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August 05, 2024

India Daybook – Stocks in News
Glaxosmithkline Pharma: Net profit at Rs 182 cr vs Rs 130 cr, Revenue at Rs 815 cr vs Rs 760 cr (YoY) (Positive)
CDSL: Net profit at Rs 134 cr vs Rs 74 cr, Revenue at Rs 257 cr vs Rs 150 cr (YoY) (Positive)
Gokul Agro: Net profit at Rs 52.90 cr vs Rs 24.00 cr, Revenue at Rs 4291 cr vs Rs 2500 cr (YoY) (Positive)
JK Tyre: Net profit at Rs 211.4 cr vs Rs 154 cr, Revenue at Rs 3639 cr vs Rs 3718 cr (YoY) (Positive)
Affle: Net profit at Rs 87 cr vs Rs 66 cr, Revenue at Rs 520 cr vs Rs 406 cr (YoY) (Positive)
Websol Energy: Net profit at Rs 23 cr vs Rs 5 cr, Revenue at Rs 111 cr vs Rs 0.18 cr (YoY) (Positive)
SML Isuzu: Net profit at Rs 46 cr vs Rs 32 cr, Revenue at Rs 746 cr vs Rs 632 cr (YoY) (Positive)
Delhivery: Net profit at Rs 54 cr vs loss of Rs 89.5 cr, Revenue at Rs 2172 cr vs Rs 1927 cr (YoY) (Positive)
Medplus Health: Net profit at Rs 14.30 cr vs Rs 3.80 cr, Revenue at Rs 1490 cr vs Rs 1284 cr (YoY) (Positive)
ION Exchange: Net profit at Rs 44.80 cr vs Rs 33.30 cr, Revenue at Rs 570 cr vs Rs 479 cr (YoY) (Positive)
Bhagiradha Chemicals: Net profit at Rs 7.2 cr vs Rs 2.2 cr, Revenue at Rs 111 cr vs Rs 100 cr (YoY) (Positive)
Amarjothi Spinning: Net profit at Rs 3.3 cr vs Rs 1.5 cr, Revenue at Rs 79 cr vs Rs 48 cr (YoY) (Positive)
Tube Investment/M&M: Entered in to a JV with Classic legends private ltd to incorporate a JV Co for licensing "BSA" trademarks. (Positive)
Dee Development: Company bagged a purchase order from “GE Vernova International” with order size of $473,249. (Positive)
Ashoka Buildcon: Company Lowest bidder for projects worth Rs 1280 crore from Mumbai Metropolitan Region Development Authority. (Positive)
Infra Stocks: Cabinet approves 8 new highway projects with an investment of Rs 50000 cr (Positive)
Integra Essentia: Company Secures Orders worth INR 280 Million in Agro and Infra Business Sectors (Positive)
Ambuja Cements: Company announces Rs. 1600 Cr investment to set up 6 MTPA Cement Grinding Unit in Bihar (Positive)
Savita Oil: Company approved buy back at the price of 465 rupees per share via tender offer route, buyback worth Rs. 36.45 crore (Positive)
Power Grid: Company emerges as successful bidder for inter-state transmission line in Rajasthan (Positive)
HEG: Company board to consider stock split on August 13. (Positive)
Power Mech: Company gets order worth Rs 1.43 billion for revival of PHASE II (2 x 350 mw) of Meenakshi energy Ltd, located at nellore district, Andhra Pradesh (Positive)
Lemon Tree Hotels: Company signs licence pact for 45-room hotel in Nashik, Maharashtra. (Positive)
SJVN: Company CCEA approves Rs 5,790 cr investment for hydroelectric project. (Positive)
IRCON: Matter of dispute between company and ARSS Infrastructure Projects Limited has been closed in the Arbitration (Positive)
Ram Ratna: Approved enhancement of estimated amount of investment in new manufacturing facility at Bhiwadi, Rajasthan (Positive)
