13%)
  • Valuation re-rating on growth revival
  • Should support growth revival in MFI and improve collection efficiency
  • See scope for further improvement on strong outlook for gold business
  • Raise FY25-27 earnings forecast by 1-4%
  • JEFFERIES
  • Maintain Hold, TP 190 (from 167)
  • Ban removal a positive-but widely anticipated
  • MORGAN STANLEY
  • Maintain Equal Weight, TP 175
  • Assumed ~10% provisions (F25-27) for the MFI loan book owing to the embargo.
  • Await management guidance on the pace at which it expects disbursements to pick up, revised (lowered) loan pricing, and underwriting norms.
  • CLSA ON BAJAJ AUTO
  • Upgrade to Overweight from Underweight, TP 9493
  • Steep correction and improving e-2 wheeler franchise
  • Trading at 21x FY27 earnings vs long term average of 19x
  • Despite scaling-up-has been able to maintain margin at 20%
  • Deserves 10-20% premium multiple over long term average moving forward
  • Trying to convert 100cc model buyers to 125cc models
  • BERNSTEIN ON SWIGGY
  • Initiate-Outperform, TP 635 (25% Upside)
  • One of the winners in India's convenience economy
  • To benefit from shift to super-fast delivery models
  • Expect duopoly structure to sustain
  • Reasonable valuation, potential for re-rating
  • Food delivery Gross Order Value to grow at 21%-FY25-27
  • GLOBAL BROKERAGES ON INDIA
  • MORGAN STANLEY ON EM FLOWS
  • Adding underweights in China and India-November
  • Both portfolio weight and MSCI weight have been rising
  • International+US Funds weightage for India up 200bps to 21.9%-Q4CY24 (QOQ)
  • Reduction in overweights for HDFC Bank down 40bps to 2.8% in Q4CY24 (QOQ)
  • Additions to overweights in Tata Consultancy Services up 40bps to 1%
  • MACQUARIE ON INDIA
  • Maintain an overweight rating, as India is still the best secular EM market
  • Continue to expect India's nominal GDP to stabilize at ~9%-10% clip, which is at least double of China's
  • Challenge is that EPS estimates are not in line with these growth rates, and at ~18%-19% for '25, are at least 300-500bps too high
  • Surprised that the underformance was relatively mild thus far (~3% in 4Q'24)
  • One of the few EMs to add labor,  with large domestic market, relatively low trade dependency (or exposure to Trump)
  • India has superb geopolitical positioning and a wide waterfront of investable assets
  • Quality of the labor force and domestic productivity are key challenges
  • HSBC ON INDIA
  • Downgrade to Neutral from Overweight
  • Sensex 2025 target at 85990
  • Profits have softened, valuations elevated at 23x forward earnings
  • Annualized growth of 25% seen in recent years
  • FY25 earnings growth for Nifty 50 cut from 15% to 5%
  • Investors will likely re-evaluate their positions, limiting market returns
  • IIFL Sec on Coforge
  • Reinstate our coverage on Coforge with a BUY and 12-mth target price of Rs10,500, implying 10% potential upside
  • COFO is on track to deliver double-digit organic growth in FY25ii and reach USD2bn revenues by FY27ii
  • Margins are expected to improve structurally and we estimate 140bps Ebit margin expansion over FY25-27
  • COFO is trading at 44x/37x FY26/27 PE, at 29% premium to midcap peers, but strong execution and growth visibility justify the same.
  • NUVAMA ON TRANSFORMER & RECTIFIER
  • Maintains 'Buy' , Hikes Target Price To 1,450 (17% Upside)
  • Q3 FY25 Earning In Line With Estimates On Stellar Execution, Strong Operating Margins
  • See Strong Sales Visibility Given ₹3,700 Cr Order Book, ₹19,000 Cr Prospects
  • Co To Benefit From Tailwinds Of High Demand For HV Transformers, Efforts In Backward Integration
  • Co To Benefit From Tailwinds Of High Demand For HV Transformers, Efforts In Backward Integration
  • Ralise FY25 EPS Estimates By 10%
  • Raise FY26 EPS Estimates By 17%
  • Raise FY27 EPS Estimates By 29%
  • Stock's Valuations Reflect Strong Profit Delivery
  • Key Variables Include Timely Order Inflows,Procurement Of Key Raw Materials
  • Incred On Deepak Fertilizers
  • Deepak Fertilisers Set to Beat Consensus by ~+2x with an expected 300% earnings growth in Q3 FY25 !
