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
UBS ON SUZUKI MOTORS
KEY TAKEAWAYS
India is experiencing significant changes in market trends
More frequent new model launches by competitors and rapid growth in SUVs
Suzuki Motor appears to recognise that delays in launching new SUV models exceeding 4m in length
Resulted in its share of the SUV segment falling below the company-wide average
Will continue developing and producing affordable vehicles for first-time buyers in emerging markets
KEY TAKEAWAYS
India is experiencing significant changes in market trends
More frequent new model launches by competitors and rapid growth in SUVs
Suzuki Motor appears to recognise that delays in launching new SUV models exceeding 4m in length
Resulted in its share of the SUV segment falling below the company-wide average
Will continue developing and producing affordable vehicles for first-time buyers in emerging markets
MORGAN STANLEY ON STEEL
KEY TAKEAWAYS
Expect steel stocks to do well in next 12 months
Domestic HRC prices are at 3% premium to import parity prices
Indian HRC spot spreads expanded by 1% this week
Low inventory and relatively good demand mean re-stocking should not be a concern
Prices have found support from safeguard duty -driving spreads
Medium-term remain constructive of steel prices and spreads
KEY TAKEAWAYS
Expect steel stocks to do well in next 12 months
Domestic HRC prices are at 3% premium to import parity prices
Indian HRC spot spreads expanded by 1% this week
Low inventory and relatively good demand mean re-stocking should not be a concern
Prices have found support from safeguard duty -driving spreads
Medium-term remain constructive of steel prices and spreads
CITI ON ICICI BANK
Target *1770
Recommendation Buy
KEY TAKEAWAYS
Loan growth remains healthy across retail/business banking/corporate segments, further supported by an outsized FCNR mobilization of USD 18bn (13-14% industry share)
Near-term NIMs face modest pressure from FCNR deployment lag, elevated term deposits proportion and growing overseas book, with recovery anticipated from 4Q
Asset quality remains resilient across segments despite geopolitical headwinds, along with corporate recoveries
Credit costs should normalize over medium term, excluding one-off recoveries, with FY27 ECL transition expected to be capital neutral
Third-party insurance distribution fee income stays below 1% of revenues (flat since 2019)
Target *1770
Recommendation Buy
KEY TAKEAWAYS
Loan growth remains healthy across retail/business banking/corporate segments, further supported by an outsized FCNR mobilization of USD 18bn (13-14% industry share)
Near-term NIMs face modest pressure from FCNR deployment lag, elevated term deposits proportion and growing overseas book, with recovery anticipated from 4Q
Asset quality remains resilient across segments despite geopolitical headwinds, along with corporate recoveries
Credit costs should normalize over medium term, excluding one-off recoveries, with FY27 ECL transition expected to be capital neutral
Third-party insurance distribution fee income stays below 1% of revenues (flat since 2019)
CITI ON CHOLA INVESTMENT & FINANCE
Target *2100
Recommendation Buy
KEY TAKEAWAYS
Reaffirmed 20-23% AUM growth outlook with mortgages and new businesses outpacing flagship vehicle finance
Pre-tax ROA guidance of 3.3-3.5% stays intact despite two emerging headwinds: insurance commission clampdown and rise in Cost of Funds (due to repo rate hike)
Management leans on yield/fee optimization, opex leverage, and contained credit cost as offsetting levers
Asset-quality metrics remain resilient across product segments and net credit loss is targeted below 1.5% at the aggregate company level
Target *2100
Recommendation Buy
KEY TAKEAWAYS
Reaffirmed 20-23% AUM growth outlook with mortgages and new businesses outpacing flagship vehicle finance
Pre-tax ROA guidance of 3.3-3.5% stays intact despite two emerging headwinds: insurance commission clampdown and rise in Cost of Funds (due to repo rate hike)
Management leans on yield/fee optimization, opex leverage, and contained credit cost as offsetting levers
Asset-quality metrics remain resilient across product segments and net credit loss is targeted below 1.5% at the aggregate company level
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MOREPEN LABS: CO.SUBMITS FIRST U.S. ANDA FOR SITAGLIPTIN, STRENGTHENS INTEGRATED CDMO CAPABILITIES. FIRST U.S. ANDA SUBMITTED FOR SITAGLIPTIN TABLETS USP IN THREE STRENGTHS
TITAN: CO. IS BETTING THAT INDIAβS APPETITE FOR MECHANICAL WATCHES HAS FURTHER ROOM TO RUN. ITS AUTOMATIC-WATCH BUSINESS EXPECTED TO REACH RUPEES 350β400 CRORE THIS FISCAL, UP FROM RUPEES 265 CRORE LAST YEAR
INOX INDIA HAS SUPPLIED ADVANCED 2200 L LNG RECEIVING, STORAGE AND REGASIFICATION SYSTEMS FOR INTEGRATION WITH 1400 HIGH-PRESSURE DUAL POWER UNIT CARS (DPUS) OF DUAL-FUEL DIESEL ELECTRIC MULTIPLE UNIT (DEMU) TRAINS FOR INDIAN RAILWAYS.
