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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 06, 2025

  • The automotive and auto ancillary sectors are poised for strong performance in the coming months, with significant growth potential on the horizon. A notable trend in these sectors is the correction in stock prices from their recent peaks, which sets the stage for a potential reversal in momentum. Many stocks in this space have experienced substantial volume activity over the past few days and weeks, indicating robust investor interest and the possibility of strong accumulation patterns. This suggests that these stocks could be primed for a rebound, making it an opportune time for investors to pay attention.
  • Among the companies in this sector, we have identified several stocks with significant upside potential, including FM Goetze, NRB Bearings, Gabriel India, Rico Auto, Indo Nippon and SJS Enterprises. These companies are well-positioned to capitalize on favorable market dynamics, with the potential for price appreciation ranging from 20% to 100% in the calendar year 2025.
  • A critical factor to monitor in the near term will be the Q3 financial results for these companies, which could serve as a key catalyst for further upward movement. Strong performance in Q3, along with positive guidance, could help sustain the bullish outlook for these stocks. Given their solid fundamentals and potential for future growth, these stocks represent attractive investment opportunities.
  • As always, it is important for investors to stay informed and watch the quarterly earnings closely, as they will provide valuable insights into the financial health and growth prospects of these companies. In conclusion, investors looking to capitalize on the recovery in the auto and auto ancillary sectors should keep these stocks on their radar, as they hold the potential for significant gains in the upcoming months.
  • BEAT THE STREET BULLETIN
  • Date: 6-Jan-2025
  • Telegram: [t.me/beatthestreet10]
  • NEW ORDERS & CONTRACTS
  • - HG Infra: Wins a 250 MW/500 MWh battery storage project in Gujarat under Tariff-Based Bidding.
  • - Mehai Tech: Secured ₹84.57 Crore order for a water transmission project in Bahrain.
  • - Railtel: Wins ₹14.66 Crore order for a work project from HPSES.
  • - Mach Confer. & Event: Secures an order from ACC Cement and Ambuja Cement under Adani Cement.
  • ---
  • INCIDENTS & CLARIFICATIONS
  • - Andhra Paper: Workers' strike at the Rajahmundry plant halts production, causing a daily loss of 510 MT. Workers demand higher wage revisions. All assets are insured.
  • - Premier Explosives: A fire occurred at the Peddakandukur factory, Telangana, on January 4, causing one fatality and injuries.
  • - Tata Elxsi: Minor fire at Trivandrum premises, no injuries, operations unaffected.
  • - ICICI Bank: ₹101 Crore GST demand from Maharashtra government.
  • - NDTV: RBI returned NDTV's 2018 compounding application.
  • ---
  • OPERATIONS & PERFORMANCE
  • - L&T Finance Q3 Biz Update:
  • - Retail Disbursements: ₹15,170 Cr (up 4.4% YoY).
  • - Retail Loan Book: ₹92,200 Cr (up 23.3% YoY).
  • - Retailisation: 97%, up from 91% YoY.
  • - Bajaj Housing Q3 Biz Update:
  • - AUM: ₹1.08 Lakh Cr (up 6% QoQ, 26% YoY).
  • - Loan Assets: ₹95,550 Cr (up 6% QoQ, 31% YoY).
  • - Mahindra Finance Q3 Biz Update:
  • - Disbursements: ₹16,450 Cr (up 25% QoQ, 7% YoY).
  • - Business Assets: ₹1.14 Lakh Cr (up 2% QoQ, 18% YoY).
  • - IndusInd Bank Q3 Update:
  • - Net Advances: ₹3.27 Lakh Cr (up 12% YoY).
  • - Retail Deposits: ₹1.88 Lakh Cr (up 4% QoQ).
  • - Bandhan Bank Q3 Biz Update:
  • - Loans & Advances: ₹1.33 Lakh Cr (up 15% YoY).
  • - Deposits: ₹1.41 Lakh Cr (up 20.1% YoY).
  • - HDFC Bank Q3 Biz Update:
  • - Advances: ₹26,276 Bn (up 7.6% YoY).
  • - Deposits: ₹24,527 Bn (up 15.9% YoY).
  • - Vedanta Q3 Biz Update:
  • - Aluminium Production: 614 kt (up 3% YoY, 1% QoQ).
  • - Zinc International: 46 kt (up 12% YoY, 6% QoQ).
  • ---
  • STRATEGIC PARTNERSHIPS & TECHNOLOGICAL UPDATES
  • - Tata Elxsi & Qualcomm: Collaboration to accelerate SDV adoption for next-gen mobility at CES 2025, showcasing solutions integrated with Qualcomm Snapdragon Ride Flex SoC.