  • Q3 FY25 Earnings projections- EBITDA ~530 Cr wih PCL contributing ~190 Cr: EPS to grow 4x yoy
  • Steet heavly underestimatos DFPCL's potential, seting up Q3-FY25 for a stong positive surprise
  • Morgan Stanely on Tata Motors
  • EW. TP Rs 920
  • JLR F3Q25 Wholesales – Mix & Leverage to Offset Higher Incentives
  • JLR reported F3Q25 wholesale volume growth of a 3% YoY to 104.4k units (+20% QoQ); 2% ahead of est.
  • Expect JLR to post an EBIT margin of 9.6%
  • CLSA on Telecom
  • 2025 outlook
  • Bharti Airtel, top pick ,
  • Indus Towers, at 5.6x EV/Ebitda, offers deep value
  • With 15% data revenue Cagr for TCOM, have O-PF rating
  • Hold on Sterlite & Hexacom & U-PF on VIdea.
  • Nomura on Tata Motors
  • Buy, TP Rs 990
  • JLR’s retail vol down 3% y-y while wholesale vol up 3% y-y for 3QFY25
  • Est +ve FCF of GBP 250mn in 3Q led by higher volume at 104k units, +3% y-y
  • Est TTMT will move from net debt of Rs 220bn (Rs 60/sh) in 2Q to net cash of Rs 86/sh by FY27F
  • UBS on Tata Motors
  • Sell, TP Rs 780
  • JLR Q3FY25 wholesales at 104k (+3% YoY/ +20% QoQ) with strong mix
  • On track to meet FY25E guidance; but should one extrapolate this to FY26E?
  • Still see sharp downside risks to co's FY26 guidance of 10%+ EBIT margins.
  • Nomura on Cement
  • Stick with the leaders
  • Buy on Ultratech (TP Rs 12800)
  • Ambuja (TP Rs 690) & Ramco (TP Rs 1060)
  • Downgrade Shree Cement to Neutral, 28000
  • Downgrade ACC to Reduce, TP 1920
  • Downgrade Nuvoco to Reduce, TP Rs 330
  • Maintain Reduce on Dalmia Bharat, TP of Rs 1680
  • Nomura on Zydus Life
  • Upgrade to BUY, TP raised to Rs 1140
  • Raise earnings estimates owing to higher contribution from Sitagliptin 505b(2)
  • Assuming Sitagliptin market at $300-500m, at a discounted price, opportunity size for Zydus can be large at $100-150m annualized
  • JEFFERIES ON REAL ESTATE
  • In the 5th year of a property upcycle, the backdrop for resi demand is still positive
  • Inventories near 14-yr lows
  • Expect 15%+ value sales growth. T
  • icket sizes have doubled in 5-yrs
  • Office markets should build on recovery, given good GCC and Indian corp. demand.
  • Strong balance sheets remain supportive of valuations.
  • DLF, Godrej Properties and Lodha are preferred picks.
  • DLF-Maintain Buy, TP 1000
  • Godrej Properties-Maintain Buy, TP 3750
  • Macrotech Developers-Maintain Buy, TP 1650
  • JEFFERIES ON INTERGLOBE AVIATION
  • Maintain Buy, TP 5260 (From 5100)
  • IndiGo is a unique, strong franchise with a dominant (~60%+) market share in domestic air travel.
  • Recent stock underperformance follows a sharp miss in 2Q results, on higher costs.
  • Cost normalisation ahead. I
  • Story remains intact, with ramp-up in its capacity amidst constraints for most peers (+ve for yields).
