Jefferies on Bharti Airtel
Buy Call, Target Rs 1,300
Focus On Driving A Steady, Organic Increase In ARPU
Steady, Organic Increase In ARPU Via Improving Subscriber Mix & Better Monetisation
There Is Clear Headroom For Tariff Increases But Timing Of Tariff Hikes Remains Uncertain
Higher Tariffs Will Be Key For 5G Monetisation And Improving ROCEs
Mgmt Expects Capex To Moderate From FY25 & Aims To Deleverage Balance Sheet Further
Citi on NMDC
Sell Call, Target Cut To Rs 180 From 215
Global Iron Ore Prices Have Corrected From >$130/t To Nearly $105/t
Co’s Domestic Iron Ore Prices Have Remained Unchanged
Think An Iron Ore Price Cut Is Imminent
Current Domestic Prices Are >25% Premium To Export Parity
There Is Limited Support From Domestic Steel Price Trends
Every Rs 100/t Change In Fines Prices Impacts EBITDA By Nearly 4% And Fair Value By Rs 8/Sh
Citi on Petronet LNG
Sell Call, Target Rs 220
Would Use The Stock’s 25% Upmove In Past 3 Months As An Opportunity To Sell
Have A Downside Catalyst Watch On Stock
HPCL’s Greenfield Chhara LNG Terminal Appears Close To Commissioning
GAIL Too Has Stated That Debottlenecking At Dabhol Terminal Is On Track For Completion
Asian Spot LNG Prices Are Up 18% From $8.5/mmbtu To $9.9/mmbtu Now
Citi’s Commodities Team Also Recently Outlined Its Bullish Gas Price View
Expecting JKM LNG To Average $10-14/mmbtu For Q2-Q4CY24 & $15/mmbtu In CY25
Upcoming Increase In ONGC’s Gas Prodn Could Also Limit Upside In LNG Imports
Emkay on Motilal Oswal Fin
Initiate Buy, Target Rs 2,000
Perfect Vehicle To Ride India’s Wealth
Capital Mkts Built Around Solid Economic Moats That Have Withstood Various Crises/Shocks
Asset & Wealth Management Businesses Are Hinged Co’s ‘Equity Expertise’
Asset & Wealth Management Businesses Well-Propped To Deliver Superior Profitability Growth
Co’s Net Worth Is Nearly Rs 8,300 Cr, Of Which Nearly 70% Is In Equity & MF Treasury Assets
Net Worth Adds As Safety Margin To Valuations Of Core Operating Businesses
Investec on BSE
Upgrade To Buy, Target Rs 2,800
Co Continues To Witness Strong Traction In Equity Derivatives Volumes
Co’s Option Market-Share Jumped 3x QoQ From 4.2% To 15%+ In March’24
Anticipate Further Market Share Gains As Co Reaches 60-70% Mkt Share On Monday
Further Market Share Gains Given The Rapid Scale-Up Of The BANKEX Product
Co Has Managed To Reduce Clearing Charges Paid To NSE By 30% QoQ On Per `10 Lk Basis
As The Metrics Stabilise, Expect An Improved Margin Profile In Q4FY24e
HSBC on Cipla
Buy Call
Target Raised To Rs 1,585
Q4FY24 Will Be A Lean Quarter Where Co Expects The Usual
Reversal Of Seasonality Benefits In The US And India
Outlook Remains Strong In The Key Markets Including India, US & South Africa
Peptide Launches To Lead US Sales In FY25
FDA Clearance For Goa Plant Will Be Key Near-term Catalyst
MS on Wipro
Underweight Call
Target Rs 475
Co Has Appointed Anne-Marie Rowland As Capco CEO Effective April 1, 2024
Rowland Has Been With Capco For 14 Years And Has Held Multiple Executive Roles
Leadership Change Is Made With An Internal Candidate With Rich Experience
Expect Transition To Be A Smooth One
BoFA sec on Bajaj Fin
Buy, TP Rs 9175
Stock de-rating overdone – 24% over 5M with val @29% disc to 5yr avg., consensus earnings cuts minimal
NBFC sector de-rated 14% on rise in investor aversion post multiple regulatory actions; entity specific rather than systemic
Growth outlook strong: we factor 28% growth in FY25; Tailwinds for margin stability post 1Q’FY25 on improving liquidity
CLSA On Avenue Supermart
Initiate buy, TP Rs 5107
>$500bn addressable market, less than 5% organised
Lowest consumer prices due to lowest operating cost
Private labels should drive next leg of share gains
See DMart stores increasing over 3x by FY34 from present 341
MS on Maruti
Ow, TP Rs 11228
Potential Hybrid Duty Cut: A Rerating Trigger
Nitin Gadkari, has made a proposal to FM for discussion at next GST council meeting to bring GST on hybrid vehicles down to 12%
If GST on hybrids were to come down to 12%, would mark a sizeable win for Co
HSBC on Small & Midcaps
Recent corrections triggered some concern as to possibility of a deeper correction as in 2018
Think current context is a lot more favourable than that of 2018
In aggregate a fall of 20-30% is unlikely
Top ideas – Nykaa, Equitas, Titagarh, Prestige Est. Phoenix Mills, Ipca Labs, Voltas, & Kalyan
Prefer Largecaps in 2024
Top ideas – HDFC BK, SHRIRAM Fin, Asian Paints, D MART, BPCL, Maruti, BAJAJ Auto,
EMBASSY, Glenmark Pharma, Apollo Hosp, RR KABEL
Source | Powered by Yes Mom Hosting
Crime Today News Agency