The prospects for COAL remain strong. We estimate COAL’s production to clock a 6% CAGR over FY24-27, with 15% dispatches via e-auction to result in higher NSR and better margins
Sun Pharmaceuticals is strengthening Onco Derma portfolio. Buy for target price of ₹2206 (36% upside): Systematix
Sun Pharmaceuticals Industries’ (SUNP IN) acquisition of Checkpoint Therapeutics (CKPT) would give SUNP access to a USFDA-approved novel drug asset, Cosibelimab (approved in December 2024), meant to treat locally advanced or metastatic cutaneous squamous cell carcinoma (laCSCC and mCSCC). Through this acquisition, SUNP intends to deepen its presence in the skin cancer segment; SUNP’s existing portfolio in this space includes Levulan and Odomzo, having filed Nidlegy for melanoma
Bharti Hexacom is a preferred play on India’s wireless growth story. Buy for target price of ₹1625 (22% upside): Motilal Oswal
Bharti Hexacom (Hexacom), the licensed operator of wireless and fixed-line services under the Airtel brand in Rajasthan and North East circles, provides pure-play exposure to the two high-growth businesses of Airtel – India wireless and Home broadband. Moreover, given lower teledensity and lower internet penetration in Hexacom circles (vs. pan-India), we believe Hexacom can potentially grow a few percentage points faster than Airtel on both subscribers and ARPU
Top 15 companies from the NSE 500 basket that provide higher dividend yields by IDBI Capital
Here are the top 15 companies from the NSE 500 basket that provide higher dividend yields. The dividend yields range from 2.6% to 12.2%. The 5-year average RoE of these companies ranges from 12.28% to 50.14%
GSPL is upgraded from HOLD to BUY due to improved risk reward based on 27% correction in the stock. Target price ₹364 (33.9% upside): Nirmal Bang
We are raising GSPL from HOLD to BUY due to improved risk reward based on 27% correction in the stock in the last 3m, and our unchanged estimates and SOTP-based TP at Rs364 (Exhibit – 1). This is derived with 10% discount for policy risk in GSPL standalone transportation valuation using DCF (risk factor added due to policy uncertainty/risk to volume due to volatile gas prices). This also includes the unchanged value of its 54.17% stake in GGL at Rs371/share based on NBIE’s TP for GGL (~nil Hold-Co. Discount). The stock trades at 1.28x FY27E P/B)
Adani Ports is well placed to continue outpacing industry growth and gaining market share. Buy for target price of ₹1400 (26% upside): Motilal Oswal
Adani Ports & SEZ (APSEZ) handled 408.7mmt (+7% YoY) of cargo volumes over Ap’24-Feb’25 (11 months of FY25). During the same period, cargo volume handled at major ports in India grew ~3% YoY. Hence, APSEZ continues to grow over 2x the industry rate, driven by higher efficiency at existing ports and inorganic expansion along the eastern coastline of India
PDS is committed to its long-term 5-5-5 vision targeting USD5bn GMV over 5 years and delivering a 5% PAT. Buy for target price of ₹790 (77.7% upside): JMFICS
PDS remains committed towards achieving its 3-3-3 vision, an intermediate step towards the 5-5-5 vision, targeting USD5bn GMV over 5 years and delivering a 5% PAT. Company plans to achieve this via a) maintaining a sustainable growth rate of mid-teens to reach a GMV of USD3bn, translated into a projected topline of ~USD2.1bn b) moving from investment stage to extraction stage – investment in employee costs to aid margins (3% PAT by FY27) and c) diversifying into high-value categories. Company expects 4Q demand to be subdued but expects significant growth in FY26 and FY27
6 High Conviction Stock Ideas by Deven Choksey Research
Company: a) Sound / resilient business; b) Consistent strong financials; c) High growth potential; and d) High return on invested capital • Industry: a) Market leaders / Strong brand value; b) High growth opportunities; c) Strong entry barriers
ULTRATECH CEMENT’s entry in the new business of W & C is to extend the building material value chain by offering one-stop solution. Buy for target price of ₹13137 (30% upside): BoB Caps
We feel UTCEM’s entry in the new business of W & C is to extend the building material value chain by offering one-stop solution. The initial investment of Rs18bn spread over next 2 years is a diversification of capital allocation but remains very small compared to its core cement exposure at ~2%. We retain our EBITDA estimates for FY25e/FY263/FY27e as the new business stream will meaningfully contribute only from FY28e. Hence, we continue to assign 17x EV/EBITDA valuation to arrive at an unchanged TP of Rs 13,137. Maintain BUY
EPLL’s growth prospects and market expansion will be strengthened by entry of IVL as strategic investor. Buy for target price of ₹324 (65% upside): Systematix
EPL Limited’s (EPLL IN) promoters, Blackstone, has entered into a definitive agreement to sell a minority stake of 24.9% (79.5mn shares) in the company to Indorama Netherlands, B.V. (INBV), a group entity of Indorama Ventures Public Company Limited (IVL), at Rs 240 per share. IVL brings global expertise in packaging and has a complementary geographic presence
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