JP NADDA CHAIRS CEO ROUNDTABLE TO BOOST INVESTMENT IN CHEMICALS SECTOR AND ACHIEVE USD 1 TRILLION BY 2040
JEFFERIES ON INDIAN HOTELS — ACCUMULATE | TP ₹875
Jefferies sees continued simplification and a strong growth outlook for Indian Hotels.
All-stock deal values Oriental Hotels at a ~50% discount to Indian Hotels.
Deal is expected to be EPS accretive from year one.
Oriental Hotels adds non-LFL growth, with potential for further margin and revenue improvement.
Q2 operating trends remain strong; Jefferies sees FY27 RevPAR growth potentially staying in double digits.
Jefferies sees continued simplification and a strong growth outlook for Indian Hotels.
All-stock deal values Oriental Hotels at a ~50% discount to Indian Hotels.
Deal is expected to be EPS accretive from year one.
Oriental Hotels adds non-LFL growth, with potential for further margin and revenue improvement.
Q2 operating trends remain strong; Jefferies sees FY27 RevPAR growth potentially staying in double digits.
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Opening Cues-Narrow Range
Oil Holds Decline as US Tightens Iran Sanctions
Brent Crude Trades Above $92/Bbl
Gold Extends Rally-Rises For 5th Day
Dollar At 3-Month Lows
US Imposes 50% Tariffs On Canada
US Futures Steady Ahead Of Earnings
Nikkei Falls On Tech Losses
Asian Markets Open In Red
FII Shorts Unchanged At 90%
FII Turns Buyers In Cash Market After 2 Sessions
Oil Holds Decline as US Tightens Iran Sanctions
Brent Crude Trades Above $92/Bbl
Gold Extends Rally-Rises For 5th Day
Dollar At 3-Month Lows
US Imposes 50% Tariffs On Canada
US Futures Steady Ahead Of Earnings
Nikkei Falls On Tech Losses
Asian Markets Open In Red
FII Shorts Unchanged At 90%
FII Turns Buyers In Cash Market After 2 Sessions
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IT STOCKS: US PROPOSES $103,265 H-1B FEE
US DHS has proposed a $103,265 fee on H-1B cap-subject petitions.
TCS, Infosys, Wipro and Tech Mahindra in focus.
Higher visa costs could increase onsite hiring expenses and push IT firms towards more local hiring and offshore delivery.
⚠️ The proposal is not final and is subject to public comments and possible legal challenges.
Impact: Negative for Indian IT stocks.
US DHS has proposed a $103,265 fee on H-1B cap-subject petitions.
TCS, Infosys, Wipro and Tech Mahindra in focus.
Higher visa costs could increase onsite hiring expenses and push IT firms towards more local hiring and offshore delivery.
⚠️ The proposal is not final and is subject to public comments and possible legal challenges.
Impact: Negative for Indian IT stocks.
MORGAN STANLEY ON TCS: EQUAL-WEIGHT | TP ₹2,200
Morgan Stanley says the MHP acquisition strengthens TCS’s capabilities.
Porsche partnership provides a long-term strategic relationship.
Acquisition is complementary, but financial impact expected to remain limited.
Could add around 3% to revenue growth and <1% to PAT.
TCS may increasingly use M&A to fill capability gaps and enter new growth areas.
Morgan Stanley says the MHP acquisition strengthens TCS’s capabilities.
Porsche partnership provides a long-term strategic relationship.
Acquisition is complementary, but financial impact expected to remain limited.
Could add around 3% to revenue growth and <1% to PAT.
TCS may increasingly use M&A to fill capability gaps and enter new growth areas.
JEFFERIES ON HOSPITAL SECTOR
Jefferies says MPD-2047 aims to strengthen Delhi’s position as a healthcare and medical-tourism hub.
Plan focuses on expanded infrastructure, better local & regional connectivity and policies supporting higher-density development.
Removal of height restrictions and higher FAR could improve land utilisation and enable hospital capacity additions.
Direct benefits are expected to be strongest for hospital assets in Delhi.
Max Healthcare, Fortis Healthcare and Medanta could be key beneficiaries due to their strong NCR presence.
Jefferies says MPD-2047 aims to strengthen Delhi’s position as a healthcare and medical-tourism hub.
Plan focuses on expanded infrastructure, better local & regional connectivity and policies supporting higher-density development.
