DeepSeek, a Chinese AI startup, has developed the R1 model, which rivals leading AI reasoning models such as OpenAI’s O1. Using a Mixture-of-Experts (MoE) architecture, R1 activates only 37 billion of its 671 billion parameters during processing, significantly reducing computational costs and energy consumption while maintaining top-tier performance
Yatharth has shown a strong performance on a nine-month basis and is likely to see better growth in Q4 and beyond. We expect a revenue/EBITDA/PAT CAGR of 38%/33%/33% over FY24-27E on the back of an improving specialty mix and ARPOB, increased occupancy rates and its bed expansion plans. Post the QIP, the company currently has cash surplus of INR560cr, part of which would be deployed for bed expansions and procuring high-tech equipment
We view DCB is set to deliver returns and could possibly become a 1% ROA/14% ROE bank by FY27 with sustainable earnings drivers (link to our recent initiation report: DCB is set to reclaim its great growth legacy). As investors digest the consistent improvement in DCB’s return over the next few result cycles, it’s likely to be re-rated. We view it’s quite attractive at 0.5x book for a potential 1% ROA/ 14% ROE bank. We view DCB will continue to serve as a ‘beacon of growth’ amidst industry slowdown, translating into a better than index performance. We have made very minor changes to earnings
We believe strong capacity addition trajectory will drive good financial performance for the company in the medium to long run. We maintain our BUY rating on NTPC target pegged at ₹445 per share (based on SOTP Valuations).
L&T Finance Holding (LTFH) is a leading NBFC catering to the diverse financing needs of underserved customers in urban and rural areas
Canfin Homes has been best in class HFC player with a robust business model & underwriting practice, which resulted in healthy earnings growth with GNPA <1% across cycles. Steady business with conservative approach to keep asset quality stable in current challenging environment
MCX is the leader in commodity derivatives exchanges in India with ~98% market share
We continue to remain positive on Bharat Electronics (BEL) given 1) its market leadership in defense electronics and ability to benefit from defense indigenization as well as from the upcoming large defense platform orders (QRSAM, MRSAM, Tejas Mk1A, naval platforms, etc.), 2) a strong order book of INR746b as of 2QFY25-end, providing healthy visibility on revenue, 3) stable margins and control over working capital, and 4) healthy return ratios
The company is expected to fundraise a sum of Rs 6,000 Cr, which is expected to generate a GDV of Rs 70,000-80,000 Cr in the coming years. With a net debt-to-equity ratio of 0.02, the company is well-positioned to raise additional funds if required. Oberoi has always maintained a net debt-to-equity level of 0.4, demonstrating the company’s financial discipline and ability to stay solid even during challenging cycles
SSWL is targeting existing aftermarket steel wheel customers for cross-selling alloys in international markets, indicating strong growth potential. The company has signed long-term agreements with several tractor OEMs and identified new international markets for the OTR segment, supporting growth and margins
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