  • Inferior cost curve for peers means an advantage
  • JEFFERIES ON IHCL
  • Maintain Buy, TP 1000 (From 900)
  • A consistent double growth (proxy consumer/discretionary segment) in a cyclical business
  • Will support premium valuations
  • Expect doubledigit EBITDA/PAT CAGR over medium term
  • Track record of delivering on previous targets gives us confidence on deliverability on the new goals
  • Will benefit from industry tailwinds (cyclical upturn), expansion of market share as well as rate premium, and growth in mgmt fee incom
  • TELANGANA STATE MINISTER ON UBL
  • RETIRED HIGH COURT JUDGE, INDEPENDENT COMMITTEE IS REVIEWING UNITED BREWERIES' PRICE HIKE REQUEST
  • UNITED BREWERIES HAD ASKED FOR A 33.10% PRICE HIKE ON THEIR BEER
  • UNITED BREWERIES HAS A MARKET SHARE OF 70% IN TELANGANA
  • UNITED BREWERIES ARGUES THAT PRICE HIKE SHOULD BE AS PER THEIR DEMAND BECAUSE THEY HAVE A MONOPOLY
  • AS OF TODAY, BALANCE DUE TO UNITED BREWERIES IS 658CR BLN RUPEES, OF WHICH 407CR RUPEES ARE FROM PREVIOUS GOVT
  • BANCO PRODUCTS Q3 ; FIIs STAKE INCREASED TO 3.94 % FROM 3.08 % EARLIER
  • NMDC: NMDC cuts Lump Ore & Fines prices by ₹350/tonne effective today
  • VISHAL MEGA MART Q3: GOVT OF SINGAPORE NAME IN Q3 SHAREHOLDING WITH 1.67 % STAKE
  • NOTE; VISHAL MEGA MART LISTED ON 18 DEC
  • TODAY'S Q3 RESULT
  • TCS
  • TATA ELXSI
  • IREDA
  • GTPL HATHWAY
  • MACQUARIE ON INDIA
  • Maintain an overweight rating, as India is still the best secular EM market
  • HSBC ON INDIA
  • Downgrade to Neutral from Overweight
  • Sensex 2025 target at 85990
  • MORGAN STANLEY ON INIDA
  • Adding underweight--November
  • Both portfolio weight and MSCI weight have been rising
  • INCRED ON SBI CARD
  • High conviction REDUCE on SBI Cards
  • Industry-led issues to weigh over valuation, Reiterate High Conviction REDUCE with TP Rs550
  • Weak capital adequacy to keep fresh issuance & spending under check & with ~42% CIF from Tier-3 cities & beyond, credit costs to remain high till 1HFY26F.
  • Expect RoE for SBIC to remain subdued over FY26F-27F, not justifying the premium valuation
  • At this valuation, we prefer Bajaj Finance over SBIC which has a favorable risk-reward ratio led by superior growth (high-conviction ADD rating with a target price of Rs9,000)
  • STOCKS MOVED TO SHORT TERM ASM LIST
  • Alkosign Ltd
  • ATV Projects India Ltd
  • Bartronics India Ltd*
  • Bodhi Tree Multimedia Ltd*
  • Encode Packaging India Ltd
  • Garuda Construction and Engineering Ltd*
  • Globalspace Technologies Ltd
  • Goldiam International Ltd*
  • Karma Energy Ltd*
  • Mewar Hi-Tech Engineering Ltd
  • PTC Industries Ltd*
  • Shanti Educational Initiatives Ltd
  • STOCKS MOVED OUT FROM SHORT TERM ASM LIST
  • Amanaya Ventures Ltd
  • Ashapura Minechem Ltd
  • Ashirwad Steels & Industries Ltd
  • Bharat Immunologicals & Biologicals Corporation Ltd*
  • Lincoln Pharmaceuticals Ltd
  • Nelco Ltd
  • Shivalik Rasayan Ltd
  • Universal Arts Ltd
  • TELANGANA MINISTER ON UBL PRICE HIKE - REUTERS
  • Independent panel, led by a retired HC judge, reviews UBL’s 33.1% price hike request.
  • UBL holds 70% market share in Telangana, cites monopoly to justify hike.
  • Govt owes UBL ₹658 Cr; ₹407 Cr from previous administration.