Removal of height restrictions and higher FAR could improve land utilisation and enable hospital capacity additions.
Direct benefits are expected to be strongest for hospital assets in Delhi.
Max Healthcare, Fortis Healthcare and Medanta could be key beneficiaries due to their strong NCR presence.
NOMURA ON INDIAN HOTELS — ACCUMULATE | TP ₹830
Nomura expects the Oriental Hotels acquisition to be EPS accretive for Indian Hotels.
Further cost synergies could provide additional earnings benefits.
Asset optimisation and property upgrades could drive EBITDA higher.
The merger will also simplify the group’s holding structure.
Nomura expects the Oriental Hotels acquisition to be EPS accretive for Indian Hotels.
Further cost synergies could provide additional earnings benefits.
Asset optimisation and property upgrades could drive EBITDA higher.
The merger will also simplify the group’s holding structure.
MORGAN STANLEY ON INDIAN HOTELS: EQUAL-WEIGHT | TP ₹793
Morgan Stanley sees the transaction as consolidating assets at attractive valuations.
Adds around 5% to FY26 revenue and 4% to EBITDA.
Deal expected to be EPS accretive from Year 1.
Post-merger, Indian Hotels could benefit from revenue and margin synergies.
Transaction values imply 15x FY27 EV/EBITDA vs Indian Hotels at 29x.
Morgan Stanley sees the transaction as consolidating assets at attractive valuations.
Adds around 5% to FY26 revenue and 4% to EBITDA.
Deal expected to be EPS accretive from Year 1.
Post-merger, Indian Hotels could benefit from revenue and margin synergies.
Transaction values imply 15x FY27 EV/EBITDA vs Indian Hotels at 29x.
CITI ON TCS: SELL | TP ₹1,825
Citi says the MHP acquisition strengthens TCS’s long-term partnership with Porsche.
The deal implies around 5–8x EV/EBIT, assuming €600–700 million FY28 revenue and 7–9% EBIT margins.
Citi sees valuations as low but flags revenue-decline risks.
Acquisitions may support near-term growth, but existing business could decline YoY.
Citi remains cautious on the Indian IT sector.
Citi says the MHP acquisition strengthens TCS’s long-term partnership with Porsche.
The deal implies around 5–8x EV/EBIT, assuming €600–700 million FY28 revenue and 7–9% EBIT margins.
Citi sees valuations as low but flags revenue-decline risks.
Acquisitions may support near-term growth, but existing business could decline YoY.
Citi remains cautious on the Indian IT sector.
NITCO LIMITED:
CO. ENTERS MEMORANDUM OF UNDERSTANDING WITH HOABL IMPACTUM LAND PRIVATE LIMITED FOR JOINT DEVELOPMENT OF ALIBAUG LAND SUPPORTING REAL ESTATE PORTFOLIO EXPANSION
CO. ENTERS MEMORANDUM OF UNDERSTANDING WITH HOABL IMPACTUM LAND PRIVATE LIMITED FOR JOINT DEVELOPMENT OF ALIBAUG LAND SUPPORTING REAL ESTATE PORTFOLIO EXPANSION
BERNSTEIN ON PB FINTECH — OUTPERFORM | TP ₹2,310
Bernstein says PB Fintech has built a strong sales engine with high growth, high renewals and lower claims.
Higher operating performance is translating into strong take-rates.
PB Fintech is delivering 30–35%+ topline growth at scale, despite slower industry growth.
Near-term regulatory risks remain, but channel checks suggest any pricing/take-rate cuts are unlikely to be harsh.
Bernstein believes regulatory delays partly reflect recognition that higher take-rates have underlying justification, while industry growth remains a regulatory priority.
Bernstein says PB Fintech has built a strong sales engine with high growth, high renewals and lower claims.
Higher operating performance is translating into strong take-rates.
PB Fintech is delivering 30–35%+ topline growth at scale, despite slower industry growth.
Near-term regulatory risks remain, but channel checks suggest any pricing/take-rate cuts are unlikely to be harsh.
Bernstein believes regulatory delays partly reflect recognition that higher take-rates have underlying justification, while industry growth remains a regulatory priority.