  • - NTPC Green: NTPC REL won a bid for a 1000 MW capacity at ₹2.56/kWh in Uttar Pradesh.
  • - Exhicon Event Media: Signed MoU with Rajasthan Government to build a ₹100 Crore convention center.
  • ---
  • LEADERSHIP CHANGES & APPOINTMENTS
  • - Azad Engineering: Appointed Mr. Murali Krishna Bhupatiraju as MD.
  • - Persistent Systems: Mr. Ankur Saxena appointed as CPTO.
  • - Vodafone Idea (Vi): Mathan Babu Kasilingam returns as Chief Technology and Security Officer after a brief resignation.
  • - CG Power: Mr. Ramesh Kumar, President - Strategic Businesses, has retired.
  • - Nagarjuna Fertilizer: Mr. Sudhakar Rao Annam resigns as CFO, replaced by Mr. Srirama Raju Kapalli.
  • - Raymond Lifestyle: Mr. Vinod Salvi, Chief Business Officer, resigned.
  • ---
  • FUNDRAISING & CAPITAL EXPANSIONS
  • - Azad Engineering: Approved raising up to ₹1000 Cr via equity.
  • - Shukra Pharma: Board meet scheduled for January 9 to consider rights issue details.
  • - Apollo Micro: Board meet scheduled for January 9 to discuss fund-raising options.
  • - Ashoka Buildcon: Allotted 40,02,250 equity shares worth ₹4.02 Crore under Viva Infrastructure’s Rights Issue.
  • - Filatex Fashion: Board meet on January 9 to review proposal for investment in mining ventures.
  • - Goodluck Ind: Establishing a new forging and machining facility in Sikandarabad, Uttar Pradesh, with ₹216.5 Cr investment for Defense & Aerospace.
  • ---
  • M&A & CORPORATE ANNOUNCEMENTS
  • - Elpro Int: Elpro Realty to acquire EduSpace Services LLP for ₹214.14 Crores.
  • - Quess Corp: Received an Income Tax Refund of ₹124.80 Crores.
  • - Bajaj Finance Q3 Biz Update:
  • - Customer Franchise: Up 21% to 9.71 Crores (YoY).
  • - AUM: ₹3.98 Lakh Cr (up 28% YoY, 7% QoQ).
  • - HDFC Bank: RBI approves HDFC Bank’s acquisition of up to 9.50% stake in Kotak Mahindra Bank, AU Small Finance Bank, and Capital Small Finance Bank.
  • - Capital SFB: RBI grants approval for HDFC Bank to acquire up to 9.5% of Capital SFB's paid-up share capital.
  • - AU Small Finance Bank: RBI approves HDFC Bank’s acquisition of up to 9.5% stake in AU Small Finance Bank.
  • - BASF: Completes the transfer of coatings business to BASF India Coatings Pvt. Ltd., with a purchase consideration of ₹182 crore.
  • - Exhicon Event Media: Signed MoU with Rajasthan Government to build a ₹100 Crore convention center.
  • ---
  • LEGAL & REGULATORY UPDATES
  • - Adani Stocks: A New York court assigned the criminal and civil bribery cases involving Gautam Adani to Judge Nicholas Garaufis.
  • - Premier Explosives: A fire incident at its factory caused one fatality and injuries.
  • ---
  • Stay Updated with Beat the Street
  • IEX recorded a 29% YoY increase in electricity traded volume to 11,132 MU in December 2024. Green market volume grew by 236% YoY, and REC trading increased 58% YoY.