Zaggle Prepaid: Company has entered into a Customer Service agreement with Baroda BNP Paribas Asset Management (Positive)
Blackbox: Secures Rs. 410 Crores in funding to drive growth and expansion in digital infrastructure sector (Positive)
Aeroflex: Net profit at Rs 12.4 cr vs Rs 11.0 cr, Revenue at Rs 89 cr vs Rs 82 cr (YoY). (Neutral)
Britannia Ind: Net profit at Rs 500 cr vs Rs 458 cr, Revenue at Rs 4250 cr vs Rs 4011 cr (YoY) (Neutral)
Divis Laboratories: Net profit at Rs430 cr vs Rs 356 cr, Revenue at Rs 2118 cr vs Rs 1778 cr (YoY) (Neutral)
SBI: Net profit at Rs 17,035 cr vs Rs 16,884 cr, NII at Rs 41,425 cr vs Rs 38,905 cr (YoY) (Neutral)
Amara Raja: Net profit at Rs 249 cr vs Rs 198 cr, Revenue at Rs 3263 cr vs Rs 2796 cr (YoY) (Neutral)
Bank of India: Net profit at Rs 1703 cr vs Rs 1551 cr, NII at Rs 6276 cr vs Rs 5914 cr (YoY) (Neutral)
Tamilnad Mercantile Bank: Net profit at Rs 287.3 cr vs Rs 261 cr, NII at Rs 174.8 cr vs Rs 161.9 cr (YoY) (Neutral)
Eveready Industries: Net profit at Rs 50 cr vs Rs 44 cr, Revenue at Rs 349 cr vs Rs 364 cr (YoY) (Neutral)
Ramco Ind: Net profit at Rs 39.40 cr vs Rs 39.60 cr, Revenue at Rs 540 cr vs Rs 490 cr (YoY) (Neutral)
Andhra Petrochemical: Net profit at Rs 15.90 cr vs Rs 1.20 cr, Revenue at Rs 130 cr vs Rs 191 cr (YoY) (Neutral)
Paushak: Net profit at Rs 10.31 cr vs Rs 9.10 cr, Revenue at Rs 52.01 cr vs Rs 48.60 cr (YoY) (Neutral)
Eris Lifesciences: Net profit at Rs 89 cr vs Rs 94 cr, Revenue at Rs 720 cr vs Rs 467 cr (YoY) (Neutral)
Kriti Industries: Net profit at Rs 13.7 cr vs Rs 7.8 cr, Revenue at Rs 257 cr vs Rs 280 cr (YoY) (Neutral)
Wipro: Company gets Rs 224 crore from relinquishment of lease hold rights & transfer of land, building along with other assets (Neutral)
Jyothy Labs: Sanjay Agarwal resigns as CFO of Company, effective August 2. (Neutral)
Adani Energy: Company sets QIP issue price at Rs 976/share. (Neutral)
Samvardhana Motherson: Company to acquire Sojitz Corp's 34% stake in JV Motherson Auto Solutions for Rs 237 crore (Neutral)
Aptech: Pawan Nawal appointed as Group CFO of Aptech, effective August 2 (Neutral)
ABFRL+TCNS: Scheme of Amalgamation among TCNS Clothing & ABFRL has approved by NCLT (Neutral)
Infosys: DGGI closes pre-show cause GST notice proceedings of Rs 3,898 cr for 2017-18 (Neutral)
JSW Steel: Company submits notice to surrender mining lease w.r.t one mine, namely Jajang Iron Ore Block at Keonjhar, Odisha due to un-economic operation (Neutral)
Jay Bharat Maruti: Company approved raising of funds amount not exceeding Rs 5 Billion (Neutral)
Hero MotoCorp: Company collaborates with the International Hockey Federation (FIH) for five years. (Neutral)
Britannia: Company pays Rs 24.63 crore to workers following closure of Kolkata facility. (Neutral)
M&M Financial: Overall disbursement at approximately Rs 4,530 cr, up 3%, Collection efficiency at 95% vs 96% (YoY). (Neutral)
Aadhar Housing: Board Meeting to be held on 07-Aug-2024 to consider Fund raising (Neutral)
