Based on the above themes, we recommend the following stocks: ICICI Bank, Maruti Suzuki India, State Bank of India, Lupin ltd, Federal Bank, Varun Beverages, TVS Motors, Bharti Airtel, PNC infra, ITC, Relaxo, CIE Automotive India, Bank of Baroda, Westlife Foodworld, CreditAccess Grameen, JTL Industries
We expect CSL to witness significant YoY growth in revenues & profitability over FY24-25E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment
Kaynes Technology (Kaynes) is one of the prominent players in electronics system design and manufacturing (ESDM) services with three decades of experience (mainly in B-B).
With steady growth prospects in base business, increasing focus in new energy domain, merger of related businesses at fair value, healthy net cash positive B/S & inexpensive valuations, we have a positive view on the stock
We initiate coverage on Pitti Engineering Ltd. (PEL) with a BUY recommendation. Our recommendation is supported by a) The company’s increasing capacity b) Its increasing share of value-added products, and c) Its expanding global footprints
Structural story of Indian Chemical industry remains strong with strategic portfolio composition to gain export market share, and strong domestic demand we expect revenue growth to gain momentum from FY25 onward. Given the changing landscape and growing reliance on India by international customers, we expect rapid growth in this sector over the coming period as conditions stabilize
Q2FY24 Pharma Review – Higher Profitability with Easing Price Erosion, New Launches, and Lower RM Prices
We upgrade the stock to BUY, as we believe higher surplus generation and slower growth could lead to a step jump in dividend, as solvency is healthy.
Additionally, well-managed balance sheet, strict working capital controls, and healthy return ratios are added positives. Given the favourable outlook, we initiate coverage with a Target Price of Rs905/share (15x Sept’25 estimated EPS), representing an upside potential of ~20%
Strong room addition pipeline one of the key growth drivers. Expect revenue/EBITDA to clock 29%/18% CAGR over FY23–25