  • IEX DEC BIZ UPDATE
  • IEX ACHIEVES ALL TIME HIGH MONTHLY ELLECTRICITY TRADED VOLUME OF 11,132MU IN DECEMBER 24, AN INCREASE OF 29% YOY
  • IN DEC 24, GREEN MARKET ACHIEVES GROWTH OF 236% YOY
  • IN DEC 24, IEX TRADES 16.62 LAKH RECS, UP 58% YoY
  • IN 9MFY'25, IEX ACHIEVES 88,981 MU ELECTRICITY TRADED VOLUME WITH 19% YOY GROWTH
  • IN Q3FY'25, IEX ACHIEVES 30,464 MU ELECTRICITY TRADED VOLUME WITH 16% YOY GROWTH
  • IN Q3FY'25, IEX TRADES 26.52 LAKH RECS, UP 31% YoY
  • Q3FY'25, AVERAGE DAM PRICE AT RS 3.71/UNIT, LOWER BY 26% YOY
  • BERNSTEIN ON HDFC BANK
  • Maintain Outperform, target price ₹2300
  • Deposit growth remains robust at 16% YoY (vs. industry growth of 11-12%)
  • Bank advancing towards accelerated LDR normalization (-150 bps QoQ)
  • Loan growth declined to 3% YoY due to loan securitization, but loan mix improved
  • Overall, a positive set of numbers
  • MACQUARIE ON DABUR
  • Maintain Neutral, target price ₹560
  • Low single-digit consolidated sales growth and flattish YoY EBITDA in 3Q
  • Flattish healthcare sales and muted beverage performance drove weaker sales
  • EBITDA margin declined YoY due to inflationary pressures
  • MORGAN STANLEY ON DABUR
  • Maintain Equal Weight, target price ₹531
  • 3Q consolidated revenue low single digits, slightly below estimates
  • Delayed winter impacted healthcare portfolio and beverages
  • Rural outperformed urban
  • CLSA ON MARICO
  • Maintain Underperform, target price 482
  • Full-year double-digit growth aspiration intact
  • Mid-teens revenue growth vs expectation of 9%
  • Modest operating profit growth (expected 4.8%) with YoY margin contraction
  • MORGAN STANLEY ON MARICO
  • Maintain Equal Weight, target price ₹625
  • 3Q revenue growth in mid-teens, ahead of estimate
  • Sequential improvement in domestic volume growth
  • Gross margin decline higher than expected due to copra inflation
  • MACQUARIE ON MARICO
  • Maintain Outperform, target price 1570
  • Sequential pickup in domestic volume growth
  • Mid-teens consolidated sales growth, EBITDA growth in line at ~5%
  • GIFTNifty trading with a premium of nearly 30 points from Nifty Futures' Friday close, indicates start in the Green for Indian market
  • Q3 UPDATES
  • Good-Marico, Nykaa
  • s-Bank of Baroda, Indian Bank, Bajaj Finance, M&M Finance, IDBI Bank, Vedanta, Adani Wilmar
  • Weak-Dabur, HDFC Bank, IndusInd Bank, Bandhan Bank, RBL Bank, AU Small Finance Bank, Ujjivan Small Finance Bank, Equitas Small Finance Bank, Union Bank, L&T Finance, Dhanlaxmi Bank, Suryoday Small Finance Bank
  • -ve Larger Banks+Small Finance Banks-Pressure in MFI lending and slower growth in loans/advances impacted Q3
  • +ve PSU Banks-Reported growth above guided range for Bank of Baroda/Indian Bank
  • Loan growth impacted for NBFCs
  • FMCGs still face EBIDTA compression and urban demand still under stress
  • JEFFERIES ON METALS AND MINING
  • Hindalco: Maintain Buy, target price ₹800
  • Stay constructive on India metals with preference for Hindalco
  • Expect gradual improvement in US and China demand in 2025
  • Conversion spreads in steel and aluminum below long-term averages but expected to expand
  • NOMURA ON YES BANK
  • Maintain Neutral, target price ₹17
  • Q3 loan and CASA growth healthy
  • RoA expected at 0.5%/0.8% and RoE at 4.5%/7.5% in FY25/FY26
  • Trades at 1.2x FY26 BVPS, adequately capturing positives
  • MORGAN STANLEY ON BANK OF BARODA
  • Maintain Equal Weight, target price 270
  • Gross loan growth moderated to 2.5% QoQ vs 6.7% QoQ last quarter
  • Domestic retail loan growth strong at 4.7% QoQ
  • Deposit growth 11.8% YoY vs 9% YoY last quarter
  • JEFFERIES ON INDUSIND BANK
  • Maintain Buy, target price ₹1200
  • 3QFY25 pre-quarter shows moderation in loan growth to 12% YoY (3% QoQ)
  • Casa deposits up 1% YoY, retail deposits up 14% YoY (4% QoQ)
  • BERNSTEIN ON HDFC BANK
  • Maintain Outperform, target price ₹2300
  • Deposit growth remains robust at 16% YoY (vs. industry growth of 11-12%)
  • Bank advancing towards accelerated LDR normalization (-150 bps QoQ)
  • Loan growth declined to 3% YoY due to loan securitization, but loan mix improved
  • Overall, a positive set of numbers
  • AngelOne December Update
  • *Client Base Up 2.6% MoM & Up 52% YoY At 29.52 m
  • *Number Of Orders Down 8.8% MoM & Down 13.0% YoY At 119.46 m
  • *Gross Client Acquisition Up 29.3% MoM & Down 26% YoY At 0.78 m
  • China Dec Data:
  • Chinese Caixin Services PMI Actual 52.2 (Forecast 51.4, Previous 51.5)
  • China's December Caixin Composite PMI Drops to 51.4 from Previous Month's 52.3
  • CLSA on RIL
  • O-P, TP Rs 1650
  • Ramp-up in AirFiber subscribers for Reliance Jio as well as full effect of tariff hikes + another tariff hike should drive excitement in lead up to a potential Jio IPO in late-2025
  • Also anticipate start of new energy projects in 2025
  • Nomura on Bandhan BK
  • Neutral, TP Rs 180
  • Pre-3Q update: Weak deposit growth; collection efficiency drops
  • Deposit mobilization was weak & declined by 1.1% q-q (+20.1% y-y).