Negative news for SONACOMS & SAMVARDHAN MOTHERSON
Trump says he approved new fuel economy standards, rolling back Biden-era rules
The new standards will reverse the Biden administrationβs stricter policies that were expected to increase fuel efficiency and encourage greater use of EV and hybrid technology.
This will impact EV sales ie sales for TESLA a major customer for SONACOMS and MOTHERSON in the US
Trump says he approved new fuel economy standards, rolling back Biden-era rules
The new standards will reverse the Biden administrationβs stricter policies that were expected to increase fuel efficiency and encourage greater use of EV and hybrid technology.
This will impact EV sales ie sales for TESLA a major customer for SONACOMS and MOTHERSON in the US
DILIP BUILDCON: CO HAS BEEN DECLARED AS L-1 BIDDER FOR PROJECT WORTH RUPEES 1,152 CR
GOVT INITIATES ANTI-DUMPING PROBE INTO PENTAERYTHRITOL IMPORTS FROM RUSSIA (KANORIA CHEMICALS)
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LUPIN: CO. RECEIVES TENTATIVE APPROVAL FROM U.S. FDA FOR NOVEL APIXABAN ORAL SUSPENSION
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ππ¦π’ππ©ππ¦: $π¬.π± π π‘ ππππ‘π§ππ ππ π’π₯πππ₯
β’ Receives a new order worth approximately USD 0.5 Mn from Demerara Bank, Guyana.
β’ Order involves implementation of an Agentic AI solution and underlying technology infrastructure.
β’ Execution period: 7 months.
β’ Order strengthens Ksolvesβ existing partnership with Demerara Bank in digital transformation projects.
β’ International IT services order from Guyana, South America.
β’ Receives a new order worth approximately USD 0.5 Mn from Demerara Bank, Guyana.
β’ Order involves implementation of an Agentic AI solution and underlying technology infrastructure.
β’ Execution period: 7 months.
β’ Order strengthens Ksolvesβ existing partnership with Demerara Bank in digital transformation projects.
β’ International IT services order from Guyana, South America.
WELSPUN CORP, VIPUL MATHUR SAYS
US Market Is Growing Exponentially, Have Cherry-picked Good Orders
HFIW Order Win Was Strategically Important For The Co
TAM For The Saudi Biz Is Compounding & Is Much More Than $10 Bn
Intent Is To Get To A Million Tonne Capacity In The US Vs Current Approx 7 Lk-8 Lk Tonnes
Wanted To Be Surrounded By Marquee Investors, Hence, Stake Sale By The Promoter
US Market Is Growing Exponentially, Have Cherry-picked Good Orders
HFIW Order Win Was Strategically Important For The Co
TAM For The Saudi Biz Is Compounding & Is Much More Than $10 Bn
Intent Is To Get To A Million Tonne Capacity In The US Vs Current Approx 7 Lk-8 Lk Tonnes
Wanted To Be Surrounded By Marquee Investors, Hence, Stake Sale By The Promoter
INVESTEC ON PB FINTECH
Life insurance impact is manageable
Proposed health insurance commission caps are severe (60%-70% cut in Health renewal)
Would not view the regulatory driven correction in PB Fintech as a bottom-fishing opportunity
PB Fintech, Banks & NBFCs believe the impact should be manageable
Life insurance impact is manageable
Proposed health insurance commission caps are severe (60%-70% cut in Health renewal)
Would not view the regulatory driven correction in PB Fintech as a bottom-fishing opportunity
PB Fintech, Banks & NBFCs believe the impact should be manageable
RATNAVEER PRECISION-AGM TAKEAWAYS
Capex Plan of Rs 490 cr Till FY29 (And Debt Free Target)
Brownfield and Similar Business Acquisition Strategy
Growth Target Of 22-28% CAGR For Next 2-3 years
Capex Plan of Rs 490 cr Till FY29 (And Debt Free Target)
Brownfield and Similar Business Acquisition Strategy
Growth Target Of 22-28% CAGR For Next 2-3 years
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