MCX options volume is scaling new highs and the futures volume is catching up. Post the tech transition in Oct-2023, the options volume is up 60% and the futures volume is at a multi-quarter high. We believe MCX will be the least impacted by the ongoing regulatory risk
The hotel industry is continuing its healthy performance, led by favorable demand-supply dynamics, which are expected to continue in the foreseeable future. All the major players are harnessing their strength to tap into the ongoing uptrend in the hotel industry. In this report, we highlight the industry tailwinds and unique positioning of key players
The dividend yield is computed based on the closing price of 5 th July 2024. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY23/CY22, FY22/CY21 and FY21/CY20. The * mark indicates data for FY24.
A sharp surge in ROIC: Jyothy Labs’ ROIC has sharply surged, moving up from c17% in FY23 to c28% FY24, owing to a sharp spike in EBIT margin (up from 10.7% in FY23 to 15.6% in FY24) and doubling up of cash and cash equivalents (moved up from INR 2.8 bn in FY23 to INR 6.2 bn in FY24). Notably, the ROIC ratio has been static for last many years in the mid-teen range
Tube Investment of India (TII): Tube’s core engineering business (TII’s standalone entity) has built competitive advantages in precision steel strips & tubes, automotive & industrial chains and car door frames. Over FY19-24, this core business delivered 19% CAGR in EBIT and 25% CAGR in PAT, with an ROCE/ROIC of 21%/25% respectively. This growth has been supported by the company’s strong focus on extracting operating efficiencies
VA Tech Wabag (Wabag) leader in the total water management industry, ranked 3rd globally, caters a complete portfolio of water solutions with technological (~83.5% of revenue) and operational expertise (~16.5% of revenue)
We are initiating coverage on DOMS Industries Ltd. with a BUY recommendation and a price target of Rs 2,670/share, representing an upside of 22% from the CMP. Our confidence in DOMS’ promising future is grounded in the company’s robust and consistent performance over the past several quarters. This trend is expected to persist in the coming years
Suraj Estate Developers’ (SURAJEST) strong redevelopment capabilities, healthy development pipeline and a well-located land bank drive our confidence in its long-term growth story. Our optimism is also supported by a structurally buoyant home market. We initiate coverage with a ‘BUY’ rating and a TP of INR757, valuing the stock at 1.4x FY26E NAV. Key growth triggers are
EPL Limited (EPLL IN) management reiterated its vision of becoming the “most sustainable packaging company in the world” at its recent plant visit. It leads the conversion of sustainable tube supplies, having sold 25-30mn PCR (post-consumer recycled material) tubes last year.
In its efforts to clamp down on the rising irrationality in option volumes (F&O), the SEBI has directed exchanges and market infrastructure institutions (MII) to discontinue the practice of charging turnover-linked slab-wise fee structures, and levy uniform transaction charges instead. While exchanges currently levy regressive slab-wise fees (higher the turnover, lower the fees), brokers usually charge their customers at the highest prescribed slab rate, resulting in excess profit residing with brokers, especially discount brokers, which is accounted as “ancillary transaction income”
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