  • Retail deposits were largely flat q-q (+15.7% y-y), while bulk deposits declined by 3.7% q-q (+31.0% y-y)
  • MORGAN STANLEY ON HDFC BANK
  • Maintain Overweight, target price 1975
  • Strong deposit growth sustained with improving LD ratio
  • Deposit growth accelerated to 16% YoY (period- end and average basis) vs. 15% YoY last quarter, outperforming system growth
  • Loan growth (net of IBPCs) moderated further: +3% YoY vs. +7% YoY last quarter, reflecting higher sell-down activity
  • Margin progression will be the next key focus in upcoming quarterly results
  • JPM on Bajaj Fin
  • OW, TP Rs 7300
  • 3Q consol. AUM grew 28% y/y & 6% q/q with Bajaj Housing growing 26% y/y (+6% q/q) & standalone BAF growing 29% y/y (+7% q/q)
  • 3Q is seasonally stronger; Overall new loans booked up 22% y/y
  • Customer addition stood at 5.03mn – highest qtry increase
  • MS on IDFC First BK
  • EW, TP Rs 58
  • F3Q25 Initial Update- Strong growth; Asset quality will be key to monitor
  • Deposits growth (as per est.) was at 5.8% QoQ vs 6.6% QoQ
  • On a YoY basis, growth was 30% YoY vs 31% YoY in prior quarter
  • Deposits declined by 1% QoQ & rose by 11% YoY vs 15% YoY previous quarter.
  • Loan book was up 3% QoQ, but moderated to 12% YoY vs. 13% YoY F2Q25
  • Await details from results on margin progression as well as asset quality(particularly in MFI segment)
  • Kotak Inst on DR Lal
  • Upgrade to add, TP Rs 3250
  • With execution & stated strategy staying on track, expect DLPL to gradually tide over leadership transition challenge.
  • On another +ve note for incumbents, Tata 1mg has increased prices in Mumbai & Delhi by 20%
  • Jefferies on Metals
  • Stay constructive with preference for HNDL
  • Hindalco – Buy, TP 800, raise FY25-27E EPS
  • Coal India – Buy, TP cut to Rs 475 from Rs 570, cut EPS by 3-5%
  • Tata Steel – Buy, TP cut to Rs 165 from Rs 175
  • JSW Steel – Hold, TP cut to Rs 850 from Rs 880
  • MS on L&T Fin
  • UW, TP Rs 115
  • 3Q update – retail loan book growth moderates further
  • Await details on margins, credit costs, asset quality, etc., in 3Q
  • Management commentary & data on micro-loans will be in focus
  • LTFL appears to be moving in right direction but val expensive
  • NUVAMA ON SBI CARDS
  • Upgrading to ‘BUY’ (from ‘REDUCE’) , TP 850 (FROM 620)
  • On improving credit cost outlook.
  • Over the last two years, its earnings have missed consensus due to a persistent rise in credit cost and low visibility of a turnaround
  • Reckon credit cost peaked in Q2FY25, would remain stable in Q3FY25E and shall start improving in Q4FY25E
  • Potential rate cuts by the RBI over coming quarters shall be an added positive for SBI Cards.
  • MORGAN STANLEY ON M&M FINANCE
  • • Equalweight, Target ₹285
  • • Marginal cuts to F25, F26, ad F27 EPS estimates
  • • Reduce F24-27 loan CAGR expectations to 14.6% from 15.8%
  • • Tweak F25-27 NIM, operating cost, and credit cost estimate
  • • Expect ROE to improve to ~13.5% in F27
  • ITC
  • Today is Record Date to determine ITC Ltd shareholders eligible for ITC Hotels shares following demerger.
