Nomura on IT
Buy Call On Tech Mah In Large-caps
Buy Call On Coforge, Birlasoft & eClerx In Midcaps
Reduce Call On TCS, WPRO, LTIMindtree, L&T Tech & Mphasis
Accenture Cuts FY24 Revenue Growth Guidance Cut To +1-3% Y-Y
Guidance Cut On Delayed Decision-Making & Weak Discretionary Spends
Retain Cautious Stance As Discretionary Revival Still Away, Remain Selective
CLSA on IT
Reiterate Sell Call On Wipro, HCL, TCS & LTIMindtree
Sharp Downward Revision In Accenture Guidance Implies No Major Pick-up In H2
This Is In-line With Our Channel Checks, Indian IT Company Commentary
Indian IT Co Commentary & Outlooks For Banking & Telecom Sector Still Weak
Maintain Cautious Stance On IT Sector As It Remains In An Earnings Downgrade Cycle
Earnings Downgrade Cycle Not Reflected In Current Valuations
MS on IT
Accenture’s Cut To Its FY Guide, & Cautious Commentary Has Raised Concerns
Concerns Raised On Pace Of Revenue Recovery For India IT
View Of Industry Bottoming Out On YoY Growth Remains
Pace Of Recovery Assumed Over Coming Quarters Could Be Slower Than Expected
FY25 Consensus Revenue Forecasts At Risk
DAM Cap on IT
Accenture Guidance Cut To Weigh On Indian IT
Flavour For Industry Remains Towards Larger Deals & Longer Durations
Book To Bill Should Be Looked At Critically For Growth Expectations
Performance In Healthcare/Public Svcs Still Better Than Heavy Weights Like BFSI/CMT
See Better Propositions Likely For Cos Like Birlasoft
IT industry Is Likely To Experience Persistently Lower Growth
MS on Coforge
Overweight Call, Target Price Rs 7,450
Co Issued Further Details On Purpose Of Fundraising & Type Of Acquisition Being Pursued
Areas Of Int For Potential Acqns Include Horizontal Capability Such As Cyber Security
Areas Of Int For Potential Acquisitions Include Existing Verticals Such As Banking & Travel
CLSA on OMCs
Brent Breakout At $88/bbl Breakeven Point For Marketing Margins
Any Further Move In The Crude Price Could Leave Investors Worried
Investors Worry If Marketing Margins Will Turn Negative For IOC/BPCL/HPCL
Given Upcoming National Elections, A Retail Price Hike Is Unlikely
Lack Of Pricing Power Of IOC, BPCL, HPCL At High Crude Prices Likely To Be Exposed
Reiterate Sell Call On IOC, BPCL, HPCL
Nomura on OMCs
Upgrade HPCL To Buy Call, Target Raised To Rs 570
Upgrade IOC To Buy Call, Target Raised To Rs 195
Reiterate Buy on BPCL, Target Price Raised To Rs 735
Marketing Overhang Complete, Refining Outlook Remains Healthy
Build In Refining Margins Of $9/bbl For FY25F/26
CLSA on Amber Ent
Upgrade to Buy Call, Target Price Raised To Rs 4,300
Recent Share Price Correction (-14% In 1 Month) Provides An Attractive Entry Point
Weakness, Likely Driven By Softness In Brdr Mkt/Modest Near-term Earnings, Is Overdone
Medium-term Thesis Of Strong Growth In Non-RAC Segments Remains Intact
Assuming RAC Market Share Will Fall (19%/10% by FY30/40)
Other Segments Likely To Contribute 50% Revenue In The Next Five Years
HSBC on Cement
Cement Prices Have Fallen Sharply In Q4
Most Price Declines Recorded In The South, North And West Markets
Cement Spreads Have Turned Downwards
Cement Spreads Now Imply 10-12% Sequential Decline In Ind Unitary EBITDA
Cut Estimates And Targets, Reflecting Weakness In Cement Prices
Prefer Buy-rated UltraTech, Target Price Cut To Rs 10,900
Prefer Buy-rated Dalmia Bharat Target Price Cut To Rs 2,500
UBS on RIL
Buy, TP Raised to Rs 3420
Earnings downgrade cycle coming to an end?
Improved earnings visibility of consumer businesses
Reliance Jio – potential tariff hike to complement strong subs addition?
Leverage – potential $10bn debt reduction over FY24-26E?
Jefferies on Adani Enterprise
Buy, TP Rs 3800
Among new projects, Lucknow airport terminal was commissioned recently, NMIAL airport to commission by Dec24/Mar25, Copper project by Mar/Apr-24.
Mgmt denied receipt of any notice from DoJ reg investigation into bribery allegations
Jefferies on Shriram Fin
Buy, TP Rs 2750
Used CV demand stays steady even as new CV vol have softened
Believe healthy used PV demand, roll out of MSME, gold loans in erstwhile SHTF branches should drive 17% AUM growth over FY24-26E
Should deliver 17% EPS CAGR&16% ROE overFY24-26e
UBS on DR Lal
Buy, TP Rs 2900
DLPL currently has Rs9bn in cash, which estimate to record a 33% CAGR over next four years to Rs28bn by FY28
Believe DLPL has potential to increase EBITDA margin 250-300bp in same period if it maintains current rate of investment
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