INDIA ETHANOL INDUSTRY: SEVERE OVERSUPPLY
β’ Installed ethanol capacity: ~20 billion litres
β’ E20 blending requirement: ~11 billion litres
β’ Non-fuel sector demand: ~3β3.5 billion litres
β’ Excess capacity: ~7 billion litres
β’ Distillers are exploring ways to offload excess inventories.
β’ Oversupply could pressure ethanol realisations, margins and capacity utilisation.
Stocks in focus: SUGAR, BCL, GULSHAN, PRAJ
β’ Installed ethanol capacity: ~20 billion litres
β’ E20 blending requirement: ~11 billion litres
β’ Non-fuel sector demand: ~3β3.5 billion litres
β’ Excess capacity: ~7 billion litres
β’ Distillers are exploring ways to offload excess inventories.
β’ Oversupply could pressure ethanol realisations, margins and capacity utilisation.
Stocks in focus: SUGAR, BCL, GULSHAN, PRAJ
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Trump rejects Iranian proposal to open Hormuz and end fighting
US president says Tehran wants a deal 'because they have no money coming in'
US president says Tehran wants a deal 'because they have no money coming in'
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NESTLE INDIA SPOKESPERSON
Nestle India follows robust quality and food safety management systems across its manufacturing operations
Every product undergoes extensive checks at multiple stages, from sourcing of raw materials to final production, to ensure that products meet all quality, safety requirements before reaching consumers
Alert: Worms allegedly found in Maggi in Kalyan
Nestle India follows robust quality and food safety management systems across its manufacturing operations
Every product undergoes extensive checks at multiple stages, from sourcing of raw materials to final production, to ensure that products meet all quality, safety requirements before reaching consumers
Alert: Worms allegedly found in Maggi in Kalyan
TRUMP SAYS HE WILL DISCUSS AI WITH ANTHROPIC CEO AMODEI, SAYING ON THE MEETING 'LET'S GO, LET'S WIN', AND SAYS HE SPOKE WITH ZELENSKY AND TOLD HIM TO 'TAKE IT EASY' ON REFINERY STRIKES, BLAMING A DIESEL SHORTAGE ON UKRAINE STRIKING RUSSIAN REFINERIES.
TRUMP SAYS HE IS CONSIDERING A DIESEL EXPORT BAN 'VERY SERIOUSLY' AND THAT THE U.S. MAY IMPLEMENT IT, THOUGH IT COULD CAUSE A SMALL RISE IN GASOLINE PRICES.
TRUMP SAYS THE U.S. WILL WIN AGAINST IRAN IN MILITARY AND ECONOMIC WARFARE, CLAIMING IRAN INFLATION WAS AT 318% AS OF THIS MORNING AND EXPECTING THE WAR TO END 'VERY SOON' AND OIL PRICES TO FALL, WHILE DECLINING TO SAY WHETHER IRAN STRIKES WILL END BEFORE THE MIDTERMS.
TRUMP SAYS HE IS CONSIDERING A DIESEL EXPORT BAN 'VERY SERIOUSLY' AND THAT THE U.S. MAY IMPLEMENT IT, THOUGH IT COULD CAUSE A SMALL RISE IN GASOLINE PRICES.
TRUMP SAYS THE U.S. WILL WIN AGAINST IRAN IN MILITARY AND ECONOMIC WARFARE, CLAIMING IRAN INFLATION WAS AT 318% AS OF THIS MORNING AND EXPECTING THE WAR TO END 'VERY SOON' AND OIL PRICES TO FALL, WHILE DECLINING TO SAY WHETHER IRAN STRIKES WILL END BEFORE THE MIDTERMS.
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US STOCK FUTURES EDGE LOWER: S&P 500 FUTURES -0.1%, NASDAQ FUTURES -0.1%
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Jefferies On HDFC Bank
Maintain Buy, TP Rs 880
CEO Appointment Nears-Execution Could Aid a Rerating
Timely team re-org (as needed) and execution of business goals
To improve retail deposit growth and better fee growth
Calibrated rerisking of loan mix could help earnings momentum & rerating.
Risk-bearing could improve, aiding risk-adjusted NIMs.
Valuations have scope to rerate with an improved earnings trajectory
Maintain Buy, TP Rs 880
CEO Appointment Nears-Execution Could Aid a Rerating
Timely team re-org (as needed) and execution of business goals
To improve retail deposit growth and better fee growth
Calibrated rerisking of loan mix could help earnings momentum & rerating.
Risk-bearing could improve, aiding risk-adjusted NIMs.
Valuations have scope to rerate with an improved earnings trajectory
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IEX: CO. EXPANDS ITS ENERGY MARKETS FOOTPRINT: UNIT INDIAN COAL EXCHANGE LTD APPLIES FOR LICENCE WITH COAL CONTROLLER ORGANISATION
PB FINTECH, TURTLEMINT; Insurance mis-selling is arising because upfront commissions are too high Says IRDAI chairman Ajay Seth
Investec On Borosil
Maintain Buy, TP at Rs 330 (vs Rs 265)
DGTR has recommended ADD on Chinese borosilicate table/kitchen glassware.
If implemented it will offer superior margin profile for Borosilβs press-ware ops
Increasing EBITDA by Rs220m (+10% vs InvE) for FY28E, assuming ~50% potential price gains realized.
Factoring ADD tailwinds and moderation on opalware margins (competitive intensity), increase PAT by 9% in FY28E
Maintain Buy, TP at Rs 330 (vs Rs 265)
DGTR has recommended ADD on Chinese borosilicate table/kitchen glassware.
If implemented it will offer superior margin profile for Borosilβs press-ware ops
Increasing EBITDA by Rs220m (+10% vs InvE) for FY28E, assuming ~50% potential price gains realized.