  • ITC shareholders to get 1 share of ITC Hotels for every 10 held of ITC.
  • JEFFERIES ON BANDHAN BANK
  • MAINTAIN BUY ,TARGET 210
  • For Q3, Co Posted A Moderation In Loan Growth
  • Deposits Were Led Mostly By A 31% Rise In Bulk Deposits
  • LDR Growth Could Be A Near-term Drag On Loan Growth
  • Co Is Better Placed Than Peers To Handle The MFI Pain
  • Improvement In Broader MFI Market Should Underpin Rerating
  • NOMURA ON KOTAK BANK
  • MAINTAIN BUY , TARGET 2,170
  • COO/CTO Resignation Adds To Recent Top Management Churn
  • Continue To Monitor Changes In Top Management, Especially In Light Of The Recent Churn
  • Any Impact Of The Recent Management Exit On Medium-term Growth Outlook Will Be Key To Watch
  • Build In 16% Loan CAGR & 15% Deposit CAGR Over FY24-27
  • NOMURA ON AU SMALL FIN BK
  • MAINTAIN NEUTRAL ,TARGET 670
  • Pre-Q3 Shows Soft CASA & Deposits; Steady Loan Growth
  • Deposit Growth Was Relatively Softer QoQ At 2.3%
  • CASA Deposit Mobilisation Was Weak
  • THIS WEEK Q3 RESULTS
  • 7 JAN
  • GM BREWERIES
  • MOBIKWIK Q2
  • 8 JAN
  • TRANSFORMER & RECTIFIER
  • 9 JAN
  • TCS
  • TATA ELXSI
  • IREDA
  • GTPL HATHWAY
  • 10 JAN
  • CESC
  • EQUINOX
  • JUST DIAL
  • PCBL
  • GNA AXLE
  • INFOMEDIA PRESS
  • 11 JAN
  • DMART
  • SANGNITA CHEMICAL
  • https://t.me/BeatTheStreet10
  • JEFFERIES ON IT
  • Initiates coverage on Mphasis with Buy, Target Rs 3,460, upside 20.5%
  • Upgrades LTIMindtree to Buy, Target Rs 6,650, upside 16%
  • IT firms continue to focus on costs, improving margins
  • Improving outlook should support premium valuations
  • Key Ideas: Infosys, TCS, LTIM, Coforge, Sagility, Mphasis
  • MOTILAL OSWAL ON CONSUMER STAPPLE
  • Staple Companies To See Muted Quarter Amid Sluggish Urban Demand, High Palm Oil Prices
  • Liquor Cos Expected To Clock Strong Growth
  • Innerwear Cos To See Growth On Positive Demand Trends In Festive Season
  • Paint Cos To Be Impacted By Delayed Monsoon, Early Festive
  • Paint Segment To Post Decline Of 1% & 12% In Revenue, EBITDA Respectively
  • Macrotech Developers Q3 Biz:
  • Pre-sales Up 32% to Rs 45.1 Bn YoY, Up 5% QoQ
  • 9M FY25 Up 25% to Rs 128.2 Bn
  • Collections Up 66% to Rs 42.9 Bn YoY, Up 40% QoQ
  • 9M FY25 Up 30% to Rs 100.6 Bn YoY
  • Macrotech Q3 Biz Update:
  • New Projects: Added one project in Bengaluru (GDV: INR 28bn), now operating in five locations. Total 9M FY25 additions: 8 projects (GDV: INR 195bn), achieving 90%+ of annual guidance.
  • Land Acquisition: Acquired ~33 acres in NCR for Digital Infrastructure. Increased stake in rental income (PropCo) for annuity growth and risk diversification.
  • Net Debt: Reduced by INR 6.1bn to INR 43.2bn, below the 0.5x Net Debt/Equity ceiling.
  • TITAN JEWELLERY BIZ
  • Domestic Growth: +25% YoY driven by festive demand; strong buyer growth and higher ticket sizes.
  • Gold Sales: +24% YoY, fueled by higher prices, festive/wedding purchases; gold coin sales soared +48% YoY.
  • Studded Jewellery: +21% YoY, highest quarterly sales in FY25.
  • L2L Sales: +22% YoY, boosted by campaigns and festive collections like Rivaah and Golden Harvest.
  • New Stores
  • India: 24 (11 Tanishq, 13 Mia).
  • International: 1 store each in Seattle and Dubai.
Panchkarma