Allcargo Gati: Net loss at Rs 2.17 cr vs Rs 2.75 cr, Revenue at Rs 408 cr vs Rs 4826 cr (YoY) (Negative)
Nucleus Software: Net profit at Rs 30 cr vs Rs 52 cr, Revenue at Rs 195 cr vs Rs 210 cr (QoQ). (Negative)
Sudarshan Chemical: Net profit at Rs 29.43 cr vs Rs 58.03 cr, Revenue at Rs 627 cr vs Rs 758 cr (YoY) (Negative)
Gland Pharma: Company USFDA issued 3 observations to Hyderabad unit (Negative)
United Spirits/UBL: India plans tougher ad curbs on liquor makers such as Carlsberg, Diageo, Pernod (Negative)
Titan: Net profit at Rs 770 cr vs Rs 777 cr, Revenue at Rs 12,053 cr vs Rs 11,145 cr (YoY) (Negative)
Taj GVK Hotels: Net profit at Rs 12.70 cr vs Rs 13.20 cr, Revenue at Rs 92.80 cr vs Rs 91.60 cr (YoY) (Negative)
Mold Tek: Net profit at Rs 5.18 cr vs Rs 6.30 cr, Revenue at Rs 39.22 cr vs Rs 36.70 cr (YoY) (Negative)
Dhampur Sugar: Net profit at Rs 1.3 cr vs Rs 45.2 cr, Revenue at Rs 680 cr vs Rs 915 cr (YoY) (Negative)
SBIN: Fresh Slippages At Rs 7,903 Cr Vs Rs 3,867 Cr (QoQ) (Negative)
Bharat Forge/ RK Forge: North America Class 8 Truck Orders At 12,400 Units, At A 15-mth Low (Negative)
Jefferies on Divis Labs
Hold Call, Target Rs 4,830
Q1 Results Were Ahead Of Estimates As Custom Synthesis Sales Increased 46% YoY
Generics And Nutraceutical Sales Were Flattish YoY
Generics Continued To Struggle With Pricing Challenges
Mgmt Provided Bullish Commentary On Custom Synthesis & Increased Workflow On Peptides
GS on Divis Labs
Neutral, TP Rs 4575
Rev /EBITDA grew +19%/+23% yoy, broadly inline primarily led by Custom synthesis segment
EBITDA margin came in at 29.4% (+102bps yoy) mainly on a/c of better operating leverage
Co reiterated its double digit growth outlook
Jefferies on UPL
Buy Call, Target Rs 665
Co Reported Net Loss In Q1
Healthy Volumes (+16%YoY) Were Offset By Sharp Price Decline
Healthy Volumes Were Upset By Industry Overcapacity & Chinese Competition
Co Expects Prices To Stabilise Now, With Recovery In H2FY25
Mgmt Retains FY25 Outlook
Cut FY26-27 EPS By 2% While FY25 Cut Is Sharper
Investec on UPL
Sell, TP Rs 385
PAT loss of Rs3.3bn driven by 28%YoY EBITDA decline
EBITDAM down 513bps YoY at 12.6% due to pricing pressure (-14%YoY) for key molecules in end-markets coupled with increase in freight costs & liquidation of high-cost inventory
Jefferies on Whirlpool
Underperform Call, Target Raised To Rs 1,670
Q1 PAT (+92% YoY) Was Aided By Growth In Refrigerators & AC Verticals (Strong Summer)
Raise FY25-27 EPS By +4-7%, And Est +23% EBITDA CAGR
Factoring Healthy 8%+ OPM In Q4 & Q1, & Positive Mgmt Commentary, Raise Target PE By 10%
Risk-reward Appears Stretched At Current FY25/26 PE Of 75/60x
JPMorgan on Max Health
Overweight Call, Target Raised To Rs 1,010
Q1 Results Were In-line With Estimates
Growth Outlook Intact; New Units Poised For Further Acceleration
Continue To Like Co For Its Strong Execution
Like Co For Superior Growth Prospects
Forecast Revenue/EBITDA CAGR Of 25%/25% Over FY24-27
Nomura on Medplus
Buy, TP Rs 931
1Q: Sales in-line; EBITDA below est.