Factoring ADD tailwinds and moderation on opalware margins (competitive intensity), increase PAT by 9% in FY28E
| Nifty Faces Pressure
- FIIs remain heavily short; Longs at 11% vs shorts at 89%
- Nifty range seen at 23,000-23,200; Resistance at 23,300
- Stocks in focus: Voltas, Blue Star, Fortis & Info Edg
- FIIs remain heavily short; Longs at 11% vs shorts at 89%
- Nifty range seen at 23,000-23,200; Resistance at 23,300
- Stocks in focus: Voltas, Blue Star, Fortis & Info Edg
SUN PHARMA: CO. GETS GLOBAL EX-US & CHINA RIGHTS TO LERODALCIBEP FROM LIB THERAPEUTICS, STRENGTHENS INNOVATIVE CARDIOVASCULAR PORTFOLIO
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LORDβS MARK INDUSTRIES: RENALYX AI-POWERED DIALYSIS SYSTEM SECURES UK MHRA REGISTRATION, EXPORTS TO BEGIN FROM JANUARY 2027
KPIL WINS RS 4000+ CR ORDER IN OIL AND GAS
β’ KPIL secured a Letter of Award (LoA) for the Engineering, Procurement and Construction (EPC) of a gas pipeline project in the United Arab Emirates.
β’ The order value is estimated to be over βΉ4,000 crore.
β’ Impact: Reinforces KPIL's capabilities and track record in the global Oil and Gas sector.
β’ KPIL secured a Letter of Award (LoA) for the Engineering, Procurement and Construction (EPC) of a gas pipeline project in the United Arab Emirates.
β’ The order value is estimated to be over βΉ4,000 crore.
β’ Impact: Reinforces KPIL's capabilities and track record in the global Oil and Gas sector.
NOMURA ON GE SHIPPING
Target βΉ1965
Recommendation Buy
KEY TAKEAWAYS
Cyclical compounder with strong cash pile to fund next leg of growth
Well-placed for a shipping downcycle
Valuation at discount vs global peers
Expect annual operating cash flow generation to remain strong at Rs 3800-4900cr over FY2729F
Would add 10 vessels each in FY28F and FY29F
Target βΉ1965
Recommendation Buy
KEY TAKEAWAYS
Cyclical compounder with strong cash pile to fund next leg of growth
Well-placed for a shipping downcycle
Valuation at discount vs global peers
Expect annual operating cash flow generation to remain strong at Rs 3800-4900cr over FY2729F
Would add 10 vessels each in FY28F and FY29F
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β’ Enters into development agreement for 2.5-acre land parcel at Marine Lines, South Mumbai.
β’ Plans luxury housing development with estimated revenue potential of ~βΉ6,000 Cr.
β’ Project adds to Godrej Propertiesβ premium residential portfolio in Mumbai.
β’ Marine Lines offers established connectivity and limited land availability in South Mumbai.
β’ Enters into development agreement for 2.5-acre land parcel at Marine Lines, South Mumbai.
β’ Plans luxury housing development with estimated revenue potential of ~βΉ6,000 Cr.
β’ Project adds to Godrej Propertiesβ premium residential portfolio in Mumbai.
β’ Marine Lines offers established connectivity and limited land availability in South Mumbai.
UBS ON PETRONET LNG
Target βΉ325
Recommendation Buy
KEY TAKEAWAYS
Kochi poised for utilization uplift
Additional revenue opportunities in focus
Management expects LNG bunkering facility to be completed by end Q4FY27
Installation/ integration activities are underway
Expect Dahej expansion strengthens volume optionality despite near-term supply disruption
Target βΉ325
Recommendation Buy
KEY TAKEAWAYS
Kochi poised for utilization uplift
Additional revenue opportunities in focus
Management expects LNG bunkering facility to be completed by end Q4FY27
Installation/ integration activities are underway
Expect Dahej expansion strengthens volume optionality despite near-term supply disruption
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NOMURA ON RBI CYCLE
KEY TAKEAWAYS
The RBI will do less in this cycle, not more
See policy fine-tuning and not the steep tightening expected by markets
The RBI's monetary policy is at an inflection point
Markets are pricing close to 125bp of rate hikes over the next one year
India's trend inflation has moderated
Nomura's inflation generalization index confirms no signs of broadening, and leading index is signalling below-trend growth ahead
KEY TAKEAWAYS
The RBI will do less in this cycle, not more
See policy fine-tuning and not the steep tightening expected by markets
The RBI's monetary policy is at an inflection point
Markets are pricing close to 125bp of rate hikes over the next one year
India's trend inflation has moderated
Nomura's inflation generalization index confirms no signs of broadening, and leading index is signalling below-trend growth ahead
GOLDMAN SACHS ON SUZUKI MOTORS
KEY TAKEAWAYS
India Business-Targeting a 50% market share and sales of 10 million units in the ultra-long term
Alert-current production capacity in India is 2.9 million units)
Indian sales continue to be strong but Maruti Suzuki's shares have been weak of late
Believe the short-term background includes a slowdown in sales momentum from October onwards (a reaction to the GST reduction)
Headwinds from raw material prices, moderate price hikes compared to competitors, and the progression of the weak yen
KEY TAKEAWAYS
India Business-Targeting a 50% market share and sales of 10 million units in the ultra-long term
Alert-current production capacity in India is 2.9 million units)
Indian sales continue to be strong but Maruti Suzuki's shares have been weak of late
Believe the short-term background includes a slowdown in sales momentum from October onwards (a reaction to the GST reduction)
Headwinds from raw material prices, moderate price hikes compared to competitors, and the progression of the weak yen