  • Gujarat Pollution Control Board revokes closure order for Aether Industry's mfg Facility II
  • Business Standard
  • Three-wheeler exports rebound in 2024 despite global economic challenges
  • Brigade Group to invest about Rs 4,500 crore in Hyderabad project
  • Consumer goods sector faces a muted quarter as urban demand stays sluggish
  • Foxconn, Dixon ask govt to pay pending production-linked subsidies
  • Demat tally surges to 185 million in 2024 with 46 million new additions
  • Govt slashes Nov gold import data by $5 billion in commodity revision
  • Huge opportunities to increase share in global agri trade: APEDA chairman
  • ONGC joins hands with BP to boost oil and gas production in largest field
  • L&T bags significant orders worth Rs 1K-25K cr in Q3FY25 in India, overseas
  • Private equity investments in India surge 46% to $15 bn: Top deals of 2024
  • SBI lowers India's FY25 GDP growth forecast to 6.3%, below NSO's 6.4%
  • Mahindra looks to scale up biz globally, eyes more markets with new models
  • Economic Times
  • GMR Group receives Rs 6,300 crore investment from Abu Dhabi Investment Authority
  • India eyes two more lithium blocks in Jammu and Kashmir, sources says
  • India eying integrated satellite communication grid, says Defence space official
  • Eye care chain Dr. Agarwal Health Care gets Sebi nod for IPO
  • Titan's IRTH Bags eyes Rs 1,000 crore revenue by FY2027 with expansion plans
  • Heineken-controlled United Breweries halts beer supply in Telangana
  • Vedanta chairman Anil Agarwal acquires London's iconic Riverside studio
  • Consumer goods space to see muted growth in 3QFY25: Report
  • Manufacturing, industrialisation & power capex are structural stories: Rahul Chadha
  • Proposed duty levy on steel imports could lead to steep price hike in 2025: Crisil
  • Radisson Hotel Group opens Park Inn by Radisson in Vellore; expands presence in South India
  • Mint
  • Railways spends 76% capex for capacity improvement by far in 2024-25
  • Cygnett Hotels aims to become ₹300 crore business by FY25-end
  • Complete Circle's wealth management arm raises new funding from Mankind Pharma
  • MFI portfolio declines, bad assets spike in Sept qtr: Report
  • AMD invests in drug-discovery company Absci in push to sell AI chips
  • China expands consumer subsidies to boost spending as tariff risk looms
  • FPIs to remain cautious on India until clarity comes on Q3 FY25 earnings: Report
  • Copper edges higher on fund buying, but tariff worries cap gains
  • EMS Ltd bags order worth ₹416.5 cr from Indore Municipal Corporation
  • Goa sees a sharp rise in sports tourism; becomes favourite in South East Asia
  • Nvidia's Jensen Huang confident Samsung will overcome HBM production challenges
  • Nomura on Aditya Birla Real Estate:
  • -Cut TP to INR3,100 vs 3700; maintain Buy
  • -SC ruling impact limited to ~5% of residential GDV of ABREL, by our estimate
  • -Management maintains ~INR70bn presale target for FY25F (vs INR17bn presales in 1HFY25); 5 projects to be launched in 4QFY25F with cumulative GDV of ~INR80bn
  • SRF, NAVIN FLOURINE IN FOCUS - Both up 10%
  • US Gas Distributors announce price hikes for refrigerant gases
  • IGas says R32, R125 supply impacted, prices higher by up to 200%
  • Equirus on SRF, Navin Flourine:
  • - US$ 1/kg change in R32 realization could increase SRF's EBITDA by Rs 260 crores
  • - For Navin Flourine, R32 price hikes by $1/kg can increase EBITDA by Rs 77 crores
  • Capacity
  • - SRF has a capacity of 29,000 to 30,000 tons of R32
  • - NFIL has ~4,500 tons of R32 and expects to add another ~4,500 tons by Feb’25
  • - SRF also has a ~7,000 tons capacity of R125
  • Angel One in Focus:
  • Order count is expected to rise in January 2025 compared to December 2024.
  • Investec Insights:
  • Despite the increase in derivatives contract size, market volumes remain strong in January.
  • Derivatives ADTO is up 18%, and option premium is up 11% MTD January '25 over December.
  • Based on data until January 8th, Angel One is anticipated to report higher order counts in January.
  • Kotak on United Breweries
  • Telangana contributes 18% to volumes, 15% to revenues but is loss-making for the company.
  • Stopping beer supply to the state is a bold move.
  • Kotak sees upside in FY26 if price hikes are granted.
  • If Telangana approves a 15-20% price hike, margins could improve by 200-250 bps.
  • IEX - UBS Top Midcap Pick with 50% Upside
  • Strong growth expected in real-time and green products.
  • Likely launch of long-term products.
  • Low possibility of coupling suggests a potential re-rating for the stock.
  • There needs to be a dedicated re-finance facility focussed on MFIs
  • Guarantee scheme should be there for microfinance sector. Remain positive on some announcements in budget
  • -Alok Misra, MicroFinance Institutions Network
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