CLSA on HUL (management meet takeaways) O-P, TP Rs 2660 Demand remains weak, with margins under pressure, though co expects this to ease from 2HFY23 Home care demand retains momentum, while inflationary pressure is still impacting nutrition demand

MS on ICICI Pru Life (management meet takeaways) OW, TP Rs 700 Management has a positive bias toward VNB margin. It thinks retail protection APE will likely grow on a YoY basis in F2H23 & reach pre-pandemic absolute volumes in 4-6 qtrs

MS on DRL (healthcare conf takeaways) Over Weight, TP Rs 5099 gRevlimid launch should help stem erosion in US F24 should benefit from a strong ruble After sequential fall in 1Q US biz, co now expects to grow this biz over next several qtrs India biz should grow 100-200bps ahead of market

MS on SBI Life (management meet takeaways) OW, TP Rs 1500 Management bullish on medium-term APE growth, favourable product mix shift leading to VNB margin expansion & growth, & regulatory tailwinds StrongFY23 APE growth guidance of20-25% & VNB growth of35%+

MS on Zomato Buy, TP Rs 95 Solid combination of growth & improving margins Indian food delivery market can expand to 3-4x current size, driving est. of 31% GMV & 33% rev CAGR (FY23-26e) With FY24e EV to sales (including Blinkit for 1st time) at 3.9x, believe vals are attractive

Nomura on AIA Eng Buy, TP Rs 2795 Moderating cost strengths suggest EBITDA levels can sustain Significant dips in ferrochrome & logistics costs However, expect realizations to moderate, as benefits of lower commodities are gradually passed with a lag of 1-2 qtrs

Jefferies on Cipla Buy, TP raised to Rs 1223 Upcoming launches & pipeline look strong; several high-value products likely to be launched in next 6-9m A review of inhaler & peptide space indicates both are less chartered territories by generics where co has US filings Buy, TP raised to Rs 1223 Revise US sales & […]

VRL LOGISTICS – Sells Bus Division to promoter entity for 230 Cr – Bus Division at 8.5% of Co’s Revenue, lower margin – MOSL revises FY24e +8% to incorporate higher margin and lower debt Remember them wanting to enter aviation earlier, now selling bus division. Good Change!

A deep dive into @PrajIndustries to understand the significance of ethanol opportunity for the company. @navneet_edu makes a 52-week high today, what are the triggers & why is the street excited?