Bajaj Finance (Bajaj) is the only NBFC in India that prioritises customer ‘ownership’ over mere ‘lending’. Providing financial solutions to India’s burgeoning aspirational middle class forms the crux of Bajaj’s unique business model, which will allow the business to showcase >25% growth in AUM and RoE in the near futur
We initiate coverage on Man Infraconstruction (MICL) with a BUY recommendation. Our recommendation is supported by a) Healthy project pipeline; b) Asset–light business model, and c) Strong execution capabilities. Based on our DCF valuation method, we arrive at a Target Price of Rs 270/share, implying an upside of 28% from the current levels
We initiate a bullish BUY rating on Puravankara Ltd (PURVA) based on following factors: (1) Presales to grow at 20%CAGR over FY23-26E, (2) Debt and Debt Coverage well under control, (3) Strong execution track record over the decade, (4) Strong P&L recognition expected in next 5-7 years, (5) paradigm shift in focus following onboarding of new CEO
We believe the market fundamentals will be driven by “narrative” in the near term, especially in the absence of any major trigger. The market will continue to find direction based on 1) Macroeconomic developments, 2) Direction of bond yields, 3) Oil prices & dollar index, 4) Q4FY24 earning season, and 5) Pre-election cues.
The compulsory dematerialisation of insurance policies from 1st April will open new opportunities for the four IRDA-registered insurance repositories (NDML, CAMS, KARVY and CIRL). The current penetration is very low at 2% and will increase rapidly with the regulatory push
This would help unlock value-creation opportunities and craft a well-articulated capital allocation strategy for the two entities. All ABFRL shareholders will have identical shareholdings in the newly formed entity
Hindalco Industries Limited (“Hindalco” or “the company”) is the metals flagship company of the Aditya Birla Group, headquartered in India. The company is primarily involved in the business of Aluminium and Copper and operates across ten countries globally
We initiate coverage on Shaily Engineering (SHEP IN) with a BUY rating and a target price of Rs 720 (42% upside potential), based on 30x FY26E P/E. SHEP is India’s leading exporter of high-precision engineered plastic products and components, with ~4 decades of experience
The CDMO specialty chemicals business in India is poised to enjoy an advantage over China owing to stringent intellectual property (IP) compliance and labour cost advantage. Innovators are reluctant to give business to Chinese vendors in CDMO as they have a history of crashing prices
Even with a sharp run-up in the stock prices of the defence basket (Nifty India Defence index 6m returns- 37%); our outlook on the sector remains optimistic due to the following factors: (1) visibility into long-term execution growth supported by a strong order book and a healthy pipeline; (2) timely execution facilitated by localization, integrated modular construction, and subcontracting; (3) government preference and domain expertise; (4) cash-rich balance sheets that prevent significant working capital challenges due to stage payments; and (5) in-house research and development investments and suitable technological supportEven with a sharp run-up in the stock prices of the defence basket
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