Co added net 37 stores in 1Q (co guidance was 600 stores for FY25, implying 150 stores/qtr)
No of store additions in past 12 mths is at 469 vs peak annual addition of 1000-1100 stores over Sept 20 to Ju 23
Jefferies on PI Ind
Buy, TP Rs 4750
If successful, this shd lower PI's dependence on Pyroxasulfone and allay a key investor concern.
Positive developments on Pyroxasulfone patents also bode well for PI's volume and pricing defense
CLSA on SBI
Outperform Call, Target Raised To Rs 1,075
Q1 Showed Loan Growth Remains Healthy But Deposit Growth Is Lagging
NIM Largely Stable & Asset Quality Intact
Credit Costs Inched Up To 37 bps, From 15 bps In FY24, But Was Still Below Runrate Levels
Management Expects Loan Growth Of 15% With Margin Largely At Current Levels For FY25
Forecast 15-16% RoE Over Medium-term
JPMorgan on SBI
Overweight Call, Target Rs 1,000
Q1 PAT (`1,700 Cr; RoE: 18%) Was 5% Ahead Of Estimates Driven By Lower Opex
NII Was In-line W/Core NIMs, Largely Stable QoQ While Core PpOP Was 3% Ahead Of Est
Gross Advances Grew 15% YoY With Broad-based Growth Across Segments
Opex Growth (+1% YoY) Saw A Sharp Moderation With Wage Revision Provisions Behind
Think Opex Growth Will Provide An Offset To NIM Pressures Through FY25
Asset Quality Performance Was Stable
Net Slippages At 54 bps & It Kept Loan Related Provisions At Around 50 bps
Q1 RoA Stood At 1.1% & Think Co Can Hold 1%+ Mark Given Benign Credit Cost & Flex Around Opex
UBS on SBI
Sell Call, Target Rs 725
Lower Opex & Higher Other Income Offset NII Miss In Q1; Credit Costs Inch Up
Deposits Declined 0.3% QoQ; In-line With Muted Deposit Growth In Sector
Credit Costs Of 50 bps (Annualised) In Q1 Came In Higher Than FY24 Levels
Expect Co’s Current RoA Of >1% To Decelerate As Believe Credit Costs Would Trend Up
Relatively Lower Core PpOP To Assets Leaves Little Cushion On Current Profitability
Low Counter Cyclical Buffers Leaves Little Cushion On Current Profitability
Management Remain Confident Of Unsecured Retail Segment's Asset Quality
Investec on SBI
Buy Call, Target Rs 880
Co Reported A Miss On NIMs/Core PpOP In Q1
NII Growth Weak On Back Of Declining YoAs & Rising CoD
Credit Costs Doubled Sequentially To 0.43% Owing To Seasonally Higher Slippages
Co Managed To Keep Opex Under Control, Delivering Healthy RoAs In A Seasonally Weak Quarter
Expect Credit Growth To Be Strong At 15% YoY For FY25 With Bank Having Adequate Liquidity Buffers
Jefferies on SBI
Buy, TP Rs 1000
For 1Q , profit of Rs170bn, up 1% YoY, missed est. due to tad lower NII & higher credit costs.
Loan (gross) growth stayed healthy at 15%, but NIM fall was tad higher limiting NII growth to 6%.
Slippages stable
HSBC on SBI
Hold, TP Rs 920
1Q: Lower NIM, core fees led to a miss on revenues.