UBS On IT
Al Revenues Remain A Small Part Of Overall Sector Revenues
Debate Continues Over Whether Al Opportunities Can Offset Legacy Deflation
Remain Selective Rather Than Broadly Constructive On The Sector
Continue To Prefer Tier 2 Over Tier 1 IT Companies
Al Revenues Remain A Small Part Of Overall Sector Revenues
Debate Continues Over Whether Al Opportunities Can Offset Legacy Deflation
Remain Selective Rather Than Broadly Constructive On The Sector
Continue To Prefer Tier 2 Over Tier 1 IT Companies
UBS ON IT
Upgrade Coforge To Buy, Target Price Raised To ₹2,400/Share
Upgrade Mphasis To Buy, Target Price Raised To ₹2,980/Share
Close Buy On Persistent Systems, Target Price At ₹6,250/Share, Largely On Valuations
Upgrade Tech Mahindra To Buy, Target Price Raised To ₹1,865/Share
Close Buy On HCLTech, Target Price At ₹1,415/Share, Following Recent Rally
Upgrade Coforge To Buy, Target Price Raised To ₹2,400/Share
Upgrade Mphasis To Buy, Target Price Raised To ₹2,980/Share
Close Buy On Persistent Systems, Target Price At ₹6,250/Share, Largely On Valuations
Upgrade Tech Mahindra To Buy, Target Price Raised To ₹1,865/Share
Close Buy On HCLTech, Target Price At ₹1,415/Share, Following Recent Rally
GOINDIA STOCKS. COM RAKESH ARORA
Hind Copper Valuations Are Expensive, Would Avoid It At These Levels
Seeing A Bounce In Aluminium Prices
Exports Of Alloys From China Are Growing At A Fast Pace
Expect Reasonable Aluminium Supply To Come In The Near Future
Expect Aluminium Prices To Go Back Below $3,000/Tonne
Hind Copper Valuations Are Expensive, Would Avoid It At These Levels
Seeing A Bounce In Aluminium Prices
Exports Of Alloys From China Are Growing At A Fast Pace
Expect Reasonable Aluminium Supply To Come In The Near Future
Expect Aluminium Prices To Go Back Below $3,000/Tonne
L&T: WINS MAJOR BESS ORDER IN MIDDLE EAST
L&T Renewables has won a major order to develop 3 Battery Energy Storage System (BESS) projects in the Middle East.
🔋 The projects will collectively provide 6 GWh of storage capacity, with each system offering 4-hour storage.
The scope includes BESS, grid interconnections, pooling substations and underground cables.
The projects will support grid stability and renewable energy integration.
This strengthens L&T’s position in the growing energy storage sector.
L&T Renewables has won a major order to develop 3 Battery Energy Storage System (BESS) projects in the Middle East.
🔋 The projects will collectively provide 6 GWh of storage capacity, with each system offering 4-hour storage.
The scope includes BESS, grid interconnections, pooling substations and underground cables.
The projects will support grid stability and renewable energy integration.
This strengthens L&T’s position in the growing energy storage sector.
RATNAMANI METALS says
New Export Order Will Have Margin Of 25-30% In The Long Term
Target Dispatches Of ₹50-100 Cr This Year, 750 Cr In FY28
New Export Order Will Have Margin Of 25-30% In The Long Term
Target Dispatches Of ₹50-100 Cr This Year, 750 Cr In FY28
KINETIC ENGINEERING:
LETTER-OF-INTENT ALREADY SIGNED WITH 100+ DEALERS, WITH THE NETWORK TARGETED TO REACH 70–100 DEALERS BY FY27.
TARGETING A RUN-RATE OF 4 LAKH UNITS BY FY30.
LETTER-OF-INTENT ALREADY SIGNED WITH 100+ DEALERS, WITH THE NETWORK TARGETED TO REACH 70–100 DEALERS BY FY27.
TARGETING A RUN-RATE OF 4 LAKH UNITS BY FY30.
Bazaar.Update📊
KINETIC ENGINEERING: LETTER-OF-INTENT ALREADY SIGNED WITH 100+ DEALERS, WITH THE NETWORK TARGETED TO REACH 70–100 DEALERS BY FY27. TARGETING A RUN-RATE OF 4 LAKH UNITS BY FY30.
KINETIC ENGINEERING:
CO TARGETING DEALERS 100+ BY FY27;
SCALE TO 400,000 VEHICLES SALES IN THE NEXT 4-5 YEARS
CO TARGETING DEALERS 100+ BY FY27;
SCALE TO 400,000 VEHICLES SALES IN THE NEXT 4-5 YEARS
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