Sharply lower-than-estimated opex drove ROA to 1.1%
Revise EPS by -3.9/-3.0/+4.2% for FY25e/26e/27e to build in lower NIM, higher credit costs, but much lower cost ratios
Nomura on SBI
Buy, TP Rs 1030
1Q: Steady quarter
Healthy loan growth, soft sequential deposits growth; steady asset quality
Management notes BK well positioned for a potential transition to ECL provisioning norms
with potential impact lower than previously called out
Nomura on LIC Hsg Fin
Buy Call, Target Rs 875
Q1 Asset Quality Stable, Credit Cost Declines Mainly Driven By ECL Reversal
Disbursements Grew 19% YoY/ Down 29% QoQ, AUM Growth Tepid At 4.4%/0.6% YoY/QoQ
NIMs Contracted 40 bp QoQ Due To Lower Yields
Believe Current Valuation At 1x FY26 Book Value Remains Reasonable
CLSA on LIC Hsg Fin
Downgrade To Hold, Target Rs 800
Q1 Loan Growth In-line With Expectations But Margin Moderate
Gross NPLs Steady But Net Slippage Spiked
Credit Cost Was At Its Lowest In 14 Quarters
Credit Cost Driven By Reduction In Provision Coverage Across Stage 2 & Stage 3 Loans
Calculated Spread Declined 35 bps QoQ Due To Lower Interest Income On NPL Accounts
Management Disclosed This Metric For The First Time
Loan Growth Remains Muted In Mid-single Digits
A Pickup In Disbursement Growth Will Take Time To Be Reflected In AUM Growth
JPM on LIC Hsg Fin
OW, TP Rs 900
1Q PAT (Rs13bn; ROE: 16%)in-line
Disbursements growth at 19% y/y was key +ve
AUM growth remained subdued at 4% y/y & pickup here will require sustained delivery on disbursements momentum
NIMs at 2.76% were within guidance
MS on LIC Hsg Fin
EW, TP Rs 630
NII miss offset by lower operating costs & credit costs
Individual disbursements growth muted & loan growth outstanding remains very low
Slippages increased.
Given strong YTD stock returns, expect stock to give up gains given weak Q1
Jefferies on LIC Hsg Fin
Buy, TP Rs 765
1Q PAT Rs13bn (-2% YoY), in line, as weaker NII offset by lower provision
AUM grew 4.3% YoY (1% QoQ), below our est. due to lower than est. disbursement (19% YoY)
NIM fell 39bps QoQ to 2.76%(JEFe 3%) as yield fell c.33bps QoQ
Took 30 years to make new life time highs and took 3 days to crash.
Nikki ( Japan )
42,000 to 33,000
Our market also downside possible
Nifty closed @24,717.70 (-293.20) and Sensex @80,981.95 (-885.59) on Friday GIFT Nifty was trading at 24,355 (as of 7:30 a.m)
FIIs net sold equities in cash to the tune of Rs 3,310 cr whereas DIIs net bought Rs 2,966 cr on August 02 2024
Govt may soften LTCG tax blow on real estate Cut off date for removal of indexation benefit likely to be advanced
Titan reported a 11% 5 y/y increase in consolidated revenues in Q1FY25 but net profit fell 5% compared to a year ago
Amara Raja's profit rose 26% y/y in Q1FY25 The company's consolidated net profit increased to Rs 249.12 crore Q1FY25 compared with Rs 198.31 crore in Q1FY 24
Bajaj group to enter healthcare sector by setting up a chain of hospitals in metro cities
Affle ( India ) reported a 30.8% y/y rise in consolidated net profit at Rs 86.59 crore for Q1FY25
Delhivery consolidated revenue rose 5% q/q while EBITDA margin increased to 4.5% from 2.2%
Britannia Industries Ltd reported an 11.3% y/y increase in net profit at Rs.506.3 crore for Q1FY25
JSW Steel submits notice to surrender lease of iron ore block in Odisha
About 500 Infy freshers face over two year joining delay
Ambuja Cements to invest Rs.1,600 crore to set up 6 MTPA capacity cement grinding unit in Bihar
Saregama India reported a more than 14% y/y drop in consolidated net profit to Rs.37 crore in Q1FY25 despite 26% y/y growth in revenue to Rs.205.28 crore in Q1FY25
Tamilnad Mercantile Bank Ltd reported a 10% y/y increase in net profit at Rs.287.3 crore for Q1FY25 This marks the bank's highest net profit.
JK Tyre Industries Ltd reported a 37% YoY rise in consolidated net profit at Rs 211 crore in Q1FY25
Samvardhana Motherson to acquire 34% stake in Motherson Auto Solutions for Rs. 237 crore.
Indian ADRs: Wipro (-2.95%) , Infosys (-2.38%) and ICICI Bank(-2.36%)

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